Taiwan’s headline policy rate — the rediscount rate — is a signaling device almost no bank actually borrows at. The real monetary work happens through daily certificate-of-deposit issuance, reserve requirements, mortgage credit controls, and the managed New Taiwan dollar. Here is how to read all five levers.
TAIFEX Taiwan index futures stop trading on the third Wednesday of each month, and the final settlement price is an arithmetic average of TAIEX values over the last 30 minutes of the spot session (13:00-13:30 Taipei) — not the closing print. Here is how the calendar, the averaging window, and expiry-week rollover actually work, with a worked example reading foreign net open interest.
Taiwan stocks fell 1.30% on Wednesday, breaking below 45,000, after a near-5% overnight plunge in the Philadelphia Semiconductor Index. All three institutional groups sold, totaling NT$70.85 billion, on TAIFEX settlement day.
Taiwan’s benchmark reversed an early gain to close at 45,308.68 on Tuesday, with MediaTek down 4% and all three major institutional groups except investment trusts selling. Futures settlement looms Wednesday.
Taiwan’s equity market runs 09:00-13:30 Taipei time, settles T+2, and shifts every obligation forward one business day when an unscheduled closure hits. A field guide to the trading calendar, call auctions, the after-hours session, and the time-zone gap for overseas investors.