borrowing and lending, and joint venture management. As a result, any intermediary wishing to operate only brokerage business, for example, would have to meet the high minimum paid-up capital rule despite its

does not change significantly in 2005, though the pace of growth may slow down, in line with a declining trend in global economic expansion. Various negative factors that impacted economic growth in the

are to maintain efficient, M.R. Pridiyathorn Devakula Chairman Message from the Chairman A n n u a l R e p o r t 2 0 0 6 3 Thirachai Phuvanatnaranubala Secretary-General The economic expansion was on

● Development of Debt Instrument Secondary Market Expansion of Investor Base and Distribution Channels for Investors and Promotion of Investment Culture ● Additional Mutual Fund Management Licenses in the Thai

Expansion of Investor Base and Distribution Channels Coupled with Promotion of Investment Culture ■ Additional Mutual Fund Management Licenses to Promote Professional Management in the Thai Capital Market

repo market in February 2008 and conduct bilateral repo transactions with primary dealers instead. Private repo will become more and more important source of funding and in turn contributing to expansion