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Title Taiwan Futures Exchange Corporation Trading Rules for TAIFEX USD/CNH FX Futures Contracts CH
Date 2025.06.10 ( Amended )

History

Modified
2025/06/10 (Modified)
Article 8     Delivery months for the Contracts are the spot month and the following calendar month, and the four immediately succeeding quarterly months from among the quarterly months of March, June, September, and December, for a total of six contract months, listed and traded concurrently. The last trading day for contracts of a particular delivery month is the third Wednesday of the expiry month of the contract. Trading of contracts at expiry will halt at the close of the regular trading session on the last trading day, and the last trading day is the final settlement day for a contract at expiry.
    If any of the circumstances listed below occurs on the last trading day referred to in the preceding paragraph, then the next business day shall be the last trading day; however, the TAIFEX may adjust the date in view of circumstances:
  1. The last trading day falls on a TAIFEX holiday, or trading cannot proceed due to a force majeure event.
  2. The last trading day falls on a holiday or day off of the Hong Kong Treasury Markets Association.
  3. There are other factors that affect the trading or settlement of the Contracts.
    The Trading in contracts of the new delivery month shall begin from the regular trading session on the business day following the last trading day of a contract at expiry.
    The TAIFEX may change the delivery months, first trading days, last trading days, and final settlement days of the preceding three paragraphs as it deems necessary after reporting to and receiving approval from the competent authority.
2025/06/05 (Modified)
Article 11     With exception of the conditions described in paragraph 2, paragraph 3 and paragraph 5, the daily price limit of the Contracts is 3 percent above and below the daily settlement price of the preceding regular trading session.
    From the market opening to 10 minutes before the market closes, if the transaction price of the nearest month contract among the quarterly months of March, June, September, and December ("the Nearest Quarterly Month Contract") touches the ±3% daily price limit, or the best bid price of the Nearest Quarterly Month Contract touches the +3% daily price limit, or the best ask price of the Nearest Quarterly Month Contract touches the -3% daily price limit, the daily price limit will expand to ±5% of the daily settlement price of the preceding regular trading session after 10 minutes.
    From the daily price limit expanding to ±5% of the daily settlement price of the preceding regular trading session to 10 minutes before the market closes, if the transaction price of the Nearest Quarterly Month Contract touches the ±5% daily price limit, or the best bid price of the Nearest Quarterly Month Contract touches the +5% daily price limit, or the best ask price of the Nearest Quarterly Month Contract touches the -5% daily price limit, the daily price limit will expand to ±7% of the daily settlement price of the preceding regular trading session after 10 minutes.
    The Nearest Quarterly Month Contract in paragraph 2 and paragraph 3 shall be defined as the next nearest-month contract among the quarterly months of March, June, September, and December in the regular trading session on the last trading day.
    The daily price limit of the regular trading session will be the expanded daily price limit if the conditions described in paragraph 2 or paragraph 3 are met in the previous after-hours trading session.
    TAIFEX may adjust the daily price limits of the Contracts described in paragraph 1 to paragraph 3 and paragraph 5 as it deems necessary based on market conditions.
2018/11/13 (Modified)
Article 7     Trading days for the Contracts are the same as bank business days. Trading hours are as follows:
  1. Regular trading session: 8:45 a.m. to 4:15 p.m. The trading hours for a contract of a given expiration month on the relevant last trading day shall be from 8:45 am to 11:00 a.m.
  2. After-hours trading session: 5:25 p.m. to 5:00 a.m. on the following day.
    If banking enterprises for any reason suspend operations, or other factors hinder trading of the Contracts, then the TAIFEX, on the basis of circumstances at the time, may declare a temporary halt to trading and report the matter to the competent authority for recordation on the following business day.
    The TAIFEX may change the trading days and trading hours of the first paragraph after reporting to and receiving approval from the competent authority.
2018/01/12 (Modified)
Article 11     The price limit of the Contracts in each trading session is 7 percent above and 7 percent below the daily settlement price of the preceding regular trading session. The TAIFEX may adjust the price limit as it deems necessary based on market conditions.
2017/02/24 (Modified)
Article 7     Trading days for the Contracts are the same as bank business days. Trading hours are 8:45 a.m. to 4:15 p.m. The trading hours for a contract of a given expiration month on the relevant last trading day shall be from 8:45 am to 11:00 a.m. If banking enterprises for any reason suspend operations, however, or other factors hinder trading of the Contracts, then the TAIFEX, on the basis of circumstances at the time, may declare a temporary halt to trading and report the matter to the competent authority for recordation on the following business day.
    The TAIFEX may change the trading days and trading hours of the preceding paragraph after reporting to and receiving approval from the competent authority.
Article 8     Delivery months for the Contracts are the spot month and the following calendar month, and the four immediately succeeding quarterly months from among the quarterly months of March, June, September, and December, for a total of six contract months, listed and traded concurrently. The last trading day for contracts of a particular delivery month is the third Wednesday of the expiry month of the contract. Trading of contracts at expiry will halt at market close on the last trading day, and the last trading day is the final settlement day for a contract at expiry.
    If any of the following circumstances occurs on the last trading day, then the next business day shall be the last trading day, provided that the TAIFEX may adjust that date in view of circumstances:
  1. The last trading day falls on a TAIFEX holiday, or trading cannot proceed due to a force majeure event.
  2. There are other factors that affect the trading or settlement of the Contracts.
    The business day following the last trading day of a contract at expiry is the first trading day for contracts of the new delivery month.
    The TAIFEX may change the delivery months, first trading days, last trading days, and final settlement days of the preceding three paragraphs as it deems necessary after reporting to and receiving approval from the competent authority.
Article 10     Open positions held by traders are marked to market daily after market close based on the daily settlement price published by the TAIFEX.
    The daily settlement price of the preceding paragraph is set according to the following provisions:
  1. The price is the volume-weighted average transaction price of all trades during the last minute before market close.
  2. When there is no transaction price during the last minute before market close on the given day, the average of the highest unexecuted bid and lowest unexecuted ask prices quoted at market close will be taken as the daily settlement price.
  3. When there is no quoted bid price, the lowest quoted ask price will be taken as the daily settlement price; when there is no quoted ask price, the highest quoted bid price will be taken as the daily settlement price.
  4. When there is neither a quoted bid price nor quoted ask price for a distant-month futures contract, then the price difference between the settlement price of the spot-month futures contract and the settlement price of the distant-month futures contract on the previous business day will be used as the basis of calculation, by adding that price difference to the current day's settlement price for the spot-month futures contract to obtain the daily settlement price of the distant-month contract.
  5. If a daily settlement price cannot be determined on the basis of subparagraphs 1 to 4, or if the settlement price determined on that basis is obviously unreasonable, then the settlement price will be set by the TAIFEX.
Article 11     The daily price limit of the Contracts is 7 percent above and 7 percent below the settlement price of the preceding business day. The TAIFEX may adjust the daily price limit of the Contracts as it deems necessary based on market conditions.
Article 14     A futures commission merchant engaging in brokerage trading of the Contracts, prior to accepting an order, shall first collect a sufficient trading margin based on the aggregate total of the brokerage trading order, and from the date of the trade until the expiry of the settlement period, shall mark to market on a daily basis the balance of equity in the position held by each client based on the daily settlement price, and credit the aggregate total to the balance of the margin account of the client.
    When the balance in a principal's margin account is lower than the required maintenance margin, the futures commission merchant shall immediately notify the principal to deposit within a specified time sufficient cash funds to cover the difference between the balance in the margin account and the total amount of the trading margins required for the principal's open positions. If a principal fails to make the deposit within the prescribed time limit, the futures commission merchant may offset the positions on the principal's behalf.
    The trading margin and the maintenance margin referred to in the preceding two paragraphs may not be lower than the publicly announced TAIFEX standard for the initial margin and the maintenance margin.
    The initial margin and maintenance margin announced by the TAIFEX shall be based on the clearing margin calculated according to the Taiwan Futures Exchange Corporation Methods and Standards for Receipt of Clearing Margins plus a percentage prescribed by the TAIFEX.
    Payment/receipt of the principal's margins referred to in paragraph 2 may be in New Taiwan Dollars or in a foreign currency publicly announced by the TAIFEX, as stipulated between the principal and the futures commission merchant, with the futures commission merchant acting as foreign exchange settlement agent. The futures commission merchant shall conduct the required exchange settlements in accordance with the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions prescribed by the Central Bank of China.
Article 15     The total open positions that a trader holds in the Contracts at any time on either the long or short side of the market may not exceed the limits publicly announced by the TAIFEX.
    Every three months, or as occasioned by market conditions, the TAIFEX will announce the applicable position limit standards under the preceding paragraph, according to the levels given below, based on the higher of the daily average trading volume or the open position volume of the Contracts during that period, with the benchmark set at 5 percent thereof for individuals and 10 percent thereof for institutional investors. However, the lowest position limit shall be 1,000 contracts for individuals, and 3,000 contracts for institutional investors:
  1. When the benchmark is 1,000 or more contracts, the position limit is the benchmark rounded down to the nearest integral multiple of 200 contracts.
  2. When the benchmark is 2,000 or more contracts, the position limit is the benchmark rounded down to the nearest integral multiple of 500 contracts.
  3. When the benchmark is 5,000 or more contracts, the position limit is the benchmark rounded down to the nearest integral multiple of 1,000 contracts.
  4. When the benchmark is 10,000 or more contracts, the position limit is the benchmark rounded down to the nearest integral multiple of 2,000 contracts.
    The position limit for a proprietary trader or a market maker for the Contracts shall be three times the position limit for an institutional investor set out in paragraph 2. The TAIFEX, however, may adjust this limit for market makers for the Contracts as it deems necessary in view of market conditions.
    When the TAIFEX examines the applicable position limit levels, if the increase or decrease in the daily average trading volume or open position volume for the period, as compared to that at the time of the previous adjustment, does not exceed 2.5 percent, no adjustment will be made even if the level for adjustment has been reached.
    Any raising of a position limit will take effect from the TAIFEX announcement date. Any lowering of a position limit will take effect from the expiration of the next-nearest month contract that is already listed on the announcement date, provided that the TAFIEX may adjust the date according to circumstances.
    When a position limit is lowered under the preceding paragraph, a position held by a trader prior to the effective date that surpasses the lowered limit may be held until the expiration date of the contract, provided that no new position may be added until the lowered limit has been complied with.
    Total open positions in the Contracts held in an omnibus account are not subject to the limits of paragraph 2, with the exception of undisclosed omnibus accounts, which are subject to the limits for institutional investors.
     An institutional investor may apply to the TAIFEX for a position limit increase based on hedging needs.
    In addition to the provisions of this article, the limits on open positions in the Contracts held by traders shall also conform to the Taiwan Futures Exchange Corporation Rules Governing Surveillance Of Market Positions.
2016/07/14 (Modified)
Article 12     The final settlement price of the Contracts is set at the spot USD/CNY (Hong Kong) fixing published by the Hong Kong Treasury Markets Association at 11:15 a.m. on the same calendar day as the last trading day.
    If for any reason the fixing rate of the preceding paragraph is not announced at 11:15 a.m., the final settlement price for the Contracts will be set based on the following:
  1. The spot USD/CNY (Hong Kong) fixing announced by the Hong Kong Treasury Markets Association at 2:15 p.m.
  2. If the Hong Kong Treasury Markets Association does not announce a spot USD/CNY (HK) fixing at 2:15 p.m., then the final settlement price is the spot USD/CNY (TW) fixing announced by the Taipei Foreign Exchange Market Development Foundation on the same calendar day as the last trading day.
  3. If a final settlement price cannot be determined by the foregoing methods, or if the final settlement price so determined is obviously unreasonable, then the settlement price will be determined by the TAIFEX with reference to the market USD/CNY exchange rates published through major financial information systems.
2016/04/19 (Modified)
Article 15     The total open positions that a trader holds in the Contracts at any time on either the long or short side of the market may not exceed the limits publicly announced by the TAIFEX.
    Every three months, or as occasioned by market conditions, the TAIFEX will announce the applicable position limit standards under the preceding paragraph, according to the levels given below, based on the higher of the daily average trading volume or the open position volume of the Contracts during that period, with the benchmark set at 5 percent thereof for individuals and 10 percent thereof for institutional investors. However, the lowest position limit shall be 1,000 contracts for individuals, and 3,000 contracts for institutional investors:
  1. When the benchmark is 1,000 or more contracts, the position limit is the benchmark rounded down to the nearest integral multiple of 200 contracts.
  2. When the benchmark is 2,000 or more contracts, the position limit is the benchmark rounded down to the nearest integral multiple of 500 contracts.
  3. When the benchmark is 5,000 or more contracts, the position limit is the benchmark rounded down to the nearest integral multiple of 1,000 contracts.
  4. When the benchmark is 10,000 or more contracts, the position limit is the benchmark rounded down to the nearest integral multiple of 2,000 contracts.
    The position limit for a proprietary trader or a market maker for the Contracts shall be three times the position limit for an institutional investor set out in paragraph 2. The TAIFEX, however, may adjust this limit for market makers for the Contracts as it deems necessary in view of market conditions.
    When the TAIFEX examines the applicable position limit levels, if the increase or decrease in the daily average trading volume or open position volume for the period, as compared to that at the time of the previous adjustment, does not exceed 2.5 percent, no adjustment will be made even if the level for adjustment has been reached.
    Any raising of a position limit will take effect from the TAIFEX announcement date. Any lowering of a position limit will take effect from the expiration of the next-nearest month contract that is already listed on the announcement date, provided that the TAFIEX may adjust the date according to circumstances.
    When a position limit is lowered under the preceding paragraph, a position held by a trader prior to the effective date that surpasses the lowered limit may be held until the expiration date of the contract, provided that no new position may be added until the lowered limit has been complied with.
    Total open positions in the Contracts held in an omnibus account are not subject to the limits of paragraph 2, with the exception of undisclosed omnibus accounts, which are subject to the limits for institutional investors.
    In addition to the provisions of this article, the limits on open positions in the Contracts held by traders shall also conform to the Taiwan Futures Exchange Corporation Rules Governing Surveillance Of Market Positions.
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