NDF Guide
2
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. Foreign exchange in emerging markets ^ åçåJÇÉäáîÉê~ÄäÉ Ñçêï~êÇ EkacF áë ~ ëóåíÜÉíáÅ Ñçêï~êÇ Éå~ÄäáåÖ ÜÉÇÖáåÖ ~åÇ éçëáíáçåJí~âáåÖ áå ÅçìåíêáÉë ëìÄàÉÅí íç ÅìêêÉåÅó êÉÖìä~íáçåë çê ÜáÖÜ éçäáíáÅ~ä êáëâK ^ë ~ êÉëìäíI áí áë éçëëáÄäÉ íç ÜÉÇÖÉ ÉñéçëìêÉë íç ^ëá~åI i~íáå ^ãÉêáÅ~åI ^ÑêáÅ~å ~åÇ b~ëíÉêå bìêçéÉ~å ÅìêêÉåÅáÉë éêÉîáçìëäó ÅçåëáÇÉêÉÇ ÒìåÜÉÇÖÉ~ÄäÉÒK Currency regulations and convertibility risk j~åó ÉãÉêÖáåÖ ã~êâÉíë áãéçëÉ êÉëíêáÅíáçåë çå ÑçêÉáÖå ÉñÅÜ~åÖÉK ^ë ~ êÉëìäíI äçÅ~ä ÅìêêÉåÅó Å~ååçí ÄÉ ÑêÉÉäó ÄçìÖÜí çê ëçäÇ ïáíÜçìí çÑÑáÅá~ä ~ééêçî~äK råÇÉê åçêã~ä ÅáêÅìãëí~åÅÉë cu íê~åë~Åíáçåë ~êÉ ~ääçïÉÇ çå éêÉëÉåí~íáçå çÑ êÉäÉî~åí ÇçÅìãÉåí~íáçå ëìÅÜ ~ë ~å áãéçêí áåîçáÅÉ çê ÄêçâÉê~ÖÉ åçíÉK få ãçêÉ ÇÉîÉäçéÉÇ ã~êâÉíë äçÅ~ä Ñçêï~êÇë ~äëç ÉñáëíK oÉÖìä~íÉÇ ã~êâÉíë ~êÉ ìëì~ääó çåäó ~ÅÅÉëëáÄäÉ íç äçÅ~ä ÉåíáíáÉë ~åÇ äçÅ~ä Ä~åâë ~äçåÉ Å~å çéÉê~íÉ áå íÜÉ ã~êâÉíK `çåëÉèìÉåíäóI áå çêÇÉê íç ~ÅÅÉëë ëìÅÜ ~ ã~êâÉí ~ äçÅ~ä ëìÄëáÇá~êó áë åÉÅÉëë~êó ïáíÜ íê~åë~Åíáçåë åçêã~ääó çåäó ÉñÉÅìíÉÇ áå Åçää~Äçê~íáçå ïáíÜ äçÅ~ä Ä~åâëK qÜáë ~äëç áãéäáÉë íÜ~í äçÅ~ä ÅêÉÇáí ~åÇ éçäáíáÅ~ä êáëâI ëçãÉíáãÉë ëìÄëí~åíá~äI áë ìå~îçáÇ~ÄäÉK Avoid restrictions and mitigate risks _ó ìëáåÖ ~å çÑÑëÜçêÉ kac áí ÄÉÅçãÉë éçëëáÄäÉI áå íÜÉ Ñçêï~êÇ äÉÖI íç ~îçáÇ äçÅ~ä êÉëíêáÅíáçåë ~åÇ äçÅ~ä ÅêÉÇáí êáëâK ^å kac áë ëÉííäÉÇ çÑÑëÜçêÉ áå Ü~êÇ ÅìêêÉåÅóI ~åÇ áë íÜÉêÉÑçêÉ çìíëáÇÉ íÜÉ àìêáëÇáÅíáçå çÑ äçÅ~ä ~ìíÜçêáíáÉë ~åÇ íÜÉ ~ÅÅçìåíë çÑ äçÅ~ä Ä~åâëK lå áíë ÉñéáêóI ~å kac áë ëÉííäÉÇ Äó Å~äÅìä~íáåÖ íÜÉ åÉí î~äìÉ ÄÉíïÉÉå íÜÉ ~ÖêÉÉÇ ê~íÉ ~í íÜÉ çéÉåáåÖ çÑ íÜÉ Åçåíê~Åí ~åÇ ~ ÑáñáåÖ ê~íÉ ëÉí ~í áíë ã~íìêáíóK qÜÉ ÑáñáåÖ ê~íÉ êÉÑäÉÅíë íÜÉ ã~êâÉí î~äìÉ ~åÇ áë ëÉí ÉáíÜÉê Äó íÜÉ ÅÉåíê~ä Ä~åâ çê Äó íÜÉ bjq^ EbãÉêÖáåÖ j~êâÉíë qê~ÇÉ ^ëëçÅá~íáçåF ìëáåÖ ~ ã~êâÉí ëìêîÉóK qÜÉ åÉí î~äìÉ áë Å~äÅìä~íÉÇ ~åÇ ÇáëÄìêëÉÇ áå Ü~êÇ ÅìêêÉåÅóK ^ë íÜÉêÉ áë åç äçÅ~ä ÅìêêÉåÅó áåîçäîÉÇI íÜÉ çéÉê~íáçå Å~å ÄÉ ÉñÉÅìíÉÇ çÑÑëÜçêÉK ^åçíÜÉê ~Çî~åí~ÖÉ çÑ ~å kac áë íÜ~í áí äáãáíë ÅçìåíÉêé~êíó ÉñéçëìêÉ íç íÜÉ åÉí î~äìÉ çÑ íÜÉ kac ê~íÜÉê íÜ~å íÜÉ Ñìää éêáåÅáé~ä ëìã ~ë ~å çêÇáå~êó cuJÑçêï~êÇK få ~ÇÇáíáçå íÜÉêÉ áë ~äëç ~ åçåJÇÉäáîÉê~ÄäÉ çéíáçå ã~êâÉí EkalF Ä~ëÉÇ çå íÜÉ ë~ãÉ éêáåÅáéäÉë ~ë kacëK ^å kac áë ~ åçåJÅ~ëÜ áåëíêìãÉåíK ^ë ~ êÉëìäíI áí Å~ååçí êÉéä~ÅÉ çåëÜçêÉ ëéçí ÇÉ~äë Ñçê íÜçëÉ êÉèìáêáåÖ éÜóëáÅ~ä Å~ëÜK eçïÉîÉê ~å kac Å~å ÅçãéäÉãÉåí ~åÇ ÄÉ ìëÉÇ ~ë íÜÉ Ñçêï~êÇ äÉÖI ÄÉáåÖ ëÉííäÉÇ íÜÉå Äó ~å çåëÜçêÉ ëéçí ÇÉ~äK When are NDFs used? kacë Å~å ÄÉ ìëÉÇ Äó ÄçíÜ Åçãé~åáÉë ~åÇ áåîÉëíçêë Ñçê ~ ïáÇÉ î~êáÉíó çÑ éìêéçëÉëK cçê Åçãé~åáÉëI kacë ã~ó ÄÉ ìëÉÇ íç ÜÉÇÖÉ äçÅ~ä íê~åë~Åíáçå ÉñéçëìêÉëK eÉêÉI íÜÉ É~ëáÉëí ãÉíÜçÇ áë íç ÉáíÜÉê áåîçáÅÉ çê Ñáå~åÅÉ áå íÜÉ kac ÅìêêÉåÅóI íÜìë ãçîáåÖ íÜÉ ÉñéçëìêÉ çÑÑëÜçêÉ ïÜÉêÉ áí áë ÅçîÉêÉÇ Äó kacëK fí áë ~äëç ÉÑÑáÅáÉåí íç ÜÉÇÖÉ íê~åëä~íáçå ÉñéçëìêÉë áåÅäìÇáåÖ äçÅ~ä ÉèìáíóK cçê áåîÉëíçêë kacë Å~å ÄÉ ìëÉÇ íç ÜÉÇÖÉ Ñáå~åÅá~ä áåîÉëíãÉåíë ëìÅÜ ~ë Éèìáíó éçêíÑçäáçë çê íç í~âÉ ~å cu éçëáíáçåK NDF pricing mêáÅáåÖ çÑ ~å kac áë Ä~ëÉÇ çå íÜÉ ë~ãÉ éêáåÅáéäÉë ~ë ~ ÅçåîÉåíáçå~ä cuJÑçêï~êÇI áåîçäîáåÖ íÜÉ áåíÉêÉëí ê~íÉ ÇáÑÑÉêÉåíá~ä ÄÉíïÉÉå Ä~ëÉ ~åÇ éêáÅÉ ÅìêêÉåÅáÉëK eçïÉîÉêI ~ë íÜÉ íê~åë~Åíáçå í~âÉë éä~ÅÉ çÑÑëÜçêÉ ïáíÜçìí ~ÅÅÉëë íç äçÅ~ä ãçåÉó ã~êâÉíë kacë ~êÉ ÇêáîÉå ãçêÉ Äó ëìééäó ~åÇ ÇÉã~åÇ íÜ~å åçêã~ä Ñçêï~êÇë ~åÇ íÜÉáê î~äìÉ Å~å ÇáÑÑÉê ä~êÖÉäó Ñêçã íÜÉáê íÜÉçêÉíáÅ~ä éêáÅÉK Example: Hedging Korean equity ^ ÑçêÉáÖå áåîÉëíçê ÜçäÇáåÖ ~ hçêÉ~å Éèìáíó éçêíÑçäáç ïáëÜÉë íç ÜÉÇÖÉ cu êáëâK qÜÉ áåîÉëíçê ëÉääë hot ~åÇ Äìóë rpa ìëáåÖ kacëK qÜÉ éçêíÑçäáç Ü~ë ~å Éèìáî~äÉåí hot î~äìÉ çÑ rpa NMãK NFK lå pÉéíÉãÄÉê NI íÜÉ ÑçêÉáÖå áåîÉëíçê Äìóë rpa NMã îëK hot kac NJãçåíÜ ~í NPMM ïáíÜ ëéçí ~í NPMOK qÜÉ kac Åçåíê~Åí áë ÑáñÉÇ çå pÉéíÉãÄÉê OV ~åÇ î~äìÉ Ç~íÉ çå lÅíçÄÉê NK OFK lå pÉéíÉãÄÉê OVI íÜÉ rpaLhot ê~íÉ áë ãçîÉÇI ÄÉáåÖ ÑáñÉÇ ~í NPRMK ^ë íÜÉ Åçãé~åó ÄçìÖÜí rpa ~í NPMM áí ã~âÉë ~ éêçÑáí çÑ hot RMMIMMMIMMM ERMGNMIMMMIMMMFK eçïÉîÉêI ~ë íÜáë áë ~å çÑÑëÜçêÉ kacI íÜÉ åÉí ~ãçìåí áë ëÉííäÉÇ áå rpaK _~ëÉÇ çå ~ rpaLhot ê~íÉ çÑ NPRMI íÜÉ áåîÉëíçê ÅçåëÉèìÉåíäó êÉÅÉáîÉë rpa PTMIPTM ERMMIMMMIMMMLNPRMF çå íÜÉ î~äìÉ Ç~íÉ lÅíçÄÉê NI ÅçãéÉåë~íáåÖ Ñçê íÜÉ cu äçëë çå íÜÉ Éèìáíó éçêíÑçäáçK NDF-documentation and accounting qÜÉ ÇçÅìãÉåí~íáçå åÉÅÉëë~êó íç íê~ÇÉ kacë áë ãçêÉ ÉñíÉåëáîÉ íÜ~å Ñçê åçêã~ä Ñçêï~êÇëK kçêã~ääó ïÉ êÉèìáêÉ ~å fpa^ çê ~í äÉ~ëí ~ ÖÉåÉê~ä cuJ~ÖêÉÉãÉåíK cçê íÜÉ éìêéçëÉë çÑ ~ÅÅçìåíáåÖI íÜÉ kac Åçåíê~Åí áë íêÉ~íÉÇ ~ë ~ êÉÖìä~ê cuJÑçêï~êÇK Further information cçê ÑìêíÜÉê áåÑçêã~íáçåI éäÉ~ëÉ Åçåí~Åí óçìê äçÅ~ä pb_ ë~äÉë êÉéêÉëÉåí~íáîÉ çê íÜÉ bãÉêÖáåÖ j~êâÉíë Öêçìé íÜêçìÖÜ éÉííÉêKë~åÇÖêÉå]ëÉÄKëÉ çê HQS U RMS OPN NMK NDF-Guide SEB MERCHANT BANKING – EMERGING MARKETS July 2009
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This is a short description of what a Non Delivarable Forward is.
Transcript of NDF Guide
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.
Foreign exchange in emerging markets ^=åçåJÇÉäáîÉê~ÄäÉ=Ñçêï~êÇ=EkacF=áë=~=ëóåíÜÉíáÅ=Ñçêï~êÇ=Éå~ÄäáåÖ= ÜÉÇÖáåÖ= ~åÇ= éçëáíáçåJí~âáåÖ= áå= ÅçìåíêáÉë=ëìÄàÉÅí=íç=ÅìêêÉåÅó=êÉÖìä~íáçåë=çê=ÜáÖÜ=éçäáíáÅ~ä=êáëâK=^ë=~=êÉëìäíI= áí= áë= éçëëáÄäÉ= íç= ÜÉÇÖÉ= ÉñéçëìêÉë= íç=^ëá~åI= i~íáå=^ãÉêáÅ~åI= ^ÑêáÅ~å= ~åÇ= b~ëíÉêå= bìêçéÉ~å= ÅìêêÉåÅáÉë=éêÉîáçìëäó=ÅçåëáÇÉêÉÇ=ÒìåÜÉÇÖÉ~ÄäÉÒK== Currency regulations and convertibility risk j~åó= ÉãÉêÖáåÖ=ã~êâÉíë= áãéçëÉ= êÉëíêáÅíáçåë= çå= ÑçêÉáÖå=ÉñÅÜ~åÖÉK= ^ë= ~= êÉëìäíI= äçÅ~ä= ÅìêêÉåÅó= Å~ååçí= ÄÉ= ÑêÉÉäó=ÄçìÖÜí=çê= ëçäÇ=ïáíÜçìí=çÑÑáÅá~ä=~ééêçî~äK=råÇÉê=åçêã~ä=ÅáêÅìãëí~åÅÉë= cu= íê~åë~Åíáçåë= ~êÉ= ~ääçïÉÇ= çå=éêÉëÉåí~íáçå= çÑ= êÉäÉî~åí= ÇçÅìãÉåí~íáçå= ëìÅÜ= ~ë= ~å=áãéçêí= áåîçáÅÉ= çê= ÄêçâÉê~ÖÉ= åçíÉK= få= ãçêÉ= ÇÉîÉäçéÉÇ=ã~êâÉíë=äçÅ~ä=Ñçêï~êÇë=~äëç=ÉñáëíK=oÉÖìä~íÉÇ=ã~êâÉíë=~êÉ=ìëì~ääó= çåäó= ~ÅÅÉëëáÄäÉ= íç= äçÅ~ä= ÉåíáíáÉë= ~åÇ= äçÅ~ä= Ä~åâë=~äçåÉ=Å~å=çéÉê~íÉ= áå= íÜÉ=ã~êâÉíK=`çåëÉèìÉåíäóI= áå=çêÇÉê=íç= ~ÅÅÉëë= ëìÅÜ= ~=ã~êâÉí= ~= äçÅ~ä= ëìÄëáÇá~êó= áë= åÉÅÉëë~êó=ïáíÜ= íê~åë~Åíáçåë= åçêã~ääó= çåäó= ÉñÉÅìíÉÇ= áå=Åçää~Äçê~íáçå= ïáíÜ= äçÅ~ä= Ä~åâëK= qÜáë= ~äëç= áãéäáÉë= íÜ~í=äçÅ~ä= ÅêÉÇáí= ~åÇ= éçäáíáÅ~ä= êáëâI= ëçãÉíáãÉë= ëìÄëí~åíá~äI= áë=ìå~îçáÇ~ÄäÉK==Avoid restrictions and mitigate risks _ó= ìëáåÖ= ~å= çÑÑëÜçêÉ= kac= áí= ÄÉÅçãÉë= éçëëáÄäÉI= áå= íÜÉ=Ñçêï~êÇ= äÉÖI= íç= ~îçáÇ= äçÅ~ä= êÉëíêáÅíáçåë= ~åÇ= äçÅ~ä= ÅêÉÇáí=êáëâK=^å=kac=áë=ëÉííäÉÇ=çÑÑëÜçêÉ=áå=Ü~êÇ=ÅìêêÉåÅóI=~åÇ=áë=íÜÉêÉÑçêÉ=çìíëáÇÉ=íÜÉ=àìêáëÇáÅíáçå=çÑ=äçÅ~ä=~ìíÜçêáíáÉë=~åÇ=íÜÉ= ~ÅÅçìåíë= çÑ= äçÅ~ä= Ä~åâëK= lå= áíë= ÉñéáêóI= ~å= kac= áë=ëÉííäÉÇ= Äó= Å~äÅìä~íáåÖ= íÜÉ= åÉí= î~äìÉ= ÄÉíïÉÉå= íÜÉ= ~ÖêÉÉÇ=ê~íÉ=~í=íÜÉ=çéÉåáåÖ=çÑ=íÜÉ=Åçåíê~Åí=~åÇ=~=ÑáñáåÖ=ê~íÉ=ëÉí=~í=áíë=ã~íìêáíóK=qÜÉ=ÑáñáåÖ=ê~íÉ=êÉÑäÉÅíë=íÜÉ=ã~êâÉí=î~äìÉ=~åÇ=áë= ëÉí= ÉáíÜÉê= Äó= íÜÉ= ÅÉåíê~ä= Ä~åâ= çê= Äó= íÜÉ= bjq^=EbãÉêÖáåÖ= j~êâÉíë= qê~ÇÉ= ^ëëçÅá~íáçåF= ìëáåÖ= ~= ã~êâÉí=ëìêîÉóK=qÜÉ=åÉí=î~äìÉ=áë=Å~äÅìä~íÉÇ=~åÇ=ÇáëÄìêëÉÇ=áå=Ü~êÇ=ÅìêêÉåÅóK= ^ë= íÜÉêÉ= áë= åç= äçÅ~ä= ÅìêêÉåÅó= áåîçäîÉÇI= íÜÉ=çéÉê~íáçå= Å~å= ÄÉ= ÉñÉÅìíÉÇ= çÑÑëÜçêÉK=^åçíÜÉê= ~Çî~åí~ÖÉ=çÑ=~å=kac= áë= íÜ~í= áí= äáãáíë= ÅçìåíÉêé~êíó=ÉñéçëìêÉ= íç= íÜÉ=åÉí=î~äìÉ=çÑ= íÜÉ=kac=ê~íÜÉê= íÜ~å= íÜÉ= Ñìää=éêáåÅáé~ä= ëìã=~ë= ~å= çêÇáå~êó= cuJÑçêï~êÇK= få= ~ÇÇáíáçå= íÜÉêÉ= áë= ~äëç= ~=åçåJÇÉäáîÉê~ÄäÉ=çéíáçå=ã~êâÉí=EkalF=Ä~ëÉÇ=çå=íÜÉ=ë~ãÉ=éêáåÅáéäÉë=~ë=kacëK===^å=kac=áë=~=åçåJÅ~ëÜ=áåëíêìãÉåíK=^ë=~=êÉëìäíI= áí=Å~ååçí=êÉéä~ÅÉ= çåëÜçêÉ= ëéçí= ÇÉ~äë= Ñçê= íÜçëÉ= êÉèìáêáåÖ= éÜóëáÅ~ä=Å~ëÜK=eçïÉîÉê=~å=kac=Å~å=ÅçãéäÉãÉåí=~åÇ=ÄÉ=ìëÉÇ=~ë=íÜÉ= Ñçêï~êÇ= äÉÖI= ÄÉáåÖ= ëÉííäÉÇ= íÜÉå= Äó= ~å= çåëÜçêÉ= ëéçí=ÇÉ~äK=
When are NDFs used? kacë=Å~å=ÄÉ=ìëÉÇ=Äó=ÄçíÜ=Åçãé~åáÉë=~åÇ=áåîÉëíçêë=Ñçê=~=ïáÇÉ=î~êáÉíó=çÑ=éìêéçëÉëK=cçê=Åçãé~åáÉëI=kacë=ã~ó=ÄÉ=ìëÉÇ= íç= ÜÉÇÖÉ= äçÅ~ä= íê~åë~Åíáçå= ÉñéçëìêÉëK= eÉêÉI= íÜÉ=É~ëáÉëí=ãÉíÜçÇ=áë=íç=ÉáíÜÉê=áåîçáÅÉ=çê=Ñáå~åÅÉ=áå=íÜÉ=kac=ÅìêêÉåÅóI=íÜìë=ãçîáåÖ=íÜÉ=ÉñéçëìêÉ=çÑÑëÜçêÉ=ïÜÉêÉ=áí= áë=ÅçîÉêÉÇ=Äó=kacëK=fí=áë=~äëç=ÉÑÑáÅáÉåí=íç=ÜÉÇÖÉ=íê~åëä~íáçå=ÉñéçëìêÉë=áåÅäìÇáåÖ=äçÅ~ä=ÉèìáíóK=cçê=áåîÉëíçêë=kacë=Å~å=ÄÉ= ìëÉÇ= íç= ÜÉÇÖÉ= Ñáå~åÅá~ä= áåîÉëíãÉåíë= ëìÅÜ= ~ë= Éèìáíó=éçêíÑçäáçë=çê=íç=í~âÉ=~å=cu=éçëáíáçåK= NDF pricing mêáÅáåÖ=çÑ= ~å=kac= áë=Ä~ëÉÇ=çå= íÜÉ= ë~ãÉ=éêáåÅáéäÉë= ~ë= ~=ÅçåîÉåíáçå~ä= cuJÑçêï~êÇI= áåîçäîáåÖ= íÜÉ= áåíÉêÉëí= ê~íÉ=ÇáÑÑÉêÉåíá~ä=ÄÉíïÉÉå=Ä~ëÉ=~åÇ=éêáÅÉ=ÅìêêÉåÅáÉëK=eçïÉîÉêI=~ë= íÜÉ= íê~åë~Åíáçå=í~âÉë=éä~ÅÉ=çÑÑëÜçêÉ=ïáíÜçìí=~ÅÅÉëë=íç=äçÅ~ä=ãçåÉó=ã~êâÉíë=kacë= ~êÉ= ÇêáîÉå=ãçêÉ= Äó= ëìééäó=~åÇ=ÇÉã~åÇ= íÜ~å=åçêã~ä= Ñçêï~êÇë= ~åÇ= íÜÉáê= î~äìÉ= Å~å=ÇáÑÑÉê=ä~êÖÉäó=Ñêçã=íÜÉáê=íÜÉçêÉíáÅ~ä=éêáÅÉK== Example: Hedging Korean equity ^= ÑçêÉáÖå= áåîÉëíçê= ÜçäÇáåÖ= ~= hçêÉ~å= Éèìáíó= éçêíÑçäáç=ïáëÜÉë= íç= ÜÉÇÖÉ= cu= êáëâK= qÜÉ= áåîÉëíçê= ëÉääë= hot= ~åÇ=Äìóë=rpa=ìëáåÖ=kacëK=qÜÉ=éçêíÑçäáç=Ü~ë= ~å= Éèìáî~äÉåí=hot=î~äìÉ=çÑ=rpa=NMãK==NFK=lå=pÉéíÉãÄÉê=NI=íÜÉ=ÑçêÉáÖå=áåîÉëíçê=Äìóë=rpa=NMã=îëK=hot=kac=NJãçåíÜ=~í=NPMM=ïáíÜ= ëéçí= ~í= NPMOK= qÜÉ= kac= Åçåíê~Åí= áë= ÑáñÉÇ= çå=pÉéíÉãÄÉê= OV= ~åÇ= î~äìÉ= Ç~íÉ= çå= lÅíçÄÉê= NK= OFK= lå=pÉéíÉãÄÉê=OVI=íÜÉ=rpaLhot=ê~íÉ=áë=ãçîÉÇI=ÄÉáåÖ=ÑáñÉÇ=~í=NPRMK=^ë=íÜÉ=Åçãé~åó=ÄçìÖÜí=rpa=~í=NPMM=áí=ã~âÉë=~=éêçÑáí= çÑ= hot= RMMIMMMIMMM= ERMGNMIMMMIMMMFK=eçïÉîÉêI= ~ë=íÜáë=áë=~å=çÑÑëÜçêÉ=kacI=íÜÉ=åÉí=~ãçìåí=áë=ëÉííäÉÇ=áå=rpaK=_~ëÉÇ= çå= ~= rpaLhot= ê~íÉ= çÑ= NPRMI= íÜÉ= áåîÉëíçê=ÅçåëÉèìÉåíäó= êÉÅÉáîÉë= rpa= PTMIPTM= ERMMIMMMIMMMLNPRMF=çå= íÜÉ= î~äìÉ= Ç~íÉ= lÅíçÄÉê= NI= ÅçãéÉåë~íáåÖ= Ñçê= íÜÉ= cu=äçëë=çå=íÜÉ=Éèìáíó=éçêíÑçäáçK= NDF-documentation and accounting qÜÉ= ÇçÅìãÉåí~íáçå= åÉÅÉëë~êó= íç= íê~ÇÉ= kacë= áë= ãçêÉ=ÉñíÉåëáîÉ= íÜ~å= Ñçê= åçêã~ä= Ñçêï~êÇëK= kçêã~ääó= ïÉ=êÉèìáêÉ=~å=fpa^=çê=~í= äÉ~ëí=~=ÖÉåÉê~ä=cuJ~ÖêÉÉãÉåíK=cçê=íÜÉ=éìêéçëÉë=çÑ= ~ÅÅçìåíáåÖI= íÜÉ=kac=Åçåíê~Åí= áë= íêÉ~íÉÇ=~ë=~=êÉÖìä~ê=cuJÑçêï~êÇK==
Further information cçê=ÑìêíÜÉê=áåÑçêã~íáçåI=éäÉ~ëÉ=Åçåí~Åí=óçìê=äçÅ~ä=pb_=ë~äÉë=êÉéêÉëÉåí~íáîÉ=çê=íÜÉ=bãÉêÖáåÖ=j~êâÉíë=Öêçìé=íÜêçìÖÜ=éÉííÉêKë~åÇÖêÉå]ëÉÄKëÉ=çê=HQS=U=RMS=OPN=NMK
NDF-Guide
SEB MERCHANT BANKING – EMERGING MARKETS July 2009
SEB MERCHANT BANKING – EMERGING MARKETS July, 2009
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