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SLB Service in Taiwan Securities Market. Taiwan Depository & Clearing Co. ACG New Service Initiative Task Force. History & Development. Stocks SLB Sep. 1996 - for “settlement” Taiwan Stock Exchange initiated the SLB system for completing settlement

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slb service in taiwan securities market

SLB Service in Taiwan Securities Market

Taiwan Depository & Clearing Co.

ACG New Service Initiative Task Force

history development
History & Development

Stocks SLB

  • Sep. 1996 - for “settlement”
    • Taiwan Stock Exchange initiated the SLB system for completing settlement
    • TDCC has processed book-entry for SLB transactions
  • Jun. 2003 - for “strategic trading”
    • SLB system was opened for institutional investors’ arbitrage, hedging or exercise related transaction
  • June 2005 - for “trading and exercising”
    • “Strategic trading purposes” requirement was abolished
    • The total market volume limit was adopted
    • more eligible securities were added to SLB system
history development continue
History & Development (Continue)

Bonds SLB (Jan. 2004)

  • GreTai Securities Market (GTSM) initiated bonds SLB system
  • Only Federal bonds were eligible
  • Matching, risk management, guarantee and settlements provide by GTSM
  • TDCC is not engaged in any services for bonds SLB
factors stagnated the growth of slb s turnover volume
Factors stagnated the growth of SLB’s turnover volume
  • Less ECB issued
  • Less volatility of market price
  • Insurance companies suspend securities lending
  • No short selling under the closing price of previous trading day
  • Tax Concern
next steps
NEXT STEPS
  • Solve the settlement’s problem on the sales of lent securities
  • Abolish price limit of indicated short sales
  • Allow foreign private funds to participate in SLB market
  • Allow to loan the borrowed securities
  • Assist to solve problems with the tax authority
  • Simplify the pledge procedure
types of slb transactions
Types of SLB Transactions
  • Settlement Purpose SLBFor a securities firm or a securities financing enterprise to complete settlements
  • Trading and Exercise Purpose SLB

1. Fixed-rate transactions

2. Competitive-auction transactions

3. Negotiated transactions

participation trading exercise purpose slb
Participation -Trading & Exercise Purpose SLB
  • Permitted Lenders1. Insurance companies2. Financial institutions3. Securities investment trust companies4. Dedicated futures commission merchants, and5. Others approved by the competent authority (Such as foreign institutional investors (FINIs) and 4 governmental funds)
  • Permitted Borrowers1. Securities dealers2. Securities investment trust companies3. Futures dealers, and 4. Others approved by the competent authority (FINIs)