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Trading System Comparison: TPEx vs. TWSE

2. Comparison of the TPEx and TWSE

Item Centralized securities exchange
(exchange listed stocks)
OTC market
(OTC listed stocks)
Administrator and Organization Taiwan Stock Exchange Corporation
(limited company)
Taipei Exchange
(juristic person)
Transaction type Computer assisted trading ●Trade Matching System: Computer assisted trading
●Price Negotiation: Negotiation conducted at proprietary dealers
Book-entry transfer Mandatory ●Trade Matching System: Mandatory
●Price Negotiation: At own discretion
Joint Responsibility System Clearing and Settlement Fund Established Established
Percentage of increase/decrease 10% 10%
Matching rules Centralized bidding Most reasonable price for each transaction (closest to exchange prices) or negotiation
Disclosure of price/volume of top five stocks Yes Yes
Margin Trading Yes Yes
Day offsetting Yes Yes
Margin ratio 60% 60%
Short sale deposit percentage 90% 90%
Settlement time Settlement on second business day after transaction Settlement on second business day after transaction
Supervisory mechanism Established Established