| dc.contributor.advisor | 郭維裕 | zh_TW |
| dc.contributor.advisor | Kuo, Wei-Yu | en_US |
| dc.contributor.author (Authors) | 黃雅珠 | zh_TW |
| dc.contributor.author (Authors) | Huang, Ya-Chu | en_US |
| dc.creator (作者) | 黃雅珠 | zh_TW |
| dc.creator (作者) | Huang, Ya-Chu | en_US |
| dc.date (日期) | 2024 | en_US |
| dc.date.accessioned | 5-Aug-2024 13:45:43 (UTC+8) | - |
| dc.date.available | 5-Aug-2024 13:45:43 (UTC+8) | - |
| dc.date.issued (上傳時間) | 5-Aug-2024 13:45:43 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0109933026 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/152738 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營管理英語碩士學位學程(IMBA) | zh_TW |
| dc.description (描述) | 109933026 | zh_TW |
| dc.description.abstract (摘要) | 無 | zh_TW |
| dc.description.abstract (摘要) | This thesis aims to explore the feasibility of trading foreign bonds via FundRich Securities, a mutual fund trading platform. In recent years, the number of account openings at FundRich Securities has gradually increased, and the trading volume and assets under management (AUM) of onshore and offshore funds have also continued to grow, showing that Taiwanese people frequently use online trading platforms for their investments.
Since 2022, the US Federal Reserve has raised interest rates several times to fight against inflation, and the yield of government bonds has also climbed to a peak as interest rates increase, the global market expects that the Fed will cut the interest rate if inflation and economic indicators warranted it, and this move means that the yield of the investment in bonds will go down. Therefore, many players in the financial industry encourage investors to buy bonds before rate cut to lock the yield.
On the wave of foreign bond trading, I would like to explore the feasibility of trading foreign bonds via FundRich Securities and compare it with market participants, as well as consider the capacity of business expansion and the pros and cons of connecting with TDCC as a custodian. | en_US |
| dc.description.tableofcontents | 1. Introduction - Background and Purpose 1
2. Why Choose Foreign Bond 4
3. FundRich Securities Co., Ltd. 10
4. Domestic and Foreign Examples 14
4.1. Taiwanese Brokers-Fubon Securities 14
4.2. Taiwanese Brokers-Cathay Securities 16
4.3. Taiwanese Brokers-CTBC Securities 16
4.4. JOiNVEST 16
4.5. Bondsupermart – Platform in Hong Kong 17
4.6. BondbloX – Platform in Singapore 20
4.7. Summary 21
5. Connection between Bond Trading and Fundrich Securities 23
5.1. Current Cooperation between Fund Houses and Distributors 23
5.2. Current Cooperation between Securities Firms and the Channels (such as Banks) 25
5.3. Bond Trading and FundRich Securities 27
5.3.1. Trade Execution in the Market 28
5.3.2. Operation and Cash Flow-Related Services 28
5.3.3. Product Selection 29
5.3.4. Investor Protection 30
5.3.5. Summary 31
6. Connection with Taiwan Depositary Business 32
6.1. Euroclear Bank SA/NV 33
6.2. Clearstream Banking S.A. 33
6.3. TDCC 34
7. Conclusion 38
7.1. The Bargaining Power of Small Denominations 38
7.2. Investors' Knowledge of Bond Characteristics 38
7.3. Regulatory Restrictions 39
7.4. Counterparty Collaboration 39
7.5. The Revenue Source 39
Reference 41 | zh_TW |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0109933026 | en_US |
| dc.subject (關鍵詞) | 基富通 | zh_TW |
| dc.subject (關鍵詞) | 海外債 | zh_TW |
| dc.subject (關鍵詞) | 線上交易平台 | zh_TW |
| dc.subject (關鍵詞) | 保管銀行 | zh_TW |
| dc.subject (關鍵詞) | FundRich | en_US |
| dc.subject (關鍵詞) | Foreign bonds | en_US |
| dc.subject (關鍵詞) | Online trading platform | en_US |
| dc.subject (關鍵詞) | Custodian | en_US |
| dc.title (題名) | 以基富通的成功案例探討債券平台於台灣發展的可行性 | zh_TW |
| dc.title (題名) | Feasibility Assessment of Bond Platform in Taiwan : The Case Study of FundRich Securities | en_US |
| dc.type (資料類型) | thesis | en_US |
| dc.relation.reference (參考文獻) | 「我國外幣債券市場之發展與展望」，財團法人台北外匯市場發展基金會委託研究報告，受委託者：國立政治大學，研究主持人：謝淑貞教授，協同主持人：江彌修教授、胡昌國助理教授，中華民國108年3月
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「探討如何提升我國保管機構之國際化及檢討法規配套之修訂」，財團法人中華民國證券暨期貨市場發展基金會，計畫主持人：王儷玲，研究人員：陳莉貞、徐宏鈞、林聖傑，中華民國110年9月
「臺灣集中保管結算所提供跨國保管及款券交割服務之探討」，臺灣集中保管結算所股份有限公司，召集人：陳少燕，研究人員：簡易賜、陳泰華、魏秀玲、尤君行、周業熙、張惠婷、林上婷、姜志堅、汪欣鵲，中華民國100年12月
中華民國證券投資信託暨顧問商業同業公會Securities Investment Trust & Consulting Advisory Association (SITCA) https://www.sitca.org.tw/index_pc.aspx
中華民國證券商業同業公會Taiwan Securities Association https://en.twsa.org.tw
台灣集中保管結算所 Taiwan Depository and Clearing Corporation (TDCC) https://www.tdcc.com.tw
券商複委託投資海外股債 集保可做保管行、挑大樑https://money.udn.com/money/story/5613/7826828?from=edn_subcatelist_cate
高資產客瘋海外債 交易爆量 去年複委託大幅成長11.7倍，銀行大開交易門戶，競搶這波投資商機 https://www.ctee.com.tw/news/20240224700031-439901
基富通 FundRich Securities, Financial report of FundRich Securities, FY2016 to FY 2023, https://www.fundrich.com.tw/2022OfficialWeb/home
第一銀行信託2.0再下一城 攜手湊伙「債券團購平台」達成3檔團購 https://www.firstbank.com.tw/sites/fcb/touch/zh_TW/1565690624759
湊伙投資Joinvest Co., Ltd. official website: https://www.joinvest.com.tw/
BondbloX official website: https://www.bondblox.com/
Bondsupermart official website: https://www.bondsupermart.com/bsm/home
Cathay Securities – official website of small denominations bond trading app: https://www.cathaysec.com.tw/exclude_al/smal_bond.aspx
Citi to Become First Digital Custodian on BondbloX Bond Exchange https://www.citigroup.com/global/news/press-release/2023/citi-to-become-first-digital-custodian-on-bondblox-bond-exchange
Clearstream Factsheet: https://www.clearstream.com/resource/blob/1313350/022c917eb1fbcd3a991fddf530408654/clearstreamsnapshot-data.pdf
Cross-border Deposit and Settlement of Korea Securities Depository (KSD) https://www.ksd.or.kr/en/across-borders/cross-border-transactions/cross-border-deposit-and-settlement
CTBC Securities - official website of foreign bond trading: https://www.ctbcsec.com/2020/_event/foreign_bond/index.html
Default, Transition, and Recovery: 2023 Annual Global Corporate Default And Rating Transition Study: https://www.spglobal.com/ratings/en/research/articles/240328-default-transition-and-recovery-2023-annual-global-corporate-default-and-rating-transition-study-13047827
Euroclear Factsheet: https://www.euroclear.com/content/dam/euroclear/Credentials/Euroclear-Credentials.pdf
Financial Inclusion website of FSC: https://www.fsc.gov.tw/en/home.jsp?id=230&parentpath=0,4
Fubon Securities official website: https://www.fbs.com.tw/Home/Index
Introduction of Depositary Receipts: https://www.smpg.info/fileadmin/documents/3_Settlement%20and%20Reconciliation%20WG/A_Final%20Global%20Market%20Practices/SMPG_MP_SR_Depository_Receipts.pdf
Regulation related to a service fee: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=G0380204
Regulation related to a trailer fee: https://www.selaw.com.tw/SFIWebSeLaw/Chinese/RegulatoryInformationResult/Article?__RequestVerificationToken=CfDJ8NlUpwR1d9lKo5uiSM8ZBKfnXiLO0Osngq3FR2q_4dFyUMLfiNYdW06bicTYYgT4h7wXFs-6o_XruaTIA2WWKxLkuYbM1MrKGNyy8wV5ugUF1_pRCWYmxSwTLouKObquwyg5vvI-xbUiTstGrkzzB9w&lawId=292282
Regulations Governing Securities Firms Accepting Orders to Trade Foreign Securities: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=G0400025 | zh_TW |
