A derivative is a generic term for specific types of investments whose values are derived from the value of their underlying assets such as commodities, shares or bonds, interest rates, exchange rates, or indices. Derivatives that can be traded in the future are contract agreements between two parties settled today. The contract will establish an amount and date of maturity so that the two parties can trade at the agreed amount on the date of expiration.

Since the underlying asset already exists, it may be delivery on the expiration date like agriculture products. However, in case of the underlying assets are market indices, interest rates, or foreign exchange rates, which the physical delivery of the underlying asset is virtually never taken, the two parties will simply settle up with cash for the difference on the expiration date.

The important difference between derivatives and other securities is that derivatives have an expiration date and also the holders must exercise in according to the right and obligation stated in the agreement.

1. Derivatives itself has no value but its value is determined by the fluctuations in the value of its underlying asset.

2. Derivatives have a limited lifetime and will expire on the date of maturity.

3. Derivatives are contracts that give the holder the right and the obligation to buy or sell. In the case of stocks, there are no obligations force the holders to sell the stocks and there is no date of maturity for stocks.

4. Derivatives can create leverage which means that a small amount of investment could lead to a magnified profit or loss.

There are many types of derivatives but firstly traded in the TFEX (Thailand Futures Exchange) are futures and options.

Futures are contracts where two parties are obligated to buy/sell the underlying asset on the date of maturity according to the settled agreement.

Options are similar to futures but instead one party has the choice of whether or not to buy/sell at the date of maturity.

Generally, Futures and Options traded on the TFEX will have the following underlying assets:

• Stocks and market sectors
• Interest rates
• Exchange rates
• Gold, crude oil or other financial instruments

SET50 Index Futures

SET50 Index Futures is the first type of derivative that is traded in TFEX. The underlying asset is the SET50 Index, which is comprised of 50 listed companies selected by the Stock Exchange of Thailand.

SET50 Index Futures are contract agreements that allow the buyer and seller to buy/sell the underlying asset, SET50 Index, at a certain price in the future for instance, 3 months, 6 months, etc. Since the underlying asset of SET50 Index Futures is financial index, investors cannot make the actual delivery. Instead, investors have to settle their transactions by converting their profit and loss according to the difference on the expiration date or closing position date.

The expiration of SET50 Index Futures is ending in each quarter of a year, March, June, September, and December. Currently, there are 4 contracts trading on the TFEX expiring in each quarter. The last trading is set up by following the standards below:

The Final Trading Date: The final trading date is scheduled on the business day immediately preceding the last business day of the contract month. Trades will be final by 16.30pm on that day.

Example: SET50 Index Futures that expires in June

Remark: On the last trading day of each, a new contract ending on the same of next year will be issued and started trading.

In term of Futures trading symbol, “ S50” will be represented SET50 Index and followed by one character, based on other international markets, represented the month of expiration.

Character used to represent each month

The complete Futures trading symbol looks like the following:

Symbol of SET Index Options conducted from:

• Underlying Asset   The underlying asset is Set50 Index
• Expiration Month   The delivery months, including March, June, September,
                                and December
• Call or Put options  Types of options holding.
• Strike Price              The price at which holder can exercise his/her right.

From the example above, S50M07C500 is equivalent to SET50 Call Option expired in June 2007 with exercise price equals to 500 points. The first 6 abbreviated characters are similar to SET50 Futures, however for SET50 Options, the type of options and the strike price are being added at the end.

SET50 Index Futures Contract Specifications

SET50 Index Options Conducted Specification

1. SET50指数期货交易费用:

2. SET50指数期权交易费用:

2.1) 每单交易费用

2.2) 其他服务费用

1. 投资者可以从网站上下载申请表格,打印填写后送到公司.此处 点击下载 . 如有任何不便或疑问,可以联系期货中心 (Derivatives Center) ,联系电话 0-2695-5558 或者发送邮件到

• derivativescenter@seamico.co.th 该邮箱仅仅服务于通过交易员进行交易的投资者.
  
  
• futuresonline@seamico.co.th 该邮箱仅仅服务于在网上自行交易的投资者.

2. 在收到您的申请表格和其他文件后的7个工作日内,我们将按照表格上的通信地址,通过邮件发送您的期货帐号给您.

3. 在您收到期货帐号和密码后,您需要将资金转入我们公司的银行帐号后才能够开始交易.

4. For customers who already have a derivative trading account with the company and would like to start trading, please Click here.

对于SET50指数期货以及期权的起始资金要求:

1) 个人投资者
个人投资者在交易前必须提供不低于起始保证金要求的资金金额(加上交易费用和VAT).

2) 机构投资者
机构投资者必须在交易日T+1收盘前1小时提供不低于起始保证金要求的资金金额.起始保证金将依据交易的合约数量来计算.对于机构投资者,依据以下条例进行交易:

• T内关闭合约,那么机构投资者将不需要在交易日T+1内提供任何保证金,但是客户需要支付合约交易中亏损的金额(包括交易费用和VAT税收).
  
  
• 如果机构投资者在交易日 T进行合约交易,在交易日T+1内平仓,那么客户依然需要在T+1日时按起始保证金要求支付资金(包括交易费用和VAT税收).仅仅支付两个交易间的不同差价是不允许的.

1. Margin Require for SET50 Index Futures

2. 保证金数额
SET50指数期权的保证金数额

SET50的保证金需求标准如下:

A) 对于买入SET50指数期权的客户,需要持有的可用资金 (EE)不低于成交所需得金额.

B) 对于卖出SET指数期权的客户,需要提供依据以下公式计算可用资金,计算公式如下:

(1) 国内散户
依据 “金融衍生品保证金计算方法” ,客户所需的保证金金额将依照以下表格计算:

(2) 机构投资者
可以选择 “投资组合保证金计算方法” 或者 “金融衍生品保证金计算方法”

所需保证金 = (A, B)中的最大值 + 选择权价格

• 投资组合保证金计算方法

- 初始保证金(IM) 为TCH risk array 计算的风险数值的1.35倍,和期权价值的合计数值.

- 维持保证金 (MM) 为TCH risk array计算数值和期权价值的合计数值.

*期权价外价值的计算是由履约价格以及相关资产价格之间的差值 乘以每点价值.

对于SET50指数看涨期权(Call) = 最大价值为 (履约价格– SET50 指数,0) * 200 泰铢
对于SET50指数看跌期权(Put )= 最大价值为(SET50 指数-履约价格, 0) * 200 泰铢

Strategic Short Options

In the case of holding a spread, either Bull Call Spread or Bear Put Spread and the expiration date of long option is no less than of those short options,
Margin Requirement = 0

In the case of holding spread, either Bull Call Spread or Bear Put Spread and the expiration date of long option is no less than of those short options,
Margin Requirement = A difference of the strike price

In the case of selling Straddle or Strangle, in which both Call and Put Options have the same expiration date,
Margin Requirement = Max (Call Outright Margin, Put Outright Margin + Mark-to-market Options Premium)

In the case of long Futures along with short Call Options or short Futures along with short Put Option and the expiration date of the Futures is no less than of those Options,
Margin Requirement = Futures Outright Margin + Mark to Market Options Premium

SET50指数期货和期权的市价计算:

依照当日结算程序,客户的每日获利/亏损均需要依据交易当日的市场价格结算.

在结算之前,公司将确认客户的账面资产余额.在公司确认了账面资产余额已经减少,并且账面结算正在进行中,公司将依据以下步骤来执行:

1. 如果客户下单的合约在收盘后尚未成交,那么这些下单指令将取消.
   
   
2. 在合约已经成交的情况下,如果客户的账面资产余额低于我们的维持保证金金额,那么公司将执行 “追加保证金通知”程序.

从以上的情况来看,客户已经执行了“有效至/取消”(Good Till Date/Cancel), 如果他在交易次日的下单中依然维持 “有效至/取消”(Good Till Date/Cancel)的指令,那么,公司将再次确认客户账户资金是否满足维持保证金要求.

对于机构客户,公司也将执行同样的监督程序,但是将更加关注客户的资金信用等级.

注意: 点击了解更多的保证金处理过程

资金转帐

1. 以下表格内为我们公司的银行帐号,您可以任意选择一个银行帐号汇入资金:

转帐后,您需要通过传真您的转帐单到我们公司以确认您的资金得以成功转入我们公司的帐号.传真单上必须注明您的姓名, 期货帐号和联系电话, 以便我们查证信息.传真号码 (66) 0-2631-1704.

如果您不在泰国,那么您可以考虑下载并且打印 资金储蓄表.(download and print Cash Deposit Form) 填写后寄送给您的银行以进行转帐.

备注: 注意当所在地银行进行资金转帐将需要支付手续费.而手续费将会在泰国银行收到资金存款后从资金中扣除.

2. 起始资金的自动转帐系统 (ATS)

• 对于股票投资者中已经签署了 “银行账目债务自动转帐同意书” (“Letter of Consent for Debit to the Bank Account”) 的顾客, 我们建议您填写资金储蓄表并寄给期货中心来达成同样的目的. 此处 点击下载 表格.
  
  
• 如果您尚未申请该服务, 可以根据以下步骤申请.
  

  2.1) 此处 点击下载 银行账目债务自动转帐同意书” (“Letter of Consent for Debit to the Bank Account”), 填写表格并且签名. (注意, 此处签字必须同您的银行帐号签名相同).
  
  2.2) 护照复印件一份, 并且在复印件上签名
  
  2.3) 银行帐号储蓄本首页复印件一份, 并且在复印件上签名.
  
  将以上的文件寄送到以下地址:-
  
    Derivatives Center
     Seamico Securities Plc,
     287 Liberty Square Building, 8 th Floor,
     Silom Road , Bangrak, Bangkok 10500
  
  2.4) 在您“银行账目债务自动转帐同意书” (“Letter of Consent for Debit to the Bank Account”) 通过银行的审批后, 公司将发送确认电子邮件给您的电子邮箱. (整个过程将在收到您所有的申请文件后3-4周内完成).

期货交易帐号资金限制更改时间

公司将在顾客通知资金转帐后更改顾客期货交易帐号内的资金.买入资金限制更改时间为.

注意:

• 以上规定不适用于泰华农民银行帐号(Kasikorn Bank) 的自动提款机转帐(ATM).在使用该银行自动提款机转帐的情况下, 我们需要在收到泰华农民银行 (Kasikorn Bank) 的通知后才能够更改帐号资金限制.
  
  
• 以上通知和更改时间可能不适用于海外资金转帐.我们需要收到您的海外银行的确认通知后才能够更改您的期货交易帐号资金.

如果您期货交易帐号上的资金在您转入资金后没有更新改变.请您同 Ms. Rachanee at (66) 2695-5505 or (66)0-2695-5527 or send an email to futuresonline@seamico.co.th

自动转帐系统(ATS)

公司希望能够给投资者提供多种的资金转帐方式以方便投资者进行期货交易.特别是当投资者面临需要增加保证金到起始保证金急需转入资金时.

该服务是当顾客需要转入起始保证金和增加保证金时能够从银行储蓄帐号中自动转入股票资金帐号, 这样,顾客就不需要为增加保证金而进行资金转帐手续.

服务条款:

1. 对于已经在本公司进行股票交易自动转帐(ATS)的顾客,其股票帐号上的资金仅仅可以作为提供起始保证金(Initial Margin).当保证金低于增加保证金的最低限制(Margin Call) 时, 顾客需要增加保证金到起始保证金水平.因此如果顾客希望能够享有该服务, 则必须签署 “银行账目债务自动转帐同意书” (“Letter of Consent for Debit to the Bank Account”), 并且随同顾客签名后的银行帐本首页复印件一起寄给公司.
   
   
2. 对于尚未申请ATS服务的顾客,可以按以下步骤申请.
   
   •  点击下载下载并且填写 “期货起始保证金银行账目债务自动转帐同意书” (letter of consent for debit to the bank account with ATS for Initial Margin)和 “期货补充保证金银行账目债务自动转帐同意书” (the letter of consent for debit to the bank account with ATS for Margin Call).

•  填写完成并签名后,需要附加以下几份复印件.
   -  护照复印件并签名
   -  银行账本首页复印件并签名

请寄送以上文件到:-

Rachanee Sorahong
Derivatives Center
Seamico Securities Plc,
287 Liberty Square , the 8 th Floor,
Silom Road , Bangrak, Bangkok 10500

在顾客的开户银行批准 “银行账目债务自动转帐同意书” (“Letter of Consent for Debit to the Bank Account”) 后,我们将立刻通过电子邮件通知顾客(整个过程需要3-4个星期).

Remark:

• The company reserves the right to change the above interest rate with respect to possible future interest rate announcement from Thai commercial banks.
  
• The company will pay interest on a semi-annual (on 1st January & 1st July) by crediting such the interest amount directly to your TFEX trading account. In case the payment date is a public holiday, we will credit interest to your account on the next working day.

1. Pre-trade Session

• Cannot send orders: Type = Limit, Validity = FOK
• Cannot send orders: Type = Market (MP)
• When sending “Stop Limit Order,” Validity FAK and FOK cannot be used.
• When sending “Stop Limit Order,” Public Order can also be sent.
• Stop Order function cannot be sent with MP.
• When sending “Stop Order,” FAK and FOK cannot be used.
• Show QTY order cannot be sent along with validity FAK and FOK.
• Show QTY order cannot be sent with MP.
• Cannot send order of more than 100 contracts.

2. Trade Session

• When sending MP order, only FAK and FOK can be put in the validity box.
• To view “Show Qty” or “Public Order”, FAK, FOK and MP cannot be used.
• When sending “Stop Limit Order,” Validity FAK and FOK cannot be used.
• When sending “Stop Order” (MP), Public order cannot be viewed.
• When sending “Stop Order” (MP), FAK, FOK and MP cannot be used.
• Cannot send order of more than 100 contracts.
• When sending orders, the bid and offer prices can only be different from the current bid and offer prices by ±5% of the SET50 index closing price on the prior working day.?

•  Seamico Easy Guide to SET50 Index Futures
  

More information, link to TFEX Website

Telephone: (66) 0 2695 5558
Fax: (66) 0 2695 5599
Email: derivativescenter@seamico.co.th