Emerging Markets Rates and Currencies Handbook

211 Citi | Emerging Markets Currencies Handbook 2021 Ukraine Source: Citi indicative information FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Onshore Offshore Onshore volume (MM USD daily) 100 — 300 0 — 5 0 — 5 N/A 0 — 5 N/A Bespoke hedge dependent Offshore volume (MM USD daily) N/A N/A 1 — 3 N/A N/A N/A Onshore max tenor (or typical tenor for spot) T + 2 1 year 1 year N/A 1 — 3 years N/A Offshore max tenor (or typical tenor for spot) N/A N/A 1 year N/A NA N/A Onshore typical deal size (MM USD) 0.5 — 3 0.25 — 0.75 0.5 — 1 N/A 1 — 5 N/A Offshore typical deal size (MM USD) N/A N/A 1 — 5 N/A N/A N/A CitiFX Pulse Capabilities Market opening hours and liquidity during the day 16.00 12.00 Good Liquidity No Liquidity Moderate Liquidity 10.00 10.30 Fixing (incl. ticker) Official NBU USDUAH fixing is published by 4pm local time on a business day and is calculated as the weighted average rate of all local interbank FX deals concluded during the whole business day. REUTERS ticker: USDUAHFIX=. Moreover, in order to inform the market participants of the latest USD/UAH exchange rate, NBU publishes a reference value of the USD/UAH exchange rate which is calculated based on the transactions concluded in the Ukrainian FX interbank market as of 12:00 p.m. of a business day. REUTERS ticker: USDUAHREF=NBUK. The NBU has no obligation to make transactions based on the reference value or official exchange rate of the USD/UAH. Ukrainian Government Bonds (UKRGB) market. Primary auctions Weekly auctions on Tuesdays. Participation via Primary dealers (CITI — #1 Primary dealer in 2019). Maturities: 3M, 6M, 1Y, 2Y, 3Y and 5Y. UKRGB — tradable in Clearstream Banking S.A. Onshore secondary market typical deal sizes — 1 — 2MM USD. Onshore secondary market volume — 10 — 20MM USD daily. Citi Ukraine provides full brokerage service in domestic UAH Govt bonds. Regulation Offshore restrictions Onshore entity (e.g. resident corporate) is not permitted to transact FX with an offshore entity (e.g. offshore bank). Offshore NDF can be done only between two offshore entities. Non-resident restrictions Non-resident (e.g. non-resident corporate) is permitted to transact FX with an onshore entity (e.g. onshore bank). For non-bank non-residents the investment accounts are required while for banks non-residents FX can be done through correspondent accounts. License requirements No specific license requirements for onshore transactions. Requirements to open a foreign currency account Foreign currency account should be opened for each currency of transactions.