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) 10 – 30 1 – 2 N/A N/A N/A N/A Bespoke hedge dependent* Offshore Volume (MM USD Daily) 1 – 5 Marginal N/A N/A N/A N/A Bespoke hedge dependent* Onshore Max Tenor (Or Typical Tenor T + 2 1 year N/A N/A N/A N/A Bespoke hedge dependent* For Spot) Offshore Max Tenor (Or Typical Tenor T + 2 6 months N/A N/A N/A N/A Bespoke hedge dependent* For Spot) Onshore Typical Deal Size (MM USD) 0.25 - 3 1- 3 N/A N/A N/A N/A Bespoke hedge dependent* Offshore Typical Deal Size (MM USD) 1 N/A N/A N/A N/A N/A Bespoke hedge dependent* CitiFX Pulse Capabilities   ✗ ✗ ✗ ✗ ✗ *Can be applied to long term FX Forwards. Source: Citi indicative information Market opening hours and liquidity during the day Fixing There is no local fixing. Regulation Offshore Restrictions: Onshore entity (e.g. resident corporate) is not permitted to transact FX with an offshore entity (e.g. offshore bank). However, relationship between offshore and onshore banks are allowed. Non-Resident Restrictions: Non-resident (e.g. non-resident corporate) permitted to transact FX with an onshore entity (e.g. onshore bank). License Requirements The banking license provides rights to undertake all the listed products (Spot, Forwards, NDF, Swap, Options) as long as its done in accordance with Fx regulation. No specific license required for corporate names to undertake fx transaction as the incorporation suffice. Requirements to open a foreign currency account FCY account are subject to Ministry of Finance and Central bank approvals. The request is been submitted by an onshore bank on behalf of the corporate with justification of purpose, estimated size of flows and type of operations. The approval is being renewed each year and given by the central bank. FCY account are subject to Ministry of Finance and Central bank approvals. The request has been submitted by an onshore bank on behalf of the corporate with justification of purpose, estimated size of flows and type of operations. The approval is being renewed each year and given by the central bank. Deal Management Rollover: Yes. Unwinding: Yes. Early Maturity: Yes.