Coupon

The exchange coupon deals the differential between the effective interest tax and the exchange variety.

Inter-finances deposits effective interest tax ( DI ) – Calculated from the accumulation of the average daily taxes of the DI of a day, for the period related between the date of operation in the forward market and the last day of the previous month of the monetary date of the contract.

Exchange variety – Measure by the exchange tax of “ reais “ to The U.S dollar ( PTAX of the Central Bank, to the set up delivery and watched between the previous working day and related to the operation day in the forward market and last day of the previous month towards the monetary month of the contract.

The exchange coupon – DDI posses a certain distortion caused by the variety of the exchange tax for the day of the operation, for this reason, it is called dirty exchange coupon.

Regarding to the FRC, FRA ( Forward Rate Agreement ) of the exchange coupon, it makes suitable in the market a clean coupon for any deadline between the monetary of the two froward agreements of exchange forward coupon ( DDI ) In this way, the coupon doesn´t suffer the variety of the exchange rate of the previous day.

The FRC operations are automatically transformed in two operations : One regarding to the first DDI maturity ( short point ) and the other one, of inverse ( purchasing and sailing ) origin, with the maturity of the DDI equal to the maturity negotiated in the FRC ( long point ).

Soon after the last but one day of the negotiation of the first DDI maturity, the “ short point” will be created in the second maturity of the DDI. This maturity is maintained until the last but one day of the maturity, when it will repeat the process.

All the finance results of the FRC operations are found out according to the established procedures for the DDI contract.