ASEAN KEY DESTINATIONS
Thailand exchange has backup plan
The Stock Exchange of Thailand (SET) will move to a fallback operations centre in Pattaya if the floods close its headquarters on Ratchadapisek road in Bangkok, SET president Charamporn Jotikasthira said on Thursday.
The SET’s operation centre will be set up in the beach resort city if staff could not get to work at the Bangkok headquarters because of the floods.
“We were concerned that if the floods continue longer than two weeks the difficulty of getting to work will worsen,” he said.
The SET’s contact centre will be relocated to an office near the Centara Grand Hotel if the headquarters is flooded.
Mr. Charamporn said he had talks with brokers yesterday and was confirmed that they had also prepared fallback operating centres for the worst case scenario.
“There is no problem in sending buy and sell orders by brokers at this time, b ut if one third of the brokers cannot send their orders to the SET, the selling and buying system will be temporary closed,” he said.
The president said the SET must continue operating because it is crucial to maintain foreign investors' confidence in the Thai capital market.
He admitted that the daily trading value of the SET had plunged by about 30 percent to 20 billion baht on average, from 30 billion baht, as a result of the widespread flooding.
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