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SET & TFEX New Trading System

The Stock Exchange (SET) and Thailand Futures Exchange (TFEX) will implement New Trading System from May 8, 2023 onwards

The Stock Exchange of Thailand (SET) and Thailand Futures Exchange (TFEX) have collaborated with Nasdaq, to develop the New Trading System with latest technology and innovation that align with international practices and global trend. The New trading system can accommodate the increasing number of transactions and support global investment products as the new alternatives to domestic and overseas investors.

Apart from the New Trading System, SET and TFEX has simultaneously changed the Market Data System and Market Surveillance System by applying the technology consistent with the New Trading System. The system can disseminate trading data to member system and other data providers which align with international standard and also enhance surveillance tools in detecting and analyzing the abnormal trading efficiently.

Features of the New Trading System

Implement international ITCH/OUCH Protocol and FIX Standard Protocol used in most Exchanges which increase the opportunity for foreign investors to access Thai market.
Flexible and standard structure of the New Trading System allows SET and TFEX to provide more diverse global products with shorter implementation time.
Increase the dissemination of Bid/Offer price depth of securities in SET and mai from 5 price levels to 10 price levels to provide investors more in-depth data.
Introduce orders and deals timestamp at nanosecond level to be in line with most Exchanges.
Provide new functions to facilitate members such as Self-match Prevention to prevent wash trade of the same client and Pre-Trade Risk Management as broker alternatives.

To accommodate the New Trading System, SET and TFEX have coordinated with related stakeholders since early 2021 such as members’ trading system developers, data dissemination system developers, Thailand Clearing House Co., Ltd., and Thailand Securities Depository Co., Ltd. All systems are continuously tested since May 2022 to ensure that the relevant systems and functions can work correctly and smoothly. The New Trading System, Data Dissemination System, and Market Surveillance system is planned to launched by the second quarter of 2023.

Amendment of Trading Regulations

SET and TFEX have revised the trading regulations to suit the current business environment, better align with international practices and accommodate the new trading system

The Stock Exchange of Thailand (SET) regulations which have been amended include:
  • Amend functions of calculation of opening and closing price to be consistent with the algorithm of New Trading System
  • Amend Ceiling and Floor of Foreign securities type (-F securities)
  • Implement Good till Cancel (GTC) and Good till Date (GTD) and improve Iceberg Order
  • Introduce new suspend trading sign: P (Pause)
  • Cancel Odd lot trading of Derivatives Warrant (DW).
 
Thailand Futures Exchange (TFEX) regulations which have been amended include:
  • Amend functions of opening price to be consist with the algorithm of New Trading System
  • Amend order types and order conditions such as introduce Session State Order, amend the validity period of GTC order and GTD order
  • Amend Circuit Breaker by shortening suspension period
  • Amend Tick Size of Block Trade Transaction for Sector Index Futures

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