國際版期貨結算制度.ppt

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1、1,Policies and Regulationsof Non-Hedge Trading andUSD/TWD Denominated Products,2,Contents,Brief on TAIFEXForeign Futures Enterprises Application ProcedureStatus quo and proposed ChangesID systemOmnibus accountTrading and settlement of omnibus accountPosition limits for overseas Chinese and foreign i

2、nvestors Account Structure and Forex Regulation,3,Brief on TAIFEX,The development of Taiwan Futures MarketMarket structureClearing procedureTAIFEX productsMarket updates,4,The development of Taiwan Futures Market,1997.03 Futures Trading Law was promulgated 1997.9.9 The Taiwan Futures Exchange (TAIFE

3、X) was established 1998.7.21 1st equity futures contract (TAIEX Futures) was launched 2001.12.24 1st options contract (TAIEX Options) was launched 2002.11 Futures Advisory business was opened 2003.12 Managed Futures business was opened 2004.1.2 1st bond futures contract Gov. Bond Futures was launche

4、d 2004.5.31 30-day CP Interest Rate Futures was launched 2004.10.14 Award the Derivatives Exchange of the Year 2004 by Asia Risk2005.3.28 Electronic Sector & Finance Sector Index Options were launched,5,Market Structure,Financial Supervisory Commission / Securities & Futures Bureau,TAIFEX,Individual

5、 Clearing Member,General Clearing Member,FCM,FCM,IB,Settlement Banks,Fund transfer,Settlement Banks,Fund transfer,Customers,IB,CPO,FCM,CPO,CPO,CTA,CNFA (Chinese National Futures Association),6,Clearing procedures,FSC/SFB,Trading report,TAIFEX,FCMs,Margin deposit/ orders,Position Management,Settlemen

6、t/Clearing,Submit tickets to,Clearing Member,Deal-done report,Deal-done report,Settlement request,CTA,CPO,IB,Discretionary operation,Customers,7,TAIFEX Products,Futures TAIEX Futures TE Futures TF Futures Mini-TAIEX Futures TSEC Taiwan 50 Futures Government Bond Futures Commercial Paper Interest Rat

7、e Futures Options TAIEX Options Finance Sector Index Options Electronic Sector Index Options Equity Options,Equity Index Futures,Interest Rate Futures,8,Market Growth,9,The number of trading accounts,Total trading accounts is up to 1,100,257, including 1,094,344 of individual and 5,913 of institutio

8、nal investors.,10,Trading behavior,11,57,47,44,38,26,35,20,Data Resource: Futures Industry Association,18,Worldwide Ranking,12,TAIEX Options (TXO),The world s top 10 index options-TXO ranked No. 5 in the category.,Data: Trade Data Global Service.,13,Derivatives Exchange of the Year 2004,TAIFEX award

9、ed by Asia Risk on Oct 14, 2004,The best practices and innovation in derivatives and risk management in Asia-Pacific. Innovative and well-infrastructure in derivatives market, commodity as well as information of the year.,14,Foreign Futures Enterprises Application Procedure,Overview of Establishment

10、 Criteria for Futures Enterprises (p.14-1)FCMConcurrent futures business operatorIBFlowchart of Application for Establishment of FCMs (p.14-2),15,Status Quo,Legal basisRegulations Governing Investment in Securities by Overseas Chinese and Foreign Nationals (Article 4-2)Guidelines for Futures Trading

11、 by Overseas Chinese and Foreign Nationals Trading purposeOnly for the purpose of hedging a position on domestic securities. Only hedge account is allowed to be opened.Investment limits and restrictionsLong hedge: The aggregate market value of long positions on futures and options shall not be more

12、than the combined holding of NTD cash and cash equivalent.Short hedge: The aggregate market value of short positions on futures and options shall not be more than the total market value of securities holdings.Investment limit: The aggregate amount of the initial margins required for futures contract

13、, premiums required for buying of options, combined with the investment in money market instruments shall not be more than 30% of inwardly remitted funds.,16,Proposed Changes,Legal basisFutures Trading Law.Trading purposeTrading purpose is not restricted.Investment limits and restrictionsPosition li

14、mit: According to rules governing position limits for various products. Foreign institutional investors (the same as local institutional investors) may apply for exemption of position limit.Fund regulation: Margin deposit/withdrawal in US Dollar only.Offshore Funds shall be separated into two differ

15、ent accounts for securities and futures markets, respectively.,17,Proposed Change-cont.,Side-effect after change:Foreign investors may trade futures products for non-hedge purpose through an direct account or an omnibus account. The benefiaries: overseas Chinese and foreign investors (including corp

16、orations and individuals).,18,Proposed methodology for non-hedging trading by foreign investors,TAIFEX,FCM2,FCM1,Foreign investor,(Direct acct A),Foreign investor,(Direct acct B),FCM3,Foreign investor,(individual acct),Foreign FCM 2,（,(Omnibus acct 2),、,Foreign FCM and foreign,Investors shall obtain

17、,an ID before opening an account through the custodian banks.,The omnibus account agreement,，,should indicate the party who,is obliged to file details of positions held by individual clients,Foreign investor,(individual acct),Foreign FCM 1,(Omnibus acct 1),19,Proposed targets of futures market relie

18、f,20,ID System,Single ID: Single ID system will apply to foreign investors who trade in the futures market. A foreign investor that has already had an ID issued by Taiwan Stock Exchange Corporation (TSEC) for investment in domestic securities can use the same ID for futures trading and vice versa. E

19、very foreign investor must obtain an ID before trading futures. The ID may be applied through a local FCM or securities firm for onshore foreign investors, and through a custodian bank for offshore foreign investors. 。,21,Qualifications of a foreign investor to open a futures trading account,Direct

20、accountThe requirements are the same as the prevailing regulations.Omnibus account eligible offshore foreign FCMA clearing member of a foreign futures exchange sanctioned by Taiwans regulatory authority. Its home office or branch in Taiwan is free of disciplinary action imposed by securities or futu

21、res authorities or self-regulatory organization to suspend its securities or futures brokerage practice in the past year. Free of incident of violating futures or securities trading agreement signed with the futures exchanges in home country or Taiwan in the past three years.,22,Restrictions on acco

22、unt opening,Direct accountForeign investors may open more than one futures account with a local FCM, or with several local FCMs.Omnibus accountAn offshore foreign FCM may open more than one omnibus account with a local FCM; an offshore foreign FCM may also open an omnibus account with different loca

23、l FCMs on account of its trading strategy or clientele attributes.Only TAIFEX clearing member may accept the opening of omnibus account by foreign FCMs.,23,Procedure for opening direct account,Step1:obtain an ID,Step2:overseas Chinese and foreign investors account opening procedure,24,Procedure for

24、opening omnibus account,25,Trading and settlement of omnibus account,Foreign FCMs are not required to disclose trading information and identities of individual clients behind the omnibus account to local FCMs. The omnibus account can be treated and processed as a single account for trading and settl

25、ement purpose.Trading: Local FCM will treat each omnibus account as a trader and place orders by each the omnibus account. Individual clients under an omnibus account may apply for position offset, designated options combination for strategic purpose, and designated position offset to reduce margin

26、payment.,26,Position limit of direct account,Position limit is regulated according to the prevailing ID system. Position limits are the same as those for local individuals and corporations.Exemption of position limitInstitutional investors may apply for exemption of position limit.The extent of rela

27、xation will be regulated by rules to be prescribed. Actions in case of over-limit: Same as those for local investors where the FCM will be notified to stop accepting new orders from the account.,27,Position limit of omnibus account,Position limitOmnibus account is not subject to position limit.Indiv

28、idual clients under the omnibus account will be assigned an ID and subject to position limits for regular accounts.,28,Account Structure and Forex Regulation,Margin accountTAIFEX, clearing members, FCM and local traders open both a NTD margin account and a USD margin account, while offshore foreign

29、investors only need to open a foreign currency account. Margin payment 【Overseas Chinese and foreign investors】Deposit and withdraw margin in USD only.Forex regulationPursuant to Regulations Governing Foreign Exchange and Rules for Declaring Receipt, Payment and Transaction of Foreign Exchange.,29,M

30、argin System,30,),【 Description】,Overseas Chinese and foreign investors pay margin in USD for trading of US-denominated products.,$,VISIO CORPORATION,Deposit margin,FCMs,margin account,Clearing members,margin account,TAIFEX,Margin account,Client,Clients position,【FIG.1】 Margin and Trading Flow Proce

31、ss for Overseas Chinese and foreign investors,31,【Fig.,3,】 Futures Margin Payment Scheme,NTD and USD,Denominated commodities,【Description,】,A. Principles,1.,Offshore foreign investors will deposit and withdraw margins for USD and NTD denominated commodities in USD.,2.,Local and onshore investors wil

32、l deposit margins for USD-denominated commodities in USD, or in NTD,through a FCM who will exchange it into USD ; local and onshore foreign investors will pay margin in NTD for NTD denominated commodities.,B. Advantages,To engage in futures trading, offshore foreign investors will remit the funds in

33、 and out in USD, which helps lower the risk of NTD exchange rate fluctuation and does not impact the foreign exchange market.,NTD,futures margin account,NTD,futures margin account,NTD,futures margin account,Local and onshoreForeign investors,NTD,NTD,NTD,TAIFEX,FCM,Clearing member,Investor,USD,futures margin account,USD,futures margin account,USD,futures margin account,Offshore foreign investor,Local and onshoreForeign investors,USD,USD,USD,USD,32,Contact Us,Visit Our web site at : WWW.TAIFEX.COM.TW,