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History

Taiwan's GreTai Securities Market (GTSM) is one of the most renowned multifunction markets for the issuance and exchange of financial products. The GTSM is similar to its fellow exchange, the Taiwan Stock Exchange, in that it provides a central exchange market for the trading of listed stocks. Additionally, the GTSM offers over-the-counter trading mechanisms for GTSM emerging stock market, government and corporate bonds, and derivatives, making it a diverse provider of financial trading services.

Over-the-counter trading of securities in Taiwan was launched in February 1988 under the management of the Taipei Securities Dealers Association (TSDA). To build a more robust capital market and enhance over-the-counter trading functions, the Ministry of Finance (MOF) held a number of meetings in 1993 in which it began intensively examining the system, functions, and organizational framework of the over-the-counter market. The MOF decided to set up an over-the-counter center as a non-profit body to promote the development of the over-the-counter market.

In 1994, after a succession of sponsors meetings, this new non-profit organization was named the GreTai Securities Market (the GTSM), and the rules of sponsorship as well as initial business plans were drafted. On July 20, 1994, the Securities Exchange Commission appointed 20 members to a preparatory committee to work on the establishment of the GTSM. The first board of directors' meeting was called on July 28, 1994. The organization was registered on September 26, 1994 and formally established on November 1 of the same year to take over the business of over-the-counter trading. The GTSM's new electronic trading system was also launched on December 30 that year to increase the efficiency of trading.

Since its founding, the GTSM has actively assisted companies in emerging and high-tech industries as well as small and medium-sized enterprises to attain listings and meet their funding objectives. This has greatly expanded the scope of Taiwan's securities market. Guided by the tenets of "Taiwan-rooted, Asia-Pacific gateway and global perspective" to expand capital access and solid investment venue, the GTSM continues its efforts to build the most transparent, secure, and efficient trading systems and services, and to inject greater diversity, innovation, and momentum into Taiwan's capital markets.

GTSM Timeline

  • GTSM formally established (1994/11) The GTSM took over the reins of the over-the-counter securities business
  • (comprising 100 OTC securities firms including branches, and 11 OTC-listed companies) from the Taipei
    Securities Dealers Association (the predecessor of today's Taiwan Securities Association).
  • Electronic trading system (for the main board) formally launched. (1994/12)
  • GTSM Weighted Average Price Index formally published by the GTSM with 100 points as the base. (1995/11)
  • Single-day trading value of GTSM listed stock surpasses NT$300 million for the first time. (1995/12)
  • Regulations Governing Implementation of the Over-the-Counter Securities Market Surveillance System promulgated. (1996/5)
  • GTSM trading opened to foreign investment. (1996/7)
  • GTSM closing index reaches historic high of 343.99 points. (1997/8)
  • Margin trading launched. (1999/1)
  • GTSM block trading system rules published and implemented. (1999/8)
  • Market observation post Internet Inquiry System launched. (1999/10)
  • Electronic Bond Trading System (EBTS) launched for outright trading (2000/7)
  • Emerging Stock Market established. (2002/1)
  • Joined IOSCO as an Affiliate Member. (2002/5)
  • Market Observation Post System (MOPS) launched. (2002/8)
  • New GTSM operational measures implemented to protect against major default on the securities market.(2003/6)
  • Emerging Stock Computerized Price Negotiation and Click System introduced. (2003/9)
  • Bond Repo Trading Platform launched (integrated into the Electronic Bond Trading System). (2005/3)
  • Number of GTSM listed companies reached 500. (2005/9)
  • ISO9001 certification obtained. (2005/10)
  • First foreign currency-denominated bond launched. (2006/11)
  • New ISO27001 Standard for Information Security accreditation attained from the British Standards Institute.(2006/11)
  • Derivatives trading system introduced. (2007/3)
  • Joined the Central Bank Electronic Interbank Fund Transfer and Settlement system. (2007/7)
  • Single-day trading value of emerging stock reaches high of NT$3.963 billion. (2007/7)
  • Single-day trading value of GTSM listed stock reaches high of NT$106.755 billion. (2007/7)
  • Established implied volatility indicators for bond options. (2008/9)
  • First registration of shares as emerging stock by a foreign enterprise. (2009/5)
  • Launched system for trading of foreign government bonds. (2009/11)
  • Became WFE Affiliate Member. (2010/4)
  • Launched GreTai 50 Index and Taiwan Treasury Benchmark Index. (2010/4)
  • First primary listing of shares by a foreign enterprise on the GTSM. (2010/6)
  • Audiovisual introduction of GTSM listed companies unveiled on GTSM website. (2010/8)
  • 12 foreign-stock-based warrants listed for the first time on the GTSM. (2010/9)
  • GTSM Industry Value Chain Information Platform formally launched. (2010/12)
  • GreTai 50 ETF and Taiwan Government Bond ETF listed on the GTSM. (2011/1)
  • First GTSM listing of TDRs of a foreign enterprise. (2011/2)
  • First batch of bonds listed through the Internet-based listing system (2011/5)
  • Launch the callable bull/bear contract (CBBC) (2011/7)
  • Gain a full membership in World Federation of Exchange,WFE(2011/10)
  • Launched GTSM “online gaming sector index”. (2012/1)
  • OTC derivatives trade repository (TR) formally Launched. (2012/4)
  • New trading regulation of Emerging Stock going effect.(2013/1)
  • First Renminbi-denominated bond launched, named Formosa Bond. (2013/3)
  • "Gofunding Zone" officially launched. (2013/8)
  • Joined CCP12 as a member. (2013/9)
  • "Go Incubation Board for Startup and Acceleration Firms" (GISA) launched. (2014/1)