Approved foreign exchange business in January 2010
PRESS RELEASE Release Date: February 11, 2010
Approved foreign exchange business in January 2010
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. Legg Mason Investments (Taiwan) Limited to act as offshore funds’ domestic trustees to manage the sale of funds to specific clients privately.
2. 2 authorized banks to conduct foreign exchange derivatives business via the negative list approach including：
（1） DBS Bank, Taipei Branch ：FX Target Redemption Forward composed of FCY Exchange Rate Forward Contracts linked to FCY Options.
（2） Bank SinoPac：FCY Commodity Swaps Traded by Domestic and Foreign Legal Entities.
3. 13 branches of 4 banking enterprises to operate foreign exchange business. As of the end of January 2010, there were 1,491 authorized foreign exchange banks, including 1,395 domestic banks and 96 foreign banks. In addition, 7 branches of 4 banking enterprises were approved to sell/buy foreign currency banknotes and traveler’s checks.