What Is TFEX? Futures, Margin and Risk Basics

TFEX trades contracts, not the underlying asset itself

TFEX, the Thailand Futures Exchange, lists contracts linked to products such as equity indices, gold, and other specified assets. A contract creates exposure to price changes and its terms; it does not make the trader an owner of the underlying shares or physical gold.

Futures can be held Long or Short and have contract months and a last trading day. Learn each product’s settlement method and expiry before opening a position.

A multiplier converts points into P&L

TFEX contract information checked on 22 October 2026 lists a THB 200-per-point multiplier for SET50 Index Futures and a 0.1-point minimum tick, worth THB 20 per contract.

For example, buying one contract at 920 and closing at 925 produces gross P&L of (925 − 920) × 200 = THB 1,000 before costs. Closing at 915 instead produces a THB 1,000 gross loss. This formula applies to SET50 Index Futures under the stated specification; do not reuse it for another product.

See the SET50 Futures P&L guide for more examples.

Margin is collateral, not the full contract value

Opening a futures position requires margin under current exchange and broker rules. Margin supports the position; it does not cap the maximum loss. Losses change with price and can exceed the amount posted.

Margin requirements can change, so do not rely on old figures or a generic percentage. Read about initial margin, maintenance margin, and what happens when available margin is insufficient in our TFEX margin guide.

Calculate risk before considering contract capacity

Set a risk budget, then calculate it using the exit distance, value per point, and estimated entry and exit costs. Keep this separate from checking whether the account meets margin requirements.

For example, a 10-point stop distance in SET50 represents THB 2,000 of gross risk per contract before costs and execution differences. Use the position sizing formula to calculate a count from your own risk budget.

Checks before opening a position

1. Confirm the product, multiplier, tick, and contract size from the current TFEX page.
2. Check fees and margin with your broker.
3. Define the entry rationale, invalidation level, and exit method.
4. Calculate the loss at the exit level, including costs.
5. Test a gap or a worse-than-expected fill.
6. Know the last trading day and settlement method.
7. Record results for review; do not increase size just because the prior trade won.

Sources and limitations

Contract details, margin schedules, and fees depend on the product and current notices. This guide therefore does not publish a fixed margin amount or fee rate. Verify details on the TFEX SET50 Futures page and with your broker before making a decision.

This is general educational information. Examples are not forecasts or investment recommendations.