SINGAPORE – Media OutReach – September 14, 2023 – A delegation from the Securities and Futures Bureau of the Taiwan Financial Supervisory Commission and the Taiwan Stock Exchange (“TWSE”) began its nine-day visit to the United States on September 11 . U.S. stock exchanges, the New York Stock Exchange (the “NYSE”) and Nasdaq, and will visit The Depository Trust & Clearing Company (the “DTCC”) to engage in discussions with their U.S. counterparts on ESG initiatives, the stock exchanges carbon and listing regulations. , as well as the United States’ move to T+1 with the aim of deepening cooperation between the two capital markets.
Photo (from left): James KJ Lee, director general of the Taipei Economic and Cultural Office in New York, Chen-Shan Chang, director general of the Securities and Futures Bureau of the Financial Supervisory Commission, and Sherman Lin, Chairman and CEO of TWSE visited Nasdaq and attended the opening bell ceremony.
The visit marks the first high-level meeting between the TWSE and Nasdaq and NYSE in five years. The delegation met with senior representatives of Nasdaq and NYSE and attended the Nasdaq Bell Opening Ceremony at the invitation of Nasdaq.
As competition among international exchanges intensifies, TWSE has prioritized the development of new strategies to meet changing challenges and remain globally competitive. Marking the TWSE’s first visit to the United States since the start of the Covid-19 pandemic, the delegation, led by Chen-Shan Chang, Director General of the Commission’s Bureau of Securities and Futures financial watchdog, and Sherman Lin, Chairman and CEO of the TWSE, visited both the NYSE and Nasdaq, with James KJ Lee, Managing Director of the Taipei Economic and Cultural Office in New York, joining the visit to Nasdaq.
Lin said: “We undertook a fruitful visit to the United States to share our views and ideas face to face with the two major stock exchanges in the United States. We were also invited to attend the Nasdaq Bell Opening Ceremony, proof that the visit is highly valued by both Taiwan and the United States. We look forward to building on the strong foundation of networking and partnership between TWSE and major U.S. exchanges.
Global IPO activity has seen a slowdown this year. To continue attracting quality companies to apply for listing in Taiwan, TWSE also exchanged views with the two major US exchanges on listing conditions that strike a balance between market revitalization and the practice of supervision, as well as ways to explore foreign listing sources.
TWSE and Nasdaq discussed the important role that carbon exchanges can play in channeling capital towards sustainable development projects. TWSE shared its views on the Taiwan Carbon Solution Exchange inaugurated in August, leading in-depth discussions on issues such as emission reduction, green energy development, climate change and related investment products to carbon credits. TWSE also shared its vision for creating an efficient and user-driven carbon trading platform to support carbon market development and green investments.
TWSE to obtain information on US move to T+1 from DTCC
As the U.S. financial services industry continues to make significant progress toward implementing a shortened T+1 settlement cycle for U.S. equity, corporate debt and mutual fund transactions on May 28, 2024 , the TWSE should meet Frank La Salla. , President, CEO and Director of DTCC, a leading provider of market infrastructure in the United States, for information on the United States’ move to T+1.
Frank La Salla said: “DTCC remains committed to protecting financial markets around the world while continuing to deliver new and innovative solutions that deliver maximum value to our clients. We look forward to meeting with the TWSE to share more information on key initiatives, such as accelerating settlement to T+1 in the United States, as well as opportunities to further mitigate risks and increase market efficiency .
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