Background

The Thai Bond Market Association (ThaiBMA) is a securities business related association under the Securities and Exchange Commission Act B.E. 2535. Its main purposes are to be a self-regulatory organization (SRO) for a fair and efficient operation of the bond market and to be an information center for the Thai bond market. It also plays functional roles on market development, market convention and standards and being Bond Pricing agency for the industry. In addition, ThaiBMA provides a forum through which industry professionals can response to current issues and play a role in shaping the future of the Thai bond market.

Background

Although the ThaiBMA was granted a securities business related association and SRO status
from the SEC in September 2005, its foundation has started for more than a decade.

1994 BDC

The Bond Dealers Club

BDC · under the Association of Securities Companies

In November 1994, the Bond Dealers Club (BDC) was formed under the structure of the Association of Securities Companies (ASCO). Main role of the BDC then was a facilitator of infrastructure for bond trading by introducing an electronic bond trading system, called “Bondnet”, the first bond trading platform in the history of the Thai bond market.

1998 ThaiBDC

The Thai Bond Dealing Centre

ThaiBDC · restructured under the SEC Act

After 3 years of its operation, BDC changed its legal status to be in line with its membership structure and to support a more expansive bond market. So, it was restructured as the Bond Exchange under the SEC Act and renamed “The Thai Bond Dealing Centre” (ThaiBDC) in April 1998. The primary roles of the ThaiBDC were to facilitate the operation of the secondary market for bond trading and perform active roles in many areas with regards to bond market development. One of its missions was to move forward towards being efficient self-regulatory organization (SRO) to oversee the orderly function of the bond market.

2005 ThaiBMA

The Thai Bond Market Association

ThaiBMA · licensed securities association

ThaiBDC continually expanded its functions and played active roles in various areas of bond market development. In December 2004, Bond Market Development Committee chaired by the Minister of Finance initiated bond market reform in Thailand. One of the measures was to centralize securities trading platform by migrating electronic trading platform owned by ThaiBDC to the Stock Exchange of Thailand (SET) while ThaiBDC would expand its full functions as the SRO and information center for Thai bond market.

To reiterate its focus on SRO and information center function, ThaiBDC, with the support from the SEC, was granted the license of a securities related association under the SEC Act and was renamed “The Thai Bond Market Association” (ThaiBMA) on September 8th, 2005.

ThaiBMA members

Pursuant to the regulation of the SEC, a financial institution having debt securities dealing license is required to be a member of ThaiBMA. As of 30 April 2026, membership of ThaiBMA consists of 56 financial institutions, including banks and securities firms. Membership of ThaiBMA is divided into 3 categories:

43 Ordinary Member

Ordinary Member is a financial institution having debt securities dealing license (dealer).

8 Associate Member

Associate Member is a financial institution that has debt securities dealing license but remain to have average monthly trading value in the past one year less than THB 100 million.

5 Extraordinary Member (IDB)

Extraordinary Member is a securities company that has inter- dealer brokerage license (IDB).

Roles and functions of ThaiBMA

ThaiBMA plays key functional roles in five main areas.

Self-Regulatory Organization (SRO)

ThaiBMA oversees and monitors the conduct of its members in order to ensure fairness and efficiency in debt securities trading industry. It is committed to retaining the confidence of its members, regulators and investors. SRO tasks comprise the following:

Act as the front-line regulator to detect any fraud or unfair trading practices by performing intraday market monitoring and post-trade surveillance.
Executing onsite and offsite inspection to ensure that members comply with relevant laws and regulations.
Issuing rules and guidelines regarding debt securities trading and good market practice.
Responsible for bond trader examination and registration, and provide ongoing education to ensure that their professional knowledge continues to be up-to-date with developments in the bond market.
Implement disciplinary procedures and enforcement actions.

Bond Information Center

Mandated as the sole information center for the Thai bond market, ThaiBMA collects, integrates and processes the data from both the primary and secondary bond markets. It also develops financial tools and information essential for the bond market and disseminates those information through its website www.thaibma.or.th, and www.ibond.thaibma.or.th. Examples are:

Yield curve: ThaiBMA publishes various types of government bond yield curves and corporate yield curve on a daily basis.
Bond information: ThaiBMA provides trading data, bond features, reference yields and relevant market news and regulatory updates.
Financial data: ThaiBMA develops a wide range of financial and quantitative tools such as bond indices, zero coupon yield curve, credit spread curve, key rate duration, bond portfolio analysis and industry financial ratio to be used for bond investment and portfolio management.

Association

ThaiBMA represents collective voices of members and promote dialogues among market participants to address issues affecting the bond market. ThaiBMA works actively with bond market stakeholders on a comprehensive range of market practices and convention to set standards and conventions.

Pricing Agency

In the role of “Bond Pricing Agency”, ThaiBMA provides daily mark-to-market prices for bond investors. Furthermore, it develops key benchmark indicators, including the yield curve, bond indices, and credit spread curve.

Market Development & Education

ThaiBMA is committed to enhancing market development and market education. It advocates for an efficient bond market and initiates a number of studies to the benefit of the whole industry. To expand investor understanding of the bond market, ThaiBMA provides extensive seminars and training programs for market participants and the general public.

Next step

As part of the bond market reform policies, SEC and related authorities have implemented several measures to support the roles of ThaiBMA. These measures include a mandatory membership of dealers and Interdealer broker at ThaiBMA. There will also be a requirement on registration of all bonds at ThaiBMA. With the strong support from regulators and members, ThaiBMA can perform to fulfill its commitment and bring in stability and integrity of the bond market in accordance to its objectives.