The central bank yesterday said it would further simplify the procedure for foreign investors’ use of pledged stock, aiming to raise their investments in Taiwan’s securities.
The bank said the simplified procedure, which will come into force on July 31, would also help lower investors’ foreign exchange risks, according to a statement.
In Taiwan, investors can offer securities or other assets as collateral to lenders in return for a loan if they plan to make further investment in the securities market.
The central bank said after discussions with the nation’s custodian bank for foreign investors, Taiwan Depository and Clearing Corp (台灣集中保管結算所), the government has decided to make it easier for foreign investors to use pledged securities.
However, the bank did not elaborate on how it will make the procedure easier.
“The move will also help local banks expand their loan business,” the bank said in the statement.
Hua Nan Securities Investment Management Co (華南投顧) chairman David Chu (儲祥生) said yesterday he remained neutral about the move, believing it would have only a limited effect on the securities market.
“Most foreign investors are not short of funds and they will not rush to enlarge their credit lines,” Chu said by telephone.
The improvement of market fundamentals remain the key to attracting foreign investors to raise their holdings in Taiwan’s stock market, he added.
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