Trading Activity in the Taipei Foreign Exchange Market in October 2008
PRESS RELEASE Release Date: December 1, 2008
Trading Activity in the Taipei Foreign Exchange Market
in October 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$494 billion in October 2008. The average daily turnover was US$22.5 billion .
Transactions between banks and customers accounted for 33.0 percent of total net turnover, with interbank transactions making up the remaining 67.0 percent .
NT dollar/foreign currency trading accounted for 40.6 percent of total trading volume, of which the share of NTD/USD trades was 35.8 percent .
Spot transactions accounted for the lion’s share with 51.5 percent of total turnover followed by foreign exchange swaps with 32.3 percent and outright forwards with 11.2 percent .
Direct trades accounted for 64.3 percent of all interbank foreign exchange transactions, and the remaining 35.7 percent was through money brokers .
In addition to the above-mentioned foreign exchange transactions, other derivatives were also offered by banks. In October 2008, the turnovers of interest rate swaps and forward rate agreements were US$10.7 billion and US$2 billion, respectively .