Emerging Markets Rates and Currencies Handbook

Most spot transactions are Right Hand Side. The forward market is almost non-existent. The offshore forward market is not well developed and the volume traded is negligible. The onshore forward market itself is very limited in size and liquidity. There is no Non Deliverable Forward or cross currency market. Convertibility The TTD is traded under a managed floating regime and convertibility to USD is challenged by availability of liquidity. Interest Rate The Central Bank of Trinidad and Tobago’s Monetary Policy Committee is responsible for setting the country’s policy rate, which guides interest rates in the country. The Central Bank also holds auctions of Government and Central Bank Treasury Bills. Government Bonds are mostly done via private placements today. The market is largely buy and hold in nature, with the most common tenors issued being 3 months, 6 months and 1 year. Trading of Bills are over-the-counter while Bond trading is a mix of over-the counter trading and exchange trading. 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 15 - 20 N/A T + 0 N/A 0.01 - 1 N/A  Negligible N/A 90 days typical, max 1 year N/A 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 ✗ N/A N/A N/A N/A N/A N/A ✗ N/A Negligible N/A N/A N/A N/A ✗ Offshore CitiFX Pulse Capabilities ✗ ✗ ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Liquidity varies based on seasonality of FX conversions, typically there is increased availability on quarter ends when the energy sector converts for tax purposes. Fixing There is no fixing for the TTD, as the currency is under a managed float regime and floating bands are determined by the Central Bank. Regulation Offshore Restrictions: There are no exchange controls and no specific requirements imposed on non-residents as it relates to foreign exchange transactions. Non-Resident Restrictions: No purpose of payment is required and no specific requirements are imposed on non-residents. Local onboarding requirements for KYC which the local