Published On: Sun, Feb 14th, 2010

Thai Futures Exchange Ready To Accept New Gold-related Agents

Thailand Futures Exchange PCL (TFEX) is now accepting applications to be gold-related agents. Having these agents will further develop and expand gold futures market. Many gold shops are interested to join and TFEX is studying the feasibility of extending trading hours, revealed TFEX Managing Director Kesara Manchusree.

Last year, TFEX accepted five gold-related agents (GT Wealth Management Co., Ltd.; Hua Seng Heng Gold Futures Co., Ltd., MTS Gold Futures Co., Ltd.; TC Ausiris Futures Co., Ltd.; and YLG Bullion & Futures Co., Ltd.), to jointly develop the gold futures market. These five agents have a market share in gold futures of over 40%. Other gold shops wish to join as gold-related agents also, which will support growth of gold futures. TFEX, therefore, has a policy to support this matter.

“TFEX is cooperating with the Securities and Exchange Commission (SEC) and Thailand Clearing House Co., Ltd. (TCH), about this issue. The applicants must file for permission to operate the gold futures business from SEC and apply for TFEX and TCH membership at the same time. To become TFEX members, gold shops must meet the same standards applied to existing members, which includes financial status, business plans, personnel, and operating systems to ensure that the applicants are ready to serve investors,” said Ms. Kesara.

Currently, TFEX has 41 members, five of whom are gold-related agents, while the rest are derivatives trading members. However, 36 of 41 securities companies have license to trade securities and derivatives, while two firms have asked to cease the business due to merges.

“The Futures Industry Club (FI Club) has suggested extending trading hours. TFEX is now conducting a feasibility study on the proposal, including considering the effects on operating systems of TFEX and its members. TFEX is now surveying opinions from member companies on these matters, and the outcome has not yet come to conclusion,” said Ms. Kesara.

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