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The firm will offer 20 million units of PTT13CA to the public from June 2230, according to its statement yesterday.

The first DW is very attractive as it has a market marker to provide trading liquidity and the DW does not have ceiling and floor prices.

Investors can trade the DW at all brokerages by paying a 0.25percent commission, like traditional stock trading.

Six-month DWs will debut on the Thailand Futures Exchange in July, as the TFEX's fifth product, the Stock Exchange of Thailand said in its statement.

"Due to the DWs' advantages and through preparation with brokerages, the SET expects that DWs will become popular among investors here, just as DW trading elsewhere in the region has proven to be a huge success," said Sopawadee Lertmanaschai, the SET's chief marketing officer for markets and posttrade services.

The underlying stocks for the DWs will come from the top 10 stocks comprising the SET50 Index, as these all have liquidity and large market capitalisation.

The other TFEX products are SET50 Index Futures, single stock futures, gold futures and SET50 Index Options.

Each DW will have a market maker to facilitate trading activity.

This new product is promising because it has equity as its underlying asset, does not need much investment capital and can create high returns and limit losses, the SET statement said.

Three other listed securities houses have also expressed interest in issuing DWs - Bualuang Securities, Kim Eng Securities (Thailand) and Phatra Securities.

The DWs are like other warrants in that they give buyers the right, but not the obligation, to buy a given stock at a set price and amount.

However, the DW issuer will not be a listed firm but will be a third person, like a securities company.

Also, when a DW reaches its maturity date and buyers want to exercise their rights, they will not receive equity. Instead, they will receive cash from the issuer equal to the difference between the exer¬cised price and the stock's market price, as cash settlement.