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Brokerage firms seek cut in trading fees
EconSep 07. 2020
By The Nation
Brokerage firms in stock and futures exchange markets have urged the Securities and Exchange Commission (SEC) to cut trading fees in the capital market to help their businesses.
SEC held a meeting with brokerage firms’ top management in the stocks and futures exchange markets at the end of August to hear their comments on operating securities business, mitigate difficulties to increase flexibility, and set up guidelines to support business in the future.
The brokerage firms’ top management urged SEC secretary-general Ruenvadee Suwanmongkol to review trading fee calculations in the capital market because the SEC and the Stock Exchange of Thailand (SET)’s trading fees are currently high, increasing the cost burden for securities businesses.
“We believe that they want the SEC to cut trading fees when investors make transactions in stock and futures exchange markets as trading fees are currently high compared to commission fees that have continued to drop, resulting in losses for brokerage firms even though the trading volume is likely to rise,” Ruenvadee said.
“If we cut trading fees, it would alleviate the burden for brokerage firms and boost their performance, while it would encourage them to provide knowledge to investors.”
She added that high trading fees could also be due to brokerage firms having to pay fees to both the SEC and SET.
Meanwhile, Somchai Kanjanapetcharat, KGI Securities (Thailand)’s senior managing director of retail equity business, said the SEC would change trading fee collection in the Thailand Futures Exchange market to monthly payment, while earlier the SEC collected fees when investors made transactions. He added that trading fees from transactions in the stock market would be collected when investors made transactions as before.
“We believe that the SEC move would increase the cost for brokerage firms because the firms would increase commission fees to be in line with the rise in trading fees,” he said.
“If possible, we would like the SEC to cut trading fees because brokerage firms are currently bearing a lot of expenses.”
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