EMTA ARS INDUSTRY SURVEY
In early 2002, following the unavailability of the Argentine Official Rate, the Chicago Mercantile Exchange (CME) and EMTA began to publish on a daily basis an ARS/USD exchange rate (the "CME/EMTA ARS Industry Rate”) as a back-up rate quotation for settlement of the ARS/USD NDF/NDO contracts. This rate quotation appears on EMTA’s website. Effective January 2, 2003, following a consensus of market participants, the revised and renamed EMTA ARS Industry Survey Rate was formally adopted as the primary settlement rate option in the EMTA Template Terms for ARS Non-deliverable Foreign Exchange Transactions.
EMTA disclaims liability for the EMTA ARS Industry Survey Rate, and no representation or warranty, express or implied, is made concerning the rate (including, without limitation, the methodology for its determination and its suitability for any particular use).