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Taiwan Futures Exchange welcomes new chief

Former Finance Ministry official Wu Tzu-hsin set to head TAIFEX, foster product innovation and internationalization

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New TAIFEX Chairman Wu Tzu-hsin 

New TAIFEX Chairman Wu Tzu-hsin  (Taiwan News photo)

TAIPEI (Taiwan News) — The Taiwan Futures Exchange (TAIFEX) welcomed Wu Tzu-hsin (吳自心) as its new chairman on Wednesday (June 17), with the former tax official expected to help the organization adapt to the fast-changing economy and volatile capital market of the pandemic era.

Wu, who retired as deputy minister of finance this May after 36 years of service, has been lauded for strong interpersonal skills that enabled him to communicate effectively with legislators in order to pass tax reforms. Wu played a major role in the adoption of e-invoicing and improved access to personal income data, which members of the public can now request with their encrypted National Health Insurance cards.

At Wednesday's appointment ceremony, Financial Supervisory Commission Chairman Huang Tien-mu (黃天牧) listed TAIFEX's achievements over the years. He applauded its frequent launching of diversified futures portfolios for local investors to hedge risks in turbulent markets, a dynamic price banding mechanism introduced to avoid flash crash due to fat-finger errors, improved transparency of information, and sustainable corporate governance.

Huang particularly praised the organization's years-long Food Bank, which helps children from underprivileged and high-risk families across the country, and said he looks forward to seeing the initiative help more families affected by the COVID-19 pandemic.

TAIFEX has gained momentum year after year due to its ever-expanding product lines, including S&P/TAIFEX co-branded indices and sustainability indices, as well as longer trading hours to address the hedging needs of the country's institutional and retail investors to improve market liquidity and growth amid market turbulence. Over two million contracts have been traded at the exchange each year since 2015.