50 2018 Taiwan Futures Exchange

2019年業務計畫Business Plan for 2019

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發揚理念

展翅高飛Promote Ideals,

Soar Ever Higher

52 2018 Taiwan Futures Exchange

展望2019年，期交所將努力不懈，持續打造具有高效率、低成本且公平、公正、公開交易環

境，以吸引各類交易人參與交易，並戮力精益求精，持續推動各項業務，以滿足市場所需，包括：

研發符合市場需求新商品，挹注市場成長動能；接軌國際制度，擴大市場發展基礎；推動國際交流

與合作，強化核心競爭力；擴大市場推廣效益及提升教育訓練品質，普及期貨知識及培養專業人

才；加強期貨商、結算會員及交易資訊申請使用者管理及市場監理能力，確保市場良好運作及維護

交易人權益；提升電腦作業系統效能，提供高效能交易平台。期交所期望透過前揭努力，擴展市場

廣度與深度，帶領臺灣期貨市場再創佳績。茲就2019年業務推動重點共8項，說明如下：

Looking ahead to 2019, the Taiwan Futures Exchange (TAIFEX) will continue its efforts to forge

and hone an efficient, low-cost, fair, equitable and open trading environment that attracts a variety of

participants. We will refine and promote our business, and better meet our market’s needs by developing

new products that foster market growth, introducing new rules that bring us in line with international

norms and broaden our foundations; heightening our competitiveness through international exchange

and cooperation; widely disseminating market data; improving the quality of market education

and training; cultivating industry professionals; adding to our market surveillance capabilities and

strengthening our supervision of FCMs, clearing members, and market data users to ensure the market’s

sound operation and protect the rights of investors; and increasing the effectiveness of our IT operations

and systems to provide an even better trading platform. TAIFEX hopes that its hard work will broaden

and deepen the futures market, and yield even more outstanding results in the future.

Our eight key business objectives for 2019 are as follows:

一、研究與開發新商品

繼推出日本、印度及美國最具代表性之國外指數期貨後，2019年持續推動具發展潛力之國內類

股指數或國內外知名指數(如美國Nasdaq 100)期貨上市，以豐富國內外股價指數類產品線，為市場

挹注新動能。此外，積極拓展各類商品市場，視市場需求適時推出新商品，期使臺灣期貨市場產品

線更加創新與多元，包括研議股票選擇權契約調整、評估編製股價期貨指數等，促進證券及期貨市

場共榮發展。

I. Research and Development of New Products

Having launched futures on the most representative indices from Japan, the US and India, TAIFEX

will continue to introduce new futures on domestic sector indices and well-known foreign indices (such

as the Nasdaq-100) to enrich our equity-index product line and invigorate our market. We will also roll

out other new products as the market demands to further innovate and diversify our product lines and

spur the development of Taiwan’s futures markets. Our efforts in this area will include studying contract

adjustments of equity options and examining the compilation of equity-futures indices.

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二、強化制度改革與創新

為打造更穩健、更便利交易環境，2019年研議推動多項新制度，並強化推展各項制度，包括：

5月27日實施臺指選擇權動態價格穩定措施，並研議進一步擴及國外股價指數期貨；調整鉅額交易

制度，降低每筆市價委託口數上限；調整自然人選擇權部位限制標準；規劃建置結算會員選擇權各

序列流動性風險管理措施、發布期貨各到期月份契約及選擇權各序列流動性資訊及強化保證金涵

蓋風險天數，強化期貨集中市場風險控管機制；持續與期貨公會共同推動強化交易人權益保護及風

控措施；為提升我國店頭衍生性商品交易安全、效率及透明度，規劃建立國內店頭衍生性商品集中

結算機制，及修正我國期貨市場財務安全防衛資源支應順序，以提高外資機構參與我國金融市場意

願，促進我國金融市場未來發展；配合證券市場將於2020年3月23日實施逐筆交易及逐筆揭示，為

確保證券、期貨市場資訊對稱一致，及提升行情資訊透明度，規劃建置逐筆行情揭示服務。

II. Improvements and Innovations to Rules

TAIFEX will study and introduce several new measures in 2019 aimed at building a healthier

market environment. These will include implementing Dynamic Price Banding Mechanism (DPBM) on

TAIEX Options on 27 May; studying the application of DPBM to foreign equity index futures; amending

block trading rules by lowering the ceiling on the number of contracts in market-price orders; adjusting

options position-limit standards for individual investors; planning improvements to the futures market’s

risk management mechanisms via measures such as establishing risk management measures for clearing

members based on the liquidity of options series, publishing liquidity data for all delivery-month futures

contracts and options series, and strengthening the margin period of risk; continuing to work with the

Chinese National Futures Association (CNFA) to promote stronger risk-management measures and

protections of investors’ rights; planning the establishment of the centralized clearing for domestic OTC

derivatives to improve the safety, efficiency and transparency of the trading of domestic OTC derivatives;

amending the default waterfall scheme to encourage more foreign institutional participation and further

the development of our market; and planning to offer continuous disclosure of market data to support

the Taiwan Stock Exchange’s 23 March 2020 launch of continuous trading and disclosure of market

data, maintain the alignment of securities market and futures market data disclosures, and increase the

transparency of market data.

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三、推動我國期貨市場國際化

規劃與國外交易所或相關機構策略聯盟，強化實質國際合作及交流，並持續辦理國際宣導活

動，拜訪國外期貨業者，瞭解其業務需求，進而提升外資參與我國期貨市場比重；另積極參與各項

國際組織會議，增進與國際證券及期貨市場交流與學習。此外，積極引進國外知名股價指數期貨至

期交所掛牌，強化商品線並提升國際競爭力。

III. Internationalization

TAIFEX will pursue strategic alliances with international exchanges and related organizations to

strengthen international cooperation; continue to organize international marketing campaigns; and

visit overseas futures firms to better understand their needs and increase foreign participation in our

market. TAIFEX will also continue to actively participate in a variety of international organizations and

conferences to share with and learn from other markets. Furthermore, we will introduce additional

futures and options on major foreign equity indices to enrich our product line and enhance our

international competitiveness.

四、市場推廣及宣導

為提升臺灣期貨市場成長動能，2019年針對推動新商品與新制度，舉辦市場推廣宣導活動，包

含從業人員及交易人宣導說明會、大型財經講座、網路直播理財講座及各式獎勵活動等，以擴大宣

傳推廣效益，同時配合建置網站專區及線上懶人包、編印宣導手冊及海報等相關文宣，方便交易人

及業者了解期貨市場最新動態；及出版「臺灣期貨雙月刊」與「期貨與選擇權學刊」，並廣為發送

全國期貨商、期貨交易輔助人及大專院校。

在教育訓練及人才培訓方面，為培育期貨資產管理及法人機構專業人才，持續辦理「期貨業務

人才養成班」、「期貨資產管理人員培訓班」及「期貨市場法人機構從業人員培訓課程」，每月於

期交所「期貨交易教育中心」辦理期貨商從業人員課程，並透過課程內容宣導期貨市場新商品及新

制度，強化全市場教育推廣。此外，為普及期貨知識，於台北及中南部地區開辦免費交易人期貨及

選擇權課程，並推廣及鼓勵交易人透過「期貨影音知識網」及「虛擬交易所」進行線上學習及模擬

交易。

此外，2019年持續辦理法人機構相關推廣業務，於2018年12月21日公告第5屆「期貨鑽石獎」

活動辦法，評選期間自2018年7月1日起至2019年6月30日，將表揚積極運用期交所各項商品增益避

險之法人機構，及對期貨市場具貢獻之期貨商、證券商，並積極拜會法人機構，進行意見交流、業

務推廣及共同辦理活動，以提升法人機構參與臺灣期貨市場比重；另定期召開「期交所與期貨公會

業務聯繫會議」，針對臺灣期貨市場發展各項重要議題進行討論。

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IV. Education and Promotions

TAIFEX will spur the Taiwan futures market’s growth and support the introduction of new products

and measures in 2019 with a variety of market promotions, including educational seminars, large-

scale financial lectures, streaming talks and awards for industry participants. We will make it easier for

investors and industry professionals to obtain up-to-date information on the futures market by creating

dedicated webpages, publishing online summaries, and printing pamphlets and posters. We will also

continue to publish TAIFEX Bimonthly and the Journal of Futures and Options, and distribute both

publications to FCMs, IBs, and academic institutions across the country.

In the area of training and developing industry personnel, we will continue to disseminate

information about our new products and measures, and cultivate a more knowledgeable market,

through a variety of courses and monthly classes at our E-Learning Center. At the same time, we will

foster wider understanding of futures trading by continuing to offer free futures and options classes

throughout Taiwan, and encouraging investors to make use of our online educational materials and

virtual exchange.

We will continue to arrange promotional events for institutional investors in 2019, including the

Diamond Awards. Announced on 21 December 2018, the fifth annual Diamond Awards will recognize

outstanding institutions, futures firms and securities firms for their contributions to the market over the

period from 1 July 2018 to 30 June 2019. We will also visit institutional investors to exchange views,

promote our businesses, and jointly plan events to increase institutional participation in our market.

Finally, we will hold regular meetings with the CNFA to discuss key issues related to the development of

the Taiwan futures market.

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五、對期貨商、結算會員及交易資訊申請使用者管理

為推動臺灣期貨市場改革與創新，持續與期貨商進行雙向溝通，鬆綁法規及推動與國際市場接

軌，提升服務品質、降低作業成本及精實作業流程，並辦理期貨商輔導作業，以強化期貨商內部控

制制度。

V. Supervision of FCMs, Clearing Members, and Market Data Users

We will continue to engage in bilateral communications with FCMs, as well as relax regulations

and bring those regulations in line with international standards, to enhance the quality of our services,

reduce operational costs, and refine our operational procedures. We will also provide guidance to FCMs

to help them to strengthen their internal controls.

六、市場監理

採行數位化金融科技技術，提升風控及監視效率，期能透過大數據及人工智慧持續提升市場監

視效能及強化監視系統功能，使監視作業執行效能更趨迅速、精確及自動化。另配合跨部門業務聯

繫機制，加強全市場風險控管及危機處理能力；強化市場重大資訊蒐集及分析，有效監控市場交易

人交易狀況，即時偵測市場有無異常交易行為或市場操縱等不法情事，同時持續加強與周邊相關單

位之跨市場監理合作，共同維護市場安全及秩序。

VI. Market Surveillance

TAIFEX will adopt financial technology to improve the efficiency of our risk control and

surveillance operations, using big data and AI to further increase the speed, accuracy and automation of

our surveillance work. We will also continue to: use interdepartmental communications to strengthen

our risk management and crisis resolution capabilities; improve our data collection and analysis,

and our monitoring of investors’ trading activities, to quickly detect abnormal activities and market

manipulation; and increase our intermarket cooperation with related organizations to better safeguard

our market’s security and orderly operation.

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七、電腦作業

配合新商品上市及交易、結算制度變革，擴充電腦硬體與網路設備、開發應用軟體及規劃建

置電腦相關系統；配合國際合作案規劃建置電腦相關系統，俾利與國際接軌，增進市場競爭力。為

提升資訊系統效率並符合未來業務成長所需，參考國際著名交易系統發展趨勢，針對現行系統效能

進行提升改善作業及增進系統擴充能力；為提升行情資訊透明度，滿足期、現貨市場交易策略多樣

性，研議期貨市場逐筆行情揭示服務。另依主管機關指導，辦理「證券期貨市場資訊作業整合」及

「資訊系統採一致性資訊架構標準整合」計畫，以發展資訊整合；及持續辦理「金融科技發展金融

創新」計畫，透過雲端服務應用及運用大數據技術分析，提升期貨市場整體效能。

在資通安全方面，依國內資通安全法及主管機關資通安全政策，持續強化資通安全機制，辦理

各項網路偵測及稽查作業，建置資訊作業相關資安防護管理系統及同仁教育宣導事宜。為繼續擴大

期貨教育服務對象及服務內容，持續進行「期貨交易教育中心」更新及維護，規劃建置新商品、新

制度模擬交易、結算環境，以利宣導與推廣新商品及新制度。

此外，配合證券期貨實體基礎設施整合，於2018年完成板橋機房日盤交易系統及非核心業務

系統上線，將於2019年完成原信義機房電腦設備移轉至台中異地備援機房，以強化交易系統備援能

力；建置雲端交易系統測試環境，於網際網路建立安全通道進行交易及行情傳輸測試，以提供業者

更為便利、安全與低成本開發測試環境。

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VII. IT Operations

We will continue to: upgrade TAIFEX’s computer hardware and networking equipment, develop

applications software, and plan the installation of new systems to support the introduction of new

products, and new trading and clearing measures, ensure that we remain in line with international

norms, and make our market more competitive; upgrade our IT operations and extend their capabilities

with reference to developments in major international trading systems to improve our IT systems’

efficiency and meet the needs of our ongoing business growth; study continuous disclosure of market

data to make it more transparent and meet the needs of investors deploying diverse trading strategies

in the futures and cash markets; continue to foster IT integration under the guidance of the competent

authority; and maintain our FinTech development and innovation program, using cloud-based

applications and big-data analyses to improve the overall efficiency of the futures market.

In the area of information and communications security: TAIFEX will strengthen its information and

communication security mechanisms, test networks and audit operations, install information security

management systems, and train our colleagues in accordance with Taiwan’s laws and the competent

authority’s policies on information and communications security. TAIFEX will further upgrade our

E-Learning Center, and incorporate new products and measures into its offerings, to extend the scope of

our educational services.

Additionally, having brought the regular-session trading system and non-core business systems

online at the Banqiao data center in 2018, we will complete the migration of the Hsinyi data center’s

equipment to the backup data center in Taichung to strengthen the backup capabilities of our trading

system and support the integration of securities- and futures-market infrastructure. We will also build a

cloud-based testing environment and create secure internet communication channels, in order to test

trading processes and market data transmissions, and to provide the industry with a convenient, secure,

and low-cost development and testing environment.

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八、內部稽核作業

協助各部門檢討修訂內部控制制度、自行評估項目及各項程序書，據以辦理內部控制制度自行

評估作業。並依內部稽核實施細則，釐定查核項目、範圍、樣本、時間及方法，依重要性及風險性

訂定查核週期，編製年度稽核計畫，以執行各項業務與財務查核，藉此衡量現行政策、程序及內部

控制之有效性與遵循程度。

VIII. Internal Audit

Internal Audit will continue to assist each department in reviewing and revising its internal

controls, self audits, and procedures. Acting in accordance with its implementation rules and

operational directions, Internal Audit will establish the items, scope, samples, timing, and method of

audits; set the audit cycle for major audits and risk audits; and draw up an annual plan for business and

financial audits. Taken together, these measures will help us to evaluate the effectiveness and degree of

compliance of our current policies and procedures.

在主管機關指導及期貨業者共同努力下，臺灣期貨市場在2018年交出一張漂亮成績單。2019

年，期交所將以務實穩健步伐與積極向上態度，持續提供符合市場需求商品、調整交易結算機制及

提升系統效能，以滿足國內外業者與交易人需求，推動全市場交易量再創高峰，為臺灣期貨市場開

創新局，更上一層樓！

The guidance of the competent authority and the hard work of the futures industry raised the

Taiwan futures market to another level in 2018. Looking ahead to 2019, we will continue to upgrade

TAIFEX’s systems and refine its products and rules to better meet the needs of both domestic and foreign

investors, taking a measured and pragmatic approach to lead our market to greater heights.