The Cabinet-level Council for Economic Planning and Develop-ment (經建會) is set to propose amendments to the tax rate and frequencies allowed for the trading of futures.
"Further development of the futures market is one of the main tasks in improving Taiwan's financial commodities realm," said Schive Chi (薛琦), vice chairman of the CEPD. "Singapore's futures market is two or three times larger than ours."
According to Schive, the Council will discuss adjusting the tax rate and trading times for futures commodities with the Ministry of Finance (經濟部) on such matters "very soon."
"Currently, only twice a month is allowed for futures commodities trading," said Schive. "We believe there is room for discussion."
Schive also pointed out that the forward position of futures can also be adjusted, and new commodities currently under planning include stock index option, short-term interest rate futures, foreign exchange rates, bond futures, and individual stock option.
Apart from measures that will enhance futures market performance, the council is also discussing changes to legal regulations relating to e-banking.
The council's Asia-Pacific Regional Operations Center announced yesterday that the Executive Yuan's National Information Infrastructure task force has suggested legal changes be made .in order to better protect rights of consumers using online banking
Although banks are responsible for losses resulting from hacking, current legal regulations mean that consumers are responsible for providing evidence of any loss incurred.
The task force suggests following the US example where banks provide evidence of hacking, and set the maximum amount consumers are liable.
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