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Go to the TAIFEX website (www.taifex.com.tw), select English, and click on "Market Data" → "Market Data of Major Institutional Traders" → "Query".

Information is available in English on the TAIFEX website. Click on "Market Data" → "Market Data of Major Institutional Traders" → "Query" → "Details of Futures Contracts". Data for Finance Sector Index Futures and Electronics Sector Index Futures is further broken down to show long, short, and net positions.

The term "specific institutional investors" refers to securities firms, foreign institutional investors, securities investment trust funds, the National Financial Stabilization Fund, the Public Service Pension Fund, the Labor Pension Fund, the Labor Insurance Fund, the Postal Savings Fund, financial institutions, and insurers.

MTX or TMF data has been incorporated into the data for TAIEX Futures (TX) at a ratio of 1 TX : 4 MTX or 1 TX : 20 TMF, ZEF data has been incorporated into the data for Electronics Sector Index Futures (TE) at a ratio of 1 TE : 8 ZEF, and ZFF data has been incorporated into the data for Finance Sector Index Futures (TF at a ratio of 1 TF : 4 ZFF. For further information go to the TAIFEX website and click on "Open Interest of Large Futures Traders" → "Illustration".

For an illustraiton of open interest of large traders, please refer to our website:
Home > Market Data > Open Interest of Large Traders > Query > Futures > Illustraiton
(https://www.taifex.com.tw/enl/eng3/largeTraderFutQryDetail)

You can come to TAIFEX during 9:00 ~12:00a.m. and 1:30~ 5:00 p.m. on business day and apply for your own itemized account information.

There are four alternatives to apply for your personal account information: You can come to TAIFEX in person with your ID card, find information on website (https://investor.taifex.com.tw/index), send someone else to do so or mail the application form to TAIFEX. For the latter two methods, please refer to Answers No. 37 and 38 for more details. Yes, you can have another person do so as your agent. The agent should bring the following documents to TAIFEX:

• An completed application form for Personal Itemized Account Information.(Both the applicant and the agent should fill in the form according to the instruction)
• The national ID certificates of the applicant and the agent.

• A trader may mail in the completed application form for Personal Itemized Account Information to TAIFEX.
• Please be noted that in order to verify the applicant's identity, the applicant should show his/her national ID card to an FCM or IB so that the FCM or IB can fill in the application form with signatures of the futures specialist in charge and his/her supervisor and the stamp of the company/branch as an authentic proof..

This information is available on the TAIFEX website:

• For position limits: "Trading"-->"Position Limit".
• For product specifications: "Products" --> Select form the product list on the left.

At TAIFEX, spread trading involves the simultaneous purchase and sale of futures contracts for the same commodity or instrument in different series, therefore a trader who reaches a position limit can continue to do spread trades. Since newly created positions in one series are offset by the closing of positions in another series, the position limit is not exceeded.

• Limit Order :
  The maximum size of any leg of a combination order is 499 contracts for Single Stock Futures and Equity Options, 200 contracts for other types of options.
• Market Order :
  The maximum size of any leg of a combination order for all types of Options is 10 contracts during regular trading session, 5 contracts during after-hours trading session.

In addition, large positions can be transacted on block trading facility. Detail introduction of block trading facility is available on the TAIFEX website. ( Trading/Trading Scheme /Block Trade /Introduction)

The contract months of Taiwan Index Futures (also known as TAIEX Futures; ticker code: TX) are the nearest three months plus three quarter-months, a total of 6 months.

Yes, we accept Immediate-or-Cancel (IOC) market orders prior to the opening of market. Because the opening of market is done by call auction, Fill-or-Kill (FOK) orders are not accepted.

Yes, but market orders must state either FOK or IOC, meaning we don't accept Rest-of-Day (ROD) orders.

FCMs are currently allowed under Exchange’s rules to provide Stop Loss orders to their customers, and several FCMs are doing so. Since the triggering of stop orders might cause cascading effect and increase market volatility, Whether to adopt Stop Loss order function by TAIFEX itself is a mid to long term issue pending for further discussion.

Matching is carried out on competitive auction (or call market) basis at the opening of market. Then, orders are matched on continuous basis (order by order) during market hours until market closing. For more details, please refer to the Operational Rules No. 37 and No. 38 on our website: “Rules and Regulations””Taifex Rules”.

Whether the limit order will be filled or not depends on the thickness of the order book, that is the volume of the opposing orders, no matter the market reaches the limit price but then snaps back or it just moves through the limit price.

The faster and easier way is to check with your FCM. The alternative method is to apply for your personal transaction information to TAIFEX. The application process is similar to checking your personal account information(please refer to Question 22).

For listing series of new expiration Months or Weeks, or series with new strike prices for existing expiration dates, TAIFEX shall, based on the previous business day's closing price of the underlying index, in regular trading session consecutively introduce series with new strike prices according to the strike price interval as below table, until the following conditions are satisfied:

• For the weekly options, the highest and lowest strike prices should cover 10 percent above and below the underlying index.
• For the monthly options, the highest and lowest strike prices should cover 15 percent above and below the underlying index.
• For the quarterly options, the highest and lowest strike prices should cover 20 percent above and below the underlying index.

The information is also available on TAIFEX website ("Products"--> "TAIEX Options").

Please refer to the lists of market makers and market making products on the website.

TAIFEX has set up a market making mechanism You can contact the futures brokerage with which you have an account and ask them to submit a quote request. Once the market maker receives the quote request, they will decide whether to response to the request depending on their level of risk capability.

If you already have a futures trading account, you do not need another one; you can trade as long as you have enough deposited margin. If you have not yet opened a futures trading account, you must first open one with a legitimate securities firm or FCM before you can trade.

The real-time information is available at the TAIFEX website. Please visit the webpage of “Real-Time Market Data”, where will be re-directed after clicking “more” on the right side of “Featured Products” in the TAIFEX homepage. Then click “Day Quotes” and “Gold commodity quotes” and there shows the real-time information for TGF.

If a trader expects RMB to appreciate(USD to deppreciate), the trader should sell USD/RMB FX Futures. In contrast, if a trader expects RMB to deppreciate(USD to appreciate), the trader should buy USD/RMB FX Futures.

TAIFEX website (https://mis.taifex.com.tw/futures/eng) shows the real-time best bid, best offer and last price of USD/RMB transactions on Taipei Forex Inc., the daily CNT fixing and mid rates of WM Refinitiv Intraday Spot Rates for EUR/USD, USD/JPY, GBP/USD and AUD/USD.

The minimum price fluctuation (tick size) of a Single Stock Futures(STF) calendar spread is 0.01, which is the smallest tick size of all STF price range tiers. The minimum price fluctuations of Single Stock Futures contracts are as follows.

Take the Single Stock Futures of TSMC(CDF) as an example, a single leg (non-spread) CDF 201509 order can be entered at the price of NTD 114.5(with tick size of 0.5) when the last trading price falls in the price range of 100 to 500, while a CDF spread order 201509/201510 can be entered in increments of NTD 0.01.

Yes, whenever the underlying security issues cash dividends, regardless of the dividend amount, the contracts of the Single Stock Futures or the Equity Option issues cash will be adjusted accordingly.

For buy side and sell side positions held in Single Stock Futures Contracts at market close of the regular trading session on the business day preceding the effective date of contract adjustment, the addition to the buy side equity amount and the deduction from the sell-side equity amount shall be adjusted on the effective date of contract adjustment by the equivalent of the cash dividend amount received on 2000 shares or 100 shares (provided no contract adjustment such as ex-right or capital reduction before) of the underlying securities. After the adjustment, the underlying assets become 2,000 shares or 100 shares of the ex-dividend underlying securities.
In addition, if the single stock futures contract is traded in after-hours session, the time for adjusting equity amount will be advanced to the after-hours session preceding the effective date of contract adjustments, and the contract will still be traded in that after-hours session.
Take TSMC as an example:
TSMC issues cash dividend of 3 dollars per share on June 15^th and the previous daily settlement price of TSMC stock futures delivered on June is 592 dollars. Then:

• Contract code remains CDF
• Underlying: 2,000 shares of the underlying stocks (ex-dividend).
• June CDF reference price: 589 (592-3)
• June CDF contract value: June CDF futures price * 2,000 shares.
• The value of positions held on the day before the effective day is subject to the following adjustment in the after-hours trading session that begins on June 14^th :
  (1)The buy side equity amount will be adjusted upward by 6,000 dollars(3 dollars*2,000 shares)
  (2)The sell side equity amount will be adjusted downward by 6,000 dollars(3 dollars*2,000 shares)
  (3)Total equity for each side remains the same.
  For the buy side: (589-592)*2,000+6,000=0
  For the sell side: (592-589)*2,000-6,000=0

On the effective date of contract adjustment (the ex-dividend date of the underlying securities), an adjustment for the underlying assets will be made by adding the equivalent amount of cash dividend distributed to 2,000 shares or 10,000 beneficial units (provided no contract adjustment such as ex-right or capital reduction before) of the underlying securities. The strike price and the contract multiplier remain the same after the adjustment For example:
If Nan Ya Plastics Corporation issues cash dividend of 5 dollars per share on March 15. Then Nan Ya stock option delivered on June with strike price of 40 dollars:

• March 15 is the effective day of contract adjustment.
• Contract code is changed to CAA from CAO.
• Contract has been changed to CAA.
  ■ Underlying: 2,000 shares of 1303.tt ex-dividend stock+5*2,000 dollars.
  (So the trading price of the option should reflect the cash dividend value which is included in the underlying assets.)
  ■ Strike price: remain 40 dollars.
  ■ Premium multiplier: remain 2,000.
  
• Introduction of standard contract CAO
  ■ Underlying: 2,000 shares of 1303.tt ex-dividend stock
  ■ Strike price: 40 dollars.
  ■ Premium multiplier: 2,000.

For information in English, go to the "Law Source Retrieving System of Stock Exchange and Futures Trading" website (www.selaw.com.tw), click on "Search Laws", check the "Taifex Rules" box, and search for "Taiwan Futures Exchange Corporation Exchange Fee Schedule".

Before market open, you could enter, delete and modify orders, but 2 minutes prior to opening of trading session, orders can only be entered. For example, prior to opening of regular trading session, orders can only be entered from 8:30 to 8:45, but not deleted or modified from 8:43 to 8:45 for TAIEX Futures.

For a description of MWP order, please refer to our website:
Home > Trading > Trading Scheme > Orders,Matching, and Information Disclosure > Order Types and Information Disclosure (https://www.taifex.com.tw/enl/eng4/ordTypeInfo)

No, an MWP order is acceptable only after market open.

The trading days for TOPIX Futures are TAIFEX’s business days. Investors should note that it is therefore possible that TOPIX Futures may be tradable on days when its underlying market (Tokyo Stock Exchange, Inc., the TSE) is closed. It is also possible that the product may be untradable on days when its underlying market is open.
To fully cover its underlying market’s trading hours, the trading hours for TOPIX Futures run from 8 a.m. to 4:15 p.m., the period which begins at the same time as its underlying market.

In principle, the last trading day of TAIFEX TOPIX Futures is the business day immediately preceding the second Friday of the contract month, that is, the day before the final settlement price is determined. It usually falls on the second Thursday. When the determination of the final settlement price occurs at an earlier date, the last trading day is adjusted to the preceding business day.
If the last trading day falls on a national holiday in Taiwan, it will be moved to the preceding business day. If a force majeure event such as a typhoon prevents trading on the original last trading day, the last trading day will be postponed to the TAIFEX business day immediately preceding the second TSE business day following such event. Please see the examples below:

• The last trading day falling on a national holiday in Taiwan:
  In 2016, the second Friday in June falls on 10 June, which is an “adjusted holiday” for 9 June’s Dragon Boat Festival. Both dates are national holidays. Therefore, the last trading day of TAIFEX June TOPIX Futures will be moved forward to 8 June (Wednesday), and its final settlement price would, in principle, be determined on 9 June (Thursday).
• The last trading day falling on a typhoon day:
  Taking 2016 as an example, the last trading day for TAIFEX’s March TOPIX Futures is 10 March (Thursday). In the event that a typhoon causes the market to be closed on that date, the last trading day would be postponed to 11 March (Friday) and the final settlement price determination date would be moved to 14 March (Monday).

Applicable products and price limits are shown as below:

For example, if the preceding regular trading session’s daily settlement price of the nearest month contract of Nasdaq-100 Futures is 7,500 index points, the three-phase price limits are as follows

For example, the daily price limit for TAIFEX Brent Crude Oil Futures is a three-phase price limit, applied on ±5%, ±10% and ±20% of the daily settlement price of the preceding regular trading session, if the preceding regular trading session’s daily settlement price of the nearest-month contract is 2369.5, the three-phase price limit is as follows:

For example, if the preceding regular trading session’s daily settlement price of the spot-month contract is 1983.50, during the TAIFEX’s after-hours trading session on the last trading day of the same spot month of ICE Brent Crude Futures contract, the three-phase price limit is as follows:

Combined with the calculation of the same underlying position limit (on a pro rata basis of 20:1 contract size); Latest information is available on the TAIFEX website.(TradingPosition Limit)

• The error account and the correct account must belong to the same investor of the same FCM branch. The correct account must maintain enough margins. Either the error account or the correct account shall not be an omnibus account.
• Other regulation on how FCMs correct error accounts please refer to the “Operation Directions Governing the Application of Correction of Error Trades and Error Accounts by Futures Commission Merchants”

• In principle, the trading days for TAIFEX DJIA Futures, S&P 500 Futures and Nasdaq-100 Futures are TAIFEX business days. It may occur that the futures contracts are tradable on days when the underlying U.S. equity markets are closed. It is also possible that the contracts may be untradable on days when their underlying markets are open.
• To fully cover the U.S. equity markets’ trading hours (9:00 pm to 4:00 am the next day Taiwan Time; or 10:30 pm to 5:00 am the next day Taiwan Time during the daylight saving time), the trading hours of TAIFEX DJIA Futures, S&P 500 Futures and Nasdaq-100 Futures are: (1) Regular trading session:8:45 am to 1:45 pm, and (2)After-hour trading session: 3:00 pm to 5:00 am the next day. The expiring contract on the last trading day trades until 10:30 pm. In the event during Daylight Saving Time, trading in the expiring contract shall end at 9:30 pm.

In principle, the last trading day of TAIFEX DJIA Futures, S&P 500 Futures and Nasdaq-100 Futures is the third Friday of the contract month, same as that of CME Group.
If the last trading day falls on a national holiday in Taiwan or a day on which DJIA Index or S&P 500 Index or Nasdaq-100 Index® is not scheduled to be published (usually aligning with the exchange holidays for NYSE and Nasdaq), the last trading day will be changed to the preceding business day of TAIFEX and on which the DJIA Index or S&P 500 Index or Nasdaq-100 Index® is scheduled to be published.
In case a force majeure event, such as a typhoon, prevents trading on the last trading day, the last trading day will be postponed to the following business day of TAIFEX and on which the DJIA Index or S&P 500 Index or Nasdaq-100 Index® is scheduled to be published.

• The delivery months of TAIFEX Brent Crude Oil Futures (ticker code: BRF) are spot month, next two calendar months, and next two contract months of June and December, a total of 5 months.
• According to the international practices, trading in the expiring crude oil futures contracts normally ends 1 month to 2 months ahead of the delivery date.
• In principle, trading in the expiring TAIFEX Brent Crude Oil Futures contract will end at the same time as the same spot month of ICE Brent Crude Futures contract ends trading. The last trading day for ICE Brent Crude Futures contracts is the last ICE business day of the second month preceding the relevant contract month.

• The trading days for TAIFEX Brent Crude Oil Futures are TAIFEX business days. It may occur that TAIFEX Brent Crude Oil Futures contracts are tradable on days when the market of ICE Brent Futures contracts is closed. It is also possible that TAIFEX Brent Crude Oil Futures contracts are not tradable on days when the market of ICE Brent Futures contract is open.
• To cover the trading hours of Brent Crude Oil Futures listed on other major exchanges, the trading hours of TAIFEX Brent Crude Oil Futures are: (1) regular session：8:45 am to 1:45 pm in the regular trading session, and (2)after-hours session：3:00 pm to 5:00 am of the following day. The expiring contract on the last trading day is traded only until 3:30 am. In the event that the expiring contract ends trading during British Summer Time or that ICE Futures Europe is conforming to Daylight Saving Time in the U.S., trading in the expiring contract will end at 2:30 am.

No, there will be no adjustment to the last trading day or the end of trading of the expiring TAIFEX Brent Crude Oil Futures.
The final settlement price of TAIFEX Brent Crude Oil Futures is based on the ICE Brent Index which is published once a month scheduled on the first ICE business day following the last trading day of the ICE Brent Crude Futures). Therefore, any adjustment to the last trading day or the end of trading of the expiring TAIFEX Brent Crude Oil Futures due to a national holiday or force-majeure event is not necessary. For example, the contract delivery month in April 2019 is scheduled to be traded till 3:30 am on 1st March 2019. However, as 28th February 2019 is a national holiday in Taiwan, the regular session and the after-hours session on 28th February 2019 will not open for trading. Therefore, the contract delivery month in April 2019 will actually be traded until 5:00am on 28th February 2019.

Futures are traded on margin, so to buy a futures contract you only need to put up about one-tenth of the price of the contract in cash to buy it, which makes for a leverage ratio of about 10x. If you buy stocks for cash, you have no leverage at all, and even if you buy stocks on margin your maximum leverage is only about 2x, therefore you need to set your margin level to match your risk bearing capacity.

• The trading days for FTSE^® 100 Index Futures are TAIFEX business days. It may occur that the futures contracts are tradable on days when the underlying U.K. equity markets are closed. It is also possible that the contracts may be untradable on days when their underlying markets are open.
• To cover the trading hours of FTSE^® 100 Index Futures listed on other major exchanges, the trading hours of TAIFEX FTSE® 100 Index Futures are: (1) Regular trading session：8:45 am to 1:45 pm and (2)After-hours trading session：3:00 pm to 5:00 am of the following day. The expiring contract on the last trading day trades until 18:15. In the event during British Summer Time, trading in the expiring contract shall end at 17:15.

• In principle, the last trading day of TAIFEX FTSE^® 100 Index Futures is the third Friday of the contract month, same as that of ICE Futures Europe.
• If the last trading day falls on a non-business day of the TAIFEX or if trading cannot proceed on that day due to a force majeure event or other factors (such as a typhoon), there shall be no adjustment to the last trading day.If the third Friday of the delivery month is not a scheduled business day of the underlying cash market, the last trading day shall be changed to the preceding business day of the underlying cash market.