Page 43 - 凱基證券 年報

41 衍生性商品業務 Derivatives Business
元大證
Yuanta
寶來證
Polaris
中信銀
Chinatrust
日盛證
Jihsun
KGI凱基證
KGI
36.25%
23.52%
15.65%
6.67% 3.32% 3.26%
2010年股權連結商品交易量市佔率(%)
Equity-Linked Notes Market Share of Trade Volume in 2010(%)
資料來源：中華民國櫃檯買賣中心
Source：Taiwan OTC
15%
30%
群益證
Capital
元大證
Yuanta
大華證
Grand Cathay
寶來證
Polaris
元富證
Masterlink
KGI凱基證
KGI
25.33%
18.12% 17.98%
9.59% 9.07% 7.53%
2010年資產交換流通在外餘額市佔率 (%)
Asset Swap Market Share of Amount Outstanding in 2010(%)
資料來源：中華民國櫃檯買賣中心
Source ：Taiwan OTC
10%
20%
群益證
Capital
Derivatives Business
KGI Securities has come up with various innovative derivatives
products in Taiwan. In 2010, it was a leader in warrants,
structured products and convertible bond asset swaps.
Last year, while large brokerages were issuing large numbers
of warrants, medium-sized and small-sized players were
starting to conduct their own issues. A record 12,378 warrants
were issued in Taiwan in 2010, for a total issuance value of
over NT$160 billion. KGI Securities issued 912 warrants last
year, with an issuance value of NT$14.4 billion, the third-
highest issuance value among local securities companies. KGI
Securities also led in the issue of warrants on foreign stocks (or
ETFs). KGI is being aggressive in warrant market making in an
effort to boost liquidity and a higher level of correlation with the
underlying stock.
With regard to structured products, KGI Securities has
capitalized on its outstanding financial engineering capability
to develop a variety of products. In Taiwan, KGI Securities has
succeeded in establishing a strong competitive edge in the
area of innovative financial products, and is considered part
of an elite circle of leading players in the structured products
market. A case in point is equity-linked notes (ELN). KGI
Securities ranked second in ELN transaction value in 2010 due
to the versatility of its product offering.
KGI Securities also outperformed in the convertible bond
asset swap (CBAS) market last year, ranking third among
peers in terms of outstanding notional amount. The Company
will continue to develop its asset swap business to provide
investors with more options in this area.
2011 Outlook
In 2010, the FSC permitted securities houses to issue foreign
index or securities warrants and also proposed allowing
securities companies to issue callable bull/bear contracts.
These reforms have opened up a wide range of new business
opportunities for brokerages. KGI Securities is keeping abreast
of these changes and will secure growth opportunities as they
arise. Moreover, the FSC has also proposed allowing investors
to conduct warrant day trading in 2011, thereby diversifying
warrant trade strategies. KGI Securities will continue to update
its website this year to provide complete warrant information
to clients around the clock. The Company expects to attract
more warrant investors and increase trading amounts as more
resources are invested in the business.
Client demand for financial products is increasingly diversified
and demand for derivatives products is growing. KGI
Securities is on top of these trends, and will continue to
issue warrants in accordance with market demand. It is
also proactively developing new structured products, CBAS
and other forms of derivatives. With regard to expansion in
the Asia-Pacific, KGI Securities is constructing a derivatives
trading platform for clients in this region.