At a glance
| Booth | T9126 |
| Country | TW |
| Website | www.twse.com.tw/en/about/company/service.html |
Company profile
Taiwan Stock Exchange Corporation operates Taiwan's centralized securities market and serves as a platform for corporate fund-raising and investment. Taiwan Stock Exchange Corporation describes itself as Taiwan's premiere trading venue for the securities market and states that it is responsible for creating a fair, orderly, and efficient market, maintaining market order, enforcing investor protection, and pursuing better service quality. Its market infrastructure has evolved from an open trading floor to a computer-aided trading system in August 1985, a fully automated securities trading system in November 1993, and a continuous trading mechanism implemented in March 2020 to improve trading capacity and efficiency. For operational resilience and information safety, Taiwan Stock Exchange Corporation has established two backup sites, one regional and one remote, and has implemented information-management systems to guard against possible disasters. Its management-system certifications include ISO 9001 Quality Management system certification acquired in 1998, ISO 27001/BS7799 Information Security Management System certification in 2004, ISO 20000 Service Management System certification in 2011, BS 10012 Personal Information Management System certification in 2012, and ISO 22301 Business Continuity Management System certification in 2020. Taiwan Stock Exchange Corporation has systematically strengthened links and collaboration with overseas securities markets, promoted global standards in Taiwan's market, and participated in international securities organizations. It has signed Memorandums of Understanding with more than 30 foreign stock exchanges, while its cross-market cooperation covers product cross-listings, co-compilation of indices, executive visits, technical workshops, and joint marketing. The exchange maintains relations with the World Federation of Exchanges, the Asian and Oceanian Stock Exchanges Federation, and the International Organization of Securities Commissions, taking part in annual meetings, working groups, and other activities to share Taiwan capital-market practices and strengthen international links. It also holds investment forums and organizes roadshows in global and regional financial centers so Taiwan-listed companies can communicate with global investors and the exchange can interact with stakeholders in the international investment community. To support index-based investment, Taiwan Stock Exchange Corporation has cooperation agreements with institutions including FTSE International Limited and Rayliant Global Advisors Limited for indices designed around global standards and market needs. In cooperation with FTSE, it has launched eight tradable indices since 2002, including the FTSE TWSE Taiwan 50 Index, FTSE TWSE Taiwan Mid-Cap 100 Index, FTSE TWSE Taiwan Technology Index, FTSE TWSE Taiwan Dividend+ Index, FTSE TWSE Taiwan Eight Industries Index, FTSE TWSE RAFI Taiwan 50 Index, FTSE TWSE RAFI Taiwan 100 Index, and FTSE TWSE Taiwan Shariah Index. The exchange began cooperating with Rayliant in 2010 on the TWSE RA Taiwan Employment Creation 99 Index and the TWSE RAFI® Taiwan High Compensation 100 Index, and from 2015 it developed self-compiled indices including the TWSE Corporate Governance 100 Index, TAIEX Leveraged and Inverse indices, and Electronics Leveraged and Inverse indices. Taiwan Stock Exchange Corporation established its 100% owned subsidiary Taiwan Index Plus Corporation, which began official operation on March 14, 2016 and is entrusted to maintain, promote, and license the exchange's existing indices.
Exhibits
Taiwan Stock Exchange Corporation provides services covering listing of securities, corporate governance, trading of securities, clearing and settlement, information services and safety, market surveillance, securities borrowing and lending, internationalization of the securities market, supervision and service to securities firms, investor services, securities information, and a rules and regulations directory. Its Product & Solution Department consolidates the functions of four major product lines: ETFs, ETNs, REITs, and Warrants. For initial public offerings, domestic public companies and foreign issuers that have not listed their shares on another stock exchange must meet financial and operational criteria, submit an IPO filing to Taiwan Stock Exchange Corporation, pass managerial review and Securities Listing Review Committee consideration, obtain Board of Directors ratification, enter into a listing contract, and have the filing recorded with the Financial Supervisory Commission. After listing, companies must continue to meet listing requirements, including filing quarterly financial reports, paying listing fees, and promptly disclosing material information with accurate and complete content. Listed securities include stocks, convertible bonds, beneficial certificates, call and put warrants, ETFs, ETNs, Taiwan Depository Receipts, beneficiary securities including REITs, and other instruments intended to provide investment and hedging choices. Call-warrant listing applications began in 1997, and warrant underlyings have expanded to domestic indices, equities, ETFs, TDRs, foreign indices, foreign equities, and futures; REITs were launched in 2005. The first index-based Exchange Traded Product, an ETF, was introduced in 2003, and ETFs now cover equity, bond, currency, and commodity asset classes as well as FX, leveraged and inverse, and Smart Beta strategies. Taiwan Stock Exchange Corporation has also launched ETFs tracking ESG, aerospace technology, artificial intelligence, and robotics, introduced active ETFs and multi-asset ETFs in 2025, and introduced ETNs in 2019 with domestic and foreign equity plus leveraged and inverse formats. The Taiwan Innovation Board was launched in 2021 with market-capitalization-based listing requirements for innovative enterprises and focuses on emerging industries including semiconductors, AI, IoT, cybersecurity, smart healthcare, robotics, drones, satellite communications, green energy, environmental sustainability, and smart manufacturing. Corporate-governance services build on Taiwan's public-company governance education since 1998 and successive policy programs, including the Corporate Governance Roadmap launched in 2013, the Corporate Governance Roadmap (2018~2020), Corporate Governance 3.0 - Sustainable Development Roadmap launched in August 2020, and Sustainable Development Action Plans for TWSE- and TPEx-Listed Companies (2023). The 2023 action plans address five dimensions: leading listed companies toward net-zero, deepening sustainable-governance culture, enhancing sustainable-information disclosure, strengthening stakeholder communication, and establishing ESG evaluation and ESG digitalization. Investors may place orders in person, by phone, or through the internet, after which securities firms' terminals send orders to the exchange's main computer for processing under price-time priority; special cases may use negotiation, auction, tender offer, or other methods. The market uses continuous trading during trading hours with call auctions at the open and close, together with an intra-day price-stabilization mechanism that postpones matching for 2 minutes when a potential execution price may move outside a specified +/-3.5% range from the reference price. During the postponement, order placement, cancellation, and volume amendment of limit orders remain available, and after matching the exchange discloses the five best unexecuted bid and ask prices and volumes on a real-time basis and through a 5-second snapshot, with simulated price, volume, and best-five information also disclosed during specified sessions and stabilization periods. Omnibus trading accounts are supported, with securities firms submitting a Post Allocation Transaction Statement after a transaction so trades can be settled individually in each investor's sub-account. For clearing and settlement, Taiwan Stock Exchange Corporation acts as the clearinghouse for market trades and as Central Counter Party, giving settlement guarantees while securities firms fulfill their settlement obligations to the exchange. The exchange uses same-day clearing and multilateral net settlement to calculate net share and fund receivables and payables, with a T+2 settlement cycle. Under its Daily Net Settlement System, obligations must be fulfilled on settlement day; securities shortfalls can use the Settlement Coverage Securities Borrowing System with collateral and a borrowing fee, and if borrowing is insufficient, Taiwan Stock Exchange Corporation may issue due bills as temporary coverage while the selling firm purchases shares as soon as possible. Book-entry securities settlement is operated by Taiwan Depository and Clearing Corporation as Taiwan's Central Securities Depository, NTD fund settlement uses the CBC Interbank Funds Transfer System of the Central Bank, and foreign-currency settlement is conducted through Cathay United Commercial Bank. If a securities firm defaults, Taiwan Stock Exchange Corporation designates another firm to complete settlement and liquidate defaulted positions, while losses and expenses are covered through the specified sequence of the Joint Settlement Clearing Fund and the exchange's First and Second Special Clearing Funds before recovery is pursued from the defaulting firm. Market surveillance is used to protect investors' rights and interests and address stock-price manipulation and insider trading, with trading irregularities published in real time under the exchange's surveillance rules and directions. The Securities Borrowing and Lending System was launched on June 30, 2003 as a platform for local and foreign institutional investors and funds; lenders include trust enterprises, insurance companies, and foreign institutional investors, while borrowers include securities-firm lending accounts, securities broker-dealers, and foreign institutional investors. Securities lending transactions may be fixed-rate, competitive-bid, or negotiated, and Taiwan Stock Exchange Corporation acts as Central Counter Party for fixed-rate and competitive-bid transactions so lenders can earn from lending while borrowers address trading, hedging, arbitrage, and settlement needs. Supervision of securities firms includes capital-adequacy requirements, on-site inspections of business operations and financial status, checks on anti-money-laundering and cybersecurity compliance, an early-warning system for operational risk, and a risk-control database for margin trading. Investor services include the official website, Market Observation Post System, Market Information System, Data E-Shop, WebPro, Investor Knowledge Network, Learning at Home Network, social-media channels, and the Investor Personal Information Query System for online account-status and stock-trading-record inquiries. Financial-education activities include campus visits, lesson plans for junior-high and senior-high students, the KNOWLEDGE IS KING campus securities knowledge contest, Investing Your Future! seminars in community colleges, educational comics and videos, school enterprise visits, and introductory videos about the exchange and stock-market infrastructure. The Market Information System provides real-time market and individual-stock information such as market summaries, sector quotes, five best bids and asks, block trades, odd-lot trades, securities-borrowing inquiries, and market announcements, while the Market Observation Post System provides listed-company financial, operational, governance, shareholder-meeting, fund, annual-report, and material-information data. WebPro provides live and recorded securities and futures video content, Investor Education provides resources on beginner investing, investment risk, digital learning, and investment questions, and the Learning at Home Network provides securities knowledge, risk-management content, news, practice functions, and site-wide search. The Corporate Governance Center serves as a one-stop window for governance and corporate-social-responsibility information, while Data E-Shop provides online subscriptions to end-of-day market statistics, index constituents, and historical trading data for data vendors, institutional investors, and the public. Investment InfoHub integrates information from the exchange's official website, the Market Observation Post System, and the Market Information System with visual analytical tools and a mobile-friendly interface, while the IPO Information Hub integrates IPO, underwriting, allocation, and application-progress information from Taiwan Stock Exchange Corporation, Taipei Exchange, and the Taiwan Securities Association. An Information Center established in 2008 provides market-data displays, multimedia about exchange operations and services, and live broadcasts, and the Rules and Regulations Directory introduced in 2014 lets users search listing, trading, and supervision rules by keyword, category, or news release on mobile and desktop while comparing amendments and historical versions.
Capabilities and products
- IPO listing application review service
- securities trading matching system
- T+2 securities clearing and settlement
- real-time securities market surveillance
- securities borrowing and lending platform
- ETF/ETN/REIT/Warrant product services
- real-time market and individual-stock information service
- index co-compilation