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89-544: The Chiang Mai Initiative ( CMI ) is a multilateral currency swap arrangement among the ten members of the Association of Southeast Asian Nations (ASEAN), the People's Republic of China (including Hong Kong ), Japan , and South Korea . It draws from a foreign exchange reserves pool worth US$ 120 billion and was launched on 24 March 2010. That pool has been expanded to $ 240 billion in 2012. The initiative began as

178-556: A US-based company needing to borrow Swiss francs, and a Swiss-based company needing to borrow a similar present value in US dollars, could both reduce their exposure to exchange rate fluctuations by arranging either of the following: Suppose the British Petroleum Company plans to issue five-year bonds worth £100 million at 7.5% interest, but actually needs an equivalent amount in dollars, US$ 150 million (current $ /£ rate

267-514: A base in Korat on 29 June 1959 and rented houses from Phraya Sunthorn at the south end of the beach, on what is now known as the "Strip", are credited with recommending Pattaya, whose fame spread by word of mouth . On 29 November 1978, Pattaya was granted city status by the Thai government. In 1978, it also became a special governed city. In 1981, businessman Lek Viriyaphan began constructing on

356-437: A credit support annex (CSA) in place) expose the trading counterparties to funding risks and credit risks. Funding risks because the value of the swap might deviate to become so negative that it is unaffordable and cannot be funded. Credit risks because the respective counterparty, for whom the value of the swap is positive, will be concerned about the opposing counterparty defaulting on its obligations. Collateralised XCSs expose

445-690: A currency swap agreement worth US$ 75 billion in October, 2018, which has been one of the largest bilateral currency swap agreements. Pattaya Pattaya is a city in Eastern Thailand , the second-largest city in Chonburi province and the eighth-largest city in Thailand . It is on the east coast of the Gulf of Thailand , about 100 kilometres (62 mi) southeast of Bangkok , and has

534-855: A currency swap, allowing the government to hide debt." Greece had previously succeeded in getting clearance to join the euro on 1 January 2001, in time for the physical launch in 2002, by faking its deficit figures. Currency swaps were originally conceived in the 1970s to circumvent foreign exchange controls in the United Kingdom . At that time, UK companies had to pay a premium to borrow in US Dollars . To avoid this, UK companies set up back-to-back loan agreements with US companies wishing to borrow Sterling . While such restrictions on currency exchange have since become rare, savings are still available from back-to-back loans due to comparative advantage . The first formal currency swap, as opposed to

623-536: A large Indian community , which mainly speaks Tamil. Pattaya, on the Gulf of Thailand, is approximately 160 kilometres (99 mi) south of the city of Bangkok in Bang Lamung District , Chonburi Province . The city of Pattaya is a special municipal area which covers the whole tambon Nong Prue (Nongprue) and Na Kluea (Naklua) and parts of Huai Yai and Nong Pla Lai. Bang Lamung township which forms

712-823: A loss of reputation and fines by regulators. Hedging XCSs can be complicated and relies on numerical processes of well designed risk models to suggest reliable benchmark trades that mitigate all market risks. The other, aforementioned risks must be hedged using other systematic processes. The market-making of XCSs is an involved process involving multiple tasks; curve construction with reference to interbank markets, individual derivative contract pricing, risk management of credit, cash and capital. The cross disciplines required include quantitative analysis and mathematical expertise, disciplined and organized approach towards profits and losses, and coherent psychological and subjective assessment of financial market information and price-taker analysis. The time sensitive nature of markets also creates

801-427: A month of the completion of the restoration of the first 400 m of Pattaya Beach, the work was "seriously damaged" by flooding. The beach is the first in the country to use imported sand to compensate for coastal erosion. An official said, "...the longer it is left without the flood damage being repaired, the worse it will get." Phra Tamnak Hill is on the south side of Pattaya and is popular for its viewpoints and

890-469: A pivotal role in bolstering the local economy. The continuous growth in the sector, particularly driven by foreign interest in condos, contributes significantly to employment, from construction to property management. Increased property transactions also generate substantial revenue through taxes and fees, further enhancing the city's fiscal health. During 2020-2022, Pattaya witnessed a limited number of new projects, resulting in high absorption rates. Notably,

979-500: A population of 328,961 as of 2021. Pattaya City ( Thai : เมืองพัทยา , RTGS :  Mueang Phatthaya , pronounced [mɯ̄a̯ŋ pʰát.tʰā.jāː] ) is a special local government organization area within Bang Lamung district and has a population of 119,532. It covers the tambons of Nong Prue and Na Klua and parts of Huai Yai and Nong Pla Lai. Pattaya City has grown into all adjacent sub-districts and accounts for

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1068-645: A pressurized environment. Many tools and techniques have been designed to improve efficiency of market-making in a drive to efficiency and consistency. In the 1990s Goldman Sachs and other US banks offered Mexico, currency swaps and loans using Mexican oil reserves as collateral and as a means of payment. The collateral of Mexican oil was valued at US$ 23.00 per barrel. In May 2011, Charles Munger of Berkshire Hathaway Inc. accused international investment banks of facilitating market abuse by national governments. For example, "Goldman Sachs helped Greece raise US$ 1 billion of off- balance-sheet funding in 2002 through

1157-492: A re-exchange of that same notional at maturity of the XCS. The floating indexes are commonly the 3-month tenor EURIBOR , and compounded overnight rates . Each series of payments (either denominated in the first currency or the second) is termed a 'leg', so a typical XCS has two legs, composed separately of interest payments and notional exchanges. To completely determine any XCS a number of parameters must be specified for each leg;

1246-795: A regional version of the International Monetary Fund (IMF). However, this idea was shelved after encountering strong resistance from the United States. After the crisis, finance ministers of members of the Association of Southeast Asian Nations (ASEAN), the People's Republic of China , Japan , and South Korea met on 6 May 2000 at the 33rd Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Chiang Mai , Thailand , to discuss

1335-567: A reliably published figure for the total population in Pattaya, but its thought to be quite large (on the order of half a million people ) given the ubiquity and sheer number of migrant workers. Pattaya additionally has a massive population inflow from short stay tourism, with its 2000 hotels and 136,000 rooms available as of 2015. Throughout the years, the municipality (Pattaya City) has outgrown its municipal borders (53.5 km²) and now reaches into all neighboring subdistricts ( tambon ) within

1424-562: A series of bilateral swap arrangements after the ASEAN Plus Three countries met on 6 May 2000 in Chiang Mai , Thailand , at an annual meeting of the Asian Development Bank . After 1997 Asian Financial Crisis , member countries started this initiative to manage regional short-term liquidity problems and to avoid relying on the International Monetary Fund . At the height of the 1997 Asian Financial Crisis , Japanese authorities proposed an Asian Monetary Fund , which would serve as

1513-419: A third of plant equipment was found to be 40–50 percent worn out. The system treats waste from a 36 km portion of Pattaya, or 68 percent of its urban area. Earlier plans to increase treatment capacity to 135,000 m were never implemented and existing plants were allowed to fall into disrepair. Pattaya uses more than 200,000 m of water a day, but claims to only discharge about 70,000 m a day. The discrepancy

1602-421: A won-rupiah currency swap deal worth US$ 10 billion in October, 2013. The two nations can exchange up to 10.7 trillion won or 115 trillion rupiah for three years. The three-year currency swap could be renewed if both sides agree at the time of expiration. It is anticipated to promote bilateral trade and strengthen financial cooperation for the economic development of the two countries. The arrangement also ensures

1691-635: Is $ 1.50 /£ ), to finance its new refining facility in the U.S. Also, suppose that the Piper Shoe Company, a U. S. company, plans to issue US$ 150 million in bonds at 10%, with a maturity of five years, but it really needs £100 million to set up its distribution center in London. To meet each other's needs, suppose that both companies go to a swap bank that sets up the following agreements: The British Petroleum Company will issue 5-year £100 million bonds paying 7.5% interest. It will then deliver

1780-432: Is a derivative contract, agreed between two counterparties , which specifies the nature of an exchange of payments benchmarked against two interest rate indexes denominated in two different currencies. It also specifies an initial exchange of notional currency in each different currency and the terms of that repayment of notional currency over the life of the swap. The most common XCS, and that traded in interbank markets,

1869-431: Is a mark-to-market (MTM) XCS, whereby notional exchanges are regularly made throughout the life of the swap according to FX rate fluctuations. This is done to maintain a swap whose MTM value remains neutral and does not become either a large asset or liability (due to FX rate fluctuations) throughout its life. The more unconventional, but simpler to define, non-MTM XCS includes an upfront notional exchange of currencies with

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1958-427: Is about 120 kilometres (75 mi) by road from Suvarnabhumi Airport (BKK), the country's largest international airport. By road, it is accessed from Sukhumvit Road and Motorway 7 from Bangkok. Pattaya is also served by scheduled flights via U-Tapao International Airport (UTP) which is 45-minute drive south of the city. A passenger-only ferry service from Pattaya to Hua Hin began operation on 12 January 2017 and

2047-565: Is around a German tourist who is claimed to have paid ฿‎1 million to return to Germany and escape charges. The claims resulted in PM Srettha Thavisin launching an investigation headed by Surachate Hapkarn . The documentary has been described by local media as having the potential of hurting Pattaya's industry which has been recovering from the COVID-19 pandemic. Pattaya has frequently suffered from flooding, especially during

2136-575: Is currently unknown whether or not they will be beneficial for the Dollar or the US in the long-term. The People's Republic of China has multiple year currency swap agreements of the Renminbi with Argentina , Belarus , Brazil , Hong Kong , Iceland , Indonesia , Malaysia , Russia , Singapore , South Korea , United Kingdom and Uzbekistan that perform a similar function to central bank liquidity swaps. South Korea and Indonesia signed

2225-474: Is divided from Pattaya by Thepprasit Road, the southern route into Pattaya city. It consists of high-rise condominiums, beach side hotels, bungalow complexes, shops, bars, and restaurants. Offshore islands include three "near islands": Ko Lan (main island), Ko Sak , and Ko Krok , 7 kilometres (4.3 mi) from the shore of Pattaya. The "far islands" are Ko Phai (main island), Ko Man Wichai , Ko Hu Chang and Ko Klung Badan , located offshore further west of

2314-504: Is operated by Royal Passenger Liner. By road, the journey takes five to six hours. The ferry shortens travel time to about two hours, subject to sea conditions. The ferry cruises at 27 knots on the 113 km journey across the Gulf of Thailand with a maximum passenger capacity of 150 persons. Larger ferries carrying up to 260 people may be added to the service later. Ferries capable of carrying vehicles are projected for 2020. In November 2018, Hua Hin deputy chief Chareewat Phramanee confirmed

2403-506: Is served by bus services from Bangkok's Northern Bus Terminal (Mo Chit) and the Eastern Bus Terminal (Ekamai), connecting to Pattaya's main bus terminal on Pattaya Nuea (North Pattaya Road) near Sukhumvit Road. There are two airport bus services. The 389 Bus (airportpattayabus) service connects Pattaya with Suvarnabhumi Airport (BKK). It uses modern, air-conditioned buses, and takes around 1 + 1 ⁄ 2 hours to reach

2492-502: Is the entrance to Walking Street . The beach, which used to be 35 m wide, suffers from erosion and in some places was reduced to a width of only two to three meters. A 429 million baht beach restoration scheme was implemented in 2018. It will take 360,000 m of sand from Ko Rang Kwian offshore to increase the beach width to 50 m. Without intervention Pattaya will likely see its beaches disappear in roughly ten years according to Chulalongkorn University researchers. Within

2581-466: Is unexplained. Once treated, there are no tests to measure water quality before it is dumped back into the sea, which may account for foul water discharges. Pattaya is at the center of Thailand's Eastern Economic Corridor (EEC). Investments totaling more than 1.5 trillion baht (US$ 45 billion) are flowing into EEC infrastructure projects: airports, deep-sea ports, high-speed railways, autoroutes. The result will enhance Pattaya's accessibility. According to

2670-570: The Bang Lamung district , forming the "Pattaya-Bang Lamung-Jomtien" area (727 km²), also known as "Greater Pattaya", though the commonly used term to describe the urban area is simply Pattaya. Changes in population and area size are regularly revised by the Department of Public Works and Town & Country Planning and the Chonburi Provincial Administrative Organization . Pattaya is part of

2759-609: The IMF . Joint Ministerial Statement (JMS) was issued after the ASEAN+3 Finance Minister’s Meetings have mentioned the development of the CMI. Early critics questioned the reasoning behind the initiative. The Asia Times Online wrote in an editorial published several days after the meeting, "The idea that the existence of a currency swap arrangement or the wider concept of an Asian monetary fund [...] could have prevented

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2848-755: The National Anti-Corruption Commission to Poramet at Government House in Bangkok. Pattaya has a tropical wet and dry climate , which is divided into the following seasons: hot and dry (December to February), hot and humid (March and April), and hot and rainy (May to November). The municipality has a population of 119,532 residents (2019), while the city ("Greater Pattaya") has a population of 328,961 (2021). Most of these people counted are Thai, with most migrant populations not recognized, although migrant workers are increasingly regularized due to foreign pressure. Some details of

2937-529: The Vietnam War . In 2018, Pattaya was the 18th most visited city in the world with 9.6 million tourists, and 3rd most in Thailand, after Bangkok (24.1 million) and Phuket (10.5 million). Pattaya has derived part of its reputation as a tourist destination due to the sex industry and the resulting nightlife, and this notoriety has influenced the city's evolution in many ways. Prostitution in Thailand

3026-511: The monsoon season . Torrential rain on 27 August 2021 left many important roads under water, with water reaching up to two metres deep in some areas. Pattaya City officials called the August flooding as the worst flood for Pattaya in a decade. On 4 November 2023, Pattaya was awarded the Integrity and Transparency Assessment award for the highest development category. The award was presented by

3115-414: The notional principal amount (or varying notional schedule including exchanges), the start and end dates and date scheduling, the chosen floating interest rate indexes and tenors, and day count conventions for interest calculations. The pricing element of a XCS is what is known as the basis spread , which is the agreed amount chosen to be added (or reduced in the case of a negative spread) to one leg of

3204-658: The "near islands". Ko Rin lies offshore to the south-west, south of Ko Phai group. The names "near islands", "far islands", and "Coral Island" are used for marketing purposes only and do not correspond to any naming conventions of the island groups and are not shown on maritime charts published by the Hydrographic Service of the Royal Thai Navy . In June 2016, the Regional Environmental Office reported that, "The sea water along

3293-515: The 10% interest on US$ 150 million ( US$ 15 million ) to the swap bank who will pass it on to the American company so it can pay its U.S. bondholders. The American company, with its British asset (distribution center), will pay the 7.5% interest on £100 million (.075 ×  £100m = £7.5 ), to the swap bank who will pass it on to the British company so it can pay its British bondholders. At maturity,

3382-511: The 10th meeting of ASEAN+3 Finance Ministers the CMI further progress was agreed upon. Foundation of CMI was meant to expand bilateral swaps of ASEAN. In addition, it was to aid the existing financial facilities of IMF. Nonetheless, the Global Financial Crisis proved that the CMI was not working up to its expectation and was in need of further development. Instead of seeking for CMI liquidity provision, Korea and Singapore used

3471-514: The 2010s through to the 2020s, Pattaya attempted to shift public perception of it being a sex-city to a more family-friendly location. Bars which were friendly towards pedophiles in Sunee plaza were closed, and the amount of gogo bars on Walking Street declined. However, a 2023 documentary by Deutsche Welle , which has been banned in Thailand, resurrected concerns around Pattaya's sex industry and its association with child prostitution. The documentary

3560-757: The 2014 coup, the National Council for Peace and Order appointed two mayors until in 2018 when the Prime Minister Prayut Chan-o-cha appointed Sontaya Kunplome , brother of Itthiphol, as mayor. Mayor Sontaya went on to form the Rao Rak Pattaya party which won the 2022 mayoral election led by Poramet Ngampichet, who has served as mayor ever since. During the COVID-19 pandemic , Pattaya's economy suffered greatly due to travel restrictions restricting tourism. From

3649-662: The Asian crisis or the worst of it, is both wrong and politically noxious." After IMF Managing Director Horst Köhler visited five Asian nations, including Thailand, in June 2000, the Asia Times Online denounced his endorsement of "the ill-conceived and likely never to be implemented Asean plus three [...] currency-swap plan". In a 2001 interview with the Far Eastern Economic Review , Köhler stated that

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3738-432: The British company will pay US$ 150 million to the swap bank who will pass it on to the American company so it can pay its U.S. bondholders. At maturity, the American company will pay £100 million to the swap bank who will pass it on to the British company so it can pay its British bondholders. It is well recognized that traditional "textbook" theory does not price cross currency (basis) swaps correctly, because it assumes

3827-541: The CMI would promote regional economic co-operation and development and that he would not oppose the formation of an Asian Monetary Union. As of 16 October 2009, the network consisted of 16 bilateral arrangements among the ASEAN Plus Three countries worth approximately US$ 90 billion. Additionally, the ASEAN Swap Arrangement had a reserves pool of approximately US$ 2 billion. In May 2007, at

3916-542: The CMIM Precautionary Line (CMIM-PL), which is designed on the model of PPL program within the IMF to prevent the financial crisis . In addition, IMF de-linked portion is raised from 20 percent to 30 percent and with its future goal of reaching 40 in the year 2014. Regarding the expanded funding of CMIM, countries now can receive up to $ 30 billion. The Chiang Mai Initiative Multilateralisation (CMIM) Agreement

4005-549: The Pattaya-Chonburi Metropolitan Area, a conurbation of the urban areas of Chonburi , Si Racha and Pattaya. The total population of this area is 999,092, making it the third largest metropolitan area in the country after Bangkok and Chiang Mai . A growing community of foreign retirees lives in Pattaya. The Thai Immigration Bureau has a special visa category for foreigners over the age of 50 who wish to retire in Thailand. The city also has

4094-644: The Sanctuary of Truth which remains unfinished and is entirely made out of wood. In 2004, Nirun Wattanasartsaton became the first democratically elected mayor. In the 2008 mayoral election, Itthiphol Khunpluem became Pattaya's mayor. As mayor, Itthiphol approved construction on the Waterfront Suites and Residence condominium near the Bali Hai pier, which became controversial. His approval later led to his arrest in 2023 over corruption. Following

4183-547: The TCC estimating the number of tourists visiting the EEC region to rise to 46.7 million over the next few years, one and half times the current 29.8 million visitors. Pattaya projects include developing a tram in the city and building a bigger cruise terminal, as well as new tourist attractions: a water park, an ice dome, cultural markets, Thai boxing gyms, theaters, and conference halls. All are under development. "We aimed to get rid of

4272-556: The Thai Chamber of Commerce (TCC) the EEC investments, the U-Tapao International Airport and the high-speed train that will link three major airports to Pattaya, will make Pattaya the heart of the eastern region. The TCC view is that, "Plenty of attractions...will lure lots more foreign and domestic tourists in the future." Better connectivity will reduce both the cost and time to travel to Pattaya, with

4361-586: The US Federal Reserve as their way of securing liquidity, and Indonesia sought support from China and Japan. Consequently, policy-makers realised that the CMI needed a reserve pooling arrangement and took action to multilateralise the initiative. Hence, the Chiang Mai Initiative Multilateralisation (CMIM) Agreement was founded in 2009. In February 2009, ASEAN+3 agreed to expand the fund to $ 120 billion up from

4450-663: The airport (Level 1 between Gate 7 & 8) to the Pattaya Bell office at the North Pattaya Intersection, and then provides transfers to local hotels. Buses from a terminal on Sukhumvit Road near Pattaya Klang (near the Central Pattaya intersection) connect Pattaya with many destinations in the north-east region (i.e. Isan). City and suburban services are mainly provided by songthaew , popularly nicknamed "baht buses" or "blue taxis". Pattaya

4539-560: The airport. The trip from the airport (Level 1 Gate 8 at the Arrival Hall) to the bus terminal in Pattaya, makes three stops at North, Central, and South Pattaya intersections before going to their last drop off point, the office on Thappraya Road (near Jomtien). It can take longer if many hotel stops are negotiated along Sukhumvit Road in Pattaya. The other bus service is the Bell Travel Service (Coach 36) which goes from

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4628-442: The beginning of the rainy season'. Following World War II, entrepreneur Parinya Chawalitthamrong saw the potenial of investing in Pattaya and donated some land to the governing administration. Pattaya City Hall would later be constructed on this land. A fishing village until the 1960s, tourism began during the Vietnam War , when American servicemen began arriving on R&R (rest and relaxation). One large group who arrived from

4717-535: The biggest contributors, each contributing 32 percent of total financial contributions. Including Korea, these three countries account for 80 percent of all the contributions made to CMIM while the remaining 20 percent is from ASEAN countries. On 3 May 2012, 15th ASEAN+3 Finance Ministers and Central Bank’s Governors’ meeting was held in Manila, Philippines which made an agreement about expanding CMIM from current $ 120 billion to 240 billion. The ASEAN+3 also agreed to adopt

4806-476: The bridge needed for assessment of yields on a standardised USD basis. For this reason they are also used as the construction tool in creating collateralized discount curves for valuing a future cashflow in a given currency but collateralized with another currency. Given the importance of collateral to the financial system at large, cross-currency swaps are important as a hedging instrument to insure against material collateral mismatches and devaluation. For instance,

4895-427: The busy central Pattaya beaches is of poor quality and could endanger human and marine life." Pattaya produces on the order of 450 tonnes of solid waste per day. The city spends more than 300 million baht on waste removal and disposal annually. On average it pays 1,600 baht to process each tonne of garbage. Significant volumes of rubbish are allegedly dumped into the sea by tour boats. In July 2017 Pattaya Beach

4984-672: The census remain complex, as even indigenous Thais without nationality are not being recognized. Therefore, the census population currently does not represent the total figure. As with the Bangkok Metropolitan Region , registered population figures issued by the National Statistics Office (NSO) and the Department of Provincial Administration (DOPA) hardly capture the scope of the urban transformation that has occurred over time, especially with

5073-506: The city's treasury. That represents more than 70% of Pattaya's total income for the year. The city's leadership plans to reduce Pattaya's reliance on tourism to 60% by 2025 by transforming itself into "Neo Pattaya", an international business center. Key to the plans are infrastructure improvements: 9.5 billion baht for flood management projects and upgrading sewage treatment plants to handle 130,000 m of waste per day, up from 67,000 m per day in 2019. Pattaya's thriving real estate market plays

5162-483: The current prevailing market exchange rate & agree to reverse the swap at the same exchange rate at a fixed future date. The aim of central bank liquidity swaps is "to provide liquidity in U.S. dollars to overseas markets". While central bank liquidity swaps and currency swaps are structurally the same, currency swaps are commercial transactions driven by comparative advantage, while central bank liquidity swaps are emergency loans of US Dollars to overseas markets, and it

5251-411: The economy being dependent on the large numbers of casual Thai workers who work in the city yet remain registered in their hometowns, the employment turnover from and to the capital, as well as seasonal farm migration. Migrant workers from neighboring nations, and many long-term expatriates who reside in the city as retirees, self-employed, or contracted are traditionally not counted. There has never been

5340-601: The establishment of a network of bilateral currency swap agreements. The proposal was dubbed the Chiang Mai Initiative and intended to avoid a future recurrence of the Asian Financial Crisis . It also implied the possibility of establishing a pool of foreign exchange reserves accessible by participating central banks to fight currency speculation . The proposal would also supplement the financial resources of international institutions such as

5429-405: The ferry service, suspended due to low tourist numbers during low season, would be up and running again for high season between Hua Hin and Pattaya, a 2.5-hour journey for 1,250 baht on a catamaran with a maximum capacity of 340. Pattaya city has been administered under a special autonomous system since 30 October 1978. It has a status comparable to a municipality and is separately administered by

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5518-807: The finance ministers' meeting, but the summit's cancellation due to the Thai political crisis delayed the launch of the multilateral agreement to a later date. When leaders of the thirteen countries finally met in Bali in May, they finalised the individual contributions of China, Japan, and South Korea. This summit also added Hong Kong as a new participant, whose contribution was added to that of China though Hong Kong remained "a monetary administration on its own". Its participation raised China's total contribution to US$ 38.4 billion, equal to that of Japan, and South Korea, which agreed to contribute US$ 19.2 billion. China and Japan remain

5607-402: The funding cost in each currency to be equal to its floating rate, thus always giving a zero cross currency spread. This is clearly contrary to what is observed in the market. In reality, market participants have different levels of access to funds in different currencies and therefore their funding costs are not always equal to LIBOR. An approach to work around this is to select one currency as

5696-428: The funding currency (e.g. USD), and select one curve in this currency as the discount curve (e.g. USD interest rate swap curve against 3M LIBOR). Cashflows in the funding currency are discounted on this curve. Cashflows in any other currency are first swapped into the funding currency via a cross currency swap and then discounted. XCSs expose users to many different types of financial risk. Predominantly they expose

5785-488: The largest population percentage in the district, making it de facto a part of the "Pattaya-Bang Lamung-Jomtien" area, otherwise known as "Greater Pattaya". The city is in the industrial Eastern seaboard zone, along with Si Racha , Laem Chabang , and Chonburi . Pattaya is at the center of the Pattaya-Chonburi Metropolitan Area (a conurbation in Chonburi Province with a population of 1,000,000), which forms

5874-416: The mayor of Pattaya city who is responsible for making policies, organising public services, and supervising the city's workforce for an area that covers 53.4 square kilometers and consists of four subdistricts, 18 villages ( muban ). Once a fishing town, Pattaya first boomed as an R&R destination for US servicemen stationed at nearby former USAF base at U-Tapao , or other US bases in Thailand during

5963-522: The northern border of Pattaya covers parts of the tambon Bang Lamung (Banglamung), Nong Pla Lai and Takhian Tia. Bang Sare (Bang Saray) is on the southern border of Pattaya. "Greater Pattaya" occupies most of the coastline of Banglamung (one of the eleven districts that make up Chonburi Province). It is divided into a larger northern section which spans the areas to the east of Naklua Beach (the most northern beach) and Pattaya Beach (the main beach) plus Phra Tamnak Hill (often called "Buddha Hill" because of

6052-529: The notional of the swap could be amortized over time, reset dates (or fixing dates) of the floating rate could be irregular, mandatory break clauses may be inserted into the contract, FX notional payments and FX rates may be manually specified etc. Additionally it is not a requirement for swaps to have two floating legs. This leads to the naming convention of different types of XCS: Currency swaps have many uses, some are itemized: Cross-currency swaps are an integral component in modern financial markets as they are

6141-641: The number increasing as the city grows. The sea water along central Pattaya beaches is of poor quality even in the absence of sewage spills and "could endanger human and marine life", the regional environmental office has said. They deemed sea water quality near central Pattaya beaches as "poor" and deteriorating. They judged water quality near Na Klua in North Pattaya, South Pattaya, Ko Lan, and Jomtien Beach as "fairly good". The city has considered expanding two water management plants to increase capacity for better treatment of wastewater prior to discharge into

6230-577: The ocean. The water treatment plant in Soi Wat Nongyai after expansion would be able to treat around 130,000 cubic metres of waste water a day, up from 80,000 cubic metres at present. The expansion was never implemented. In November 2018, the Pattaya City Council approved 188 million baht for the repair of its six wastewater treatment plants. Installed in 2000, the plants can accommodate 65,000 m of wastewater per day. More than

6319-705: The original level of $ 78 billion proposed in 2008. During the April 2009 meeting of ASEAN finance ministers in Pattaya , Thailand, the individual contributions to be made by each member state toward the reserves pool were announced. Each of the six original ASEAN members—Indonesia, Malaysia, Singapore, the Philippines, and Thailand—agreed to contribute US$ 4.77 billion, while each of the remaining four members would contribute between US$ 30 million and US$ 1 billion. The ten countries were scheduled to meet their partners following

6408-631: The past decade. According to a Deutsche Bank official, "China's reserves will allow the [United States] to run a higher fiscal deficit than other nations". This deficit was caused by the US government's additional spending in an effort to revive the economy from a recession . The reserves reached US$ 2.27 trillion in September 2009, and the country's sovereign wealth fund —the China Investment Corporation —had become more aggressive in its foreign investments. Japan possesses

6497-530: The previous [seedy] image of Pattaya and try to promote a new image to show that Pattaya is a place for everyone with diversity of new tourist attractions," said an official of the Tourism Authority of Thailand (TAT). He said that the EEC would make Pattaya more competitive compared with other popular Thai beach destinations such as Phuket and Ko Samui , with cheaper transport costs. Fourteen million visitors in 2018 contributed 239 billion baht to

6586-595: The second and third quarters of 2023 saw a remarkable uptick in condo launches, significantly elevating sales. In 2023, Pattaya maintained its lead in condo transfers to foreigners, surpassing Bangkok with proportions of 41.7% and 37.5%, respectively. This outperformed the average rates of 30.8% and 48.8% from 2018 to 2022. A daily service operates on the Eastern Line of the State Railway of Thailand between Pattaya and Hualumphong Station in Bangkok. Pattaya

6675-636: The second largest foreign exchange reserves. It became the second country to reach US$ 1 trillion in reserves in February 2008. In contrast to China, which places "stringent" control on its currency, the Japanese government has not placed any control on the yen since 2004. The reserves reached US$ 1.06 trillion in October 2009. South Korea ranked sixth in foreign exchange reserves, which reached US$ 270.9 billion in November 2009. It accounted for 6.4 percent of

6764-440: The settlement of trade in local currency between the two countries even in times of financial stress to support regional financial stability. As of 2013, South Korea imported goods worth US$ 13.2 billion from Indonesia, while its exports reached US$ 11.6 billion . In August 2018, Qatar and Turkey 's central banks signed a currency swap agreement to provide liquidity and support for financial stability. Japan and India signed

6853-457: The swap. Usually this is the domestic leg, or non-USD leg. For example a EUR/USD XCS would have the basis spread attached to the EUR denominated leg. XCSs are over-the-counter (OTC) derivatives . As OTC instruments, cross-currency swaps (XCSs) can be customised in a number of ways and can be structured to meet the specific needs of the counterparties. For example; payment dates could be irregular,

6942-514: The temple (Wat Phra Yai) on top of the hill. Pattaya Park and Pattaya tower are at the south end of Phra Tamnak Hill and the Pattaya Exhibition And Convention Hall (P.E.A.C.H), is positioned at the north end of Phra Tamnak Hill. In recent years, Phra Tamnak Hill has gained in popularity because of its more natural environment, nicer beaches, and its convenient location between Jomtien and Pattaya city. Jomtien

7031-427: The temples on top of the hill) headland immediately south of Pattaya Beach, and a smaller southern section covering the area to the east of Jomtien Beach (directly south of Phra Tamnak Hill). The main sweep of the bay area is divided into two principal beachfronts . Pattaya Beach lies parallel to the city centre, and runs about 2.7 km long from Pattaya Nuea (North) south along the coast to Pattaya Tai (South) which

7120-687: The then used parallel loans structure, was transacted by Citicorp International Bank for a US$ 100,000,000 10 year US Dollar Sterling swap between Mobil Oil Corporation and General Electric Corporation Ltd (UK). The concept of the interest rate swap was developed by the Citicorp International Services unit in 1980 but cross-currency interest rate swaps were introduced by the World Bank in 1981 to obtain Swiss francs and German marks by exchanging cash flows with IBM . This deal

7209-427: The third largest metropolitan area in Thailand. The name Pattaya evolved from the march of Phraya Tak (later King Taksin ) and his army from Ayutthaya to Chanthaburi , which took place before the fall of the former capital to Burmese invaders in 1767. When his army arrived in the vicinity of what is now Pattaya, Phraya Tak encountered the troops of a local leader named Nai Klom, who tried to intercept him. When

7298-439: The total ASEAN Plus Three reserves and 8 percent of the combined gross domestic product of the participating countries in 2009. The Korea Times wrote in an editorial that the country should act as a mediator between China and Japan, whose equal contributions meant that both "should refrain from racing for regional hegemony in the cooperative grouping". Currency swap A cross-currency swap's (XCS's) effective description

7387-461: The two met face to face, Nai Klom was impressed by Phraya Tak's dignified manner and his army's strict discipline. He surrendered without a fight and joined his forces. The place the armies confronted each other was thereafter known as "Thap Phraya", which means the "army of the Phraya". Thap Phraya was later changed to Phatthaya , which means 'the wind blowing from the southwest to the northeast at

7476-684: The user to market risks. The value of a XCS will change as market interest rates, FX rates, and XCS rates rise and fall. In market terminology this is often referred to as delta and basis risks. Other specific types of market risk that interest rate swaps have exposure to are single currency basis risks (where various IBOR tenor indexes can deviate from one another) and reset risks (where the publication of specific tenor IBOR indexes are subject to daily fluctuation). XCSs also exhibit gamma risk whereby their delta risk, basis risks or FX exposures, increase or decrease as market interest rates fluctuate. Uncollateralised XCSs (that are those executed bilaterally without

7565-934: The users to collateral risks. Depending upon the terms of the CSA, the type of posted collateral that is permitted might become more or less expensive due to other extraneous market movements. Credit and funding risks still exist for collateralised trades but to a much lesser extent. Due to regulations set out in the Basel III Regulatory Frameworks trading interest rate derivatives commands a capital usage. Dependent upon their specific nature XCSs might command more capital usage and this can deviate with market movements. Thus capital risks are another concern for users. Reputation risks also exist. The mis-selling of swaps, over-exposure of municipalities to derivative contracts, and IBOR manipulation are examples of high-profile cases where trading interest rate swaps has led to

7654-477: The £100 million to the swap bank who will pass it on to the U.S. Piper Company to finance the construction of its British distribution center. The Piper Company will issue 5-year US$ 150 million bonds paying 10% interest. The Piper Company will then pass the $ 150 million to swap bank that will pass it on to the British Petroleum Company who will use the funds to finance the construction of its U.S. refinery. The British company, with its U.S. asset (refinery), will pay

7743-585: Was brokered by Salomon Brothers with a notional amount of US$ 210 million and a term of over ten years. During the 2007–2008 financial crisis , the currency swap transaction structure was used by the United States Federal Reserve System to establish central bank liquidity swaps . In these, the Federal Reserve and the central bank of a developed or stable emerging economy agree to exchange domestic currencies at

7832-417: Was fouled for a week by raw sewage that poured out of a storm drain. City officials blamed the incident on broken pumps and Pattaya's poorly maintained sewage-treatment plant. The environmental ministry declared it would step up enforcement of pollution laws and push Pattaya for better wastewater-treatment efficiency. According to the ministry, Pattaya has 1,047 identified sources of sewage and garbage pollution,

7921-404: Was signed on 28 December 2009, and took effect on 24 March 2010. Bloomberg estimated that participants of the Chiang Mai Initiative held more than US$ 4.1 trillion of foreign exchange reserves in 2009. China holds the world's largest foreign exchange reserves, which reached US$ 1 trillion in November 2006. The figure doubled in the second quarter of 2009 and had risen by almost 14 times within

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