The State Bank of Pakistan (SBP) has allowed the Bank of Tokyo-Mitsubishi UFJ to conduct derivatives business (FX Options only) as Non-Market Maker Financial Institution (NMI), says the central bank Wednesday. It may be pointed out that six banks, including Citibank, Deutsche Bank, Faysal Bank Limited, Habib Bank Limited, Standard Chartered Bank (Pakistan) Limited and the United Bank Limited are already allowed to conduct financial derivatives business as Authorized Derivatives Dealers (ADDs) in Pakistan, the SBP said in a circular issued on Wednesday.
