Thai bourse welcomes Standard Chartered Bank as the 5th settlement bank
It started the services from February 2, in order to help strengthen clearing and settlement process for the Thai capital market and provide services for its clearing members.
SET Executive Vice President Bordin Unakul said that TCH appointed Standard Chartered Bank (Thai) pcl as a settlement bank for securities market, becoming the fifth settlement bank in Thailand, acting as the intermediary of clearing and settlement process between SET and the clearing members. Standard Chartered Bank (Thai) pcl, a financially strong bank with various financial services. As such, having Standard Chartered Bank (Thai) pcl as a settlement bank would be another choice for 38 existing clearing members in providing full service of clearing and settlement with efficiency and speed, as well as supporting the growing demand for settlement services.
Statistically, in 2014, the net settlement value of securities clearing and settlement was THB 1 trillion or a
daily average value of THB 4.6 billion.
Currently, TCH is in the process of building new settlement and depository system, to be launched in 2015 enabling competitive capabilities among leading world-class clearing houses, serving its business expansion, boosting speed of new product launch, serving multi-market as well as multi-currency trading.
Lyn Kok, President and Chief Executive Officer, Thailand and Greater Mekong, Standard Chartered Bank stated, “Standard Chartered is delighted to be appointed by TCH as an international bank partner to support local and cross-border trade settlements. We are proud to be able to play a key role in strengthening the development of Thailand’s capital market. With our financial strength, deep financial expertise and vast international network that spans all 10 ASEAN countries and 70 markets around the globe, we are committed to using our resources to support TCH, brokers and investors to embrace opportunities in Thailand.”