Ask us anything. We're here to help.

What does NDO mean?

Net Delivery Obligations (NDO) refer to the net amount owed to settle all active and outstanding obligations. It is the summation of:

NDO = Payable + Collateral Payable - Available - Collateral - Receivable

For example, assume a participant has $100,000 USD in their Available account and $60,000 collateral for an open position. They owe $200k to fully close out the position. Their Net Delivery Obligation would equal:

NDO = $200,000 + $0 - $100,000 - $60,000 - $0

NDO = $40,000

Once the participant deposits $40,000, their position will fully settle.