Emerging Markets Rates and Currencies Handbook

FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Onshore Market   ✗     Offshore Market   ✗     Onshore Volume (MM USD Daily) Offshore Volume (MM USD Daily) 2000 included in the onshore volumes 4000-6000 included in the onshore volumes HKD is deliverable offshore and hence there is no NDF market HKD is deliverable offshore and hence there is no NDF market HKD is deliverable offshore and hence there is no NDF market HKD is deliverable offshore and hence there is no NDF market 400 included in the onshore volumes 5-10 included in the onshore volumes N/A 5-10 Onshore Max Tenor (Or Typical Tenor For Spot) OffshoreMax Tenor (Or Typical Tenor For Spot) Onshore Typical Deal Size (MM USD) Offshore Typical Deal Size (MM USD) T+2 N/A 50-100 N/A 10 years 10 years 50-100 50-100 N/A HKD is deliverable offshore and hence there is no NDF market HKD is deliverable offshore and hence there is no NDF market HKD is deliverable offshore and hence there is no NDF market 5 years 5 years 50-100 50-100 20 years 20 years 20-40 20-40 10 years 10 years 10-20 10-20 N/A 5 years N/A 3-5 CitiFX Pulse Capabilities    ✗ ✗ ✗ ✗ NDFs' CitiFX Pulse Capabilities only for CNY, KRW, MYR, TWD. FX Options tenors are subject to Citi’s internal limits. Source: Citi indicative information Market opening hours and liquidity during the day USDHKD is traded internationally across all time zones, but the market is most liquid between 9.30am - 5.30pm HKT. Fixing HKDFIX in Reuters. Regulation Offshore Restrictions: The Hong Kong Dollar (HKD) is freely tradable and fully convertible and there are no restrictions for residents or non- residents in the trading of HKD spot, forward and options. Non-Resident Restrictions: The Hong Kong Dollar (HKD) is freely tradable and fully convertible and there are no restrictions for residents or non- residents in the trading of HKD spot, forward and options. License Requirements No license required to conduct FX activities if operating under an authorized institution. Requirements to open a foreign currency account Regular KYC norms and requirements. Deal Management Rollover: Rolling FX forward is permitted only at market spot and forward rates. Unwinding: No local law restrictions on unwinding HKD FX trades. Client can elect to net or gross settle the trade. Early Maturity: No local law restrictions on early termination of HKD FX trades.