Approved foreign exchange business in July 2014
PRESS RELEASE Release Date: August 13, 2014
Approved foreign exchange business in July 2014
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. United Overseas Bank Taipei Branch to operate NTD/FCY Cross Currency Swaps.
2. Hua Nan Securities to engage in wealth management business by means of NTD and foreign currency non-discretionary individually managed money trust.
3. JihSun Securities to engage in proprietary trading of foreign securities business provided such trading is neither an investment of proprietary funds nor done to meet hedging purpose.
4. Barclays Bank Taipei Branch to underwrite foreign-currency denominated International Bonds.
5. 5 branches of Land Bank of Taiwan to operate foreign exchange business. As of the end of July 2014, there were 3,380 authorized foreign exchange banks, including 3,341 domestic banks, 3 Mainland banks and 36 foreign banks.