Foreign exchange bank - gaikoku kawase ginkou

A general term for banks that handle foreign exchange transactions, such as buying and selling foreign currency, issuing and accepting letters of credit, purchasing export bills, and accepting and settling import bills. Also referred to as exchange banks, foreign exchange banks, foreign exchange banks, foreign exchange banks, etc.

Before the Second World War, foreign exchange business in Japan was mainly handled by special banks such as the Yokohama Specie Bank, the Bank of Korea and the Bank of Taiwan, which were former colonies, and banks affiliated with the zaibatsu. After the war, only financial institutions authorized under the Foreign Exchange and Foreign Trade Control Law (Foreign Exchange Law) (Law No. 228 of 1949) and the Bank of Tokyo (currently Mitsubishi UFJ Bank), a foreign exchange specialist bank licensed under the Foreign Exchange Bank Law (Law No. 67 of 1954), were called authorized foreign exchange banks (consisting of Class A authorized foreign exchange banks and Class B authorized foreign exchange banks, which have a slightly narrower business field), that is, foreign exchange banks.

However, in the midst of the movement towards globalization in the 1990s, financial system reform (Japan's version of the Financial Big Bang) was implemented, and the old Foreign Exchange Act was replaced by the Foreign Exchange and Foreign Trade Act (Revised Foreign Exchange Act) in April 1998, and the Foreign Exchange Bank Act was abolished in the same year. As a result, foreign exchange transactions, which were only permitted for certain banks under the old Foreign Exchange Act, were opened up to not only other financial institutions but also to general companies and individuals, and were completely liberalized. In addition, the foreign exchange bank principle, which limited foreign exchange-related operations such as buying and selling foreign currency and lending overseas to authorized foreign exchange banks, was abolished, and bank transaction reporting obligations were simplified.

Under the old Foreign Exchange Law, authorized banks were restricted in their foreign exchange positions (the amount of assets denominated in foreign currency minus the amount of liabilities, also called foreign exchange position) due to yen conversion regulations (foreign exchange banks were restricted from taking in short-term foreign currency funds from overseas and converting them into yen funds for domestic loans, etc.). However, with the repeal of yen conversion regulations in June 1984, it became possible to conduct foreign exchange transactions by setting to zero (squaring) the positions (spot positions or spot positions), including futures transactions, which are made by promising future transaction dates and conditions, in spot transactions, where settlement is made at the same time as the transaction is concluded. For example, even if a spot transaction had a short position (a capital position of excess foreign currency), it was possible to offset this by buying futures with trading companies as the counterparty (squaring the overall position). As a result, it became easier for foreign exchange banks to provide impact loans (loans denominated in domestic currencies), and they borrowed short-term funds (tanshi) from overseas to invest in the domestic asset market, particularly in special money trusts known as "tokkin" and financial product fund trusts known as "fantora," which are managed by trust banks at their discretion as investment advisors. In this way, foreign exchange banks had a major impact on the large inflow of overseas short-term capital from the late 1980s and the formation of the bubble economy. The 1998 amendment to the Foreign Exchange Law was intended to revitalize the economy after the collapse of the bubble by aligning the domestic foreign exchange market with global standards, and was said to be the first step in Japan's version of the financial big bang.

On the other hand, interbank foreign exchange settlement is risky due to fluctuations in foreign exchange rates. To avoid this, specialized banks that handle global foreign exchange settlements centrally have begun to intervene between banks to settle foreign exchange transactions in real time, thereby avoiding the risk of time lags until settlement is completed. In this context, the first bank to start multi-currency settlement operations for foreign exchange transactions in August 1995 was ECHO (Exchange Clearing House Limited) in the UK, which was established mainly by European banks. ECHO was under the supervision of the Bank of England. Meanwhile, in the US, Multinet (Multinet International Bank) was established mainly by North American banks in 1996, and began multi-currency settlement operations. These two were later merged into CLS Services, which was established in the UK in 1997. CLS Services increased its capital and established CLS Bank as a bank that would carry out "continuous linked settlement" for foreign exchange transactions. CLS Bank was established in September 2002 with 39 members, mainly major Japanese, US and European banks, and started with seven currencies (Australian dollar, Canadian dollar, euro, Japanese yen, Swiss franc, British pound, US dollar). As of 2018, there are 68 members and 18 currencies (Australian dollar, Canadian dollar, euro, Japanese yen, Swiss franc, British pound, US dollar, Singapore dollar, Swedish krona, Norwegian krone, Danish krone, Hong Kong dollar, Korean won, New Zealand dollar, South African rand, Mexican peso, Israeli shekel, Hungarian forint).

Under Japan's current Banking Act, a bank is defined as a company that either takes deposits and lends or conducts foreign exchange operations. Since 2000, the financial system has been undergoing change with the entry of companies from other industries into the banking industry and the emergence of internet-only banks, and the nature of the Banking Act has come into question.

[Tamushi Hijikata and Takuo Maeda March 18, 2016]

"Banks: A History of Modern Japanese Industrial Development 26," edited by Watanabe Sahei and Kitahara Michinori (1966, Kojunsha Publishing Bureau)" ▽ "Systematic Financial Dictionary," edited by Takahashi Taizo et al. (1966, Toyo Keizai Shinposha)" ▽ "The International Monetary System, by Yamamoto Eiji (1997, Iwanami Shoten)" ▽ "Settlement Risk Management and Future Issues: The Ideal Method of Intraday Liquidity Supply under the RTGS System," by Kawamura Sayuri (published in the November 1997 issue of Japan Research Review, 1997, Japan Research Institute)" ▽ "Reducing Foreign Exchange Settlement Risk: Progress Report (provisional translation by the Bank of Japan), Committee on Payment and Settlement Systems, Bank for International Settlements (1998, Bank for International Settlements)" ▽ "Modern International Finance," edited by Kamikawa Takao, Fujita Seiichi, and Mukai Hisakazu (2003, Yuhikaku)" ▽ "Masahiro Uchida, "CLS in Foreign Exchange Settlement" (Kagoshima Prefectural Junior College Bulletin, Humanities and Social Sciences Vol. 63, 2012, Kagoshima Prefectural Junior College)"

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

外国為替の売買、信用状の発行・接受、輸出手形の買取り、輸入手形の引受け・決済など、外国為替業務を営む銀行の総称。為替銀行、外為(がいため)銀行、為銀(ためぎん)などと略称される。

　第二次世界大戦前の日本における外国為替業務は、横浜正金(しょうきん)銀行、旧植民地の朝鮮銀行や台湾銀行などの特殊銀行が主体で、それに財閥系の銀行が加わっていた。戦後は、「外国為替及び外国貿易管理法（外為法）」（昭和24年法律第228号）の認可を受けた金融機関と、「外国為替銀行法」（昭和29年法律第67号）の免許を受けた外国為替専門銀行の東京銀行（現、三菱(みつびし)UFJ銀行）のみが外国為替公認銀行（甲種外国為替公認銀行と、若干業務分野の狭い乙種外国為替公認銀行よりなる）、すなわち外国為替銀行とよばれてきた。

　しかし、1990年代のグローバリゼーション（国際化）の動きのなかで金融制度改革（日本版金融ビッグバン）が進められ、旧外為法にかわって「外国為替及び外国貿易法（改正外為法）」が1998年（平成10）4月に施行、また同年外国為替銀行法が廃止された。これにより、旧外為法で一部の銀行にしか認められていなかった外国為替取引を、他の金融機関のみならず一般企業や個人にも開放し、完全自由化した。また、外貨の売買や海外への貸付など外為関連業務を外国為替公認銀行に限定していた為銀主義の廃止と、銀行の取引報告義務の簡素化が行われた。

　かつての旧外為法による公認銀行は、円転換規制（外国為替銀行が海外から短期外貨資金を取り入れて国内の貸出などに運用するため円資金にかえることを規制する為替管理）によって、為替持高(もちだか)（外貨建ての資産残高から負債残高を差引いた額で、為替ポジションともいう）を規制されていた。しかし、1984年（昭和59）6月の円転換規制撤廃によって、売買成立と同時に決済が行われる直物(じきもの)取引では、将来の取引期日・条件を約束して行われる先物取引を含めた持高（直先(じきさき)総合持高または直先総合ポジション）をゼロにすること（スクエアという）で為替取引ができるようになった。たとえば直物では売り持ち（資金ポジションは外貨過剰）になっても、これを商社などを相手方とする先物買いで相殺（総合ポジションでスクエア）しておけばよいことになった。この結果、外為銀行のインパクト・ローン（国内外貨建て貸付）の供与が容易になり、海外から短期資金（短資）を借り入れて、とくに「特金(とっきん)」とよばれる特定金銭信託や、信託銀行が投資顧問として顧客から裁量を任されて運用する「ファントラ」とよばれる金融商品ファンド・トラストなどの国内資産市場に投資した。こうして外為銀行は、1980年代後半からの海外短資の大流入とバブル経済の形成に大きな影響を与えた。1998年の外為法の改正は、国内の外国為替市場をグローバルスタンダード（国際基準）にあわせることで、バブル崩壊後の経済活性化につなげようとするもので、日本版金融ビッグバンの第一弾といわれた。

　一方、外国為替相場の変動によって銀行間の為替決済にはリスクが伴うが、これを避けるため、世界的な外国為替取引の決済を一元的に扱う専門銀行が、銀行間の外為取引の間に入って即時決済し、決済完了までの時間差リスクを回避することが行われるようになった。そのようななか、1995年8月から外国為替取引の多通貨決済業務を最初に始めたのが、ヨーロッパの銀行が中心となって設立したイギリスのECHO（Exchange Clearing House Limited）である。ECHOは、イングランド銀行の監督下にあった。他方、アメリカでも北米の銀行が中心となって1996年にMultinet（Multinet International Bank）が設立され、多通貨決済業務が行われた。その後、この二つは1997年にイギリスに設立されたCLSサービシズに統合された。CLSサービシズは増資により、外為取引の決済にあたって、「即時に個々の取引をリンクさせた決済」（continuous linked settlement）を行う銀行としてCLS銀行を創設した。CLS銀行は2002年9月に日米欧の大手銀行をおもな出資者とする39メンバーで、決済対象通貨は7通貨（オーストラリア・ドル、カナダ・ドル、ユーロ、日本円、スイス・フラン、イギリス・ポンド、アメリカ・ドル）から始まった。2018年時点では68メンバー、18通貨（オーストラリア・ドル、カナダ・ドル、ユーロ、日本円、スイス・フラン、イギリス・ポンド、アメリカ・ドル、シンガポール・ドル、スウェーデン・クローナ、ノルウェー・クローネ、デンマーク・クローネ、香港ドル、韓国ウォン、ニュージーランド・ドル、南アフリカ・ランド、メキシコ・ペソ、イスラエル・シェケル、ハンガリー・フォリント）となっている。

　日本の現行銀行法は、預金と貸出をあわせ行うか、為替業務を実施するかのいずれかを行っている企業を銀行と位置づけている。2000年以降、異業種の銀行業参入やインターネット専業銀行の登場などに伴い、金融制度が変革されており、そのなかで銀行法のあり方が問われている。

［土方　保・前田拓生　2016年3月18日］

『渡辺佐平・北原道貫編『銀行　現代日本産業発達史26』（1966・交詢社出版局）』▽『高橋泰蔵他編『体系　金融大辞典』（1966・東洋経済新報社）』▽『山本栄治著『国際通貨システム』（1997・岩波書店）』▽『河村小百合「決済リスク管理と今後の課題――RTGSシステム下での日中流動性供給のあり方」（『Japan Research Review』1997年11月号所収・1997・日本総合研究所）』▽『国際決済銀行支払・決済システム委員会「外為決済リスクの削減について――経過報告（日本銀行仮訳）」（1998・国際決済銀行）』▽『上川孝夫・藤田誠一・向寿一編著『現代国際金融論』新版（2003・有斐閣）』▽『内田昌廣「外国為替決済におけるCLS」（『鹿児島県立短期大学紀要』人文・社会科学篇63所収・2012・鹿児島県立短期大学）』

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