Transaction Regulation on HNX

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

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Transaction Regulation on HNX

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

Trading Hours

Trading Methods

Orders (*)

9h00 - 11h30

Continuous Order Matching I

LO, MTL, MOK, MAK

Orders can be cancelled/ amended

11h30 - 13h00

Intermission

 

13h00 - 14h30

Continuous Order Matching II

LO, MTL, MOK, MAK

Orders can be cancelled/ amended

14h30 - 14h45

Closing Periodic Order Matching

ATC, LO

Orders cannot be cancelled/ amended

14h45 - 15h00

Post-session Order Matching

PLO

Orders cannot be cancelled/ amended

9h00 - 11h30 & 13h00 - 15h00

Put-through

Put-through order

(*) Note:

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 at the time of input of Market Price Orders, the Market Price Orders will automatically be cancelled. Some types of Market Price Orders:

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.

ATC – At-the-close: The order at opening price or closing price, which is not given a specific price, is called ATC. ATC Orders have higher priority to match than Limit Orders (even Limit Orders at Ceiling Price or Floor Price). At the end of the effective session, unmatched ATC Orders or unmatched volume of partially matched ATC Orders will automatically be cancelled.

PLO: The buy/sell order at closing price, which is used in post-session transaction. PLO is matched right after a counter order appears and is automatically cancelled after post-session transaction has ended. PLO is not allowed to be input into system when there is no matched order in continuous order matching session and closing periodic order matching session.

Periodical Order Matching: The method is made on the basis of comparing buy orders and sell orders of stocks at a specified time. Principles to determine the price as below:

  • The matching price is the price at which the greatest matching volume can be generated based on the bids and asks available at the time ending the period.
  • If there are many prices satisfying the above condition, the price which has the same value or the nearest value to the executed price of the latest match will be chosen to be the 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. The principle to determine the price is based on the price of counter orders waiting on the 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. 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 of even lot transactions: 100 shares, ETFs.
 
Trading volumes of put-through transactions: From 5,000 shares, ETFs; there is no regulation on trading unit.
 
Put-through is not permitted on the first trading date of newly listed stocks or on re-trading date of stocks which is temporarily stopped trading on 25 continuous days, until a closing price is set.

Securities

Trading method

Price tick (VND)

Stocks

Order matching

100

Put-through

1

ETFs

Order matching & Put-through

1

Open account Equity market Derivatives market Price board
SSI