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: The opening time for each product varies with its regular-session closing time
(orders accepted 10 minutes prior to the session’s open, and may not be changed or canceled in the last two minutes, only added)
(1) Domestic Index Products, Foreign Index products, and Crude Oil Products (close at 13:45 for regular trading session): 15:00~ 05:00 the following day. (2) FX Products and Gold products (close at 16:15 for regular trading session): 17:25~ 05:00 the following day.
- Eligible Products
(1) Domestic Index Products: TAIEX Futures (TX), Mini TAIEX Futures (MTX),Electronic Sector Index Futures (TE), and TAIEX Options (TXO). (2) FX products: USD/CNT FX Futures (RTF), USD/CNH FX Futures (RHF), USD/CNT FX Options (RTO), USD/CNH FX Options (RHO), EUR/USD FX Futures (XEF), and USD/JPY FX Futures (XJF), GBP/USD FX Futures(XBF) and AUD/USD FX Futures(XAF). (3) Foreign Index Products: DJIA Futures (UDF), S&P500 Futures(SPF), Nasdaq-100 Futures (UNF) and FTSE® 100 Index Futures (F1F) (4) Gold Products: TAIEFX Gold Futures (GDF), TAIEX NT Dollar Gold Futures (TGF), Gold Options (TGO) and Brent Crude Oil Futures (BRF) (5) Crude Oil Products:Brent Crude Oil Futures (BRF)
- Attribution rule of after-hours trades and positions
(1) Each day’s trading consists of a regular session and an after-hours session. (2) 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. (3) 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
(1) 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. (2) 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
(1) A contract’s opening reference price for the after-hours session is its daily settlement price from that day’s regular trading session. (2) 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
(1) The after-hours session offers trading in the same contract months and series as the regular session. (2) 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. (3) 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.
- Market Information Disclosures and Market Data
(1) 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. (2) 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.