台湾议约型权证的产品结构和交易制度比较

Product Structure and Trading System of Taiwan OTC Contract-based Warrants

2005年8月3日,台湾证券柜台买卖中心开放了OTC市场议约型权证发行业务,将权证市场导入了客制化期权商品时代,对传统的挂牌型权证在产品功能、目标客户等方面给予明显补充,在权证市场结构、产品类型等方面展现出超乎寻常的灵活。本文着重介绍议约型权证产品的设计结构、交易制度,并将其与其他期权类产品比较,以资借鉴。

On 3 August 2005, Gretai Securities Market launched OTC contract-based warrants, marking the inception of a tailormade option era. OTC contract-based warrants are an advancement over traditional warrants in terms of product function and target clients. It improves market structure and enriches product choice. This paper is a review of OTC contractbased warrants vis-a-vis other option products in terms of design structure and trading system, in a view to provide for positive implication.