This paper examined compared the information efficiencies between the Singapore Exchange and the Taiwan Futures Exchange for Taiwan Index Futures listed in both markets by using of the Hasbrouck and Gonzalo-Grangermethodologies.The results not only a common stochastic trend between index futures and their underlying indices,but also provided strong evidence that price discovery primarily originates from the Singa- pore futures market.Relative loose governance environment of Singapore Market guar...