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History

As one of the major pillars in Taiwan’s securities market, the TPEx aims to promote economic development. In support of government economic policies, the TPEx endeavors to foster Taiwan’s local characteristic enterprises, develop new products, boost market turnover, and actively engage in exchanges and cooperative programs with other capital markets to expand the business. Today, after years of steady growth and development, the TPEx is now a highly unique provider of financial products and trading services in the international market.

Over-the-counter (OTC) trading of securities in Taiwan was launched in February 1988 under the management of the Taipei Securities Dealers Association (the predecessor of today’s Taiwan Securities Association). In 1993, the Ministry of Finance (MOF) set out to build a more robust capital market and enhance OTC trading functions. After examining the system, functions, and organizational framework of the OTC market, the MOF decided to set up an OTC center as a non-profit institution to promote the development of the OTC market in Taiwan. After more than a year of preparation, the TPEx was formally established pursuant to the Securities and Exchange Act on November 1, 1994 to take over the business of OTC trading.

Under the strategic goal of building a multi-functional, multi-level full-fledged exchange, the TPEx has remained dedicated to fostering emerging and high-tech industries, creative industries, small and medium enterprises, and micro-enterprises by providing a viable channel for public listing and capital raising. The TPEx has also endeavored to grow into a multi-functional market that offers platforms for both centralized trading and over-the-counter negotiated trading of a wide variety of products, including stocks, bonds, ETFs, TDRs, and derivatives to meet the diverse trading needs of investors.

Guided by a business strategy of ensuring information transparency, fair trading practices, and greater product variety, the TPEx is on a mission to provide businesses and the public with an efficient market platform to achieve the objectives of “fostering a liquid market and vibrant economy” and helping to inject greater diversity and innovation into Taiwan’s capital market.

TPEx Milestones

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2020-2024 Forward 2015-2019 Development 2010-2014 Differentiation 2005-2009 Acceleration 2000-2004 Growth 1994-1999 Inception

2020-2024 Forward

  1. Announced the regulations governing Security Token Offerings (STO) (2020/01)
  2. Adopting continuous trading (2020/03)
  3. TIP TPEx ESG Index introduced (2020/06)
  4. Sustainability Bonds Market established (2020/10)
  5. Adopting Intraday odd lot trading (2020/10)
  6. The First Batch Of sustainability bonds listed.(2020/11)
  7. Taiwan Bond Market Issuance Set a Reward, Reaching NTD 3 Trillion (2020/11)
  8. ISO22301 certification obtained. (2020/12)
  9. Single-day trading value of ESB stocks reaches high of NT$18.156 billion on 2/22. (2021/2)
  10. Social Bonds Market launched.(2021/04)
  11. Sustainable Bond Market launched (2021/05)
  12. The First Batch of Social Bonds listed.(2021/5)
  13. Adopting Market Maker and Liquidity Provider Programs (2021/06)
  14. Single-day trading value of Main board stocks reaches high of NT$168.153 billion on 7/13. (2021/7)
  15. Pioneer Stock Board (PSB) established (2021/07)
  16. Joined ICMA as a Member.(2021/7)
  17. Sustainable Government Bonds market launched.(2021/12)
  18. Sustainability-Linked Bonds market launched (2022/07)
  19. The First Batch of Sustainability-Linked Bonds listed .(2022/9)
  20. TIP TPEx ESG 30 Index Introduced (2022/09)
  21. TPEx FactSet Smart Climate Index Series launched (2023/09)
  22. "IFRS Sustainability Disclosure Standards Alignment Area" Established.(2023/8)
  23. Trading mechanism of dual-currency ETFs listed on TPEx launched .(2023/9)
  24. Sustainable Development Convertible.(Exchangeable) Bond market launched. (2023/12)
  25. Consolidation of Pioneer Stock Board (PSB) and the Emerging Stock Board (ESB) .(2024/1)
  26. The First Batch of Sustainable Government Bonds Listed.(2024/1)
  27. 「ECO-Fin」 platform launched .(2024/2)
  28. ETF Request for Quote Platform provided. (2024/2)
  29. ESG digital platform established.(2024/5)
  30. TPEx Portal established. (2024/7)
  31. The First Batch of Sustainable Convertible (Exchangeable) Bonds listed .(2024/8)
  32. Signed an index co-branding agreement with ICE Data Indices.(2024/11)
  33. Correction of ESB Trade Errors Platform launched. (2024/12)
  34. The implementation of “Securities borrowing for odd-lot settlement needs”. (2024/12)
  35. New Frameworks for Active ETFs and Passive Multi-Asset ETFs launched. (2024/12)
  36. The average daily trading value of TPEx listed securities exceeded NT$100 billion in 2024. (2024/12)

2015-2019 Development

  1. Launched gold trading platform. (2015/1)
  2. Launched "Equity Crowdfunding Conducted by Securities Firms" business. (2015/4)
  3. Launched Formosa bond yield curve. (2015/5)
  4. Price variation limit increased to 10% .(2015/6)
  5. Launched TPEx-BOC Offshore RMB Bond Index. (2015/9)
  6. The First mainboard company listed through ESB and GISA step by step. (12/2015)
  7. Launched the extendable warrants. (2016/8)
  8. Launched gold warrants. (2016/9)
  9. “Yuanta U.S. Treasury 20+ Year Bond ETF” listed on the TPEx. (2017/1)
  10. First batch of green bonds listed. (2017/5)
  11. Made USD-denominated International Bond Yield Curves Available Online. (2017/7)
  12. Adopted TPEx 50 ETF Creation and Redemption in Cash. (2018/2)
  13. Awarded“Green Bond Pioneer Exchange introducing new listing guidelines in 2017” . (2018/3)
  14. Joined CBI as a partner.(2018/5)
  15. Allowed Futures ETF to be listed and the Call (Put) Warrants Linked to Such Underline Securities (2018/8)
  16. Allowed Securities Firms to Issue ETN and List. (2018/9)
  17. Launched“TPEx 200 Index“ (2019/3)
  18. First 3 ETNs listed.(2019/4)
  19. TPEx opens the issuance and listing of Sukuk (Islamic fixed-income securities) (2019/6)
  20. Taipei Exchange recognized by US SEC as designated offshore securities market.(2019/9)
  21. First Debut of the NTD Foreign Green Bond Issued Solely for Professional Investors (2019/11)

2010-2014 Differentiation

  1. Joined World Federation of Exchange(WFE) as an Affiliate Member. (2010/4)
  2. Launched TPEx 50 Index and Taiwan Treasury Benchmark Index. (2010/4)
  3. First primary listing of shares by a foreign enterprise on the TPEx. (2010/6)
  4. Audiovisual introduction of TPEx listed companies unveiled on TPEx website. (2010/8)
  5. 12 foreign-stock-based warrants listed for the first time on the TPEx. (2010/9)
  6. Information Platform for the Chain of Industrial Value Creation formally launched. (2010/12)
  7. TPEx 50 ETF and Taiwan Government Bond ETF listed on the TPEx. (2011/1)
  8. First TPEx listing of TDRs of a foreign enterprise. (2011/2)
  9. First batch of bonds listed through the Internet-based listing system (2011/5)
  10. Launch the callable bull/bear contract (CBBC) (2011/7)
  11. Gain a full membership in World Federation of Exchange, WEF .(2011/10)
  12. OTC derivatives trade repository (TR) formally Launched. (2012/4)
  13. ISO20001 certification obtained. (2012/10)
  14. New trading regulation of Emerging Stock going effect. (2013/1)
  15. First Renminbi-denominated bond launched, named Formosa Bond. (2013/3)
  16. Joined AOSEF as a Member.(2013/4)
  17. Joined CCP12 as a member. (2013/9)
  18. BS10012 certification obtained. (2013/9)
  19. “Go Incubation Board for Startup and Acceleration Firms” (GISA) launched. (2014/1)
  20. Long (buy first, sell later) day trading of securities permitted. (2014/1)
  21. Launched TPEx “High Dividend Yield Index”. (2014/2)
  22. Launched TPEx “Labor Employment 88 Index”. (2014/5)
  23. Short (sell first, buy later) day trading of securities permitted. (2014/6)
  24. Launched TPEx “Compensation Index”. (2014/8)
  25. Launched listed open-ended funds platform. (2014/10)
  26. Launched IRS early unwind system. (2014/11)
  27. Launched IRS trading system   platform. (2014/12)

2005-2009 Acceleration

  1. Bond Repo Trading Platform launched (integrated into the Electronic Bond Trading System). (2005/3)
  2. Number of TPEx listed companies reached 500. (2005/9)
  3. ISO9001 certification obtained. (2005/10)
  4. First foreign currency-denominated bond launched. (2006/11)
  5. ISO27001 certification obtained. (2006/11)
  6. Derivatives trading system introduced. (2007/3)
  7. Joined the Central Bank Electronic Interbank Fund Transfer and Settlement system. (2007/7)
  8. Single-day trading value of emerging stock reaches high of NT$3.963 billion. (2007/7)
  9. Single-day trading value of TPEx listed stock reaches high of NT$106.755 billion. (2007/7)
  10. First registration of shares as emerging stock by a foreign enterprise. (2009/5)

2000-2004 Growth

  1. Electronic Bond Trading System (EBTS) launched for outright trading (2000/7)
  2. Emerging Stock Market established. (2002/1)
  3. Joined IOSCO as an Affiliate Member. (2002/5)
  4. Market Observation Post System (MOPS) launched. (2002/8)
  5. Launched Call (Put) Warrants. (2003/3)
  6. New TPEx operational measures implemented to protect against major default on the securities market. (2003/6)
  7. Emerging Stock Computerized Price Negotiation and Click System introduced. (2003/9)

1994-1999 Inception

  1. TPEx formally established (1994/11) The TPEx took over the reins of the over-the-counter securities business
    2. (comprising 100 OTC securities firms including branches, and 11 OTC-listed companies) from the Taipei
    Securities Dealers Association (the predecessor of today's Taiwan Securities Association).
  2. Electronic trading system (for the main board) formally launched. (1994/12)
  3. TPEx Weighted Average Price Index formally published by the TPEx with 100 points as the base. (1995/11)
  4. Single-day trading value of TPEx listed stock surpasses NT$300 million for the first time. (1995/12)
  5. Regulations Governing Implementation of the Market Surveillance System for Securities Traded on the TPEx promulgated. (1996/5)
  6. TPEx trading opened to foreign investment. (1996/7)
  7. TPEx closing index reaches historic high of 343.99 points. (1997/8)
  8. Launched Administration of the Joint Responsibility System Clearing and Settlement Fund. (1998/12)
  9. Margin trading launched. (1999/1)
  10. TPEx block trading system rules published and implemented. (1999/8)
  11. Market observation post Internet Inquiry System launched. (1999/10)