Emerging Markets Rates and Currencies Handbook

June 2023. SORA is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm. SORA is administered by the MAS and computed based on actual transactions submitted by reporting banks. FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Onshore Market   1000-1500 included in the onshore volume T+2 T+2 5-10 5-10    1000-1500 included in the onshore volume 10 years 10 years 50-100 50-100  ✗ ✗ SGD is deliverable offshore and hence there is no NDF market SGD is deliverable offshore and hence there is no NDF market N/A SGD is deliverable offshore and hence there is no NDF market SGD is deliverable offshore and hence there is no NDF market SGD is deliverable offshore and hence there is no NDF market ✗   250-500 included in the onshore volume 5 years 5 years 20 20 ✗   850 included in the onshore volume 20 years 20Y 35 35 ✗   10 per week included in the onshore volume 10 years 10Y 10 10 ✗  Offshore Market  Onshore Volume (MM 200 USD Daily) Offshore included in the Volume (MM onshore volume USD Daily) (No RHS) Onshore Max Tenor (Or Typical Tenor 20 years For Spot) Offshore Max Tenor (Or 20 years (No Typical Tenor RHS) For Spot) Onshore Typical Deal Size (MM 35 USD) Offshore Typical Deal Size (MM 35 (No RHS) USD) Onshore CitiFX Pulse ✗ Capabilities Offshore CitiFX Pulse Capabilities ✗ ✗ ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day The market is open 24 hours a day Fixing For options, FXBench3, 2pm Singapore time or Reuters ABSFIX01, 11.30am Singapore time. Regulation Non-Resident Restrictions: Both residents and non-residents may borrow internationally. Non-residents may hold local or foreign currency accounts onshore. Offshore Restrictions: Credit facilities extended to Non-Resident Financial Institutions (NRFIs) are limited to SGD 5mm per counterparty for each Bank Entity. NRFIs must convert SGD proceeds from financing activities to foreign currency when the proceeds are to be used outside Singapore. The proceeds may be maintained in SGD if they are to be used for investments in Singapore. Non- residents may hold local or foreign currency accounts onshore. License Requirements No specific license requirements. Requirements to open a foreign currency account KYC requirements must be met prior to account opening.