| Abstract: | Along with the booming of internet, many enterprises have modified their business models accordingly, which then has influenced the trend and direction of many industries. In the securities market, investors could utilize internet to obtain order information more easily and completely. Especially, with the easy access of foreign securities information through internet, investments transactions are becoming globalized too. New trading platforms like ECNs make the competition among exchanges more severe. With the gradual opening of Taiwan's financial market, the approaching of these new players becomes inevitable. We study the impact of ECN on the trading structure of Taiwan's securities market, based on the trading contents, trading methods, and trading support requirements. Current trading structure of Taiwan's securities market is analyzed for stocks, bonds, and futures separately. We also develop an experimental ECN, which is tested by several trading experts. Their answers to our survey are summarized as our conclusion. |
