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Derivatives securities trading regulations

1. DERIVATIVES PRODUCT The first derivatives product which is brought into transaction is VN30 Index Futures Contract Each futures contract (FC) has a

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Derivatives securities trading regulations

The first derivatives product which is brought into transaction is VN30 Index Futures Contract

Each futures contract (FC) has a specific trading code like stocks, which is consent by specific rules and contains information of that contract:

[Name of the primary asset][F][Maturity time]

For example, the futures contract codes VN30F1706. In which, “VN30” is VN30 Index Futures Contract, F means Futures contract, “17” is the year of maturity (2017) and “06” shows the month of maturity.

Trading time is from Monday to Friday every week except for public holidays regulated by Vietnam’s Labor Code

Trading Hours

Trading Methods

Orders (*)

8h45 – 9h00

Opening periodic order matching

ATO, LO

Orders cannot be cancelled

9h00 – 11h30

Continuous order matching (morning session)

LO, MOK, MAK, MTL

Orders can be cancelled

11h30 - 13h00

Intermission

  

13h00 - 14h30

Continuous order matching (afternoon session)

LO, MTL, MOK, MAK

Orders can be cancelled

14h30 - 14h45

Closing periodic order matching

ATC, LO

Orders cannot be cancelled

8h45 - 11h30 & 13h00 - 14h45

Put-through

Put-through order 

(*) Note:

ATO/ ATC – At-the-open/ At-the-close: The order at opening price or closing price, which is not given a specific price, is called ATO/ATC. ATO/ATC Orders are prioritized overLimit Orders (LO) during the order matching process, except in cases where a sell LO at the floor price or buy LO at the ceiling price was entered prior to the ATO/ATC order based on time priority.

LO – Limit Order: LO is a buying or selling order at a specific price or at a better price, is given a specific price, and validates until the end of trading day or until the order is cancelled.
 
MTL – Market-to-Limit: MTL is a buying or selling order at the lowest available ask price or a sell order placed at the highest available bid price at the time of entry. The order will be cancelled if there is no corresponding limit order  available in the system at the time of enter. Any unfilled portion of the order will be converted into a limit order at the last executed price.
MOK - Match-or-Kill: Order must be executed in its entirety at the time of input; otherwise, the entire order will be canceled.
MAK - Match-and-Kill: Order can be executed partially or entirely, and the remaining unmatched order will be canceled.

Periodical Order Matching: The method is made on the basis of comparing buy orders and sell orders of future contract at a specified point in time.

Principles to determine the matching price:
•              The matching price shall be the price at which the greatest trading volume can be executed; and all buy orders with prices higher than, all sell orders with prices lower than tje se;ected price must br fully executed.
•              If multiple prices satisfy the condition in point (a), the price at which all orders on one side are fully executed, while orders from the counterparty side are fully or partially executed.
•              If multiple prices satisfy the condition in point (b), the price that is equal to or closest to the most recent transaction price shall be selected.
If no price satisfies condition in point (b), then the price that satisfies condition in point (a) and is equal or closest to the most recent transaction price under the periodic order matching method shall be selected.
Continuous Order Matching: The method is made on the basis of comparing buy orders and sell orders immediately when they are input into the trading system.
Principles to define matching price: Matching price is the price of counter orders waiting on order book.
Put – through: Put-through is a trading method by which buyers and sellers set out mutual agreed trading conditions by themselves. After that, buyers and sellers inform the securities incorporate to record that trading result into transaction system. Or buyers and sellers can find counterparty for counter put-through blocks through securities incorporates.
1. Price priority
  • Buy orders at higher price takes precedence
  • Sell orders at lower price takes precedence
2.Time priority

In the case that buy orders or sell orders are at the same price, the orders which enter the transaction system first will take priority in execution.

Trading unit: 1 contract
Price tick: 0.1 index point (equivalent to 10,000 VND)
Limitation of orders
  • Minimum: 1 contract/ order
  • Maximum: 500 contract/ order

Price range regulated on a daily basis: ± 7% against reference price

  • Ceiling price (Max price) = Reference price x (100% + Price range)
  • Floor price (Min price) = Reference price x (100% - Price range)
  • Reference price is the day-end settle price of the latest trading day
Multiplier factor: 100.000 VND

Contract size = Contract price x Multiplier factor

Maturity month: Current month, Upcoming month, The 2 last months of the next 2 quarters

Last trading day of Futures contract: The 3rd Thursday of maturity month. If the day is identical to a public holiday, last trading day of the contract maturing in the month will be adjusted to be the previous trading day.

Settlement method on futures contract maturity: By cash

Payment method: By cash

Payment for gain/loss of positions: On the next business day, customer’s account is debited/credited cash by the gain/loss of positions.

Payment on maturity: On the business day after last trading day, customer’s account is debited/credited cash by the gain/loss value from settlement of futures contract’s maturity.

In order matching session:

Amendment (for price, volume) and cancellation of orders are available for unmatched orders. The priority of orders is defined as below:
•              Decrease volume: Order’s priority is unchanged
•              Increase volume or change the price: Order’s priority is recognized since the moment amended order is input into transaction system
Amendment (for price, volume) and cancellation of orders are not allowed during periodic order matching session.
In put-through session:
Put-through transactions which have been executed in transaction system cannot be cancelled
During trading hours, derivativee trading members are allowed to amend or cancel negotiated trade orders, provided that the counterparty has not yet confirmed the order.
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