Sub-custody guide: Thailand
In November 2014, HSBC Thailand conducted an educational
session on the US dollar Chats system in Hong Kong for the Stock Exchange of
Thailand (SET). The SET is exploring the possibility for Thai equities and
foreign securities listed on the Thai exchange to be settled in US dollars, in
order to support various initiatives including dual listing and the Asean
Collective Investment Scheme.
From June 2015 with the implementation of the pre-settlement
matching system (PSMS) phase II, Thailand Securities Depository Co (TSD) will
allow its participants to open segregated depository accounts at the client
account level, in lieu of the current omnibus account structure.
HSBC Thailand strongly encouraged custodian banks and
brokerage companies to open segregated depository accounts at the client level
so the depository accounts could be mirrored with the client’s securities
account maintained in the participants’ back office systems. It has also
actively recommended that the TSD adopt e-proxy voting services and e-right
subscriptions to increase efficiency in corporate action services. This matter
requires regulatory amendment from the Ministry of Commerce, the Securities and
Exchange Commission and the Stock Exchange of Thailand.
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