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NDF-Guide
SEB MERCHANT BANKING – EMERGING MARKETS July 2009 Foreign exchange in emerging markets When are NDFs used? ^=åçåJÇÉäáîÉê~ÄäÉ=Ñçêï~êÇ=EkacF=áë=~=ëóåíÜÉíáÅ=Ñçêï~êÇ= kacë=Å~å=ÄÉ=ìëÉÇ=Äó=ÄçíÜ=Åçãé~åáÉë=~åÇ=áåîÉëíçêë=Ñçê=~= Éå~ÄäáåÖ= ÜÉÇÖáåÖ= ~åÇ= éçëáíáçåJí~âáåÖ= áå= ÅçìåíêáÉë= ïáÇÉ= î~êáÉíó= çÑ= éìêéçëÉëK= cçê= Åçãé~åáÉëI=kacë=ã~ó=ÄÉ= ëìÄàÉÅí=íç=ÅìêêÉåÅó=êÉÖìä~íáçåë=çê=ÜáÖÜ=éçäáíáÅ~ä=êáëâK=^ë=~= ìëÉÇ= íç= ÜÉÇÖÉ= äçÅ~ä= íê~åë~Åíáçå= ÉñéçëìêÉëK= eÉêÉI= íÜÉ= êÉëìäíI= áí= áë= éçëëáÄäÉ= íç= ÜÉÇÖÉ= ÉñéçëìêÉë= íç= ^ëá~åI= i~íáå= É~ëáÉëí=ãÉíÜçÇ=áë=íç=ÉáíÜÉê=áåîçáÅÉ=çê=Ñáå~åÅÉ=áå=íÜÉ=kac= ^ãÉêáÅ~åI= ^ÑêáÅ~å= ~åÇ= b~ëíÉêå= bìêçéÉ~å= ÅìêêÉåÅáÉë= ÅìêêÉåÅóI=íÜìë=ãçîáåÖ=íÜÉ=ÉñéçëìêÉ=çÑÑëÜçêÉ=ïÜÉêÉ=áí=áë= éêÉîáçìëäó=ÅçåëáÇÉêÉÇ=ÒìåÜÉÇÖÉ~ÄäÉÒK== ÅçîÉêÉÇ=Äó=kacëK=fí=áë=~äëç=ÉÑÑáÅáÉåí=íç=ÜÉÇÖÉ=íê~åëä~íáçå= ÉñéçëìêÉë=áåÅäìÇáåÖ=äçÅ~ä=ÉèìáíóK=cçê=áåîÉëíçêë=kacë=Å~å= Currency regulations and convertibility risk ÄÉ= ìëÉÇ= íç= ÜÉÇÖÉ= Ñáå~åÅá~ä= áåîÉëíãÉåíë= ëìÅÜ= ~ë= Éèìáíó= j~åó= ÉãÉêÖáåÖ= ã~êâÉíë= áãéçëÉ= êÉëíêáÅíáçåë= çå= ÑçêÉáÖå= éçêíÑçäáçë=çê=íç=í~âÉ=~å=cu=éçëáíáçåK= ÉñÅÜ~åÖÉK= ^ë= ~= êÉëìäíI= äçÅ~ä= ÅìêêÉåÅó= Å~ååçí= ÄÉ= ÑêÉÉäó= ÄçìÖÜí= çê= ëçäÇ= ïáíÜçìí= çÑÑáÅá~ä= ~ééêçî~äK= råÇÉê= åçêã~ä= NDF pricing ÅáêÅìãëí~åÅÉë= cu= íê~åë~Åíáçåë= ~êÉ= ~ääçïÉÇ= çå= mêáÅáåÖ= çÑ= ~å= kac= áë= Ä~ëÉÇ= çå= íÜÉ= ë~ãÉ= éêáåÅáéäÉë= ~ë= ~= éêÉëÉåí~íáçå= çÑ= êÉäÉî~åí= ÇçÅìãÉåí~íáçå= ëìÅÜ= ~ë= ~å= ÅçåîÉåíáçå~ä= cuJÑçêï~êÇI= áåîçäîáåÖ= íÜÉ= áåíÉêÉëí= ê~íÉ= áãéçêí= áåîçáÅÉ= çê= ÄêçâÉê~ÖÉ= åçíÉK= få= ãçêÉ= ÇÉîÉäçéÉÇ= ÇáÑÑÉêÉåíá~ä=ÄÉíïÉÉå=Ä~ëÉ=~åÇ=éêáÅÉ=ÅìêêÉåÅáÉëK=eçïÉîÉêI= ã~êâÉíë=äçÅ~ä=Ñçêï~êÇë=~äëç=ÉñáëíK=oÉÖìä~íÉÇ=ã~êâÉíë=~êÉ= ~ë= íÜÉ= íê~åë~Åíáçå= í~âÉë= éä~ÅÉ= çÑÑëÜçêÉ= ïáíÜçìí=~ÅÅÉëë=íç= ìëì~ääó= çåäó= ~ÅÅÉëëáÄäÉ= íç= äçÅ~ä= ÉåíáíáÉë= ~åÇ= äçÅ~ä= Ä~åâë= äçÅ~ä= ãçåÉó= ã~êâÉíë= kacë= ~êÉ= ÇêáîÉå= ãçêÉ= Äó= ëìééäó= ~äçåÉ= Å~å= çéÉê~íÉ= áå= íÜÉ= ã~êâÉíK= `çåëÉèìÉåíäóI=áå=çêÇÉê= ~åÇ= ÇÉã~åÇ= íÜ~å= åçêã~ä= Ñçêï~êÇë= ~åÇ= íÜÉáê= î~äìÉ= Å~å= íç= ~ÅÅÉëë= ëìÅÜ= ~= ã~êâÉí= ~= äçÅ~ä= ëìÄëáÇá~êó= áë= åÉÅÉëë~êó= ÇáÑÑÉê=ä~êÖÉäó=Ñêçã=íÜÉáê=íÜÉçêÉíáÅ~ä=éêáÅÉK== ïáíÜ= íê~åë~Åíáçåë= åçêã~ääó= çåäó= ÉñÉÅìíÉÇ= áå= Åçää~Äçê~íáçå= ïáíÜ= äçÅ~ä= Ä~åâëK= qÜáë= ~äëç= áãéäáÉë= íÜ~í= Example: Hedging Korean equity äçÅ~ä= ÅêÉÇáí= ~åÇ= éçäáíáÅ~ä= êáëâI= ëçãÉíáãÉë= ëìÄëí~åíá~äI= áë= ^= ÑçêÉáÖå= áåîÉëíçê= ÜçäÇáåÖ= ~= hçêÉ~å= Éèìáíó= éçêíÑçäáç= ìå~îçáÇ~ÄäÉK= ïáëÜÉë= íç= ÜÉÇÖÉ= cu= êáëâK= qÜÉ= áåîÉëíçê= ëÉääë= hot= ~åÇ= = Äìóë= rpa= ìëáåÖ= kacëK= qÜÉ= éçêíÑçäáç= Ü~ë= ~å= Éèìáî~äÉåí= Avoid restrictions and mitigate risks hot=î~äìÉ=çÑ=rpa=NMãK==NFK=lå=pÉéíÉãÄÉê=NI=íÜÉ=ÑçêÉáÖå= _ó= ìëáåÖ= ~å= çÑÑëÜçêÉ= kac= áí= ÄÉÅçãÉë= éçëëáÄäÉI= áå= íÜÉ= áåîÉëíçê= Äìóë= rpa= NMã= îëK= hot= kac= NJãçåíÜ= ~í= NPMM= Ñçêï~êÇ= äÉÖI= íç= ~îçáÇ= äçÅ~ä= êÉëíêáÅíáçåë= ~åÇ= äçÅ~ä= ÅêÉÇáí= ïáíÜ= ëéçí= ~í= NPMOK= qÜÉ= kac= Åçåíê~Åí= áë= ÑáñÉÇ= çå= êáëâK=^å=kac=áë=ëÉííäÉÇ=çÑÑëÜçêÉ=áå=Ü~êÇ=ÅìêêÉåÅóI=~åÇ=áë= pÉéíÉãÄÉê= OV= ~åÇ= î~äìÉ= Ç~íÉ= çå= lÅíçÄÉê= NK= OFK= lå= íÜÉêÉÑçêÉ=çìíëáÇÉ=íÜÉ=àìêáëÇáÅíáçå=çÑ=äçÅ~ä=~ìíÜçêáíáÉë=~åÇ= pÉéíÉãÄÉê=OVI=íÜÉ=rpaLhot=ê~íÉ=áë=ãçîÉÇI=ÄÉáåÖ=ÑáñÉÇ= íÜÉ= ~ÅÅçìåíë= çÑ= äçÅ~ä= Ä~åâëK= lå= áíë= ÉñéáêóI= ~å= kac= áë= ~í=NPRMK=^ë=íÜÉ=Åçãé~åó=ÄçìÖÜí=rpa=~í=NPMM=áí=ã~âÉë=~= ëÉííäÉÇ= Äó= Å~äÅìä~íáåÖ= íÜÉ= åÉí= î~äìÉ= ÄÉíïÉÉå= íÜÉ= ~ÖêÉÉÇ= éêçÑáí= çÑ= hot= RMMIMMMIMMM= ERMGNMIMMMIMMMFK= eçïÉîÉêI= ~ë= ê~íÉ=~í=íÜÉ=çéÉåáåÖ=çÑ=íÜÉ=Åçåíê~Åí=~åÇ=~=ÑáñáåÖ=ê~íÉ=ëÉí=~í= íÜáë=áë=~å=çÑÑëÜçêÉ=kacI=íÜÉ=åÉí=~ãçìåí=áë=ëÉííäÉÇ=áå=rpaK= áíë=ã~íìêáíóK=qÜÉ=ÑáñáåÖ=ê~íÉ=êÉÑäÉÅíë=íÜÉ=ã~êâÉí=î~äìÉ=~åÇ= _~ëÉÇ= çå= ~= rpaLhot= ê~íÉ= çÑ= NPRMI= íÜÉ= áåîÉëíçê= áë= ëÉí= ÉáíÜÉê= Äó= íÜÉ= ÅÉåíê~ä= Ä~åâ= çê= Äó= íÜÉ= bjq^= ÅçåëÉèìÉåíäó= êÉÅÉáîÉë= rpa= PTMIPTM= ERMMIMMMIMMMLNPRMF= EbãÉêÖáåÖ= j~êâÉíë= qê~ÇÉ= ^ëëçÅá~íáçåF= ìëáåÖ= ~= ã~êâÉí= çå= íÜÉ= î~äìÉ= Ç~íÉ= lÅíçÄÉê= NI= ÅçãéÉåë~íáåÖ= Ñçê= íÜÉ= cu= ëìêîÉóK=qÜÉ=åÉí=î~äìÉ=áë=Å~äÅìä~íÉÇ=~åÇ=ÇáëÄìêëÉÇ=áå=Ü~êÇ= äçëë=çå=íÜÉ=Éèìáíó=éçêíÑçäáçK= ÅìêêÉåÅóK= ^ë= íÜÉêÉ= áë= åç= äçÅ~ä= ÅìêêÉåÅó= áåîçäîÉÇI= íÜÉ= çéÉê~íáçå= Å~å= ÄÉ= ÉñÉÅìíÉÇ= çÑÑëÜçêÉK= ^åçíÜÉê= ~Çî~åí~ÖÉ= NDF-documentation and accounting çÑ= ~å= kac= áë= íÜ~í= áí= äáãáíë= ÅçìåíÉêé~êíó= ÉñéçëìêÉ= íç= íÜÉ= qÜÉ= ÇçÅìãÉåí~íáçå= åÉÅÉëë~êó= íç= íê~ÇÉ= kacë= áë= ãçêÉ= åÉí= î~äìÉ= çÑ= íÜÉ= kac= ê~íÜÉê= íÜ~å= íÜÉ= Ñìää= éêáåÅáé~ä= ëìã= ÉñíÉåëáîÉ= íÜ~å= Ñçê= åçêã~ä= Ñçêï~êÇëK= kçêã~ääó= ïÉ= ~ë= ~å= çêÇáå~êó= cuJÑçêï~êÇK= få= ~ÇÇáíáçå= íÜÉêÉ= áë= ~äëç= ~= êÉèìáêÉ= ~å= fpa^= çê= ~í= äÉ~ëí=~=ÖÉåÉê~ä=cuJ~ÖêÉÉãÉåíK=cçê= åçåJÇÉäáîÉê~ÄäÉ=çéíáçå=ã~êâÉí=EkalF=Ä~ëÉÇ=çå=íÜÉ=ë~ãÉ= íÜÉ= éìêéçëÉë= çÑ= ~ÅÅçìåíáåÖI= íÜÉ= kac= Åçåíê~Åí= áë= íêÉ~íÉÇ= éêáåÅáéäÉë=~ë=kacëK== ~ë=~=êÉÖìä~ê=cuJÑçêï~êÇK== = ^å=kac=áë=~=åçåJÅ~ëÜ=áåëíêìãÉåíK=^ë=~=êÉëìäíI=áí=Å~ååçí= êÉéä~ÅÉ= çåëÜçêÉ= ëéçí= ÇÉ~äë= Ñçê= íÜçëÉ= êÉèìáêáåÖ= éÜóëáÅ~ä= Further information Å~ëÜK=eçïÉîÉê=~å=kac=Å~å=ÅçãéäÉãÉåí=~åÇ=ÄÉ=ìëÉÇ=~ë= cçê=ÑìêíÜÉê=áåÑçêã~íáçåI=éäÉ~ëÉ=Åçåí~Åí=óçìê=äçÅ~ä=pb_= íÜÉ= Ñçêï~êÇ= äÉÖI= ÄÉáåÖ= ëÉííäÉÇ= íÜÉå= Äó= ~å= çåëÜçêÉ= ëéçí= ë~äÉë=êÉéêÉëÉåí~íáîÉ=çê=íÜÉ=bãÉêÖáåÖ=j~êâÉíë=Öêçìé= ÇÉ~äK= íÜêçìÖÜ=éÉííÉêKë~åÇÖêÉå]ëÉÄKëÉ=çê=HQS=U=RMS=OPN=NMK You can also find our research materials at our website: www.mb.seb.se. This report is produced by Skandinaviska Enskilda Banken AB (publ) and is not directed to any private and legal person. Information and opinions contained within this document are given in good faith and are based on sources believed to be reliable, the Bank do not represent that they are accurate or complete. Users are urged to base their business or investment decisions upon such investigations as they deem necessary. Changes may be made to opinions or information contained herein without notice. No liability is accepted for any direct, special, indirect, consequential or incidental loss resulting from reliance on this document. All intellectual property rights to this report shall remain the sole and exclusive property of the Bank.
2.
SEB MERCHANT BANKING
– EMERGING MARKETS July, 2009 `ìêêÉåÅó iáèìáÇáíó=äÉîÉä qÉåçê qê~ÇáåÖ=Üçìêë cáñáåÖ=é~ÖÉ=EoÉìíÉêëF cáñáåÖ=Ç~íÉ=~åÇ=íáãÉ E_äççãÄÉêÖF ^op içï OQJãçåíÜë kv=íáãÉ ïïïKÉãí~KçêÖ pÉííäÉãÉåí=JO= ^êÖÉåíáåÉ=éÉëç _W=kaci _oi eáÖÜ OQJãçåíÜë kv=íáãÉ oW=_oimq^uZ=EçÑÑÉê=ëáÇÉF pÉííäÉãÉåí=JOÇ _ê~òáäá~å=êÉ~ä _W=kaci `kv eáÖÜ NOJãçåíÜë OQ=eçìêë oW=p^b` pÉííäÉãÉåí=JOÇ `ÜáåÉëÉ=êÉåãáåÄá _W=kacc `im jÉÇáìã PSJãçåíÜë kv=íáãÉ oW=`iml_Z pÉííäÉãÉåí=JOÇ `ÜáäÉ~å==éÉëç _W=kaci `lm jÉÇáìã NOJãçåíÜë kv=íáãÉ oW=`lq`ojZoo pÉííäÉãÉåí=JOÇ `çäçãÄá~å=éÉëç _W=kaci fko jÉÇáìã NO=ãçåíÜë ^ëá~Lbìê=íáãÉ oW=o_f_ pÉííäÉãÉåí=JOÇ fåÇá~å=êìéÉÉ _W=kacc fao jÉÇáìã NO=ãçåíÜë ^ëá~Lbìê=íáãÉ oW=^_pfocfuMN pÉííäÉãÉåí=JOÇ fåÇçåÉëá~å=êìéá~Ü _W=kacc hot eáÖÜ NO=ãçåíÜë OQ=eçìêë oW=hcq`NU pÉííäÉãÉåí=JOÇ hçêÉ~å=ïçå _W=kacc j^o=pÉííä=JNÇ hwq jÉÇáìã PSJãçåíÜë `bq ïïïKÉãí~KçêÖ pÉííäÉãÉåí=JNÇ h~ò~âÜ=íÉåÖÉ jvo jÉÇáìã NO=ãçåíÜë ^ëá~åLbìê=íáãÉ oW=^_pfocfuMN pÉííäÉãÉåí=JOÇ j~ä~óëá~å=êáåÖáíí _W=kacc mem jÉÇáìã NOJãçåíÜë ^ëá~Lbìê=íáãÉ oW=mapmbpl pÉííäÉãÉåí=JNÇ mÜáääáéáåÉ=éÉëç _W=kacc or_ eáÖÜ PSJãçåíÜë `bq ïïïKÉãí~KçêÖ pÉííäÉãÉåí=JNÇ oìëëá~å=êçìÄäÉ oW=or_LN ^äëç=~î~áä~ÄäÉ=~ë=ÇÉäáîÉê~ÄäÉ=Ñçêï~êÇ qta eáÖÜ NOJãçåíÜë ^ëá~Lbìê=íáãÉ oW=q^fcuN=ENNWMMF pÉííäÉãÉåí=JOÇ q~áï~åÉëÉ=Ççää~ê _W=kacc r^e içï NOJãçåíÜë `bq oW=dcfr ë~ãÉ=Ç~ó râê~áåÉ=eêóîåá~ NN=Ä~åâëI=åçí=çÑÑáÅá~ä
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