SEC insists broker fees will be liberalised

       Thailand's securities regulator insists it will press on with liberalising commission fees starting in 2010.
       The Association of Securities Companies, which represents local brokers,had petitioned the Securities and Exchange Commission to maintain the current 0.25% rate to maintain stability in the wake of the global crisis.
       But financial markets have rebounded sharply from their lows earlier this year.The Stock Exchange of Thailand index is currently up by more than 48% yearto-date, and trading volumes have jumped sharply in recent months.
       SEC secretary-general Thirachai Phuvanatnaranubala said a number of local brokers have made progress in improving their operations to cope with liberalisation."There is no reason to delay the schedule," he said following a meeting with local brokers.
       Brokerage fees will be allowed to fall on a sliding scale starting in January,with fees for institutional investors with accounts worth more than 20 million baht to be made fully negotiable. Fees for all investors will be made freely negotiable from 2012.
       The SEC warned local brokers to consider the impact of the regionalisation of Asean capital markets, with crossborder investment and securities trading to take place by 2015.
       "This is the time for brokers to look to themselves to improve their operations, either through consolidation, improving their business plans, developing new products or raising their business standards," Mr Thirachai said.