受到全球證券金融自由化、科技化、國際化的影響，各交易所間的競爭日益激烈。各國證券市場為因應新的競爭，均積極追求提升營運績效、降低作業成本、有效控管營運風險，以提高整體競爭力。本研究乃籍由筆者從事證券市場後台結算交割作業17年的實務經驗，透過對歐洲證券市場跨國的策略聯盟、交易平台的整合以及結算後台的整合等了解；對美國及香港交易、結算事務興革趨勢的探討，再融入本國歷史案例、個案經營實務觀察等構成三大面向，探討後台作業整合模式的重要性、趨勢與其影響，並針對我國未來運作方式提出建議。 Major changes in the global financial markets over the past few years, such as liberalization, globalization and great impact from new information technology, have been witnessed. Since Taiwan has long been an important capital market in the East Asian region, for us, it is difficult to ignore the accelerating trend of market growth rapid technology innovations, and the structural market changes in other markets of the world. Within the past few years, many major exchanges and clearing firms are merged. In most cases, the growing importance of the clearance, settlement and stocks depository procedures, the so called post-trade service, is the key for the major exchange markets to consolidate. With nearly two decades of practical experiences in the security clearing and settlement filed, I study the post-trade processes in the US and Hong Kong Exchanges Clearing Limited and propose suggestions for the future improvement and changes in the post-trade settlement procedures in Taiwan
