The Securities and Exchange Commission (SEC) expects to launch the Securities Data Exchange Platform, also known as the Securities Bureau, by early 2026 as part of efforts to strengthen risk management in the brokerage system.
The platform is meant to serve as a centralised database for margin loan information across all securities firms, addressing structural weaknesses exposed by the More Return (MORE) scandal, which was discovered in November 2022.
Anek Yooyuen, the SEC’s deputy secretary-general and spokesperson, said the Securities Bureau will allow securities companies to access shared client data to better assess credit risk before extending margin loans. The approach is similar to how commercial banks use information from the Credit Bureau to evaluate borrowers’ creditworthiness.
The initiative was developed in response to severe market disruptions caused by the MORE case, in which a single investor reportedly obtained margin loans from multiple brokers to purchase MORE shares but failed to settle payment on time.
The incident left several brokers absorbing losses of over 1 billion baht and sparked concerns over market integrity and systemic risk management.
Mr Anek said the bureau will provide a data-sharing channel among securities firms, enabling them to cross-check clients’ trading credit exposure and minimise potential default risks.
A pilot test is slated for next month, with full implementation expected by the first quarter of next year. However, he said the platform’s effectiveness will depend heavily on brokers’ cooperation in submitting accurate and timely data.
To complement the new system, the SEC is also revising regulations governing how brokers determine and review clients’ credit limits. Firms will be required to verify and exchange essential client information before approving or renewing margin credit lines, ensuring that lending levels align with clients’ repayment capacity.
The SEC expects this measure to reduce systemic risk and promote responsible lending practices, said Mr Anek.
The regulator is also tightening short-selling and margin lending rules to enhance clarity and investor protection. Under the revised framework, brokers may accept short-sell orders from clients only if they have verified the source of borrowed securities with a confirmed location in compliance with SEC guidelines.
The SEC is reviewing the rules governing margin loans and futures brokerage services to ensure proper oversight and risk mitigation. The margin lending framework is being adjusted by lowering the leverage cap from five times shareholders’ equity to four times, ensuring a more prudent risk structure across brokerage firms.
The push for reform follows lessons learned from the MORE scandal, one of the most significant market manipulation cases in Thailand’s capital market history. The scandal involved an unusually large volume of MORE shares worth 4.5 billion baht traded in a single day.
When the buyer failed to settle, several brokers were forced to shoulder massive losses, exposing critical flaws in the clearing and settlement process.
The incident severely shook both domestic and foreign investors’ confidence and underscored how a single case of misconduct could ripple across the entire market ecosystem, from brokers and investors to regulators. In response, the SEC and the Stock Exchange of Thailand launched investigations and introduced new measures to strengthen oversight.
Despite its short-term impact, the MORE case became a turning point for Thailand’s capital market, accelerating systemic reforms, enhancing transparency, and reinforcing public trust.