119
Table 2. Thailand: OTC Bond Trading Data
Type of Bond
(billion THB and USD)
2014
2015
2016
2017
2018
Total trading value
18,867.21
(USD 572)
19,653.84
(USD 596)
22,409.45
(USD 679)
22,046.71
(USD 668)
19,312.90
(USD 585)
1. Government debt
securities
18,238.42
(USD 553)
18,826.67
(USD 571)
21,330.60
(USD 646)
20,783.09
(USD 630)
18,183.00
(USD 551)
2. Corporate bonds
592.56
(USD 18)
807.69
(USD 24)
1,056.87
(USD 32)
1,241.59
(USD 38)
1,117
(USD 34)
3. Foreign bonds
36.23
(USD 1.1)
19.48
(USD 0.6)
21.98
(USD 0.7)
22.02
(USD 0.7)
12.9
(USD 0.4)
Source: TBMA
19. The market capitalization of the SET grew from THB 13 billion in 2014 to 17 billion in
2018. Growth was partly driven by low interest rates in the banking sector as investors shifted
savings to the stock market as well as the world growth and the country’s economic recovery. The
three top performing sectors have been industrials, service business, and resources.
20. There are about 40 licensed financial intermediaries in Thailand (Table 3). The SEC issues
specific licenses for each function performed and most firms are licensed in all functional business.
Foreign owned subsidiaries dominate the market. Seventeen foreign-owned bank subsidiaries
account for 54 percent of total market share, with the five largest accounting for 19 percent
(primarily off-shore clients). Nine firms owned by domestic banks represent 26 percent of the
market share. Twelve independent domestic firms account for the remaining 20 percent of the
market share. Among the 39 securities companies that perform as securities brokers, they can be
classified into three types: bank subsidiaries, foreign subsidiaries, and stand-alone. The majority is
foreign subsidiaries with a market share of 50 percent. Also, there is one related organization, the
Association of Securities Companies (ASCO), which has been established and registered with the SEC
since 1992 with its main purpose to develop the securities industry.
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