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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 conducted from Monday to Friday each week, excluding official public holidays in accordance with the provision of Vietnam’s Labor Code

Trading Hours

Trading Methods

Orders (*)

9h00 - 11h30

Continuous Order Matching I

LO, MTL, MOK, MAK

Orders can be canceled/ amended

11h30 - 13h00

Intermission

 

13h00 - 14h30

Continuous Order Matching II

LO, MTL, MOK, MAK

Orders can be canceled/ amended

14h30 - 14h45

Closing Periodic Order Matching

ATC, LO

Orders cannot be canceled/ amended

14h45 - 15h00

Post-session Order Matching

PLO

Orders cannot be canceled/ amended

9h00 - 11h30 & 13h00 - 15h00

Put-through

Put-through order

(*) Note:

LO – Limit Order: LO is a buying or selling order at a specified price or better price, and is valid until cancellation or end of trading day, whichever occurs first. MTL - Market-to-Limit:  MTL is a order to buy at the lowest available ask price or sell at the highest available bid price on the market.  MTL Order is only available during Continuous Matching Period and shall be canceled automatially if there is no corresponding Limit Order at the time of order entry. The remaining unmatched volume will be automatically converted to Limit Order.

MOK - Match-or-Kill:  MOK is an order to buy at the lowest available ask price or sell at the highest available bid price on the market.  MOK Order is only available during Continuous Matching Period and shall be canceled automatially if there is no corresponding Limit Order at the time of order entry. The order will automatically canceled if the volume is not fully matched.

MAK - Match-and-Kill:  MAK is an order to buy at the lowest available ask price or sell at the highest available bid price on the market.  MAK Order is only available during Continuous Matching Period and shall be canceled automatially if there is no corresponding Limit Order at the time of order entry. The remaining unmatched volume will be automatically 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 canceled.

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 canceled 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
  • Price range for stocks, ETFs on normal trading day is +/- 10% against reference price
  • Ceiling price/Floor price formula:
Ceiling price (Max price) = Reference price x (100% + Price range)
Floor price (Min price) = Reference price x (100% - Price range)
Reference price is the closing price of the latest trading day
 
  • For newly listed stocks or stocks re-traded after an above 25-day temporarily stop traded period, price range on the first trading day is ± 30% against reference price.
  • In cases of paying dividends/ bonuses by fund stocks for current shareholders, price range of the day (when rights are not executed) is ± 30% against reference price.

Type of securities

Cash/ securities blockades

Thanh toán tiền

Thanh toán cổ phiếu

Stocks, ETFs buying/selling orders

 From T+0 to before 1:00pm T+2  Before 1:00pm T+2  Before 1:00pm T+2

Note:

T: Trading date according to order matching methods or put through

Cash blockade is applied to buying orders, securities blockade is applied to selling order

Cash payment: Credit/debit to customers’ securities buying/selling account

Securities payment : Credit/debit to customers’ securities selling/buying account

Trading method: Continuous Matching, Periodic Matching and Put-through; cancel/amend orders are allowed.

Order volume: From 01 to 99 stocks, ETFs.

Odd lot trading is not allowed to trade on the first trading day for stocks and ETFs which are newly listed and on the re-trading day for stocks temporarily postponed trading in 25 days or more until a closing price is established based on the result of a round-lot matching transaction.

For matching stock transactions, the remaining quantity of shares permitted for purchase will be reduced upon entry of a Foreign Investor’s buy order into the trading system. The buying order of will not be accepted by the system if the remaining permitted purchase volume is less than the order volume.

In the event that a Foreign Investor’s buy order is canceled by the client or the system, the remaining permitted purchase volume shall be increased by the quantity of shares canceled. If a FI’s buy order is amended to decrease or increase the order volume, the remaining permitted purchase volume shall be adjusted accordingly by the reduced or increased amount.

For put-through stock transactions, the remaining quantity of shares permitted for purchase will be reduced upon entry of the Foreign Investor’s bid order into the trading system, in case of a negotiated transaction between a FI buyer and a retail seller.

In the event that a Foreign Investor’s bid to buy order with a retail client is canceled, the remaining permitted purchase volume shall be increased by the quantity of share canceled.

The remaining permitted purchase volume shall remain unchange if a Put-through order is negotiated between 02 Foreign Investors.

  1. Official trading day: 19/07/2023
  2. Regulations
  • Trading Volume Unit: 01 bond
  • Minimum Trading Volume: 01 bond
  • Price Tick: 01 Vietnamese Dong.
  • Trade date (T date) represents the date on which bonds are traded and executed on Stock Exchange market
  • Settlement cycle: T+0
  • Trading hours:
    • From Monday to Friday, except public holidays
    • Trading Hours:

Morning session: 09:00am- 11:30am

Afternoon session: 13:00pm- 14:45pm

  • Participants: Professional Securities Investors.
  • Trading method: put-through
    • Electronic Trading Agreements is a method that securities member input an offer to buy or sell with a commitment to the system or select appropriate reciprocal orders placed in the system to execute the transaction.
    • Normal Trading Agreements is a method that buyers and sellers shall negotiate themselves about trading criteria in advance and advertise via the system of trading private placements of corporate bonds to confirm the transaction.
  • Amendment/ Cancellation of orders:
    • Matched order: cannot be amended/cancelled the order.
    • Unmatched order: can be amended/cancelled the order.
  1. Trading Channels
  • Via Online trading channels
  • Over the counter at SSI branches / Transaction Offices located here
  • Through Brokers / Account Managers
  • Via SSI Contact Center at 1900 545471
Open account Equity market Derivatives market Price board
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