Taiwan allows local banks to access offshore NDF market
The latest relaxation of Taiwan's financial regulations gives local banks access to a market worth hundreds of billions of dollars
Taiwan's authorities recently reopened non-deliverable forwards (NDFs) trading for overseas branches of Taiwanese banks, with the aim of giving local firms a chance to break into a market that has a notional value of hundreds of billions of dollars and is entirely serviced by foreign banks.
The Taiwan dollar NDF market opened in 1995, but the country's regulator closed it down in 1998, claiming it was partly responsible for the falling value of the currency during the Asian financial crisis.
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