Listed Corporate bonds

The general regulations for trading listed corporate bonds on the HNX/HOSE for domestic individual investors are as follows:

Step 1: Margin Requirement

• Investors buying listed corporate bonds must provide a margin deposit equal to 100% of the transaction value.
• For investors selling listed corporate bonds must have sufficient listed corporate bonds balance in the account.

Step 2: Order Placement

• Complete the buy/sell order by filling in SSI’s form for listed corporate bonds, or place orders via SSI’s online platforms.

Step 3: Obtain detailed transaction results at the brokerage firm where the order is placed

Step 4: Settlement

Settlement takes place on the next working day following the transaction date, with cash/securities transferred to the client's account via the securities clearing and settlement system.

Trading is conducted from Monday to Friday each week, excluding official public holidays  in accordance with the provisions of the Labor Code. 

• Trading on HNX

Trading session	Trading method	Trading hour	Order type
Morning session	Continuous Order Matching I	9:00 AM – 11:30 AM	Limit Order (LO) Put through Order
	Put – through Order Matching	9:00 AM – 11:30 AM
Lunch break		11:30 AM – 1:00 PM
Afternoon session	Continuous Order Matching II	1:00 PM  - 2:30 PM
	Closing Periodic Matching	2:30 PM -2:45 PM
	Put – through Order Matching	1:00 PM - 2:45 PM
Post- session	Post – sesson Order Matching	2:45 PM – 3:00 PM

 

3. ORDER TYPES

Limit Order (LO):

• An order  placed to buy or sell securities at a specified price or better.
• The Limit Order (LO) is valid from the time it is entered into the trading registration system until cancellation  or end of trading  day, whichever occurs first

• Periodical Order Matching: is made on basis of matching buy or sell orders at a specified time. The principles to determine the price are as follow:

a. The matching price  at which the highest transaction volume is achieved, and all buy orders at higher price, and sell orders at lower price than the selected price must be fully executed.

b. In the event that multiple prices satisfying point (a), the  selected price isthe price at which one party's orders must be fully executed ,while the counter party's orders must be fully or partially executed.

c. In the event that multiple prices satisfying point (b), the selected price is the price that is the same or close to the latest exercise price, the chosen price is the price that is the same or close to the reference price.

d. In the event that is no price satisfying point (b), the eselected price is the price satisfying point (a) and is equal to or closest to the most recent execution price determined under the order matching method.

• Continuous Order Matching: The method is made on the basis of matching buy orders and sell orders immediately upon entry into the trading system.

The principle to determine the price is based on the price of counter orders waiting on the order book

• Negotiated transaction matching: This is a trading method where the buyer and seller  muatually agree on the terms of the transaction, then notify the securities company to record the transaction results into the trading system. Alternatively, the buyer or seller can utilize the services of a securities company to find a counterparty for the negotiated transaction.

 

5. ORDER MATCHING PRINCIPLES

• Put-through Order Matching is applied; or
• Continuous Order Matching is applied

Price Priority:

• Buy orders at higher prices are prioritized to execute first.
• Sell orders at lower prices are prioritized to execute first.

Time Priority:

• In case multiple buy or sell orders have the same price, the order that is first entered into trading system takes precedence over the others

6. OTHER REGULATIONS