The Taiwan Futures Exchange (TAIFEX) yesterday unveiled two options contracts denominated in yuan on the exchange of the US dollar against the yuan to provide investors with more hedging tools.
The two contracts are the first yuan-denominated foreign-exchange options contracts against the US dollar in the world, the TAIFEX said.
One of the two yuan options contracts is traded based on the settlement price quoted by the Taipei Foreign Exchange Market Development Foundation, while the other is traded based on the settlement price quoted by the Treasury Markets Association of Hong Kong, the TAIFEX said.
The two options contracts, which are traded between 8:45am and 4:15pm every business day, are to be settled in cash, the exchange said.
The two new options contracts are follow-up yuan products launched by the TAIFEX after two yuan-denominated futures contracts on the exchange rate of the US dollar against the yuan were introduced by the exchange on the local market in July last year.
In the new product launch ceremony, Securities and Futures Bureau chief secretary Chou Hui-mei (周惠美) said that the two new options contracts are expected to meet rising demand for yuan-denominated transactions on the local market.
Chou said that the nation signaled its ambition to become an offshore yuan trading center when the TAIFEX launched two yuan-denominated futures contracts on the exchange rate between the US dollar and the yuan last year.
With the presence of the two new products, the nation has moved even closer to its goal of transforming itself into an offshore yuan trading center by providing a wider range of yuan-denominated financial products, he said.
Since the TAIFEX launched the two yuan-denominated futures contracts on the US dollar against the yuan exchange rate on July 20 last year, the average daily trading volume has been 6,628 contracts, according to Financial Supervisory Commission data.
Citing the figure, Chou said that the products have received a warm reception in the local market.
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