EFTA Document EFTA01379396

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Bid/ask spread: 0.2 vols Avg. daily vol: USD500mn-1.5bn Ref. Source: Reuters page <SGD= D2> Fixing page: Reuters page <ABSFIX01>, 11:00a.m. Singapore time Onsholt: CCS Regulatory: No restrictions. However, please note that CCS should not be used to circumvent the MAS Notice 757 restriction on SGD FX Swap with Non-Resident Financial Institutions. Avg. ticket size: SGD 50m for tenor shorter than 2Y SGD 20m for tenor longer than 2Y Tenor: Out to 30yr. Liquid tenors are 1 - 10 years Bid/ask spread: 3-5bp for tenor 2Y-10Y, 2 bps for tenor shorter than 2y, 10bp for tenor longer than 10Y Avg. daily vol: USD 50m. Actual daily trade volumes tend to be volatile as CCS is infrequently traded. Ref. Source: Reuters page <PYSGD>, <TRADSGD1> Fixing page: Reuters page <ABSFIX1>, when USD LIBOR is released IRS Regulatory: No restrictions Avg. ticket size: SGD 100m for shorter than 2Y. SGD 10m - 20m for longer than 2Y Tenor: Out to 30 years, with liquid tenors of 1 - 10 years Bid/ask spread: 2-3bp Avg. Daily Vol: SGD 500m Ref. Source: DB Bloomberg page <DBSZ9>, Broker Reuters page <PYSGD>, <TRADSGD1> Fixing page: Singapore Swap Offer Rate (SOR). Reuters page <ABSFIX1> Short-term money rnat ket instruments (t-billsicepoiSIBOR:SOR) Regulatory: Same restrictions as in MAS Notice 757 for money-market instruments. Liquidity: Mostly concentrated on 0/N and 1W for cash and repo market; 1M and 3M bills released weekly; 6M bills released biweekly Avg. ticket size: Various Bid/ask spread: 12bp for cash market, 10bp for repo Avg. daily vol: SGD 1.0-1.5bn for cash market, SGD 50 m - 100mn for repo Ref. Source: Reuters page <PYSGD> <ISGDO1> Government bond Regulatory: Avg. ticket size: Bid/ask spread: Avg. daily vol: Ref. Source: No restrictions on foreign participation. SGD 5m SGD 0.04 for tenors below 2 years; SGD 0.10 for tenors below 5 years; SGD 0.20 for tenors below 10 years; SGD 0.30 for tenors below 15 years; SGD 0.40 for tenors below 20 years; SGD 0.60 for tenors above 20 years SGD 1500m Reuters page <ONSGBMK=>, Bloomberg page <DABA9> Deutsche Bank Securities Inc. Page 39 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076842 CONFIDENTIAL SDNY_GM_00223026 EFTA01379396