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Strategies & Market Trends : Thai Funds

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To: Polartee who wrote (48)	1/12/1998 12:37:00 AM
From: peter michaelson	Read Replies (1) of 107

John, sounds like we've been practicing similar strategies. One problem perhaps you can help me solve. In July '97 I went long two of the funds listed at Trustnet as on the London Stock Exchange - to hedge my TTF and TC shorts. I bought Siam Selective (SSG) and Thai-Euro Fund (TEF). Unfortunately, of course, the premiums on TTF and TC haven't budged. The trade was an error in that I became over-excited about the huge run-up in the TTF/TC premiums and thought that any amount of transaction costs would be relatively moderate. My transaction costs for TEF and SSG run up to 15% round trip, what with (1) the bid/ask spread in London, (2) trading through Schwab which uses a US market maker who "anticipates the London price" and (3) Schwab commissions. How would you obtain a long Thai market position with smaller transaction costs? Would anyone like to buy my TEF and SSG at midway between bid and ask? peter michaelson

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