:::Investor > Investor Service > Taipei Exchange Introduction > Comparison of Stock Trading Systems between GTSM Market and TWSE Market
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 |
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Tel: +886-2-23699555, Emerging Stock Trading Hotline: +886-2-2366-6102, Investor Hotline: +886-2-23666100
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