The Case of Taiwan's Financial System
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Taiwan Stock Exchange Jun. 9, 2018
Foreign Listings on TWSE Taiwan Stock Exchange Jun. 9, 2018 1 Big U.S. companies like Apple Inc. and Pfizer Inc. have the world’s largest corporate bond market in their backyard. So why have they been rushing to Taiwan lately to issue debt? The reason: a feature of the Taiwanese bond market that—for now—makes it easy and relatively cheap for companies to redeem any debt they issue there before its due date. For sure, the Formosa bond market—so-called after the Portuguese Issuer Currency Scale name for the island—is tiny compared with the U.S.’s $8.6 trillion corporate bond market. Yet blue-chip companies including Apple, AT&T USD 5,344 mil. Pfizer, Verizon Communications Inc. and Comcast Corp. have each issued north of $1 billion of such debt this year. AT&T Inc. issued a Apple USD 2,377 mil. $1.43 billion 30-year Formosa bond with a 5.5% coupon earlier this month. Pfizer USD 1,065 mil. In the Formosa market, the call option adds only an extra 0.1 Verizon USD 5,214 mil percentage point to 0.15 percentage point in yield, compared with 0.8 percentage point to a full percentage point in other markets, Source: WSJ according to Deutsche Bank’s Mr. Stephen. 2 Outline I. Why IPO? II. Why Taiwan? III. How to List on TWSE? IV. Foreign Listed Companies on TWSE V. Summary VI. Appendix 3 I. Why IPO? 4 Benefits of IPO What Boss Worries ! The cost of regulatory compliance, business succession plan, dilution of shareholding etc. -
Taiwan Cooperative Bank, Thanks to the Use of Its Branch Network and Its Advantage As a Local Operator, Again Created Brilliant Operating Results for the Year
Stock No: 5854 TAIWAN COOPERATIVE BANK SINCE 1946 77, KUANCHIEN ROAD, TAIPEI TAIWAN TAIWAN, REPUBLIC OF CHINA COOPERATIVE TEL: +886-2-2311-8811 FAX: +886-2-2375-2954 BANK http://www.tcb-bank.com.tw Spokesperson: Tien Lin / Kuan-Young Huang Executive Vice President / Senior Vice President & General Manager TEL : +886-2-23118811 Ext.210 / +886-2-23118811 Ext.216 E-mail: [email protected] / [email protected] CONTENTS 02 Message to Our Shareholders 06 Financial Highlights 09 Organization Chart 10 Board of Directors & Supervisors & Executive Officers 12 Bank Profile 14 Main Business Plans for 2008 16 Market Analysis 20 Risk Management 25 Statement of Internal Control 28 Supervisors’ Report 29 Independent Auditors’ Report 31 Financial Statement 37 Designated Foreign Exchange Banks 41 Service Network Message to Our Shareholders Message to Our Shareholders Global financial markets were characterized by relative instability in 2007 because of the impact of the continuing high level of oil prices and the subprime crisis in the United States. Figures released by Global Insight Inc. indicate that global economic performance nevertheless remained stable during the year, with the rate of economic growth reaching 3.8%--only marginally lower than the 3.9% recorded in 2006. Following its outbreak last August, the negative influence of the subprime housing loan crisis in the U.S. spread rapidly throughout the world and, despite the threat of inflation, the U.S. Federal Reserve lowered interest rates three times before the end of 2007, bringing the federal funds rate down from 5.25% to 4.25%, in an attempt to avoid a slowdown in economic growth and alleviate the credit crunch. -
Central Bank of the Republic of China (Taiwan)
Central Bank of the Republic of China (Taiwan) Financial Stability Report May 2016 | Issue No. 10 Table of contents About the Financial Stability Report ..................................................................................... I Abstract ..................................................................................................................................... I I. Overview................................................................................................................................ 1 II. Macro environmental factors potentially affecting financial sector ............................ 13 2.1 International economic and financial conditions .......................................................... 13 2.2 Domestic economic conditions ..................................................................................... 29 2.3 Non-financial sectors .................................................................................................... 34 III. Financial sector assessment ............................................................................................ 49 3.1 Financial markets .......................................................................................................... 49 3.2 Financial institutions ..................................................................................................... 58 3.3 Financial infrastructure ................................................................................................. 89 IV. Measures to maintain financial stability -
Taiwan Stock Exchange Principles for Financial Market Infrastructure
Taiwan Stock Exchange Principles for Financial Market Infrastructure Disclosure Report (CCP&SSS) Responding institution: Taiwan Stock Exchange Corporation Jurisdiction(s) in which the FMI operates: Taiwan Authority(ies) regulating, supervising or overseeing the FMI: the Securities and Futures Bureau of the Financial Supervisory Committee The date of this disclosure is 2018.9.12. This disclosure can also be found at http://www.twse.com.tw/ For further information, please contact [email protected] 1 TABLE OF CONTENTS I. Executive summary………………………………………………..…4 II. Summary of major changes since the last update of the disclosure…………………………………………………………….11 III. General background of TWSE……………………………………..12 IV. Principle-by-principle summary narrative disclosure……………13 Principle 1: Legal basis……………………………………………...13 Principle 2: Governance……………………………………………..15 Principle 3: Framework for the comprehensive management of risks……………………………………………………...22 Principle 4: Credit risk………………………………………………28 Principle 5: Collateral………………………………………………..39 Principle 6: Margin…………………………………………………..41 Principle 7: Liquidity risk…………………………………………...44 Principle 8: Settlement Finality……………………………………..51 Principle 9: Money settlements……………………………………...53 Principle 10: Physical deliveries…………………………………….54 Principle 11: Central securities depositories………………………..55 Principle 12: Exchange-of-value settlement systems………………55 Principle 13: Participant-default rules and procedures…………...55 Principle 14: Segregation and portability…………………………..57 Principle 15: General business risk…………………………………60 -
Spring 2 0 1 9
W I N E L I S T | S P R I N G 2 0 1 9. IST EDITION. MMXIX. V A J R A B E V E R A G E P R O G R A M The VAJRA BEVERAGE PROGRAM is a thoughtfully curated list of wines, spirits and libations; designed to enhance the simple flavors of Vajra’s Nepalese and Indian cuisine and heritage. The experience of visible flavors and aromas of the cuisine, when paired with the best wines and spirits and concoctions thereof, is what we aspire to impart with our guests in their every visit. A lot of thought and time has been invested in order to bring together the perfect harmony of flavors, aromas and visual appeasements. With a perfect bottle of wine or the perfect cocktail crafted with you in the mind, Vajra is a place where we all get together, to celebrate life, family and friendships. This volume is an extension of VAJRA’s affable personality and amalgamation of many forms of hospitality and culture developed through the years in hospitality business. As we encourage our guests to partake in all forms of merriment, we implore, let this volume guide you. And that you guide us with your knowledge, as we constantly learn and evolve. Our staff will make sure your every question is answered, and that you will enjoy your evening with us. No sane man can afford to dispense with debilitating pleasures; no ascetic can be considered reliably sane. ~Robert M. Parker, Jr. 2 C O N T E N T I. -
Choosing Entry Mode to Mainland China
東海管理評論【特刊】 民國一百年,第十二卷,第一期,71-120 Choosing Entry Mode to Mainland China Joung -Yol Lin*, Batchuluun AMRITA** Abstract The Economic Cooperation Framework Agreements (ECFA) is an agreement between the Republic of China (Taiwan) and People’s Republic of China (Mainland China), which was signed on June 29, 2010. The ECFA can have a far reaching impact on bilateral businesses relationship of the two parties, further strengthening the financial infrastructure and enhancing financial stability. Currently, thirteen Taiwanese banks meet the capital adequacy or stake acquisition requirements in the mainland China; on the contrary, five mainland Chinese banks meet the capital adequacy and operation experience requirements for opening a representative office in Taiwan. Consequently, a merger of banks and related options between the two regions are under discussion. In a review of the ECFA and other reports, Taiwanese banks will be able to progress further on the banking business in the mainland market within 2 years. However, there are still many uncertainties and questions concerning bank characteristics after ECFA; such as competitive position, market efficiency, long term returns and dimensional stability. This paper investigates theoretical and empirical studies and application of PESTEL analysis on the major factors in the macro environment of China. Specific attention is made in regards to the securities, banking and insurance aspects. The vital finding of this study is investigation of the entry mode strategy for the Chinese market with a long –term vision to foster into global competition. Finally, in order to intensify the competitive advantage, this paper explores a viable model for Taiwanese Banks to structure their products and services upon. -
ICE® Factset® Taiwan Core Semiconductor Index (ICEFSTS)
ICE® FactSet® Taiwan Core Semiconductor Index (ICEFSTS) Version 1.0 Valid from November 19, 2020 Contents Version History: ................................................................................................................................................ 1 1. Index summary .............................................................................................................................................. 2 2. Governance ................................................................................................................................................... 3 3. Index Description .......................................................................................................................................... 5 4. Publication..................................................................................................................................................... 6 4.1 Publication of Index values. .................................................................................................................... 6 4.2 Exceptional market conditions and corrections....................................................................................... 6 4.3 Changes to the Index ............................................................................................................................... 7 5. Calculation .................................................................................................................................................... 9 5.1 Calculation of the Index -
6-Translation Exercises Unit11-15
6 Translation: For Each Part 189 6. Translation Exercises, Units 11–24: For Each Part (Lesson) Unit 11, Part 1: Translation Exercise NAME ____________________________________________ COURSE ___________________________ DATE ___________________________ Translate the following sentences into Pinyin romanization with correct tone marks. If you have forgot- ten a word, consult the English-Chinese Glossary in the back of your textbook. 1. Relax, there is no problem. 2. Eat faster, we only have half an hour. 3. How long have you been in America? 4. That was terrifying! Drive more slowly, OK? 5. She has been working at the Bank of Taiwan for ten years. IIMCMC SSpeakingpeaking & ListeningListening PB_INT.inddPB_INT.indd 189189 119/10/179/10/17 22:16:16 ppmm 190 6 Translation: For Each Part Unit 11, Part 2 Unit 11, Part 2: Translation Exercise NAME ____________________________________________ COURSE ___________________________ DATE ___________________________ Translate the following sentences into Pinyin romanization with correct tone marks. If you have forgot- ten a word, consult the English-Chinese Glossary in the back of your textbook. 1. How often is there a bus? 2. There’s a bus every fifteen minutes. 3. Strange, she hasn’t come for two weeks. 4. I normally drive a car; I haven’t taken the subway for a long time. 5. That’s embarrassing; the $10 dollar ones are all sold out, only the $15 ones are left. IIMCMC SSpeakingpeaking & ListeningListening PB_INT.inddPB_INT.indd 190190 119/10/179/10/17 22:16:16 ppmm Unit 11, Part 3 6 Translation: For Each Part 191 Unit 11, Part 3: Translation Exercise NAME ____________________________________________ COURSE ___________________________ DATE ___________________________ Translate the following sentences into Pinyin romanization with correct tone marks. -
Incoming Letter: Taipei Exchange Main Board and Taipei Exchange
New York Paris Northern California Madrid Washington DC Tokyo São Paulo Beijing London Hong Kong James C. Lin Partner Resident Hong Kong Partners Davis Polk & Wardwell 852 2533 3368 tel William F. Barron* Gerhard Radtke* Hong Kong Solicitors 852 2533 1768 fax Bonnie Chan* Martin Rogers † The Hong Kong Club Building [email protected] Karen Chan † Patrick S. Sinclair* 3A Chater Road Paul K. Y. Chow* † Miranda So* Hong Kong James C. Lin* James Wadham † Hong Kong Solicitors * Also Admitted in New York † Also Admitted in England and Wales August 29, 2019 Re: Application for Designation of the Taipei Exchange Main Board and Taipei Exchange Bond Market as a “Designated Offshore Securities Market” Michael Coco, Chief Office of International Corporate Finance Division of Corporation Finance United States Securities and Exchange Commission 450 Fifth Street. N.W. Washington, DC 20549 Dear Mr. Coco: We are writing to the United States Securities and Exchange Commission (the “SEC” or the “Commission”) on behalf of the Taipei Exchange (the “TPEx”) to apply for the classification of a “designated offshore securities market” for purposes of Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended, for (i) the portion of the TPEx known as the Taipei Exchange Main Board (the “TPEx Main Board”) and (ii) the portion of the TPEx known as the Taipei Exchange Bond Market (the “TPEx Bond Market” and together with the TPEx Main Board, the “TPEx Platforms”). Designation is being sought in order to assist market participants to the TPEx Platforms who are eligible for the safe harbor provision provided by Rule 904 of Regulation S to satisfy the requirements specified in that rule when reselling securities “in, on or through the facilities of” the TPEx Platforms. -
The Impact of the Global Economic Crisis on Cross Strait Relatiions
Track Two Dialogue on EU-China-Relations and Cross Strait Relations London, LSE, 29-31 May 2009 A workshop jointly organised by Stiftung Wissenschaft und Politik (SWP), Berlin, London School of Economics (LSE), London and Shanghai Institutes for International Studies (SIIS), Shanghai, with the friendly support of the Robert Bosch Stiftung GmbH, Stuttgart. Discussion Paper Do not cite or quote without author’s permission The Political Impact of the Global Economic Crisis on Cross Strait Relations Christopher R Hughes London School of Economics and Political Science SWP Ludwigkirchplatz 3–4 10719 Berlin Phone +49 30 880 07-0 Fax +49 30 880 07-100 www.swp-berlin.org 1 In the years leading up to Taiwan’s 2008 elections a number of measures were planned by the CCP and the KMT to liberalise cross-Strait relations and give Taiwan’s economy a substantial boost under a future Ma Ying-jeou administration. Few people predicted that in September 2008 this process would be thrown into turmoil by the deepening of the global financial crisis. Policies that had been devised for improving cross-strait relations in the context of growth in world trade and investment have had to be reassessed in the context of a recession in Taiwan and a serious slowdown of the mainland economy. How this interplay between economic policy and public opinion plays out will be crucial for shaping the future of cross-Strait relations. While it is too late to predict the outcome, this paper will explore the importance of cross-Strait economic relations for Taiwan’s politics, make a preliminary assessment of the political impact of the economic crisis on cross-strait relations and point to some speculative scenarios for the future. -
The History and Politics of Taiwan's February 28
The History and Politics of Taiwan’s February 28 Incident, 1947- 2008 by Yen-Kuang Kuo BA, National Taiwan Univeristy, Taiwan, 1991 BA, University of Victoria, 2007 MA, University of Victoria, 2009 A Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of DOCTOR OF PHILOSOPHY in the Department of History © Yen-Kuang Kuo, 2020 University of Victoria All rights reserved. This dissertation may not be reproduced in whole or in part, by photocopy or other means, without the permission of the author. ii Supervisory Committee The History and Politics of Taiwan’s February 28 Incident, 1947- 2008 by Yen-Kuang Kuo BA, National Taiwan Univeristy, Taiwan, 1991 BA, University of Victoria, 2007 MA, University of Victoria, 2009 Supervisory Committee Dr. Zhongping Chen, Supervisor Department of History Dr. Gregory Blue, Departmental Member Department of History Dr. John Price, Departmental Member Department of History Dr. Andrew Marton, Outside Member Department of Pacific and Asian Studies iii Abstract Taiwan’s February 28 Incident happened in 1947 as a set of popular protests against the postwar policies of the Nationalist Party, and it then sparked militant actions and political struggles of Taiwanese but ended with military suppression and political persecution by the Nanjing government. The Nationalist Party first defined the Incident as a rebellion by pro-Japanese forces and communist saboteurs. As the enemy of the Nationalist Party in China’s Civil War (1946-1949), the Chinese Communist Party initially interpreted the Incident as a Taiwanese fight for political autonomy in the party’s wartime propaganda, and then reinterpreted the event as an anti-Nationalist uprising under its own leadership. -
Chbannualreport2006.Pdf
൴֏ˠ Spokesman щ NameĈJames ShihޙؖЩĈ߉ ᖚჍĈઘᓁགྷந TitleĈExecutive Vice President ྖĈ(02)2536-295102)2536-2951)2536-29512536-2951 TelĈ(02) 2536-2951 E-mail [email protected] ̄ฎІܫቐĈ[email protected] Ĉ Acting Spokesman ந൴֏ˠ NameĈJames Y.G.Chen ؖЩĈౘ̯ซ TitleĈExecutive Vice President ᖚჍĈઘᓁགྷந TelĈ(02) 2536-2951 ྖĈ(02)2536-295102)2536-2951)2536-29512536-2951 E-mailĈ[email protected] ̄ฎІܫቐĈ[email protected] Addresses of Chang Hwa Bank Head Office ᓁҖгӬ Ŝ Taichung: 38,Tsu Yu Rd., Sec. 2,Taichung,Taiwan, R.O.C. Ŝ έ̚Ĉέ̚ᦦҋϤྮ˟߱38ཱི Tel: (04) 2222-2001 ྖĈ(04)2222-2001 Ŝ Taipei: 57, Chung Shan N. Rd., Sec. 2,Taipei,Taiwan, Ŝ έΔĈέΔᦦ̋̚Δྮ˟߱57ཱི R.O.C. ྖĈ(02)2536-2951 Tel: (02) 2536-2951 Web Site: http://www.chb.com.tw ᅙҖშӬĈhttp://www.chb.com.tw Stock Registration Offices of Chang Hwa Bank Ᏹந۵ை࿅͗፟ၹ Ŝ Name: Shareholders' Service Section, Secretariat Division .Ŝ ЩჍĈၓ̼ᅙҖ৪३۵ચࡊ Address: 38,Tsu Yu Rd., Sec. 2,Taichung,Taiwan, R.O.C гӬĈέ̚ᦦҋϤྮ˟߱38ཱི Tel: (04) 2222-2001 ྖĈ(04)2222-2001 Ŝ Name:Taipei Service Center of Shareholders' Service Ŝ ЩჍĈၓ̼ᅙҖ৪३۵ચࡊ Section, Secretariat Division ,ચ͕̚ Address: 57, Chung Shan N. Rd., Sec. 2,Taipei,TaiwanڇāāāέΔ гӬĈέΔᦦ̋̚Δྮ˟߱57ཱི R.O.C. ྖĈ(02)2536-2951 Tel: (02) 2536-2951 შӬĈhttp://www.chb.com.tw Web Site: http://www.chb.com.tw Credit Rating Agency ܫϡෞඈ፟ၹ Moody's Taiwan Corporation ϡෞඈ۵Њѣࢨ̳ΦܫЩჍĈ᎗࢚ AddressĈRm. 1813, 18F,333, Keelung Rd., Sec 1, 110 333 18 1813 гӬĈέΔᦦ ૄษྮ˘߱ ཱི ሁ ވ Taipei, 110 Taiwan ྖĈ(02) 2757-7125 Tel: 886-2-2757-7125 ็ৌĈ(02) 2757-7129 Fax: 886-2-2757-7129 ᘪᙋົࢍर CPA-auditor of the Financial Report னЇົࢍर Present CPA ؖЩĈችԈேăਃၷᐌ NameĈHung-Hsiang Tsai, Long-Swei Won ࢍरְચٙ CompanyĈDeloitte & ToucheົܫચٙЩჍĈ๔ຽிְ 3߱156ཱི12ሁ AddressĈ12th Floor, Hung-TaiPlaze 156 MinSheng EastྮڌડϔϠ̋ڗгӬĈέΔξ105 Rd., Sec.