Page 36 - Taiwan Futures Exchange 2019 Annual Report

1859742 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 1,335,028 1,412,900 1,739,050 1,461,075 1,500,489 1,551,700 1,613,705 1,673,599 1,802,391,, 10,554 139,378 225,111 608 921 303,438 368,793 1,604 2,134 8,952 9,165 9,460 9,694 9,867 10,282 10,311 566,311 1,016,348 1,126,378 1,148,243 1,143,031 1,214,473 1,260,349 32 816,083 2019 Taiwan Futures Exchange 2,691 Figure 2. Individual and Institutional Participation in the Taiwan Futures Market 4,296 5,351 5,968 6,328 6,355 7,168 7,850 8,257 8,776 圖2 臺灣期貨市場自然人及法人交易比重 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 100.00 80.00 60.00 40.00 20.00 0.00 94.47 5.53 全市場自然人比重(%) Individual Participation(%) 92.38 80.74 68.60 64.28 全市場法人比重(%) Institutional Participation(% 7.62 31.40 19.26 9.62 90.38 48.82 35.72 51.18 38.72 52.12 45.16 52.83 51.54 50.03 49.97 51.93 61.28 37.44 62.56 38.88 61.12 44.38 55.62 47.88 54.84 47.17 52.81 50.00 50.00 52.32 48.3051.70 47.68 48.07 48.46 47.19 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2 019 Operations I. Market Overview 1. Market Participation (1) Market participants As of the end of 2019, Taiwan's futures market participants included: 14 enterprises exclusively engaged in the futures brokerage business operating a total of 31 locations; 15 concurrently operated futures commission merchants at 102 locations; 47 introducing brokers at 746 locations; 31 futures advisory firms; six managed futures firms; and eight futures trust enterprises. On the clearing side, we had 29 clearing members (21 general clearing members and eight individual clearing members), and nine settlement banks (including two foreign ones). (2) Distribution of market data As of the end of 2019, TAIFEX had market data agreements with 113 market information users, including 22 information vendors, 44 FCMs, and 47 IBs. Trading data was also broadcast over television networks and disseminated via the Economic Daily News, Commercial Times, and other major print outlets. In addition, Deutsche Börse Group, which TAIFEX has authorized to distribute our market data overseas, now has agreements with 53 overseas information users on the dissemination of our data. (3) Trading accounts and market participation As of the end of 2019, the Taiwan futures market had a cumulative 1,870,296 trading accounts, 1,859,742 of which were individual and 10,544 institutional. Individual and institutional participation accounted for 48.07% and 51.93%, respectively, with foreign institutional participation accounting for 20.74% (See Figures 1 and 2). )