The Singapore Foreign Exchange Market Committee
c/o Deutsche Bank AG
One Raffles Quay #18-00 South Tower Singapore 048583
1 August 08
SFEMC statement on Vietnamese Dong fixings
The Singapore Foreign Exchange Market Committee (SFEMC) seeks to clarify the application of the ABS Rate Fixing on the Vietnamese Dong (VND) currency which took effect on 7 January 2008 (“effective date”).
SFEMC recommends that the new VND fixing rate apply on a prospective basis, to contracts that have trade dates on or after the effective date. It should also be noted that changes to any outstanding bilateral contracts between counterparties can only be agreed mutually on a bilateral basis.