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History

As one of the major pillars in Taiwan’s securities market, the GTSM aims to promote economic development. In support of government economic policies, the GTSM endeavors to foster Taiwan’s local characteristic enterprises, develop new products, boost market turnover, and actively engage in exchanges and cooperative programs with other capital markets to expand the business. Today, after years of steady growth and development, the GTSM is now a highly unique provider of financial products and trading services in the international market.

Over-the-counter (OTC) trading of securities in Taiwan was launched in February 1988 under the management of the Taipei Securities Dealers Association (the predecessor of today’s Taiwan Securities Association). In 1993, the Ministry of Finance (MOF) set out to build a more robust capital market and enhance OTC trading functions. After examining the system, functions, and organizational framework of the OTC market, the MOF decided to set up an OTC center as a non-profit institution to promote the development of the OTC market in Taiwan. After more than a year of preparation, the GTSM was formally established pursuant to the Securities and Exchange Act on November 1, 1994 to take over the business of OTC trading.

Under the strategic goal of building a multi-functional, multi-level full-fledged exchange, the GTSM has remained dedicated to fostering emerging and high-tech industries, creative industries, small and medium enterprises, and micro-enterprises by providing a viable channel for public listing and capital raising. The GTSM has also endeavored to grow into a multi-functional market that offers platforms for both centralized trading and over-the-counter negotiated trading of a wide variety of products, including stocks, bonds, ETFs, TDRs, and derivatives to meet the diverse trading needs of investors.

Guided by a business strategy of ensuring information transparency, fair trading practices, and greater product variety, the GTSM is on a mission to provide businesses and the public with an efficient market platform to achieve the objectives of “fostering a liquid market and vibrant economy” and helping to inject greater diversity and innovation into Taiwan’s capital market.

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)
  • Launched GTSM “High Dividend Yield Index”. (2014/2)
  • Launched GTSM “Labor Employment 88 Index”. (2014/5)
  • Launched GTSM “Compensation Index”. (2014/8)