| Summary: | 碩士 === 國立交通大學 === 經營管理研究所 === 89 === Taiwan Futures Exchange（TAIFEX）launched its first future contract, the Taiwan Stock Exchange Capitalization Weighted Stock Index futures, on July 21, 1998. The government has been promoted the international and liberal futures market energetically. People highly anticipated the trade of the futures contract before its first day of transaction. Unfortunately, the results were not satisfiable. Industry characteristics, government policies and business management strategies are factors that affect TAIFEX’s ability to enter international market since futures market is a policy-making industry in Taiwan. The main purpose of this study is to distinguish the interaction relationship between and among each of the aforementioned factors.
The existing researches are first collated. Magazines, theses, periodicals and websites are collected and studied. The internationalization of Taiwan’s futures market is then discussed. Michael E. Porter’s “Diamond Model” is employed to carry out the analyses of the competitiveness of TAIFEX.
Some suggestions for government agencies, TAIFEX itself, futures brokerage firms and investment institutions are provided. It is suggested that the government should：1.Relax laws and regulations related to market management 2.Revise rules unsuited to international practices. 3.Promote personnel training programs. As to TAIFEX we suggest that：1.Safe and convenient Worldwide Trading Network is built. 2.Trading rules are relaxed. 3.Diversified contracts are provided. 4.International standard cleaning system is established. 5.Professional training programs are offered. We urge the futures brokerage firms to：1.Form alliances with foreign FCMs（futures commodity merchants） 2.Develop IT（information technology）and EC（electronic commerce）3.Implement international training programs 4.Improve risk management and internal auditing. Finally, each institution should devote itself to improving the growth of futures market while general investment should enhance the knowledge of the futures market.
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