Emerging Markets Rates and Currencies Handbook

is via GDNs (Global Depositary Notes), which can settle via Clearstream or Euroclear. The Ministry of Finance also makes offshore issuances, with Global Bonds in both local currency (UYU or UI) and foreign currency (USD) and tenors going up to 2028 in UYU, 2040 in UI and 2055 in USD. Bonds also have an active secondary market, with an average daily volume of USD 20 —25 mm onshore and USD 10 — 15 mm offshore and social size is USD 2mm. Uruguay does not have a floating rate, and consequently interest rate swaps and interest rate options are not available. 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) 25 - 40 3 - 5 4 - 6 N/A N/A N/A Not traded on a daily basis Offshore Volume (MM USD Daily) 5 - 10 N/A 5 - 10 N/A N/A N/A Not traded on a daily basis Onshore Max Tenor (Or Typical Tenor T+2 2 years 2 years N/A N/A N/A N/A For Spot) Offshore Max Tenor (Or Typical Tenor T + 2 N/A 2 years N/A N/A N/A 17 years (avg 5 y) For Spot) Onshore Typical Deal Size (MM 0.5 - 1 0.5 0.5 - 2 N/A N/A N/A Sporadic Trades USD) Offshore Typical Deal Size (MM 0.5 - 1 N/A 1 - 2 N/A N/A N/A Sporadic Trades USD) Onshore CitiFX Pulse   ✗ ✗ ✗ ✗ ✗ Capabilities Offshore CitiFX Pulse Capabilities  ✗ ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing The Central Bank publishes the official USD/UYU reference rate (Dolar Fondo) every business day after the market close, at 4pm local time. The Central Bank rate is the weighted average of the daily operations traded during the corresponding business day in the interbank market. Bloomberg Ticker: {USDUYU CBUY Curncy}. Fixing also available at CB web pag e www.bcu.gub.uy. Regulation Offshore Restrictions: Uruguay imposes no controls on foreign exchange transactions and has no restrictions on the inflow and outflow of capital. Local residents can hold deposit accounts in foreign currency onshore and foreign entities are allowed to hold deposit accounts in UYU. Such conditions result in a very active exchange market. The market settlement standard for Uruguayan peso spot transactions is T+0, but Citi can trade up to T+5. Deliverable forwards are only available onshore while non deliverable forwards are available both onshore and offshore. Onshore NDFs are usually settled on the maturity date. Offshore NDFs are settled 2 business days after the Fixing Date. Both onshore and offshore forwards are fixed at the Central Bank reference rate. Overall there are no regulatory requirements for trading FX. Overdrafts are permitted in the market; however a