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 have higher priority to match than Limit Orders. At the end of the effective session, unmatched ATO/ATC Orders or unmatched volume of partially matched ATO/ATC Orders will automatically be cancelled.

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.

MP – Market Price Order: Orders to match at the best counter-bids/asks available in the market at the time of input and shall match forward to the next best prices available. Market Price Order is only available and effective during Continuous Matching period. Should there be no counter LO, the Market Price Orders will automatically be cancelled after being input. Types of market price order:

MTL - Market-to-Limit: In the case that there are no more counter-bids/asks, remaining unmatched volume of MTL Orders will automatically be changed into Limit Orders
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 stocks at a specific time.

Principles to define matching price:

  • The matched price which achieved highest trading volume
  • If there are many prices which meet the first condition, the equivalent price or the nearest price to the matched price of the latest matched turn will be decided to be matching price.

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
Open account Equity market Derivatives market Price board
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