台灣股市中自營商的買賣超可細分兩種:
- 自營商自行買賣
- 自營商(避險)
自行買賣是自營商拿公司(證券公司)的資金,自行判斷好的標的物後進行交易。
避險買賣部位方面,這並不是自營商自己想要交易,而是為了避險而交易,通常短期內會平倉。因為自營商擔任權證與選擇權造市商,有保持流動性的義務,所以會透過買賣個股現貨與台指期貨來對沖造市風險,把整體持倉部位delta調整為中立,意味著不會因為股市漲或跌而出現盈虧。
長期回測,自營商在自行買賣的績效很好,長期獲利。而避險買賣方面主要是以賺手續費與滑價點差為主,是穩定的獲利來源。
台股期貨商與自營商名單
期貨商/自營商 | |||
代號 | 期貨商名稱 | 地址 | 電話 |
B224999 | 中國信託商業銀行 | 台北市經貿二路168號5樓、6樓 | (02)33277777 |
F001 | 國泰期貨 | 台北市敦化南路二段333號19樓部分、335號10樓部分、335號5樓部分 | (02)23269899 |
F002 | 永豐期貨 | 台北市重慶南路一段2號8樓 | (02)23811799 |
F004 | 凱基期貨 | 台北市重慶南路一段2號6樓部分、12樓及13樓 | (02)23619889 |
F005 | 國票期貨 | 台北市南京東路五段188號15樓之1 | (02)27683998 |
F007 | 日盛期貨 | 台北市南京東路二段111號4樓 | (02)25042088 |
F008 | 統一期貨 | 台北市東興路8號地下1樓之1 | (02)27488338 |
F014 | 華南期貨 | 台北市民生東路四段54號3樓之7、8、9 | (02)27180000 |
F018 | 元富期貨 | 台北市信義路五段8號3樓 | (02)27290818 |
F020 | 群益期貨 | 台北市敦化南路二段97號32樓、地下1樓 | (02)27002888 |
F021 | 元大期貨 | 台北市南京東路二段77號2樓部分、3樓、4樓、5樓 | (02)27176000 |
F026 | 富邦期貨 | 台北市襄陽路9號3樓、3樓之1、21樓 | (02)23882626 |
F029 | 康和期貨 | 台北市復興北路143號5樓、6樓 | (02)27171339 |
F030 | 兆豐期貨 | 台北市忠孝東路二段95號2樓、10樓部分 | (02)23278895 |
F034999 | 澳帝華期貨-自營 | 台北市杭州南路一段19號12樓 | (02)23570777 |
F039 | 大昌期貨 | 新北市板橋區東門街30之2號9樓之2 | (02)29601066 |
S102999 | 合作金庫證券-自營 | 台北市長安東路二段225號5樓 | (02)27319987 |
S116999 | 日盛證券-自營 | 台北市南京東路二段111號7樓 | (02)25162950 |
S126 | 宏遠證券 | 台北市信義路四段236號4樓 | (02)27008899 |
S144 | 美林證券 | 台北市敦化南路二段207號9樓部分、17樓部分 | (02)23763766 |
S147 | 台灣摩根士丹利證券 | 台北市信義路5段7號83樓 | (02)27302888 |
S152 | 瑞士商瑞士信貸銀行台北證券分公司 | 台北市民生東路三段109號5樓 | (02)27156388 |
S159 | 花旗環球證券 | 台北市松智路1號14樓部分、15樓部分、16樓部分 | (02)87269000 |
S218 | 亞東證券 | 台北市重慶南路一段86號2樓 | (02)77531899 |
S509999 | 華南永昌綜合證券-自營 | 台北市民生東路四段54號4樓之2、5樓部分 | (02)25456888 |
S526 | 美好證券 | 台北市民生東路二段174、176號4樓 | (02)25084888 |
S538 | 第一金證券 | 台北市長安東路一段22號4樓 | (02)25636262 |
S551999 | 永豐金證券-自營 | 台北市重慶南路一段2號17樓 | (02)23114345 |
S585999 | 統一綜合證券-自營 | 台北市東興路8號2樓、11樓 | (02)27478266 |
S592999 | 元富證券-自營 | 台北市敦化南路二段99號18樓部分 | (02)23255818 |
S616 | 中國信託綜合證券 | 台北市經貿二路168號3樓 | (02)66392000 |
S700999 | 兆豐證券-自營 | 台北市忠孝東路二段95號4樓部分 | (02)23278988 |
S779999 | 國票綜合證券-自營 | 台北市樂群三路126號4樓及132號4樓 | (02)25288988 |
S815 | 台新綜合證券 | 台北市中山北路二段44號2樓 | (02)21815888 |
S844 | 摩根大通證券 | 台北市信義路五段106號3樓 | (02)87862288 |
S856 | 新光證券 | 台北市重慶南路一段66-1號5樓 | (02)23118181 |
S884 | 玉山綜合證券 | 台北市民生東路三段156號2樓、156號2樓之1 | (02)55561313 |
S888999 | 國泰綜合證券-自營 | 台北市敦化南路二段335號19樓部分 | (02)23269888 |
S890999 | 法銀巴黎證券-自營 | 台北市信義路五段7號72樓 | (02)87297000 |
S920999 | 凱基證券-自營商 | 台北市明水路700號9樓 | (02)21818888 |
S960999 | 富邦綜合證券-自營 | 台北市仁愛路四段169號2樓部分 | (02)87716888 |
S980999 | 元大證券-自營 | 台北市南京東路二段77號8樓及9樓部分 | (02)27181234 |
資料來源:期交所 期貨商名冊
自營商交易量統計表
以下是統計自1998至今2022年Q2,自營商於台股的期貨交易量,單位是”契約數”。因為自營商選擇權造市義務,如果外資因避險需求買PUT保護現貨下跌風險,自營商必須賣出這些PUT給外資。為了避險賣出下跌產生虧損,自營商會做空期貨空單進行風險對沖。
年月 | 期貨自營買進 | 期貨自營賣出 | 期貨經紀買進 | 期貨經紀賣出 | 成交契約總數 | 未沖銷契約數 |
1998 | 726 | 713 | 277,182 | 277,195 | 277,908 | 8,885 |
1999 | 12,367 | 12,459 | 1,065,305 | 1,065,213 | 1,077,672 | 5,696 |
2000 | 34,857 | 34,921 | 1,891,931 | 1,891,867 | 1,926,788 | 9,810 |
2001 | 203,832 | 208,790 | 4,147,558 | 4,142,600 | 4,351,390 | 19,341 |
2002 | 1,195,238 | 1,278,661 | 6,749,016 | 6,665,593 | 7,944,254 | 111,793 |
2003 | 8,199,481 | 9,021,307 | 23,675,453 | 22,853,627 | 31,874,934 | 695,063 |
2004 | 15,965,181 | 16,901,130 | 43,181,195 | 42,245,246 | 59,146,376 | 772,497 |
2005 | 40,529,040 | 41,967,237 | 52,130,728 | 50,692,531 | 92,659,768 | 858,462 |
2006 | 64,278,336 | 66,430,102 | 50,325,043 | 48,173,277 | 114,603,379 | 682,668 |
2007 | 62,520,893 | 64,663,742 | 52,629,731 | 50,486,882 | 115,150,624 | 501,396 |
2008 | 72,206,509 | 74,589,202 | 64,513,268 | 62,130,575 | 136,719,777 | 532,273 |
2009 | 65,328,425 | 66,314,756 | 69,797,270 | 68,810,939 | 135,125,695 | 784,416 |
2010 | 59,412,129 | 60,469,261 | 80,380,762 | 79,323,630 | 139,792,891 | 1,292,712 |
2011 | 78,461,308 | 81,115,967 | 104,533,863 | 101,879,204 | 182,995,171 | 807,727 |
2012 | 61,789,579 | 63,894,183 | 94,942,333 | 92,837,729 | 156,731,912 | 1,049,314 |
2013 | 55,254,213 | 57,252,377 | 97,971,025 | 95,972,861 | 153,225,238 | 1,126,754 |
2014 | 78,779,992 | 80,995,694 | 123,631,101 | 121,415,399 | 202,411,093 | 1,106,639 |
2015 | 103,933,612 | 105,934,761 | 160,562,048 | 158,560,899 | 264,495,660 | 976,414 |
2016 | 78,226,833 | 79,610,389 | 163,451,723 | 162,068,167 | 241,678,556 | 1,099,429 |
1 | 10,080,924 | 10,266,947 | 17,920,689 | 17,734,666 | 28,001,613 | 1,193,392 |
2 | 4,531,956 | 4,571,290 | 8,726,281 | 8,686,947 | 13,258,237 | 1,107,296 |
3 | 7,499,905 | 7,580,438 | 14,900,254 | 14,819,721 | 22,400,159 | 1,167,028 |
4 | 6,492,981 | 6,598,276 | 12,746,449 | 12,641,154 | 19,239,430 | 1,149,167 |
5 | 6,989,766 | 7,208,400 | 14,647,977 | 14,429,343 | 21,637,743 | 1,279,098 |
6 | 6,425,026 | 6,578,756 | 14,129,051 | 13,975,321 | 20,554,077 | 1,107,593 |
7 | 6,241,249 | 6,358,538 | 13,228,612 | 13,111,323 | 19,469,861 | 1,269,988 |
8 | 6,735,853 | 6,744,309 | 14,297,622 | 14,289,166 | 21,033,475 | 1,092,740 |
9 | 6,124,370 | 6,322,744 | 12,631,111 | 12,432,737 | 18,755,481 | 1,098,079 |
10 | 5,354,994 | 5,332,079 | 12,200,844 | 12,223,759 | 17,555,838 | 1,217,531 |
11 | 6,874,871 | 7,178,607 | 15,880,097 | 15,576,361 | 22,754,968 | 1,092,718 |
12 | 4,874,938 | 4,870,005 | 12,142,736 | 12,147,669 | 17,017,674 | 1,099,429 |
2017 | 84,767,426 | 85,204,659 | 180,938,243 | 180,501,010 | 265,705,669 | 1,568,135 |
1 | 3,796,509 | 3,788,617 | 8,676,262 | 8,684,154 | 12,472,771 | 1,248,172 |
2 | 5,120,664 | 5,187,409 | 11,722,359 | 11,655,614 | 16,843,023 | 1,383,371 |
3 | 6,985,969 | 6,941,202 | 15,618,055 | 15,662,822 | 22,604,024 | 1,372,438 |
4 | 6,161,215 | 6,254,236 | 13,231,157 | 13,138,136 | 19,392,372 | 1,354,031 |
5 | 5,829,915 | 5,755,119 | 11,608,628 | 11,683,424 | 17,438,543 | 1,298,222 |
6 | 8,045,678 | 8,066,678 | 16,489,649 | 16,468,649 | 24,535,327 | 1,465,212 |
7 | 7,554,987 | 7,513,790 | 15,703,497 | 15,744,694 | 23,258,484 | 1,513,886 |
8 | 8,966,967 | 9,093,390 | 19,376,458 | 19,250,035 | 28,343,425 | 1,613,281 |
9 | 8,643,858 | 8,715,836 | 17,578,368 | 17,506,390 | 26,222,226 | 1,633,247 |
10 | 7,125,027 | 7,114,686 | 14,285,608 | 14,295,949 | 21,410,635 | 1,806,027 |
11 | 7,638,434 | 7,763,515 | 17,352,549 | 17,227,468 | 24,990,983 | 1,881,532 |
12 | 8,898,203 | 9,010,181 | 19,295,653 | 19,183,675 | 28,193,856 | 1,568,135 |
2018 | 91,531,069 | 94,113,452 | 216,552,507 | 213,970,124 | 308,083,576 | 872,723 |
1 | 9,511,106 | 9,632,416 | 20,718,419 | 20,597,109 | 30,229,525 | 1,478,640 |
2 | 5,822,420 | 6,089,512 | 14,154,025 | 13,886,933 | 19,976,445 | 1,256,474 |
3 | 8,046,213 | 8,219,002 | 19,738,653 | 19,565,864 | 27,784,866 | 1,147,440 |
4 | 6,785,917 | 7,032,931 | 16,195,688 | 15,948,674 | 22,981,605 | 1,144,832 |
5 | 7,149,706 | 7,404,344 | 16,888,474 | 16,633,836 | 24,038,180 | 1,019,536 |
6 | 6,959,056 | 7,175,959 | 16,355,236 | 16,138,333 | 23,314,292 | 955,464 |
7 | 7,477,553 | 7,615,537 | 17,415,595 | 17,277,611 | 24,893,148 | 1,021,726 |
8 | 8,284,950 | 8,461,666 | 18,609,444 | 18,432,728 | 26,894,394 | 1,072,893 |
9 | 7,014,234 | 7,151,806 | 15,978,412 | 15,840,840 | 22,992,646 | 938,037 |
10 | 10,225,634 | 10,645,226 | 24,791,832 | 24,372,240 | 35,017,466 | 890,950 |
11 | 7,266,375 | 7,483,055 | 18,647,958 | 18,431,278 | 25,914,333 | 874,654 |
12 | 6,987,905 | 7,201,998 | 17,058,771 | 16,844,678 | 24,046,676 | 872,723 |
2019 | 77,324,436 | 78,771,191 | 183,441,046 | 181,994,291 | 260,765,482 | 941,097 |
1 | 7,126,074 | 7,325,966 | 16,505,475 | 16,305,583 | 23,631,549 | 823,268 |
2 | 4,086,301 | 4,221,047 | 8,739,237 | 8,604,491 | 12,825,538 | 832,083 |
3 | 6,746,715 | 6,873,437 | 14,572,542 | 14,445,820 | 21,319,257 | 1,020,173 |
4 | 6,362,071 | 6,448,824 | 14,274,576 | 14,187,823 | 20,636,647 | 1,094,050 |
5 | 8,388,593 | 8,562,912 | 21,880,108 | 21,705,789 | 30,268,701 | 1,138,861 |
6 | 5,568,739 | 5,700,878 | 13,924,862 | 13,792,723 | 19,493,601 | 870,573 |
7 | 6,253,915 | 6,370,065 | 14,694,318 | 14,578,168 | 20,948,233 | 798,875 |
8 | 7,591,832 | 7,818,607 | 19,306,434 | 19,079,659 | 26,898,266 | 1,005,661 |
9 | 5,487,351 | 5,529,739 | 12,612,237 | 12,569,849 | 18,099,588 | 987,026 |
10 | 5,920,464 | 5,989,580 | 14,462,909 | 14,393,793 | 20,383,373 | 1,037,333 |
11 | 7,045,080 | 7,109,614 | 16,017,963 | 15,953,429 | 23,063,043 | 1,004,409 |
12 | 6,747,301 | 6,820,522 | 16,450,385 | 16,377,164 | 23,197,686 | 941,097 |
2020 | 83,722,016 | 86,473,064 | 257,671,330 | 254,920,282 | 341,393,346 | 987,019 |
1 | 5,880,377 | 6,132,608 | 14,996,209 | 14,743,978 | 20,876,586 | 925,377 |
2 | 8,131,811 | 8,410,458 | 21,693,936 | 21,415,289 | 29,825,747 | 1,028,266 |
3 | 10,947,852 | 11,428,220 | 35,918,841 | 35,438,473 | 46,866,693 | 1,096,082 |
4 | 6,416,972 | 6,700,033 | 19,952,173 | 19,669,112 | 26,369,145 | 950,162 |
5 | 5,933,027 | 6,112,736 | 18,686,460 | 18,506,751 | 24,619,487 | 962,396 |
6 | 6,257,713 | 6,478,386 | 18,951,867 | 18,731,194 | 25,209,580 | 813,825 |
7 | 7,748,165 | 8,058,247 | 24,195,305 | 23,885,223 | 31,943,470 | 877,036 |
8 | 6,308,382 | 6,495,284 | 20,156,730 | 19,969,828 | 26,465,112 | 903,279 |
9 | 6,713,803 | 6,898,866 | 22,338,403 | 22,153,340 | 29,052,206 | 719,193 |
10 | 4,980,071 | 5,040,673 | 15,906,266 | 15,845,664 | 20,886,337 | 892,514 |
11 | 6,823,870 | 6,980,520 | 20,759,443 | 20,602,793 | 27,583,313 | 1,048,522 |
12 | 7,579,973 | 7,737,033 | 24,115,697 | 23,958,637 | 31,695,670 | 987,019 |
2021 | 74,411,084 | 76,135,588 | 317,791,287 | 316,066,783 | 392,202,371 | 1,074,402 |
1 | 8,864,343 | 8,977,062 | 29,907,686 | 29,794,967 | 38,772,029 | 1,106,691 |
2 | 4,894,454 | 4,990,586 | 17,786,613 | 17,690,481 | 22,681,067 | 1,087,297 |
3 | 7,619,395 | 7,831,662 | 28,549,364 | 28,337,097 | 36,168,759 | 932,253 |
4 | 6,432,964 | 6,554,375 | 25,030,326 | 24,908,915 | 31,463,290 | 1,225,972 |
5 | 7,859,099 | 8,073,672 | 38,776,608 | 38,562,035 | 46,635,707 | 1,117,794 |
6 | 5,246,091 | 5,441,823 | 26,815,880 | 26,620,148 | 32,061,971 | 977,912 |
7 | 6,086,794 | 6,200,466 | 31,060,353 | 30,946,681 | 37,147,147 | 1,025,396 |
8 | 6,283,330 | 6,403,261 | 28,117,868 | 27,997,937 | 34,401,198 | 1,107,145 |
9 | 5,568,621 | 5,688,636 | 22,624,321 | 22,504,306 | 28,192,942 | 991,883 |
10 | 5,274,083 | 5,391,630 | 23,055,098 | 22,937,551 | 28,329,181 | 976,932 |
11 | 5,221,932 | 5,375,199 | 23,570,190 | 23,416,923 | 28,792,122 | 1,238,615 |
12 | 5,059,978 | 5,207,216 | 22,496,980 | 22,349,742 | 27,556,958 | 1,074,402 |
2022 | 22,758,081 | 23,454,787 | 98,818,392 | 98,121,686 | 121,576,473 | 1,101,079 |
1 | 5,851,040 | 5,974,461 | 24,248,151 | 24,124,730 | 30,099,191 | 933,187 |
2 | 4,732,791 | 4,898,055 | 20,199,666 | 20,034,402 | 24,932,457 | 1,152,378 |
3 | 6,802,595 | 7,034,917 | 30,640,199 | 30,407,877 | 37,442,794 | 1,042,851 |
4 | 5,371,655 | 5,547,354 | 23,730,376 | 23,554,677 | 29,102,031 | 1,101,079 |
資料來源:期交所 經紀、自營商交易量統計表
券商排名中,富邦最近穩佔龍頭寶座:『併入股本來看,去年富邦證券每股稅後純益(EPS)高達6.6元,領先群雄,第二、三名分別為福邦證券4.8元、玉山證券4.2元,其餘超過3元的券商還有元大證券、華南永昌證券、宏遠證券、凱基證券、大展證券、日盛證券、國泰證券等。』資料來源 UDN聯合新聞網。