Approved foreign exchange business in May 2011
PRESS RELEASE Release Date: June 13, 2011
Approved foreign exchange business in May 2011
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. ABN AMRO Bank, Taipei Branch to engage in non-discretionary NTD and FCY trust funds for investment in offshore funds.
2. DBS Bank Ltd., Taipei Branch to conduct Structured Products composed of FCY Commodity Swaps and FCY Commodity Options.
3. KGI Securities Co., Ltd. to operate non-proprietary fund investment or hedging related foreign securities trading business involving inward and outward remittances.
4. 28 branches of 7 banking enterprises to operate foreign exchange business. As of the end of May 2011, there were 1,784 authorized foreign exchange banks, including 1,717 domestic banks and 67 foreign banks.