Process Flow

Main Activity

 

	1.Instrument Issuance :         1.1 The issuer of derivative warrant has to get an approval from the SEC.         1.2 The issuer applies to the TSD for ISIN code
	2.Offering in the Primary Market :         2.1 Offering derivative warrant can be done in 3 ways as follows;          - Private Placement Offering (PP) - the issuer may sell the derivative warrant          by itself.          - Public Offering (PO) - selling to the public must be done by guarantors.          - Direct Listing Offering - derivative warrant can be initially sold         in the secondary market         2.2 The issuer reports the result of derivative warrant offering in the primary          market to the SET or the SEC.         2.3 Investors transfer the money through bank accounts for their clearing          process.
	3.Trading in the Secondary Market :         3.1 The issuer submits an application-to-list to the SET or the MAI and          completes the SET/ MAI - listing process.         3.2 Investors are able to trade their derivative warrant by sending their buy/ sell          orders through brokerage companies.          - Trading in the primary market by PP and PO method.          - Trading by Direct Listing Offering - the issuer gradually offers derivative          warrant without initial offering to the general public. In this case, there is         no separation between the first-hand sale and next sales.          3.3 Investors get paid/ get ownership of the traded          securities through the TCH.
	4.Exercise:         4.1 Investors have the right to buy or sell underlying instruments. Then,         they will get profits or losses from the exercise.         4.2 There are 2 cases of exercise results as follows;          - In case of the non-listed instruments, the issuer will submit the report to          the SEC.          - In case of the listed instruments, the issuer will submit the report to either          the SET or the SEC.
	5.Maturity of Instrument :         5.1 When the instrument becomes matured, derivative warrant holders will          consider whether of not exercise the instrument. In case they do not          exercise the derivative warrant, the value of the instrument          will become zero.