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EMTA Market Practices

Bond and Loan Market Practices

From time to time, EMTA recognizes certain conventions for the trading of Emerging Markets instruments. These conventions, known as Market Practices, are generally formulated, normally in close consultation with one or more of its Working Groups, in response to a request by market participants for trading practices that will be well-understood and generally accepted by the marketplace, in the interests of promoting market efficiency and transparency and increasing liquidity.

Following a careful review of the applicable issues and circumstances and a polling of market participants, EMTA develops and distributes each proposed Market Practice as far in advance of its intended effective date as is practicable. Following a period of review and consultation, Market Practices are then formally recognized by EMTA and recommended to the marketplace, assuming that a sufficient consensus of market participants is established. If a consensus does not emerge from the Working Group discussions and other input, the proposed Market Practice may be modified or, in some cases, specifically re-designed to permit market participants to elect between clearly defined alternatives.

Some of EMTA’s most important work is in responding to market disruptions and other events where an industry-wide approach to the crisis may help alleviate some of the impact of the disruption. This work, frequently undertaken by EMTA Working Groups, will often be expressed in the form of recommended Market Practices or other initiatives. In many cases, requests for Market Practice recommendations have been made in the context of a specific country's financing plan or payment difficulties and have led to Market Practice recommendations on trading conventions during a default scenario or restructuring plans.

Summary of EMTA Market Practices:

188. Recommended Market Practices for Trades of Naftogaz USD 2028 Bonds, dated November 18, 2024.

187. Recommended Market Practices for Trades of Naftogaz USD 2025 and EUR 2026 Bonds, dated August 7, 2024.

186. Recommended Market Practice for Bond Trades with US ISINs/CUSlPs, dated June 4, 2024.

185. Recommended Market Practice for Trades of El Salvador Notes, dated April 19, 2024.

184. Recommended Market Practice for Settlement of Suriname PIK Bonds, dated April 11, 2024.

183. Recommended Market Practice for Trades of Ethiopia Bonds, dated December 11, 2023.

182. Recommended Market Practice for Trades of Naftogaz USD 2025, EUR 2026 and USD 2028 Bonds, dated October 2, 2023.

181. Recommended Market Practice for Trades of Ukrainian Railway Notes, dated January 12, 2023.

180. Recommended Market Practice for Trades of Ghana Sovereign Bonds, dated December 22, 2022.

179. Recommended Market Practice for Trades of Ghana Sovereign Bonds, dated December 19, 2022.

178.  Recommended Market Practice for Trades of Russia Corporate Bonds, dated September 7, 2022.

177.  Recommended Market Practice for Trades of Ukraine's Naftogaz, Ukravtodor and Ukrenergo Bonds, dated August 11, 2022.

176.  Recommended Market Practice for Trades of Ukraine Sovereign Bonds, dated August 11, 2022.

175.  Recommended Market Practice for Trades of Ukraine Warrants, dated August 11, 2022.

174. Recommended Market Practice for Trades of Belarus Sovereign Bonds, dated July 18, 2022.

173. Recommended Market Practice for Trades of Russia Sovereign Bonds, dated June 27, 2022.

172. Recommended Market Practice for Trades of Russia Corporate Bonds, dated June 1, 2022.

171. Recommended Market Practice for Trades of Sri Lanka Bonds, dated April 12, 2022.

170. Recommended Market Practice for Trades of Russia Corporate Bonds, dated March 30, 2022.

169. Recommended Market Practice for Trades of Suriname Bonds, dated November 27, 2020.

168. Recommended Market Practice for Trades of Zambia Bonds, dated November 16, 2020.

167. Recommended Market Practice for Trades of Ecuador 5% Par Bonds Due 2025, dated October 28, 2020.

166. Recommended Market Practice for Trades of Province of Mendoza Bonds, dated June 23, 2020.

165. Recommended Market Practice for Trades of Argentina’s Foreign Law Bonds, dated May 22, 2020.

164. Recommended Market Practice for Trades of Province of Buenos Aires Bonds, dated May 14, 2020.

163. Recommended Market Practice for Trades of Ecuador's Bonds, dated April 19, 2020.

162. Recommended Market Practice for Trades of Argentina's Local Law Bonds, dated April 9, 2020.

161. Recommended Market Practice for Trades of Ecuador's Bonds, dated March 27, 2020.

160. Recommended Market Practice for Trades of Lebanon's Bonds, dated March 9, 2020.

159. Recommended Market Practice for Trades of Barbados External Bonds, dated June 5, 2018 and effective June 6, 2018.

158. Recommended Market Practice for Trades of PDVSA's Bonds, dated February 10, 2018 and effective February 12, 2018.

157. Recommended Market Practice for Trades of Venezuela's Bonds, dated January 8, 2018 and effective January 9, 2018.

156. Recommended Market Practice for Trades of Venezuela’s Bonds, dated November 15, 2017.

155. Recommended Market Practice for Trades of Venezuela’s Bonds, dated November 3, 2017.

154. Recommended Market Practice for Settlement of Emerging Markets and Frontier Markets Eurobonds in Light of the Upcoming T+2 Settlement Cycle, dated August 28, 2017.

153. Recommended Market Practice Changed for Veterans’ Day, dated August 18, 2017.

152. Recommended Market Practice for Trades of Mozambique's Notes, dated January 16, 2017.

151. Recommended Market Practice for Trades of Congo's Bonds, dated August 5, 2016 (retracted on August 8, 2016).

150. Recommended Market Practice for Trades of Argentina's Sovereign Bonds, dated April 26, 2016.

149. Recommended Market Practice for Trades of Ukraine's Bonds, dated September 25, 2015.

148. Recommended Market Practice for Trades of Argentina's Sovereign Local Law Bonds, dated July 7, 2015.

147. Recommended Market Practice for Settlement of Emerging Markets and Frontier Markets Eurobonds with an XS and US Prefix, dated October 3, 2014.

146. Recommended Market Practice for Trades of Argentina's Sovereign Bonds, dated August 8, 2014.

145. Recommended Market Practice for Trades of Argentina's Sovereign Bonds, dated August 1, 2014.

144. Recommended Market Practice for Trades of Argentina's Sovereign Bonds, dated July 31, 2014.

143. Recommended Market Practice for PDVSA Bonds 6% due 2026, dated May 6, 2014.

142. Recommended Market Practice for Trades of Grenada 2025 Bonds, dated March 13, 2013.

141. Recommended Market Practice for the 2013 batch settlement of certain Class I Emerging Markets Loans, dated November 27, 2012.

140. Recommended Market Practice for Trades of Ivory Coast 2032 Bonds, dated November 20, 2012.

139. Recommended Market Practice for Trades of Belize 2029 Bonds, dated August 21, 2012.

138. Recommended Market Practice for Trades of Ivory Coast 2032 Bonds, dated June 29, 2012.

137. Recommended Market Practice for the 2012 batch settlement of certain Class I Emerging Markets Loans, dated November 16, 2011.

136. Recommended Market Practice for Trades of Ivory Coast 2032 Bonds, dated January 31, 2011.

135. Recommended Market Practice for the 2011 batch settlement of certain Class I Emerging Markets Loans, dated December 20, 2010.

134. Recommended Market Practice for the 2010 batch settlement of certain Class I Emerging Markets Loans, dated January 8, 2010.

133. Recommended Market Practice for Trades of Ecuador 2015 Bonds, dated January 30, 2009.

132. Recommended Market Practice for Trades of Ecuador 2015 Bonds, dated January 15, 2009.

131. Recommended Market Practice for Trades of Ecuador Sovereign Global and Eurobonds (including Brady Bonds), dated December 14, 2008.

130. Recommended Market Practice for the 2009 batch settlement of certain Class I Emerging Markets Loans, dated December 8, 2008.

129. Recommended Market Practice for trading Ecuador 2012 Bonds, dated November 14, 2008.

128. Recommended Market Practice for the settlement of Brazil Reais denominated fixed income products that are payable in US Dollars, dated May 12, 2008.

127. Recommended Market Practice for the fungibility of Venezuela Oil Obligations, dated January 10, 2008.

126. Recommended Market Practice for the 2008 batch settlement of certain Class I Emerging Markets Loans, dated December 13, 2007.

125. Market Advisory for Nigeria Payment Adjustment Warrants and their related payments, dated November 20, 2007.

124. Market Advisory for Venezuela Oil Obligations and their related payments, dated November 20, 2007.

123. Market Advisory for Nigeria Payment Adjustment Warrants and their related payments, dated April 25, 2007.

122. Recommended Market Practice for trading Ecuador 2030 Bonds, dated February 12, 2007.

121. Market Advisory for the fungibility of Venezuela Oil Obligations, dated January 31, 2007.

120. Recommended Market Practice for the 2007 batch settlement of certain Class I Emerging Markets Loans, dated December 11, 2006.

119. Market Advisory for Venezuela Oil Obligations and their related payments, dated October 25, 2006.

118. Recommended Market Practices for Venezuela Oil Obligations and their related payments, dated July 26, 2006.

117. Recommended Market Practice for the 2006 batch settlement of certain Class I Emerging Markets Loans, dated December 7, 2005.

116. Recommended Market Practices for Venezuela Oil Obligations and related payments, dated September 21, 2005.

115. Recommended Market Practices for Venezuela Oil Obligations and related payments, dated June 17, 2005.

114. Recommended Market Practices for the trading and settlement of Argentina Par and Discount Bonds on a W/I basis, as well as on a secondary market basis, dated June 2, 2005.

113. Recommended Market Practice for the trading and settlement of Argentina Par and Discount Bonds, dated March 18, 2005.

112. Recommended Market Practice for the 2005 batch settlement of certain Class I Loan Assets, dated December 10, 2004.

111. Recommended Market Practice for the 2004 batch settlement of certain Class I Loan Assets, dated December 11, 2003.

110. Revised Annex A to Recommended Market Practice No. 55 for Class I Loan Assets, dated June 5, 2003.

109. Recommended Market Practice for the trading and settlement of Uruguay USD PIK Bonds, dated June 5, 2003.

108. Recommended Market Practice for the 2003 batch settlement of certain Class I Loan Assets, dated December 16, 2002.

107. Recommended Market Practices for Nigeria USD Par Bonds and their related Payment Adjustment Warrants, dated October 21, 2002 and effective November 1, 2002.

106. Recommended Market Practice for September 11 Early Close, dated August 23, 2002.

105. Recommended Market Practices for Option, Forward and Repo Trades of Mexico USD Par Bonds and their related Value Recovery Rights, dated June 17, 2002 and effective June 21, 2002.

104. Recommended Market Practices for Mexico USD Par Bonds and their related Value Recovery Rights, dated June 17, 2002 and effective June 21, 2002.

103. Recommended Market Practice for the trading and settlement of Argentina 2018 and 2031 Bonds, dated January 9, 2002.

102. Recommended Market Practice for Trades of Argentina's Brady Bonds and Sovereign Eurobonds, dated December 24, 2001.

101. Recommended Market Practice for the 2002 batch settlement of certain Class I Loan Assets, dated December 17, 2001.

100. Recommended Market Practices for Venezuela USD Discount and Par Bonds and their related Oil-Indexed Payment Obligations, dated December 3, 2001 and effective January 2, 2002.

99. Recommended Market Practices relating to September 11 Attacks, dated September 11 - September 18, 2001.

98. Recommended Market Practice for the Trading and Settlement of Argentina 2018 and 2031 Bonds, dated June 14, 2001.

97. Recommended Market Practice for the Payment of Agent Fees, dated May 14, 2001.

96. Recommended Market Practice for the Calculation of Accrued Interest for Settlement of certain Month-End Trades of Emerging Markets Sovereign and Corporate Bonds, dated May 14, 2001.

95. Recommended Market Practices for the trading of Ivory Coast Bonds, dated April 5, 2001.

94. Recommended Revised Market Practices for Option, Forward and Repo Trades of Mexico USD Discount and Par Bonds and their related Value Recovery Rights, dated January 24, 2001 and effective February 1, 2001.

93. Recommended Revised Market Practices for Mexico USD Discount and Par Bonds and their related Value Recovery Rights, dated January 24, 2001 and effective February 1, 2001.

92. Recommended Market Practices for Option, Forward and Repo Trades of Mexico USD Discount and Par Bonds and their related Value Recovery Rights, dated January 18, 2001 and effective February 1, 2001.

91. Recommended Market Practices for Mexico USD Discount and Par Bonds and their related Value Recovery Rights, dated January 18, 2001 and effective February 1, 2001.

90. Recommended Market Practice for the 2001 batch settlement of certain Class I Loan Assets, dated January 5, 2001.

89. Recommended Market Practice for trading and settlement of Russia 2010 Bonds after their issuance, dated August 23, 2000.

88. Recommended Market Practice for W/I trades of Ecuador Bonds, dated August 22, 2000.

87. Recommended Market Practice for W/I Trades of Russia Bonds, dated August 22, 2000.

86. Recommended Market Practices for failed deliveries of Russia Bonds prior to the expiration date of the Russia Restructuring Offer and failed deliveries of Ecuador Bonds prior to the expiration date of the Ecuador Exchange Offer, dated August 18, 2000.

85. Recommended Market Practices for participation deliveries for Russia Prin Trades, dated August 18, 2000.

84. Recommended Market Practices for Negative Accrued Period Claims for Russia Prin Trades, dated August 18, 2000.

83. Recommended Market Practice for W/I trades of Russia 2010 Bonds, dated August 9, 2000.

82. Recommended Market Practice for W/I trading in Ecuador 2030 and 2012 Bonds, dated August 3, 2000 and effective August 4, 2000.

81. Recommended Market Practices for W/I trading in 2010 Russian Eurobonds pre-and post-July 13, 2000, dated July 26, 2000.

80. Recommended Market Practices for settlements of Russia W/I Trades of 2010 and 2030 Eurobonds after the closing date of Russia's Exchange Offer, dated July 13, 2000.

79. Recommended Market Practices for the trading of Ivory Coast Bonds, dated April 28, 2000 and effective May 1, 2000.

78. Recommended Market Practices for Interest Payments relating to the trading of Options on tendered Russian Prins, dated April 17, 2000.

77. Recommended Market Practices for the settlement of Brazil C-Bonds, dated April 12, 2000.

76. Recommended Market Practice for the trading of new designated Vnesh USD Tranche 1 Loan, dated January 27, 2000.

75. Recommended Market Practice for the trading of Ukraine Eurobonds, dated January 20, 2000 and effective January 21, 2000.

74. Recommended Market Practices for the 2000 batch settlement and T+15 settlement of Emerging Markets Loans, dated January 3, 2000.

73. Recommended Market Practice for the pricing of Ecuador PDI Bonds, dated October 5, 1999.

72. Recommended Market Practice for the trading of Ecuador Brady Bonds and Eurobonds, dated October 1, 1999 and effective October 4, 1999.

71. Recommended Market Practice for the trading of Russian VEB IAN's, dated May 27, 1999 and effective May 28, 1999.

70. Recommended Market Practice for the trading and settlement of Argentina 12.125% Bonds due 2019, dated March 18, 1999 and effective March 22, 1999.

69. Recommended Market Practice for the trading of UMS Units, Bonds and Warrants, dated February 17, 1999.

68. Recommended Market Practice for Indonesian Loans, dated January 20, 1999.

67. Revised Annex A to Recommended Market Practice for Class I Loan Assets, dated January 20, 1999.

66. Recommended Market Practices for the 1999 batch settlement and T+15 settlement of Emerging Market Loans, dated January 5, 1999.

65. Recommended Market Practice for the Euro, dated December 23, 1998.

64. Revised Recommended Market Practice for the trading of Russian Prins, dated November 21, 1998 and effective November 23, 1998.

63. Recommended Market Practice for the Settlement of Loan Assets, dated October 23, 1998 and effective November 2, 1998.

62. Revised Annex A to Recommended Market Practice for Class I Loan Assets, dated October 23, 1998.

61. Recommended Market Practice for Morocco Restructured Loan, dated October 15, 1998 and effective October 19, 1998.

60. Recommended Market Practice for Buy-In/Sell-Out Procedures for Loan Assets, dated September 15, 1998.

59. Recommended Market Practices for the trading and settlement of Nigeria Promissory Notes, dated August 31, 1998 and effective September 8, 1998.

58. Recommended Market Practices for the batch settlement of Moroccan and Algerian Loans for 1998, dated July 29, 1998.

57. Revised Recommended Market Practices for the trading of Algerian Loans, dated June 29, 1998.

56. Recommended Repo Market Practices for Dealer-to-Dealer Repo Transactions in Emerging Markets Debt Instruments, dated April 2, 1998.

55. Recommended Market Practice for Class I Loan Assets, dated March 23, 1998 and effective March 24, 1998.

54. Recommended Additional Market Practices for Russia VEB Restructured Loans, dated March 16, 1998.

53. Recommended Market Practice for the batch settlement of Russian VEB Restructured Loans for the last three quarters of 1998, dated February 13, 1998.

52. Recommended Market Practice for the batch settlement of Russian VEB Restructured Loans for the first quarter of 1998, dated January 22, 1998.

51. Recommended Market Practice for the batch settlement of Russian VEB Restructured Loans during the holiday period, dated December 17, 1997.

50. Recommended Market Practice for the settlement of Russian VEB Restructured Loans, dated December 15, 1997.

49. Recommended Market Practice for the settlement of 'When-Restructured' trades of Russian VEB Restructured Loans, dated December 2, 1997.

48. Recommended Market Practices for (i) Russia VEB Trades prior to the Restructuring and (ii) Restructured Russian VEB Loan Trades on and after December 2, 1997, dated November 25, 1997.

47. Recommended Market Practice for Buy-In and Sell-Out Remedies, dated November 25, 1997 and effective December 1, 1997.

46. Recommended Market Practice for the Calculation of Accrued Interest for Settlement of certain Month-End Trades of Brady Bonds and Emerging Markets Eurobonds, dated October 14, 1997 and effective October 31, 1997.

45. Recommended Market Practices for Vietnam When-Issued trading, dated July 1, 1997.

44. Recommended Additional Repo Market Practices for Dealer-to-Dealer Repo Transactions in Emerging Markets Debt Instruments, dated June 25, 1997.

43. Recommended Market Practices for the trading of Mexican Par Bonds with related Value Recovery Rights, dated June 13, 1997 and effective August 1, 1997.

42. Recommended Market Practices for the trading of Ivory Coast Loans, dated June 4, 1997 (effective immediately for all participation trades that have not settled as of June 4, 1997).

41. Recommended Market Practices for the trading of Algerian Loans, dated March 5, 1997.

40. Recommended Market Practice for the type of currency traded for Russian Loans, dated March 5, 1997.

39. Recommended Repo Market Practices, dated December 16, 1996 and effective December 5, 1996.

38. Recommended Market Practice for the Reference Loans for U.S. Dollar-, Swiss Franc- and Deutschmark- denominated Russian Loans, dated December 4, 1996.

37. Revised Recommended Market Practice for the number of loan agreements that may be delivered with respect to principal amounts of Russian Loans, dated November 7, 1996.

36. Recommended Market Practice for trades of Brady bonds with related Rights or Warrants, dated September 27, 1996.

35. Recommended Market Practices for Interest Payments relating to the participation trading of Peruvian Loans and Options on Peruvian Loans, dated August 16, 1996.

34. Recommended Market Practices for Pricing and Settlement of Panama PDI Bonds, dated July 19, 1996.

33. Revised Recommended Market Practices for Interest Cash Payments and Settlement Periods relating to the trading of Russian Loans and Options on Russian Loans, dated July 11, 1996.

32. Recommended Market Practices for (a) Interest Cash Payments and (b) Settlement Periods relating to the trading of Russian Loans and Options on Russian Loans, dated June 13, 1996.

31. Recommended Revised Additional Market Practices for the trading of Yugoslavia debt, dated May 24, 1996.

30. Additional Recommended Market Practices for trading debt of the former Yugoslavia, dated May 7, 1996.

29. New Recommended Market Practices for Peru Non-Citi trades, dated May 3, 1996 and effective May 9, 1996.

28. Revised Recommended Market Practices for trading loans of obligors in the former Yugoslavia, dated March 22, 1996.

27. Recommended Market Practices for Brady and other Bonds, dated February 16, 1996 and effective March 18, 1996.

26. Recommended Market Practices for trading loans of obligors in the former Yugoslavia, dated December 22, 1995 and effective January 1, 1996.

25. Recommended Market Practices for the trading of Cuban loans, dated November 15, 1995.

24. Recommended Market Practices for certain Brady Bonds, dated October 6, 1995 and October 30, 1995 and effective October 31, 1995.

23. Recommended Market Practices for pricing and settlement of Ecuador PDI Bonds, dated March 2, 1995.

22. Recommended Market Practices for Panama trades, dated February 24, 1995 and effective March 1, 1995.

21. Recommended Market Practices for Peru trades, dated February 24, 1995 and effective March 1, 1995.

20. Recommended Market Practices for settlement of Poland RSTA interest, dated February 23, 1995.

19. Recommended Market Practices for Russia's escrow for 1992 and 1993 interest, dated February 23, 1995.

18. Revised Recommended Market Practices for the trading of Russian Loans, dated August 17, 1994.

17. Recommended Market Practices for the trading of Russian Loans, dated June 22, 1994.

16. Recommended Market Practices for the payment of Ecuador interest to buyers after the settlement date, dated May 29, 1994.

15. Recommended Market Practices for pricing and settlement of Brazil C Bonds, dated April, 1994.

14. Recommended Market Practices for trading eligible interest under the Brazil 1992 Financing Plan, dated August 18, 1993 and effective September 8, 1993.

13. Recommended Market Practices for when-issued trades of bonds to be issued under the Brazil 1992 Financing Plan, dated August 18, 1993 and effective September 8, 1993.

12. Recommended Market Practices for (a) changes to the confirmation forms for FRB's distributed on April 15, 1993, (b) options, and (c) pricing and settlement of Brazil IDU bonds, dated May 20, 1993 and May 21, 1993 and adopted at May 20, 1993 Market Practices Committee meeting.

11. Recommended Market Practices for the settlement of when-issued trades of par and discount bonds to be issued under the Argentina 1992 Financing Plan, dated March 26, 1993.

10. Recommended Market Practices for the expiration date for when-issued trades of bonds to be issued under the Argentina 1992 Financing Plan and the settlement of such bonds after their release from escrow, dated February, 1993.

9. Recommended Market Practices for allocation of certain payments made between trade date and settlement date for loan sales, dated January, 1993 .

8. Recommended Market Practices for the settlement date of when-issued trades of bonds to be issued under Brazil's 1989/1990 interest arrangements, dated November 18, 1992.

7. Recommended Market Practices for Ecuador Debt Instruments, dated October, 1992.

6. Recommended Market Practices for exchange date of when-issued trades of bonds to be issued under Brazil's 1989/1990 interest arrangements, dated October, 1992.

5. Recommended Market Practices for pricing of accrued but unpaid interest on debt to be exchanged for bonds under the Argentina 1992 Financing Plan, dated September, 1992.

4. Recommended Market Practices for trading bonds with related rights or warrants, dated September 30, 1992.

3. Recommended Market Practices for the Argentina 1992 Financing Plan, dated July 16, 1992 and adopted at July 15, 1992 Market Practices Committee meeting.

2. Recommended Market Practices for treatment of interest on interest for Argentina medium-term debt, dated June 17, 1992.

1. Recommended Market Practices 1 through 8, dated June 27, 1991.