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Comparison between the Stock Trading Systems of Over-the-Counter Market and Exchange Market

Comparison between the Stock Trading Systems of Over-the-Counter Market and Exchange Market
Item	Exchange Market (TSEC-listed Stock)	Over-the-Counter Market (GTSM-listed Stocks)
Organization	Taiwan Stock Exchange Corporation (TSEC)	GreTai Securities Market)
Trading method	Computer-assisted trading	●Matching system: Computer-assisted trading ● Negotiation: Over-the-counter negotiation.
Delivery and payment by book entry	Compulsory	● Matching system: Compulsory ● Negotiation: As determined by parties of the trade.
Omnibus settlement fund	In place	In place
Daily price limits	7%	7%
Matching principle	Call auction	Order-by-order at the most reasonable price (similar to the TSEC system) or by negotiation
Best asks and bids disclosure	Yes	Yes
Intra-market price stabilization measures	Yes	Yes
Margin trading	Yes	Yes
Day offset of margin purchase and short selling	Yes	Yes
Margin purchase ratio	60%	50%
Short selling margin requirement	90%	90%
Time of settlement	Next-day settlement	Next-day settlement
Surveillance system	In place	In place