Taiwan Stock Exchange (TWSE) Equities Offering

Taiwan Stock Exchange is the main exchange in the Taiwan securities market. IBKR provides eligible clients direct access to trade publicly listed companies on the Taiwan Stock Exchange.

  1. Who is Eligible?

    • IBKR Clients who are not residents of Taiwan or Mainland China.

    • Margin accounts and cash accounts are supported.

  2. What are the trading session times?

    • Local Time: GMT+8 (daylight savings time not observed)

    • Trading days: Monday to Friday

    • Regular Trading: 9:00 am - 1:33 pm

  3. Which products within Taiwan Stock Exchange do we offer?

    • Stocks

    • ETFs

    • TDRs

    • More products to come...

  4. What are the trading rules?

    • Trading Lots: 1,000 (Orders below 1,000 shares are considered odd-lot orders).

    • Odd Lot Trading supported (odd lots trade via auction at 1-minute intervals). Odd lots must be entered for a quantity below 1,000. A share quantity above 1,000 must be in multiples of 1,000 share increments.

    • Block Trading is not supported.

      • Orders of 500,000 shares or more will be rejected - clients may submit the order as multiple orders in smaller order sizes.

    • Price Fluctuation Limits: +/- 10% of the previous (T-1) day's closing price

  5. Disposition Security Handling
    • Disposition Stocks:

      • "Disposition" is a special state that stocks can be in on the Taiwan Stock Exchange. Stocks are placed in this state after exceptional price volatility, volume/turnover, or other reasons and are placed in this state for a minimum of 10 trading days.

      • Measures are taken to address the situation, which could include suspension or other restrictions on trading of the security.

    • Can I buy a share in disposition?

      • No – when a Taiwan Stock Exchange-listed stock is in disposition, it is marked on our trading platforms as "NT" (not tradable).

    • Can I sell a share in disposition?

      • Yes - shares in disposition are "closing only."

    • Visit the TWSE website for more information on dispositions:

      https://twse-regulation.twse.com.tw/m/en/LawContent.aspx?FID=FL007225

    • Visit the TWSE website to see stocks recently placed in disposition: https://www.twse.com.tw/en/announcement/punish.html.

  6. Trading & FX Handling

    • Taiwan Securities are quoted and trade in New Taiwan Dollars (“TWD”). Due to restrictions on trading TWD imposed by the Central Bank of the Republic of China (Taiwan) (“CBC”), Clients will not be able to hold or trade TWD from their IBKR accounts. Rather, IBKR will provide automatic conversions between TWD and IBKR-supported currencies to facilitate the trading of Taiwan Securities.

    • At the end of each Taiwan Stock Exchange trading day (or “T”), IBKR will aggregate all Client conversions into and out of TWD for the day and, on the next Taiwan Stock Exchange trading day (or “T+1”), settle the net amount with its custodian bank. The final exchange rate for conversions to and from TWD for trades done on T (the “Exchange Rate”) will be fixed on T+1. The Exchange Rate applied to conversions in your account will include a small additional spread, relative to the rate fixed by IBKR’s custodian bank, to compensate IBKR for providing the auto-conversion service.

    • Purchases in a Cash Account: Clients with cash accounts can use long currency balances in their IBKR brokerage accounts to fund Taiwan Securities trades. Upon Client executing a trade to purchase a Taiwan Security in a cash account, IBKR will automatically convert the necessary amount of Client’s long currency balance(s) to the required amount of TWD at the Indicative Rate. Once the Exchange Rate is known on T+1, IBKR will automatically adjust the conversion rate on the transaction from the Indicative Rate to the Exchange Rate. This may result in more (or less) non-TWD funds being debited from Client’s account than indicated based on the conversion when shown at the Indicative Rate.

    • Purchases in a Margin Account: Clients with margin accounts purchasing a Taiwan Security will potentially hold a debit balance in TWD overnight. On T+1, all debit balances in TWD will be converted to the account’s base currency. Generally, those conversions will occur at the Exchange Rate, but may under certain circumstances be executed initially at the Indicative Rate and then later automatically adjusted from the Indicative Rate to the Exchange Rate once the Exchange Rate is fixed.

    • Sale Trades: Clients selling a Taiwan Security (whether in a cash or margin account) will show a credit (long) TWD balance on the Taiwan Stock Exchange trading day. On T+1, all credit balances in TWD will be converted to the account’s base currency. Generally, those conversions will occur at the Exchange Rate, but may under certain circumstances be executed initially at the Indicative Rate and then later automatically adjusted from the Indicative Rate to the Exchange Rate once the Exchange Rate is fixed.

  7. Does IBKR offer margin on Taiwan Stock Exchange securities?

    • No, not at this time.

  8. Standard Settlement Cycle for Taiwan Stock Exchange Listed Equities: T+2

  9. Taxation on Dividends: 21% (Jan 1, 2018) for non-resident beneficiary