期貨交易所組織型態對交易量之差異分析-兼論臺灣期貨交易所新設組織之解析

Abstract

有關公司制、會員制交易所組織型態之爭議，事實上早已存於台灣證券交 易所之組織架構中，現行公司制證券交易所的組織型態是否仍適合於未來 ﹖另未來全球化的期貨交易所組織設計，在面對可能的國際競爭，究應如 何因應？因此找尋有關涉及公共利益，又面臨公平交易法及國際競爭壓力 之特殊企業—交易所，其組織之變革方向，頗值探究。 本研究歸納出外 國交易所組織營運的普遍原則均考量公益性、自律性、國際性、成長性及 安定性。實證部份發現，期貨交易所組織型態因素中交易方式與是否設立 結算所對期貨交易量之差異影響，有顯著差異，故其為期貨交易所組織變 革的成功關鍵所在。 同時本研究也探索台灣期貨交易所相關問題，並 進一步提出具體可行之建議： 一、在交易所組織型態上應掌握公益性、 自律性、非營利性及國際性等四項原則。 二、交易所公益性董事之比 例應予提高。 三、我國公司 法比照外國增訂非營利公司一章。 四、期貨商或證券商應加強教育輔導以確保其自治與自律之精神。 五、主管機關應適時調整法令以強調自由公平競爭之精神，僅於必要時， 應予限制。 六、尋求全球知名交易所進行策略聯盟合作或聯網。 七、證券商或其他金融業者參與期貨應作好風險區隔，以避免骨牌效應發 生。 The argument of organizational types, company and membership, has been an issuein the Taiwan Stock Exchange for many years. Will the current company form of the Taiwan Stock Exchang, for example, suit the need of the future? In addition, for futures exchange, which organizational type will better meet international competition is also an important issue. Therefore, it is worthy to research the organizational types of exchanges which serve public interest,in the meantime taking into account of legal factors and international competiton.This research finds out that in the formation of a foreign exchange, the factors of public interst, self-regulatory function, the ability to operateinternational buseness, capacity of future growth and stability are considered.Empirical findings tell us that trading methods of futures exchanges and the clearing and settlement mechanisms have a considerable impact on the trading volume of futures contracts. This is a critical factor in the reform of the organization of a futures exchange.This research also deals with other related issues of the Taiwan InternationalMercantile Exchange and gives seveal suggestions as following:1.Follow the four principles, namely public interest, self-regulation, non- profit-seeking and internationalization.2.Increase the ratio of board of directors representing public interst.3.Insert a special chapter of non-profit seeking company in the current company law.4.Enhance education to ensure better self- discipline and self-regulation in FCMs and securities firms. 5.Revise related laws and regulations to provide a free and fair competition environment.6.Promote strategic alliances between local exchanges and famous foreign exchanges.7.install proper market segregation for better risk management.