Taipei Forex Inc said yesterday it had changed its practice of updating trading volume from every 15 minutes to twice a day — a move that was supported by central bank Governor Perng Fai-nan (彭淮南).
Starting yesterday, the forex company only disclosed the trading volume during the midday break and when the market closed at 4pm, it said in a statement.
PARTIAL DATA
Taipei Forex said it decided to stop the more than two-decade practice of disclosing the transaction volume every 15 minutes because its data only accounted for “a part of the total forex market turnover” in the country.
The total trading volume should also include those conducted at the smaller Cosmos Forex Inc and trading between banks, the company said in the statement.
Perng said the change did not represent “a step backwards” as Taipei Forex discloses more information than its counterparts in other countries.
“In other countries, their forex exchanges disclose only one item, but we disclose up to six items,” Perng said, referring to categories of exchange rate information.
According to Taipei Forex, only real time bid-ask price information is provided to market traders in Singapore, Hong Kong, Japan and the major financial markets in the US and Europe.
INFORMATION
In Taiwan, however, Taipei Forex offers information such as the real time bid-ask price; highs and lows for the day and the previous day; open and closing prices for the day and the previous day; and trading volume, it said.
Perng said that Taipei Forex’s move was in line with the international practice and that there were historical reasons why it used to disclose more exchange rate information.
“In the past, we needed to calculate the weighted average price to decide the fixed exchange rate based on the gold price, but since this system has been abolished, there is no need to disclose the trading volume every 15 minutes,” Perng said.
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