Trading Activity in the Taipei Foreign Exchange Market in November 2008
PRESS RELEASE Release Date: December 31, 2008
Trading Activity in the Taipei Foreign Exchange Market
in November 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$270.8 billion in November 2008. The average daily turnover was US$13.5 billion .
Transactions between banks and customers accounted for 31.2 percent of total net turnover, with interbank transactions making up the remaining 68.8 percent .
NT dollar/foreign currency trading accounted for 49.9 percent of total trading volume, of which the share of NTD/USD trades was 47.2 percent .
Spot transactions accounted for the lion’s share with 46.7 percent of total turnover followed by foreign exchange swaps with 39.0 percent and outright forwards with 8.3 percent .
Direct trades accounted for 58.6 percent of all interbank foreign exchange transactions, and the remaining 41.4 percent was through money brokers .
In addition to the above-mentioned foreign exchange transactions, other derivatives were also offered by banks. In November 2008, the turnovers of interest rate swaps and forward rate agreements were US$14.3 billion and US$1.5 billion, respectively .