Important Measures in March 2007
PRESS RELEASE Release Date: April 13, 2007
Important Measures in March 2007
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank announced the following measures in March 2007:
1.Approved the following authorized banks to operate new foreign exchange derivatives business:
(1) Oversea-Chinese Banking Corp. Ltd., Taipei Branch: NTD/FCY Options.
(2) Deutsche Bank, Taipei Branch：Structured Products composed of NTD Time Deposit linked to dbX-Diversified Alpha Index (with adjustable ratios for the three underlying funds of hedge funds) with CPPI technique.
2.Allowed the following authorized banks to conduct foreign exchange derivatives business by notifying the Bank after the commencement of business without the Bank's objection:
(1) Hua Nan Commercial Bank:FCY Structured Products composed of FCY Deposits linked to FCY IRS, FCY IRO and FCY Interest Rate Swaptions.
(2) Taishin International Bank: NTD Structured Products composed of NTD Deposits linked to FCY Options.
(3) Fuhwa Commercial Bank: FCY Commodity Options.
3.Approved Capital Securities Co., to act as offshore funds' domestic trustee to manage the sale to specific clients privately.
4.Approved ShinKong Securities Co., to handle consigned trading of foreign securities.
5.Approved Chang Hwa Bank and Bank of Taiwan to underwrite Formosa bonds.
6.Autorized 5 branches of 2 banking enterprises to operate the full range of foreign exchange business. In addition, 4 branches of 4 banking enterprises were approved to sell/buy foreign currency banknotes and traveler's checks. As of the end of March 2007, there were 1,157 authorized foreign exchange banks, including 1,094 domestic banks and 63 foreign banks.