台灣證券現貨與期貨市場交易平台整合策略之研究

Abstract

本研究採取比較分析的方法，分別就歐美先進國家的交易所及亞太地區同儕國家的交易所在系統整合方面的策略模式做探討，以瞭解國際上主要交易所的系統整合原因、整合策略模式及未來發展趨勢，並藉此歸納出其系統整合的指標。接著對台灣的證券暨期貨交易所的系統現況與問題進行個案的探討，並界定目前系統發展的階段，據此與國際上主要交易所的發展歷程作比較，以確定台灣的交易所在下一階段系統整合可以學習的策略模式與確保系統整合得以成功的指標，期能提供台灣交易所在四合一合併案後的系統整合之參考。 根據目前台灣的交易所系統的現況與問題解決的需要，本研究歸納出未來台灣交易所的系統整合原則及長短期的整合建議。有關系統整合原則包括：整體性規劃、分散式處理、直通式(Straight Through Processing，STP)的交易、集中式管理、可靠性高的平台及開放性的標準介面；長短期的系統整合建議包括：(一) 短期：在完成四合一合併案後，利用中華電信的網路，將交易所與證券期貨商連線，馬上達到異質系統的協同作業服務的境界；規劃跨國連線，並配合實際策略聯盟的業務需要，開發跨國連線功能，以提高交易所在區域內的地位與競爭力。(二) 長期：整體規劃證券、債券、票券、及期貨的新一代交易與結算系統；分階段自行開發上線，對交易所長期業務的發展，比較能夠有自主性與彈性，而且目前投資人端的下單已經被證券商所整合，因此交易所比較有充裕的時間做整體規劃，並且考慮新的交易所系統如何對券商與期貨商現行的系統影響最小，以節省周邊連線參與者的投資成本。

This research report focuses on studying different system integration models of stocks and derivatives exchanges in developed countries and the Asia-Pacific countries by using the comparative analysis method. By using such method, this report gains a comprehensive overview of the different systems, and successfully induces the key indicators of system integrations from different stocks and derivatives exchanges after understanding the reasons, strategies, and trends for the integrations. This research is then dedicated towards studying of the system integration of Taiwan Stock Exchange (TSEC) and Taiwan Futures Exchange (TAIFEX), beginning with their history, current situations of the existing system integration and problems, future trends, and the differences between developing stages of system integration in the exchanges of developed countries and other Asia-Pacific countries. This report hopes to identify possible suggestions to make the system integration of TESC and TAIFEX more thriving. Based on the researched understanding of the problems and needs for solutions, this research develops the framework suggestions of system integrations of TESC and TAIFEX. This framework includes integrated planning, distributed processing, straight through processing (STP), concentrated management, high reliable platform, and open architecture and interfaces. Short term suggestions include building a heterogeneous integrated system based on the network of Chunghwa Telecom Co. (by linking the systems of securities houses and futures brokerage houses to exchanges’ system and planning inter-exchange linkage of cross-border for building alliances with other regional partners to increase competitive edge in the region.) Long term suggestion is to plan the next generation integrated system for trading and clearing of securities and derivatives. This allows more flexibility and autonomy for the Exchange to develop its own new systems in the future. In addition, the Exchange has more time for a complete integration, minimizing the impacts of operation on other securities and futures brokerage houses.