Taiwan

The FSC is examining whether to encourage the development of Internet-only securities companies to cater to investors who are increasingly placing orders online.

About 90,000 of Taiwan's 130,000 OBU accounts are owned by overseas firms that are actually Taiwanese companies.

A 3-year roadmap to be unveiled by year-end includes plans to set up central clearing for OTC derivatives, and improve convenience and efficiency for foreign investors.

The FSC has also suspended the Shin Kong Life's chairman, who was responsible for the investment decisions that threatened the insurer's financial strength.

The central bank said the directions to traders were aimed at facilitating the smooth flow of the local foreign exchange market, and that it respects bid-offer practices in the FX market.

The FSC is encouraging all banks to set up bilingual branches and enhance the English proficiency of their staff members as part of its efforts to become a regional financial hub in Asia.

Brokerages electing to serve as market makers will benefit through reduced handling fees, and be allowed to freely choose which eligible shares to trade.

The futures brokers failed to announce negative oil prices in April and were unable to accept orders from clients, among other failures.

The brokerage firm is reportedly under scrutiny because a stock broker claimed in a suicide note that he was instructed to place orders for clients through a separate laptop in the office.

The roadmap includes a new fintech examination and licensing system, to be introduced by 2022, and consent-based data sharing as part of an open banking push.