Suche senden
Hochladen
NDF Guide
•
0 gefällt mir
•
1,035 views
The Benche
Folgen
This is a short description of what a Non Delivarable Forward is.
Weniger lesen
Mehr lesen
Business
Wirtschaft & Finanzen
Melden
Teilen
Melden
Teilen
1 von 2
Jetzt herunterladen
Downloaden Sie, um offline zu lesen
Empfohlen
" కంది " పంటకు సంబందించి తరచుగా అడిగే ప్రశ్నలు
" కంది " పంటకు సంబందించి తరచుగా అడిగే ప్రశ్నలు
KACHARAGADLA MEDIA CORP
Rti handbook-malayalam uploaded by James Joseph Adhikarathil 9447464502
Rti handbook-malayalam uploaded by James Joseph Adhikarathil 9447464502
Jamesadhikaram land matter consultancy 9447464502
Scholarship for Kerala Students All schemes - Hand book uploaded by James Jos...
Scholarship for Kerala Students All schemes - Hand book uploaded by James Jos...
Jamesadhikaram land matter consultancy 9447464502
Pressetext Ketterer CONTINENTAL en.pdf
Pressetext Ketterer CONTINENTAL en.pdf
unn | UNITED NEWS NETWORK GmbH
South Africa 2010
South Africa 2010
The Benche
Hadeeth erpramanikotabyprof.dr.muhammadasadullahal ghalib
Hadeeth erpramanikotabyprof.dr.muhammadasadullahal ghalib
rasikulindia
Jagratha samithikalum thadhesabharana sthapanangalum ജാഗ്രത സമിതി handbook up...
Jagratha samithikalum thadhesabharana sthapanangalum ജാഗ്രത സമിതി handbook up...
Jamesadhikaram land matter consultancy 9447464502
Vro model paper
Vro model paper
krishna_t
Empfohlen
" కంది " పంటకు సంబందించి తరచుగా అడిగే ప్రశ్నలు
" కంది " పంటకు సంబందించి తరచుగా అడిగే ప్రశ్నలు
KACHARAGADLA MEDIA CORP
Rti handbook-malayalam uploaded by James Joseph Adhikarathil 9447464502
Rti handbook-malayalam uploaded by James Joseph Adhikarathil 9447464502
Jamesadhikaram land matter consultancy 9447464502
Scholarship for Kerala Students All schemes - Hand book uploaded by James Jos...
Scholarship for Kerala Students All schemes - Hand book uploaded by James Jos...
Jamesadhikaram land matter consultancy 9447464502
Pressetext Ketterer CONTINENTAL en.pdf
Pressetext Ketterer CONTINENTAL en.pdf
unn | UNITED NEWS NETWORK GmbH
South Africa 2010
South Africa 2010
The Benche
Hadeeth erpramanikotabyprof.dr.muhammadasadullahal ghalib
Hadeeth erpramanikotabyprof.dr.muhammadasadullahal ghalib
rasikulindia
Jagratha samithikalum thadhesabharana sthapanangalum ജാഗ്രത സമിതി handbook up...
Jagratha samithikalum thadhesabharana sthapanangalum ജാഗ്രത സമിതി handbook up...
Jamesadhikaram land matter consultancy 9447464502
Vro model paper
Vro model paper
krishna_t
Revenue guide 2022 - Summary from James adhikaram your land consultant 944746...
Revenue guide 2022 - Summary from James adhikaram your land consultant 944746...
Jamesadhikaram land matter consultancy 9447464502
Bcs preliminary analysis study plan 150 days-1 [www.itmona.com]
Bcs preliminary analysis study plan 150 days-1 [www.itmona.com]
Itmona
Kidase1
Kidase1
abraham eyale
vivaravakasaniyamam RTI Act Hand book Malayalam
vivaravakasaniyamam RTI Act Hand book Malayalam
Jamesadhikaram land matter consultancy 9447464502
KPBR 2020 - Kerala Panchayath Building amendment rules 2020 - A jamesadhikar...
KPBR 2020 - Kerala Panchayath Building amendment rules 2020 - A jamesadhikar...
Jamesadhikaram land matter consultancy 9447464502
Kerala Land Revenue department-Revenue Recovery procedures
Kerala Land Revenue department-Revenue Recovery procedures
Jamesadhikaram land matter consultancy 9447464502
Kerala Panchayath Office Procedures Uploaded By James Joseph Adhikarathil Kot...
Kerala Panchayath Office Procedures Uploaded By James Joseph Adhikarathil Kot...
Jamesadhikaram land matter consultancy 9447464502
Kerala-All about BIRTH, MARRIAGE and DEATH Registration
Kerala-All about BIRTH, MARRIAGE and DEATH Registration
Jamesadhikaram land matter consultancy 9447464502
സേവനം ഇപ്പോൾ അവകാശം
സേവനം ഇപ്പോൾ അവകാശം
Jamesadhikaram land matter consultancy 9447464502
FINANCIAL ASSISTANCE PROJECTS FROM GOVERNMENT OF KERALA
FINANCIAL ASSISTANCE PROJECTS FROM GOVERNMENT OF KERALA
Jamesadhikaram land matter consultancy 9447464502
International Year of Forest
International Year of Forest
Adv. T.K Sujith
Blasters 12'th Man
Blasters 12'th Man
Parameswaran P S
Building permit online
Building permit online
shanavas chithara
Year of Chemistry
Year of Chemistry
Adv. T.K Sujith
Nobider kahini part-2
Nobider kahini part-2
Sonali Jannat
Book seven answer_sheet
Book seven answer_sheet
Shahedur
Trade union CBA dispute বাংলায়
Trade union CBA dispute বাংলায়
bimtanvir
Al_ebtidau_fil_islam(bedh'at)
Al_ebtidau_fil_islam(bedh'at)
Sonali Jannat
China Financial Index
China Financial Index
The Benche
Nebosh international diploma syllabus guide
Nebosh international diploma syllabus guide
دكتور تامر عبدالله شراكى
Catalogue 2011 Apec Services Aux Entreprises
Catalogue 2011 Apec Services Aux Entreprises
Jose Miguel Sepulveda
Organization Performance at Accenture
Organization Performance at Accenture
Francesco Serio
Weitere ähnliche Inhalte
Was ist angesagt?
Revenue guide 2022 - Summary from James adhikaram your land consultant 944746...
Revenue guide 2022 - Summary from James adhikaram your land consultant 944746...
Jamesadhikaram land matter consultancy 9447464502
Bcs preliminary analysis study plan 150 days-1 [www.itmona.com]
Bcs preliminary analysis study plan 150 days-1 [www.itmona.com]
Itmona
Kidase1
Kidase1
abraham eyale
vivaravakasaniyamam RTI Act Hand book Malayalam
vivaravakasaniyamam RTI Act Hand book Malayalam
Jamesadhikaram land matter consultancy 9447464502
KPBR 2020 - Kerala Panchayath Building amendment rules 2020 - A jamesadhikar...
KPBR 2020 - Kerala Panchayath Building amendment rules 2020 - A jamesadhikar...
Jamesadhikaram land matter consultancy 9447464502
Kerala Land Revenue department-Revenue Recovery procedures
Kerala Land Revenue department-Revenue Recovery procedures
Jamesadhikaram land matter consultancy 9447464502
Kerala Panchayath Office Procedures Uploaded By James Joseph Adhikarathil Kot...
Kerala Panchayath Office Procedures Uploaded By James Joseph Adhikarathil Kot...
Jamesadhikaram land matter consultancy 9447464502
Kerala-All about BIRTH, MARRIAGE and DEATH Registration
Kerala-All about BIRTH, MARRIAGE and DEATH Registration
Jamesadhikaram land matter consultancy 9447464502
സേവനം ഇപ്പോൾ അവകാശം
സേവനം ഇപ്പോൾ അവകാശം
Jamesadhikaram land matter consultancy 9447464502
FINANCIAL ASSISTANCE PROJECTS FROM GOVERNMENT OF KERALA
FINANCIAL ASSISTANCE PROJECTS FROM GOVERNMENT OF KERALA
Jamesadhikaram land matter consultancy 9447464502
International Year of Forest
International Year of Forest
Adv. T.K Sujith
Blasters 12'th Man
Blasters 12'th Man
Parameswaran P S
Building permit online
Building permit online
shanavas chithara
Year of Chemistry
Year of Chemistry
Adv. T.K Sujith
Nobider kahini part-2
Nobider kahini part-2
Sonali Jannat
Book seven answer_sheet
Book seven answer_sheet
Shahedur
Trade union CBA dispute বাংলায়
Trade union CBA dispute বাংলায়
bimtanvir
Al_ebtidau_fil_islam(bedh'at)
Al_ebtidau_fil_islam(bedh'at)
Sonali Jannat
Was ist angesagt?
(18)
Revenue guide 2022 - Summary from James adhikaram your land consultant 944746...
Revenue guide 2022 - Summary from James adhikaram your land consultant 944746...
Bcs preliminary analysis study plan 150 days-1 [www.itmona.com]
Bcs preliminary analysis study plan 150 days-1 [www.itmona.com]
Kidase1
Kidase1
vivaravakasaniyamam RTI Act Hand book Malayalam
vivaravakasaniyamam RTI Act Hand book Malayalam
KPBR 2020 - Kerala Panchayath Building amendment rules 2020 - A jamesadhikar...
KPBR 2020 - Kerala Panchayath Building amendment rules 2020 - A jamesadhikar...
Kerala Land Revenue department-Revenue Recovery procedures
Kerala Land Revenue department-Revenue Recovery procedures
Kerala Panchayath Office Procedures Uploaded By James Joseph Adhikarathil Kot...
Kerala Panchayath Office Procedures Uploaded By James Joseph Adhikarathil Kot...
Kerala-All about BIRTH, MARRIAGE and DEATH Registration
Kerala-All about BIRTH, MARRIAGE and DEATH Registration
സേവനം ഇപ്പോൾ അവകാശം
സേവനം ഇപ്പോൾ അവകാശം
FINANCIAL ASSISTANCE PROJECTS FROM GOVERNMENT OF KERALA
FINANCIAL ASSISTANCE PROJECTS FROM GOVERNMENT OF KERALA
International Year of Forest
International Year of Forest
Blasters 12'th Man
Blasters 12'th Man
Building permit online
Building permit online
Year of Chemistry
Year of Chemistry
Nobider kahini part-2
Nobider kahini part-2
Book seven answer_sheet
Book seven answer_sheet
Trade union CBA dispute বাংলায়
Trade union CBA dispute বাংলায়
Al_ebtidau_fil_islam(bedh'at)
Al_ebtidau_fil_islam(bedh'at)
Ähnlich wie NDF Guide
China Financial Index
China Financial Index
The Benche
Nebosh international diploma syllabus guide
Nebosh international diploma syllabus guide
دكتور تامر عبدالله شراكى
Catalogue 2011 Apec Services Aux Entreprises
Catalogue 2011 Apec Services Aux Entreprises
Jose Miguel Sepulveda
Organization Performance at Accenture
Organization Performance at Accenture
Francesco Serio
Grama revenue paripalana_margadarshini
Grama revenue paripalana_margadarshini
bansi default
2014 15 subhmanya siddhanthy panchangam jaya nama samvatsaram
2014 15 subhmanya siddhanthy panchangam jaya nama samvatsaram
Siddhanthygaru Ls
Présentation MMM
Présentation MMM
Medmultimed
Raccontare un brand attraverso le immagini - Instagram e birra
Raccontare un brand attraverso le immagini - Instagram e birra
Danielantonio Di Palma
1300 math formulas
1300 math formulas
Glicerio Gavilan
1300 math formulas
1300 math formulas
sd21sungailiat
1300 math formulas
1300 math formulas
Jeet Suthar
245455447 maths
245455447 maths
Ettaoufik Elayedi
Seshendra Jalam : Avantsa Somasunder
Seshendra Jalam : Avantsa Somasunder
Saatyaki S/o Seshendra Sharma
Chandrayaanam
Chandrayaanam
Balu Bold
myEDmatch - eBrochure for Schools
myEDmatch - eBrochure for Schools
Tom Clark
We Created This Business Plan in One Day
We Created This Business Plan in One Day
GoKart Labs
2015 2016 manmatha samvatsara kaalanirnaya panchangam l s siddhanthy
2015 2016 manmatha samvatsara kaalanirnaya panchangam l s siddhanthy
Siddhanthygaru Ls
Programa J Podemos Ildis Udec
Programa J Podemos Ildis Udec
Ismael Garcia
Paris-Roubaix : la liste officielle des partants
Paris-Roubaix : la liste officielle des partants
Jean-michel Neugate
المفكرة الرمضانية 1433
المفكرة الرمضانية 1433
araseel
Ähnlich wie NDF Guide
(20)
China Financial Index
China Financial Index
Nebosh international diploma syllabus guide
Nebosh international diploma syllabus guide
Catalogue 2011 Apec Services Aux Entreprises
Catalogue 2011 Apec Services Aux Entreprises
Organization Performance at Accenture
Organization Performance at Accenture
Grama revenue paripalana_margadarshini
Grama revenue paripalana_margadarshini
2014 15 subhmanya siddhanthy panchangam jaya nama samvatsaram
2014 15 subhmanya siddhanthy panchangam jaya nama samvatsaram
Présentation MMM
Présentation MMM
Raccontare un brand attraverso le immagini - Instagram e birra
Raccontare un brand attraverso le immagini - Instagram e birra
1300 math formulas
1300 math formulas
1300 math formulas
1300 math formulas
1300 math formulas
1300 math formulas
245455447 maths
245455447 maths
Seshendra Jalam : Avantsa Somasunder
Seshendra Jalam : Avantsa Somasunder
Chandrayaanam
Chandrayaanam
myEDmatch - eBrochure for Schools
myEDmatch - eBrochure for Schools
We Created This Business Plan in One Day
We Created This Business Plan in One Day
2015 2016 manmatha samvatsara kaalanirnaya panchangam l s siddhanthy
2015 2016 manmatha samvatsara kaalanirnaya panchangam l s siddhanthy
Programa J Podemos Ildis Udec
Programa J Podemos Ildis Udec
Paris-Roubaix : la liste officielle des partants
Paris-Roubaix : la liste officielle des partants
المفكرة الرمضانية 1433
المفكرة الرمضانية 1433
Mehr von The Benche
Banks Preparing for SEPA migration from EBA
Banks Preparing for SEPA migration from EBA
The Benche
Competition, Regulation and Techonlogy
Competition, Regulation and Techonlogy
The Benche
Asset Servicing Times
Asset Servicing Times
The Benche
Nordic Outlook February
Nordic Outlook February
The Benche
Guide to URDG 758
Guide to URDG 758
The Benche
Global Finance - Features roundtable Sub Custody
Global Finance - Features roundtable Sub Custody
The Benche
Nordic essentials fundamental
Nordic essentials fundamental
The Benche
Subcustodianrisk
Subcustodianrisk
The Benche
Denmark’s custodians are increasingly needing a regional outlook to succeed
Denmark’s custodians are increasingly needing a regional outlook to succeed
The Benche
Sub custodian Risk Monitoring: analysing shifts in the industy practise
Sub custodian Risk Monitoring: analysing shifts in the industy practise
The Benche
Bangladesh 2010 webinar
Bangladesh 2010 webinar
The Benche
Icc banking commission factsheet
Icc banking commission factsheet
The Benche
Nordic Outlook November 2010
Nordic Outlook November 2010
The Benche
Program: 3rd Nordic Region Trade & Export Finance Forum
Program: 3rd Nordic Region Trade & Export Finance Forum
The Benche
Target2-Securities Project Design: A Progress Review
Target2-Securities Project Design: A Progress Review
The Benche
Eastern European Outlook October 2010
Eastern European Outlook October 2010
The Benche
Pakistan 2010 webinar
Pakistan 2010 webinar
The Benche
Nordic outlook august 2010
Nordic outlook august 2010
The Benche
Nordic Outlook Update June 2010
Nordic Outlook Update June 2010
The Benche
Nordic Outlook May 2010
Nordic Outlook May 2010
The Benche
Mehr von The Benche
(20)
Banks Preparing for SEPA migration from EBA
Banks Preparing for SEPA migration from EBA
Competition, Regulation and Techonlogy
Competition, Regulation and Techonlogy
Asset Servicing Times
Asset Servicing Times
Nordic Outlook February
Nordic Outlook February
Guide to URDG 758
Guide to URDG 758
Global Finance - Features roundtable Sub Custody
Global Finance - Features roundtable Sub Custody
Nordic essentials fundamental
Nordic essentials fundamental
Subcustodianrisk
Subcustodianrisk
Denmark’s custodians are increasingly needing a regional outlook to succeed
Denmark’s custodians are increasingly needing a regional outlook to succeed
Sub custodian Risk Monitoring: analysing shifts in the industy practise
Sub custodian Risk Monitoring: analysing shifts in the industy practise
Bangladesh 2010 webinar
Bangladesh 2010 webinar
Icc banking commission factsheet
Icc banking commission factsheet
Nordic Outlook November 2010
Nordic Outlook November 2010
Program: 3rd Nordic Region Trade & Export Finance Forum
Program: 3rd Nordic Region Trade & Export Finance Forum
Target2-Securities Project Design: A Progress Review
Target2-Securities Project Design: A Progress Review
Eastern European Outlook October 2010
Eastern European Outlook October 2010
Pakistan 2010 webinar
Pakistan 2010 webinar
Nordic outlook august 2010
Nordic outlook august 2010
Nordic Outlook Update June 2010
Nordic Outlook Update June 2010
Nordic Outlook May 2010
Nordic Outlook May 2010
Kürzlich hochgeladen
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
amitlee9823
Mifty kit IN Salmiya (+918133066128) Abortion pills IN Salmiyah Cytotec pills
Mifty kit IN Salmiya (+918133066128) Abortion pills IN Salmiyah Cytotec pills
Abortion pills in Kuwait Cytotec pills in Kuwait
Famous Olympic Siblings from the 21st Century
Famous Olympic Siblings from the 21st Century
rwgiffor
Yaroslav Rozhankivskyy: Три складові і три передумови максимальної продуктивн...
Yaroslav Rozhankivskyy: Три складові і три передумови максимальної продуктивн...
Lviv Startup Club
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Dipal Arora
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Admir Softic
KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...
KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...
Any kyc Account
Monte Carlo simulation : Simulation using MCSM
Monte Carlo simulation : Simulation using MCSM
Ravindra Nath Shukla
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptx
Workforce Group
Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...
Roland Driesen
Monthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptx
Andy Lambert
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
Ethan lee
Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023
Neil Kimberley
RSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors Data
Exhibitors Data
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
Aggregage
Call Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine Service
ritikaroy0888
Regression analysis: Simple Linear Regression Multiple Linear Regression
Regression analysis: Simple Linear Regression Multiple Linear Regression
Ravindra Nath Shukla
7.pdf This presentation captures many uses and the significance of the number...
7.pdf This presentation captures many uses and the significance of the number...
Paul Menig
Grateful 7 speech thanking everyone that has helped.pdf
Grateful 7 speech thanking everyone that has helped.pdf
Paul Menig
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
Seo
Kürzlich hochgeladen
(20)
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Mifty kit IN Salmiya (+918133066128) Abortion pills IN Salmiyah Cytotec pills
Mifty kit IN Salmiya (+918133066128) Abortion pills IN Salmiyah Cytotec pills
Famous Olympic Siblings from the 21st Century
Famous Olympic Siblings from the 21st Century
Yaroslav Rozhankivskyy: Три складові і три передумови максимальної продуктивн...
Yaroslav Rozhankivskyy: Три складові і три передумови максимальної продуктивн...
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
Dr. Admir Softic_ presentation_Green Club_ENG.pdf
KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...
KYC-Verified Accounts: Helping Companies Handle Challenging Regulatory Enviro...
Monte Carlo simulation : Simulation using MCSM
Monte Carlo simulation : Simulation using MCSM
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptx
Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...
Monthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptx
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023
RSA Conference Exhibitor List 2024 - Exhibitors Data
RSA Conference Exhibitor List 2024 - Exhibitors Data
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
Call Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine Service
Regression analysis: Simple Linear Regression Multiple Linear Regression
Regression analysis: Simple Linear Regression Multiple Linear Regression
7.pdf This presentation captures many uses and the significance of the number...
7.pdf This presentation captures many uses and the significance of the number...
Grateful 7 speech thanking everyone that has helped.pdf
Grateful 7 speech thanking everyone that has helped.pdf
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
MONA 98765-12871 CALL GIRLS IN LUDHIANA LUDHIANA CALL GIRL
NDF Guide
1.
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
Jetzt herunterladen