Download ANZ EMERGING MARKETS FOREIGN EXCHANGE GUIDE

ANZ
EMERGING MARKETS
FOREIGN EXCHANGE GUIDE
CONTENTS
EMERGING MARKETS FX CAPABILITIES
ASIA
Cambodian Riel – KHR
Chinese Yuan (Renminbi) – CNY
Chinese Yuan (Offshore Renminbi) – CNH
Hong Kong Dollar – HKD
Indian Rupee – INR
Indonesian Rupiah – IDR
(South) Korean Won – KRW
Lao Kip – LAK
Malaysian Ringgit – MYR
Mongolian Tughrik – MNT
Philippine Peso – PHP
Singapore Dollar – SGD
New Taiwan Dollar – TWD
Thai Baht – THB
Vietnamese Dong – VND
PACIFIC
Fiji Dollar – FJD
Papua New Guinea Kina – PGK
Solomon Islands Dollar – SBD
Tongan Pa’anga – TOP
Vanuatu Vatu – VUV
Samoa Tala – WST
04
06 - 22
06
07
09
10
11
12
13
14
15
16
17
18
19
21
22
23 - 28
23
24
25
26
27
28
EMERGING EUROPE, MIDDLE EAST
AND AFRICA (EEMEA)
Czech Koruna – CZK
Hungarian Forint – HUF
Israeli Shekel – ILS
Kuwaiti Dinar – KWD
Polish Zloty – PLN
Qatari Riyal – QAR
Romanian Leu – RON
Russian Rouble – RUB
Saudi Arabian Riyal – SAR
South African Rand – ZAR
Turkish Lira – TRY
UAE Dirham – AED
LATIN AMERICA (LATAM)
29 - 35
29
29
30
30
31
32
32
33
34
34
35
35
36 - 39
Brazilian Real – BRL
Chilean Peso – CLP
Colombian Peso – COP
Mexican Peso – MXN
Peruvian New Sol – PEN
36
37
38
38
39
IMPORTANT INFORMATION
40
Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) and subsidiaries seek to or do conduct business with issuers and in relation to financial
products referred to in this report. Please refer to the Important Information at the conclusion of this document. Publication date, May 2014.
EMERGING MARKETS FX CAPABILITIES
4
4
RUSSIAN ROUBLE
POLISH ZLOTY
CZECH KORUNA
HUNGARIAN FORINT
MONGOLIAN TUGHRIK
TURKISH LIRA
SOUTH KOREAN WON
CHINESE YUAN AND OFFSHORE YUAN
NEW TAIWAN DOLLAR
HONG KONG DOLLAR
MEXICAN PESO
LAO KIP
PHILIPPINE PESO
VIETNAMESE DONG
COLOMBIAN PESO
CAMBODIAN RIEL
ISRAELI SHEKEL
UAE
INDIAN RUPEE
THAI BAHT
DIRHAM
SAUDI ARABIAN RIYAL
KUWAITI DINAR
QATARI RIYAL
SINGAPORE DOLLAR
INDONESIAN RUPIAH
SOUTH AFRICAN RAND
MALAYSIAN RINGGIT
PACIFIC ISLANDS
BRAZILIAN REAL
- FIJI DOLLAR
PERUVIAN NEW SOL
- PAPUA NEW GUINEA KINA
- SOLOMON ISLANDS DOLLAR
- TONGAN PA'ANGA
- VANUATU VATU
CHILEAN PESO
- SAMOA TALA
Emerging Markets FX capabilities
ANZ presence
ANZ presence and trading hubs
• Hong Kong
• Singapore
• London
• Sydney
• New York
ANZ AT A GLANCE
>> Australia and New Zealand Banking Group Limited
(ANZ) is one of the four largest banks in Australia, the
largest bank in New Zealand, and one of the world’s
25 largest listed banks by market capitalisation
>> Top 4 Corporate Bank in Asia1
>> Among the highest rated banks globally having
retained an AA band credit rating with all three
major ratings agencies
>> Over 47,000 staff serving 10 million retail,
commercial and institutional customers
1 Greenwich 2013 Asian Large Corporate Banking Survey
2 Dow Jones Sustainability Index 2013
>> Presence in 33 markets across Asia Pacific, Australia,
New Zealand, Europe, America and the Middle East
>> Rated the world's most sustainable bank in the Dow
Jones Sustainability Index 2013
>> One of the five largest listed companies in Australia,
with market capitalization of AUD85 billion as of
September 2013
>> #1 Most Sustainable Bank Globally2
5
5
INTRODUCING ANZ FOREIGN EXCHANGE
EMERGING MARKETS OPPORTUNITIES
Emerging markets will continue to drive global
growth in the coming years. Hence, knowing
the peculiarities of these currencies and how
to best deal in them is instrumental for successfully
transacting in these markets.
This guide provides a comprehensive overview
of emerging markets regulations, market
conventions and key facts to help you make
the most of the opportunities that emerging
markets currencies offer.
WHY ANZ FOREIGN EXCHANGE?
With our super regional footprint, distinguished
research capability and true global coverage,
ANZ is uniquely positioned to support your
emerging markets foreign exchange activities.
Our strong and growing presence in Asian and
emerging markets means that no matter which
currency markets you operate in, our multinational
team can provide the insights and solutions
you need to succeed.
OUR STRENGTH IN ASIA AND EMERGING
MARKETS
A long established player in Australia, New
Zealand and the Pacific, ANZ is building on its
super regional strategy with a comprehensive
range of operations in emerging countries,
particularly in Asia.
Our strong presence in 29 Asia Pacific economies,
including the fast growing markets of China,
India, Indonesia and the Greater Mekong,
underscores our aspiration to be the best
connected bank across the region for our clients.
Since our last Emerging Markets FX Guide we have
added three new currencies to our emerging
markets coverage – Mongolian Tughrik, Lao Kip,
Cambodian Riel – and added new FX products
in our Pacific offering.
ANZ'S SUPER REGIONAL ACCOLADES
Asiamoney FX Poll 2013
>> #1 FX Provider in Asia Pacific as voted by Financial Institutions
>> #1 Foreign Provider for FX Products and Services, and FX Research & Market Coverage, Vietnam, as voted by Corporates
>> #1 Foreign Provider for FX Research & Market Coverage, Korea, as voted by Corporates
>> #1 Foreign Provider for FX Options, Philippines, as voted by Corporates
>> #1 Domestic Provider of FX Services, Australia, as voted by Financial Institutions and Corporates
Euromoney FX Survey 2013
>> #1 for Asia Timezone Client Service
FX Week Best Bank Awards 2007-2014
>> Best Bank for the Australian Dollar
Asiamoney Fixed Income Poll 2013
>> #1 Regional Best Team for Asian Macroeconomic Research
AsiaRisk Commodity Rankings 2013
>> #1 for Gold
PRODUCT CAPABILITIES
Our goal to be a super regional bank is about
creating new opportunities for our clients
through our global products and services.
Our foreign exchange capabilities extend
across the full product suite: from FX spot,
forward and options products in all major
investment-grade currencies, to a
comprehensive range of foreign exchange
instruments on emerging markets currencies
(including non-deliverable products).
Speak to ANZ about how you can take
advantage of our complete product offering
on a 24/5 basis.
ASIA
ASIA
6
CAMBODIAN RIEL – KHR
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Deliverable and freely convertible by registered onshore
firms. No restrictions. Offshore entities cannot deal local
currency
Yes
Forwards/NDFs
FX forwards and FX swaps with maturities up to three
years are freely available for hedging purposes for
locally registered firms
Yes
General Remarks
Best Dealing Hours
8:00am – 4:00pm Phnom Penh time
Liquidity
(estimated daily turnover)
USD15 million onshore spot
ASIA
7
CHINESE YUAN (RENMINBI) – CNY
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Deliverable spot is only available with documentary
proof of an underlying transaction. Offshore entities
can transact CNY for trade settlement purposes
Yes – please consult your ANZ FX
representative prior to any transactions
China’s central bank (The People's Bank of China)
maintains the currency in a managed float with
reference to a basket of currencies. In the interbank
market, the daily trading band of the CNY against the
USD is +/- 2.0%
Forwards/Swaps
FX forwards and swaps with maturities up to five
years are available to onshore institutions to their
FX exposure
Yes – to onshore with proof of documents.
Please consult your ANZ FX representative
prior to any transactions
NDFs
Non-deliverable forwards (NDFs) trade up to 12 months.
NDFs are only available in offshore markets to offshore
entities. PRC onshore entities are prohibited from
dealing in NDFs
Yes – larger parcels available
Longer tenors possible but illiquid
Crosses available against AUD, NZD and other
major currencies
Please check with your ANZ FX representative for the
fixing convention
Fixing Time
9:15am Beijing time
Publication Site
Reuters SAEC
Bloomberg NDFF
Publication Time
Fixing two days prior to maturity/value date
Additional Comments
Fixing by PBoC
Options
Onshore options available – only to onshore clients with
trade related transactions. Restrictions applied on
available option types, please consult your ANZ FX
representative for details
Offshore non-deliverable options (NDOs) available.
NDOs are only available in offshore markets to offshore
entities. PRC onshore entities are prohibited from
dealing in NDOs
Quoted up to two years
Settlement: T+2
At expiry, options are automatically exercised if in
the money
Yes – larger parcels available
ASIA
8
CHINESE YUAN (RENMINBI) – CNY (CONTINUED)
PRODUCT
PRODUCT/MARKET DESCRIPTION
Fixing Convention
Currency pairs including: USD/CNY, AUD/CNY, EUR/CNY,
GBP/CNY, JPY/CNY
NDO cash settles to NDF Fixing
General Remarks
Best Dealing Hours
9:00am – 5:00pm Beijing time
Liquidity
(estimated daily turnover)
USD1 – 2 billion NDF
USD15 billion onshore spot
DO WE QUOTE?
ASIA
9
CHINESE YUAN (OFFSHORE RENMINBI) – CNH
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Renminbi deliverable in Hong Kong (aka CNH) is
available for three types of transactions:
(1) for personal RMB business,
(2) for trade purposes, and
(3) for general purposes
Yes
The transfer of RMB between Hong Kong and onshore
is subject to regulations and approval by mainland
authorities. Please consult your ANZ FX representative
Forwards
CNH deliverable offshore forwards are available up to
three years, illiquid over three year
Yes
Longer tenors possible but illiquid
Market less liquid outside of local hours
Options
Quoted up to three years
Settlement: T+2
Currency pairs including: USD/CNH, AUD/CNH,
EUR/CNH, GBP/CNH, JPY/CNH, NZD/CNH
Cut Convention
11:00am Hong Kong time
General Remarks
Best Dealing Hours
9:00am – 5:00pm Hong Kong time
Liquidity
(estimated daily turnover)
USD10 billion spot
Yes
ASIA
10
HONG KONG DOLLAR – HKD
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Yes
7.7500 – 7.8500 trading band
Linked to USD trading within a band of 7.75 – 7.85
Forwards
Deliverable forwards up to two years
Yes
Ample liquidity generally available
Options
Quoted up to two years
Settlement: T+2
Currency pairs including: USD/HKD, AUD/HKD,
EUR/HKD, GBP/HKD, JPY/HKD, NZD/HKD, CHF/HKD,
CAD/HKD, SGD/HKD
Cut Convention
3:00pm Tokyo time
General Remarks
Best Dealing Hours
9:00am – 5:00pm Hong Kong time
Liquidity
(estimated daily turnover)
USD5 billion spot
Yes
ASIA
11
INDIAN RUPEE – INR
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Market participants are able to buy INR freely from any
bank for transactions approved under the Foreign
Exchange Management Act (FEMA). Approval is not
required for most current account transactions.
However, some types of transactions are subject to
limits, where approval from the Reserve Bank of India
(RBI) is necessary
Yes – please consult your ANZ FX
representative prior to transacting
Selling lNR is restricted
Forwards/NDFs
Onshore and offshore entities can access the local
forward market, provided these contracts are used to
cover genuine foreign exchange exposure
Yes
Offshore non-deliverable forwards (NDFs) quoted up to
12 months
Please check with your ANZ FX representative for the
fixing convention
Fixing Time
Anytime between 11:45am – 12:15pm Mumbai time,
two days prior to maturity/value date
Publication Site
Reuters page RBIB
Bloomberg NDFF
Publication Time
Two days prior to maturity/value date
Additional Comments
Fixing by bank poll
Options
Onshore options available – Market liquid up to
one year
Longer tenor options are also quoted
Offshore non-deliverable options (NDOs) available
Quoted up to two years
Settlement: T+2
At expiry, options are automatically exercised if in
the money
Currency pairs including: USD/INR, AUD/INR, EUR/INR,
GBP/INR, JPY/INR, NZD/INR
Fixing Convention
NDO cash settles to NDF fixing
General Remarks
Best Dealing Hours
9:00am – 5:00pm Mumbai time
Liquidity
(estimated daily turnover)
USD1.5 billion NDF
USD10 billion onshore spot
Yes
ASIA
12
INDONESIAN RUPIAH – IDR
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Non-convertible currency. IDR spot is only available
onshore. Non-residents may only transfer funds in
exceptional circumstances. Documentary evidence is
required for buying foreign currency in excess of
USD100,000 or equivalent in a month. Documentary
evidence is required from non-residents selling foreign
currency in excess of IDR500 million in a day
Yes – please consult your ANZ FX
representative prior to any transactions
Forwards/NDFs
There is an onshore forward market where market
participants can buy IDR freely. Non-residents are
allowed to sell USD forwards, with supporting
documentation required. Documentary evidence
threshold applies to forwards also
Yes – please consult your ANZ FX
representative prior to any transactions
Offshore non-deliverable forwards (NDFs) are quoted
up to five years
Onshore products are not covered by the deposit
insurance scheme and offshore NDFs is only available
through ANZ Banking Group
Fixing Time
11:00am Singapore time
Publication Site
Reuters page JISDOR
Bloomberg NDFF
Publication Time
11:00am Singapore time
Options
Offshore non-deliverable options (NDOs) available
Quoted up to two years
Settlement: T+2
At expiry, options are automatically exercised if in
the money
Currency pairs including: USD/IDR, AUD/IDR, EUR/IDR,
GBP/IDR, JPY/IDR, NZD/IDR
Fixing Convention
NDO cash settles to NDF fixing
General Remarks
Best Dealing Hours
9:00am – 5:00pm Singapore time
Liquidity
(estimated daily turnover)
USD1.5 billion NDF
USD1 billion onshore spot
Yes
ASIA
13
(SOUTH) KOREAN WON – KRW
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Residents may sell/buy KRW; non-residents may hold
KRW locally through bank accounts with some
restrictions regarding deposits and disposal of funds
Yes – onshore only
Forwards
Deliverable forwards possible
Yes – onshore only
Need a documented underlying exposure transaction
NDFs
Non-deliverable forwards (NDFs) quoted up to 12
months
Yes
Longer tenors possible but illiquid
Crosses available against AUD, NZD and other
major currencies
Please check with your ANZ FX representative for the
fixing convention
Fixing Time
Fixing two days prior to maturity
3:10pm Seoul time [Sometimes called ‘Calculation day’
(valuation) or ‘MAR day’]
A weighted average of calculation/valuation/MAR day
Market Average Rate [MAR]
Publication Site
Reuters page KFTC18
Bloomberg NDFF
Publication Time
Two days prior to maturity/value date
Options
Onshore options available – only to onshore clients
Offshore non-deliverable options (NDOs) available
Quoted up to two years
Settlement: T+2
At expiry, options are automatically exercised if in
the money
Currency pairs including: USD/KRW, AUD/KRW, EUR/
KRW, GBP/KRW, JPY/KRW, NZD/KRW
Fixing Convention
NDO cash settles in USD to NDF fixing
General Remarks
Best Dealing Hours
9:00am – 3:00pm Seoul time
Liquidity
(estimated daily turnover)
USD5 billion NDF
USD12 billion onshore spot
Yes
ASIA
14
LAO KIP – LAK
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Available for onshore clients
Yes
Other currencies: USD, THB, CNY, IDR, PHP, SGD,
EUR, AUD, JPY
General Remarks
Best Dealing Hours
8:00am – 4:00pm Vientiane time
Liquidity
(estimated daily turnover)
USD4 million onshore spot
ASIA
15
MALAYSIAN RINGGIT – MYR
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Trading is restricted; offshore entities have limited
access to the onshore spot market
Please consult your ANZ FX representative
Documentation is required
Forwards/NDFs
FX forward transactions are allowed for hedging
purposes only, or else investors have to execute in
the offshore non-deliverable forward (NDF) market
Yes
Onshore forwards available through partner
AmBank Group
NDFs up to 12 months
Longer tenors possible but illiquid
Crosses available against AUD, NZD and other
major currencies
Please check with your ANZ FX representative for the
fixing convention
Fixing Time
11:10am Kuala Lumpur time. Fixing is two days prior to
maturity/value date
Publication Site
Reuters page MYRFIX=
Bloomberg NDFF
Publication Time
11:10am Kuala Lumpur time, two days prior to maturity/
value date
Options
Onshore deliverable options available through partner AmBank Group
Offshore non-deliverable options (NDOs) available
Quoted up to two years
Settlement: T+2
At expiry, options are automatically exercised if in
the money
Currency pairs including: USD/MYR, AUD/MYR,
EUR/MYR, GBP/MYR, JPY/MYR, NZD/MYR
Fixing Convention
NDO cash settles to NDF fixing
General Remarks
Best Dealing Hours
8:00am – 12:00pm and 2:00pm – 5:00pm
Kuala Lumpur time
Liquidity
(estimated daily turnover)
USD800 million NDF
USD1 – 1.2 billion onshore spot
Yes
ASIA
16
MONGOLIAN TUGHRIK – MNT
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
MNT is a free floating currency. A Foreign Exchange
Auction is used as a policy instrument by Bank of
Mongolia (BOM) to improve the transparency and
efficiency of the foreign exchange market. The BOM
holds foreign exchange auctions on Tuesdays and
Thursdays. Eligible bidders of the auction are domestic
commercial banks only
Please consult your ANZ FX representative
Forwards/NDFs
Not currently available
No
No non-deliverable forward (NDF) market
Options
Not currently available
General Remarks
Dealing Hours
9:00am – 5:00pm Ulan Bator time
Liquidity
(estimated daily turnover)
Daily turnover of approximately USD100 million
Can be illiquid, as auctions to provide liquidity are only
held on Tuesdays and Thursdays
No
ASIA
17
PHILIPPINE PESO – PHP
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
PHP remains only partially convertible and transactions
are limited to trade related transactions and registered
investments
Yes – please consult your ANZ FX
representative
Forwards/NDFs
Limitations to trading in onshore forwards similar to
FX spot
Yes
Offshore non-deliverable forwards (NDFs) quoted up to
12 months
Longer tenors possible but illiquid
Crosses available against AUD, NZD and other
major currencies
Please check with your ANZ representative for the
fixing convention
Fixing Time
11:30am Manila time
Publication Site
Fixing on Reuters PDSPESO
Bloomberg NDFF
Publication Time
One day prior to maturity/value date
Additional Comments
Weighted average of “AM” trades from 9:00am to
11:30am dealt in the Philippine dealing system
Options
Onshore options available – only to onshore clients with
trade related transactions
Offshore non-deliverable options (NDOs) available
Quoted up to two years
Settlement: T+1
At expiry, options are automatically exercised if in the
money
Currency pairs including: USD/PHP, AUD/PHP, EUR/PHP,
GBP/PHP, JPY/PHP, NZD/PHP
Fixing Convention
NDO cash settles to NDF fixing
General Remarks
Best Dealing Hours
9:00am – 12:00pm and 2:00pm – 4:00pm Manila time
Liquidity
(estimated daily turnover)
USD750 million NDF
USD600 million – 1 billion onshore spot
ASIA
18
SINGAPORE DOLLAR – SGD
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Yes
Forwards
Deliverable forwards up to two years
Yes
Ample liquidity generally available
NDFs
Banks in Singapore cannot lend SGD to offshore
financial institutions due to MAS restrictions (MAS 757)
Yes
Lending includes FX swaps
Offshore market no restrictions
Onshore and offshore curves can diverge due to
the regulation
Delivery forwards up to two years
Options
Quoted up to two years
Settlement: T+2
Currency pairs include: USD/SGD, AUD/SGD, EUR/SGD,
GBP/SGD, JPY/SGD, NZD/SGD, CAD/SGD
Cut Convention
3:00pm Tokyo time
General Remarks
Best Dealing Hours
8:00am – 5:00pm Singapore time
Liquidity
(estimated daily turnover)
USD3 billion spot
Yes
ASIA
19
NEW TAIWAN DOLLAR – TWD
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Supporting is required for any amount over
TWD500,000
Yes – onshore only
Forwards/NDFs
Onshore forwards are available with restrictions similar
to FX spot. TWD trades in the offshore market as USD
settled non-deliverable forwards
Yes – onshore only
All onshore TWD (both buying and selling TWD) FX
contracts require supporting documents to prove to
Central Bank of China (CBC) the customer’s genuine
need for entering into the deal. Offshore entities cannot
access onshore market
Rollover could not use the original price but the market
price at the time of rollover
Non-deliverable forwards (NDFs) quoted up to
12 months
Longer tenors possible but illiquid
For NDF, counterparty should be restricted to
Financial Institutions
Rollover and early termination are not allowed
Margin trading is not allowed
Cash net settlement only at maturity date
Crosses available against AUD, NZD and other
major currencies
Please check with your ANZ FX representative for the
fixing convention
Fixing Time
11:00am Taipei time
Publication Site
Fixing on Reuters’s page TAIFX1
Bloomberg NDFF
Publication Time
Two days prior to maturity
Additional Comments
Fixing rate is the last traded rate before 11:00am
ASIA
20
NEW TAIWAN DOLLAR – TWD (CONTINUED)
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Options
Onshore options available – only for residents with
restrictions
Yes - onshore only, NDOs not offered by
ANZ Taiwan
Counterparty should be Corporate
Plain vanilla only, exotic is not allowed
Offshore non-deliverable options (NDOs) available
Quoted up to two years
Settlement: T+2
At expiry, options are automatically exercised if in
the money
Currency pairs including: USD/TWD, AUD/TWD,
EUR/TWD, GBP/TWD, JPY/TWD, NZD/TWD
Fixing Convention
NDO cash settles to NDF fixing
General Remarks
Best Dealing Hours
9:00am – 12:00pm and 2:00pm – 4:00pm Taipei time
Liquidity
(estimated daily turnover)
USD1.5 billion NDF
USD800 million onshore spot
ASIA
21
THAI BAHT – THB
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
THB is a free floating currency with segregated
domestic and offshore markets. Generally, THB is
deliverable (onshore and offshore) and only the
net size of the THB offshore holdings are restricted
Yes
There are no general restrictions against a non-resident
(offshore counterpart) entering into a spot FX
transaction with a bank in Thailand. For any onshore FX
transaction (for conversion of our USD funds to THB),
this has to be carried out with an authorised bank in
Thailand and has to fulfil the requirement for “permitted
transactions” (otherwise Bank of Thailand (BoT) approval
would be required). Permitted transactions include FX
spot (regardless of underlying asset) and forward
transactions, if there is an underlying asset. When
meeting these conditions THB can be traded freely
(buy and sell THB), without BoT approval
Forwards
Separate onshore and offshore deliverable forward
markets exist, due to restrictions preventing forward
USD purchases onshore without underlying assets.
Cash settled/offshore products typically refer to the
onshore fix
Yes – offshore only
Options
Offshore deliverable options are also available
Yes
Quoted up to two years
Settlement: T+2
At expiry, options are automatically exercised if in the
money
Currency pairs including: USD/THB, AUD/THB, EUR/THB,
GBP/THB, JPY/THB, NZD/THB
Fixing Convention
Settlement: T+2
Cut Convention
3:00pm Tokyo time
General Remarks
Best Dealing Hours
8:00am – 5:00pm Bangkok time
Liquidity
(estimated daily turnover)
USD 1 billion spot
Settlement
Through NRBA account only
ASIA
22
VIETNAMESE DONG – VND
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Non-convertible
Yes – onshore only
State Bank of Vietnam (SBV) sets the daily reference
USD/VND exchange rate
Spot trading band for USD/VND is currently set at +/- 1%
of the reference rate
Foreign currency buying must be supported by a
legitimate purpose
Offshore clients can transact spot VND with onshore
banks for legitimate purposes Deliverable Forwards/
Swaps
Maximum tenor up to one year
Publication Site
Reuters page VNDFIX=VN
Options
Not possible
No
Non-deliverable
Forwards
Can be quoted on a case-by-case basis using
onshore fixing
Yes – offshore
Yes – onshore only
Offshore clients cannot access the onshore deliverable
forwards/swaps market
General Remarks
Best Dealing Hours
9:00am – 12:00pm and 1:30pm – 5:00pm Hanoi time
Liquidity
(estimated daily turnover)
USD700 million onshore spot market
USD1,500 million onshore swap market
PACIFIC
PACIFIC
23
FIJI DOLLAR – FJD
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Convertible subject to liquidity. Quote limit is
approximately FJD1 million during trading hours
Yes – please consult your ANZ FX
representative
Only approved transactions under exchange control act
Forwards
Deliverable forwards are liquid up to 12 months
Yes
Sales of FJD to clients are not restricted
Purchases of FJD from clients are regulated by the
Reserve Bank of Fiji – refer to your ANZ FX representative
Longer tenors subject to availability
Options
Product not available
General Remarks
Not limited to mentioned limits. Reserve Bank of Fiji
will consider Investment Related Projects
Best Dealing Hours
9:00am – 4:00pm Fiji time/Settlement T+2
Liquidity
(estimated daily turnover)
USD10 million
No
PACIFIC
24
PAPUA NEW GUINEA KINA – PGK
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Can freely purchase PGK
Yes – please consult your ANZ FX
representative
Sale of PGK requires documentation as per
Exchange Control
Forwards
Deliverable forwards up to 12 months
Yes
Longer tenors on request subject to liquidity
Options
Plain vanilla options available only to onshore clients
Yes
Currency pairs: Main currencies (USD, AUD, NZD, EUR,
GBP, JPY) all against PGK
Quoted up to 12 months
General Remarks
Illiquid interbank market accessed by authorised
dealers only. No speculative transactions allowed.
The traded related transactions does not require tax
clearance. Non trade transactions require tax clearance
from PNG's Internal Revenue Commission
Best Dealing Hours
9:00am – 4:00pm PNG time. After hours pricing on
request – please contact your ANZ FX representative
Liquidity
(estimated daily turnover)
Market turnover approximately USD60 million per day.
Transactions over USD10 million may need to be dealt
on a per order basis
Yes
PACIFIC
25
SOLOMON ISLANDS DOLLAR – SBD
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Limited to in-country liquidity
Yes. Limited liquidity – please contact your
ANZ FX representative
SBD purchases need approval from the Central Bank of
Solomon Islands (CBSI) for amounts above SBD100,000.
No restrictions apply to SBD sales however limited
ability to transact after cut off time i.e. 3:00pm Solomon
Islands time, 12:00pm Singapore time, with deals
restricted to USD1 million
Forwards
Forwards in AUD and USD require CBSI approval on
'forward rate' before ANZ can proceed to confirm deal
with customer
Yes, but only for SBD sales with maximum
tenor out to one year. Limited liquidity for
longer terms
Advice of the Forward Exchange Contract (FEC) and
forward rate quotes is emailed to CBSI by ANZ; we
receive email approval from CBSI, before we can
proceed to confirm deal back to customer
Yes, maximum deal size USD1 million
outside dealing hours but restricted to
SBD sales
No CBSI approval is required to deal forwards in other
currencies against SBD
Options
Product not available
No
General Remarks
Best Dealing Hours
9:00am – 3:00pm Solomon Islands time
Liquidity
(estimated daily turnover)
USD1.5 million spot
PACIFIC
26
TONGAN PA’ANGA – TOP
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Only trade related FX deals are permitted with
Exchange Control documentation required
Yes
TOP/USD regulated by National Reserve Bank of
Tonga (NRBT)
Any purchase of TOP > 100,000 requires NRBT approval
No restrictions on sale of TOP
Forwards
Deliverable forwards are liquid up to 12 months
Yes
Longer tenors possible but illiquid
Market illiquid outside of local hours
Options
Product not available
General Remarks
Best Dealing Hours
9:00am – 3:00pm Tonga time
TOP/USD spread is regulated by the NRBT
NRBT can only cover spot deal transactions
NRBT cut off time is 3:00pm Tonga time
Liquidity
(estimated daily turnover)
USD2 million spot during our ANZ trading hours,
with no quotes after hours
No
PACIFIC
27
VANUATU VATU – VUV
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Convertible subject to in-country liquidity
Yes
Forwards
Deliverable forward transactions available but
subject to liquidity
Yes
Maximum tenor for six months
Longer tenor on request and subject to liquidity
Options
Product not available
General Remarks
Dealing Hours
9:00am – 4:00pm Vanuatu time
Liquidity
(estimated daily turnover)
Market turnover approximately USD1.5 million per day
No exchange controls from the Reserve Bank of Vanuatu
No
PACIFIC
28
SAMOA TALA – WST
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
WST/USD fixed and regulated by Central Bank of Samoa
and is fixed from 9:00am – 4:30pm Samoa time
Yes
Central Bank and Exchange Control regulates all outflow
of funds
Import trade transactions > WST10,000 must provide
supporting documentation or a central bank approval
All WST or USD funds leaving the country for the
purposes of profit/dividend repatriation or of a capital
nature, must have Central Bank of Samoa approval
Forwards
Deliverable forward transactions available
Yes
Maximum tenor of six months
Longer tenor on request and subject to liquidity
Import trade transactions > WST10,000 must provide
supporting documentation or a central bank approval
All WST or USD funds leaving the country for the
purposes of profit/dividend repatriation of capital
nature must have Central Bank of Samoa approval
Options
Product not available
General Remarks
Best Dealing Hours
9:00am – 3:30pm Samoa time
No transaction after 3:30pm Samoa time Liquidity
(estimated daily turnover)
Liquidity estimation WST10 million
No
EEMEA
EMERGING EUROPE,
MIDDLE EAST AND AFRICA
29
CZECH KORUNA – CZK
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Yes – please contact your ANZ FX
representative
Forwards
Deliverable forwards up to 12 months
Yes
Longer tenors possible but illiquid
Market less liquid outside of local hours
General Remarks
Best Dealing Hours
8:00am – 4:00pm London time
Liquidity
(estimated daily turnover)
USD1 – 2 billion spot
HUNGARIAN FORINT – HUF
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Yes – please contact your ANZ FX
representative
Forwards
Deliverable forwards up to 12 months
Yes
Longer tenors possible but illiquid
Market less liquid outside of local hours
General Remarks
Best Dealing Hours
8:00am – 4:00pm London time
Liquidity
(estimated daily turnover)
USD1 – 2 billion spot
EEMEA
30
ISRAELI SHEKEL – ILS
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Yes
Liquidity may decrease on Fridays when domestic
banks close early
Forwards
Deliverable forwards possible up to 12 months
Yes
Longer tenors possible but illiquid
General Remarks
Best Dealing Hours
Market is most liquid during local spot hours
8:00am – 6:00pm Tel Aviv time
Fridays only half day
Liquidity
(estimated daily turnover)
USD1 – 2 billion spot
KUWAITI DINAR – KWD
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Yes
Best during local market hours
Forwards
Deliverable forwards possible up to 12 months
Market less liquid outside of local hours
General Remarks
Best Dealing Hours
8:00am – 5:00pm Kuwait time
Yes
EEMEA
31
POLISH ZLOTY – PLN
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Yes – please contact your ANZ FX
representative
Forwards
Deliverable forwards up to 12 months
Yes
Longer tenors possible but illiquid
Market less liquid outside of local hours
General Remarks
Best Dealing Hours
8:00am – 4:00pm London time
Liquidity
(estimated daily turnover)
USD3 – 4 billion spot
EEMEA
32
QATARI RIYAL – QAR
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
QAR is fully convertible with market transactions
primarily for commercial purposes
Yes
Forwards
Offshore forward market quotes up to 12 months
Yes
Longer tenors possible but illiquid
General Remarks
There is no clearing on Fridays and Saturdays
ROMANIAN LEU – RON
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
RON is fully convertible and deliverable. There is good
liquidity when the local market is open
No
Forwards
Deliverable forwards are fairly liquid, although liquidity
is highly dependent on local conditions
No
EEMEA
33
RUSSIAN ROUBLE – RUB
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Please consult your ANZ FX representative
prior to any transactions
lntraday turnover has contracted from USD15 billion to
USD5 billion
Check with your local ANZ representative for the local
settlement conventions
Managed float vs. basket composed of approximately
55% USD and 45% EUR
Forwards
Deliverable forwards up to 12 months
Yes
Longer tenors possible but illiquid
Market less liquid outside of local hours
NDFs
While still favoured by clients, the non-deliverable
forward (NDF) market currently represents only 5% of
interbank RUB market
Crosses available against AUD, NZD and other major
currencies at 12 month tenors
Check with your ANZ FX representative for the fixing
convention
Fixing Time
12:00pm – 12:25pm Moscow time. EMTA RUB industry
survey rate – one day prior to maturity/value date
Publication Time
12:30pm – 1:00pm Moscow time one day prior to
maturity/value date
Publication Site
www.cmegroup.com/trading/fx/daily-ruble-rate.html
General Remarks
Best Dealing Hours
7:00am – 3:00pm London time
Liquidity
(estimated daily turnover)
USD7 – 9 billion in NDF and spot
Yes
EEMEA
34
SAUDI ARABIAN RIYAL – SAR
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Yes – please contact your ANZ FX
representative
Pegged to the USD at 3.7500
Forwards
Forwards are liquid up to 12 months
Yes
Longer tenors possible up to two years but illiquid
Market less liquid outside of local hours
General Remarks
Best Dealing Hours
Market is most liquid from 8:00am – 5:00pm
Jeddah time
Liquidity
(estimated daily turnover)
USD1 – 2 billion spot
SOUTH AFRICAN RAND – ZAR
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible offshore
Yes
Forwards
Yes
There is a well-developed forward market for ZAR. The
currency is deliverable and traded even in longer tenors,
though the best liquidity is in tenors of two years or less
General Remarks
Best Dealing Hours
8:00am – 3:00pm London time
Liquidity
(estimated daily turnover)
USD2 – 3 billion spot
EEMEA
35
TURKISH LIRA – TRY
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Yes
USD/TRY spot T+1
EUR/TRY spot T+2
Forwards
TRY forwards trade on a deliverable basis with
non-residents granted unrestricted access to the local
market. The best liquidity is in tenors of two years
or less
Yes
General Remarks
Best Dealing Hours
7:00am – 3:30pm London time
Liquidity
(estimated daily turnover)
USD2 – 3 billion spot
UAE DIRHAM – AED
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Freely convertible
Yes
Pegged to USD at 3.6725
Forwards
Deliverable forwards possible up to 12 months
Tenors possible up to two years but illiquid
Market less liquid outside of local hours
General Remarks
Best Dealing Hours
8:00am – 2:00pm London time
There is no clearing on Fridays and Saturdays
Liquidity
(estimated daily turnover)
USD500 million – 1 billion spot
Yes
LATAM
LATIN AMERICA
36
BRAZILIAN REAL – BRL
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
BRL is a floating currency but not fully convertible
No
FX spot transactions can only be carried out onshore
and must be registered with the central bank
Forwards/NDFs
Onshore forwards are heavily restricted. In the offshore
market non-deliverable forwards (NDFs) are commonly
traded and the market is generally liquid, with the best
liquidity in tenors up to 12 months and concentrated
during New York hours
Fixing Time
The valuation takes place two business days in advance
of the settlement date, and is seen on screen after the
market closes that day
Publication Site
Fixing page on Reuters BRLPTAX=CBBR, at 1:00pm
Sao Paulo time
Publication Time
Two days prior to maturity/value date
General Remarks
Best Dealing Hours
Most liquid during outcry hours:
8:00am – 11:00am, 12:30pm – 2:00pm
Electronic trading hours:
7:00am – 8:00am, 11:00am – 12:30pm
After hours session:
2:45pm – 4:00pm
All New York time
Liquidity
(estimated daily turnover)
USD15 – 20 billion (Onshore spot+NDF+BMF)
No. ANZ can quote offshore FWDs via NDFs
LATAM
37
CHILEAN PESO – CLP
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
CLP is a floating non-deliverable currency
Restrictions apply – please consult your
ANZ FX representative
FX spot transactions can only be carried out onshore
Forwards/NDFs
A conventional onshore forward market exists, but is
only available to residents. In the offshore market,
CLP can only be traded via non-deliverable forwards
(NDFs)
Offshore NDF liquid up to 12 months; longer tenors
available but less liquid
Fixing Time
Fixing takes place two business days before
settlement day
Publication Site
Reuters USDCLPFIX=BCCH
Publication Time
Fixing announced day after fixing date
Additional comments
Fixing through Central Bank ‘Observado’ rate on
Reuters USDCLPFIX=BCCH
General Remarks
Best Dealing Hours
9:00am – 1:30pm New York time (EST)
Liquidity
(estimated daily turnover)
USD700 – 800 million NDF
USD1.2 billion onshore spot
Yes
LATAM
38
COLOMBIAN PESO – COP
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
Banco de la República, the Colombian central bank,
operates a managed float currency regime and COP
trades on a strictly non-deliverable basis in the offshore
market
No
Forwards
Non-deliverable forwards are traded both onshore
and offshore
Yes – offshore NDFs
Offshore non-deliverable forward (NDF) liquid up to 12
months; longer tenors available but less liquid
Fixing Time
Fixing takes place two business days before
settlement day
Publication Site
Reuters page CO/COL03
Publication Time
Announced day after fixing day
Additional comments
Rate published by Banco de la República
General Remarks
Best Dealing Hours
9:00am – 2:00pm New York time (EST)
Liquidity
(estimated daily turnover)
USD100 – 300 million NDF/USD600 – 800 million
onshore spot
MEXICAN PESO – MXN
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
MXN offers the only fully deliverable spot and forward
market offshore in Latin America. Foreign institutions
are allowed to participate in spot trading of MXN. Local
regulation allows only domestic entities to trade
MXN onshore
Yes
Forwards
There are no restrictions for foreign entities to operate
MXN instruments offshore. The market is open to
forward and swap operations
Yes
Good liquidity up to 12 months
General Remarks
Best Dealing Hours
8:00am – 4:00pm New York time (EST)
Traded globally 24 hours on limited liquidity
Liquidity
(estimated daily turnover)
USD14 – 17 billion spot
LATAM
39
PERUVIAN NEW SOL – PEN
PRODUCT
PRODUCT/MARKET DESCRIPTION
DO WE QUOTE?
Spot
PEN is fully convertible with no restrictions on trading
FX, although the market is not particularly deep due
to a limited number of participants
No
Forwards/NDFs
In Peru, the onshore market consists of deliverable
forwards and non-deliverable forwards (NDFs). While
the offshore market is mainly traded via NDFs,
deliverable forwards are negotiable. Please consult your
ANZ FX representative
Offshore FWDs via NDFs only
The most liquid maturities in NDFs are those with
shorter tenors, up to 12 months
Fixing Time
Fixing takes place two business days before
settlement day
Publication Site
Reuters page PEBCR05
Publication Time
Announced one day prior to settlement day
Additional comments
Fixing, weighted average rate of whole day
General Remarks
Best Dealing Hours
10:30am – 2:30pm New York time (EST)
Liquidity
(estimated daily turnover)
USD100 – 200 million NDF
USD200 – 300 million onshore spot
IMPORTANT INFORMATION
IMPORTANT INFORMATION
SECTION HEAD
40
IMPORTANT NOTICE: The document may be restricted by law in certain jurisdictions. Persons who receive this
document must inform themselves about and observe all relevant restrictions.
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IMPORTANT INFORMATION
41
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IMPORTANT INFORMATION
SECTION HEAD
42
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IMPORTANT INFORMATION
43
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