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題 名 | TAIFEX與SIMEX臺股指數期貨之比較=Taiwan Index Futures of TAIFEX and SIMEX: A Comparison |
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作 者 | 林玉娟; | 書刊名 | 美和技術學院學報 |
卷 期 | 18 2000.08[民89.08] |
頁 次 | 頁1-13 |
分類號 | 563.549 |
關鍵詞 | 臺灣期貨交易所; 臺股指數期貨; 摩根臺灣指數期貨; TAIFEX; Taiwan index futures; MSCI Taiwan index futures; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究乃站在期貨交易人角度來比較臺灣期貨交易所與新加坡國際金融交易所,有關臺股指數期貨之優缺。其內容主要包括對期貨契約規格、交易成本及部位限制、交易及結算制度以及交易市場等方面之比較。結果發現臺灣期貨交易所有關臺股指數期貨之商品具有多樣性、期貨指數計算較簡易、較小跳動金額、電腦撮合制度較具效率及公平性以及佔有地利之便等優點。而新加坡國際金融交易所臺灣指數期貨契約之優勢則在於交易成本較低、部位限制較鬆、委託方式較多樣以及漲跌停幅度較大。因此,我們認為新加坡國際金融交易所之摩根臺灣指數期貨之成交量一直較臺灣期貨交易所之臺股指數期貨為大的主要理由在於其交易成本較低以及部位限制較鬆。 |
英文摘要 | In this paper, a comparison of Taiwan Index Futures contract between Taiwan Futures Exchanges (TAIFEX) and Singapore International Monetary Exchange Limited (SIMEX) is made from the viewpoint of an investor. The comparison focuses on the following items: contract specification, transaction cost, position limits, transaction systems, settlement system, and trading markets. It is found that TAIFEX's contracts are more variable, understandable, and calculable in stock index, smaller in tick sizes, more effieienct and fairer computer matching system, and enjoys geographic advantage; while SIMEX's advantages are: low in transaction costs, relatively fewer restrictions on position limits, more accesses of placing orders, and a wider span of daily price limits. The author concludes that the advantages are lower transaction costs and fewer restriction for SIMEX's. Taiwan Index Futures contract explains why the trading volume of SIMEX's is always larger than that of TAIFEX's Taiwan Index Futures contract. |
本系統中英文摘要資訊取自各篇刊載內容。