---
title: Offshore forwards and exchange rate transmission in emerging markets
url: https://www.ml-quant.com/papers/repec/bis-biswps-1383/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-30
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: RePEc:bis:biswps:1383
source_url: https://econpapers.repec.org/RePEc:bis:biswps:1383
featured: 2026-10-30
citations: unknown
topic: Trading, Microstructure & Execution
---


# Offshore forwards and exchange rate transmission in emerging markets

Transaction-level data from centrally cleared NDFs shows offshore order flow moves both forward and spot rates, with a $1 billion long-USD order depreciating the spot by roughly 10 basis points.

- Source: https://econpapers.repec.org/RePEc:bis:biswps:1383
- Identifier: RePEc:bis:biswps:1383
- Released: 2026-10-26
- First featured: Quant Letter No. 137 (2026-10-30): https://www.ml-quant.com/issues/2026-10-30/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Trading, Microstructure & Execution
- Authors: Gerardo Ferrara, Andreas Schrimpf, Ganesh Viswanath-Natraj, Zijie Wang

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