The Stock Exchange of Thailand (SET) deployed corporate action news sent via SWIFT messages (CA SWIFT), the format used for transmitting information of listed firms to depository participants directly.
The SET also aims to develop information transmission service by electronically, or straight-through processing, to brokers by next year. For SWIFT messages, it initially provides to custodian banks, and the exchange expects another three banks will apply the service by this year, says Bordin Unakul, SET executive vice president of post-trade services and development.
“Thailand’s stock exchange is the first bourse to provide CA SWIFT messages in Southeast Asia. After conducting the industry-wide testing with seven banks since the middle of July, the result was really satisfactory, Bordin says. Consequently, HSBC Thailand has agreed to officially apply the new service, becoming the first CA SWIFT message user in the country.
“It is a key development of our post-trade services. The new service enables members to receive accurate, speedy and timely information from listed firms, and helps reduce manual intervention in the dissemination of corporate action information, as well as to reduce the potential for errors.
(CM)