Figure 1
Development of stock markets in Singapore,Malaysia, and Thailand

Singapore
1973 Securities Industry Act enacted, mandating establishment of a Securities Industry Council to work with the SES and MAS in overseeing the securities market.
1985 Pan Electric crisis and the SES reform.
1986 New Securities Industry Act.
1987 SESDAQ (Stock Exchange of Singapore Dealing and Automated Quotation) system introduced.
1988 Gradually decreasing commission rates on shares introduced.
1989 Introduction of CLOB system totally liberalizes dealings on stock market.
1990 SES listings are halted, so CLOB International is established to handle Malaysian share listings.
1992 Overseas securities firms become able to obtain international licenses, enabling them to become SES members.
1993 Stock option dealings are opened.
1994 Authorized trading centers start up.
1995 Lowering of commissions on large-scale stock dealings.
Malaysia
1988 KSLE 2nd market opens.
1989 Introduction of partially autmated securities system.
1990 Listing of Malaysian shares on the Singapore stock exchange prohibited. Establishment of securities ranking mechanism (RAM).
1992 Complete automation of the stock exchange dealing system.
1993 Establishment of the Securities Exchange Committee (SEC).
1994 Settlement of accounts system totally liberalized.
1995 Derivative Securities dealings start up.
Thailand
1987 Second Board and Foreign Board (foreigners only) start up.
1988 Share Depository Center (SDC) and "Book Entry" system start up.
1991 ASSET (Automated System for the Stock Exchange of Thailand) introduced.
1992 SIMS (Stock Exchange of Thailand Information Management System) and ASSET go online.
1992 Seripress System starts up.
1993 ASSET, SDC and SRG (Share Registration Department) link up.