Regulatory Alerts2016-02-08
BCT Circular to Authorized Intermediaries No. 2016-01 of February 8, 2016
The Central Bank of Tunisia issues Circular No. 2016-01 to regulate the interbank foreign exchange market and mandate hedging instruments for foreign exchange and interest rate risks. The circular establishes strict operational rules for authorized intermediaries, including mandatory front/back-office separation, ISDA framework agreements, and specific liquidity and quotation obligations for designated Market Makers. It further details procedures for spot and forward transactions, European-style vanilla options, currency swaps, central bank auctions, banknote trading, and mandatory reporting requirements to ensure market transparency and prudential compliance.
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