"金管會將不會禁止TRF衍生金融商品"

金融監督管理委員會（FSC）主委曾銘宗最近宣布台灣企業將不會禁止目標可贖回遠期契約（TRF）的金融衍生商品。儘管許多TRF商品都跟人民幣有關，曾銘宗表示銀行應改成更加謹慎並篩選消費者。

此舉來自當地公司，如華碩電腦，公告的第一季利潤微薄，這牽扯到人民幣貶值的關係。儘管台灣企業（含上市和未上市）有高達1600億新台幣以上的TRF商品風險，並有60億新台幣的潛在損失，但這在今日的經濟情況下仍被視為可容忍的數字。

國內外的企業對人民幣增值的預測都對TRF投資推波助瀾。然而，此種投資在過去四個月人民幣削弱了2.8%的時候，招致了大筆損失。曾銘宗指出，資本較小的未上市公司通常負擔比較沉重的TRF風險。

TRF的銷售量、合約條款和購買人將受限於月底前將實施的監督機制。現在也正在調查不公平的TRF營運，而曾銘宗則表示：「銀行應該賣TRF給恰當的客戶──不應該包含零售客戶。」而不照新規範走的銀行可能也會遭到公開點名。

(Business) TRF Derivatives Will Not Be Banned By FSC

Financial Supervisory Commission (FSC) Chairman William Tseng recently announced that Taiwanese companies will not bar target redemption forward (TRF) financial derivatives. Although many TRFs are yuan-linked, Tseng stated that banks should exercise caution and screen customers instead.

The move came after local companies, such as Asustek Computer Inc., posted soft first-quarter earnings related to yuan depreciation. Although the nations companies (both listed and unlisted) have exposure amounting to more than NT$160 billion in TRFs and a potential loss of NT$6 billion, this is still considered a bearable sum in todays economy.

A forecast of yuan appreciation by companies both within Taiwan and abroad had lent support to TRF investment. This investment, however, incurred significant losses when the yuan weakened 2.8 percent over the past four months. According to Tseng, unlisted firms with smaller capitalization tend to bear heavier TRF exposures.

TRF sales volume, contract terms and purchasers will be restricted by supervisory mechanisms implemented by the end of the month. A probe into unfair TRF operations is also currently underway, and Tseng stated that, Banks should sell TRFs to the right clients V that should not include retail customers, and that banks that do not cooperate with the new regulations may be publicly named.

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