| Summary: | 碩士 === 國立臺北大學 === 國際財務金融碩士在職專班 === 95 === Abstract
With the internationalization and liberalization of securities markets, competition between different markets is becoming fiercer. In order to promote market efficiency and lower operating costs and risks, main securities markets in the world have been devoted to the establishment and introduction of Straight Through Processing (STP). Through automatic processing, the transmission of data and information is uninterrupted, which reduces manual process and strengthens the operations of trading, clearing, settlement and custody in securities markets. Moreover, the clearing and settlement risks arising from cross-border are eliminated.
The clearing and settlement operations comprise securities and payment. Since the introduction of securities centralized depository in 1990 and book-entry transfer in 1995, through the book-entry operation for settlement of Taiwan Depository & Clearing Corporation (TDCC), the clearing and settlement operations have become more efficient. Besides, payments are scheduled to be handled through Inter-bank Funds Transfer System of Central Bank from July 2007. Thus, the securities market operations in Taiwan gradually engage in international practices.
The securities market consists of central market and OTC market. As for the securities in the OTC market, it is settled through book-entry system, while payments are settled primarily through commercial banks, with the exception of emerging stocks and fixed income securities, whose payments are settled through DVP mechanism provided by TDCC. The aforementioned settlement operation is risky and is not efficient.
STP operation and the securities and payments settlement mechanisms of foreign securities markets are taken into consideration to review existing payments system of Taiwan securities market and give some suggestions. The promotion of automatic operation will reduce manual process and make payments safer and more efficient so that the rights and the privileges of the investors can be protected in a better way.
|
|---|
