EFTA Document EFTA01379424

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Regulatory framework and approach • The Central Bank of the UAE regulates exchange rate policy and is responsible for implementing monetary policy (http://www.centralbank.ae). • Monetary policy is conducted using a series of instruments: minimum reserve requirements, swap operations, advances & overdraft facility for banks, prudential regulation and the issuance of Certificates of Deposits (CDs), liquidity support facility. • The UAE dirham is a fully accessible, fully convertible currency. AED products FX spot Avg. ticket size: USD 25-100mn Bid/ask spread: AED 0.0002 Avg. daily volume: USD 1-3bn Ref. source: Central Bank of UAE <CBEM> Trading hours: 7:30-17:00 London FY for war &swap Avg. ticket size: USD 50mn (FX forwards): USD 50mn (FX swaps) Liquid tenors: <5Y Bid/ask spread: AED 0.0020-0.0040 (1y) Avg. daily volume: USD 1.2bn Ref. source: Reuters Page <DBMEFVVD> F < options Avg. ticket size: USD 50mn Liquid tenors: <2Y Bid/ask spread: 0.4 vol IRS Avg ticket size: USD 5-10k DV01 Bid/ask spread: 10bp Fixing: 3M EIBOR Ref. source: Reuters page <AEIBOR=> Deutsche Bank Securities Inc. Page 89 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076892 CONFIDENTIAL SDNY_GM_00223076 EFTA01379424