Wall Street opens its doors to closer Thai links as Anutin rings the NYSE bell and SET signs a five-part pact. Thai firms could now reach more US investors, but the ceremony brought no named listing, fund, timetable or firm commitment of new capital.
Thailand’s stock exchange signed a five-part Wall Street pact on September 24, with Prime Minister Anutin Charnvirakul ringing the NYSE opening bell. The agreement covers dual listings, cross-listed ETFs, market data, indices and ESG products. Its stated purpose is to connect Thai companies with US capital and bring American investors into Bangkok. The plan also targets foreign companies investing in Thailand through the “BOI to IPO” route. However, the signing produced no named listing, fund, launch date or capital commitment. Earlier SET agreements with Shanghai and Shenzhen delivered investor roadshows and shared index data. No company or fund has yet been identified to use the American framework.
Prime Minister Anutin Charnvirakul rang the New York Stock Exchange’s opening bell as Thailand’s bourse signed a deal to connect companies with American capital. The agreement could also give US investors better access to opportunities in Bangkok.
Its five areas of cooperation cover company listings, investment funds, market information and specialist products. However, neither exchange announced an immediate listing or a committed investment.
Anutin witnessed the signing between the Stock Exchange of Thailand, or SET, and the NYSE on September 24. The bell ceremony took place at 9.30 am local time. He became the third Thai prime minister to participate in the event. Alongside the Wall Street appearance, the signing gave SET a formal basis for developing new links with the US market.
Dual listings, ETFs and market data lead SET agreement linking Thai firms with investors in America
SET president Asadej Kongsiri identified dual listings as the first area of cooperation. The exchanges will work on a framework allowing companies to list securities in both Bangkok and New York. For a Thai business, that could mean approaching American institutional investors while retaining its presence on SET. Asadej said the arrangement could broaden fundraising options and connect Thai companies with global sources of capital.
That framework has yet to produce a listing. The announcement named no Thai company preparing to enter the New York market. Nor did it set a timetable for one. The agreement instead commits the exchanges to develop the means for companies and investors to use both markets.
Exchange-traded funds, or ETFs, form the second area. SET and NYSE will examine their development and cross-listing. These funds provide exposure to baskets of securities through products that trade on an exchange. In practice, a fund linked to Thai assets could give US investors another way to invest in Thailand. A product linked to American securities could, in turn, widen choices in Bangkok. No fund or launch date was announced.
Third, the exchanges will cooperate on market data and index products. Data helps investors examine securities before committing money. Indices give them benchmarks for assessing markets and developing investment products. Consequently, wider access to Thai market information could help American investors identify opportunities in Bangkok. The agreement does not name a new index or specify how the data will be distributed.
SET eyes foreign company listings in Bangkok as NYSE pact widens capital and investment channels
Environmental, social and governance products and services make up the fourth area. Separately, the exchanges will share information and expertise. That fifth commitment extends a relationship dating to 1992, when SET and NYSE began cooperating on market regulation. Their latest memorandum moves beyond that original focus to include fundraising and products for investors.
Bangkok could gain a second route to capital under the arrangement. Asadej said foreign companies investing in Thailand might raise funds through SET. He linked this prospect to the “BOI to IPO” initiative, which connects investment promotion with stock-market fundraising.
Under that approach, a foreign business expanding in Thailand could consider a Bangkok listing. SET is therefore seeking opportunities for companies entering Thailand as well as Thai firms looking overseas.
Government spokesperson Ekkapop Pienpises said the deal would support fundraising, business expansion and investment across borders. He said it would expose international investors to Thai companies and emerging industries. The government also hopes that attention will help attract investment and technology. Nevertheless, the signing included no specified capital commitment or company expansion plan.
Anutin hails US ties as SET’s Chinese exchange agreements show what overseas market links can deliver
Anutin described the agreement as a reflection of Thailand’s economic relationship with the United States. He called the US an important economic partner and highlighted New York’s role in global finance. Meanwhile, Ekkapop said the prime minister wanted investor interest to produce investment, business expansion and jobs. The bell ceremony promoted that ambition; the memorandum provides the exchanges with areas in which to pursue it.
SET has comparable agreements with Chinese stock exchanges. Its cooperation agreement with Shanghai dates to 2010, while its latest memorandum with Shenzhen was signed in 2019. The Chinese relationships also sought to make Thai securities better known abroad. Notably, they offer examples of what exchange cooperation has produced after the initial signing.
The Shenzhen agreement covered products across markets, index cooperation and joint investor roadshows. In September 2022, the exchanges held a virtual event focused on renewable energy.
Three Thai listed companies presented their businesses: B.Grimm Power, Electricity Generating and RATCH Group. According to SET, more than 120 Chinese institutional and individual investors attended. It was the fifth investment event jointly organised by the Thai and Shenzhen exchanges.
Thai and Chinese index links set a practical benchmark for the new SET agreement with Wall Street
The exchanges also exchanged index information. In 2023, major Thai indices became available through a Chinese market-information platform. Shenzhen indices appeared through a SET channel. As a result, investors in each country gained another way to examine the other market before making investment decisions.
SET developed a separate index arrangement involving Shanghai. In 2023, it reported cooperation with China Securities Index Company, an index provider linked to the Shanghai exchange. Information on Thai indices appeared through Chinese channels, while Shanghai market indices became available through SET. This followed earlier staff exchanges and knowledge-sharing activities between the two bourses.
Those Chinese arrangements have produced investor events and published market information. The NYSE agreement has a broader stated focus on potential dual listings and cross-listed funds. For Thai companies, access to American investors remains its most significant commercial prospect.
For US investors, the test will be whether the exchanges deliver practical ways to assess and invest in Bangkok. The first company or fund to use the new framework has yet to be identified.
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