Analysis of Efficiency, Competitiveness, and Ecosystem Development. As of H12025, Thailand's securities industry continues to rely on commissions as a major source of revenue (36%), like or minimally changed over the past few years. Majority of the SET members (31 out of 36) provide internet trading services, indicating a clear shift away from traditional channels. This trend in addition to the extremely competitive not a sustainable standalone business. Most full-service firms are vertically integrated, controlling the entire trade lifecycle from advisory and execution to clearing and custody. Horizontally, the dominant strategy, particularly among bank-backed players, is to treat brokerage as one component of a comprehensive suite of financial services, including lending, asset management, and private banking. This allows firms to subsidize low-margin execution by cross-selling