Approved foreign exchange business in August 2010
PRESS RELEASE Release Date: September 13, 2010
Approved foreign exchange business in August 2010
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. Mega Bills, China Bills Finance Corp., Ta Ching Bills Finance Corp., Taishin Bills Finance Corp., Taiwan Shin Kong Commercial Bank Co. Ltd., BNP Paribas, Taipei Branch to certify, underwrite, engage in brokerage and trading of onshore foreign currency short-term bills.
2. Yuanta Securities Co. to engage in brokerage and trading of onshore foreign currency short-term bills.
3. Taiwan Depository & Clearing Corp. to outsource custody, present, repay, and payment regarding underwrite, IPO and repay of foreign currency short-term bills in physical form to Mega International Commercial Bank Co., Ltd.
4. Taiwan Depository & Clearing Corp. to clear and settle onshore foreign currency short-term bills
5. 3 authorized banks to conduct foreign exchange derivatives business via the negative list approach including：
(1)EnTie Commercial Bank ：Structured Products composed of FCY Interest Rate Swaps, Interest Rate Options and FCY Interest Rate Swaptions.
(2)EnTie Commercial Bank： Structured Products composed of FCY Time Deposits and FCY Options.
(3) DBS Bank Ltd., Taipei Branch：Commodity Options.
6. 28 branches of 8 banking enterprises to operate foreign exchange business. As of the end of August 2010, there were 1,592 authorized foreign exchange banks, including 1,528 domestic banks and 64 foreign banks.