Introduction
- To meet the demand of various futures trading strategies and to provide market participants with a convenient way to transact large positions, TAIFEX introduced Block Trade facility on December 19, 2011. Block trades can be executed through Continuous Matching since then. Also, in order to keep in line with international exchanges and to better fit the needs of the market, TAIFEX introduces Negotiated Block Trade on December 2, 2013. Block Trade eligible products include TAIEX Futures (TX), Mini-TAIEX Futures (MTX), TAIEX Options (TXO), Single Stock Futures (STF), Single Stock Options (STO), USD/CNH FX Futures(RHF), USD/CNT FX Futures(RTF), USD/CNH FX Options(RHO), USD/CNT FX Options(RTO), EUR/USD FX Futures(XEF), USD/JPY FX Futures(XJF), GBP/USD FX Futures(XBF), AUD/USD FX Futures(XAF), Nifty 50 Futures(I5F), DJIA Futures(UDF), S&P 500 Futures(SPF) and Brent Crude Oil Futures(BRF).
- Trading Hours:
Regular Trading Session
After-Hours Trading Session1. TAIEX Futures (TX), Mini-TAIEX Futures (MTX), TAIEX Options (TXO), Underlying Security of a Single Stock Futures or Options Contract is a stock or a domestic component securities ETF, DJIA Futures(UDF), S&P 500 Futures(SPF) and Brent Crude Oil Futures(BRF) ：8:45am~1:45pm 2. Underlying Security of a Single Stock Futures or Options Contract is an ETF with foreign component securities or an offshore ETF,USD/CNH FX Futures(RHF), USD/CNT FX Futures(RTF), USD/CNH FX Options(RHO), and USD/CNT FX Options(RTO), EUR/USD FX Futures(XEF), USD/JPY FX Futures(XJF), GBP/USD FX Futures(XBF) and AUD/USD FX Futures(XAF)：8:45 am ~ 4:15pm 3. Nifty 50 Futures(I5F)：8:45am~6:15pm 4. USD/CNH FX Futures(RHF), USD/CNT FX Futures(RTF), USD/CNH FX Options(RHO), and USD/CNT FX Options(RTO):8:45am~11:00am on the last trading day. TAIEX Futures (TX), Mini-TAIEX Futures (MTX), TAIEX Options (TXO), Single Stock Futures (STF), and Single Stock Options (STO):8:45~1:30pm on the last trading day. EUR/USD FX Futures(XEF), USD/JPY FX Futures(XJF), GBP/USD FX Futures(XBF) and AUD/USD FX Futures(XAF)：8:45 am ~ 2:00pm on the last trading day. Nifty 50 Futures(I5F)：8:45am~6:00pm on the last trading day. DJIA Futures(UDF) and S&P 500 Futures(SPF)：8:45~1:45pm on the last trading day. 1. TAIEX Futures (TX), Mini-TAIEX Futures (MTX), TAIEX Options (TXO), DJIA Futures(UDF), S&P 500 Futures(SPF) and Brent Crude Oil Futures (BRF)：3:00pm on trading day ~ 5:00am of the following day 2. USD/CNH FX Futures(RHF), USD/CNT FX Futures(RTF), USD/CNH FX Options(RHO), and USD/CNT FX Options(RTO), EUR/USD FX Futures(XEF), USD/JPY FX Futures(XJF), GBP/USD FX Futures(XBF) and AUD/USD FX Futures(XAF)：5:25 pm on trading day ~ 5:00am of the following day 3. Brent Crude Oil Futures (BRF): 3:00pm~3:30am(or 2:30am) of the following day in the last trading session. - Eligible Products
TAIEX Futures (TX), Mini-TAIEX Futures (MTX), TAIEX Options (TXO), Single Stock Futures (STF), Single Stock Options (STO), USD/CNH FX Futures(RHF), USD/CNT FX Futures(RTF), USD/CNH FX Options(RHO),and USD/CNT FX Options(RTO), EUR/USD FX Futures(XEF), USD/JPY FX Futures(XJF), GBP/USD FX Futures(XBF), AUD/USD FX Futures(XAF) and Nifty 50 Futures(I5F), DJIA Futures(UDF), S&P 500 Futures(SPF) and Brent Crude Oil Futures(BRF).. - Minimum Thresholds
- RHF, RTF, XEF, XJF, XBF and XAF : 50 lots
- TX, MTX, RHO and RTO : 100 lots
- TXO, STF, I5F, UDF, SPF and BRF : 200 lots
- STO : 400 lots
- Each component (contract/leg) of a combination order must meet the minimum threshold, except for combination orders that are composed of futures and options contracts with the same underlying. In this case, only each of the options components shall comply with the minimum quantity threshold.
Example: the following combination order is eligible because TXO and TX have the same underlying. Therefore only TXO shall be at or above 200 lots.
Contract Price Buy/Sell Lots TXO/8000call/201308 35.5 Sell 200 TXO/7900put/201308 45.5 Sell 200 TX/201308 7937 Buy 10
- Trading Process
- Continuous Matching: Participants designate Futures Commission Merchants (FCMs) to place the orders in the trading system. Orders are matched on the price priority and time priority principle.
- Negotiated Block Trade: Participants privately negotiate the prices and quantities with counterparties, and then request their respective FCMs to file reports on line or through the trading system to TAIFEX for confirmations on acceptances and executions.
- Price Limits
The same as the regular market. - Minimum Price Movement
The minimum price movement for TXO is 0.1. For the rest of the products, the same as the regular market. - Margin Requirements
The same as in the regular market. However, TAIFEX's rules governing day trading margin calculations and collections do not apply. - Information Disclosure:
- Information on block trade execution will be disseminated in real time on TAIFEX website. (https://info512.taifex.com.tw/EN/index_home.aspx)
- Block trades do not affect open/high/low/close/settlement information in the regular market. However, block trade volumes will be included in all Exchange market data reporting.
