T-Box (Thailand) Co., Ltd. (“the Company”), as a digital asset trading center, has set the rules for trading digital assets for this digital asset trading system in the company’s system is suitable, fast, cheap. Must and fairly by providing disclosure to customers through the company’s application channel. The Company’s trading rules are as follows:
- Overview of the process of trading digital tokens (Trading Rules)
- 1. Days and Hours of Operation (Trading Days and Hours)
The company has the day and business hours of the company from 9:00 a.m. to 6:00 p.m. (Monday – Friday). For the company’s digital asset trading center system, it is open and has business hours every day from Monday – Sunday and has Business hours 24 hours a day as detailed in the table below.
Business hours (GMT+7)
Business hours of the asset trading center system (Monday-Sunday)
00.00 a.m. to 11:59.59 p.m.
company business hours (Monday-Friday)
9:00 a.m. to 6:00 p.m.
In the off-hours of the company, there will be a shift of 1-2 employees of each department. or as appropriate to provide services to customers and to take care of the orderliness of the service within the scope of responsibility
Information Technology Department
In case of suspension of service for system maintenance, the Company will notify the customer at least 24 hours in advance, with at least the following information:
(1) Reason for suspension of service
(2) a clear date and time for system improvement
(3) the day and time that the business is open as usual
(4) Contact or complaint channels
- 2. Reference Price
The company has a system in which to set the reference price of each digital token in order to set the maximum and minimum price ranges for trading. By setting the aforementioned reference price, the Company uses the following principles:
- 2.1. In case of digital tokens are traded, the reference price shall be set according to the market price of the digital token.
- 2.2. In the event that digital tokens are not traded but there is an offer in the order book base, the reference price is in accordance with the best bid price in the base of the quote system (Best Bid Price/Best Ask Price) as follows:
(1) If the original quote is lower than the best bid price Have the quote change to the best bid price.
(2) If the original quote is higher than the best bid price Have the reference price change to the best selling price.
- 2.3. In the event that the digital token is not traded and there is no trading order in the order base, the previous reference price will be used.
- 3. Determining the price range that can send orders (Price Collar)
The company provides a system for calculating the maximum and minimum trading price ranges of each digital token as detailed below.
- 3.1. Determined from the quote price which is multiplied or divided by 1.3. For example, if the reference price of the digital token is 90 baht, the maximum trading price of the company is 117 baht (90*1.3) and the lowest is. at 69.23 baht (90/1.3), etc. The company may change the numbers used to calculate the highest and lowest prices by considering many factors such as trading behavior in the system. investor protection related law or in the case that it is specified in the information sheet, etc.
- 3.2. The determination of the highest and lowest prices, 1.3 only comes from the fact that the Company considers similarities between the Thai and European stock exchanges, which cater to retail investors. The company then explored the price control mechanisms used by leading European exchanges and decided to use the Swiss Exchange (SIX) Price Collar Factor (PCF) pricing method, which is now the largest stock exchange. Third in Europe by revenue, the PCF is set at 1.3 in accordance with the SIX Trading Parameters Guideline and is used for virtually all securities on the exchange, including blue-chip shares, mid/small-cap shares secondary- listing shares sponsored-foreign shares investment funds ETF, whereby the Company will use PCF, which is set at 1.3x for all digital tokens registered with the Company. The PCF figures specified by the Company are subject to change. by considering many factors such as trading behavior volume and price of digital tokens, etc., for the purpose of stabilizing the trading center and trading of clients.
- 4. Determination of the maximum and minimum number of tradable digital tokens
Orders with the number of digital tokens higher or lower than the Company’s limit are to be rejected for all types of clients as detailed below.
- 4.1. An order that will give the Buyer the possession of digital tokens that amount to more than 5 percent of the total amount of digital tokens issued and offered for sale. If such orders are matched in the system, the company may change the proportion of the digital token amount based on several factors such as trading behavior in the system. investor protection related law or in the case specified in the digital token offering registration form, etc.,
- 4.2. An order with a decimal number of digital tokens, that is, the Company stipulates that the delivery of digital tokens orders in the Company’s Trading Center can only be made in cases where the number of digital tokens is set to an integer.
- 5. Determination of the maximum and minimum value of digital tokens that can be traded
Requires rejection of orders with a higher or lower amount of digital tokens set by the Company as detailed below.
- 5.1. Orders with the number of digital tokens less than 1 digital token
- 5.2. The Company does not set a maximum value that the Client can place an order. But it is subject to the rules on the maximum number of digital tokens set by the company in accordance with Article 1.4.1. Including the reporting of trading information as required by the relevant regulatory agencies.
- 6. Digital Token Trading Process
The company defines the process of trading all digital tokens with the following sequence of operations.
- 6.1. Order Placement
- 6.2. Order Queuing
- 6.3. Order Matching
- 6.4. Clearing and Settlement
- 6.5. Reporting and notifying the results of transactions (Transaction Report)
- 7. Market Maker
The company may designate a market maker for each digital token.
- Digital Token Offer (Order Placement)
- 1. Channels for sending purchase orders
The customer who wishes to place a digital token trading order in the Company’s trading center must be the one who submits the order. in person through the company’s application by having to log in to the user account that has been registered with the company and fill in the required information such as the price you wish to trade. and the number of digital tokens, etc.
- 2. Types of trading orders
The Company provides two types of trading orders which are Limit Order and Market Order. Each order has the following details:
- 2.1. Limit order type
It is an order in which the system will match the bids that quote digital tokens against Thai Baht (Conversion Rate). at the rate specified by the sender or at a price better than what is available in the base of the Order Book by placing Limit Order Quote Buyer or seller can limit the maximum price they want to buy or sell at the price they set.
- 2.2. Market Orders
It is an order in which the system will match the bids that offer the digital token price per baht (Conversion Rate) to the person who placed the order. at the best bid price available in the trading system at that time
- 3. Cancellation of an order
- 3.1. Limit order type
The Client may cancel an offer in the system through the Application at any time in the part where the order has not yet been matched. The Company does not charge any cancellation fee. If there is an unmatched order pending in the system after the end of the business day (11:59:59 p.m.), such order will still be recorded in the base. Next Business Day Matching Proposal
- 3.2. Market Orders
In most cases, market orders are instantly matched in the system. However, the Client may cancel the offer in the system through the Application at any time in the part where the order has not yet been matched by the Company. No cancellation fee will be charged. business day (23.59:59). Such orders will continue to be recorded in the base of the matching bids on the next business day.
- 4. Deduction of total assets and fee deduction
- 4.1. when the customer confirms the submission of a digital token offer the system will immediately deduct the amount of baht or digital tokens (as the case may be) from the customer’s asset account according to the value and amount that the customer sends orders. including trading fees at the rate specified by the company Such deduction does not actually debit the customer’s baht or digital tokens. Until the next pairing, payment, and delivery are made.
- 4.2. In the event that the customer has insufficient assets in the account to deduct the baht balance or digital tokens or fees according to Clause 2.4.1, the system will not carry out such trading orders, that is, the customer cannot place the trading orders. The system will immediately notify the reason of not sending orders to customers.
- 4.3. In the event that a trade cannot be matched and the order is cancelled the company will refund the amount of baht. and/or digital tokens (as the case may be) in the client’s asset account according to the value and amount of digital tokens ordered with fees
- 5. Rejection of an offer order
The Company and the system may refuse to carry out matching or placing orders as follows:
- 5.1. An order in which digital tokens are offered for sale which are priced above or below the price range specified by the Company in accordance with Article 1.3.
- 5.2. An order in which digital tokens are offered for sale with a value that is higher or lower than that specified by the Company in accordance with clause 1.5.
- 5.3. An order in which digital tokens are offered for sale with a higher or lower amount of digital tokens specified by the Company in accordance with clause 1.4.
- 5.4. In the event of emergency and abnormal situations specified by the Company (Emergency and Extraordinary Situations) under Clause 3
- 6. Cancellation or suspension of an offer order by the Company
The Company reserves the right to cancel or suspend trading orders in the following cases:
(1) Available orders may be caused by defects or malfunctions of the system for which the Customer is not involved.
(2) In the case of emergency and abnormal situations specified by the Company (Emergency and Extraordinary Situations) under Clause 3
- Unusual events or emergencies (Extraordinary and Emergency Situation)
The Company determines any unusual or emergency situations that the Company may require that its Trading Center system to reject, cancel or suspend the Client’s trading orders with the following details.
- 1. Extraordinary Situation
In the event of an unusual event The Company may take necessary actions to maintain the stability, efficiency and orderliness of trading. The following events may be assumed to be unusual.
- 1.1. In the case of trading conditions trading volume or the price of digital tokens is highly volatile. The overall digital token price changes and falls a lot due to market pressure. due to disclosure of information or facts about the digital token issuer or digital token
- 1.2. In the case of trading conditions trading volume or the price of digital tokens is highly volatile. The overall digital token price changes and falls a lot due to market pressure. caused by the occurrence of important events or critical events that affect the overall picture of the country
- 1.3. Any other events that may affect trading conditions. trading volume or the price of digital tokens is highly volatile. or is it an unusual or unfair trading This may affect the stability, efficiency and orderliness of trading.
- 2. Emergency Situation
The following events may be presumed to be emergencies.
- 2.1. Errors or defects in the Company’s operation or service system, such as delivery and settlement systems. trading matching system, etc.
- 2.2. An order from a supervisory authority or government agency due to the discovery or suspicion of committing an offense or related to committing an offense using a company or digital token providing services on the Company’s other sales centers as tools in carrying out such operations.
- 2.3. Force majeure or any other event which, if not suspending or canceling the trade, may cause damage to the Client and the Company.
- 3. Actions in the event of an abnormal or emergency
To maintain the stability and efficiency of the trading market In the event of an abnormal or emergency, the Company may take the following actions:
- 3.1. Suspension of digital token trading (Suspension)
- 3.2. Rejection or Cancellation of Digital Token Orders
- 3.3. Declaration of emergency or abnormal situation including details of the company’s operations for customers and stakeholders to be informed with at least the following details:
(1) grounds for suspension or postponement of digital token trading; or grounds for refusing or canceling a trading order
(2) Processing time
(3) Normal service date and time
(4) Contact and complaint channels
In this regard, the guidelines for action in the event of an abnormality or emergency shall be in accordance with the guidelines set by the Company by may consider implementing the Business Continuity Plan or the incident that may affect the Company’s information security (Incident Management Plan).
- 4. How to act in the event of an abnormal or emergency
- 4.1. The Market Surveillance Department is responsible for stipulating that the Trading Supervisory Officer is responsible for monitoring the trading and conditions of the digital tokens provided on the Exchange. of the company If the trading supervisory authority determines that it is necessary to take any relevant action to maintain the stability and efficiency of the trading market. The trading supervisory officer will immediately submit the report to the Risk Management Committee for review. The Risk Management Committee is responsible for approving suspension of digital token trading (Suspension) and/or rejecting it. Cancellation of any digital token order (Rejection or Cancellation)
- 4.2. If the Risk Management Committee decides to suspend digital token trading The Trading Supervisory Officer shall notify the Operations Department to allow the Operations Department to notify the Company’s clients with at least the details of the notification provided in Clause 3.3.3 above, provided that the Client has been given at least 24 prior notices. Hours before the suspension of digital token trading. The notification must clearly state the date and start time of the digital token trading suspension. In addition, the Information Technology Department will place certain marks/symbols that are clearly visible within the digital token trading screens on the App. Company’s mobile application It will have the following marks/symbols:
“(SP) stands for “Suspension”, meaning the marked digital token has been suspended for a certain period of time. and customers cannot order this digital token.”
“(C) stands for “Caution”, meaning the marked digital token is not currently suspended from trading. but had been suspended trading within the past month. Customers should exercise caution when purchasing this digital token.”
For removing marks/symbols If the Company implements the removal of the digital token trading suspension and allows it to resume trading in accordance the (SP) mark will be removed and replaced with the (C) mark for 1 month after the (SP) mark. ) deleted
- 4.3. While digital tokens are suspended from trading supervisors will continue to monitor the situation of digital tokens. and will determine whether any unusual activity or emergency situation involving digital tokens has been resolved. If the trading supervisory official deems the digital token being suspended, the issue has been resolved. The trading supervisory officer will submit a report to the Risk Management Committee for review. and to consider and approve the return of digital token trading If the Risk Management Committee considers to lift the suspension of digital token trading and allow trading to resume with the trading supervisory officer will notify the operations department so that the operations department will notify the client of the digital token’s return to trading. This notification must be sent to the client at least 24 hours before the new digital token trading start date/time. and must clearly state the date/time of the digital token trading start. Through the notification channels are customer emails and notifications within the company’s mobile application.
- Order Queuing
The company uses a system to automatically sequence and match orders. When the customer confirms the submission of a digital token offer In the system, the system will collect orders from all customers into the order base (Order Book) in order to rank. The digital token trading pairing according to the best price and time principle (Price then Time Priority) is detailed below.
- 1. In the case of an order (Bid)
The orders with the highest bid are arranged in first order. and if a higher bid price is re-submitted the higher bid price will be sorted as the first bid. And if there are more than one bids at each price, they shall be arranged by time (Time Stamp). Bids that appear in the trading system first will be arranged first.
- 2. In the case of a sale order (Offer)
The sell orders with the lowest ask price are arranged in first order. and if there is a lower asking price, it will be re-entered. The lower offer price will be arranged as the first-order offering. and if more than one item is offered for sale at each price Sort by time by which the offerings that appear in the trading system first are classified as the first offerings.
- 3. In the event that there is a change in the tender offer
In the event of a change in the purchase offer Such orders will be reordered according to the price and time of the change.
The Company has established the criteria for matching digital token offerings in accordance with the following criteria:
- 1. The trading system immediately checks whether the order can be matched with the opposite order by considering the principle of price and time the best
- 2. In the event that the trading cannot be matched or the number of digital tokens that have been ordered cannot be matched due to the lack of an offer Trades that match the price and amount specified. The system will not execute a match and will arrange the order according to the best price and time principle to wait for the next order to be matched.
- Clearing and Settlement process
- 1. The system will process the settlement and deliver the digital tokens to the Trader in each transaction by deduction of baht or digital tokens (as the case may be) from the total amount of the customer’s asset account according to the value and amount traded to add to the other party’s asset account. The Company will also deduct fees from the customer’s asset account.
- 2. Provide a reconciliation system (Reconciliation) to perform real-time verification after matching, payment and delivery of each customer’s digital assets.
- Transaction Reports and Reports
The company provides a report to the relevant regulatory authorities and notifies the customers of the transaction results as follows:
- 1. Notification of transaction results
Require notification of transaction results to customers The customer can verify the transaction information through the Company’s application. The notification of the result and the disclosure of information after the transaction shall be in accordance with the guidelines set forth in the document titled 4.1.5(1) Disclosure. About trading digital assets (Trading Information Disclosure)
- 2. Reporting to Regulators
The company requires that a system be established to support the reporting of information to relevant regulatory agencies such as the Securities and Exchange Commission. Anti-Money Laundering Office, etc., by means and timeframes to be in accordance with the regulatory agencies.
- Review of Trading Rules Settlement and delivery of digital assets
- 1. Requires heads of general operations to conduct a regular review of the trading, settlement and delivery of digital assets at least once a year, or to review immediately in the event of an event that significantly affects the trading rules.
- 2. The head of the general operating unit shall consider the trading rules. and may request an opinion from the Compliance Department in order to ensure that the rules are consistent and in accordance with the rules of the SEC Office.
- 3. The head of the general operating unit shall prepare a report on the review of criteria to the chief operating officer for review and present to the chief operating officer.
- 4. The Chief Operating Officer shall prepare a report, opinion, review of trading rules, settlement and delivery of digital assets for submission to the Board of Directors for consideration and approval for further use. The Board of Directors may request an opinion from the Compliance Department on such criteria.
- 5. After the Board of Directors has considered and approved the rules for trading, settlement and delivery of digital assets If the company changes such rules The Compliance Department shall prepare a letter requesting approval of the rules for trading, settlement and delivery of digital assets to the SEC Office, provided that such rules must be approved by the SEC. SEC before applying for enforcement in the company in accordance with the rules and procedures prescribed by the SEC Office. service or related person The Company will arrange a hearing from such person and submit a report of the hearing to the SEC for consideration and approval.
The Company determines the price range at which the Client can place orders in the Company’s Trading Center. by using factors to calculate the price
(Price Collar Factor: PCF) and the reference price of digital tokens as shown below.
Example of calculating the price range (Price Collar)
Replace the reference price of digital token A with A and factor in the PCF price calculation by calculating the maximum and minimum price range of digital token A as follows:
- The lowest price at which a client can place an order is A ÷ PCF.
- The maximum price a client can place an order is A x PCF.
The reference price is set in accordance with Article 1.2 for Calculation Factors or PCF. The Company sets the value 1.3 for digital tokens.
All kinds of trading in the company’s trading center. By considering and evaluating a number of factors such as information from the trading base price range trading size and volume, etc. Determining the factor in the calculation allows the company to adjust the price range to maintain the stability and stability of the market, for example, in the event of severe digital token price fluctuations, and/or
There is a significant volume of trading orders that can affect the stability, efficiency and orderliness of trading. The Company may consider reducing the price calculation factor to adjust the highest and lowest trading prices. When the situation returns to normal, the company will adjust the factor in the price calculation back to the original.