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Central Bank of the Republic of China

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How can I buy CGS at auctions and in the secondary market?

1. Open a securities account and a fund account at a clearing bank delegated by the CBC

An investor in the CGS market needs to open a securities (trading) account and a fund (deposit) account with any of the clearing banks. As CGS are scripless, purchases and sales of CGS are recorded as book entries in the investor's CGS trading account and deposit account with the bank.

2. Submit bids through a bill broker or a Delegated Auction Group member at primary market auctions

Treasury bills are sold at auctions, which are open to all banks, insurance companies, bills finance companies, and the Chunghwa Post Co., Ltd.(Chunghwa Post). Individuals and institutional investors may engage a bill broker to submit bids under his name.

Central government bonds are also sold at auctions, which are open only to Delegated Auction Group members. Individuals and institutional investors may engage group members to submit bids under their names. Purchase of NT$1.5 million or less may be undertaken through the Chunghwa Post and Taiwan Stock Exchange Corp (TWSE).

3. Buy or trade CGS in the secondary market

CGS are traded over-the-counter or quoted via brokers in the centralized market. If you want to buy T-bills, you may contact bill dealers, such as banks or bills finance companies. To buy central government bonds, you may contact bond dealers such as banks, securities firms, and bills finance companies.

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