TAIWAN FUTURES EXCHANGE-Trading-Trading Scheme-After Hours Trading-Introduction

To provide investors with a comprehensive hedging channel and more trading opportunities, major international futures markets already offer almost 24-hrs trading. After taking into account the practices of major international markets, TAIFEX launches after-hours trading session after regular trading session. The after-hours trading session will trade until 5 o’clock the next morning. In principle, the trading rules for the after-hours session are the same as those for the regular session. Holders of domestic futures trading accounts will be able to participate in after hours trading immediately, and investors will be able to easily obtain market information. In addition, the after-hours platform enhances the Taiwan futures market's international competitiveness, and TAIFEX can list new products on the platform as it sees fit in keeping with TAIFEX’s product development strategy.

Trading Hours:
(orders accepted 10 minutes prior to the session’s open, and may not be changed or canceled in the last two minutes, only added)
- Domestic Index Products, Foreign Index products(excluding TOPIX Futures) , and Crude Oil Products: 15:00~ 05:00 the following day.
- TOPIX Futures, FX Products, Gold products and Equity products: 17:25~ 05:00 the following day.
Eligible Products
- Domestic Index Products: TAIEX Futures (TX), Mini TAIEX Futures (MTX), Micro TAIEX Futures(TMF), Electronics Sector Index Futures (TE), Mini Electronics Sector Futures (ZEF), Semiconductor 30 Futures(SOF), Taiwan Mid-Cap 100 Futures (M1F) and TAIEX Options (TXO).
- FX products: USD/CNT FX Futures (RTF), USD/CNH FX Futures (RHF), EUR/USD FX Futures (XEF), and USD/JPY FX Futures (XJF), GBP/USD FX Futures(XBF) and AUD/USD FX Futures(XAF).
- Foreign Index Products: TOPIX Futures(TJF), DJIA Futures (UDF), S&P500 Futures(SPF), Nasdaq-100 Futures (UNF), PHLX Semiconductor Sector Futures(SXF) and FTSE^® 100 Index Futures (F1F)
- Gold Products: TAIEFX Gold Futures (GDF), TAIEX NT Dollar Gold Futures (TGF), Gold Options (TGO) and Brent Crude Oil Futures (BRF)
- Crude Oil Products:Brent Crude Oil Futures (BRF)
- Equity products: TSMC Futures(CD), mini-TSMC Futures(QF), UMC Futures(CC), Yuanta/P-shares Taiwan Top 50 ETF Futures (NY), mini-Yuanta/P-shares Taiwan Top 50 ETF Futures (SR) and Yuanta U.S. Treasury 20+ Year Bond ETF Futures(RZ)
Attribution rule of after-hours trades and positions
- Each day’s trading consists of a regular session and an after-hours session.
- In consideration of the methods used by foreign exchanges, the cut off point for each day’s trading and clearing processes is the close of that day’s regular trading session. Trades from the after- hours session are attributed to the following day’s regular trading session.
- Unless otherwise provided, the after-hours session’s trading and clearing processes are handled in the next regular trading session.
Matching Method
Trade matching is handled in the same manner as in the regular trading session: orders may not be changed or canceled in the final two minutes before session open, and there is a call auction at session open. TAIFEX then uses continuous matching until session close.
Types of Orders
- The types of orders available are the same as those for the regular session, and include market orders, limit orders, and market with protection orders.
- Order conditions include fill or kill (FOK), immediate or cancel (IOC), and rest of day (ROD). However, because the trading day includes two trading sessions, the effective period of ROD orders has been changed to the rest of the session in which the order has been placed, that is, “effective for the current day” has been changed to “effective for the current session.”
Opening Reference Price and The Price Limits
- A contract’s opening reference price for the after-hours session is its daily settlement price from that day’s regular trading session. If the single stock futures or ETF futures contract is adjusted due to the distribution of cash dividend, the opening reference price is calculated by deducting the cash dividend from the daily settlement price.
- The price limits for the after-hours session are the same as those for the next day’s regular session. Because the after-hours session and the next day’s regular session use the same opening reference price, their up/down price limits are also the same.
Tradable Contract Months and Series
- The after-hours session offers trading in the same contract months and series as the regular session.
- For the US Equity Index Futures, FTSE^® 100 Index Futures and Brent Crude Oil Futures, their expiring contract month will end in the after-hours session.
- New contract months and series are listed in the regular trading session of the day after expiration. New contract months and series are not listed in the after-hours session.

Equity futures included in night trading, the handling method and timing of various spot market events

Spot Market Events	Futures Markets
Spot Market Events	Handling Method	Effective Time
TWSE announces the trading halt of the underlying securities	Trading halt	Upon notification, trading will be halted from the after-hours session until trading in the underlying security resumes.
The issuer of the underlying securities applies to TWSE to convene a press conference after 17:00	Trading halt in the after-hours session	Upon notification, trading will be halted until the close of after-hours session.
The issuer of the underlying securities pays cash dividend	Contract adjustment	Advance contract adjustment to the after-hours session preceding the effective date of contract adjustments (i.e. ex-dividend date)
The issuer of the underlying securities conducts stock dividends, cash capital increase, capital reduction, merger, etc	Contract adjustment	Same as current, effective in regular trading session of the effective date of contract adjustments. (Trading will be suspended in the after-hours session preceding the effective date of contract adjustments.)
Small Market Capitalization, Poor Stock Liquidity, Non-surviving Stock after a Merger, Stock Suspension of Margin Financing and Securities Lending, a Change of Trading Method	Suspension of the listing of new contract months	Same as Current, effective in regular session
Trading suspension of underlying securities	Trading suspension	From the after-hours session preceding the trading suspension date of underlying securities
Trading resumption of underlying securities	Trading resumption	Same as Current, effective in regular session of the trading resumption date of underlying securities
Delisting of underlying securities	Delisting	Same as Current, all contract months will end in the regular session of the final trading day

Market Information Disclosures and Market Data
- Real-time market-information disclosures: Order and transaction data are disclosed separately for the after-hours and regular sessions. TAIFEX’s after-hours market information system (https://mis.taifex.com.tw) provides transaction information (including transaction prices, times and accumulated volumes), the five best untransacted prices (bids and offers are disclosed separately), and the current session’s opening price, highest transacted price, lowest transacted price, and reference price for the regular session.
- Market data: The trading information for each day’s after-hours session (including trading volume and open interest) will be combined with that of the next day’s regular trading session.