In order to facilitate the small-capital investors to invest in Taiwan stocks with low investment thresholds, the intraday odd-lot share trading system was launched on October 26, 2020. In addition, to enhance the opportunities for investment in intraday odd-lot shares and market efficiency, the matching interval of intraday odd-lot share trading was shortened from three minutes to one minute on December 19, 2022. To provide investors with more timely and sufficient information to facilitate their trading decisions, the disclosure interval of the trial market information of intraday odd-lot shares was shortened from 10 seconds to 5 seconds on November 27,2023. Furthermore, securities firms are encouraged to adjust the calculation method of odd-lot share settlement price to ensure the principles to fair treatment of customers.
According to statistics, since the launch of the intraday odd-lot share trading system, the average daily trading value of odd-lots on the TWSE from October 2020 to the end of December 2023 was NT$1.992 billion (accounting for 0.66% of the TWSE’s total turnover,hereafter), which is higher than the NT$223 million (0.12%) after-hour odd-lot share trading value before the implementation of the intraday odd-lot share trading system (January to September 2020), with an increase of about 793% in the average daily trading value. The number of odd-lot listed share trading accounts on the TWSE increased from 320,000 to 1.13 million, with a growth rate of 258%. Moreover,the group under 30 years old accounts for the largest growth rate, with the percentage increasing from 21.10% to 27.79%, indicating a significant increase of young people investing in the capital market.
In addition, from December 19, 2022 when the matching interval of intraday odd-lot share was shortened to 1 minute till the end of December 2023, the average value of intraday odd-lot listed shares on the TWSE was NT$2.394 billion (0.86%), showing a growth of 33% and 46% respectively in the daily average value and proportion compared with 3-minutes matching interval of NT$ 1.803 billion daily average trading value (0.59%)(October 26, 2020 to December 16, 2022). The shortening of the intraday odd-lot share matching interval has led to a significant increase in the daily trading value and trading proportion of the TWSE market, and the efficiency has also significantly improved.
The FSC states that the shortening of the intraday odd-lot share matching interval to one minute has shown good results since its implementation. In order to improve market efficiency, the FSC will supervise the TWSE and the TPEx to shorten the intraday odd-lot share matching interval to five seconds. In addition, as this measure involves the revision of rules and regulations of the TWSE and the TPEx, as well as education and advocacy, investor trading habits, and adjustments to the information systems of securities firms and TWSE, sufficient time is required for the preparation. The 5-second matching interval will be introduced by the end of 2024, This measure is expected to improve the liquidity of intraday odd-lot share, to enhance the convenience, and to create a high-quality investment environment for financial inclusion. The FSC will also continue to supervise the TWSE and the TPEx to strengthen their advocacy for securities firms and investors, and remind investors of the related investment risks.

Contact unit: Tiffany Chiu, Section Chief, Securities Trading Division, Securities and Futures Bureau
Tel: (02) 2774-7431
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