TAIFX chairman puts paid to speculation surrounding his departure
17 February 2014
Category: News, Asia, Global, Taiwan
By Hui Ching-hoo
Taiwan Futures Exchange (TAIFX) has persuaded its chairman, Fan Chich-Chiang, to stay on in his position at the bourse. The announcement follows local media speculation claiming Mr. Fan was very close to joining CTBC Securities as managing director at the beginning of last week.
TAIFX confirmed in a statement on February 13 that Mr. Fan would continue to hold the reins at the exchange. Mr. Fan said he is found it “touching” that many industry big hitters, including Financial Supervisory Commission (FSC) Chairman Tseng Ming-chung, had lent their support for him to stay.
Speaking about future strategies, Mr. Fan said the bourse would be introducing overseas commodities and bringing in commodity indexes as it bids to break into the international market.
Using Singapore as an example, he said: “The Singapore Exchange has successfully introduced futures tracking the FTSE China A50 Index and the MSCI Taiwan Index over the last few years, which helped the bourse sustain its revenue growth. TAIFX will follow suit by introducing futures tracking the S&P 500 Index, Dow Jones indexes, and Mainland stock indexes.”
Under Mr. Fan’s leadership, TAIFEX has scored well on new product development in recent years, including the introduction of binary options on equities, short-duration and mini-sized products. In addition, the bourse won approval to launch Weekly Mini-TAIEX Futures in February 2013, which is a product that can reduce basis risk for hedgers and open up new inter-commodity strategies.