Also known as: TW50 Index (Bloomberg)
At a glance
- Weighting schemeFree float market cap
- Review frequencyQuarterly
- Constituent count50, 100
- Single cap30
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 15 fields | |||
| Series constituent indices | FTSE TWSE Taiwan 50 Index, FTSE TWSE Taiwan 50 30% Capped Index, FTSE TWSE Taiwan Mid-Cap 100 Index, FTSE TWSE Taiwan Eight Industries Index, FTSE TWSE Taiwan Technology Index | The FTSE TWSE Taiwan Index Series consists of: FTSE TWSE Taiwan 50 Index; FTSE TWSE Taiwan 50 30% Capped Index1; FTSE TWSE Taiwan Mid-Cap 100 Index; FTSE TWSE Taiwan Eight Industries Index; and FTSE TWSE Taiwan Technology Index.Open p.3 ↗ |
The series comprises the Taiwan 50, Taiwan 50 30% Capped, Taiwan Mid-Cap 100, Taiwan Eight Industries, and Taiwan Technology indices. |
| Calculation frequency | Real time every five seconds | The FTSE TWSE Taiwan Index Series is calculated in real time and published every five seconds.Open p.3 ↗ |
The index series is calculated in real time and published every five seconds. |
| Total return publication | Published at the end of each working day and including income based on ex-dividend adjustments. | Total return indices are published at the end of each working day. The total return indices include income based on ex-dividend adjustments.Open p.3 ↗ |
Total return indices are published at the end of each working day and include income based on ex-dividend adjustments. |
| Index name | FTSE TWSE Taiwan Index Series | The FTSE TWSE Taiwan Index Series is designed to represent the performance of the Taiwan stock market.Open p.3 ↗ |
The official index series name is the FTSE TWSE Taiwan Index Series. |
| Administrator | FTSE Russell and Taiwan Stock Exchange | Copies of the Ground Rules are available from FTSE Russell and the Taiwan Stock Exchange (see Appendix F) or fromOpen p.3 ↗ |
The Ground Rules are available from FTSE Russell and the Taiwan Stock Exchange. |
| Index family | FTSE TWSE Taiwan Index Series | This document sets out the Ground Rules for the construction and management of the FTSE TWSE Taiwan Index Series.Open p.3 ↗ |
The index belongs to the FTSE TWSE Taiwan Index Series. |
| Base value | — | — (not found verbatim in the PDF) |
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| Currency | TWD, USD | Each index is calculated and published in New Taiwan Dollars in real time and New Taiwan Dollars and US Dollars at the end of the day.Open p.3 ↗ |
Each index is calculated and published in New Taiwan Dollars in real time and in New Taiwan Dollars and US Dollars at the end of the day. |
| Methodology version | v5.2 | The methodology document is version v5.2. | |
| Benchmark type | Not stated | — (not found verbatim in the PDF) |
The document does not classify the benchmark as regulated, significant, or non-significant. |
| Objective | The FTSE TWSE Taiwan Index Series is designed to represent the performance of the Taiwan stock market. | The FTSE TWSE Taiwan Index Series is designed to represent the performance of the Taiwan stock market.Open p.3 ↗ |
The index series is designed to represent the performance of the Taiwan stock market. |
| Market classification | Developed | Market eligible for the FTSE TWSE Taiwan Index Series Region Market Exchange location Exchange and Market SegmentOpen p.21 ↗ |
The series covers Taiwan, listed in the Asia/Pacific eligible-market table. |
| Index family type | Market cap | A company that has a free float greater than 5% but less than or equal to 15% will be eligible for the index providing the full market capitalisationOpen p.9 ↗ |
The series is a broad market index family weighted using market capitalisation and investability factors. |
| Factor exposures | — | The FTSE TWSE Taiwan Index Series does not take account of ESG factors in its index design.Open p.3 ↗ |
No factor exposures are stated; the document explicitly says ESG factors are not considered in index design. |
| Limitations | Does not take account of ESG factors in index design. | The FTSE TWSE Taiwan Index Series does not take account of ESG factors in its index design.Open p.3 ↗ |
A stated limitation is that the index series does not take account of ESG factors in its index design. |
| M2 Universe · 7 fields | |||
| Eligible securities rule | Stocks listed on the Taiwan Stock Exchange and all classes of equity in issue, subject to rules 4.1 to 4.6. | The stocks listed on the Taiwan Stock Exchange are eligible to join FTSE TWSE Taiwan Index Series. All classes of equity in issue are eligibleOpen p.9 ↗ |
Stocks listed on the Taiwan Stock Exchange and all classes of equity in issue may join the series if they satisfy rules 4.1 to 4.6. |
| Markets | Taiwan | Asia/Pacific Taiwan Taipei Taiwan Stock Exchange - Main Board Taiwan Innovation Board (TIB)Open p.21 ↗ |
The eligible market is Taiwan in the Asia/Pacific region. |
| Exchanges | Taiwan Stock Exchange | The FTSE TWSE Taiwan Index Series consists of the companies that trade on the Taiwan Stock Exchange.Open p.20 ↗ |
The index series consists of companies that trade on the Taiwan Stock Exchange. |
| Boards | Main Board, Taiwan Innovation Board (TIB) | Taiwan Stock Exchange - Main Board Taiwan Innovation Board (TIB)Open p.21 ↗ |
The eligible exchange and market segments are the Taiwan Stock Exchange Main Board and Taiwan Innovation Board. |
| Security types | Common, Other | All classes of equity in issue are eligible for inclusion in the FTSE TWSE Taiwan Index Series subject to conforming with rules 4.1 to 4.6Open p.9 ↗ |
Stocks and all classes of equity in issue are eligible, subject to the stated rules. |
| Parent universe index | — | — (not found verbatim in the PDF) |
|
| Exclusions | Altered-Trading-Method (Full Delivery) Stocks, Convertible preference shares until converted, ICB closed-end investments, ICB open-end and miscellaneous investment vehicles, Companies with free float of 5% or below | Altered-Trading-Method (Full Delivery) Stocks are not eligible to be included in the FTSE TWSE Taiwan Index SeriesOpen p.9 ↗ |
The universe excludes full-delivery altered-trading-method stocks, unconverted convertible preference shares, specified investment-vehicle ICB sectors, and companies with free float at or below 5%. |
| M3 Eligibility screens · 16 fields | |||
| Foreign ownership restrictions treatment | Methodology accounts for government, regulatory, or constitutional foreign investor equity-holding restrictions. | takes account of the restrictions placed on the equity holdings of foreign investors in a company where these have been imposed by a government, regulatory authority or the company’s constitution.Open p.9 ↗ |
FTSE Russell accounts for foreign ownership restrictions imposed by a government, regulator, or company constitution. |
| Foreign headroom definition | (FOL - foreign holdings) / FOL | as a proportion of the company’s foreign ownership limit (FOL), i.e. (FOL – foreign holdings)/FOL.Open p.9 ↗ |
Foreign headroom is the percentage of shares available to foreign investors relative to the company's foreign ownership limit, calculated as (FOL minus foreign holdings) divided by FOL. |
| Partly paid share price adjustment | Market price is adjusted to include predetermined calls, representing the fully paid price. | the market price will, for the purposes of calculating its market capitalisation, be adjusted so as to include all such calls (i.e. the fully paid price).Open p.10 ↗ |
For partly or nil paid shares with known call dates, the market price is adjusted to include all calls for market-capitalisation calculation. |
| Liquidity month minimum trading days | Minimum value: 5 trading days | a minimum of five trading days in that month must exist, otherwise the month will be excluded from the test.Open p.10 ↗ |
A month used in the median daily trading volume calculation must contain at least five trading days or it is excluded. |
| Exceptional low volume discretion | The liquidity percentage may be reduced market-wide in exceptional low-volume conditions, with public notice at least two weeks before the quarterly review. | the percentage figure stated in rules 4.6.1 and 4.6.1B may be reduced to avoid a large number of constituents being removedOpen p.10 ↗ |
In exceptional market conditions with very low volumes, the liquidity threshold may be reduced market-wide, but not for individual securities, with at least two weeks' public notice. |
| Trading history | Minimum value: 20 trading days; Exceptions: Applies to new issues and newly eligible securities without a 12-month trading record; other securities use the annual liquidity test period | New issues and newly eligible securities that do not have a 12-month trading record must have a minimum 20 days’ trading record when reviewedOpen p.10 ↗ |
New issues and newly eligible securities without a 12-month trading record must have at least 20 days of trading record when reviewed. |
| Liquidity screen | Metric: Liquidity ratio; Window: Annual March review: first business day of March of the previous year to the February review cut-off date; new issues measured pro-rata since listing or eligibility; Threshold: 0.05 | Each security will be tested for liquidity annually in March by calculating its monthly median daily trading volume.Open p.10 ↗ |
Securities must have median monthly daily trading volume turnover of at least 0.050% of investability-weighted shares in issue, with the annual March test covering the specified period. |
| Minimum size | Metric: Full market cap; Threshold: 2,500,000,000; Currency: USD; Existing constituent deletion threshold: 2,000,000,000; Applies when free float: >5% and <=15% | greater than 5% but less than or equal to 15% will be eligible for the index providing the full market capitalisation of the company is greater than 2.5 billion US DollarsOpen p.9 ↗ |
A company with free float above 5% and at most 15% is eligible only if its full market capitalisation exceeds USD 2.5 billion; existing constituents below USD 2 billion are deleted at review. |
| Minimum free float | 5% | Companies with a free float of 5% or below are excluded from the index. A company that has a free float greater than 5% but less than or equal to 15%Open p.9 ↗ |
Companies with free float of 5% or below are excluded; companies above 5% and up to 15% require sufficient full market capitalisation. |
| Foreign room | — | FTSE Russell defines “foreign headroom” as the percentage of shares available to foreign investors as a proportion of the company’s foreign ownership limit (FOL)Open p.9 ↗ |
Foreign headroom is defined, but the numerical minimum requirement is contained in an external linked document rather than in the supplied text. |
| Minimum voting rights | — | — (not found verbatim in the PDF) |
|
| Minimum price | — | — (not found verbatim in the PDF) |
|
| Financial screens | — | when a company has financial or operation problems, the stocks are required of altering trading method as full delivery.Open p.20 ↗ |
No general profitability or financial-health screen is stated, although altered-trading-method stocks associated with financial or operational problems are excluded. |
| Business or ESG exclusions | Closed-end investments classified by ICB as 30204000, Non-equity investment instruments classified by ICB as open-end and miscellaneous investment vehicles 30205000 | classified by the Industry Classification Benchmark (ICB)6 as closed end investments (30204000) and non-equity investment instrumentsOpen p.10 ↗ |
Specified ICB investment-company and investment-vehicle businesses are ineligible. |
| Suspension rule | — | — (not found verbatim in the PDF) |
|
| Extreme price screen | — | — (not found verbatim in the PDF) |
|
| M4 Selection and constituent count · 7 fields | |||
| Industry index parent membership | Parent index members | The FTSE TWSE Taiwan Eight Industries Index consists of all the constituents from FTSE TWSE Taiwan 50 Index and FTSE TWSE Taiwan Mid-Cap 100 Index with the following Industry Group under the ICB.Open p.11 ↗ |
The Eight Industries and Technology indexes consist of constituents of the Taiwan 50 and Mid-Cap 100 indexes that meet the stated ICB industry classifications. |
| Reserve replacement rule | The highest-ranking company by full market capitalisation from the new reserve list, excluding current constituents, replaces a company removed after periodic changes are published but before implementation. | Where a company is removed from the index (under Section 7) after periodic changes to the index have been published but before the periodic changes have been implemented, the highest-ranking company by full market capitalisation from the new reserve list (excluding current index constituents) will replace the deleted company.Open p.13 ↗ |
If a constituent is removed after periodic changes are announced but before implementation, the highest-ranked eligible company on the new reserve list replaces it. |
| Selection method | Rank by metric | The FTSE TWSE Taiwan 50 Index consists of the largest 50 companies by full market value (subject to rules 6.3.1 and 6.3.2) that qualify under Section 4 as eligible for inclusion in the index (see Appendix A).Open p.11 ↗ |
The Taiwan 50 and Mid-Cap 100 indexes select eligible companies by full market value ranking, while the industry indexes select qualifying parent-index constituents. |
| Ranking metrics | Name: Full market value; Direction: Descending; Step order: 1 | The FTSE TWSE Taiwan 50 Index consists of the largest 50 companies by full market value (subject to rules 6.3.1 and 6.3.2) that qualify under Section 4 as eligible for inclusion in the index (see Appendix A).Open p.11 ↗ |
Eligible companies are ranked by full market value in descending order. |
| Target constituent count | 50, 100 | The FTSE TWSE Taiwan 50 Index consists of the largest 50 companies by full market value (subject to rules 6.3.1 and 6.3.2) that qualify under Section 4 as eligible for inclusion in the index (see Appendix A).Open p.11 ↗ |
The Taiwan 50 Index targets the largest 50 eligible companies, and the Mid-Cap 100 Index targets the next 100 eligible companies. |
| Industry neutrality rule | — | The FTSE TWSE Taiwan Eight Industries Index consists of all the constituents from FTSE TWSE Taiwan 50 Index and FTSE TWSE Taiwan Mid-Cap 100 Index with the following Industry Group under the ICB.Open p.11 ↗ |
No industry-neutral selection rule is stated; the industry indexes select constituents by specified ICB industry groups rather than balancing exposures. |
| Reserve list | Size rule: Five highest-ranking non-constituents for the Taiwan 50 and 10 highest-ranking non-constituents for the Mid-Cap 100 are published after each quarterly review; additional reserves are published when only two Taiwan 50 stocks or five Mid-Cap 100 stocks remain | FTSE Russell is responsible for publishing the five highest-ranking non-constituents of the FTSE TWSE Taiwan 50 Index and 10 highest-ranking non-constituents of the FTSE TWSE Taiwan Mid-Cap 100 index following each quarterly review.Open p.13 ↗ |
FTSE Russell publishes five reserve stocks for the Taiwan 50 and 10 for the Mid-Cap 100 after each quarterly review, with additional reserve stocks published when availability falls below the stated thresholds. |
| M5 Weighting and capping · 7 fields | |||
| Capped index universe | same constituents as FTSE TWSE Taiwan 50 Index | The FTSE TWSE Taiwan 50 30% Capped Index will contain the same constituents as the FTSE TWSE Taiwan 50 Index with companies capped quarterly so that no more than 30% of the index weight may be allocated to a single constituent.Open p.11 ↗ |
The Taiwan 50 30% Capped Index contains the same constituents as the Taiwan 50 Index. |
| Capping methodology reference | Capping Methodology Guide | For further information on the FTSE TWSE Taiwan 50 30% Capped Index, please see the Capping Methodology Guide, which can be accessed using the following link: Capping Methodology Guide.Open p.13 ↗ |
The document refers to the Capping Methodology Guide for further information on the capped index. |
| Weighting scheme | Free float market cap | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituents in the index series are weighted using market capitalisation adjusted for free float and foreign ownership limits, with a capped variant for the Taiwan 50. |
| Free float factor | Method: Free float | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituent weights are adjusted for free float, but the supplied section does not specify free-float bands or the factor calculation. |
| Foreign ownership limit | Constituent weights are adjusted for foreign ownership limits; the supplied section does not describe the precise adjustment formula. | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Foreign ownership limits are incorporated into constituent investability weighting. |
| Weight cap | 30% | companies capped quarterly so that no more than 30% of the index weight may be allocated to a single constituent.Open p.11 ↗ |
No constituent of the FTSE TWSE Taiwan 50 30% Capped Index may represent more than 30% of the index. |
| Cap application timing | Quarterly | The FTSE TWSE Taiwan 50 30% Capped Index will contain the same constituents as the FTSE TWSE Taiwan 50 Index with companies capped quarterly so that no more than 30% of the index weight may be allocated to a single constituent.Open p.11 ↗ |
The 30% constituent cap is applied quarterly at the periodic review. |
| M6 Review and rebalance schedule · 7 fields | |||
| Annual review liquidity test | Yes | The annual review will take place at the same time as the March quarterly review, where in addition to the standard review process liquidity will also be tested (see rule 4.6).Open p.12 ↗ |
Liquidity is tested as part of the annual review held with the March quarterly review. |
| Review frequency | Quarterly | The quarterly reviews of the FTSE TWSE Taiwan Index Series take place in March, June, September and December using data from the close of business on the Monday four weeks prior to the review effective date.Open p.12 ↗ |
The index series is reviewed quarterly. |
| Review types | Quarterly review, Annual review, Ad hoc | The annual review will take place at the same time as the March quarterly review, where in addition to the standard review process liquidity will also be tested (see rule 4.6).Open p.12 ↗ |
The index series has quarterly reviews, an annual review conducted with the March quarterly review, and ad hoc constituent changes between reviews. |
| Review months | March, June, September, December | The quarterly reviews of the FTSE TWSE Taiwan Index Series take place in March, June, September and December using data from the close of business on the Monday four weeks prior to the review effective date.Open p.12 ↗ |
Quarterly reviews occur in March, June, September and December. |
| Data cutoff rule | Data are taken from the close of business on the Monday four weeks prior to the review effective date. | using data from the close of business on the Monday four weeks prior to the review effective date.Open p.12 ↗ |
Quarterly reviews use data as of the close of business on the Monday four weeks before the review effective date. |
| Announcement rule | Review outcomes and implementation dates are published after the close of business on the first Friday of the review month. | Details of the outcome of the review and the dates on which any changes are to be implemented will be published after the close of business on the first Friday of the review monthOpen p.12 ↗ |
FTSE Russell publishes the review outcome and implementation dates after the close of business on the first Friday of the review month. |
| Effective date rule | Changes are implemented after the close of business on the third Friday of the review month and are effective the following Monday. | Any constituent changes will be implemented after the close of business on the third Friday (i.e. effective Monday) of the review month.Open p.12 ↗ |
Constituent changes take effect after the close of business on the third Friday of the review month, i.e. on Monday. |
| M7 Buffers and turnover control · 3 fields | |||
| Equal insertions and deletions for fixed count indices | For the Taiwan 50, Taiwan 50 30% Capped and Mid-Cap 100, insertions and deletions at the periodic review are equalized to maintain a constant constituent count. | the lowest-ranking constituents presently included in the index will be deleted to ensure that an equal number of companies are inserted and deleted at the periodic review.Open p.13 ↗ |
When insertions and deletions are unequal, the lowest-ranking constituents or highest-ranking non-constituents are selected so the number inserted equals the number deleted. |
| Industry indices auto follow parent changes | Changes in the Taiwan 50 and Mid-Cap 100 are reflected automatically in the Eight Industries and Technology indices. | Changes made to the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index at the periodic review will be made automatically to the FTSE TWSE Taiwan Eight Industries Index or the FTSE TWSE Taiwan Technology Index.Open p.13 ↗ (not found verbatim in the PDF) |
The Eight Industries and Technology indices automatically add or remove companies according to periodic changes in the Taiwan 50 or Mid-Cap 100 and industry classification. |
| Buffer zone | Index: FTSE TWSE Taiwan 50 Index; Entry rank: 40; Exit rank: 61, Index: FTSE TWSE Taiwan Mid-Cap 100 Index; Entry rank: 130; Exit rank: 171 | FTSE TWSE Taiwan 50 Index – risen to 40th or above FTSE TWSE Taiwan Mid-Cap 100 Index – risen to 130th or aboveOpen p.12 ↗ |
The Taiwan 50 inserts companies ranked 40th or higher and deletes those ranked 61st or lower; the Mid-Cap 100 inserts companies ranked 130th or higher and deletes those ranked 171st or lower. |
| M8 Corporate actions, IPOs, ad-hoc changes · 12 fields | |||
| Removal replacement notice period | 2 days | The removal and replacement are effected simultaneously with the provision of a two-day notice period.Open p.14 ↗ |
Removal and replacement occur simultaneously with two days' notice. |
| Takeover free float reinclusion rule | Remaining free float (%): 15; Required trading record months: 12 | A company deleted following a takeover, with a remaining free float of 15% or less, will not be re-considered for index inclusion until completion of a one-year trading record.Open p.14 ↗ |
A company deleted after a takeover with remaining free float of 15% or less is not reconsidered until it completes a one-year trading record. |
| Fast entry IPO share treatment | Only shares offered for sale in the IPO are included in index weighting at fast entry, excluding restricted shares. | only those shares being offered for sale in the IPO will be included within the index weighting at the time of fast entry inclusion (subject to not being categorised as restricted shares as defined in the free float restrictions document).Open p.15 ↗ |
At fast entry, only the shares offered for sale in the IPO and not classified as restricted shares are included in the index weighting. |
| Fast entry excluded IPO types | variable IPO, best effort IPO, direct listing IPO | Variable, best effort and direct listing IPOs* will not be considered for fast entry inclusion since FTSE Russell isOpen p.15 ↗ |
Variable, best effort and direct listing IPOs are not eligible for fast entry. |
| Shares in issue changes guide reference | Corporate Actions and Events Guide | Changes to the number of shares in issue for constituent securities are covered in the Corporate Actions and Events Guide.Open p.17 ↗ |
Changes to constituent shares in issue are covered by the Corporate Actions and Events Guide. |
| Free float changes guide reference | Corporate Actions and Events Guide | Changes to free float for constituent securities are covered in the Corporate Actions and Events Guide.Open p.17 ↗ |
Changes to constituent free float are covered by the Corporate Actions and Events Guide. |
| Suspended companies rule reference | Suspended_Companies_Rule.pdf | Suspension of dealing rules can be found using the following link: Suspended_Companies_Rule.pdfOpen p.16 ↗ |
Suspension of dealing rules are provided in a separate suspended companies rule document. |
| Fast entry | Size threshold: full market capitalisation sufficient to rank 20th or higher in the FTSE TWSE Taiwan 50 Index before investability weightings; Timing: normally after the close of business on the fifth day of official trading; if that day falls in the index review week, addition is concurrent with the review effective date | that security will be eligible for fast entry inclusion to the FTSE TWSE Taiwan 50 Index if its full market capitalisation which would ensure the company joins the FTSE TWSE Taiwan 50 Index in 20th position or higherOpen p.15 ↗ |
A new equity security qualifies for fast entry into the Taiwan 50 if its full market capitalisation would place it 20th or higher, and it is normally added after the fifth day of official trading without a minimum trading record or liquidity test. |
| Ad-hoc deletion | Delisting, Acquisition, Other, Prolonged suspension | If a constituent is delisted, ceases to have a firm quotation, is subject to a takeover or has ceased to be a viable constituent as defined by the Ground Rules, it will be removedOpen p.14 ↗ |
A constituent may be removed outside a review if it is delisted, lacks a firm quotation, is subject to a takeover, is no longer viable, is suspended and deleted, or changes to Altered-Trading-Method status. |
| Replacement policy | Reserve list | it will be replaced by the highest-ranking company by full market capitalisation eligible on the reserve list (see rule 6.4) as at the close of the index calculation two days prior to the deletion.Open p.14 ↗ |
Removed constituents of the Taiwan 50, Taiwan 50 30% Capped and Mid-Cap 100 are replaced by the highest-ranking eligible company on the relevant reserve list. |
| Merger spinoff rules | Constituent-to-constituent mergers create a vacancy filled from the reserve list; acquisition by a non-constituent allows the resulting company to replace the target if eligible, otherwise the reserve list is used; split companies are assessed by full market capitalisation and other eligibility criteria, with changes determined using first-day closing market values and applied on two days' notice. | If the effect of a merger or takeover is that one constituent is absorbed by another constituentOpen p.14 ↗ |
Mergers, takeovers and splits are handled by retaining or adding eligible resulting companies and filling vacancies from the reserve list, with split decisions based on first-day closing market values. |
| Corporate actions guide ref | Corporate Actions and Events Guide | Full details of changes to constituent companies due to corporate actions and events can be accessed in the Corporate Actions and Events GuideOpen p.7 ↗ |
Detailed treatment of corporate actions and events is provided in the Corporate Actions and Events Guide. |
| M9 Calculation and return variants · 10 fields | |||
| FX source for US dollar values | WMR FX Benchmarks rates at index closing time | The foreign exchange rates received from WMR FX Benchmarks at the closing time of the Index (see Appendix B and Appendix C) are used to calculate the end of day index values in US Dollars.Open p.19 ↗ |
Foreign exchange rates from WMR FX Benchmarks at the index closing time are used to calculate end-of-day US dollar index values. |
| Official index hours | Open: 09:00; Close: 13:35; Timezone: Taiwan Time | Index Open Close FTSE TWSE Taiwan 50 Index 09:00 13:35 FTSE TWSE Taiwan 50 30% Capped Index 09:00 13:35 FTSE TWSE Taiwan Mid-Cap 100 Index 09:00 13:35 FTSE TWSE Taiwan Eight Industries Index 09:00 13:35 FTSE TWSE Taiwan Technology Index 09:00 13:35Open p.22 ↗ |
The listed indices are open from 09:00 to 13:35 Taiwan Time. |
| Stock market trading hours | Open: 09:00; Close: 13:30; Timezone: Taiwan Time | Stock market trading times: Taiwan 09:00 13:30Open p.22 ↗ |
Taiwan stock market trading hours are 09:00 to 13:30 Taiwan Time. |
| Formula type | Divisor | The index is calculated using the algorithm described below. 𝑁 (𝑝𝑖× 𝑒𝑖× 𝑠𝑖× 𝑓𝑖× 𝑐𝑖) ∑ 𝑑 𝑖=1Open p.23 ↗ |
The index is calculated using a divisor-based algorithm. |
| Price source | Actual trade prices, Last trade prices, Previous day index close price when no current price | The FTSE TWSE Taiwan Index Series uses actual trade prices for securities from the Taiwan Stock Exchange.Open p.19 ↗ |
The indices use actual or last trade prices from the Taiwan Stock Exchange, and the formula uses the latest trade price or the previous index close if unavailable. |
| Calculation frequency | Real time interval seconds: 5; End of day: Yes; Trading days only: Yes | are published every five seconds during the official index period, using last trade prices.Open p.19 ↗ |
The indices are published every five seconds during the official index period, FTSE produces end-of-day products, and calculation occurs on days trading takes place on the Taiwan Stock Exchange. |
| Return variants | PR | The foreign exchange rates received from WMR FX Benchmarks at the closing time of the Index (see Appendix B and Appendix C) are used to calculate the end of day index values in US Dollars.Open p.19 ↗ |
The provided sections describe the real-time and end-of-day index calculation but do not identify gross or net total return variants. |
| Divisor adjustment | Changes in issued share capital of individual securities | The divisor can be adjusted to allow changes in the issued share capital of individual securities to be made without distorting the index.Open p.23 ↗ |
The divisor may be adjusted to allow changes in the issued share capital of individual securities without distorting the index. |
| Market disruption rule | External FTSE Russell policies govern trading halts, market closures, and situations where clients cannot trade a market or security. | Guidance for the treatment of index changes in the event of trading halts or market closures can be found using the following link: Index_Policy_for_Trading_Halts_and_Market_Closures.pdfOpen p.7 ↗ |
Guidance for index changes during trading halts or market closures and treatment when clients cannot trade is contained in separate FTSE Russell policy documents. |
| Recalculation policy | Follow the FTSE Russell Index Recalculation Guidelines to determine whether to recalculate an index or reissue data products, and notify users through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued. Users of the FTSE TWSE Taiwan Index Series are notified through appropriate media.Open p.8 ↗ |
When an inaccuracy is identified, FTSE Russell follows its recalculation guidelines and notifies users through appropriate media. |
| M10 Governance, change policy, disclosure · 15 fields | |||
| Benchmark administrator | FTSE International Limited | FTSE is the benchmark administrator of the index series2.Open p.5 ↗ |
FTSE International Limited is the benchmark administrator of the index series. |
| Ftse responsibilities | daily calculation, production and operation, maintain index weightings for constituents and reserve companies, change constituents and weightings under the Ground Rules, conduct periodic reviews and apply resulting changes, publish constituent weighting changes, disseminate the indices, produce end-of-day products | FTSE is responsible for the daily calculation, production and operation of the index series, and will: – maintain records of the index weightings of all constituents and reserve companies;Open p.5 ↗ |
FTSE is responsible for daily calculation, operation, maintenance, periodic reviews, publication of weighting changes, dissemination, and end-of-day products. |
| Twse responsibilities | real-time calculation and dissemination during market open, monitor pricing, corporate actions and intraday market issues | TWSE is responsible for real-time calculation and dissemination of the FTSE TWSE Taiwan Index Series throughout the market open period on a trading day.Open p.5 ↗ |
TWSE performs real-time calculation and dissemination and assists in monitoring pricing, corporate actions, and intraday market issues. |
| Principles fallback not exception | Yes | Any such treatment will not be considered as an exception or change to the Ground Rules, or to set a precedent for future action, but FTSE Russell will consider whether the rules should subsequently be updated to provide greater clarity.Open p.6 ↗ |
A determination based on the Statement of Principles is not an exception or Ground Rules change and does not set a precedent, although FTSE Russell may consider clarifying the rules. |
| Complaints procedure | Benchmark Determination Complaints Handling Policy | FTSE Russell’s complaints procedure can be accessed using the following link: Benchmark_Determination_Complaints_Handling_Policy.pdfOpen p.7 ↗ |
FTSE Russell's complaints procedure is available in its Benchmark Determination Complaints Handling Policy. |
| Methodology change policy reference | Policy for Benchmark Methodology Changes | Details of FTSE Russell’s policy for making benchmark methodology changes can be accessed using the following link: Policy_for_Benchmark_Methodology_Changes.pdfOpen p.8 ↗ |
Details of FTSE Russell's benchmark methodology change policy are provided in a separate policy document. |
| Governance framework | FTSE Russell Governance Framework incorporating the London Stock Exchange Group's three lines of defence and designed to meet IOSCO, EU and UK benchmark requirements. | To oversee its indices, FTSE Russell employs a governance framework that encompasses product, service and technology governance. The framework incorporates the London Stock Exchange Group’s three lines of defence risk management frameworkOpen p.8 ↗ |
FTSE Russell uses a governance framework covering product, service and technology governance and incorporating three lines of defence. |
| Oversight body | FTSE Russell Index Governance Board | The feedback from these consultations will be considered by the FTSE Russell Index Governance Board before approval is granted.Open p.5 ↗ |
The FTSE Russell Index Governance Board considers consultation feedback and approves significant amendments. |
| Discretion points | Ground rules silent, Rules do not specifically and unambiguously apply, Specific event or development not fully covered | where FTSE Russell determines that the Ground Rules are silent or do not specifically and unambiguously apply to the subject matter of any decision, any decision shall be based as far as practical on the Statement of Principles.Open p.6 ↗ |
FTSE Russell may determine treatment where the Ground Rules are silent, ambiguous, or do not fully cover an event or development. |
| Methodology review frequency | At least annually | These Ground Rules shall be subject to regular review (at least once a year) by FTSE Russell to ensure that they continue to best reflect the aims of the index series.Open p.5 ↗ |
The Ground Rules are reviewed regularly, at least once a year, and the Statement of Principles is reviewed annually. |
| External review | Significant amendment proposals are consulted on with FTSE Russell advisory committees and other stakeholders when appropriate, and feedback is considered by the Index Governance Board. | Any proposals for significant amendments to these Ground Rules will be subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate.Open p.5 ↗ |
Significant Ground Rule amendments are subject to consultation with advisory committees and other stakeholders if appropriate before approval. |
| Consultation procedure | Material changes are announced in advance for comments from index users and the market; significant amendments are consulted on with advisory committees and stakeholders, and feedback is considered before Governance Board approval. | Material changes to the Ground Rules will be announced in advance to allow for comments from index users and the market in general.Open p.6 ↗ |
FTSE Russell announces material changes in advance for comments and consults advisory committees and stakeholders on significant amendments before approval. |
| Error correction policy | Follow the FTSE Russell Index Recalculation Guidelines when deciding whether to recalculate an index or reissue associated data products, and notify users through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued. Users of the FTSE TWSE Taiwan Index Series are notified through appropriate media.Open p.8 ↗ |
FTSE Russell follows its recalculation guidelines after identifying an inaccuracy and notifies users through appropriate media. |
| Change announcement | FTSE Russell appropriate media, FTSE Russell website, index dissemination by FTSE, real-time dissemination by TWSE | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic review; and – disseminate the indices.Open p.5 ↗ |
FTSE disseminates the indices and publishes changes, recalculation notices through appropriate media, and policy documents on its website; TWSE disseminates real-time values. |
| Cessation policy | FTSE Russell warns that circumstances may require changes to or cessation of the index, and referenced products should be able to withstand or address that possibility. | it is possible that circumstances, including external events beyond the control of FTSE Russell, may necessitate changes to, or the cessation of, the indexOpen p.3 ↗ |
FTSE Russell notifies users that external circumstances may necessitate changes to or cessation of the index. |
Open points · 28Model-written, for reference
- 1Index short name, local-language name, index code, ISIN, vendor tickers, launch date, and base date were not stated.
- 2Calculation agent and any distinction from the administrators were not explicitly stated.
- 3Methodology publication date was not stated; only version v5.2 was provided.
- 4The numeric minimum foreign headroom requirement is not included and is referred to through an external linked document.
- 5No explicit suspension treatment or abnormal-price screen was stated.
- 6Company nationality assignment rule beyond listing on the Taiwan Stock Exchange was not stated.
- 7Market classification as developed, emerging, frontier, standalone, or another category was not explicitly assigned by the document.
- 8Size segment for the overall family was not stated because the family includes large-cap, mid-cap, industry, and technology indices.
- 9No tie-breaking rule for equal full market value rankings is stated.
- 10No free-float factor bands or detailed factor calculation are provided.
- 11No domestic inclusion factor is stated.
- 12No shares outstanding source or update schedule is stated.
- 13No divisor adjustment rule for capping or weight resets is stated.
- 14No group, sector, or country aggregate cap other than the 30% single-constituent cap is stated.
- 15The provided sections do not state a weight-rebalancing or weight-reset frequency separate from the quarterly constituent review.
- 16No size-segment buffer expressed by market-capitalisation boundaries was found.
- 17No relaxed liquidity threshold specifically for existing constituents was found.
- 18No maximum turnover cap per review was found; the rules equalize insertions and deletions for fixed-count indices but do not cap the total number changed.
- 19The document does not specify the price used for an ad hoc deletion.
- 20The provided sections do not state a numeric threshold for implementing ordinary share or free-float changes between reviews; they refer to the Corporate Actions and Events Guide.
- 21The fast-entry rule does not identify excluded boards, although it excludes variable, best effort and direct listing IPO structures.
- 22Calculation returns.precision: number of decimal places in the published index level was not stated.
- 23Withholding tax basis: no net return tax-rate basis was stated.
- 24Dividend treatment: cash-dividend treatment or reinvestment rule was not stated.
- 25Return variants: the provided sections do not explicitly identify published PR, GTR, or NTR variants; PR is inferred only from the index calculation wording.
- 26Material change definition: the document states material changes are announced but does not define what makes a change material.
- 27Notice period: material changes are announced in advance, but no minimum notice duration or day-count unit is provided.
- 28Constituents published: FTSE publishes changes to constituent weightings, but the provided sections do not state whether a complete constituent list is published or its frequency.
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