Business
Taiwan could deploy new stock trading system at the wrong time, Stocks
Sun, March 22, 2020 – 11:43 a.m.
[TAIPEI] Taiwan’s timing for deploying a new securities trading system could have been better.
Taipei traders from Monday will be able to trade stocks continuously, rather than through a five-second mail-order auction in place since 2014.
It is the only major capital market to hold such auctions throughout regular trading, said the Taiwan Stock Exchange.
This decision, which culminates in a decade of process, has been widely encouraged. The exchange said that continuous trading should allow more efficient activity and provide market participants with pre-trading information in addition to current post-trading details.
But some traders fear that any hitch of the change may worsen recent volatility. This month’s liquidation wiped out $ 340 billion in market value in two weeks.
“It is a concern to face a new trading system given the current market volatility,” said Kidd Tu, director at E Sun Securities.
“It will be a headache if the system is unstable or something goes wrong.”
The exchange is confident that it can handle the switch. “We have tested the system several times to make sure everything is ready,” said Rebecca Chen, executive vice-president.
Like markets around the world, Taiwan’s stocks are in shock from the new coronavirus epidemic.
The Taiex benchmark joined the list of bear markets this month and fell to its lowest level since mid-2016. But it jumped 6.4% on Friday, the most since stock price limits were relaxed in 2015, as the Taiwan National Financial Stabilization Fund pledged to support the stock market with up to NT $ 500 billion ($ 23.91 billion). Meanwhile, the Financial Supervisory Commission has tightened the rules on short selling.
Foreigners have long been an important part of the Taiwan stock market, and they recently held about 40% of the stock there.
But foreign investors have sold a net amount of US $ 16.3 billion to start this year, which exceeds any year-end figure since at least 2000, according to data compiled by Bloomberg.
Trading in derivatives on warrants and options is already ongoing, so there is thought that strategies for stocks and derivatives can now be better integrated.
The exchange also expands Monday order types to include market orders, immediate or cancel orders, and execute or delete orders. There were only limit orders.
“Ideally, you want to run live when the situation is perfect,” said Stephen Innes, chief market strategist at Axicorp.
“But on the other hand, regulators are confident that the system is bulletproof and that their liquidity measurement tools are green light.”
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