Polaris Securities enters Thai market

Polaris Securities Co (寶來證券), a subsidiary of the Polaris Financial Group (寶來集團), confirmed yesterday that it has formed a strategic alliance with the Trinity Securities Group in Thailand to explore the futures market there.

According to a company statement issued yesterday, Polaris Financial chairman Wayne Pai (白文正) on Monday met with Trinity Securities chairman Pakhawat Kovithvathanaphong in Thailand, where they announced the joint venture.

The deal awaits approval from both nations' financial authorities, the statement said.

Expressing confidence that the Thai market has great potential, Pai said that Polaris Financial had signed a memorandum with Trinity Securities last year via its Hong Kong branch to boost cooperation in marketing and designing products, as well as establishing a transaction platform.

Thailand is scheduled to launch its first SET-50 Index Futures on April 28 to help activate the derivative financial products market.

Pai said that Polaris Financial was bound to play a key role in this market, armed with its rich experience accumulated in Taiwan, where it has been developing index futures for seven years.

The two firms plan to establish Trinity Polaris Futures Co with an initial capital injection of 100 million baht (US$2.6 million). Polaris Securities will invest 28.82 million baht in the initial stage.