讀後心得

Trump announced a 32% tariff on Taiwan, raising market concerns and forecasting that the Taiwanese stock market could drop 2000 points at the opening on the 7th. To stabilize the market, the Financial Supervisory Commission urgently decided to implement "three arrows to rescue the market" from April 7 to April 11, which includes limiting short selling to 3% and increasing the margin for short selling to 130%. The Financial Supervisory Commission stated that it will continue to monitor international financial conditions and adjust measures as needed. This action reflects a high level of concern for the market situation.

Trump plans to impose a 32% tariff on Taiwan, triggering concerns about a potential sharp drop of 2000 points in the Taiwanese stock market upon opening tomorrow (7th). To prevent panic selling in the market, the Financial Supervisory Commission (FSC) held an emergency meeting and made a resolution to take measures to respond ahead of the stock market opening tomorrow. This evening (6th), the FSC introduced a 3% policy to limit short selling and raised the margin requirement to 130%, known as the "three arrows to stabilize the market," with the period set from April 7 to April 11.

Recently, with the United States announcing corresponding tariff measures, international stock markets have experienced significant volatility. The FSC continues to monitor international financial developments during the Qingming holiday and deeply discusses various response plans to take appropriate measures when necessary. The FSC stated that the U.S. policy of equivalent tariffs continues to affect global stock markets, and since the Taiwanese stock market could not respond promptly during the holiday, combined with the uncertainty in international market information, this will undoubtedly create significant uncertainty for the stability of Taiwan's capital market.

To maintain market stability and protect investors' rights, the FSC announced the following temporary measures from April 7 to April 11:

• Investors, with the consent of the securities finance agent or brokerage, may use other liquid and reasonably assessable diversified collateral to make up the difference in margin for financing or short selling.
• Reduce the daily limit for short selling to 3% of the average daily trading volume over the past 30 business days, down from the original maximum of 30%. However, brokerages may be exempt from this restriction under specific hedging needs.
• The minimum margin requirement for short selling of listed and OTC securities is increased from 90% to 130%.

During the above period, the FSC will continue to monitor changes in international financial conditions and the domestic capital market, adjusting relevant stock market stabilization measures in a timely manner. The FSC's market stabilization measures have been referred to as the "18 scripts," with the last round of stabilization measures implemented in 2022 in response to the Ukraine-Russia war, inflation, and interest rate hikes from various countries. Multiple market stabilization measures were implemented as early as July of that year. As for the current market stabilization measures, it has not yet reached the stage of imposing a short-selling ban, but it demonstrates a high level of concern regarding the market situation.