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Title Taiwan Depository & Clearing Corporation Directions for the Handling by Participants and Custodians of Trade Settlement Data Transmission Operations CH
Date 2024.08.14 ( Amended )

Article Content

Chapter 1 General Principles
Article 1     These Directions are adopted pursuant to Articles 46, 54, 61-9, and 101 of the Operating Rules of the Taiwan Depository & Clearing Corporation (TDCC) and Article 90 of the TDCC Operating Rules for Short-Term Bills.
Article 2     The following institutions may conduct data transmission and query operations for trade settlement of securities and short-term bills in accordance with these Directions: securities firms; bond dealers; bill dealers; custodian institutions ("custodians") of securities investment trust funds (“funds”) entrusted to invest in listed/OTC securities or emerging stocks, offshore overseas Chinese and foreign nationals, insurance enterprises, and mainland area investors; and securities investment trust enterprises ("SITEs").
Article 2-1     When a SITE applies for or cancels query services for information on securities trade settlement between a securities firm and a custodian, it shall perform a "Fund Name Information Maintenance" transaction (transaction code: K74; function type 1: Create or 2: Delete) to notify TDCC.
    After the SITE has completed the notification of the preceding paragraph, it shall perform a "Fund Name Information Maintenance" transaction (transaction code: K74; function type 4: Query) to check the data it input.
Article 2-2     After the SITE notifies the custodian it has completed the fund name information maintenance operation, the custodian shall perform a "Custodian – Fund Basic Information Create" transaction (transaction code: K75; function type 1: Create or 2: Delete), or perform a "Custodian – Fund Basic Information File Uploading" transaction (transaction code: K75S) to notify TDCC.
    After the custodian has completed the notification of the preceding paragraph, it shall perform a "Custodian – Fund Basic Information Create" transaction (transaction code: K75; function type 3: Query) to check the data it input.
Article 2-3     When a SITE changes the custodian of its funds, the SITE and custodian shall apply for or cancel query services for information on securities trade settlement in accordance with Articles 2-1 and 2-2.
Chapter 2 Information Transmission Operations for Equity Securities
Section 1 Trade Settlement Information
Article 3     The securities firm or custodian may perform trade settlement information operations including transmission, matching, account settlement, adjustment, and query, no later than the third business day after the trade date.
Article 4     A securities firm shall carry out trade settlement information transmission in accordance with the following procedures:
  1. Perform a "Securities Firm - Trade Settlement Information - Electronic Transmission" transaction (transaction code: B01) to transmit the trade settlement information, or perform a "Securities Firm - Additional Settlement Information of Margin Transactions - Electronic Transmission" transaction (transaction code: B91) to transmit additional settlement information for margin transactions.
  2. Perform a "Securities Firm - Trade Settlement Information Transmission Query" transaction (transaction code: B02), to check the transmitted trade settlement information, or perform a "Securities Firm - Additional Settlement Information of Margin Transactions - Transmission Query" transaction (transaction code: B92), to check the transmitted additional settlement information of margin transactions.
Article 5     A securities firm or custodian shall carry out matching of trade settlement information in accordance with the following procedures:
  1. After TDCC completes the pre-calculation operations on the trade date, the securities firm or custodian may perform a "Trade Settlement Information Matching" transaction (transaction code: B05) to notify TDCC, for purposes of matching the transmitted information and the trade information.
  2. The custodian may perform a "Custodian – Trade Settlement Information Query/Download" transaction (transaction code: B03/B04), to query or retrieve settlement and day trading data of the securities firm, or perform a "Custodian – Additional Settlement Information of Margin Transactions Query/Download" transaction (transaction code: B93/B94), to query or retrieve additional settlement information of margin transactions of the securities firm.
Article 6     A securities firm and custodian shall carry out account settlement and affirmation operations in accordance with the following procedures:
  1. The securities firm, after information transmission is completed, shall perform a "Trade Settlement Information Transmission - Account Settlement/Affirmation" transaction (transaction code: B06; operation type 0: Institutional Account Reconciliation and Settlement Information - Account Settlement/Affirmation), to notify the custodian of the completion of transmission.
  2. The custodian shall perform a "Trade Settlement Information Transmission - Account Settlement/Affirmation Status Query" transaction (transaction code: B07), to query the affirmation status of settlement information of the securities firm.
  3. The custodian may use any of the following methods to affirm the settlement information of the securities firm:
    1. If it performs reconciliation and affirmation on a batch basis, it shall perform a "Trade Settlement Information Transmission - Account Settlement/Affirmation" transaction (transaction code: B06; operation type 0: Institutional Account Reconciliation and Settlement Information - Account Settlement/Affirmation), to give notice that it has already completed reconciliation and affirmation of the securities firm settlement information.
    2. If it performs reconciliation and affirmation on a trade-by-trade basis or by custodian account number, it shall perform a "Trade Settlement Information Transmission - Account Settlement/Affirmation" transaction (transaction code: B06; operation type 4: Institutional Account Reconciliation and Settlement Information - Trade-by-Trade/Account Number Affirmation), to give notice that it will perform reconciliation and affirmation of the securities firm settlement information on a trade-by-trade basis or by custodian account number, after which it shall follow the following procedures:
      1. If it performs reconciliation and affirmation on a trade-by-trade basis, it shall perform a "Custodian – Trade Affirmation and Settlement Notification for Sell Trade/Electronic Transmission" transaction (transaction code: K16/K16S; operation type 1: Create Settlement Notification Information), to give notice that it has affirmed the securities firm settlement information, or that it has not affirmed the information and the reason for that. When the custodian has affirmed the information, if it subsequently needs to adjust the status, it shall perform the same transaction, operation type 2: "Delete Settlement Notification Information", to delete the initial reconciliation and affirmation, and then once again perform the same transaction, operation type 1: "Create Settlement Notification Information". When the custodian has not affirmed the information, if it subsequently needs to adjust the status, it shall perform the same transaction, operation type 1: "Create Settlement Notification Information".
      2. If it performs reconciliation and affirmation by custodian account number, it shall perform a "Custodian - Trade Settlement Information Affirmation and Notification by Account Number/Electronic Transmission" transaction (transaction code: K81/K81S; operation type 1: Create), to give notice that it has affirmed the securities firm settlement information. When the custodian has affirmed the information, if it subsequently needs to adjust the status, it shall perform the same transaction, operation type 2: "Delete", to delete the initial reconciliation and affirmation, and then once again perform the same transaction, operation type 1: "Create".
      3. The custodian and the securities firm may perform a "Custodian – Trade-by-Trade/Account-Number-Basis Affirmation and Notification Query" transaction (transaction code: K17), to query the affirmation status of the relevant trade information of the custodian.
Article 7     After transmitting the settlement information, if the securities firm needs to adjust the trade settlement information, it shall follow the following procedures:
  1. The securities firm shall perform a "Securities Firm - Trade Settlement Information - Electronic Transmission" transaction (transaction code: B01), or perform a "Securities Firm - Additional Settlement Information of Margin Transactions - Electronic Transmission" transaction (transaction code: B91), to retransmit all or part of the trade settlement information.
  2. After the securities firm has completed the transmission of settlement information and the custodian has carried out batch reconciliation and affirmation under subparagraph 3, item A of the preceding article, or has performed reconciliation and affirmation on a trade-by-trade basis or by custodian account number under subparagraph 3, item B of the preceding article, or has deleted the initial reconciliation and affirmation information under item B.b., if the securities firm subsequently needs to retransmit information, the securities firm shall notify the custodian to perform a "Trade Settlement Information Transmission - Account Settlement/Affirmation" transaction (transaction code: B06; operation type 1: Reopen Institutional Account Reconciliation and Settlement Information), and the securities firm shall then perform a "Trade Settlement Information Transmission Account Settlement/Affirmation" transaction (transaction code: B06; operation type 1: Reopen Institutional Account Reconciliation and Settlement Information), to reopen the account settlement process, and then retransmit the information.
  3. After the securities firm has completed the transmission of settlement information and the custodian has performed trade-by-trade affirmation under subparagraph 3, item B.a. of the preceding article, if the securities firm subsequently needs to retransmit settlement information, the securities firm may notify the custodian to perform a "Custodian - Trade Affirmation and Settlement Notification for the Sell Trade/Electronic Transmission" transaction (transaction code: K16/K16S; operation type A: Reopen Individual Transaction) and delete the initial reconciliation and affirmation, after which the securities firm shall retransmit the settlement information for that trade.
  4. After the securities firm has completed the transmission of settlement information and the custodian has performed affirmation by account number under subparagraph 3, item B.b. of the preceding article, if the securities firm subsequently needs to retransmit settlement information, the securities firm may notify the custodian to perform a "Custodian - Trade Settlement Information Affirmation and Notification by Account Number/Electronic Transmission" transaction (transaction code: K81/K81S; operation type A: Reopen Account Number) and delete the initial reconciliation and affirmation for the account number interval, after which the securities firm shall retransmit the settlement information for that account number interval.
  5. After the securities firm has completed trade settlement information transmission, while it subsequently needs to report an out-trade or account number correction, it shall perform a "Securities Firm - Trade Settlement Information – Electronic Transmission" transaction (transaction code: B01), or perform a " Securities Firm - Additional Settlement Information of Margin Transactions - Electronic Transmission" transaction (transaction code: B91), to retransmit all or part of the information, and TDCC will perform matching upon receiving notice from the custodian.
Article 7-1     In the case of a custodian that performs reconciliation and affirmation on a batch basis or by custodian account number, the custodian and the securities firm shall follow the following procedures to perform notification for transfer for settlement of sell trades on the first business day after the trade date:
  1. The custodian shall perform a "Custodian - Notification for Transfer for Sell Trade/Electronic Transmission" transaction (transaction code: B97/B97S; operation type 1: Create) to inform the securities firm of the settlement information of sell trades that should be handled on the second business day after the trade date; however, in the case of day trading of securities, it may inform it simply of the difference by which the total quantity sold exceeds the total quantity purchased.
  2. When the custodian needs to adjust any notification information, it shall perform a "Custodian - Notification for Transfer for Sell Trade/Electronic Transmission" transaction (transaction code: B97/B97S; operation type 2: Delete), and delete the original notification information, and then proceed as described in the preceding subparagraph.
  3. After TDCC ends the operation of receiving notification for transfer for sell trades at 3:30 p.m., if the custodian further needs to transmit any notification information, it shall do so after the securities firm performs a "Trade Settlement Information Transmission - Account Settlement/Affirmation" transaction (transaction code: B06; operation type 3: Retransmit Information of Transfer for Sell Trades). The securities firm and custodian may perform a "Trade Settlement Information Transmission - Account Settlement/Affirmation Status Query" transaction (transaction code: B07), to query the reopening or account settlement status of the securities firm transfer for sell trade.
    The custodian and securities firm may perform a "Custodian – Notification for Transfer for Sell Trades Query" transaction (transaction code: B98), to query the custodian's notification of the preceding paragraph.
    Based on the custodian's notification under paragraph 1, TDCC will transfer into the securities firm's depository account on the second business day after the trade date.
Article 7-2     In the case of a custodian that performs reconciliation and affirmation on a trade-by-trade basis, the custodian and the securities firm shall follow the following procedures to perform notification for transfer for settlement of sell trades on the first business day after the trade date:
  1. If the custodian carries out affirmation before 3:30 p.m., TDCC will prepare the custodian’s notification information for transfer for sell trades based on the custodian’s affirmation; however, in the case of day trading of securities, it will only prepare transfer notification for the difference by which the total quantity sold exceeds the total quantity purchased.
  2. After TDCC ends the operation of receiving notification for transfer for sell trades at 3:30 p.m., if the custodian further needs TDCC to prepare the custodian’s notification information for transfer for sell trades based on the custodian’s affirmation, the custodian shall perform a "Custodian - Trade Affirmation and Settlement Notification for Sell Trades/Electronic Transmission" transaction (transaction code: K16/K16S; operation type 2: Delete Settlement Notification Information) to delete trade-by-trade affirmation information for which transfer notification has not yet been prepared by TDCC, and after the securities firm performs a "Trade Settlement Information Transmission - Account Settlement/Affirmation" transaction (transaction code: B06; operation type 3: Retransmit Information of Transfer for Sell Trades), the custodian shall then once again perform trade-by-trade affirmation in accordance with Article 6, subparagraph 3, item B.a.
  3. The custodian and securities firm may perform a "Custodian – Trade-by-Trade/Account-Number-Basis Affirmation and Notification Query" transaction (transaction code: K17), to query the custodian's relevant trade information affirmation and sale transfer notification.
    In accordance with the transfer notification based on the custodian's affirmation of the sell trades, TDCC will transfer into the securities firm's depository account on the second business day after the trade date.
Article 7-3     With respect to the procedures for the custodian's transmission of notification of information for transfer for settlement of sell trades under the preceding two paragraphs, if there is a need for the operations to continue to be conducted after 3:30 p.m. on the first business day after the trade date, the securities firm shall perform a "Notification of Cancellation of Information Regarding Transfer for Sell Trades and Settlement Control" transaction (transaction code: G97; operation type 1: Create) to notify the TDCC to exempt the designated custodian from the requirement of ending the daily operation for transfer for sell trades at 3:30 p.m.
    When the custodian no longer has the need mentioned in the preceding paragraph, the securities firm shall perform a "Notification of Cancellation of Information Regarding Transfer for Sell Trades and Settlement Control" transaction (transaction code: G97; operation type 2: Delete), to notify the TDCC to delete the setting with respect to the custodian under the preceding paragraph.
    The securities firm and custodian may perform a "Notification of Cancellation of Information Regarding Transfer for Sell Trades and Settlement Control" transaction (transaction code: G97; operation type 3: Query), to query the status of the setting under paragraph 1.
Article 7-4     On the second business day after the trade date, after the securities firm has transfered the securities purchased by the custodian's customer, the custodian and the securities firm may perform a "Depository Account Transfer for Buy Trades Query" transaction (transaction code: B99) to query information related to the account transfer.
Article 7-5     No later than the second business day after the trade date, a SITE may perform a "SITE - Trade Settlement/Additional Information of Margin Transaction Query" transaction (transaction code: K76) or a "SITE - Trade Settlement/Additional Information of Margin Transaction Download" transaction (transaction code: K77) to query or retrieve trade settlement and additional information of margin transactions transmitted by the securities firm.
Section 2 Transfer Fee Information for Trade Settlement
Article 8     No later than the third business day after the trade date, a securities firm may carry out the transmission of transfer fee information for trade settlement. No later than the third business day after the trade date, the securities firm or custodian furthermore may query the trade settlement transfer fee information.
Article 9     The securities firm shall perform a "Securities Firm - Trade Settlement Information – Electronic Transmission" transaction (transaction code: B01) to transmit the relevant transfer fee information for trade settlement.
Article 10     The custodian shall perform a "Custodian - Transfer Fee Information of Trade Settlement Query" transaction (transaction code: B09) to query the relevant transfer fee information for trade settlement.
Article 11     The securities firm shall perform a "Securities Firm - Trade Settlement Transfer Fee Information Query" transaction (transaction code: B10) to query the relevant trade settlement transfer fee information.
Section 3 Change of Custodian During a Settlement Period
Article 11-1     If a custodian's customer changes custodian during a trade settlement period, and the reconciliation and affirmation operations for the date of the change and the preceding business day will be performed by the new custodian, that the original custodian may, prior to the date of the change, perform a "Custodian Authorization for Electronic Transmission of Trade Settlement Information" transaction (transaction code: 499; operation type 1: Transmit File), to notify the TDCC of authorization that the new custodian may perform a "Custodian Download of Trade Settlement Information" transaction (transaction code: B04) to retrieve the customer's trade settlement information from the date of the change and the preceding business day.
    If after completion of the matters under the notification of the preceding paragraph, the original custodian needs to void the above authorization, it may perform a "Custodian Authorization for Electronic Transmission of Trade Settlement Information" transaction (transaction code: 499; operation type 2: Clear File), to notify the TDCC of cancellation of the authorization.
    The original custodian and the new custodian may perform a "Custodian Download of Trade Settlement Information Authorization Information" transaction (transaction code: 500F) to retrieve information on authorization and cancellation of authorization.
Article 11-2     If a custodian's customer changes custodian during a trade settlement period, and the reconciliation and affirmation operations for the date of the change and the preceding business day will be performed by the new custodian, that custodian may on the date of the change perform a "Notification of Change of Custodian/Electronic Transmission" transaction (transaction code: G07/G07S; operation type 1: Create Account), to notify the TDCC to perform the matters in connection with the change of custodian account number.
    If after completion of the matters under the notification of the preceding paragraph, the custodian needs to void the above change, it may on the date of the change perform a "Notification of Change of Custodian/Data Media Transmission" transaction (transaction code: G07/G07S; operation type 2: Delete Account), to notify the TDCC to restore the changed account information.
    The securities firm and custodian may perform a "Change of Custodian Query" (transaction code G08), to query the status of change of the custodian account number.
Chapter 3 Trade Settlement Information Transmission Operations for Short-Term Bills
Article 12     (Deleted.)
Article 13     When a bill dealer applies to TDCC for the carrying out of trade settlement information transmission operations, it shall input the custodian code in the trade settlement information and notify TDCC, whereupon TDCC shall transmit the trade settlement information to the custodian, so that the custodian can perform query, download, and affirmation operations.
Article 14     On the settlement date, the custodian may perform trade settlement information query, download, affirmation, and cancellation of affirmation operations in accordance with the following procedures:
  1. Perform a "Bills Trade Settlement Information Query/Download" transaction (transaction code: B85/B86), to query/download the trade settlement information of the or bill dealer.
  2. Perform a "Bills Trade Settlement Information Affirmation" transaction (transaction code: B87; operation type 0: Trade Settlement Information Affirmation), to notify the bill dealer that it has completed account reconciliation and affirmation of the settlement information.
  3. If the custodian wishes to cancel the Trade Settlement Information Affirmation under the preceding subparagraph, it may perform a "Bills Trade Settlement Information Affirmation" transaction (transaction code: B87; operation type 1: Cancellation of Trade Settlement Information Affirmation), to notify the bill dealer of the cancellation of the trade settlement information affirmation.
Article 14-1     On the trade date, the SITE may perform a "SITE - Bill Trade Settlement Information Query/Download" transaction (transaction code: K78/K79), to query/download the trade settlement information of the bill dealer.
Article 15     The bill dealer may use the query function or interface provided by TDCC to query the affirmation status of trade settlement information between itself and the custodian.
Chapter 4 Trade Settlement Information Transmission Operations for Fixed-Income Securities
Article 15-1     The bond dealer or custodian may, on the clearing and settlement date, perform operations including the transmission, affirmation, adjustment, voidance, and query of transaction information of negotiated trades.
Article 15-2     When a bond dealer, on the clearing and settlement date, carries out trade information transmission operations for fixed-income securities trades, it shall follow the following procedures:
  1. Trading slip
    1. If using trade-by-trade transmission, it shall perform a "Notification of Trading Slip for Negotiated Bond Trade" transaction (transaction code: G61) and a "Notification of Trading Slip Details for Negotiated Bond Trade" transaction (transaction code: G62), signed with a certificate-based electronic signature, and transmit it to the custodian or the counterparty dealer.
    2. If using file transmission, it shall perform a "Notification of Trading Slip for Negotiated Bond Trade - Electronic Transmission" transaction (transaction code: G63S), signed with a certificate-based electronic signature, and make the transmission to the custodian or the counterparty dealer.
  2. Clearing and settlement statement and delivery list
    1. If using trade-by-trade transmission, it shall perform a "Notification of Clearing and Settlement Statement and Delivery List for Negotiated Bond Trade" transaction (transaction code: G64) and a "Notification of Clearing and Settlement Statement and Delivery List Details for Negotiated Bond Trade" transaction (transaction code: G65). If there are more than 4 "method for payment and receipt of funds" items, it shall additionally perform a "Notification of Payment and Receipt Information for Clearing and Settlement Statement for Negotiated Bond Trade" transaction (transaction code: G66). The above transactions shall be transmitted to the custodian or the counterparty dealer after signing with a certificate-based electronic signature.
    2. If using file transmission, it shall perform a "Notification of Clearing and Settlement Statement and Delivery List for Negotiated Bond Trade - Electronic Transmission" transaction (transaction code: G67S), signed with a certificate-based electronic signature, and transmit it to the custodian or the counterparty dealer.
    If, after transmitting the trade information, the bond dealer needs to void the information, it may perform a Notification of Voidance of Trade Information for a Negotiated Bond Trade" transaction (transaction code: G78), input the trading slip or clearing and settlement statement number and, after signing with a certificate-based electronic signature, void that trade information.
Article 15-3     After the bond dealer has carried out trade information transmission operations on the clearing and settlement date, it may perform a "Dealer - Negotiated Bond Trade Information Transmission Query transaction (transaction code: G68) to query the information.
    After the bond dealer has completed the transmission of the trade information on the clearing and settlement date, it shall perform a "Dealer - Notification of Completion of Transmission of Negotiated Bond Trade Information" transaction (transaction code: G69) to notify the custodian or the counterparty dealer that the transmission of the trade information has been completed. In the event the bond dealer then needs to adjust or void the trade information, it shall notify the custodian or the counterparty dealer to perform a "Negotiated Bond Trade Information Download Completion Notification" transaction (transaction code G72; operation type 1: reopen download), after which, the bond dealer shall re-perform the transmission or voidance in accordance with Article 15-2.
Article 15-4     When the custodian or the bond dealer, on the clearing and settlement date, performs affirmation, and cancellation of affirmation, of bond trade information, it shall follow the following procedures:
  1. Perform a "Negotiated Bond Trade Information Query" transaction (transaction code G71), to query the content and transmission status of the trade information transmitted by the bond dealer.
  2. The custodian or the bond dealer may perform a "Negotiated Bond Trade Information Query Download" transaction (transaction code G71F) to retrieve trade information, and perform a "Negotiated Bond Trade Information Download Completion Notification" transaction (transaction code G72; operation type 0: completion of download) to notify the bond dealer. In the event there is a need to adjust or void the trade information after the notification of download completion, it shall perform the same transaction, operation type 1: reopen download, only after which may the bond dealer re-perform the transmission or voidance in accordance with Article 15-2.
  3. After the custodian or the bond dealer has completed checking of the trade information, it shall perform a "Negotiated Bond Trade Information Trade-by-Trade Affirmation" transaction (transaction code G73) or "Negotiated Bond Trade Information Batch Affirmation" transaction (transaction code G79), and use a certificate-based electronic signature to affirm or reject the trade information. In the event there is a need to adjust affirmed or rejected trade information, it shall perform the same transaction to adjust "affirmed" or "rejected" to "awaiting affirmation," only after which may the bond dealer re-perform the transmission or voidance in accordance with Article 15-2.
Chapter 5 Supplementary Provisions
Article 16     Any matters on which these Directions are silent shall be governed by the TDCC Operating Rules and other applicable provisions.
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