Important Measures in January 2006
PRESS RELEASE Release Date: February 15, 2006
Important Measures in January 2006
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 January 2006:
1. Approved Hua Nan Commercial Bank to commence internet banking business involving foreign currencies.
2. Approved SinoPac Securities Firm to offer the following new foreign exchange derivatives: FCY IRS, FCY IRO, FCY Option on IRS, FCY Forward Rate Agreement, FCY Bond Forward and FCY Bond Option.
3. Approved UBS Securities Pte. Ltd. to handle consigned trading of foreign securities.
4. Approved JP Morgan Fleming Securities and MasterLink Securities to handle consigned trading of foreign securities, the settlement of the consignor’s money/securities and the receipt /payment of fees conducted in NTD.
5. Approved Leader Securities Investment Consulting Co., Ltd. Trust Co., Ltd., J.P. Morgan Fleming Securities and UBS Global Asset Management (Taiwan) Ltd. to handle private placement of offshore funds on behalf of clients
6.Approved Fuh-Hwa Investment Trust Co., Ltd. and Jih Sun Securities Investment Trust Co., Ltd. to handle public offer or private placement of funds in foreign currencies.
7. Authorized one branch of First Commercial Bank to operate the full range of foreign exchange business. In addition, one branch of each of Hua Nan Commercial Bank, E. Sun Commercial Bank, Jin Sun International Bank was approved to sell/buy foreign currency banknotes and traveler’s checks. As of the end of January 2006, there were 1,124 authorized foreign exchange banks, including 1,059 domestic banks and 65 foreign banks.