Trading Activity in the Taipei Foreign Exchange Market in November 2007
PRESS RELEASE Release Date: December 31, 2007
Trading Activity in the Taipei Foreign Exchange Market
in November 2007
The trading activity in the Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$473.0 billion in November 2007. The average daily turnover was US$21.5 billion .
Transactions between banks and customers accounted for 31.1 percent of total net turnover, with interbank transactions making up the remaining 68.9 percent .
NT dollar/foreign currency trading accounted for 38.3 percent of total trading volume, of which the share of NTD/USD trades was 36.0 percent .
Spot transactions accounted for the lion’s share with 52.3 percent of total turnover followed by foreign exchange swaps with 29.1 percent and outright forwards with 10.4 percent .
Direct trades accounted for 66.4 percent of all interbank foreign exchange transactions, and the remaining 33.6 percent was through money brokers .
In addition to the above-mentioned foreign exchange transactions, other derivatives were also offered by banks. The turnovers of interest rate swaps and interest rate options were US$10,872.6 million and US$1,722.3 million, respectively .