The derivatives market is offering only one product, SET 50 Index futures, for trade. Most of the contracts, 152, were for June settlement.

Derivatives brokers blamed the sleepy sentiment on the Securities and Exchange Commission's

short notice in informing brokers if they were authorised to take orders.

The SEC several months ago granted derivatives trading licences to 20 brokers, but the securities watchdog gave final approval to 19 of them to buy and sell just three days before the start of trading.

The short window meant that many prospective customers failed to open trading accounts ahead of opening day.

Prior to the SEC's latest announcement, rumours circulated that many brokers were not ready.

However, throughout the first day, brokerage firms confirmed that their trading systems were working smoothly.

The five most active brokers were KGI Securities (Thailand) Plc, Trinity Polaris Futures, Asia Credit Securities, Kim Eng Securities (Thailand) Plc and UBS Securities (Thailand).

KGI Securities said the opening-day trading volume was lower than the 200-300 contracts it had expected.

Tanavatt Bhanijkasem, executive vice president of KGI's futures department, said only 10 out of its 300 prospective customers open accounts and only two of them tried the market.

"Most of the customers would like to see liquidity first. Also, futures trading needs to be explained more. Most retail investors are not familiar with it. If retail investors can't trade, then institutional investors can't trade," he said. 

Piyarat Setthasiriphaiboon

The Nation