TAIPEI (Taiwan News) — Taiwan's Financial Supervisory Commission (FSC) confirmed on Thursday (Aug. 13) that Deutsche Securities Asia Ltd.'s Taipei Branch will cease operations on Tuesday, Aug. 18.
The office had previously been rumored to be shuttering its doors in July of last year, but Deutsche Securities said it had only laid off the remaining two employees in the branch's research department. The closure marks the second withdrawal of a foreign securities company from Taiwan. In 2016, Barclays shut its banking and equities businesses in Taiwan amid a global cull.
Taiwan's Securities and Futures Bureau (SFB) said the impact on the industry would be fairly limited given Deutsche Securities' small market shares in trading stocks and futures, which were 0.18 percent and 0.12 percent, respectively, in 2019.
An SFB official said the company has offered assistance to clients wishing to trade at other brokerages and will either relocate the 12 remaining employees to other subsidiaries in the group or terminate their employment.
The official emphasized that the move will not affect the plans of foreign institutional investors in Taiwan.