Taiwan Stock Boom Pressures Futures Firms’ ANC Ratios; 10 Need Capital or Debt

The adjusted net capital ratio, or ANC, measures a futures broker’s capital relative to the margin posted for clients’ open positions. Higher trading activity and volatility in Taiwan stocks have increased the margin denominator. Positions in standard and mini TSMC futures are equivalent to about 90,000 cash-market lots worth roughly NT$200 billion, highlighting how buoyant markets can also erode firms’ capital buffers.

The Securities and Futures Bureau of the Financial Supervisory Commission said on May 19 that all 14 dedicated futures brokers were above the statutory 15% threshold as of May 15, 2026, with only one slightly below 20%. Nine firms plan cash capital increases and four intend to issue subordinated debt, representing 10 firms after accounting for overlap. Taiwan Futures Exchange has stepped up monitoring and, based on an international comparison launched in March, is considering improvements to the ANC formula and the 15% threshold.