網路期貨交易所法制之研究

On Internet-based Futures Exchange Legal Institutions

謝哲勝(Jer-Shenq Shieh) ； 李福隆(Fu-Lung Lee)

《中正大學法學集刊》 17期 (2004/10) Pp. 87-136

https://doi.org/10.30094/NCCULJ.200410.0002

摘要

隨著八十六年三月我國期貨交易法正式通過立法之後，過去投資人在期貨公司下單所造成的不正常交易活動，已經逐漸步上正常運作的發展方向。然而，從國外期貨商品而國內交易市場漸進發展的我國期貨市場，在八十七年七月臺灣期貨交易所正式營運之後，雖然交易量及交易人開戶數屢創新高，卻未見市場規模有顯著提昇的情形。所以，如何規劃我國期貨交易所的未來發展以健全期貨市場，實為值得深入研究的法律問題。本文第二部份歸納各國期貨交易所的發展趨勢，以瞭解先進國家期貨市場的發展經驗；第三部份在期貨交易所網路虛擬化的重要方向之後，簡單介紹美國國際證券交易所、農產品期貨電子交易所等主要網路期貨交易所；第四部份探討我國成立網路期貨交易所的必要性及可行性，以期貨交易所的成立方式、組織型態及法制規範，作為規劃網路期貨交易所的參考依據；第五部份指出我國成立網路期貨交易所應修訂的法令及調整的事項，以為成立網路期貨交易所的配套措施；最後，本文結論認為我國欲成立網路期貨交易所，應該規劃時程依序進行，首先解決資訊科技及法律管制的相關問題，然後增進與國外期交所國際合作的機會，並規劃股價指數期貨以外的其他商品。

關鍵字

網路期貨交易所 ； 公司制期貨交易所 ； 會員制期貨交易所 ； 個股期貨

並列摘要

After the legislation of Futures Trading Act in 1997, the development of Taiwan's futures market had become regular. Taiwan Futures Exchange (TAIFEX) came into operation in July 1998. Although the trading volume and traders' accounts in futures was increasing, the scale of futures market didn't enlarge until now.
The academic research concerned with the interface of domestic and foreign futures' trading platform had mentioned that the main reason of TAIFEX trading system not functioning was the worldwide futures market under the influence of information technology. The way to match futures trading transformed from open outcry to electronic trading. However, domestic futures electronic trading system differed from those foreign ones in interfaces, services and formats. System renewal, accessibility and its integration resulted in TAIFEX had a disadvantage in operation cost, client scale and products development.
The Futures Trading Act in Taiwan didn't prohibit from undertaking futures trading on internet-based futures exchange, and permitted to institute corporate type futures exchange. Until now, there was no development about internet-based exchange. And then, how to construct the legal institutions of internet-based futures exchange was worthy of exploration. At the same time, Taiwan will face with the market access of financial services industries after joining in World Trade Organization. In order to take electronic trading trend of global futures exchange and raise TAIFEX's international competition, we should make a plan of internet-based futures exchange.
The Second part of this article generalizes the trend of foreign futures exchange. Part three introduces the main internet-based futures exchange such as American International Securities Exchange and Futurecom Commodity Exchange, from the dimensions of organization and trading institution. Part four explores the necessity and possibility to institute internet-based futures exchange in Taiwan, in point of setup approach, organizational pattern and legal regulation. Part Five points out the statutes or regulations ought to be revised and the items to be adjusted for the institution of internet-based futures exchange. Finally, the article concludes that we should have a schedule and institute the internet-based futures exchange gradually. At first, the problems of information technology and legal regulations ought to be solved. And then, we should increase the opportunity to cooperate with foreign futures exchange and design new futures product besides stock price index futures.

並列關鍵字

internet-based futures exchange ； corporate type futures exchange ； membership type futures exchange ； single-stock futures SSFs