Minister of Finance Yen Ching-chang (
Yen made the remarks at a seminar on the policies of merging securities brokerages and financing companies, investment trust and consultant companies.
Yen said that as of the end of June, Taiwan securities brokerages and securities companies totaled 168, investment trust and investment consultant companies totaled 261, and the number of those who have opened accounts in the stock market totaled 12 million. Turnover on the Taiwan stock market totaled NT$9.829 trillion in the six months, while turnover on the over-the-counter market totaled around NT$1.45 trillion during the same period.
Yen said the saturation of financial institutions has resulted in fierce competition among the institutions, and that he wants to improve the investment climate to upgrade the competitiveness of Taiwan's financial institutes so that they can remain strong and compete in the international arena.
The finance ministry has tried several measures to promote reform in the securities market, Yen said, including a bid to upgrade the ratio of institutional investors in the securities market, adding that the number of individual investors in the securities market now accounts for as much as 82 percent.
Yen noted that with such a high percentage, the Taiwan securities market has become volatile and it is necessary that the government do more to attract additional institutional investors.
He also spoke of the easing of restrictions on foreign investors in Taiwan's securities market to facilitate its internationalization.
He noted that the ceiling allowed for a single foreign institutional investor to invest in the Taiwan securities market has been adjusted upwards to US$2 billion from US$1.1 billion. The restrictions on Taiwan's listed stocks have also been lifted since this year.
Yen said that the daily trading hours of the stock market have been lengthened to four and a half hours from three hours on weekdays and the stock market is closed on Saturdays in line with the international standards.
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