An alternative securities exchange in Taiwan with listing criteria that are lower than those of the Taiwan Stock Exchange (TSE). For companies making an initial public offering, listing on the TWO can be a step toward getting listed on the TSE. Initial funding of the non-profit TWO was donated by the Taiwan Securities Association, the TSE Corp. and the Taiwan Depository & Clearing Corp. Taobiz explains Taiwan OTC Exchange (TWO) .TWO The Taiwan OTC Exchange, also known as Gre Tai Securities Market (GTSM), was established in November 1994. It deployed a weighted average stock index a year later. The GreTai Securities Market Index tracks the performance of all stocks that have been listed on the TWO for more than one month. The exchange trades stocks (including emerging stocks), bonds (including government bonds, convertible bonds and international bonds), and derivatives.