Trading
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 continuous matching Block Trade facility on December 19, 2011 and negotiated Block Trades facility on December 2, 2013.
- Trading Hours: The trading hours for Block Trade are the same as every products' specifications. Block trade orders are not accepted before trading session.
- Eligible Products
TAIEX Futures (TX), Mini-TAIEX Futures (MTX), Micro-TAIEX Futures(TMF), Electronics Sector Index Futures(TE), Mini Electronics Sector Futures(ZEF), Finance Sector Index Futures(TF), Mini Finance Sector Futures(ZFF), Non-Finance Non-Electronics Sub-Index Futures(XIF), Taipei Exchange Stock Index Futures(TGF), TPEx 200 Futures (G2F), F4G TIP TW ESG Futures(E4F), TIP Taiwan BIO Index(BTF), Semiconductor 30 Futures(SOF), Shipping and Transportation Sector Futures(SHF), Taiwan Mid-Cap 100 Futures (M1F), DJIA Futures(UDF), S&P 500 Futures(SPF), Nasdaq-100 Futures (UNF), PHLX Semiconductor Sector Futures(SXF), FTSE® 100 Index Futures(F1F), Single Stock Futures (STF), AIFEX Gold Futures(GDF), TAIFEX NT Dollar Gold Futures(TGF), Brent Crude Oil Futures(BRF), USD/CNH FX Futures(RHF), USD/CNT FX Futures(RTF), EUR/USD FX Futures(XEF), USD/JPY FX Futures(XJF), GBP/USD FX Futures(XBF), AUD/USD FX Futures(XAF), Mini-TAIEX Flexible Futures (MXFFX), TAIEX Options (TXO), Electronics Sector Index Options(TEO), Finance Sector Index Options(TFO), Single Stock Options (STO) and Gold Options(TGO). - Minimum Thresholds
- RHF, RTF, XEF, XJF, XBF, XAF, GDF, TGF and MXFFX: 50 lots
- TX, MTX and TGO : 100 lots
- TXO, TMF, STF, G2F ,E4F ,BTF, SOF, SHF, M1F, UDF, SPF, UNF, F1F and BRF: 200 lots
- STO, TEO, TFO : 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://mis.taifex.com.tw)
- 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.
