Taiwan Futures Exchange
|Taiwan Futures Exchange (Taifex)|
|Key People||Steve Wang, president; Joseph Tsai, chairman|
|Products||Futures and options on equity indexes; options on equities; futures on government bonds and interest rates, and gold futures|
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. 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 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. 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.
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. 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.
TAIFEX accepts two types of orders for execution - market orders and limit orders. However, an FCM may accept orders 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.
The Taiwan Futures Exchange 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. 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.
Five TAIFEX products have been granted no-action letters by Commodity Futures Trading Commission (CFTC) and are permitted to offer and sell in the U.S. These products are TAIEX Futures, Mini-TAIEX Futures, Electronic Sector Index Futures, Finance Sector Index Futures and TAIFEX MSCI Taiwan IndexSM Futures.
- TAIFEX TAIEX Futures
- TAIFEX Electronic Sector Index Futures
- TAIFEX Finance Sector Index Futures
- TAIFEX MiNi-TAIEX Futures
- TAIFEX Taiwan 50 Futures
- TAIFEX 10-Year Government Bond Futures
- TAIFEX 30-Day Commercial Paper Interest Rate Futures
- TAIFEX-MSCI Taiwan Index Futures
- TAIFEX Gold Futures
- TAIFEX NonFinance NonElectronics Sub-Index Futures
- TAIFEX GreTai Securities Market Stock Index Futures
- TAIFEX NT Dollar Gold Futures