DOCSLIB.ORG

Product Disclosure Statement

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Product Disclosure Statement Product Disclosure Statement United States & Canada (January 2014) Global Payment and Risk Management Solutions Product Disclosure Statement - United States & Canada January 2014 Contents Introduction . 3 Products . 3 Trade Confirmations . 8 Telephone Recordings . 8 Complaints . 8 Privacy Statement . 14 Fraud Protection . 15 Compliance . 16 Taxation . 17 Contact Us . 18 Glossary . 19 Page 2 of 20 Product Disclosure Statement - United States & Canada January 2014 Introduction This Product Disclosure Statement (PDS) contains About AFEX information about the Global Payment and Risk Associated Foreign Exchange, Inc . (AFEX), a California Management Solutions provided to you by AFEX . Corporation located at Warner Center, 21045 Califa Street, Woodland Hills, California 91367 United States, is The information set out in this PDS is general in nature licensed and regulated as a Money Transmitter by several and has been prepared without taking into account your State Regulatory Agencies, and it is registered as a Money objectives, financial situation or needs . Before dealing Services Business (MSB) with the Financial Crimes in foreign exchange transactions you should consider Enforcement Network (FinCEN), a bureau of the United whether it is appropriate, having regard to your own States Department of the Treasury Financial . In addition, objectives, financial situation and needs . This PDS does AFEX is also registered with the Financial Transactions and not constitute financial or legal advice, including financial Reports Analysis Centre of Canada (FINTRAC) . recommendations . If you need legal advice, please seek the services of an Established in 1979, AFEX effectively pioneered the attorney . business of personalized foreign exchange services, tailored to small and mid-size business clients . AFEX is If you have any questions or need more information, please wholly owned by Associated Foreign Exchange Holdings, contact your AFEX Account Executive or visit our website at Inc . a California Corporation, with subsidiaries in multiple www .afex .com . jurisdictions, including the United States, United Kingdom, Australia, Switzerland, etc . Trading in foreign exchange and foreign exchange derivative products involves the potential for gain as well as the risk of loss . In some cases, that loss may exceed the amount of Products money you commit to a transaction . Movements in the price of foreign exchange rates are influenced by a variety of Foreign Exchange Transactions factors many of which are unpredictable . AFEX is unable to In general terms foreign exchange is the conversion of one guarantee a maximum loss that you may suffer from trading . currency to another at an agreed exchange rate . A foreign You are not obliged to use any products described in this exchange transaction is a binding agreement between you PDS unless you have a comprehensive understanding how and AFEX in which one currency is sold or bought against they work, including the risks and the costs involved . another currency at an agreed exchange rate on the current date or at a specified future date . The day that you order Changes to this PDS your currency is referred to as the Trade Date; the day that Information in this PDS that is not materially adverse to you are required to make payment for your currency (and users of our products is subject to change and may be the day that we exchange currencies) is referred to as the updated via our company website (see our contact details Value Date . AFEX offers the following three types of foreign on the cover page of this PDS) . You can access that exchange transactions: information by visiting the website, or otherwise contacting us and asking for an electronic or paper copy, which will be • Value Today – refers to transactions where the Value provided free of charge . You can also access the website Date and the Trade Date are the same day . which may contain, from time to time, other information • Value Tomorrow – refers to transactions where the Value about our products . We may make other information about Date is one business day after the Trade Date . our products available to you, and that information may also • Value Spot – refers to transactions where the Value Date be accessed for free from our website or by contacting us is two (2) business days after the Trade Date . by phone or email . In addition to these transactions we also offer a foreign exchange product that is settled beyond two business days . This is referred to as Forward Exchange Contracts . Page 3 of 20 Product Disclosure Statement - United States & Canada January 2014 How does a Foreign Exchange Transaction work? • The currency pair When you enter into a foreign exchange transaction you • Market volatility and liquidity at the time of the transaction nominate the amount of currency to be bought or sold, • Availability of currency in the market . the two currencies to be exchanged and the type of trade • The tenor (or value date) of the currency exchange . (Value Today, Value Tomorrow or Value Spot) . The currencies • Interest rate differentials between the two that you wish to exchange must be on the list of available currencies involved . currencies provided by AFEX . The exchange rate that AFEX provides you for Value Today AFEX will determine the exchange rate applicable to the and Value Tomorrow transactions are based on the standard trade based on the currencies and the Value Date that you market convention of reflecting the interest rate differential have nominated . On the Value Date it is essential that you between the currencies that are being exchanged . This deliver the currency you are exchanging in accordance with adjustment can be either an addition or subtraction and the exchange rate determined by us and agreed by you at reflects the costs or benefits associated with the interest the time the trade was entered into . rate differential between the currencies that are being exchanged . Upon receipt AFEX will pay you or your nominated beneficiary the amount of currency that you have purchased . Exotic Currency Spot Value Contracts If you intend to purchase an Exotic Currency (and you will be How is the foreign exchange rate determined? informed at the time of booking by your Account Executive A foreign exchange rate is the price of one currency (the whether the currency you are buying is an Exotic Currency), Base Currency) in terms of another currency (the Terms you are merely permitted to book for delivery on the Spot Currency) . A quotation shows how many units of the Terms Value Date and need to make payment for this purchase Currency will equal one unit of the Base Currency . For on or before 1pm Pacific Time of the Trade Date . Failure to example the foreign exchange rate AUD/USD 0 .7215 do so may result in the Exotic Currency you had purchased means one Australian dollar is equal to 72 .15 US cents . In being sold back and the resulting loss (if any) being charged this example, the Australian dollar is the Base Currency and to you . the US Dollar is the Terms Currency . The client is required to provide correct and complete bank Exchange rates are quoted on the interbank market and instructions prior to the trade . The trade may take place only fluctuate according to supply and demand . This market is upon approval of the bank instructions by AFEX . restricted to authorized exchange dealers and banks that constantly quote to each other at wholesale rates and in By entering into an Exotic Currency Spot Value Contract, minimum parcel sizes . you have removed the uncertainty of exchange rate movements over the next two Business Days . In exchange Factors that influence supply and demand include: for this exchange rate certainty you have relinquished the opportunity to take advantage of any favorable exchange • Investment inflows/outflows rate movements between the Trade Date and the Spot Value • Market sentiment or expectations Date . • Economic and political influences • Import/export of goods and services In addition to this Exotic Currencies are illiquid, i .e . they have low trading volumes and therefore market movements in Exchange rates quoted in the media generally refer to these environments can be amplified and unpredictable . This interbank rates and will usually differ from exchange rates increased level of risk represents a high cost to carry for quoted to you . Interbank rates do not reflect the levels at trading entities and complicates the unwinding of existing which AFEX buys or sells currency . Rates of exchange currency positions . obtained by AFEX and in turn offered to its customers are dependent upon the following factors: The differences between the bid and ask prices for exotic currencies tend to be significantly wider compared to the Page 4 of 20 Product Disclosure Statement - United States & Canada January 2014 major currencies . This combination of illiquidity and a lack beneficiary bank(s) which facilitates the sending or payment of inherent price stability have an adverse effect on exotic of a wire transfer/drafts may impose their own additional currency pricing . In turn, this heightens volatility, which fees or charges which may be deducted from the amount poses a significant risk to any trading entity . Market volatility paid to you or your beneficiary . These fees are at the can be higher by a margin of several hundred percent, discretion of those institutions and AFEX does not control, depending on socio-economic and political conditions or the set or benefit from such fees . prevalent investment climate in the respective jurisdiction . If a transaction has to be sold back to the currency market, the For further information in relation to the cost of wire probability for substantial losses is significantly increased . transfers and drafts in connection with a foreign exchange transaction, please contact your Account Executive at AFEX . Settlement and delivery of a Foreign Exchange Transaction On the value date for your trade it is vital to deliver the currency that you are exchanging in accordance with the Forward Contracts exchange rate determined by AFEX and agreed by you at the time the trade was entered into .
Load more

Recommended publications
  • Interest Rate Swaps
    Interest Rate Swaps • An interest rate swap is a contract between two counterparties who agree to exchange the future interest rate payments they make on loans or bonds. These two counterparties are banks, businesses, hedge funds, or investors. • The most common is the so-called vanilla swap. It's when a counterparty swaps floating-rate payments with the other party's fixed-rate payments. • The floating-rate payment is tied to the Libor, which is the interest rate banks charge each other for short-term loans. • The counterparty that wants to swap its floating-rate payments and receive fixed-rate payments is called a receiver or seller. The counterparty that wants to swap its fixed-rate payments is the payer. • The counterparties make payments on loans or bonds of the same size. This is called the notional principle. • In a swap, they only exchange interest payments, not the bond itself. • A smaller number of swaps are between two counter parties with floating- rate payments. • Also, the present value of the two payment streams must also be the same. That means that over the length of the bond, each counterparty will pay the same amount. It’s easy to calculate the NPV for the fixed-rate bond because the payment is always the same. It's more difficult to predict with the floating rate bond. The payment stream is based on Libor, which can change. Based on what they know today, both parties have to agree then on what they think will probably happen with interest rates. • A typical swap contract lasts for one to 15 years.
    [Show full text]
  • Foreign Exchange Training Manual
    CONFIDENTIAL TREATMENT REQUESTED BY BARCLAYS SOURCE: LEHMAN LIVE LEHMAN BROTHERS FOREIGN EXCHANGE TRAINING MANUAL Confidential Treatment Requested By Lehman Brothers Holdings, Inc. LBEX-LL 3356480 CONFIDENTIAL TREATMENT REQUESTED BY BARCLAYS SOURCE: LEHMAN LIVE TABLE OF CONTENTS CONTENTS ....................................................................................................................................... PAGE FOREIGN EXCHANGE SPOT: INTRODUCTION ...................................................................... 1 FXSPOT: AN INTRODUCTION TO FOREIGN EXCHANGE SPOT TRANSACTIONS ........... 2 INTRODUCTION ...................................................................................................................... 2 WJ-IAT IS AN OUTRIGHT? ..................................................................................................... 3 VALUE DATES ........................................................................................................................... 4 CREDIT AND SETTLEMENT RISKS .................................................................................. 6 EXCHANGE RATE QUOTATION TERMS ...................................................................... 7 RECIPROCAL QUOTATION TERMS (RATES) ............................................................. 10 EXCHANGE RATE MOVEMENTS ................................................................................... 11 SHORTCUT ...............................................................................................................................
    [Show full text]
  • Derivatives User Guide Oracle Banking Treasury Management
    Derivatives User Guide Oracle Banking Treasury Management Release 14.5.0.0.0 Part No. F43223-01 May 2021 Copyright Copyright: 2007, 2021 Copyright Holder: Oracle Product Name: Oracle Financial Software Services, Oracle park, off western express highway, Goregaun (east) mumbai, Maharashtra 400 063, India, Phone Number - 91-22 6718 3000, 91-22 6718 3001. www.oracle.com/finan- cial services Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners. U.S. GOVERNMENT END USERS: Oracle programs, including any operating system, integrated software, any programs installed on the hardware, and/or documentation, delivered to U.S. Government end users are “commer- cial computer software” pursuant to the applicable Federal Acquisition Regulation and agency-specific supplemental regulations. As such, use, duplication, disclosure, modification, and adaptation of the programs, including any oper- ating system, integrated software, any programs installed on the hardware, and/or documentation, shall be subject to license terms and license restrictions applicable to the programs. No other rights are granted to the U.S. Govern- ment. This software or hardware is developed for general use in a variety of information management applications. It is not developed or intended for use in any inherently dangerous applications, including applications that may create a risk of personal injury. If you use this software or hardware in dangerous applications, then you shall be respon- sible to take all appropriate failsafe, backup, redundancy, and other measures to ensure its safe use. Oracle Corpo- ration and its affiliates disclaim any liability for any damages caused by use of this software or hardware in dangerous applications.
    [Show full text]
  • FX Option Tutorial | Finpricing
    Currency Option or FX Option Introduction and Pricing Guide FinPricing Currency Option A currency option or FX option is a contract that gives the buyer the right, but not the obligation, to buy or sell a certain currency at a specified exchange rate on or before a specified date. Currency options are one of the most common ways for corporations, individuals or financial institutions to hedge against adverse movements in exchange rates. Currency options are one of the most common ways for corporations, individuals or financial institutions to hedge against adverse movements in exchange rates. Corporations primarily use FX options to hedge uncertain future cash flows in a foreign currency. The general rule is to hedge certain foreign currency cash flows with forwards, and uncertain foreign cash flows with options. Currency Option Summary ▪ Currency Option or FX Option Introduction ▪ The Use of Currency Option ▪ Forex Market Convention ▪ Currency Option Payoffs ▪ Valuation ▪ Practical Guide ▪ A Real World Example Currency Option Currency Option or FX Option Introduction • A currency option is a derivative contract that grants the buyer the right but not the obligation to exchange money denominated in one currency into another currency at a pre-agreed exchange rate on a specified future date. • The FX options market is the deepest, largest and most liquid market for options of any kind. • Most trading is over the counter (OTC) and is lightly regulated. • There are call options and put options. Also a currency option could be European style or American style. • Call options provide the holder the right but not the obligation to purchase an underlying currency at a specified FX rate on a future date.
    [Show full text]
  • FINANCE Essencial Finance.Pdf
    01 Essential Finance 10/11/06 2:21 PM Page i Essential Finance 01 Essential Finance 10/11/06 2:21 PM Page ii OTHER ECONOMIST BOOKS Guide to Analysing Companies Guide to Business Modelling Guide to Economic Indicators Guide to the European Union Guide to Financial Markets Guide to Management Ideas Numbers Guide Style Guide Business Ethics China’s Stockmarket Economics E-Commerce E-Trends Globalisation Measuring Business Performance Successful Innovation Successful Mergers Wall Street Dictionary of Business Dictionary of Economics International Dictionary of Finance Essential Director Essential Internet Essential Investment Pocket Asia Pocket Europe in Figures Pocket World in Figures 01 Essential Finance 10/11/06 2:21 PM Page iii Essential Finance Nigel Gibson 01 Essential Finance 10/11/06 2:21 PM Page iv THE ECONOMIST IN ASSOCIATION WITH PROFILE BOOKS LTD Published by Profile Books Ltd 58A Hatton Garden, London ec1n 8lx Copyright © The Economist Newspaper Ltd 2003 Text copyright © Nigel Gibson 2003 Developed from a title previously published as Pocket Finance All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the publisher of this book. The greatest care has been taken in compiling this book. However, no responsibility can be accepted by the publishers or compilers for the accuracy of the information presented. Where opinion is expressed it is that of the author and does not necessarily coincide with the editorial views of The Economist Newspaper.
    [Show full text]
  • Module - 9 Foreign Exchange Contracts: Spot and Forward Contracts
    NPTEL International Finance Vinod Gupta School of Management, IIT.Kharagpur. Module - 9 Foreign Exchange Contracts: Spot and Forward Contracts Developed by: Dr. Prabina Rajib Associate Professor (Finance & Accounts) Vinod Gupta School of Management IIT Kharagpur, 721 302 Email: [email protected] Joint Initiative IITs and IISc – Funded by MHRD - 1 - NPTEL International Finance Vinod Gupta School of Management, IIT.Kharagpur. Lesson - 9 Foreign Exchange Contracts: Spot and Forward Contracts Highlight & Motivation: Forex market players can trade foreign exchange in differing maturities and using different types of instruments i.e, cash, tom, spot, forward, futures, swaps and options market. In this session, different aspects spot, forward and futures contracts are discussed. The difference between forward contract and futures contracts is also part of this session. Different dimensions of contract specification of futures contract traded at National stock exchange have also been elaborated. Hence the objective of this module is to understand: • Cash, Tom, Spot trading o Trade date, settlement date o Spot trading rollover mechanism. • Foreign Exchange Forward contracts o Fixed maturity contract o Partially optional contract o Fully optional contract o Non-delivery forward contracts. • Foreign Exchange Futures Contract o Different dimensions of foreign exchange future contract specification trading at National Stock Exchange of India. Joint Initiative IITs and IISc – Funded by MHRD - 2 - NPTEL International Finance Vinod Gupta School of Management, IIT.Kharagpur. 9.1: Introduction: Forex rates can be quoted as spot or, forward contracts. When buyers and sellers agree to trade at the current exchange rate for immediate delivery, it is known as spot transaction or cash transaction.
    [Show full text]
  • UK Guide to Foreign Exchange Policy
    GUIDE TO FOREIGN EXCHANGE POLICY UK Guide to Foreign Exchange Policy 1 GUIDE TO FOREIGN EXCHANGE POLICY Table of Contents 3 Introduction 4 Components of Foreign Exchange Policy 5 Foreign Exchange Hedging Policy Template 2 GUIDE TO FOREIGN EXCHANGE POLICY Introduction Companies that operate in the global marketplace should be prepared for the inevitable risks associated with fluctuations in foreign exchange rates such as cost competitiveness, profitability and valuation of a company’s international operations. Silicon Valley Bank can provide a suite of bespoke market risk solutions – forwards, options, non-deliverable forwards and foreign currency accounts – which can help mitigate the exposure that fluctuations in foreign exchange rates create, and can help mitigate economic risk. However, before you outline a hedging plan you should consider creating a formal, auditable policy that sets a framework for the management of your international exposures. This process will help you formalise your corporate goals, performance measurement, risk tolerance and governance and provides an approved basis to examine the accounting and cash flow implications to your business. 3 GUIDE TO FOREIGN EXCHANGE POLICY Components of Foreign Exchange 5. Controls and monitoring The policy should define key operational aspects of the Policy program such as reporting responsibilities, mark-to-market valuations, when and who should inform management of FX activity, how trades are confirmed and by whom, how Most policies include these six common components: effectiveness will be monitored, and whether the FX manager is within defined counterparty credit limits. You may also 1. Objectives include documentation for hedge accounting purposes as required under IAS39 (or IFRS9 for accounting periods Objectives should be clear, concise and relevant.
    [Show full text]
  • ANNEX Comprehensive Guidelines on Derivatives 1. Definition of A
    ANNEX Comprehensive guidelines on derivatives 1. Definition of a Derivative A derivative1 is a financial instrument: (a) whose value changes in response to the change in a specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or similar variable (sometimes called the 'underlying'); (b) that requires no initial net investment or little initial net investment relative to other types of contracts that have a similar response to changes in market conditions; and (c) that is settled at a future date. 1.1 In India, different derivatives instruments are permitted and regulated by various regulators, like Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Forward Markets Commission (FMC). Broadly, RBI is empowered to regulate the interest rate derivatives, foreign currency derivatives and credit derivatives. For regulatory purposes, derivatives have been defined in the Reserve Bank of India Act, as follows: “derivative”2 means an instrument, to be settled at a future date, whose value is derived from change in interest rate, foreign exchange rate, credit rating or credit index, price of securities (also called “underlying”), or a combination of more than one of them and includes interest rate swaps, forward rate agreements, foreign currency swaps, foreign currency-rupee swaps, foreign currency options, foreign currency-rupee options or such other instruments as may be specified by the Bank from time to time. 1 As defined in International Accounting Standard (IAS) 39. 2 As defined in section 45U of RBI (Amendment) Act 2006. 2 2. Derivatives Markets There are two distinct groups of derivative contracts: Over-the-counter (OTC) derivatives: Contracts that are traded directly between two eligible parties, with or without the use of an intermediary and without going through an exchange.
    [Show full text]
  • Appendix a to Tradition SEF Rulebook U.S. Dollar Interest Rate Swap Product Listing
    Appendix A to Tradition SEF Rulebook U.S. Dollar Interest Rate Swap Product Listing 1. Discussion of contracts; not readily susceptible to manipulation The interest rate swap (IRS) market is considered the largest derivative market in the world, with an estimated $441 trillion in notional principal outstanding as of December 2012 according to the Bank for International Settlements. See BIS Quarterly Review, September 2013 Page A10 Table 4 http://www.bis.org/publ/qtrpdf/r_qs1309.pdf. IRS are cash-settled so there is no deliverable supply to be manipulated. IRS are widely used by corporations, insurance companies, banks, and governments to transfer and manage interest rate risk. TradSEF believes that the size and liquidity of the cash market for interest rate linked financial instruments, such as bonds, loans, government interest bearing instruments and volume of trading of swaps and interest rate sensitive instruments creates in each case significant liquidity in interest rate sensitive instruments so as to render IRS not easily susceptible to manipulation. Furthermore, IRS-associated interest rate futures contracts, loans, cleared swaps, cash and futures markets for government debt securities offer a deep liquidity pool to hedge and risk-manage swaps based on such rates indexes. TradSEF will monitor trading in these swaps in conjunction with TradSEF’s regulatory service provider. TradSEF has a comprehensive surveillance program and rules to prevent TradSEF participants from engaging in manipulative activity and possesses discretion to impose fines and disciplinary sanctions on its participants. Furthermore, TradSEF’s predecessor brokers who are involved in the operation of TradSEF have decades of experience in operating platforms and executing trades in these swaps.
    [Show full text]
  • The Derivative Market
    The Derivative Market Muqing Ye Outline • Defini,on of Derivaves • Current Market Size • Why do People Invest in this Market? • History of the Development of Derivaves • Breakdown of the Derivave Market • Future Contracts • Forward Contracts • Swaps • Opons • Risk Factors • Its Influence on the Economy What is a Derivative? • A derivave is a security with a price that is dependent upon or derived from one or more underlying assets. • It is a contract between two or more par,es based upon the asset or assets. Its value is determined by fluctuaons in the underling assets. • The most common underlying assets include stocks, bonds, commodi,es, currencies, interest rates and market indexes. • The Most common derivaves are Opons, Future/Forward contracts and Swaps. • It can be traded through OTC or through Exchanges. Size of Derivative Market • $553 trillion at end of 2015 • > 10 ,mes world GDP • 6 ,mes world’s stock and bond’s market • Grew to $700 trillion in 2011, but is having some fluctuaons in recent years. Purposes for Investors • Earn money without physical se3lement • Protect your securies against fluctuaons • Transfer of risk Brief History of Derivatives • Earliest uses around 8,000 B.C. in Sumer & Greece. • Development of trading centers (like OTC) during Medieval Europe • First future market in 1700 Japan • Widespread in size and coverage of underlying assets in 1970’s Breakdown of the Market • Future Contract: • Futures are contracts that represent an agreement to buy or sell a set of assets at an agreed upon price, a specified 5me in the future for a specified amount. • Used in major stock markets, major currency pairs, and major interest rates.
    [Show full text]
  • Product Disclosure Statement
    Ingenuity that bridges you with the global marketplace Product Disclosure Statement November 24, 2016 | Version 1.3 Issuer: Cambridge Mercantile (Australia) Pty. Ltd. (ACN 126642448) Address: Suite 13.02, Level 13, 35 Clarence Street Sydney, NSW, Australia Web: www.cambridgefx.com.au Phone: 1300 553 140 Fax: (02) 9262 1522 Email: [email protected] Australian Financial Services Licence Number: 351278 Table of Contents 1. Key Information – pg. 3 2. Spot Contracts – pg. 4 3. Forward Contracts – pg. 5 4. Non-Deliverable Forwards – pg. 8 5. Bids (or Market Orders) –pg. 11 6. Options –pg. 13 7. Significant benefits common to all our products –pg.20 8. Significant risks common to all our products –pg. 20 9. Are there any credit requirements prior transacting? –pg. 21 10.How we are paid, and what are the product costs? –pg. 22 11.Terms and Conditions –pg. 22 12.Providing instructions by telephone –pg. 23 13.How we handle your money –pg. 23 14.Client Monies –pg. 23 15.Stopping or cancelling a payment –pg. 23 16.Tax implications –pg. 24 17.What are our different roles? –pg. 24 18.How do we handle your personal information? –pg. 24 19.Would you like more information? –pg. 24 20.What should you do if you have a complaint? –pg. 24 21.Glossary –pg. 25 2 Cambridge | Product Disclosure Statement | 24 - 11 - 2016 1. Key Information Cambridge Mercantile (Australia) Pty. Ltd. [ACN 126642448 and Australian Financial Services License 351278] (Cambridge, us, we, our) is the issuer of the products described in this Product Disclosure Statement (PDS).
    [Show full text]
  • 211633987-V1 IGDL Facility Rulebook V2 8 (Filed 11-25-15) (Nals)
    CHAPTER 8 CONTRACT SPECIFICATIONS Rule 801 Interest Rate Swaps Products Descriptions Trading Hours Unless otherwise indicated in a Swap’s specifications, the trading hours for all Swaps governed by this Rule 801 are as follows: o Order Book: . 1:30 a.m. – 5:30 p.m. Eastern Time, Monday to Friday (i-Swap) . 5:30 p.m. – 1:30 a.m. Eastern Time, Monday to Friday (GTN) . 3:00 p.m. Sunday – 1:30 a.m. Monday, Eastern Time (GTN) o Voice RFQ: 24 Hours, Monday to Friday. o All Pre-Arranged Crosses: 24 Hours, Monday to Friday. Products — Rule 801: (1) Fixed for Floating IRS (a) Colombian IRS (b) Colombian UVR (Inflation) IRS (c) Colombian Cross Currency IRS (d) Peruvian Cross Currency IRS (e) Peruvian IRS (f) Peruvian VAC (Inflation) IRS (g) Argentine Cross Currency IRS (h) Argentine CER (Inflation) IRS (i) Mexican IRS (j) General Collateral Index Swaps (GCIS) (2) Basis Swaps (a) Colombian Cross-Currency Basis Swaps (b) Cross Currency Mexican Basis (c) US Floating Libor Rate vs Camara Floating Rate Basis Swap (3) Forward Rate Agreements (FRA) (4) Overnight Index Swaps (OIS) (a) CLP Fixed vs Camara Floating Rate OIS (b) CLF Fixed vs Camara Floating Rate XCCY OIS (5) Non Deliverables Swaps (a) Non Deliverable Swap (NDS) (b) Non Deliverable IRS (ND IRS) (c) Non Deliverable OIS (ND OIS) (d) Cross Currency Swap (CCS) (5) (6) Interest Rate Options (a) Swap Options (b) Inflation Swaps (c) Inflation Rate Options (d) Exotic Options and Swaps (e) Interest Rate Options on the Mexican Peso 66 (f) TIPS Asset Swaps 67 Product Specifications Rule 801(1) — Fixed for Floating IRS A Fixed for Floating IRS is an Interest Rate Swap for which settlement is in the form of periodic fixed interest payments and a stream of periodic floating interest payments based on an interest rate over a term to maturity.
    [Show full text]