Important Measures in November 2007
PRESS RELEASE Release Date: December 12, 2007
Important Measures in November 2007
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank took the following measures in November 2007:
1. Approved Chinatrust Commercial Bank to accept foreign exchange business instructions through internet.
2. Allowed the following authorized banks to conduct foreign exchange derivatives business via the negative list approach:
(1) ABN AMRO Bank: Structured Products composed of FCY Time Deposit linked to FCY IRO.
(2) The Hongkong and Shanghai Banking Corp. Ltd.: Structured Products composed of FCY Time Deposit linked to FCY denominated Gold Options.
(3) UBS AG: Foreign Exchange Credit Default Swaps.
(4) E. Sun Commercial Bank, Ltd.: Structured Products composed of NTD Time Deposit linked to FCY Options.
(5) Taishin International Bank: FCY Structured Products composed of FCY Time Deposit linked to FCY Commodity Price Swaps.
3. Approve First Global Investment Trust Co. Ltd. to conduct Foreign Currency Discretionary Investment Business.
4. Authorized 3 branches of 2 banking enterprises to operate the full range of foreign exchange business. As of the end of November 2007, there were 1,202 authorized foreign exchange banks, including 1,141 domestic banks and 61foreign banks. In addition, 8 branches of Chinatrust Commercial Bank were approved to sell/buy foreign currency banknotes and traveler's checks.