ภาษาไทย
At a Glance
Vision Mission At a Glance Operations
Code of Ethics TFEX roles in Thailand Economy Strategic Goals Member of International Organization


Vision


          To be a derivative exchange offering broadest span of derivative products while also providing a fully integrated trading, clearing, settlement and depository services.

 

Mission


          As a pioneering derivative exchange in Thailand, Thailand Futures Exchange mission is to lead Thailand into sustainable growth while also aiming to be one of the best exchange in ASEAN.

 

At a Glance


          Derivatives in Thailand have started long before Thailand Futures Exchange (TFEX) came into existence. Usually in the form of an OTC between each counterparties and is usually comprise of retail bank and their client wishing to hedge away any unnecessary risk such as exchange rate and interest rate risk. Before the establishment of TFEX, derivatives products are only available to those directly involved and are not available to the public investors.

Thailand Futures Exchange (TFEX), a subsidiary of the Stock Exchange of Thailand (SET), was established on May 17, 2004 as a derivatives exchange. TFEX is governed by the Derivatives Act B.E. 2546 (2003) and is under the supervision of the Securities and Exchange Commission (SEC). TFEX receives license and permission to trade derivatives products from the SEC on Feb 11, 2005.

 

  Corporate Milestone
 
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April 28, 2006
  Launch SET50 Index Futures as the first product
 
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August 28, 2006
  Started internet trading in SET50 Index Futures
 
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September 18, 2006
  Appointed 3 market makers for SET50 Index Futures
 
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April 9, 2007
  Sign the Memorandum of Understanding with Taiwan Futures Exchange (TAIFEX)
 
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September 3, 2007
  Allowed Direct Market Access (DMA) for convenience and easy execution
 
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October 29, 2007
  Launch SET50 Index Options as the second product
 
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May 16, 2008
  Sign the Memorandum of Understanding with Chicago Board Options Exchange (CBOE)
 
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September 5, 2008
  Sign the Memorandum of Understanding with The Options Industry Council (OIC)
 
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November 24, 2008
  Launch Stock Futures as the third product
 
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November 26, 2008
  TFEX received the no-action letter from the US Commodity Futures Trading commission (CFTC)
 
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February 2, 2009
  Launch 50 Baht Gold Futures
 
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June 22, 2009
  Launch additional Single Stock Futures (Batch II)
 
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August 2, 2010
  Launch 10 Baht Gold Futures
 
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October 18, 2010
  Launch 5 Years Government Bond Futures
 
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November 8, 2010
  Allowed Block Trade Transaction
 
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November 29, 2010
  - Launch 3 Months BIBOR Futures and 6 Months THBFIX Futures
        - Thailand Clearing House (TCH) allowed Foreign Currency Collateral
 
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March 21, 2011
  Launch additional Single Stock Futures (Batch III)
 
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June 20, 2011
  Launch Silver Futures and extension of trading hours (Night Session)
 
October 17, 2011
  Launch Brent Crude Oil Futures
 
June 5, 2012
  Launch USD Futures
 
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October 29, 2012
  Launch Sector Futures
SET50 Index Futures and SET50 Index Options Contract Specification adjustment
 
March 8, 2013
  Increase position limit of Single Stock Futures
 
March 18 , 2013
  Launch additional Single Stock Futures (Batch IV)
 
July 15, 2013
  Launch additional Single Stock Futures (Batch V)
 
September 2, 2013
  Lowers the minimum volume for block trade and allow Silver, Oil and Sector Futures to use block trade.
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Operations
          Thailand Futures Exchange (TFEX) was established under the derivatives ACT of B.E. 2546(2003) and is governed by the Securities and Exchange Commission (SEC). Under the current ACT of B.E. 2546(2003), TFEX is allowed to trade Futures, Options and Options on Futures where the permitted underlying assets are: 

    

• Equities: Index and Stocks
• Debt: Bonds and Interest Rate
• Commodities: Gold, Silver and Crude Oil
• Others: Exchange Rate and other as may be announce by the SEC
          Our mission is to be a world class exchange in trading and hedging of Thai derivatives products. We have committed ourselves to provide an efficient infrastructure to the market participants, promoting knowledge based environment, maintaining a fair and transparent market and remaining customer oriented. We pride ourselves in our qualities and our dedication to lead Thailand to sustainable growth.
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Code of Ethics
          The purpose of the Code of Ethics is to give general statements of the principles of ethical conduct in order that TFEX’s personnel and its member may fulfill their duty to the public, to the profession and their fellow members. TFEX personnel shall act at all times with fairness, courtesy and good faith to their associates, employers, employees and clients, and with fidelity to the public needs. They shall uphold the values of truth, honesty and trustworthiness and welfare and the environment. In keeping with these basic tenets, TFEX personnel shall adhere to the following guideline:
  • General Guidelines
    o Guidelines for individual personnel
    o Guidelines for investors, clients, members and the public
    o Guidelines for the company
  • Guidelines for fellow employees
  • Guidelines for misconduct
 
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TFEX roles in Thailand Economy
        Thailand Futures Exchange plays an important role in the stability and sustainability of Thailand financial market and economy. Derivatives products such as futures and options are great tools which investors can use to protect their portfolio from unanticipated events: adverse foreign-exchange rate or interest-rate movements or unexpected increases in input cost. Because derivatives products can have many underlying assets such as stock index, fixed income instruments, exchange rates, gold, silver, crude oil and agricultural products, it is a very versatile instrument. For example, companies that depend heavily on raw-material inputs or commodities are sensitive to the price change of the inputs. Airlines, for example, consume lots of jet fuel. They can use futures contracts to protect themselves against commodity price increase.

        For the financial market, companies can hedge interest-rate risk in various ways. Consider a company that expects to sell a division in one year and at that time to receive a cash windfall that it wants to "park" in a good risk-free investment.
If the company strongly believes that interest rates will drop between now and then, it could take a long position on interest rate futures contract. The company is effectively locking in the future interest rate.
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1. Product
         Our goals are to provide investors, fund managers, financial institution and the general public with the necessary tools to manage their portfolio effectively. Currently we have SET50 Index Futures, SET50 Index Options, Gold Futures, Silver Futures, Interest Rate Futures and Single Stock Futures. We are constantly developing new product that will benefit the current market. Recent development of TFEX to becoming a global derivative exchange includes Block Trading and Extended Trading Hours of Precious metals Futures.

2. Diversity of Participants
        The diversity of market participants is very important for the derivatives market. A diverse group of market participants will help with liquidity and efficiency of the market. TFEX has continually host and co-host with many of our members in order to further educate institutional investors and local investor to better understand derivatives products. We have also work side by side with many of our foreign and institutional investor so that we may gain a better understanding from their perspective and therefore help ease any restriction they may have.

3. Liquidity
        Liquidity risk is the risk that you will not be able to sell an asset, or more generally unwind a trade, for an amount of cash close to its expected value at any given moment. We realize this and therefore we have several Market Makers who are our members and also institutional investors. The market makers play an important role in the secondary market as catalysts, particularly for enhancing liquidity and, therefore, for promoting long-term growth in the market.

4. Education and Public Relations
        Making ourselves known to the public is one of our major goals. Here at TFEX, we adopt an approach strategy so that we may directly engage with our respective clients. TFEX along with its member have hosted many nationwide events such as seminars, Money Expo and SET in the city. These are all parts of our strategy to better educate both institutional and local investors.
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Member of International Organization
The International Options Markets Association - IOMA
TFEX is a member since 2006.
Futures Industry Association – FIA
TFEX is a member since 2006.
The Swiss Futures and Options Association - SFOA
TFEX is a member since 2008.
   
Legal Entity Identifier (LEI)

TFEX LEI : 5493006G4X6OUMF0CE07
TCH LEI : 5493006L9QU2265UKZ88


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