117
10. The Thai Bond Market Association (TBMA) was established in 2005 as a trade
association of securities companies under the Trade Association Act and, under the SEA, as an
association related to the securities business. The functions of the TBMA, carried out in the OTC
bond market, are to supervise its members, provide a database of all trades done by its members,
act as a pricing agency in the debt securities market, and serve an industry forum for bond market
participants. The SEC has delegated to the TBMA the duties and responsibilities to perform
monitoring and surveillance to ensure that all trading activities comply with relevant laws and
regulation and to supervise its members. In case of detecting unfair trading practices, TBMA is
authorized by the SEC to carry out enforcement procedures.
Institutional and Market Structure
11. The Thai securities market is fairly developed in terms of completeness and depth and
with active participation of retail, institutional and foreign investors. The SET Group provides
exchange platforms where a diverse variety of products are traded, including stocks, debt
instruments exchange-traded funds and derivative contracts. The equity market presents a market
capitalization of THB 17 billion (US$541 billion), 107 percent of GDP, comparing favorably with the
rest of ASEAN markets and during the past several years initial public offerings have averaged
20 per-year. The asset management is a substantial and growing component of the capital market.
The mutual fund industry has experienced a strong growth, with more than 25 asset managers and
1,382 mutual funds with total assets of THB 4.68 trillion (US$150 billion). In the institutional aspect,
the Thai market has developed industry-led associations, some of them self-regulatory
organizations (SROs), providing industry guidance, public education, training for industry
participants, data gathering and the execution of self-regulatory and supervisory tasks. Some of the
pending issues in terms of market development are the participation of the population in the
securities market and the diversification of the bond offerings to longer tenors.
Do'stlaringiz bilan baham: |
