conduct higher margin activities, brokers would need to meet the necessary capital requirements, as well as the SLAs, NCR and profit metrics consistently. This tier aims to establish a few stand-out high-quality brokers with additional privileges, who willalso be subject to higher standards of compliance and control by the regulator. Smaller brokers can achieve this license through M&A to secure capabilities and meet capital requirements. In addition, single licenses will also be introduced based on a risk-based framework to establish niche and differentiated players who offer high quality products and services in specific areas. These licenses will be supported by SEC through lower fees to enable them to compete with larger players. The regulator will actively monitor profitability and performance, therefore limiting number of loss-makers by either directing them to shut down or drop 4.1.4 Thailand can establish a strong and comprehensive stack of shared infrastructure the capital markets stack in Thailand in 2030. As a result, spend of brokers and other market participants on infrastructure for SBL will reduce, while allowing brokers to re-invest savings in innovation and new business models. The shared infrastructure will also serve to re-establish trust in the market by driving transparency.