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Taiwan Stock Exchange

From Wikipedia, the free encyclopedia
(Redirected from TWSE)
Taiwan Stock Exchange
臺灣證券交易所
TWSE is located in Taipei 101
TypeStock exchange
LocationTaipei 101, Taipei, Taiwan
Coordinates25°2′1″N 121°33′54″E / 25.03361°N 121.56500°E / 25.03361; 121.56500
Founded23 October 1961; 64 years ago (1961-10-23)
OwnerTaiwan Stock Exchange Corporation
CurrencyNew Taiwan dollar
No. of listings1,085
IndicesTaiwan Weighted (TAIEX)
Websitetwse.com.tw
Taiwan Stock Exchange
Traditional Chinese臺灣證券交易所
Transcriptions
Standard Mandarin
Hanyu PinyinTáiwān Zhèngquàn Jiāoyìsuǒ
Wade–GilesT′ai²-wan¹ Chêng⁴-ch′üan⁴ Chiao¹-i⁴-suo³
Hakka
Pha̍k-fa-sṳThòi-vàn Chṳn-khién Kâu-yi-só
Southern Min
Hokkien POJTâi-oân Chèng-kǹg Kau-e̍k-só͘
Tâi-lôTâi-uân Tsìng-kǹg Kau-i̍k-sóo
Alternative Chinese name
Traditional Chinese證交所
Transcriptions
Standard Mandarin
Hanyu PinyinZhèngjiāosuǒ
Wade–GilesChêng⁴-chiao-suo³
Hakka
Pha̍k-fa-sṳChṳn-kâu-só
Southern Min
Hokkien POJChèng-kau-só͘
Tâi-lôTsìng-kau-sóo
Market data on display at Taiwan Stock Exchange

The Taiwan Stock Exchange Corporation (TWSE; Chinese: 臺灣證券交易所) is a financial institution, headquartered at Taipei 101, in Taipei, Taiwan. The TWSE was established in 1961 and began operating as a stock exchange on 9 February 1962. It is regulated by the Financial Supervisory Commission.

TWSE-listed securities currently include stocks, as well as exchange-traded funds (ETFs), exchange-traded notes (ETNs), warrants, Taiwan Depositary Receipts (TDRs), and other securities. The Taiwan Capitalization Weighted Stock Index (TAIEX) is the stock market index that measures the aggregate performance of listed stocks on TWSE; it is regarded as one of the key indicators of Taiwan's economic performance.[citation needed]

The TWSE is responsible for securities listing reviews, trading mechanisms, clearing and settlement, regulation of securities firms, corporate governance and sustainable development initiatives, market surveillance, and investor services. It also provides corporate disclosures and integrated market information through the Market Observation Post System (MOPS) [1] and the Investment InfoHub. [2]

As of 31 December 20125, the TAIEX closed at 28,963.6 points, while the total market capitalization of listed shares reached NT$ 94.36 trillion. [3] Total annual trading value amounted to NT$101 trillion, with an average daily trading value of NT$416 billion.[4]

As of 2026, Taiwan's stock market had become the world's fifth-largest by market capitalization, with a total market value of US$4.95 trillion, surpassing markets including the United Kingdom, Canada, and India.[5][6][7][8]

History and development

[edit]
The Taiwan Stock Exchange's current headquarters in Taipei 101, showing its first-floor information exhibition center
The Chengzhong Building in Zhongzheng District, Taipei, which housed the Taiwan Stock Exchange from 1972 to 1999

1961–1980

Establishment

On 23 October 1961, an inaugural promoters' meeting was held in accordance with the law, at which the company's articles of incorporation were approved and directors and supervisors were elected. Later that month, the first joint meeting of the board of directors and supervisors was held, during which the company's senior management, including its president and vice president, was selected, marking the formal establishment of the TWSE. The exchange officially commenced operations on 9 February 1962.

1981–2000

Transition to computerized trading

Beginning in the 1980s, the TWSE began computerizing its trading and market management operations. In 1988, all stock trading migrates to the semi-automated Computer-Assisted Trading System (CATS). In 1993, trading in all listed shares was transferred to a Fully Automated Securities Trading (FAST) system, and an real-time market surveillance system was introduced.

International participation

In 1982, the TWSE became one of the founding members of the East Asian Oceanian Stock Exchanges Federation (EAOSEF), which was later renamed the Asian and Oceanian Stock Exchanges Federation (AOSEF).[9] In 1989, it joined the Fédération Internationale des Bourses de Valeurs (FIBV), the predecessor of the World Federation of Exchanges (WFE).

2001–2020

Market reforms

In January 2001, regular trading hours were extended to 9:00 a.m.–1:30 p.m. on weekdays.[10] In 2009, the TWSE adopted the T+2 DVP settlement system and introduced the Financial Information eXchange (FIX) protocol.[11] In 2015, the daily price fluctuation limit is widened from 7% to 10%.[12]

In March 2020, the TWSE implemented the intraday continuous trading.[13] New order types are also introduced, including market orders, Rest of Day (ROD), Immediate or Cancel (IOC), and Fill or Kill (FOK) orders, providing investors with additional order options.

Corporate governance initiatives

In 2013, the TWSE established its Corporate Governance Center as a platform for promoting corporate governance and information disclosure among listed companies. The first Corporate Governance Evaluation was conducted in 2014; the program was subsequently renamed the ESG Evaluation. In 2016, the TWSE introduced the Corporation Standards Governing Principal.

Index compilation and cooperation

In addition to compiling the TAIEX, the TWSE and the Taipei Exchange launched the co-compiled Formosa Index in May 2014 as a measure of the overall performance of Taiwan's securities market. In January 2016, the Taiwan Index Plus Corporation was established.[14] Beginning in December of the same year, the TWSE cooperated with FTSE Russell to compile the FTSE TWSE Taiwan Index Series, including the FTSE TWSE Taiwan 50 Index, Taiwan Mid-Cap 100 Index, Taiwan Technology Index, Taiwan Dividend+ Index, and other indices.[15]

Information infrastructure

Given the high demand for IT system stability in securities trading and related services, the TWSE signed a memorandum of understanding with Chunghwa Telecom in February 2008 for the construction of a new data center. The First Data Center was completed and opened in January 2016.[16]

2021–present

Establishment of the Taiwan Innovation Board

In July 2021, the TWSE launched the Taiwan Innovation Board (TIB)[17], focusing on the listing of companies with key technologies, innovative capabilities, or innovative business models. In 2025, the TIB canceled the restrictions on qualified investors,[18] and TIB stocks became eligible for intraday trading.[19]

Diversification of market mechanisms and products

In 2024, the matching interval for intraday odd-lot trading was shortened from one minute to five seconds,[20] and settlement-driven securities borrowing and lending was extended to odd lot securities.[21] Taiwan's first actively managed exchange-traded fund was listed in 2025.[22]

In January 2026, the Taiwan Index Plus Corporation launched the Taiwan Pristine Stock Index, which selects Taiwan listed common stocks based on profitability, dividends, and trading characteristics, serving as a benchmark to track high quality but overlooked stocks.[23]

Sustainable development

In the area of sustainable development, an ESG information disclosure platform within the MOPS was launched in 2022, to centralize disclosures by listed and OTC companies on greenhouse gas inventories, emissions reduction targets, sustainability reports, and other ESG-related information.

In May 2023, in response to Taiwan's national climate change policies, the TWSE and the National Development Fund Management Committee jointly established the Taiwan Carbon Solution Exchange. The exchange was officially launched on 7 August 2023.

Trading system

[edit]

The exchange broadcasts before-hour information from 7:40 to 8:40. Then it has normal trading sessions from 09:00 to 13:45 and fixed price post-market sessions from 14:00 to 15:00 on all days of the week except Saturdays, Sundays and holidays declared by the exchange in advance.[24][25]

See also

[edit]

References

[edit]
  1. ↑ "公開資訊觀測站是什麼？股票投資必備工具一次看懂！-口袋學堂". 口袋證券-比你還在乎你的口袋 (in Traditional Chinese). Retrieved 2026-09-18.
  2. ↑ 陳永吉 (2023-07-12). "強化國際投資人服務 證交所投資資訊中心網站今啟用". 自由時報.{{cite news}}: CS1 maint: url-status (link)
  3. ↑ "〈證交所新春記者會〉台股市值逼近百兆登全球第7 林修銘看2026「快樂的挑戰」 | 鉅亨網 - 台股新聞". news.cnyes.com (in Chinese (Taiwan)). 2026-01-08. Retrieved 2026-07-08.
  4. ↑ "台股寫6項歷史新高，全球市值直逼百兆衝進前7！證交所曝下一步目標－中央社｜商周". 商業周刊 - 商周.com (in Chinese). 2026-01-08. Retrieved 2026-07-08.
  5. ↑ "台股市值超過英國 躋身全球第七大股市". Yahoo 財經 (in Traditional Chinese). Bloomberg L.P. 2026-04-16.
  6. ↑ "Taiwan Overtakes Canada as World's Sixth-Largest Stock Market". Bloomberg. Bloomberg L.P.
  7. ↑ "Taiwan Overtakes India as World's Fifth-Largest Stock Market". Bloomberg. Bloomberg L.P.
  8. ↑ "Taiwan Overtakes India as World's Fifth-Largest Stock Market". Yahoo Finance. 26 May 2026.
  9. ↑ 中時新聞網 (2018-04-20). "證交所 赴AOSEF年會行銷台灣 - 證券．權證". 中時新聞網 (in Chinese (Taiwan)). Retrieved 2026-07-29.
  10. ↑ 2000年9月18日：【電週文化事業】行政院：明年一月起台股交易時間延長1.5小時，下午一時半收盤；魏鑫陽。
  11. ↑ 2010年5月5日：【凌羣科技股份有限公司】金融資訊交換 (Financial Information eXchange) 協定研究；沈士楷。
  12. ↑ 自由時報電子報 (2015-06-01). "漲跌幅10％今登場 追高殺低風險大 - 自由財經". 自由時報電子報. Archived from the original on 2022-08-12. Retrieved 2026-07-29.
  13. ↑ "台股逐筆交易倒數一周 一文搞懂搓合新制度 | 鉅亨網 - 理財". news.cnyes.com (in Chinese (Taiwan)). 2020-03-17. Retrieved 2026-07-29.
  14. ↑ 2016年1月30日：【中華民國金融監督管理委員會】臺灣指數股份有限公司開業，本會主任委員蒞會致詞。
  15. ↑ 《證交所》富時：臺灣指數更名為「富時臺灣證券交易所臺灣指數」[permanent dead link]
  16. ↑ "證交所建置世界級資訊中心 1/25正式啟用 | 鉅亨網 - 台股新聞". news.cnyes.com (in Chinese (Taiwan)). 2016-01-19. Retrieved 2026-08-07.
  17. ↑ TWSE (January 29, 2026). "Taiwan Innovation Board".{{cite web}}: CS1 maint: url-status (link)
  18. ↑ "2025創新板取消合格投資人限制 開放大眾共同參與創新成果 - 臺灣證券交易所 | 觀點". www.twse.com.tw. Retrieved 2026-07-08.
  19. ↑ 經濟日報. "創新板股票自2025年11月17日起得列入當沖交易標的 | 市場焦點 | 證券". 經濟日報 (in Chinese). Retrieved 2026-07-08.
  20. ↑ "新聞稿-證券市場預計自113年12月2日將盤中零股交易撮合間隔時間由1分鐘縮短至5秒-金融監督管理委員會全球資訊網". www.fsc.gov.tw. Retrieved 2026-07-29.
  21. ↑ 工商時報. "12/30起 交割借券得為零股". 工商時報 (in Chinese (Taiwan)). Retrieved 2026-07-29.
  22. ↑ 工商時報. "主動式ETF來勢洶洶，被動式ETF、共同基金誰討喜？". 工商時報 (in Chinese (Taiwan)). Retrieved 2026-07-29.
  23. ↑ "臺灣指數公司發布「臺灣璞玉指數」，表彰優質非熱門股組合績效表現". 臺灣指數公司 (in Chinese (Taiwan)). 2026-01-27. Retrieved 2026-07-08.
  24. ↑ Market Hours, Taiwan Stock Exchange via Wikinvest
  25. ↑ "Taiwan Stock Exchange Corp". twse.com.tw.
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