鑑於全球資產管理產業持續擴張的趨勢，臺灣憑藉其完善的金融基礎設施與審慎的監理環境，近年積極擘劃亞洲資產管理中心政策。在此背景下，期貨市場作為資本市場中承擔避險與資產配置功能的關鍵機制，其制度將影響資產管理產業的深度與廣度。回顧臺灣期貨市場發展，過往雖曾推行實物交割制度，惟受限於當時市場結構，且資產管理市場尚處萌芽階段，致使制度效益未能有效彰顯。
然而，審視當前市場環境，已與過去截然不同。隨著ETF市場規模突破6.9兆元、銀行高資產客戶管理資產規模達1.9兆元，市場已蓄積了龐大動能。鑑此，現行現金交割的模式使期貨與現貨市場的連動性相對受限，較難滿足當前機構投資人與高資產客戶對於避險與資產配置的深層需求。本研究綜合整理國際交易所發展現況、我國發展經驗與專家深度訪談，評估臺灣期貨市場導入實物交割之可行性，並提出契合資產管理需求之商品創新建議。研究結果顯示，導入實物交割能強化現貨避險與資產配置功能，回應資產管理產業核心需求。而制度轉型之成功，仍須同步完備交割機制並落實市場教育宣導，以降低轉換成本，確保市場穩定運作。
基於上述分析，本研究提出以下推動策略建議：短期規劃可聚焦於制度深化與既有商品的優化，建議推動實物交割選擇權制度，同時完備制度運作效率、交易人教育與市場宣導。中長期規劃則可著眼於發展期貨選擇權，並結合優化的實物交割履約機制，為市場參與者提供多元化的避險與增益工具，此外，亦建議未來評估導入RWA代幣化技術，透過智能合約提升交割效率，使交割流程在安全性、透明度與效率上全面升級，以完善臺灣作為亞洲資產管理中心之金融基石。

In view of the continuous expansion of the global asset management industry, Taiwan, leveraging its sound financial infrastructure and prudent regulatory environment, has actively advanced its policy to become an Asia Asset Management Center. In this context, the futures market serves as a critical mechanism within the capital market for hedging and asset allocation; its institutional framework directly influences the depth and breadth of the asset management industry.
A review of the Taiwan futures market reveals that while a physical settlement system was previously introduced, its benefits were not fully realized due to the market structure at the time and the fact that the asset management market was still in its nascent stage. However, the current market environment is distinctly different. With the ETF market scale surpassing NT$6.9 trillion and high-net-worth client assets under management (AUM) reaching NT$1.9 trillion, the market has accumulated significant momentum. Consequently, the current cash settlement model limits the correlation between the futures and spot markets, making it difficult to fully meet the sophisticated hedging and asset allocation needs of institutional investors and high-net-worth clients.
This study synthesizes the development status of international exchanges , Taiwan's development experience, and in-depth interviews with experts to evaluate the feasibility of introducing physical settlement into the Taiwan futures market, proposing innovative product recommendations aligned with asset management needs. The findings indicate that implementing physical settlement can significantly enhance spot hedging and asset allocation functions, addressing the core requirements of the asset management industry. However, successful systemic transformation requires the simultaneous optimization of settlement mechanisms and the implementation of market education and promotion to minimize transition costs and ensure stable market operations.
Based on the aforementioned analysis, this study proposes the following strategic recommendations: Short-term planning should focus on institutional deepening and the optimization of existing products. It is recommended to promote a physically settled options system, while simultaneously improving market operational efficiency, trader education, and market promotion. The medium-to-long-term strategy should focus on developing options on futures, combined with an optimized physical settlement mechanism, to provide market participants with diversified hedging and trading instruments. Additionally, it is recommended to evaluate the adoption of Real World Asset (RWA) tokenization technology, utilizing smart contracts to enhance settlement efficiency. This would upgrade the security, transparency, and efficiency of the settlement process, thereby consolidating Taiwan's financial foundation as an Asia Asset Management Center.

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