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In order to qualify for an initial public offering on the Taiwan Stock Exchange TWSE , domestic public companies or foreign issuers that have not listed their shares on any other stock exchange have to meet certain financial and operational criteria. Applications for a secondary listing filed by foreign listed companies are submitted to the Foreign Listing Department and reviewed by the relevant internal committee.
Once listed, the company must comply with listing requirements such as the payment of listing fees and the filing of quarterly audited financial reports. The TWSE promotes good corporate governance among its listed company community. The TWSE supervises and regulates their financial and operational status on a routine basis, carries out exception management, requires appropriate disclosure of material information, and verifies the filing documents. At the same time, the TWSE has focused on expanding its listed product offering by providing investors with a growing array of investment and hedging tools.
Listing applications of call warrants began to be accepted in September and put warrants in January Offshore ETFs were introduced in August The amended Regulations Governing Futures Trust Enterprises passed in May allowed futures trust enterprises to start raising funds for the launch of futures-based gold commodity ETFs at the beginning of In , the dual currency ETF trading mechanism was launched in August; during the same year, the FSC revised rules allowing futures trust enterprises to issue leveraged and inverse futures ETFs, leading to the launch of three crude oil and gold leveraged and inverse futures ETFs by the end of the year.
Taiwan has been educating public companies on the importance of corporate governance since The Executive Yuan formed the "Corporate Governance Reform Task Force" on January 7, to study various issues of corporate governance for drafting the " Corporate Governance Policy Doctrine and Action Plans ", which then became the basis of promoting corporate governance.
The Financial Supervisory Commission launched the Corporate Governance Roadmap in , which proposes thirteen substantive measures to achieve the following five goals: Beginning in , the Center began the annual Corporate Governance Evaluation System which aims to enhance the corporate governance practices of listed companies.
The Center also launched its official website http: Starting in , the Center included the Information Disclosure and Transparency Ranking System into the annual Corporate Governance Evaluation System, and mandates companies fitting certain criteria to submit a Corporate Social Responsibility Report as part of their annual material information disclosure. In , the TWSE established the Stewardship Principles for Institutional Investors, which encourages them to abide by the commitments of the Principles and continue to monitor investee companies.
The TWSE continues to amend relevant corporate governance regulations, conduct promotional and educational events, and strengthen international ties. When the TWSE was first established, trading in the centralized market place was carried out on an open trading floor.
However, to meet the changing needs of the market environment, the trading system has progressed through several phases. In August , the open trading floor was gradually replaced with a computer-aided trading system CATS , which was eventually upgraded from May to November to a fully automated securities trading FAST system, which has heightened the trading capacity and efficiency of the stock market.
The trading hours of the centralized market trading session are as follows: After-hour Fixed Price Trading Block Trading Non-paired Trade Investors can place orders in person, by phone or internet. In special cases, listed stocks may be traded through negotiation, auction, tender or other means.
With the exception of warrants, trades of all securities are generated by call auction. As for warrants, orders are matched on a continuous basis during an intraday regular trading session. At the opening and closing of the trading session, warrant orders are still matched by call auction.
In addition, investors can trade through an omnibus trading account. The TWSE implements a same-day clearing method and employs a multilateral net settlement to calculate the net amounts of shares and funds receivables and payables between securities firms and the TWSE. If a sufficient amount of securities cannot be borrowed to cover the shortfall, the buying securities firm will get due bills issued by the TWSE as temporary coverage and the selling securities firm has to purchase shares for the buying securities firm within the settlement cycle.
Settlement in foreign currencies is conducted through Cathay United Commercial Bank. When a securities firm defaults, another securities firm will be designated by the TWSE to complete settlement on behalf of the defaulted firm and to liquidate the defaulted positions in the market. Afterwards, the TWSE shall pursue the recovery of funds from the defaulting securities firm. If the firm fails to make the deposit within the time limit, the TWSE will halt its market trading.
A regional back-up site and remote back-up site were established to guard against any possible system failure. The quality and efficiency of the TWSE information services has been duly recognized. Lenders primarily include trust enterprises, insurance companies and certain qualified foreign institutional investors, while borrowers include securities firm lending accounts, securities broker-dealers, and certain qualified foreign institutional investors.
These institutions apply to the TWSE to undertake securities lending transactions that are either fixed-rate, competitive bid, or negotiated trades. In this way, lenders can profit from their securities lending activity and at the same time meet trading, hedging, arbitrage, and settlement needs of borrowers, all of which help to increase the efficiency and liquidity of market transactions.
The TWSE has entered into Memorandums of Understanding with more than 30 foreign stock exchanges, and has pursued and developed bilateral agreements with stock exchanges in the US, Japan, Korea, and Malaysia.
In terms of cooperation, the TWSE has worked with various partners to expand the network between exchanges through cross listing ETFs and other products, co-compiling indices, cooperating on marketing respective products, and engaging in exchange visits and staff training.
Furthermore, the TWSE shares our capital market experience through the exchange of information in working groups, thereby offering the operational direction guidance of other exchanges. In addition, the TWSE organizes conferences and forums at which international scholars and experts speak to investment houses and financial institutions on current worldwide market trends and developments.
The professional index company can effectively and rapidly respond to meet demands and enhance quality of index services. According to the Securities and Exchange Law, the establishment of a securities firm and its branches has to be approved and licensed in advance by the competent authority.
Prior to participating in the market, a securities firm must sign a contract with TWSE then make a prorated deposit into a settlement and clearing fund. The securities firm is responsible for its employees in both sales representation and ethical behavior when conducting centralized market business.
To enhance their financial structure and risk management, all securities firms must meet capital adequacy ratio requirements in order to stay in business.
The TWSE regularly sends inspectors to check the securities brokers and dealers on-site to verify that their business operations and financial status meet all these requirements.
In addition, the TWSE maintains a whistleblower system that helps scrutinize the operational risk of securities firms. This system also provides for a risk control database for margin trading in order to strengthen the risk management of securities firms.
For the purpose of simplifying and reducing paperwork for trading participants, the TWSE established a unified reporting system in that enables securities brokers to file all TWSE-required reports through a single electronic user interface.
The TWSE develops various innovative services for our investors. To manage the internet era of exploding and rapidly changing information, the TWSE furthers its effort in providing diversified online service platforms.
These events are aimed at people from all walks of life so as to find ways to connect financial knowledge to the investing public. Currently, our financial literacy campaign, outreach and promotion are focused on two major areas: Financial literacy activities on campus include: Available also are prizes, games, educational comics and videos of securities investment, which makes learning more engaging and active. The TWSE makes special effort to provide the best service to all of our investors and hopes that with every step we take, the securities market will be ever more accessible to the general public.
To enhance the fairness and efficiency of securities trading, the TWSE uses various channels such as websites and publications to give investors easy access to securities information. Investors on the move may access these apps through their mobile or smart devices.
To inform and educate investors, the TWSE has compiled a series of booklets. The Center provides the following information:. Users can search by keyword, category, or news release for easy access to content. Amendments and historical versions of the rules and regulations are also provided for comparison and research purposes.