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3ETTLEMENT

#ASH4OM3POT

30/4

'&4&OREIGN#URRENCIES'UIDE-EXICOP

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'& 4

&OREIGN#URRENCIES'UIDE0OLAND

4HEZLOTY0,.HASBEENFREEFLOATINGSINCE!PRIL)TISCONVERTIBLEFORCURRENTACCOUNTTRANSACTIONS-OSTMONEYMARKET
TRANSACTIONSAREDONETHROUGHFOREXSWAPSFOROFFSHOREINVESTORS$OMESTICSECURITYEXPOSURESCANBEHEDGEDINTHEDOMESTIC
FORWARDMARKETBYOFFSHOREINVESTORS!NOFFSHOREINTERESTRATESWAPMARKETHASBEENDEVELOPINGFASTWITHUPTOTHEYEAR
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4HEh!VERAGE"ID/FFERvLISTINGSABOVEAREILLUSTRATIONSOFHOWTHEAVERAGEPRICESORSPREADSOFALISTEDCURRENCYPAIRMAYAPPEAR4HEYDONOTHOWEVER
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#URRENCY

1UOTATION#ONVENTION

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53BN

3ETTLEMENT

4RANSACTIONPLUSTWODAYS4

30/4

'&4&OREIGN#URRENCIES'UIDE0OLANDP

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&OREIGN#URRENCIES'UIDE3INGAPORE

4HE3INGAPOREDOLLAR3'$ISUNDERAMANAGEDFLOATREGIMEGUIDEDBYTHECURRENCYgSTRADEWEIGHTEDINDEX4HE-ONETARY
!UTHORITY OF 3INGAPORES LONG TERM POLICY IS TO MANAGE A TRADE WEIGHTED APPRECIATION OF THE CURRENCY TO DAMPEN IMPORTED
INFLATION AND TO BALANCE AGGREGATE DEMAND 4HE LOCAL AND OFFSHORE MARKETS ARE NOT DISTINGUISHED AND THERE ARE NO
LOCALOFFSHORERESTRICTIONS4HEREISALIQUIDSPOTMARKETANDALIMITEDFORWARD&8MARKET.$&SARENOTAVAILABLEBUT&8OPTIONS
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#URRENCY

1UOTATION#ONVENTION

-OSTLIQUIDCROSS

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53BN

3ETTLEMENT

4RANSACTIONPLUSTWODAYS4

30/4

'&4&OREIGN#URRENCIES'UIDE3INGAPOREP

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'& 4

&OREIGN#URRENCIES'UIDE3OUTH!FRICA

4HE3OUTH!FRICANDOMESTICMARKETISONEOFTHEMORESOPHISTICATEDINTERMSOFPRODUCTSANDLIQUIDITYINCOMPARISONTOTHEOTHER
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#URRENCY

1UOTATION#ONVENTION

-OSTLIQUIDCROSS

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53BN

3ETTLEMENT

4RANSACTIONPLUSTWODAYS4

30/4

'&4&OREIGN#URRENCIES'UIDE3OUTH!FRICAP

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'& 4

&OREIGN#URRENCIES'UIDE4HAILAND

&OLLOWING THE !SIAN FINANCIAL CRISIS THE AUTHORITIES INTRODUCED NEW RESTRICTIONS ON 4(" FLOWS 4HESE TIGHTER CONTROLS HAVE
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#URRENCY

1UOTATION#ONVENTION

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53nM

3ETTLEMENT

4RANSACTIONPLUSTWODAYS4

30/4

'&4&OREIGN#URRENCIES'UIDE4HAILANDP

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'& 4

&OREIGN#URRENCIES'UIDE4URKEY

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NORTHAMERICA
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#/.4!#4

#URRENCY

1UOTATION#ONVENTION

-OSTLIQUIDCROSS

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53M

3ETTLEMENT

4RANSACTIONPLUSTWODAYS4

30/4

'&4&OREIGN#URRENCIES'UIDE4URKEYP