What Thailand Futures Exchange Public Company does

Thailand Futures Exchange Public Company Limited (TFEX) is Thailand's sole regulated derivatives exchange, operating under a license from the Securities and Exchange Commission (SEC) of Thailand granted under the Derivatives Act B.E. 2546. Established in 2004 and launched in 2006, TFEX is a wholly-owned subsidiary of the Stock Exchange of Thailand (SET) and is headquartered at the SET Building in Bangkok. It serves Thai retail investors, institutional investors (asset managers, hedge funds, corporates), and foreign investors seeking exchange-traded exposure to Thai equity, currency, commodity, and interest rate markets.

TFEX operates an electronic central limit order book that matches orders on a Price-then-Time Priority basis, with Thailand Clearing House (TCH) acting as central counterparty for trade novation, mark-to-market, margin collection, and settlement. The product suite spans five asset classes: equity (SET50 Index Futures/Options, Sector Index Futures across BANK/ICT/ENERGY/COMM/FOOD, Single Stock Futures), precious metals (Gold Futures, Gold Online Futures, Mini Gold Online Futures, Silver Online Futures, Gold-D), currency (USD/THB, EUR/THB, JPY/THB, EUR/USD, USD/JPY Futures and USD/THB Options), interest rate (5Y Government Bond Futures), and agriculture (Japanese Rubber, RSS3, RSS3D Futures). The platform supports streaming internet trading, Direct Market Access (DMA), algorithmic trading licenses, Block Trade services for large single-stock futures, and Co-Location facilities for members. Order-type features include Combination Orders for multi-leg strategies and Condition Orders (Stop/Bracket) for risk management. Distribution occurs exclusively through SEC-licensed broker members (16+ firms including KGI, Kasikorn Securities, Trinity, Phillip, and YLG), supplemented by the TFEX Academy+ investor education program with 6 basic and 50 professional courses, SET in the City roadshows, and Click2Win trading simulation.

TFEX generates revenue primarily through per-contract exchange transaction fees charged on both buyer and seller (e.g., up to 7 baht per SET50 Index Futures contract, up to 14 baht per Gold Online Futures contract, plus 2 baht data fee), with brokerage commissions set independently by member brokers. The exchange operates under investor protection via the Derivatives Investor Protection Fund (DIPF), providing up to 1 million baht coverage per investor per incident. In February 2026, TFEX announced a strategic initiative to attract 2 million investors through a major product overhaul and infrastructure restructuring scheduled for January–February 2027.

Name

Thailand Futures Exchange Public Company

Legal name

บริษัท ตลาดสัญญาซื้อขายล่วงหน้า (ประเทศไทย) จำกัด (มหาชน) (Thailand Futures Exchange Public Company Limited)

Website

https://tfex.co.th

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

251–500 employees

Short description

Thailand Futures Exchange Public Company (TFEX) is Thailand's sole SEC-licensed derivatives exchange, offering futures and options across equity, precious metals, currency, interest rate, and agriculture asset classes to retail, institutional, and foreign investors via licensed broker members.

Ownership category

akta.pro rank

Product category

Derivatives Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

FX Derivatives Exchanges (Currency Futures & Options) (FSAFABAC)

akta.pro secondary industry

FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC)

Keywords

• Derivatives exchange
• Futures trading
• Options contracts
• Commodity futures
• Currency derivatives

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Exchange Transaction Fees: TFEX charges exchange fees per futures and options contract traded, levied on both buyer and seller. Fee rates vary by product (e.g., up to 7 baht/contract for SET50 Index Futures, up to 14 baht/contract for Gold Online Futures). Additional data fees are charged per contract.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

TFEX operates an electronic derivatives exchange offering futures and options contracts across equity indices, single stocks, precious metals, currencies, interest rates, and agricultural commodities. The platform serves retail, institutional, and foreign investors through a network of SEC-licensed broker members. Revenue is generated from exchange transaction fees charged per contract on both buyer and seller sides.

Product overview

Thailand Futures Exchange Public Company (TFEX) operates a multi-asset derivatives trading platform offering Futures and Options contracts across five product categories: Equity (SET50 Index Futures/Options, Sector Index Futures, Single Stock Futures), Precious Metals (Gold Futures, Gold Online Futures, Mini Gold Online Futures, Silver Online Futures, Gold-D), Currency (USD/THB, EUR/THB, JPY/THB, EUR/USD, USD/JPY Futures/Options), Interest Rate (5Y Government Bond Futures), and Agriculture (Japanese Rubber, RSS3, RSS3D Futures). The exchange provides supporting services including TFEX Academy+ educational platform, various order types (Combination Order, Condition Order), trading tools (Margin Simulator, Futures Calculator, Options Calculator, Gold Calculator), and Direct Market Access. All products are traded on a single unified platform under the TFEX brand, regulated by the Thai SEC.

Differentiator

Problem solved

Functional benefit

Products and services

• SET50 Index Futures Equity index futures contract based on SET50 Index with 200 THB multiplier per index point, cash settlement, and up to 6 contract months. For investors seeking to trade or hedge Thai equity index exposure.
• SET50 Index Options Options contracts based on SET50 Index allowing traders to implement various strategies with limited risk for option buyers. For investors seeking directional or volatility-based equity exposure.
• Sector Index Futures Futures contracts on sector indices including BANK, ICT, ENERGY, COMM, and FOOD sectors. For investors seeking targeted exposure to specific Thai economic sectors.
• Single Stock Futures Futures contracts on individual stocks listed on SET, providing targeted exposure to specific securities. For investors seeking leverage on individual stock positions.
• Gold Futures (GF) Standard gold futures contract with physical delivery option, referencing 99.5% purity gold. For investors seeking gold exposure with physical settlement option.
• Gold Online Futures (GO) Online gold futures referencing international gold prices (LBMA) with 300x multiplier, cash settlement, no currency risk exposure. For investors seeking global gold exposure in baht terms.
• Mini Gold Online Futures (MGO) Smaller-sized gold futures with 30x multiplier, designed for retail investors with lower capital requirements. For retail investors seeking affordable gold exposure.
• Silver Online Futures Online silver futures referencing international silver prices with cash settlement. For investors seeking silver exposure with global price reference.
• Gold-D Gold futures with physical delivery option at expiry, referencing 99.99% gold. For investors and jewelers seeking physical gold delivery.
• USD/THB Futures Futures contracts on USD/THB exchange rate with delivery and cash settlement options. For investors and corporates hedging USD/THB currency exposure.
• USD/THB Options Options contracts on USD/THB exchange rate for hedging and speculation. For investors and corporations managing baht/dollar exposure.
• EUR/THB Futures Futures contracts on EUR/THB exchange rate. For investors and corporations hedging EUR/THB exposure.
• JPY/THB Futures Futures contracts on JPY/THB exchange rate. For investors and corporations hedging JPY/THB exposure.
• EUR/USD Futures Futures contracts on EUR/USD exchange rate. For investors hedging or speculating on the major global currency pair.
• USD/JPY Futures Futures contracts on USD/JPY exchange rate. For investors hedging or speculating on the major global currency pair.
• 5Y Government Bond Futures Futures on 5-year Thai government bonds for interest rate hedging. For investors and institutions managing Thai interest rate exposure.
• Japanese Rubber Futures Futures on Japanese rubber for agricultural commodity exposure. For participants in the rubber industry seeking price hedging.
• RSS3D Futures RSS3 rubber futures with physical delivery option. For rubber producers and consumers seeking price hedging with physical settlement.
• RSS3 Futures RSS3 rubber futures with physical delivery option. For rubber producers and consumers seeking price hedging with physical settlement.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Tokyo Commodity Exchange (TOCOM)minorStrategic or Co-development Partner · 9 June 2016TFEX signed a cooperation agreement with Tokyo Commodity Exchange (TOCOM) on June 9, 2016, to explore joint opportunities in commodity derivatives markets.
• Options Industry Council (OIC)minorStrategic or Co-development Partner · 5 September 2008TFEX signed a memorandum of understanding with the Options Industry Council (OIC) on September 5, 2008, to support investor education and market development for options products.
• Chicago Board Options Exchange (CBOE)minorStrategic or Co-development Partner · 16 May 2008TFEX signed a memorandum of understanding with the Chicago Board Options Exchange (CBOE) on May 16, 2008, to foster cooperation in options market development and knowledge exchange.
• Taiwan Futures Exchange (TAIFEX)minorStrategic or Co-development Partner · 9 April 2007TFEX signed a cooperation agreement with Taiwan Futures Exchange (TAIFEX) on April 9, 2007, to promote cooperation and information exchange in derivatives market development.
• Thailand Clearing House (TCH)coreOthersThailand Clearing House (TCH) serves as the central counterparty clearing house for all TFEX trades, handling trade novation, mark-to-market, margin collection, and settlement. TCH also determines margin rates and clearing fees for TFEX products.
• Stock Exchange of Thailand (SET)coreOthersTFEX is a wholly owned subsidiary of the Stock Exchange of Thailand (SET). SET provides corporate governance, shared services, and infrastructure support. TFEX's headquarters are located in the SET building.

Scale indicators1 record

Recent moves12 records

Expansion highlights6 records

Broad incumbents

• Intercontinental Exchange (ICE): Global exchange and clearing operator with broad derivatives franchises across commodities, credit, and equities. Competes for institutional cross-border flow that could otherwise be intermediated via Asian venues like TFEX.
• Eurex (Deutsche Börse): Europe's largest derivatives exchange offering equity index, interest rate, and commodity derivatives. Broadly comparable electronic derivatives infrastructure operator competing for global institutional flow.
• CME Group: Largest global derivatives exchange operator across interest rate, equity index, currency, and commodity products. Sets the technology and liquidity benchmark that Asian derivatives exchanges like TFEX measure themselves against.

Emerging players

• National Stock Exchange of India (NSE): Operates India's largest derivatives exchange with equity index, stock, and currency futures. Comparable in retail-driven volume profile and emerging-market regulatory structure; potential competitor for South/Southeast Asian institutional flow.

Direct peers

• Singapore Exchange (SGX): Operates one of Asia's leading multi-asset derivatives exchanges offering equity index, currency, and commodity futures and options. SGX directly competes with TFEX for regional institutional and cross-border Thai-market hedging flow.
• Japan Exchange Group / Osaka Exchange (JPX): Operates Japan's principal derivatives venue covering equity index, currency, and commodity futures and options. Directly comparable multi-asset derivatives exchange serving regional institutional and retail flow in Asia.
• Taiwan Futures Exchange (TAIFEX): Taiwan's primary derivatives exchange offering equity index, single stock, and currency futures/options. Closest geographic and product-structure peer to TFEX; already a cooperation partner since 2007.
• Hong Kong Exchanges and Clearing (HKEX): Runs a major Asian derivatives exchange with equity index, currency, and commodity products. HKEX competes with TFEX for institutional Asian derivatives flow and offers a deeper liquidity pool for cross-border participants.
• Korea Exchange (KRX): Operates Korea's derivatives market with KOSPI 200 options/futures and currency products. Comparable Asian derivatives exchange with similar regulatory-monopoly structure and retail-heavy volume profile.
• Bursa Malaysia (Derivatives): Malaysia's exchange operator running equity index, currency, and crude palm oil derivatives. Comparable ASEAN single-licensed derivatives venue with overlapping regional institutional investor base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/tfexstation
• YouTubeyoutube.com/user/setgroupofficial
• Facebookfacebook.com/TFEXStation
• Instagraminstagram.com/set_thailand
• LinkedInlinkedin.com/company/tfex.

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thailand Futures Exchange Public Company