Trading Activity in the Taipei Foreign Exchange Market
PRESS RELEASE Release Date: September 30, 2008
Trading Activity in the Taipei Foreign Exchange Market
in August 2008
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$382.5 billion in August 2008. The average daily turnover was US$18.2 billion .
Transactions between banks and customers accounted for 29.6 percent of total net turnover with interbank transactions making up the remaining 70.4 percent .
NT dollar/foreign currency trading accounted for 48.4 percent of total trading volume of which the share of NTD/USD trades was 46.0 percent .
Spot transactions accounted for the lion’s share with 50.7 percent of total turnover followed by foreign exchange swaps with 31.5 percent and outright forwards with 9.3 percent .
Direct trades accounted for 59.5 percent of all interbank foreign exchange transactions and the remaining 40.5 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$13,578.9 million and US$274.2 million, respectively .