#8 | Raiffeisen Bank Aval  #9 | Raiffeisen Bank Aval
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Key features of the FWD (deliverable)

Key features of the NDF (non-deliverable)

Similar to FWD:

➢ Instrument to fix the future deal price

➢ Available for hedging exp/imp and FX loan contracts hedging only (current FX regulation*)

➢ Requires risk limit approval

➢ Pricing model

➢ No client’s funds are needed to launch a deal

Different to FWD:

ØNo purchase/sale of foreign currency takes place

ØExchange rate benchmark is needed

ØAt value date only one party pays to another the difference in basic currency (UAH) depending on