Public Hearing on Updated Trading Rules for Digital Assets Trading

Modified on Fri, 27 Oct 2023 at 01:00 PM

Principle


The Company has been using the Trading Rules for a while and considered updating them to be more transparent and current. The purposes of this update are to ensure the operations that meet the customers’ need, to improve the efficiency of trading system, and to expand the flexibility of processes pertaining to digital asset trading by adhering to the principle of disclosing the criteria and method, and informing the customers before proceeding further.


The main points of this public hearing for updated Trading Rules are as follows.


1. Adjustment to allow the Company to add other types of trading orders and additional conditions for each type of order by requiring every digital asset to have a minimum basic order, namely Limit Order and Market Order. If new order features will be added, the Company is allowed to consider adding additional orders in the future further from the minimum basic order. Customers and related parties, however, will be notified before the change becomes into effect.


2. The Company shall determine the system or method that prevents sending trading orders that may be considered inappropriate unintentionally by the customer or any other inappropriate orders with the purpose to protect investors from such events. The Company will announce relevant conditions through the Company's communication channels.


3. Additional orders or conditions for Limit Orders; customers will have an alternative to send a Post Only order that will require the system to verify and make sure that there will be no matching before such a Limit Order is being placed into the Order Book. This will help make it more convenient for the market makers when placing orders.


4. The calculation of fee rates will be more flexible and suitable for the provided services. The Company will announce the changes through the Company's communication channels (if any).


5. The Company currently provides appropriate communication channels to the customers including the channel where the customers can check the transaction summary by themselves. In addition, the Company shall consider adding more channels where the customers can more effectively check their trading summary.


Impact


Relevant party

Positive impact

Negative impact

Digital asset business provider (Company)

- Adjustment of the Trading Rules to be more transparent and current, and aligned to the Company’s operations.


- Adjustment of order sending conditions that will help prevent unintentionally sending of inappropriate orders and other unfair actions.


- More flexibility in fee rate calculation to be more suitable for the provided services and business.


- Ability to communicate, including changes (if any), with the traders/user more effectively and real-time through the communication channels designated by the Company.

- Needs to prepare and update the system according to the new Trading Rules.



- Needs to improve or prepare a new agreement with the customers regarding the new fee rate calculation and conditions accordingly.

Trader/user

- Has more options to send trading orders according to the conditions set by the Company.


- Has a tool that will help prevent unintentionally sending of inappropriate orders.


- Ability to effectively obtain the details of fee rate calculation as well as changes (if any) through the communication channels designated by the Company.

- Must understand more about the advantages and limitations of the trading order placing conditions that have been updated.

Market maker

- Has more options to send trading orders according to the conditions set by the Company.


- Has a tool that will help prevent unintentionally sending of inappropriate orders.


- Ability to effectively obtain the details of fee rate calculation as well as changes (if any) through the communication channels designated by the Company.

- Must understand more about the advantages and limitations of the trading order placing conditions that have been updated.

ICO portal provider

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Token issuer

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Enforcement guideline

This guideline for enforcement and supervision under the guideline will come into effect after the Company receives approval of the amendments to the digital asset Trading Rules from the Securities and Exchange Commission. The details will be announced to customers and related parties through the communication channels of the Company accordingly.


Definitions of related terms mentioned in the public hearing on the updated Trading Rules


Related Terms

Definition

Limit Order

Matching of buy and sell orders sent in Thai baht (Conversion Rate) at the same rate or at a better price than is available in the market. By placing a buy or sell Limit Order, buyers or sellers can set the desired maximum limit that they are willing the buy or sell.

Market Order

Matching of buy and sell orders at the price that the buyer is willing to pay in Thai baht for the amount of assets that the seller is willing to sell in order. The buy and sell orders will be matched in every conversion rate in order to get the best possible rate in Thai baht or digital asset amount at the rate that the buyer or seller sets.

Maker-Order

Order that is sent to wait for matching (buy or sell)

Market Maker

A person who is responsible for maintaining the market liquidity by placing buy orders (Bids) or sell orders (Asks) in order the offer the liquidity to the system.


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