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 1200-1600 N/A T+2 N/A 5-10 N/A  0-100 N/A 2 years N/A 5-10 N/A ✗ N/A 1000-1500 N/A 1 year N/A 10-30 ✗ 0-100 100-200 (sporadic) 1 year 2 years 1-5 30-50 ✗ 0-150 0-150 10 years 10 years 10 10 ✗ 0-10 0-10 10 years 10 years 10 10 ✗ 10 N/A 10 years N/A 1-10 N/A ✗ Offshore CitiFX Pulse Capabilities ✗ ✗ ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Opening hours: 09.00 - 12.00, 14.00 - 16.00 (LHS: 15.30, RHS: 16.00) (GMT+8). Fixing Fixing Benchmark: Bloomberg -TWD11 or TRY11. Taipei time 2 days prior to value date. Regulation TWD is convertible but subject to the possession of underlying supporting documents. Non-Resident Restrictions: The below supporting documents are required for all FX conversions: - Power of Attorney. - Power of Attorney translated into Chinese. - Central Bank Declaration Form. For conversions exceeding USD100,000: Prior approval from the CBC is required (e.g. Foreign Investment Approval). License Requirements No license required. Requirements to open a foreign currency account In order to settle FX, KYC and AML requirements must be met prior to account opening. For TWD related deals, an onshore account is required. For non TWD related deals, an account (either OBU or DBU) is required. Deal Management Rollover: FX Swap: Yes. It is required to reset the FX rate at market price with supporting documents. FX forward: No. It cannot be extended. However, in practice, CBC allows forward rollover at market price for one-time only and customer needs to provide a written evidence to meet CBC’s requirement. Unwinding: No. Deals cannot be cancelled or early unwound via entering into an offsetting trade. Early Take Up (ETU):