Taiwan Bills Index Rate (TAIBIR)

Taiwan Bills Index Rate (TAIBIR)

Introduction

Ⅰ.Construction and Operation of TAIBIR lists as follows:

The contributing panels of TAIBIR consists 20 members of BFA. Addressing the panel’s contributors in particular. (1)Bill Finance Corporation is the most qualified contributors. (2)Banks or securities firms engage significant. (3) Transaction volumes of over certain % in short-term bills market. (3)Well-capital Local Commercial banks. (4)Any foreign bank that has conducted short-term bills transactions in the most recent year.

A. Index Rate Events

Panel contributors shall input rates as follows: (1)Terms are categorized in period of days: 10, 20, 30, 60, 90, 120, 150, 180, 365 days. (2)Input rates as following:

B. Primary and Secondary Index Rate

a. Primary market: Bid Rate. b. Secondary market: Bid/Offer of short term bills.

C. The System

TDCC provides the on-going transmitting system in order to make the current development most cost efficient.

D. Input Rate Schedule

Panel contributors shall input rates by 9am to12 noon.

E. Index Compilation

Fixing rates are calculated at 11am every business day, per fixing rate daily in both index rates listed below: (1)TAIBIR 01 (Primary market fixing rate). (2)TAIBIR 02 (Secondary market fixing rate).

F. Calculation

Fixing rate is calculated in the result of easy average after elimination on the one-fifth of the highest and lowest inputs.

Ⅱ. On-Line Monitoring

Daily real-time on-line surveillance mechanism will be conducted by TDCC, and the fixing rate together with the relative information will be delivered to FSC, the Central Bank and BFA for reference. The rates input process will be actively monitored everyday. Where discrepancies are identified, BFA identify the discrepancies and the alert with warning or replace the institution if it is unable to offer a reasonable explanation for its rates. The relative information will be reported to FSC and the Central Bank.

Reference

(1) Announcements on TDCC website(www.tdcc.com.tw). (2) Contact information: 886-2-2719-5805

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