SET'S options outlined

"The SET's demutualisation pattern depends on the main goal. If we want to seek partnerships with foreign players, the entire stake must not be owned by brokerages. If we want to fend off takeover threats, the government must control the majority stake and the stake must not be unloaded," Kampanart Lohacharoenvanich, president of the Association of Securities Companies, said yesterday.

Boston Consulting Group's report will be submitted to the subcommittee next week and the main committee later this month.

In reducing state ownership, some exchanges allocate an equal number of shares to brokerages and the government. Some offer the entire stake to securities houses. Others go for the third option, with the government, brokerages and the public as stockholders.

The brokerages will need to discuss methods to apportion stakes in the SET among them, such as by market share or years in business, Kampanart added.