Foreign Participation
Criteria of Clearing Table
| Item | Individual Clearing Member | General Clearing Member | Special Clearing Member |
|---|---|---|---|
| Business Scopes/Types | A futures commission merchant that handles clearing and settlement for its brokerage and proprietary futures trading business | A futures commission merchant that, in addition to handling clearing and settlement for its brokerage and proprietary futures trading business, may also handle clearing and settlement on consignment for other futures commission merchants | A financial institution that handles clearing and settlement only on consignment for futures commission merchants |
| Minimum Paid-In Capital | NT$: 200 Million | NT$: 400 Million | - |
| Designated Operating Funds for Agent FCM | NT$80 Million | NT$: 400 Million | NT$: 400 Million |
| Current Asset | ≧current liabilities; If current ratio is less than 120%, TAIFEX may collect additional clearing margin. | ≧current liabilities | ≧current liabilities |
| Financial Structure |
|
(Total liabilities - futures trader's equity - reserves for default loss - reserves for trading loss) ≦ owner's equity | (Total liabilities - futures trader's equity) ≦ owner's equity |
| Owner’s Equity | ≧Paid-In Capital 80％ | ≧Paid-In Capital 80％ | ≧Paid-In Capital |
| Adjusted Net Capital |
|
Adjusted net capital shall not be less than 20% of the total client margins required for outstanding positions | Adjusted net capital shall not be less than 20% of the total client margins required for outstanding positions |
| Credit Rating | A credit rating report issued by a credit rating institution approved by the Competent Authority shall be obtained within two years after obtaining a clearing membership | None | None |
| Clearing and Settlement Fund |
|
|
|
| Disqualifying Criteria | An applicant for clearing membership shall conform to the criteria in Article 43 of the Rules Governing the Establishment Criteria of Futures Commission Merchants | An applicant for clearing membership shall conform to the criteria in Article 43 of the Rules Governing the Establishment Criteria of Futures Commission Merchants | An applicant for clearing membership shall conform to the criteria in Article 43 of the Rules Governing Establishment Criteria of Futures Commission Merchants. None of the circumstances in Article 28 of the Futures Trading Law may exist with respect to any directors, supervisors, or managerial officers of the clearing member |
| Minimum Clearing and Settlement Personnel | 3 persons | 5 persons | 5 persons |
| Others | An applicant for clearing membership status shall have held futures commission merchant status for at least one year; provided, this restriction shall not apply if a single one of its shareholders holding 50 percent or more of its shares has clearing membership status | None | |
