Brokers have listed nearly 100 securities as tradeable with cash only, not allowing net settlement trading in the aftermath of an ongoing investigation into suspicious trading of shares of MAI-listed More Return (MORE).
An investor collateralised MORE shares in a margin loan account and purchased about 1.5 billion shares on Nov 10, but defaulted on payments due on Nov 14.
More than 10 brokers had to pay for the share purchase on behalf of their clients. Damage to brokers is estimated at more than 4 billion baht.
MORE shares are listed on the Market for Alternative Investment.
Following this incident, many brokers have revisited their criteria for collateral assets in their investment accounts and listed a number of "high-risk" stocks that cannot be used as collateral for a credit balance account.
Each broker has its own risk assessment criteria and has a different evaluation method for collateral assets.
According to a Finansia Securities statement released yesterday, the company increased its list of non-collateralised securities with a credit balance account to 89 securities. Those securities must be traded with cash only.
Securities on the Finansia Securities list include Asia Capital Group (ACAP), Twenty Four Con and Supply (24CS), Aira Factoring (AF), AJ Advance Technology (AJA), Ekarat Engineering (AKR), AQ Estate Ord Shs (AQ), Aqua Corporation (AQUA), Big Camera Corporation (BIG), Brooker Group (BROOK), Bangsaphan Barmill (BSBM), Builder Smart (BSM), BT Wealth Industries, Better World Green (BWG), Chonburi Concrete Product (CCP) and Chamni's Eye (CEYE).
Several other securities companies also increased the number of small-cap stocks in cash trading accounts.
