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) 500 - 750 250 - 500 N/A Limited liquidity, quotes available on RFQ basis 50-100 N/A Limited liquidity, quotes available on RFQ basis Offshore Limited liquidity, Limited liquidity, Volume (MM 500 - 750 250 - 500 N/A quotes available 50-100 N/A quotes available USD Daily) on RFQ basis on RFQ basis Onshore Max Tenor (Or Typical Tenor 5 years N/A 2 years 10 Years N/A T+10 For Spot) Offshore Max Tenor (Or Typical Tenor For Spot) T + 2 5 years N/A 2 years 10 years 5y, 5y maturity for swaption’s underlying swap 10 years Onshore Typical Limited liquidity, Limited liquidity, Deal Size (MM 25 – 75 25 - 75 N/A quotes available 10 – 25 N/A quotes available USD) on RFQ basis on RFQ basis Offshore Typical Limited liquidity, Limited liquidity, Deal Size (MM 25 – 75 25 – 75 N/A quotes available 10 – 25 2 –15 quotes available USD) on RFQ basis on RFQ basis CitiFX Pulse Capabilities   ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Market open between 09.00 - 17.00 Fixing No fixing for AED. Regulation Offshore Restrictions: Onshore entities are permitted to transact FX with an offshore entity (e.g. offshore bank). Non-Resident Restrictions: Non-residents are permitted to transact FX with an onshore entity (e.g. onshore bank). License Requirements None. Requirements to open a foreign currency account Foreign currency accounts can be opened. Deal Management Rollover: Permitted. Unwinding: Permitted. Early Maturity: Permitted. Documentation Requirements No underlying documents are required – only settlement instructions. Trade Flows No local law documentation requirements. Capital Flow and FDI No local law documentation requirements. Citibank NA, UAE PO Box 749 Dubai, UAE FX Sales Contact: +971 4604 0111