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) Onshore Max Tenor (Or Typical Tenor For Spot) Offshore Max Tenor (Or Typical Tenor For Spot) Onshore Typical Deal Size (MM USD) Offshore Typical Deal Size (MM USD) Onshore CitiFX Pulse Capabilities 30 – 40 N/A T+0 N/A 0.1 to 2 N/A  Episodic N/A 30D to 1Y N/A Episodic N/A ✗ Episodic Episodic Episodic Episodic Episodic Episodic ✗ N/A Episodic N/A Episodic N/A Episodic ✗ N/A Episodic N/A Episodic N/A Episodic ✗ N/A Episodic N/A Episodic N/A Episodic ✗ N/A Episodic N/A Episodic N/A Episodic ✗ Offshore CitiFX Pulse Capabilities   ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing Jamaica does not have a defined fixing rate. The Bank of Jamaica publishes the weighted average buy and sell rates daily based on the spot volumes bought and sold, at 1PM and at the end of the business day (http://boj.or g.jm/). Regulation Offshore Restrictions: The remittance of funds or payments and the repatriation of profits, dividends, interest payments, capital or any other service payment abroad are not subject to any restrictions. Local entities are allowed to trade the spot market offshore and foreign entities have full access of the onshore spot market through licensed and authorized foreign exchange dealers. Documentation Requirements The spot market for JMD is sufficiently liquid and transactions can be settled in T+0, T+1 or T+2, with T+0 settlement being the market standard. Fully deliverable and non-deliverable forwards (NDFs) are available, however the market standard is deliverable contracts. These instruments are usually traded with tenors ranging from 1 month to 1 year. For full deliverable forwards, confirmation is required with 24 hours of booking the trade, usually done via email response. For NDFs, signed confirmation of the NDF long form is required. Trade Flows There are no costs or restrictions to trading in FX Spot or Forward Markets. The authorized dealers need to report all FX trades with clients to the Bank of Jamaica. Citibank Jamaica 19 Hillcrest Avenue, Kingston 6. Jamaica, WI