Important Measures in April 2005
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Central Bank of China (CBC) announced the following measures in April 2005:
1.Approved the following authorized banks to operate new foreign exchange derivatives business:
(1) Chinatrust Commercial Bank: Discretionary Foreign Currency Margin Trading.
(2) JPMorgan Chase Bank: Structured products composed of NTD/FCY CCS linked with NTD IRS, FCY IRS and FCY IRO.
2.The following authorized bank began conducting foreign exchange derivatives business by notifying the CBC after the commencement of business for reference and filing:
First Commercial Bank: Structured products composed of NTD Time Deposits linked with NTD IRS, FCY IRS, FCY IRO and F CY Interest Rate Swaptions.
3. Authorized 2 branches of Bank of Taiwan to operate the foreign exchange business. In addition, 2 non-authorized foreign exchange banks were approved to sell/buy foreign currency banknotes and traveler’s checks. As of the end of April 2005, there were 1,109 authorized foreign exchange banks, including 1,043 domestic banks and 66 foreign banks.