Difference between revisions of "Taiwan Futures Exchange"

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| company_name = Taiwan Futures Exchange (Taifex)
 
| company_name = Taiwan Futures Exchange (Taifex)
 
| company_logo =  [[image:Taipex_pic.jpg{{!}}240px]]
 
| company_logo =  [[image:Taipex_pic.jpg{{!}}240px]]
| key_people =    [[Tony C. Fan]], Chairman; [[Steve Wang]], President & CEO
+
| key_people =    [[Tony C. Fan]], Chairman; Peter Chiu, President
 
| foundation =    1997
 
| foundation =    1997
 
| location =      Taipei, Taiwan
 
| location =      Taipei, Taiwan
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| homepage=        [http://www.taifex.com.tw/eng/eng_home.htm www.taifex.com]
 
| homepage=        [http://www.taifex.com.tw/eng/eng_home.htm www.taifex.com]
 
}}
 
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Foreign_Boards_of_Trade_Regulation Foreign Boards of Trade Regulation]</div>
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/CFTC_Final_Rule:_Investment_of_Customer_Funds_by_Futures_Commission_Merchants_and_Derivatives_Clearing_Organizations CFTC Final Rule: Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations]</div>
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/DCM Designated Contract Market Regulation]</div>
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<div class="item">[http://www.marketsreformwiki.com/mktreformwiki/index.php/Cross-Border_Activities_Regulation_-_Substituted_Compliance Cross-Border Activities Regulation - Substituted Compliance]</div>
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The Taiwan Futures Exchange (TAIFEX) is a 100 percent electronic trading marketplace that currently offers [[futures]] and [[options]] on major Taiwan stock indices, government bond futures, [[equity options]] and [[TAIFEX 30-Day Commercial Paper Interest Rate Futures|30-day commercial paper interest rate futures]].<ref>{{cite web|url=http://www.taifex.com.tw/eng/eng_home.htm|name=About Us|org=Taiwan Futures Exchange|date=June 20, 2008}}</ref>  It offers interface compatibility for foreign [[FCM]]s to connect to the market. Foreign investors can participate in the TAIFEX futures market through direct accounts and omnibus accounts. The TAIFEX Clearing House is a department of the Exchange.
  
The Taiwan Futures Exchange (TAIFEX) is a 100 percent electronic trading marketplace that currently offers [[futures]] and [[options]] on major Taiwan stock indices, [[government bond futures]], [[equity options]] and [[30-day CP interest rate futures]].<ref>{{cite web|url=http://www.taifex.com.tw/eng/eng_home.htm|name=About Us|org=Taiwan Futures Exchange|date=June 20, 2008}}</ref>  It offers interface compatibility for foreign [[FCM]]s to connect to the market. Foreign investors can participate in the TAIFEX futures market through direct accounts and omnibus accounts. The TAIFEX Clearing House is a department of the Exchange.
+
The Taiwan Futures Exchange ranked as the world's 17th largest derivatives exchange by volume in 2018. Total volumes for the year were 308 million contracts, up 15% from a year earlier, according to the [[Futures Industry Association]]'s latest volume rankings.<ref>{{cite web|url=https://marketvoice.fia.org/articles/record-year-derivatives|name=2018 Annual Volume Survey|org=Futures Industry.org|date=April 8, 2019}}</ref>
 
+
The Taiwan Futures Exchange ranked as the world's 17th-largest derivatives exchange by volume in 2010, moving up one position from the previous year. Total volumes for the year were up 3.5% from 2009, according to the [[Futures Industry Association]]'s latest volume rankings for 2010.<ref>{{cite web|url=http://www.futuresindustry.org/downloads/Volume-Mar_FI%28R%29.pdf|name=2010 Annual Volume Survey|org=Futures Industry.com|date=April 28, 2011}}</ref> The FIA report, published in March of 2011, states that the total amount of futures and options traded on the exchange was over 139.79 million contracts.
+
  
 
== History ==
 
== History ==
 
TAIFEX was established in 1997 and began [[trading]] in July 1998.
 
TAIFEX was established in 1997 and began [[trading]] in July 1998.
  
TAIFEX was issued a [[Part 30 Exemption]] by the CFTC on March 23, 2007.<ref>{{cite web|url=http://www.taifex.com.tw/eng/eng11/TAIFEX%20Press%20Release%20-%20TAIFEX%20Granted%20Part-30%20Exemption%20from%20CFTC.doc|name=TAIFEX Granted Part 30 Exemption by the CFTC|org=TAIFEX|date=February 5, 2009}}</ref> The exemption allows designated TAIFEX members to market TAIFEX products in U.S. directly to the U.S. [[investor]]s and indicates that TAIFEX has met with the international standards.
+
TAIFEX was issued a Part 30 exemption by the [[Commodity Futures Trading Commission]] on March 23, 2007, which allows foreign boards of trade to solicit and accept orders from U.S. customers without registering with the  CFTC.<ref>{{cite web|url=http://sirt.cftc.gov/sirt/sirt.aspx?Topic=ForeignPart30Exemptions|name=Foreign Part 30|org=TAIFEX|date=December 30, 2013}}</ref> The exemption allows designated TAIFEX members to market TAIFEX products in U.S. directly to the U.S. [[investor]]s and indicates that TAIFEX has met with the international standards.
 +
In October 2011, TAIFEX became a full member of the [[World Federation of Exchanges]].<ref>{{cite web|url=http://www.mondovisione.com/media-and-resources/news/taiwan-futures-exchange-becomes-full-member-of-the-world-federation-of-exchanges/|name=Taiwan Futures Exchange Becomes Full Member Of The World Federation Of Exchanges|org=MondoVisione|date=October 12, 2011}}</ref>
  
TAIFEX accepts two types of orders for [[execution]] - [[market order]]s and [[limit order]]s. However, an FCM may accept [[order]]s other than these two types at its own discretion, such as [[market-if-touched]], [[stop]], [[stop-limit]], [[one-cancels-the-other]], [[market-on-close]], [[straight cancel]], and [[cancel replace orders]].<ref>{{cite web|url=http://www.afmorg.net/members/directory/TAIFEX|name=Taiwan Futures Exchange|org=Association of Futures Markets|date=June 20, 2008}}</ref>
+
In October 2012, the exchange signed a memorandum of understanding (MOU) with [[NYSE Euronext]] to connect their respective customer bases in Asia, Europe and the U.S. through NYSE Euronext’s order routing system and to explore additional ties.<ref>{{cite web|url=http://www.taifex.com.tw/eng/event/event_cem06.htm|name=NYSE Euronext and Taiwan Futures Exchange Sign Memorandum of Understanding|org=TAIFEX|date=December 30, 2013}}</ref>
  
In October 2011, TAIFEX became a full member of the [[World Federation of Exchanges]].<ref>{{cite web|url=http://www.mondovisione.com/media-and-resources/news/taiwan-futures-exchange-becomes-full-member-of-the-world-federation-of-exchanges/|name=Taiwan Futures Exchange Becomes Full Member Of The World Federation Of Exchanges|org=MondoVisione|date=October 12, 2011}}</ref>
+
In February 2013, TAIFEX entered into a deal with Germany's [[Eurex]] to establish a link between the two exchanges, beginning with the ability to trade and clear derivatives based on [[TAIFEX TAIEX Futures|the TAIEX equity index]]. <ref>{{cite web|url=http://www.thetradenews.com/news/Regions/Asia/TAIFEX_broadens_international_reach_with_Eurex_deal.aspx|name=TAIFEX broadens international reach with Eurex deal|org=The Trade News|date=December 30, 2013}}</ref> Then, on December 27, 2013,  Eurex assumed a five percent stake in TAIFEX with the purchase of 12.92 million shares of the exchange from [[Yuanta Futures|Yuanta Financial Holdings]]. The deal was valued at $42 million.<ref>{{cite web|url=http://forexmagnates.com/taiwan-futures-exchange-gets-international-boost-with-eurex-shareholding/|name=Taiwan Futures Exchange Gets International Boost with Eurex Shareholding|org=Forex Magnates|date=December 30, 2013}}</ref> In May of 2014 Eurex and TAIFEX began listing daily futures based on futures and options on the Taiwanese blue-chip index TAIEX for the first time after Taiwanese trading hours at Eurex Exchange.<ref>{{cite web|url=http://www.mondovisione.com/media-and-resources/news/eurex-acquires-stake-in-taiwanese-futures-exchange-taifex-existing-strategic-p/#88859|name=Eurex Acquires Stake in Taiwanese Futures Exchange TAIFEX|org=Mondovisione|date=January 3, 2014}}</ref>
  
 
==Annual Volumes==
 
==Annual Volumes==
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|- align="left" style="background:#CCCCCC;"
 
|- align="left" style="background:#CCCCCC;"
 
| '''Year'''
 
| '''Year'''
|'''Total Annual Volume'''*
+
|'''Total Annual Volume'''
 
|'''Percent Change'''
 
|'''Percent Change'''
|'''World Ranking'''
+
|- align="left" style="background:#EEEEEE;"
 +
|2018
 +
|308,302,535
 +
|15.9%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2017
 +
|265,705,669
 +
|9.9%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2016
 +
|241,678,556
 +
|(-)8.6%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2015
 +
|264,495,660
 +
|30.7%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2014
 +
|202,227,653
 +
|32.0%
 +
|- align="left" style="background:#EEEEEE;"
 +
|2013
 +
|153,225,238
 +
|(-)2.2%
 
|- align="left" style="background:#EEEEEE;"
 
|- align="left" style="background:#EEEEEE;"
 
|2012
 
|2012
 
|156,731,912
 
|156,731,912
|(-) 14.4%
+
|(-)14.4%
|21
+
 
|- align="left" style="background:#EEEEEE;"
 
|- align="left" style="background:#EEEEEE;"
 
|2011
 
|2011
 
|182,995,171
 
|182,995,171
|(+) 30.9%
+
|30.9%
|19
+
 
|- align="left" style="background:#EEEEEE;"
 
|- align="left" style="background:#EEEEEE;"
 
|2010
 
|2010
 
|139,792,891
 
|139,792,891
|(+) 3.5%
+
|3.5%
|17
+
 
|- align="left" style="background:#EEEEEE;"
 
|- align="left" style="background:#EEEEEE;"
 
|2009
 
|2009
 
|135,125,695
 
|135,125,695
| --
+
| (-)1.2%
| --
+
 
|}
 
|}
 
===2010===
 
Annual total volume for TAIFEX increased nearly 3.5 percent from 135,125,695 contracts in 2009 to 139,792,891 contracts in 2010.<ref>{{cite web|url=http://www.taifex.com.tw/eng/eng7/eng7_1.asp|name=Highlights of Annual Trading Volume|org=TAIFEX|date=October 13, 2011}}</ref>
 
 
===2009===
 
TAIFEX ranked as the world's 18th-largest derivatives exchange by volume in 2009 but fell 1.2% on 2008's volume figure, according to the [[Futures Industry Association]]'s volume rankings for 2009.<ref>{{cite web|url=http://www.futuresindustry-digital.com/futuresindustry/201003#pg20|name=2009 Annual Volume Survey|org=FIA magazine|date=April 8, 2010}}</ref> The FIA report, published in early April 2010, notes that that TAIFEX's largest contract by volume, Taiex Options, fell 22.3% in 2009 to 72.08 million.
 
  
 
== Products ==
 
== Products ==
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* [[TAIFEX NT Dollar Gold Futures]]
 
* [[TAIFEX NT Dollar Gold Futures]]
 
* [[TAIFEX Single Stock Futures]]
 
* [[TAIFEX Single Stock Futures]]
 +
* [[TAIFEX ETF Futures]]
 +
 +
TAIFEX plans to launch two RMB FX futures contracts, the USD/CNT FX futures (RTF) and the USD/CNH FX futures (RHF) on July 20, 2015. RTF and RHF will have contract sizes of USD 20,000 and USD 100,000 respectively. Trading hours for both contracts will be from 8:45am to 4:15pm to cover the trading hours of the Taiwanese interbank spot FX market.
  
 
== Key People ==
 
== Key People ==
 
*[[Tony C. Fan]], Chairman
 
*[[Tony C. Fan]], Chairman
*[[Steve Wang]], President & CEO
+
*Peter Chiu, President
 
+
 
== References ==
 
== References ==
 
<references />
 
<references />
  
[[Category:FIA Associate Members]]
+
 
 
[[Category:Exchanges]]
 
[[Category:Exchanges]]
 
[[Category:Futures Exchanges]]
 
[[Category:Futures Exchanges]]
 
[[Category:World Federation of Exchanges]]
 
[[Category:World Federation of Exchanges]]
 
[[Category:MarketsWiki Page of the Day]]
 
[[Category:MarketsWiki Page of the Day]]

Latest revision as of 13:29, 11 April 2019

FTSE Russell banner 2016.gif
Taiwan Futures Exchange (Taifex)
Taipex pic.jpg
Founded 1997
Headquarters Taipei, Taiwan
Key People Tony C. Fan, Chairman; Peter Chiu, President
Products Futures and options on equity indexes; options on equities; futures on government bonds and interest rates, and gold futures
Website www.taifex.com

The Taiwan Futures Exchange (TAIFEX) is a 100 percent electronic trading marketplace that currently offers futures and options on major Taiwan stock indices, government bond futures, equity options and 30-day commercial paper interest rate futures.[1] It offers interface compatibility for foreign FCMs to connect to the market. Foreign investors can participate in the TAIFEX futures market through direct accounts and omnibus accounts. The TAIFEX Clearing House is a department of the Exchange.

The Taiwan Futures Exchange ranked as the world's 17th largest derivatives exchange by volume in 2018. Total volumes for the year were 308 million contracts, up 15% from a year earlier, according to the Futures Industry Association's latest volume rankings.[2]

History

TAIFEX was established in 1997 and began trading in July 1998.

TAIFEX was issued a Part 30 exemption by the Commodity Futures Trading Commission on March 23, 2007, which allows foreign boards of trade to solicit and accept orders from U.S. customers without registering with the CFTC.[3] The exemption allows designated TAIFEX members to market TAIFEX products in U.S. directly to the U.S. investors and indicates that TAIFEX has met with the international standards. In October 2011, TAIFEX became a full member of the World Federation of Exchanges.[4]

In October 2012, the exchange signed a memorandum of understanding (MOU) with NYSE Euronext to connect their respective customer bases in Asia, Europe and the U.S. through NYSE Euronext’s order routing system and to explore additional ties.[5]

In February 2013, TAIFEX entered into a deal with Germany's Eurex to establish a link between the two exchanges, beginning with the ability to trade and clear derivatives based on the TAIEX equity index. [6] Then, on December 27, 2013, Eurex assumed a five percent stake in TAIFEX with the purchase of 12.92 million shares of the exchange from Yuanta Financial Holdings. The deal was valued at $42 million.[7] In May of 2014 Eurex and TAIFEX began listing daily futures based on futures and options on the Taiwanese blue-chip index TAIEX for the first time after Taiwanese trading hours at Eurex Exchange.[8]

Annual Volumes

Year Total Annual Volume Percent Change
2018 308,302,535 15.9%
2017 265,705,669 9.9%
2016 241,678,556 (-)8.6%
2015 264,495,660 30.7%
2014 202,227,653 32.0%
2013 153,225,238 (-)2.2%
2012 156,731,912 (-)14.4%
2011 182,995,171 30.9%
2010 139,792,891 3.5%
2009 135,125,695 (-)1.2%

Products

TAIFEX plans to launch two RMB FX futures contracts, the USD/CNT FX futures (RTF) and the USD/CNH FX futures (RHF) on July 20, 2015. RTF and RHF will have contract sizes of USD 20,000 and USD 100,000 respectively. Trading hours for both contracts will be from 8:45am to 4:15pm to cover the trading hours of the Taiwanese interbank spot FX market.

Key People

References

  1. About Us. Taiwan Futures Exchange.
  2. 2018 Annual Volume Survey. Futures Industry.org.
  3. Foreign Part 30. TAIFEX.
  4. Taiwan Futures Exchange Becomes Full Member Of The World Federation Of Exchanges. MondoVisione.
  5. NYSE Euronext and Taiwan Futures Exchange Sign Memorandum of Understanding. TAIFEX.
  6. TAIFEX broadens international reach with Eurex deal. The Trade News.
  7. Taiwan Futures Exchange Gets International Boost with Eurex Shareholding. Forex Magnates.
  8. Eurex Acquires Stake in Taiwanese Futures Exchange TAIFEX. Mondovisione.