EMTA Africa Focus Portal EMTA Africa Focus Portal
EMTA Africa Focus Portal


The EMTA Africa Focus Portal provides a central resource point for banks, investors and multilaterals involved in African debt and fx/currency derivatives and the economic development and growth of African markets.

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EMTA Workshops and White Papers
Litigation
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Fixed Income (Africa)
FX and Currency Derivatives (Africa)

Archive
EMTA Africa Focus Archive

May 28, 2015
Updates to African Rate Source Definitions and Templates


Updates dated May 28, 2015 to several of the African rate source definitions contained in Annex A to the 1998 FX and Currency Option Definitions were published on the EMTA website.  The rate source definition for the Nigerian Naira was updated to correct the publication website and to clarify that the rate is actually an average of the published bid and offer quotations, the rate source definition for the Kenyan Shilling was updated to correct the publication time from 2:00 p.m. to 12:00 p.m., Nairobi time, and the rate source definition for the Zambian Kwacha was updated to reflect a new publication time of 11:30 a.m., Lusaka time.

In addition to the changes to Annex A, in a final bit of documentation housekeeping, a few, non-substantive corrections to the Template Terms for KES/USD and ZMW/USD Non-Deliverable Forward FX and Non-Deliverable Currency Option Transactions NDF and NDO Template Terms have been made.  The changes are very minor, are of a corrective or conforming nature and are as follows: Endnote No 4 in the KES and ZMW NDF and NDO Templates has been updated to refer to the updated publication time in the rate source definition, and, in all four sets of the Template Terms, “Currency Reference Dealers” in the first full paragraph of the term “Fallback Reference Price” has been corrected to simply refer to “Reference Dealers”.  Because of the minor nature of the changes, the original publication date of these Templates will not be changed.

In addition, and again based upon the minor nature of these updates to Annex A and corrections to the Templates, EMTA is not, at this time, recommending amendment of outstanding NGN, KES or ZMW contracts.  Parties, in their discretion, may determine otherwise. 


EMTA Africa Focus Archive

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MARKETS

New Developments:
    Africa (Region)
    Algeria
    Angola
    Republic of Congo
    Cote d'Ivoire
    Egypt
    Ghana
    Libya
    Morocco 
    Mozambique
    Nigeria
    South Africa
    Sudan
    Tunisia
    Zambia

Key Industry Views:
    Africa All

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EMTA AFRICAN CURRENCY WORKING GROUP

In 2009, EMTA constituted a working group to address needs in the African FX markets. A small group of EMTA members with interests in the African market joined. The group initially discussed the best approach and determined that sequentially addressing the various local markets with a view toward the development of a consistency of approach made sense, and Nigeria was identified as the first focus for the group.  A number of other markets with a rough priority among them were discussed. After setting standard terms and market practice for Nigeria NDF trading, the group moved on to the Egyptian FX markets and then more recently has produced a package of documentation for the Ghanaian Cedi. Other issues have been addressed by the group which has grown over time. EMTA Members with an interest in these markets who wish to participate in an active working group are invited to participate.

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EMTA WORKSHOPS AND WHITE PAPERS

EMTA Talking Points on Proposed Laws to Mandate Debt Relief
February 26, 2010.

EMTA - Thomson Reuters Africa Forum
London, November 20, 2009.

EMTA Submission and Analysis in response to proposed UK Debt Relief Legislation
October 9, 2009 and updates.

EMTA Africa Workshop: "Financing African Development Post-HIPC: What Role for the Private Sector?"
London, November 5, 2007. Workshop Report.

Focus on Africa: The Nigerian Financial Markets
London, November 10, 2006.

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LITIGATION

AF-Cap v. Congo
AF-Cap, Walker Int'l and Nat'l Union Fire Insurance Co. of Pittsburgh v. Congo and Congo Holdings Inc.
Barbados Trust Company Ltd. v. Bank of Zambia Amicus Brief (EMTA)
Donegal International Ltd. v. Republic of Zambia and ANR
FG Hemisphere Associates v. Congo
Kensington International Limited v. Congo
Kensington International Limited v. Societe Nationale des Petroles du Congo, BNP Paribas, et al.
National Union Fire Insurance Co. v. Congo


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INSTITUTION LINKS

Algeria
Central Bank | Ministry of Finance | Stock Exchange

Angola
Central  Bank | Ministry of Finance

Democratic Republic of Congo
Central  BankStock Exchange

Republic of Congo
Central  Bank | Ministry of Finance

Cote d'Ivoire
Central  Bank | Ministry of Finance | Stock Exchange

Egypt
Central Bank | Ministry of Finance | Stock Exchange

Ghana
Central  Bank | Ministry of Finance | Stock Exchange

Kenya
Central  Bank | Ministry of Finance | Stock Exchange

Libya
Central BankStock Exchange

Morocco
Central  Bank | Ministry of Finance | Stock Exchange

Mozambique
Central Bank | Ministry of Finance | Stock Exchange

Nigeria
Central  Bank | Ministry of Finance | Stock Exchange

South Africa
Central  Bank | Ministry of Finance | Stock Exchange

Sudan
Central Bank | Ministry of Finance | Stock Exchange

Tunisia
Central Bank | Ministry of Finance | Stock Exchange

Zambia
Central  Bank | Ministry of Finance | Stock Exchange

Zimbabwe
Central  Bank | Ministry of Finance | Stock Exchange

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CONTACT US
If you are interested in learning more about EMTA's Africa Focus activities, please contact Leslie Payton Jacobs (lpjacobs@emta.org).


Africa Focus Portal Navigation
Fixed Income - Africa
FX and Currency Derivatives Documentation - Africa
Africa Focus Archive



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