Taiwan Depository & Clearing Corporation

TDCC has offered the book-entry operation for pledges short-term bills, including creation of pledge, closing of pledge, exercise of pledge, transfer of pledge and transfer of pledge Balance, since April 2nd, 2004.

1.Investors pledge short-term bills from its proprietary position to other investors or clearing banks

2.Investors pledge short-term bills to bill dealers

3.Bill dealers pledge short-term bills to other bill dealers

4.Investors purchase OP short-term bills together with pledge from the same bill dealer

5.Close the pledge of short-term bills between investors

6.Close the pledge of short-term bills by Investors to the Bill Dealers

7.Close the pledge of short-term bills by bill dealers to other bill dealers

8.Acquisition of short-term bills through exercise of pledge

9.Acquisition of short-term bills by bill dealers from other bill dealers through exercise of pledge