Non-deliverable指的是“不可交收”，是因一些有外汇管制的市场，海外交易中要以本币以外的货币作为交收单位。

两者都是流行的场外衍生产品。

non-deliverable forward指不可交收/不交收远期外汇合约，又称无本金交割远期外汇交易。

不交收远期外汇合约属于场外外汇衍生产品之一。买卖双方会以合约远期汇率和合约到期前的现货汇率的差异，以指定外汇货币(通常美元)作净额付款。买卖方会以市场标准去厘定汇率定价源，定价日期及结算日期，从而简化交易过程及确保合约的一致性。不交收远期外汇合约在亚洲市场是其中一种流行的场外衍生产品。它的流行主因在于在亚洲新兴市场的资本管制。不交收远期外汇合约可为离岸投资者在受管制货币不能离岸交付的情况下，有效地为外汇风险作相应对冲。

NDFs are foreign exchange derivatives products traded over the counter. The counterparties of the NDF contract settle the transaction, not by delivering the underlying pair of currencies, but by making a net payment in a convertible currency (typically the US dollar) proportional to the difference between the agreed forward exchange rate and the subsequently realized spot fixing. Established market standards for both the spot fixing rate sources and the determination of fixing date and settlement date ensure the consistency of the contract and simplify the trading processes between counterparties. NDF is a popular product in Asian market. NDF markets are mainly developed for emerging markets in Asia with capital controls, where the currencies cannot be delivered offshore. It facilitates offshore participants to effectively hedge against foreign exchange risk on those Asian countries.

non-deliverable swaps指不可交收/不交收掉期，又称无本金交割掉期。

无本金交割掉期从概念上与货币掉期十分类似，不同点为对于掉期所涉及货币并无实际交割，而且通常一方为可自由兑换货币，另一方为不可自有兑换货币。在NDS交易中，本金差额及利息差额交割会依照观察所得当期汇率折算成可自由兑换货币进行。

A non-deliverable swap (NDS) is a variation on a currency swap between major and minor currencies that is restricted or not convertible. This means that there is no actual delivery of the two currencies involved in the swap, unlike a typical currency swap where there is physical exchange of currency flows.

以下为相关双语示例，供参考：

OTC Clear currently offers the clearing services of the 4 most popular NDF products in Asia. A summary of clearable NDF products is listed below and the details of product eligibility requirement can be found in the OTC Clear Clearing Procedures.

场外结算公司目前为亚洲4个最受欢迎的不交收远期外汇合约产品提供结算服务。以下附表是场外结算公司涵盖的不交收远期外汇合约产品概览。如需了解产品涵盖细节，请参考场外结算公司的结算程序。