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ICAI Program on – FOREX AND TRADE CREDIT At Moradabad, 28 th June, 2014

ICAI Program on – FOREX AND TRADE CREDIT At Moradabad, 28 th June, 2014. Presentation by: Ashit Hegde. LIBOR and MIFOR. LIBOR is London Interbank offered Rate.

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ICAI Program on – FOREX AND TRADE CREDIT At Moradabad, 28 th June, 2014

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  1. ICAI Program on –FOREX AND TRADE CREDIT At Moradabad, 28th June, 2014 Presentation by: Ashit Hegde

  2. LIBOR and MIFOR Ashit Hegde

  3. LIBOR is London Interbank offered Rate. • Libor is calculated and published by Thomson Reuters on behalf of British Banks Association . This is an index of the rate which a first class bank in London will charge another first class bank for a short term lending. • It is available for seven different maturities—from overnight to twelve months and in five different currencies including Euro, USD, Pound and Yen. Ashit Hegde

  4. MIBOR is Mumbai Interbank Offer Rate • This reference rate originally developed by NSE is now co-branded with FIMMDA and is now known as “ FIMMDA – NSE MIBOR “. • Mibor is based on rates polled by NSE from a representative panel of 30 banks, institutions and mutual funds. The rate is used as a benchmark for majority of deals struck for swaps, FRAs etc • NSE releases this rate at 0955 hours for overnight rate and at 1215 hrs for other periods. Ashit Hegde

  5. MIFOR is Mumbai Inter bank Forex Offer Rate • This is a combination of USD Libor and forward premium. Note: There is a proposal to shift the setting of Mibor from the existing polling method to volume weighted average of trades executed between 9am and 10am. Ashit Hegde

  6. NOSTRO A/C Banks in India maintain accounts with banks abroad in foreign currency. (E.g. UCO bank, Kolkata maintaining a/c with Citibank, New York in US Dollars) Such accounts are referred to as NOSTRO (Our a\c with you) a/c. VOSTRO A/C This is a rupee a/c maintained by a bank abroad with a bank in India in INR. (E.g. HSBC bank, Dubai maintaining a/c with Canara bank, Mumbai in INR) VOSTRO means your a/c with us. Ashit Hegde

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