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) 40 - 60 N/A T+2 N/A 0.1 - 0.5 N/A 2 - 3 N/A T+2 N/A 0.5 - 1.0 N/A 2 - 3 Negligible N/A 1 year 0.5 - 1.0 Episodic N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Bespoke hedge dependent N/A Bespoke hedge dependent N/A Bespoke hedge dependent CitiFX Pulse Capabilities    ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Market Hours are from 9 – 13H. Good liquidity between 9:30 – 12H. G10 Deals can be executed during extending hours until 16H Paraguay time. Fixing The prevailing fixing rate for USDPYG is the reference FX rate published daily by the central bank at approximately 13:30H. It is the weighted average of transactions executed among financial institutions each business day. There is no fixing ticker. NDF fixing dates are always T-1. Regulation Offshore Restrictions: Financial institutions can only take positions with offshore entities for up to 3% of their equity stake, this is an absolute limit between buys and sells. Non-Resident Restrictions: A non-resident can own equity in a local company but requires at least one resident director to trade Fx. License Requirements None required. Requirements to open a foreign currency account The following forms must be signed and delivered in hard copies to a Paraguayan branch. • Account opening form. • Corporate client profile. • Individual profile for any stakeholder >10% share in the company. • Signature card. • W-8. • GMTA — Global Manual Transaction Authorization.