SET advised to cut staff for demutualisation

"Looking at other stock markets of the same size, almost all have 400-500 employees. Since the SET's staff of more than 900 is too much, BCG has suggested the exchange reduce its staff, but it's up to the exchange," an SET source said yesterday.

The SET's board has not yet decided about workforce size.

"An SET executive recently confirmed that lay-offs or early retirement would not be adopted. It's unnecessary for the SET to follow BCG's guidelines," the source said.

The SET's board of governors has approved in principle demutualisation and seeking a listing in 2011.

To comply with demutualisation, the SET needs to spin off the Capital Market Development Fund, which will take responsibility for the CSR Institute, social and non-profit activities and investor education.