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Asia and Pacific > Thailand

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Cover Coordinated Portfolio Investment Survey Guide (Third Edition)
Coordinated Portfolio Investment Survey Guide (Third Edition)
Venkat Josyula

Abstract

This third edition of the Coordinated Portfolio Investment Survey Guide has been prepared to assist economies that participate or are preparing to participate in the Coordinated Portfolio Investment Survey (CPIS). It builds on and updates the second edition of the CPIS Guide (2002) to reflect the adoption of the Balance of Payments and International Investment Position Manual, sixth edition (BPM6) as the standard framework for compiling cross-border position statistics.

Keywords:
M&G; portfolio investment data collection system; investment; CPIS data template; survey questionnaire; investment survey; CPIS metadata questionnaire; Securities; Portfolio investment; Stocks; Foreign direct investment; Bonds; Global; Caribbean; CPIS data; securities holding; portfolio investment liability; liability position; CPIS Task Force; portfolio investment securities; Business enterprises
Cover IMF Working Papers
The Impact of Global Liquidity on Financial Landscapes and Risks in the ASEAN-5 Countries
Tao Sun
This paper analyzes the transmission of global liquidity to the ASEAN-5 countries (ASEAN-5), including the impact on financial landscapes and risks to financial stability. It finds that global liquidity transmission and changing financial landscapes have contributed to increases in risks to financial stability in ASEAN-5. Therefore, policymakers in ASEAN-5 should prepare for possible liquidity tightening, strengthen regulation of nonbanks, and establish a comprehensive financial stability framework. A number of couontries are well-advanced in this process.
Keywords:
WP; ASEAN-5; nonbank; market; asset; global liquidity; financial landscape; financial stability; market liquidity; credit-to-GDP ratio; nonbank development; liquidity transmission; liquidity shortage; nonbanks hereafter; diminished market liquidity; asset-to-GDP ratio; International liquidity; Financial sector stability; Financial sector risk; Liquidity; Securities; Global
Cover IMF Working Papers
Issuance of Central Bank Securities: International Experiences and Guidelines
Mr. Simon T Gray
and
Ms. Runchana Pongsaparn
The paper discusses the reasons for central bank (CB) issuance of securities, and reasons for choosing different approaches e.g. in maturities and target market. It provides evidence on the range of different approaches taken by those CBs which do issue, as well as suggesting reasons why some CBs do not; and provides operational guidelines on the major building blocks of the issuance of CB securities.
Keywords:
WP; CB Securities; market; liquidity; coupon bond; proceeds
Cover IMF Working Papers
Developing Asean5 Bond Markets: What Still Needs to Be Done?
Mr. Simon T Gray
,
Andreas Jobst
,
Mr. Joshua Felman
, and
Ana Carvajal
This paper examines a range of issues relating to bond markets in the ASEAN5 (Indonesia, Malaysia, Philippines, Singapore and Thailand) - physical infrastructure including trading, clearing and settlement; regulation, supervision and legal underpinnings; and derivatives markets - and finds that the frameworks compare well with other Emerging Markets, following a decade of reform. A number of areas where further enhancements could be made are highlighted. The paper also examines the interrelationship between central bank management of short-term interest rates and domestic currency liquidity, and development of the wider money and bond markets; and suggests some lessons from the recent crisis in developed country financial markets which may be important for the future development of the ASEAN5 markets.
Keywords:
WP; market; liquidity; government bond; capital market; investor; money market; Bond markets: Bond markets; ASEAN; market development; central bank; OTC derivative; market infrastructure; market integrity; repo market; interest rate transaction; OTC derivative market; derivatives market turnover; CP market; securitization market; equity derivative; Derivative markets; Securities markets; Securities; Money markets; Liquidity risk; Global
Cover IMF Working Papers
A Framework for Financial Market Development
Mr. Ralph Chami
,
Mr. Sunil Sharma
, and
Connel Fullenkamp
The paper proposes a framework for examining the process of financial market development. The framework, consistent with the functional view of financial system design, is anchored in studying the incentives facing the key players in financial markets-borrowers, lenders, liquidity providers, and regulators-whose actions determine whether and how markets develop. While different financial instruments embody different concessions by borrowers and lenders, the framework emphasizes the two main compromises: the tradeoffs between maturity and collateral, and between seniority and control. The framework is used to analyze the sequencing of financial market development.
Keywords:
WP; covered bond; primary market; financial market development; preferred shares; secondary market; financial instruments; contracts; borrowers; lenders; liquidity providers; regulators; New Institutional Economics; financial product; commercial paper; family firm; bond issue; buy and hold; Securities markets; Financial sector development; Securities; Bonds; Baltics; Southeast Asia; Europe
Cover IMF Working Papers
The Systemic Regulation of Credit Rating Agencies and Rated Markets
Mr. Amadou N Sy
Credit ratings have contributed to the current financial crisis. Proposals to regulate credit rating agencies focus on micro-prudential issues and aim at reducing conflicts of interest and increasing transparency and competition. In contrast, this paper argues that macro-prudential regulation is necessary to address the systemic risk inherent to ratings. The paper illustrates how financial markets have increasingly relied on ratings. It shows how downgrades have led to systemic market losses and increased illiquidity. The paper suggests the use of "ratings maps" and stress-tests to assess the systemic risk of ratings, and increased capital or liquidity buffers to manage such risk.
Keywords:
WP; rating agency; rating downgrade; rating methodology; rating crisis; ratings trigger; Rating agencies; financial crises; structured credit products; macro-prudential; micro-prudential; regulation; systemic risk; procylicality; rating action; targeted rating; subprime mortgage; rating inflation; rating analysis; rating change; ratings committee; Credit ratings; Credit risk; Securities; Credit; Global
Cover IMF Staff Country Reports
Thailand: Financial Sector Assessment Program: Detailed Assessment on the Implementation of the IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
This paper presents key findings of the detailed assessment on the implementation of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation for Thailand. The assessment recommends creating a formal coordination mechanism among governmental agencies with regulatory authority over capital markets. The Securities and Exchange Commission (SEC) should amend its code of conduct and provide that restrictions on securities investments by its staff also applies to spouses, minor children, and all other accounts over which an employee has the authority to make investment decisions.
Keywords:
ISCR; CR; SEC staff; equity trading; business operation; company assets; insider trading; SEC disclosure system; SEC tape recording rule; shareholder meeting; tender offer; SEC regulation; SET regulation; internal auditor; Securities; Mutual funds; Legal support in revenue administration; Stocks; Auditing
Cover IMF Staff Country Reports
Thailand: Financial Sector Assessment Program: Detailed Assessment of Observance of Thailand Securities Depository (TSD) of the CPSS/IOSCO Recommendations for Securities Settlement Systems
International Monetary Fund
This paper discusses the assessment of observance of Thailand Securities Depository (TSD) of the Committee of Payments and Settlement Systems (CPSS)/International Organization of Securities Commissions (IOSCO) recommendations for securities settlement systems for Thailand. On the basis of the assessment, it is recommended that securities settlement systems should have a well-founded, clear, and transparent legal basis in the relevant jurisdiction. Confirmation of trades between market participants should occur as soon as possible after trade execution, but no later than the trade date (T+0).
Keywords:
ISCR; CR; risk management; settlement process; TSD regulation; securities lending; book entry; TSD system; way finality; TSD rule; TSD settlement fee; legal power; TSD service level; Securities; Securities settlement systems; Central counterparty clearing house; Central securities depositories; Trade balance; Global
Cover IMF Staff Country Reports
Thailand: Financial Sector Assessment Program: Technical Note: Fixed Income Markets
International Monetary Fund
This technical note focuses on fixed income markets for Thailand. The note recommends that Thailand should begin an orderly transition from merit-based regulation of corporate issuers and institutional investors to a disclosure-based regulatory system that opens the debt market to a larger and more diverse pool of corporations. A series of regulatory changes should be considered, including removing the limitations on below investment grade debt offerings, expanding the size of private placement offerings, and reducing the regulatory burdens on issuers of short-term commercial paper.
Keywords:
ISCR; CR; debt market; financial market; fixed income; mutual fund; commercial paper; on-exchange market; interest rate; futures contract; long-term debt; public offering; risk capital; primary market; Bonds; Securities; Securities markets; Mutual funds; Trade balance; East Asia
Cover IMF Staff Country Reports
Thailand: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This Detailed Assessment Report focuses on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Thailand. The report discusses that Thailand has a legal framework in the Anti-Money Laundering Act 1999 (AMLA) around which the core elements of its AML/CFT regime are established. The AMLA criminalizes money laundering by reference to eight predicate offenses and establishes the Anti-Money Laundering Office (AMLO) as Thailand’s financial intelligence unit. It imposes some customer due diligence obligations on a wide range of financial institutions (FIs) and requires these FIs to report transactions to the AMLO.
Keywords:
ISCR; CR; government agency; criminal offence; managing director; terrorist activity; private limited company; task force; penal code; CFT requirement; limited company; cash transaction; state enterprise; securities industry; CFT compliance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Trade balance; Securities; Commercial banks; Legal support in revenue administration; Global; East Asia; Southeast Asia; South Asia; Central Asia