Derivative warrants are an instrument that gives an investor the right to “buy” or “sell” an underlying asset at a pre-set price (exercise price) at a specified expiry date. They may be bought and sold prior to their expiry in the market. At expiry settlement is made in cash rather than a purchase or sale of the underlying asset. Derivative warrants are issued by third party, independent of the issuer of the underlying assets. Derivative warrants traded in Thailand normally have an initial life of three to nine months. Each derivative warrant is likely to have a unique exercise price and expiry date.