The Stock Exchange of Thailand, the kingdom’s primary trading venue, has signed a seven-year licencing agreement with Cinnober Financial Technology of Stockholm.
Most Liquid Exchange in ASEAN Region
Under the terms of the agreement, the exchange will continue to use Cinnober software (‘TRADExpress’) to process a number of its mechanisms. It first began using this system in September 2012. According to the press release, the SET has since become the most liquid exchange in Southeast Asia.
Stock Exchange of Thailand strengthens relationship with Cinnober: signs new seven-year agreement for multi-asset class trading infrastructure.
Read the press release: https://t.co/aqprTp0i2p@SET_Thailand pic.twitter.com/SwKOmXJ9v5
— Cinnober (@Cinnober) September 27, 2018
The SET was founded in 1975, and as of June 2018, its listed companies had a combined market capitalisation of 17.8 trillion baht, or $550 billion.
Dr. Pakorn Peetathawatchai, President of SET, said: “With Cinnober’s invaluable expertise, this partnership allows us to continuously achieve the top market position in the region while introducing world-class standards and best practices to Thailand’s capital market.”
Cinnober is a software provider for financial exchanges. Founded in 1998, it has now had more than 250 employees and a market capitalisation of approximately $204 million. Apart from the SET, Cinnober software is also used by major stock exchanges in Australia, Dubai, the UK, South Africa, and Japan.
In September 2018, the news broke that Nasdaq, the American stock exchange, is going to acquire the firm for $190 million.
Cinnober CEO Peter K. Lenardos commented on the signing: “Over the past 6 years, SET has successfully realized ambitious goals using Cinnober technology. A key to their growth has been streamlining client connectivity with the SET markets using global standards, while offering stability, speed and performance.”
Cryptocurrency in Thailand
Cryptocurrency is legal and regulated in the Kingdom of Thailand by way of a complex law passed in May of this year. Cryptocurrency-related businesses were given 90 days from the law’s passing to acquire a licence.
Specifically, Bitcoin, Ethereum, Litecoin, Ripple, Stellar, Bitcoin Cash and Ethereum Classic can be legally traded.
Shortly after signing the law, the SET launched a blockchain-based crowdfunding marketplace called LiVE. 58 companies immediately registered to join. South Korean cryptocurrency exchange Bithumb also applied for a licence to operate in the country.
(Photo: UN Women Asia & Pacific)
