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Trading System Comparison: TPEx vs. TWSE

Trading System Comparison: TPEx vs. TWSE

2. Comparison of the TPEx and the TWSE

ItemTWSE-Listed StocksTPEx-Listed Stocks
Administrative OrganizationTaiwan Stock ExchangeTaipei Exchange
Trading MethodAutomated Trade Matching●Automated Trade Matching
●Price Negotiation at Brokerages
Book-Entry TransferMandatory●Automated Trade Matching: Mandatory
●Price Negotiation at Brokerages: At Discretion
Joint Responsibility System Clearing and Settlement FundEstablishedEstablished
Daily Price Limit10%10%
Matching Rules●Opening and Closing Session: Call Auction; Intraday Session: Continuous Trading●Opening and Closing Session: Call Auction; Intraday Session: Continuous Trading
●Negotiation (at Brokerages)
Best 5 bid/ask Prices and VolumesYesYes
Margin TradingYesYes
Day OffsettingYesYes
Margin Ratios60%60%
Short Selling Deposits90%90%
Settlement CycleT+2T+2
Market SurveillanceEstablishedEstablished