Thailand Stock Loan Glossary
The vocabulary of SET- and mai-listed share-backed financing — markets, instruments, custody, loan terms, liquidity, and disclosure — defined plainly, for shareholders and their advisers.
In short
This glossary defines the terms that recur in a Thailand stock loan, from the markets a share trades on through to the rules that govern disclosure. It covers the SET and mai markets and boards, the instrument itself, custody and collateral through the TSD, the commercial loan terms such as LTV, tenor, and recourse, the liquidity and risk factors that shape pricing, and the regulation, disclosure, and currency framework under SEC Thailand and the Bank of Thailand. Each term carries its own link, so it can be cited individually. If you are weighing a stock loan against other routes, see the ways to raise liquidity from Thai shares, compared.
Markets & boards
SETStock Exchange of Thailand
Thailand's main securities exchange, home to the country's largest listed companies.
maiMarket for Alternative Investment
SET's secondary market for smaller, high-growth Thai companies.
SET50 / SET100Benchmark indices
Indices of the 50 / 100 largest and most liquid SET stocks by market capitalisation and turnover.
Local boardกระดานในประเทศ
Trading in shares held within Thai domestic ownership.
Foreign boardกระดานต่างประเทศ
A separate board for shares registered to foreign investors, used as a stock nears its foreign ownership limit; foreign-board shares can trade at a premium.
NVDRNon-Voting Depositary Receipt
An instrument from Thai NVDR Co. that passes the economic rights of a Thai share (price, dividends) to the holder but carries no voting rights; a common route around foreign limits.
Foreign ownership limitFOL
The maximum percentage of a company's shares that non-Thai investors may hold, set by law or the company charter (commonly 49%, lower in some sectors).
Ceiling & FloorDaily price limit
The SET's daily price limit, restricting how far a share may move up (ceiling) or down (floor) from its previous close in a session; a factor in how quickly collateral can be valued or realised.
Circuit breakerMarket halt
An automatic market-wide trading halt on the SET triggered when the index falls by defined percentages, designed to pause trading in extreme volatility.
The instrument
Stock loan / Share-backed financingสินเชื่อหุ้น
A loan secured by pledging listed shares; the borrower keeps ownership and upside and recovers the shares on repayment. See how stock loans work.
Securities-backed lendingSBL
The broader category of lending against securities.
Block tradeBig Lot
A large, privately-negotiated share transaction executed off the central order book and reported to the SET. See block trades.
Big Lot BoardPut-through
The SET's dedicated venue for large, privately-negotiated block transactions, matched off the central order book (put-through) and reported to the exchange; the mechanism used to execute a block trade.
Pledgeการจำนำหุ้น
The lender's security interest in the borrower's securities account at a designated custodian — arising from its rights and control over that account — enabling enforcement on default.
Custody & collateral
TSDThailand Securities Depository
The central depository (a SET subsidiary) that holds and settles Thai securities in book-entry form and records share pledges. The pledge and custody stage of a loan is positioned through the TSD.
Custodianผู้รับฝากทรัพย์สิน
A licensed institution holding the pledged shares for the parties during the loan.
HaircutCollateral discount
The discount applied to a share's market value when sizing the loan against it.
Collateral top-up / Margin callเรียกหลักประกันเพิ่ม
A demand to add collateral or repay part of the loan if the share price falls below an agreed level.
Book-entry / Scriplessระบบไร้ใบหุ้น
Thailand's dematerialised (scripless) system in which SET- and mai-listed shares exist as electronic records at the TSD rather than paper certificates; a pledge is reflected as a book entry against the borrower's account.
Perfectionการทำให้สมบูรณ์
The legal steps that make a lender's security interest effective and enforceable against third parties. For a Thai stock loan, security is taken through the lender's rights and control over the borrower's custodian account rather than by transferring the shares. See TSD custody & perfecting a share pledge.
Loan terms
LTVLoan-to-Value
The loan amount as a percentage of the pledged shares' market value.
TenorLoan term
The length of the loan, commonly 12–36 months.
RecourseLender's remedy
Whether the lender can pursue the borrower's other assets for a shortfall. Non-recourse: limited to the shares. Full-recourse: borrower personally liable. Limited-recourse: in between.
Interest servicingการชำระดอกเบี้ย
Paying interest periodically versus rolling it into the loan balance.
Event of defaultเหตุผิดนัด
A documented trigger — such as non-payment or an unremedied collateral shortfall — that entitles the lender to enforce the share pledge in an orderly way under the loan agreement. See what happens on default.
Liquidity & risk
Free floatสัดส่วนหุ้นหมุนเวียน
The share of a company's stock available for public trading, excluding locked-in strategic holdings.
ADTVAverage Daily Trading Value
The average value traded per day; a key liquidity input to LTV.
Volatilityความผันผวน
How much a share's price fluctuates; higher volatility means a more conservative LTV.
ConcentrationPosition size
The size of a single position relative to the stock's float and daily volume.
Ex-dividendXD
The date from which a share trades without entitlement to a declared dividend; relevant to how dividends are handled on pledged collateral during a loan.
Regulation & disclosure
SEC Thailandก.ล.ต.
The Securities and Exchange Commission, Thailand's securities regulator.
Securities and Exchange ActB.E. 2535 (1992)
The principal statute governing Thai securities markets.
Form 246-2 / 5% reportingแบบ 246-2
The filing required when a holding crosses 5% (and each further 5%) of a listed company.
Tender offer thresholds25 / 50 / 75%
Ownership levels that can trigger a mandatory tender offer under takeover rules.
Bank of ThailandBoT · ธปท.
Thailand's central bank, which administers the foreign-exchange framework governing baht flows and repatriation relevant to cross-border stock loans.
BahtTHB · ฿
Thailand's currency and the usual denomination of a Thai stock loan; a facility may instead be drawn in a hard currency, which introduces exchange-rate risk between the baht collateral and the loan.
Repatriationการส่งเงินกลับ
Moving loan proceeds or sale proceeds out of Thailand through the licensed-bank channel, subject to the Bank of Thailand foreign-exchange framework; a key step for foreign borrowers.
PDPAPersonal Data Protection Act B.E. 2562
Thailand's data-protection law (2019), which governs how personal data provided during an enquiry or transaction is handled. See our Privacy Notice.
From terminology to terms.
If a term here describes your situation, a senior principal can take it further. Confidential, no obligation.