BNP and Deutsche add new Brazil NDF algos

- By Laura Matthews
- 10 Jun 2021

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BNP Paribas and Deutsche Bank have both added the US dollar/Brazilian real cross to their non-deliverable forward (NDF) algo suites, both referencing a tenor linked to the highly liquid local futures market.

The banks are the first to offer the so-called BMF1 expiry for Brazilian real NDFs. This is a contract that has a settlement date falling on the nearest expiration date of a one-month USD/BRL futures contract traded on the Brazilian Mercantile and Futures Exchange, which is one of the most

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