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Taiwan's warrants markets had a solid year in 2007
as securities firms issued 3,555 warrants (including
850 listed on the over-the-counter market), 216% more
than the 1125 warrants issued in 2006. Grand Cathay
issued 183 warrants in 2007, of which 137 were Taiex-listed
and the other 46 were listed on the over-the-counter
market. As a market maker in the options market, we
pushed for more rational pricing and greater liquidity
for TEO,TFO,TXO,XIO,GTO,MSO and STO. Our trading volume
of 5.97 million contracts represented a 3.04% market
share, which confirmed our position as one of the main
market makers in a business that generates a steady,
low-risk income stream for our shareholders.
The structured note market has grown considerably since
it was opened to securities firms in 2003. There were
24 securities firms having been authorized to issue
notes by the end of 2007. Grand Cathay ranked among
top four structured notes dealers in 2007 with a transaction
volume of NT$4.7 billion compared to NT$43.8 billion
of the whole market.
In new product development, Grand Cathay is committed
to analyzing and issuing contract-based warrants, generating
other source of income, finding ways to hedge our equity
position, and offering investors more diversified types
of investment vehicles.
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