Dear Derivatives Week subscriber: 

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Top stories this week: 
_______________________________________________________________ 
TAIWAN BANKS SET TO ENTER SWAP MARKET FOR CHEAP DOLLAR FUNDS.  
Taiwan-based banks are planning to exploit the ballooning interest rate 
differential between 
Hong Kong and U.S. dollars in order to achieve cheaper dollar financing. 
Several banks are 
planning their first Hong Kong dollar-denominated issues, including 
Chinatrust Commercial 
Bank. 
? 
PLAYERS CHARGE INTO EURO FLATTENING TRADES.  
Several banks were seen putting on flattening trades in the euro swaps market 
last week. 
Deutsche Bank, for example, put on a flattening trade in the 10 and 30 year 
sectors. 
? 
TAIWAN REGULATORY CHANGE GOOD FOR FOREIGN BANKS. 
Recent regulatory changes in Taiwan will likely be a boon for foreign banks 
in the warrants 
business, as the new rules will encourage local securities houses to partner 
with them. 
_______________________________________________________________ 

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