Non-Deliverable Option
Does CRX trade options?
No. CRX trades the non-deliverable forward only. The NDO and every other product are out of the current model. This page explains what an NDO is and why it is not on the venue, so you are not surprised by its absence.
What is a non-deliverable option?
An NDO is an option whose underlying is an NDF. The buyer pays a premium up front for the right — not the obligation — to settle at a strike rate at the fixing date. If the market moves the buyer's way, they exercise; if it doesn't, they walk, losing only the premium.
It differs from the forward on two axes:
| NDF (live) | NDO (not offered) | |
|---|---|---|
| Obligation | both sides, symmetric | buyer's right, seller's obligation |
| Premium | none | paid up front |
| Payoff | linear, both ways | one-sided, capped at zero for the buyer |
Why is it out of the model?
An option needs premium accounting and an asymmetric margin model that the forward does not. The CRX core is built around one linear payoff, run inline on every heavy path — margining, the default cascade, settlement. Adding optionality means a second payoff library and a branch at the cascade seam. The model deliberately carries one instrument so the solvency math has one shape.
Roadmap, not live. Optionality may return as a separate instrument later. It is not promised and not dated.
Next: Variation Margin (~4 min) — how the forward is margined.