Emerging Markets Rates and Currencies Handbook

23 Citi | Emerging Markets Currencies Handbook 2021 Taiwan 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). 14.00 12.00 11.30 16.00 09.00 09.30 Good Liquidity No Liquidity Moderate Liquidity Fixing (incl. ticker) Fixing Benchmark: Bloomberg -TWD11 or TRY11. Taipei time 2 days prior to value date. Regulation Restrictions 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 (for clients dealing FX) 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. Onshore TWD FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Onshore market only Volume (MM USD daily) 700-1100 120 — 220 N/A 0 — 100 0 — 150 0 — 10 10 Max tenor (or typical tenor for spot) T + 2 2 year N/A 1 year 10 years 10 years 2 years Typical deal size (MM USD) 5 — 10 5 — 10 N/A 1 — 5 10 10 1 — 10 CitiFX Pulse Capabilities Offshore TWD FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Offshore market only Volume (MM USD daily) N/A N/A 1,000 — 1,500 100 — 200 (Sporadic) 0 — 150 0 — 10 N/A Max tenor (or typical tenor for spot) N/A N/A 1 year 2 years 10 years 10 years N/A Typical deal size (MM USD) N/A N/A 10 — 30 30 — 50 10 10 N/A CitiFX Pulse Capabilities * Up to TWD 500K per day Source: Citi indicative information Source: Citi indicative information