Emerging Markets Rates and Currencies Handbook

bond market in the region. A total of around $170mm is traded daily between professional and retail counterparts as well as offshore investors. Offshore investors, through the purchase of Global Depository Notes or GDN’s, contribute to a dynamic trading market as well as volatility in the FX space. FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Onshore Market    ✗ ✗ ✗ ✗ Offshore Market  ✗  ✗ ✗ ✗  Onshore Volume (MM 100-150 Episodic Episodic N/A N/A N/A N/A USD Daily) Offshore Volume (MM Episodic N/A Episodic N/A N/A N/A Episodic USD Daily) Onshore Max Tenor (Or Typical Tenor T+2 1 year 1 year N/A N/A N/A N/A For Spot) Offshore Max Tenor (Or Typical Tenor T+2 N/A 1 year N/A N/A N/A 10 years For Spot) Onshore Typical Deal Size (MM 1-5 1-5 Episodic N/A N/A N/A N/A USD) Offshore Typical Deal Size (MM 1-3 N/A 5-10 N/A N/A N/A Episodic USD) CitiFX Pulse Capabilities  ✗ ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing Fixing rates used are: • The CB Mid Rate derived from the end of day rates published by the CB on their website (https://www.bancentral.gov.do) . The rate is also available on Bloomberg: CBDR. Rates are based on preliminary reporting of sales and purchases in the market during that day. • Tasa Mayorista derived from the 10 largest transactions closed and reported in the market published by the CB on Bloomberg: DOP TMRD Curncy. Regulation Non-Resident Restrictions: Foreign investors are not subject to any restrictions regarding FX transactions. Offshore Restrictions: No restrictions. License Requirements None required for corporate clients. Requirements to open a foreign currency account Local and foreign entities are allowed to open USD savings accounts. Local and foreign entities are allowed to open USD savings accounts. Deal Management Rollover: Rollover is allowed for NDF transactions. Unwinding: Unwinding is permitted. Early Maturity: Not allowed for FX transactions.