Securities regulators will decide in two months whether to merge the Taiwan Stock Exchange and the TAISDAQ, the bourse formerly know as the Over-the-Counter market.
But analysts say that merging the two markets would interfere with competition, in direct contradiction with the US model that pits bourses against one another.
"I do not oppose merging the two organizations," said Lin Tzong-yeong (
"But it requires further discussion and amending [related] laws. Hong Kong has integrated its eight brokerages' trading systems into one and is currently planning to merge its stock and futures exchanges into one."
Yen Ching-chang (
Yen also added that personal factors should not interfere with the progress of Taiwan's markets becoming more market-oriented.
"I am not concerned with the issue of who will be the new chairman [of the merged organization]," he said.
There has long been talk by securities professionals of a rift between Lin and Lee Yi-tseng (李義燦), chairman of the TAISDAQ.
One of the major conflicts between the two is their opposing views on the nation's second market. Lee strongly opposes merging the stock exchanges, while Lin favors the union.
Because Lee is known to be on good terms with President Chen Shui-bian (
Although several DPP legislators, including Hong Chi-chang (
On the otherhand, market professionals oppose the link-up on the grounds it may inhibit competition.
"A monopoly is bad for any industry," said K.P. Liu (劉凱平), president of SinoPro Securities Investment Consulting. "And the securities industry is no exception. It needs competition between different trading organizations."
Liu cited the US as an example, saying competition between a number of American stock exchanges in part has contributed to their prosperity.
Liu said the US in the 1970s considered combining its markets into one, big entity.
Liu said the goal of providing investors easier access to stocks can be achieved by connecting the nation's different bourse to the same computer networks.
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