The Right Approach to Finance

Promote international cooperation

Association Memberships

The TWSE has participated in numerous international events in recent years to assure parallel congruity on trends in the international financial market and private sector. In recent years, the TWSE has actively promoted the Taiwan capital market, and used its memberships or affiliated memberships in domestic and global organizations to extensively observe and revise innovative methodologies that are beneficial and applicable to our market. The TWSE has utilized this to increase the exposure and visibility of Taiwan's market.

The key associations that the TWSE and its subsidiaries participate in are tabulated below:

Participant	Association	Qualification	Description of Key Participation Contents
The TWSE	World Federation of Exchanges ("WFE")	Member	During the pandemic, the TWSE continued to actively participate in various WFE affairs, including working groups on statistics, cyber security, sustainability, finance education and FinTech, while maintaining friendly relationships with major capital market associations and exchanges, building a solid foundation for global partnership.
The TWSE	Global Reporting Initiative ("GRI")	GRI Community members	The TWSE assists and guides listed companies to compile reports in accordance with GRI standards and participates in GRI standards amending consultation.
The TWSE	Asian and Oceanian Stock Exchanges Federation ("AOSEF")	Member	The TWSE remains in close contact with the AOSEF Secretariat during the pandemic. Through AOSEF, the TWSE maintains friendly relationships with exchanges in Asia Pacific, building a solid foundation for global partnership.
The TWSE	International Corporate Governance Network ("ICGN")	Member	The TWSE participates regularly in ICGN teleconferences to discuss international stewardship trends. The ICGN has provided suggestions for the advancement of Taiwan's Stewardship Principles.
The TWSE ¹ and TDCC ²	International Organization of Securities Commissions ("IOSCO")	Affiliate member¹ Observer²	During the pandemic, the TWSE/TDCC continued to actively participate in the online annual meeting, AMCC³ meetings, and AMCC online training seminars, while maintaining cordial relationships with other exchanges to build a solid foundation for global partnership.
The TDCC	Asia-Pacific Central Securities Depository Group ("ACG")	Member	The TDCC participates actively in international associations, staying on top of trends related to global finance and supervision through its involvement in international conferences and visits. By sharing Taiwan's experiences on the global stage, the aim is to increase Taiwan's visibility and strengthen our links with the worldwide markets.

Note 3: The AMCC is comprised of 64 IOSCO affiliate members, representing securities and derivatives markets and other market infrastructures.

The full list of associations in which the TWSE and its subsidiaries participate.

Deepen international connections

Fierce global competition among global stock markets is a fact of which the TWSE is keenly aware, and therefore necessitates the enhancement of its "international connections" and engagement in worldwide cooperation with the goal of further globalizing the Taiwan stock market. The TWSE signed 44 effective MOUs/MOCs with 30 exchanges, with cooperation expanding through product cross listings, compiling joint indexes, visits between top executives, professional technology workshops, and joint marketing. These efforts extended the reach of the Taiwan capital market, attracted international capital to invest in the Taiwan stock market, and also promoted Taiwan's advantages and strengths to elevate Taiwan's standing and positioning.

Achievements
Japan/Korea	Signed a three-party MOU in 2018 with the Japan Exchange Group ("JPX") and the Korea Exchange ("KRX"), expanding the cooperation from bilateral to trilateral and strengthening the cooperation to enhance the visibility in the global capital market of all three parties. Held a trilateral executive meeting in 2019 and participated in the first ESG workshop held by the JPX. Held a trilateral executive video conference in 2020 to share recent capital market developments and contingency measures in response to the coronavirus pandemic. The three exchange heads expressed support and confidence in continued cooperation.
U.S.	Co-held a successful ETF forum with NASDAQ in 2019. The two parties continue to develop the ETF market and promote index investment to raise ETF knowledge and understanding. Maintained close interaction with NASDAQ in 2020 and explored possible areas of cooperation.
Southeast Asia	In 2019, in response to the government's "New Southbound Policy" the ASEAN area was a priority. Taiwanese businesses in this area were provided with the necessary financial services to assist them in expanding company scale and guiding them back to Taiwan to list on the TWSE. Welcomed executive financial officers from Vietnam in 2019 and arranged professional courses for the Hanoi Stock Exchange and Ho Chi Minh Stock Exchange which successfully laid a foundation for promoting corporate governance and developing new products in Vietnam. Indonesia Stock Exchange and Indonesian Central Securities Depository visited the TWSE in 2019 and discussed topics such as market strategy, trading system and foreign capital management. Held a video conference with the head of the Singapore Exchange in 2020. Both parties reached a preliminary agreement to deepen cooperation in joint marketing and ETFs.
Mongolia	In 2020, the TWSE and TDCC jointly held the "Taiwan-Mongolia Capital Market CEO Meeting & Webinar" with the Mongolian Financial Regulatory Commission, the Ministry of Finance, the Mongolian Stock Exchange, the Mongolian Securities Clearing Center, the Mongolian Central Securities Depository, and major securities market operators in Mongolia to share Taiwan's successful development of the T+2 settlement cycle.
Europe	Held a "Taiwanese Experience and Knowledge Sharing Seminar" in North Macedonia in May 2019 in coordination with the Ministry of Foreign Affairs and the European Bank of Reconstruction and Development ("EBRD") to share the experience of how to assist businesses to raise funds in the capital market and obtain international capital. There were 50 representatives from six stock exchanges and local securities firms present at the seminar, namely, Bulgaria, Croatia, Slovenia, North Macedonia, Romania and Serbia. Welcomed executive financial officers group from Uzbekistan in 2019 through the arrangement of Taiwan's Ministry of Foreign Affairs and the EBRD to discuss relevant topics on privatization of state-owned enterprises. In 2020, the TWSE conducted a video conference with representatives of the London Stock Exchange to explore future opportunities to promote ESG and to share responses to the coronavirus pandemic. As a result of the video conference, the TWSE was invited by FTSE Russell, a subsidiary of London Stock Exchange Group, to jointly host a webinar on the topic of ESG and to share Taiwan's experience and achievements in ESG development.
Contingency Measures for the Pandemic	During the initial outbreak of COVID-19, the TWSE set up a page on its official website dedicated to contingency measures taken by Taiwan's securities market to combat the pandemic. Furthermore, the information was provided to the WFE so that global market participants could see, in real time, that Taiwan's market was prepared and operating as usual without special market restrictions. This served as an effective means of communication with international market participants and augmented their confidence in Taiwan's market.
Domestic Associations	Continued to participate in the American Chamber of Commerce in Taipei, the European Chamber of Commerce Taiwan, the British Chamber of Commerce in Taipei, the Chinese East Asia Economic Association, the Taiwan-Russia Association and the Taiwan India Business Association to locally promote the Taiwan capital market.