Published On: Wed, Jun 30th, 2010

TWSE Continuous Trading for Warrants to Commence on 28 June, 2010

The Taiwan stock market currently uses call auctions for matching intraday trades, while continuous trading is commonly used around the world. In order to enhance the efficiency of the Taiwan securities market, and improve the transparency and speed of trading information, TWSE will introduce a continuous trading system. As the trading frequency and methods used to determine the trading prices in the continuous trading are different from call auctions, the computer systems used by participants will require upgrading. Therefore, the new system will be rolled out progressively. At the beginning, TWSE will launch the continuous trading system for call/put warrants on 28 June 2010.

In order to ensure that the investment community and brokerage firms have a thorough understanding of the differences between the two trading systems, TWSE has produced posters and handbooks, and has organized several promotional forums. For the first time, TWSE has made creative use of multimedia to explain the new system to the general public. The two animations use images such as jigsaw puzzles and the Mass Rapid Transit in order to illustrate the concept of the continuous trading system and how it differs from call auctions. The public can access the animations through popular video sharing websites such as YouTube, and Yam Blog. TWSE has also produced DVDs containing the two animations, as well as videos explaining the new system and electronic promotional handbooks, which have been distributed to brokerage firms and other companies in the securities industry.

TWSE is dedicated to reforming its various trading systems to enhance market efficiency. The launch of the continuous trading system for call/put warrants is a major reform in modernizing the trading system.

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