Tuesday, November 3, 2009

NEW ASIAN CURRENCY RATE SOURCE DEFINITIONS 1

NEW ASIAN CURRENCY RATE SOURCE DEFINITIONS
ANNOUNCED BY EMTA, ISDA AND THE FXC
June 25, 2008. The International Swaps and Derivatives Association, EMTA, Inc. and the Foreign Exchange Committee today jointly announced amendments to Annex A of the 1998 FX and Currency Option Definitions (the “1998 Definitions”) to add new rate source definitions for the Vietnamese Dong and the Pakistani Rupee. Accordingly, effective as of June 25, 2008, Annex A of the 1998 Definitions is amended to add a new Section 4.5(a) (viii) and a new Section 4.5 (ix) as follows:
Section 4.5. Settlement Rate Options
(a) Asia/Southeast Asia
(viii) Pakistani Rupee.
(A) “PKR SBPK” or “PKR01” each means that the Spot Rate for a Rate Calculation Date will be the Pakistani Rupee / U.S. Dollar reference rate expressed as the amount of Pakistani Rupees per one U.S. Dollar, for settlement in two Business Days reported by the State Bank of Pakistan (www.sbp.org.pk) at approximately 2:30 pm, Karachi time, on that Rate Calculation Date.
(B) “SFEMC PKR INDICATIVE SURVEY RATE” or “PKR02” each means that the Spot Rate for a Rate Calculation Date will be the Pakistani Rupee/U.S. Dollar Specified Rate for U.S. Dollars, expressed as the amount of Pakistani Rupees per one U.S. Dollar, for settlement in two Business Days, as published on SFEMC’s website (www.sfemc.org) at approximately 3:30 p.m. Singapore time, or as soon thereafter as practicable, on that Rate Calculation Date. The Spot Rate shall be calculated by SFEMC (or a service provider SFEMC may select in its sole discretion) pursuant to the SFEMC PKR Indicative Survey Methodology (which means a methodology, dated as of July 14, 2008, as amended from time to time, for a centralized industry-wide survey of financial institutions that are active participants in the Pakistani Rupee/U.S. Dollar markets for the purpose of determining the SFEMC PKR Indicative Survey Rate).
(ix) Vietnamese Dong.
(A) “VND ABS” or “VND01” each means that the Spot Rate for a Rate Calculation Date will be the Vietnamese Dong/U.S. Dollar spot rate at 11:00 a.m., Singapore time, expressed as the amount of Vietnamese Dong per one U.S. Dollar, for settlement in two Business Days reported by the Association of Banks in Singapore, which appears on the Reuters Screen ABSIRFIX01 Page to the right of the caption “Spot” under the column “VND” at approximately 11:30 a.m., Singapore time, on that Rate Calculation Date.
(B) “VND FX” or “VND02” each means that the Spot Rate for a Rate Calculation Date will be the Vietnamese Dong/U.S. Dollar spot rate expressed as the amount of Vietnamese Dong per one U.S. Dollar, for settlement in two Business Days which appears on Reuters Screen VNDFIX=VN Page under the caption “Spot” and to the right of the caption “Average” at approximately 11:00 am, Hanoi time, on that Rate Calculation Date

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