The Thailand Securities and Exchange Commission (SEC) is taking a major step towards digitalizing the country's capital market by implementing a DLT-based debt instrument trading system. This move aims to streamline bond trading processes, enhance efficiency, and address existing challenges faced by both investors and issuers.
The Thailand Securities and Exchange Commission (SEC) is poised to revolutionize the debt instrument trading system by implementing a DLT -based platform. This initiative aims to encourage securities firms to embrace digital token trading , marking a significant step towards digitalizing Thailand's capital market .
Jomkwan Kongsakul, the deputy secretary-general of the SEC, revealed that the regulator has already approved four digital token projects and is currently evaluating two more, with a particular emphasis on green tokens and investment-driven initiatives. The traditional bond trading process presents several challenges. Investors often face delays of 7-14 days before purchased bonds become available for trading in the secondary market, along with limited access to certain products and the high cost and illiquidity of some bonds. Issuers, on the other hand, grapple with extensive manual paperwork, which is prone to errors and delays. By leveraging Distributed Ledger Technology (DLT), the SEC seeks to address these barriers and enhance efficiency in the capital market. The regulator envisions a fully digitized bond trading system encompassing both primary and secondary markets, streamlining processes related to settlement, trading, investor registration, and return payments. Kongsakul emphasized that competition will remain open, allowing firms with their own DLT infrastructure to establish independent chains as long as they ensure interoperability within a unified standard. A standardized framework for data connectivity within the digital securities ecosystem is crucial. Companies without their own chains can access the SEC's public chain at an affordable cost. Looking ahead, multiple chains may emerge for trading, all interconnected through a shared ledger, expected to be finalized soon. Existing financial products will be converted into digital counterparts, facilitating smooth transactions on the DLT network. This approach promotes fractional trading at reduced costs, boosts liquidity by attracting more participants, and enables real-time transactions, minimizing settlement issues. Furthermore, the regulator is developing the SEC Open API data platform to provide comprehensive data on all listed companies, empowering investors to conduct better analyses and make more informed investment decisions.
DLT Debt Instruments Thailand Securities And Exchange Commission (SEC) Digital Token Trading Capital Market
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