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ANZ

EMERGING MARKETS
FOREIGN EXCHANGE GUIDE
CONTENTS

EMERGING MARKETS FX CAPABILITIES 04 EMERGING EUROPE, MIDDLE EAST


AND AFRICA (EEMEA) 29 - 35
ASIA 06 - 22
Czech Koruna CZK 29
Cambodian Riel KHR 06
Hungarian Forint HUF 29
Chinese Yuan (Renminbi) CNY 07
Israeli Shekel ILS 30
Chinese Yuan (Offshore Renminbi) CNH 09
Kuwaiti Dinar KWD 30
Hong Kong Dollar HKD 10
Polish Zloty PLN 31
Indian Rupee INR 11
Qatari Riyal QAR 32
Indonesian Rupiah IDR 12
Romanian Leu RON 32
(South) Korean Won KRW 13
Russian Rouble RUB 33
Lao Kip LAK 14
Saudi Arabian Riyal SAR 34
Malaysian Ringgit MYR 15
South African Rand ZAR 34
Mongolian Tughrik MNT 16
Turkish Lira TRY 35
Philippine Peso PHP 17
UAE Dirham AED 35
Singapore Dollar SGD 18
New Taiwan Dollar TWD 19 LATIN AMERICA (LATAM) 36 - 39
Thai Baht THB 21 Brazilian Real BRL 36
Vietnamese Dong VND 22 Chilean Peso CLP 37
Colombian Peso COP 38
PACIFIC 23 - 28
Mexican Peso MXN 38
Fiji Dollar FJD 23
Peruvian New Sol PEN 39
Papua New Guinea Kina PGK 24
Solomon Islands Dollar SBD 25 IMPORTANT INFORMATION 40
Tongan Paanga TOP 26
Vanuatu Vatu VUV 27
Samoa Tala WST 28

Australia and New Zealand Banking Group Limited (ABN11005357 522) and subsidiaries seek to or do conduct business with issuers and in relation to financial
products referred to in this report. Pleasereferto 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
CAMBODIAN RIEL COLOMBIAN PESO
ISRAELI SHEKEL
UAE INDIAN RUPEE MALAYSIAN RINGGIT
SAUDI ARABIAN RIYAL DIRHAM THAI BAHT PACIFIC ISLANDS BRAZILIAN REAL
KUWAITI DINAR QATARI RIYAL - FIJI DOLLAR PERUVIAN NEW SOL
SINGAPORE DOLLAR - PAPUA NEW GUINEA KINA
INDONESIAN RUPIAH - SOLOMON ISLANDS DOLLAR
- TONGAN PA'ANGA
- VANUATU VATU CHILEAN PESO
- SAMOA TALA
SOUTH AFRICAN RAND

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 >> Presence in 33 markets across Asia Pacific, Australia,
(ANZ) is one of the four largest banks in Australia, the New Zealand, Europe, America and the Middle East
largest bank in New Zealand, and one of the worlds
25 largest listed banks by market capitalisation >> Rated the world's most sustainable bank in the Dow
Jones Sustainability Index 2013
>> Top 4 Corporate Bank in Asia1
>> One of the five largest listed companies in Australia,
>> Among the highest rated banks globally having with market capitalization of AUD85 billion as of
retained an AA band credit rating with all three September 2013
major ratings agencies
>> #1 Most Sustainable Bank Globally2
>> 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
5
5
INTRODUCING ANZ FOREIGN EXCHANGE

EMERGING MARKETS OPPORTUNITIES ANZ'S SUPER REGIONAL ACCOLADES


Emerging markets will continue to drive global Asiamoney FX Poll 2013
growth in the coming years. Hence, knowing >> #1 FX Provider in Asia Pacific as voted by
the peculiarities of these currencies and how Financial Institutions
to best deal in them is instrumental for successfully >> #1 Foreign Provider for FX Products and
transacting in these markets. Services, and FX Research & Market
This guide provides a comprehensive overview Coverage, Vietnam, as voted by Corporates
of emerging markets regulations, market >> #1 Foreign Provider for FX Research &
conventions and key facts to help you make Market Coverage, Korea, as voted by
the most of the opportunities that emerging Corporates
markets currencies offer. >> #1 Foreign Provider for FX Options,
Philippines, as voted by Corporates
WHY ANZ FOREIGN EXCHANGE?
>> #1 Domestic Provider of FX Services,
With our super regional footprint, distinguished Australia, as voted by Financial Institutions
research capability and true global coverage, and Corporates
ANZ is uniquely positioned to support your
emerging markets foreign exchange activities. Euromoney FX Survey 2013
>> #1 for Asia Timezone Client Service
Our strong and growing presence in Asian and
emerging markets means that no matter which FX Week Best Bank Awards 2007-2014
currency markets you operate in, our multinational >> Best Bank for the Australian Dollar
team can provide the insights and solutions Asiamoney Fixed Income Poll 2013
you need to succeed. >> #1 Regional Best Team for Asian
Macroeconomic Research
OUR STRENGTH IN ASIA AND EMERGING
MARKETS AsiaRisk Commodity Rankings 2013
>> #1 for Gold
A long established player in Australia, New
Zealand and the Pacific, ANZ is building on its PRODUCT CAPABILITIES
super regional strategy with a comprehensive
range of operations in emerging countries, Our goal to be a super regional bank is about
particularly in Asia. creating new opportunities for our clients
through our global products and services.
Our strong presence in 29 Asia Pacific economies,
Our foreign exchange capabilities extend
including the fast growing markets of China,
across the full product suite: from FX spot,
India, Indonesia and the Greater Mekong, forward and options products in all major
underscores our aspiration to be the best investment-grade currencies, to a
connected bank across the region for our clients. comprehensive range of foreign exchange
Since our last Emerging Markets FX Guide we have instruments on emerging markets currencies
added three new currencies to our emerging (including non-deliverable products).
markets coverage Mongolian Tughrik, Lao Kip, Speak to ANZ about how you can take
Cambodian Riel and added new FX products advantage of our complete product offering
in our Pacific offering. on a 24/5 basis.
ASIA

ASIA
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CAMBODIAN RIEL KHR

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Deliverable and freely convertible by registered onshore Yes
firms. No restrictions. Offshore entities cannot deal local
currency
Forwards/NDFs FX forwards and FX swaps with maturities up to three Yes
years are freely available for hedging purposes for
locally registered firms
General Remarks
Best Dealing Hours 8:00am 4:00pm Phnom Penh time
Liquidity USD15 million onshore spot
(estimated daily turnover)
ASIA
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CHINESE YUAN (RENMINBI) CNY

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Deliverable spot is only available with documentary Yes please consult your ANZ FX
proof of an underlying transaction. Offshore entities representative prior to any transactions
can transact CNY for trade settlement purposes
Chinas 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 Yes to onshore with proof of documents.
years are available to onshore institutions to their Please consult your ANZ FX representative
FX exposure prior to any transactions
NDFs Non-deliverable forwards (NDFs) trade up to 12 months. Yes larger parcels available
NDFs are only available in offshore markets to offshore
entities. PRC onshore entities are prohibited from
dealing in NDFs
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 Yes larger parcels available
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
ASIA
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CHINESE YUAN (RENMINBI) CNY (CONTINUED)

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


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 USD1 2 billion NDF
(estimated daily turnover) USD15 billion onshore spot
ASIA
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CHINESE YUAN (OFFSHORE RENMINBI) CNH

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Renminbi deliverable in Hong Kong (aka CNH) is Yes
available for three types of transactions:
(1) for personal RMB business,
(2) for trade purposes, and
(3) for general purposes
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 Yes
three years, illiquid over three year
Longer tenors possible but illiquid
Market less liquid outside of local hours
Options Quoted up to three years Yes
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 USD10 billion spot
(estimated daily turnover)
ASIA
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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 Yes
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 USD5 billion spot
(estimated daily turnover)
ASIA
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INDIAN RUPEE INR

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Market participants are able to buy INR freely from any Yes please consult your ANZ FX
bank for transactions approved under the Foreign representative prior to transacting
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
Selling lNR is restricted

Forwards/NDFs Onshore and offshore entities can access the local Yes
forward market, provided these contracts are used to
cover genuine foreign exchange exposure
Offshore non-deliverable forwards (NDFs) quoted up to
12 months
Please check with your ANZ FX representative for the
xing 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 Yes
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 USD1.5 billion NDF
(estimated daily turnover) USD10 billion onshore spot
ASIA
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INDONESIAN RUPIAH IDR

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Non-convertible currency. IDR spot is only available Yes please consult your ANZ FX
onshore. Non-residents may only transfer funds in representative prior to any transactions
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
Forwards/NDFs There is an onshore forward market where market Yes please consult your ANZ FX
participants can buy IDR freely. Non-residents are representative prior to any transactions
allowed to sell USD forwards, with supporting
documentation required. Documentary evidence
threshold applies to forwards also
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 Yes
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 USD1.5 billion NDF
(estimated daily turnover) USD1 billion onshore spot
ASIA
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(SOUTH) KOREAN WON KRW

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Residents may sell/buy KRW; non-residents may hold Yes onshore only
KRW locally through bank accounts with some
restrictions regarding deposits and disposal of funds
Forwards Deliverable forwards possible Yes onshore only
Need a documented underlying exposure transaction
NDFs Non-deliverable forwards (NDFs) quoted up to 12 Yes
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 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 Yes
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 USD5 billion NDF
(estimated daily turnover) USD12 billion onshore spot
ASIA
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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 USD4 million onshore spot
(estimated daily turnover)
ASIA
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MALAYSIAN RINGGIT MYR

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Trading is restricted; offshore entities have limited Please consult your ANZ FX representative
access to the onshore spot market
Documentation is required
Forwards/NDFs FX forward transactions are allowed for hedging Yes
purposes only, or else investors have to execute in
the offshore non-deliverable forward (NDF) market
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 - Yes
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 xing


General Remarks
Best Dealing Hours 8:00am 12:00pm and 2:00pm 5:00pm
Kuala Lumpur time

Liquidity USD800 million NDF


(estimated daily turnover) USD1 1.2 billion onshore spot
ASIA
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MONGOLIAN TUGHRIK MNT

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot MNT is a free floating currency. A Foreign Exchange Please consult your ANZ FX representative
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
Forwards/NDFs Not currently available No
No non-deliverable forward (NDF) market
Options Not currently available No
General Remarks
Dealing Hours 9:00am 5:00pm Ulan Bator time
Liquidity Daily turnover of approximately USD100 million
(estimated daily turnover)
Can be illiquid, as auctions to provide liquidity are only
held on Tuesdays and Thursdays
ASIA
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PHILIPPINE PESO PHP

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot PHP remains only partially convertible and transactions Yes please consult your ANZ FX
are limited to trade related transactions and registered representative
investments
Forwards/NDFs Limitations to trading in onshore forwards similar to Yes
FX spot
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
xing 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 xing


General Remarks
Best Dealing Hours 9:00am 12:00pm and 2:00pm 4:00pm Manila time
Liquidity USD750 million NDF
(estimated daily turnover) USD600 million 1 billion onshore spot
ASIA
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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 Yes
nancial institutions due to MAS restrictions (MAS 757)
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 Yes
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 USD3 billion spot
(estimated daily turnover)
ASIA
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NEW TAIWAN DOLLAR TWD

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Supporting is required for any amount over Yes onshore only
TWD500,000
Forwards/NDFs Onshore forwards are available with restrictions similar Yes onshore only
to FX spot. TWD trades in the offshore market as USD
settled non-deliverable forwards
All onshore TWD (both buying and selling TWD) FX
contracts require supporting documents to prove to
Central Bank of China (CBC) the customers 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
xing convention

Fixing Time 11:00am Taipei time


Publication Site Fixing on Reuterss page TAIFX1
Bloomberg NDFF
Publication Time Two days prior to maturity
Additional Comments Fixing rate is the last traded rate before 11:00am
ASIA
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NEW TAIWAN DOLLAR TWD (CONTINUED)

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Options Onshore options available only for residents with Yes - onshore only, NDOs not offered by
restrictions 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 xing


General Remarks
Best Dealing Hours 9:00am 12:00pm and 2:00pm 4:00pm Taipei time
Liquidity USD1.5 billion NDF
(estimated daily turnover) USD800 million onshore spot
ASIA
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THAI BAHT THB

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot THB is a free floating currency with segregated Yes
domestic and offshore markets. Generally, THB is
deliverable (onshore and offshore) and only the
net size of the THB offshore holdings are restricted
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 Yes offshore only
markets exist, due to restrictions preventing forward
USD purchases onshore without underlying assets.
Cash settled/offshore products typically refer to the
onshore fix
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 USD 1 billion spot
(estimated daily turnover)
Settlement Through NRBA account only
ASIA
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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 thereference 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/ Maximum tenor up to one year Yes onshore only
Swaps
Offshore clients cannot access the onshore deliverable
forwards/swaps market

Publication Site Reuters page VNDFIX=VN


Options Not possible No
Non-deliverable Can be quoted on a case-by-case basis using Yes offshore
Forwards onshore fixing
General Remarks
Best Dealing Hours 9:00am 12:00pm and 1:30pm 5:00pm Hanoi time
Liquidity USD700 million onshore spot market
(estimated daily turnover) USD1,500 million onshore swap market
PACIFIC

PACIFIC
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FIJI DOLLAR FJD

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Convertible subject to liquidity. Quote limit is Yes please consult your ANZ FX
approximately FJD1 million during trading hours 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 No
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 USD10 million


(estimated daily turnover)
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 Yes
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 Market turnover approximately USD60 million per day.


(estimated daily turnover) Transactions over USD10 million may need to be dealt
on a per order basis
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 Yes, but only for SBD sales with maximum
'forward rate' before ANZ can proceed to confirm deal tenor out to one year. Limited liquidity for
with customer longer terms
Advice of the Forward Exchange Contract (FEC) and Yes, maximum deal size USD1 million
forward rate quotes is emailed to CBSI by ANZ; we outside dealing hours but restricted to
receive email approval from CBSI, before we can SBD sales
proceed to confirm deal back to customer
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 USD1.5 million spot
(estimated daily turnover)
PACIFIC
26
TONGAN PAANGA TOP

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Only trade related FX deals are permitted with Yes
Exchange Control documentation required
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 No
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 USD2 million spot during our ANZ trading hours,
(estimated daily turnover) with no quotes after hours
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 Yes
subject to liquidity
Maximum tenor for six months
Longer tenor on request and subject to liquidity
Options Product not available No
General Remarks
Dealing Hours 9:00am 4:00pm Vanuatu time
Liquidity Market turnover approximately USD1.5 million per day
(estimated daily turnover)
No exchange controls from the Reserve Bank of Vanuatu
PACIFIC
28
SAMOA TALA WST

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot WST/USD fixed and regulated by Central Bank of Samoa Yes
and is fixed from 9:00am 4:30pm Samoa time
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 No
General Remarks
Best Dealing Hours 9:00am 3:30pm Samoa time
No transaction after 3:30pm Samoa time

Liquidity Liquidity estimation WST10 million


(estimated daily turnover)
EMERGING EUROPE,

EEMEA
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 USD1 2 billion spot
(estimated daily turnover)

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 USD1 2 billion spot
(estimated daily turnover)
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 USD1 2 billion spot
(estimated daily turnover)

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 Yes
Market less liquid outside of local hours
General Remarks
Best Dealing Hours 8:00am 5:00pm Kuwait time
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 USD3 4 billion spot
(estimated daily turnover)
EEMEA
32
QATARI RIYAL QAR

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot QAR is fully convertible with market transactions Yes
primarily for commercial purposes
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 No
liquidity when the local market is open
Forwards Deliverable forwards are fairly liquid, although liquidity No
is highly dependent on local conditions
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 Yes
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 USD7 9 billion in NDF and spot
(estimated daily turnover)
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 USD1 2 billion spot


(estimated daily turnover)

SOUTH AFRICAN RAND ZAR

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Freely convertible offshore Yes
Forwards There is a well-developed forward market for ZAR. The Yes
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 USD2 3 billion spot
(estimated daily turnover)
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 Yes
non-residents granted unrestricted access to the local
market. The best liquidity is in tenors of two years
or less
General Remarks
Best Dealing Hours 7:00am 3:30pm London time
Liquidity USD2 3 billion spot
(estimated daily turnover)

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 Yes
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 USD500 million 1 billion spot


(estimated daily turnover)
LATIN AMERICA

LATAM
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 No. ANZ can quote offshore FWDs via NDFs
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 USD15 20 billion (Onshore spot+NDF+BMF)


(estimated daily turnover)
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 Yes
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 xing 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 USD700 800 million NDF
(estimated daily turnover) USD1.2 billion onshore spot
LATAM
38
COLOMBIAN PESO COP

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot Banco de la Repblica, the Colombian central bank, No
operates a managed float currency regime and COP
trades on a strictly non-deliverable basis in the offshore
market
Forwards Non-deliverable forwards are traded both onshore Yes offshore NDFs
and offshore
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 Repblica
General Remarks
Best Dealing Hours 9:00am 2:00pm New York time (EST)
Liquidity USD100 300 million NDF/USD600 800 million
(estimated daily turnover) onshore spot

MEXICAN PESO MXN

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot MXN offers the only fully deliverable spot and forward Yes
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
Forwards There are no restrictions for foreign entities to operate Yes
MXN instruments offshore. The market is open to
forward and swap operations
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 USD14 17 billion spot


(estimated daily turnover)
LATAM
39
PERUVIAN NEW SOL PEN

PRODUCT PRODUCT/MARKET DESCRIPTION DO WE QUOTE?


Spot PEN is fully convertible with no restrictions on trading No
FX, although the market is not particularly deep due
to a limited number of participants
Forwards/NDFs In Peru, the onshore market consists of deliverable Offshore FWDs via NDFs only
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
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 USD100 200 million NDF
(estimated daily turnover) 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
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IMPORTANT INFORMATION
41
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IMPORTANT INFORMATION
SECTION HEAD

42
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IMPORTANT INFORMATION
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