BANGKOK (01/26/2000) - Phillip Securities, a subsidiary of Singapore-based Phillip Securities, recently became the first Thai brokerage to process a successful online trade, following approval by the Stock Exchange of Thailand (SET). Its first successful transaction was completed on Dec. 29, 1999.
Phillip Securities says its Phillip Online Electronic Mart System (Poems) trading system offers 24-hour services in Thai and English, technical analysis tools, research reports and access to real-time price quotes. The trading system was developed by the Singaporean parent company three years ago, and was also successfully introduced in Hong Kong last year.
"In Singapore, online trading has been in place for over three years, but it was only after the second year that it became more popular among investors there. Currently, it accounts for about 10 percent of total market turnover," said Vikit Kachonnarongvanich, Phillip Securities' executive director. Other brokers queuing up for trading on the Internet include Capital Nomura Securities, Yuanta Securities, ABN Amro (Asia) Securities and National Securities.
Vikit added that to trade through the company's Web site, customers would have to make a deposit of at least 50,000 baht (US$1,341) with Phillip Securities beforehand. Investors pay a 0.5 percent commission fee, although this is expected to fall.