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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 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
  • 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 order matching and put-through; only LO is accepted, cancellation and amendment of orders are accepted.
 
Order volume: From 01 to 99 stocks, ETFs.
 
Odd lot trading is not permitted 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. Until a closing price is set, odd lot trading of the stocks/ ETFs is possible.
FI’s stocks buying volume is deducted into the available-to-buy volume for a FI right after buy orders are executed.
 
FI’s stocks selling volume is added into the available –to-buy volume right after the settlement.
 
In order matching transition: FI’s buy orders or part of buy orders, which has not been executed, will automatically be cancelled in the case that available-to-buy volume is used up. Therefore the next buy orders which are input into transaction system are not accepted.
 
In put-through transaction: 2 FIs are accepted to do put-through even when put-through volume is higher than their available-to-buy volume, and the available-to-buy volume stays unaffected.
  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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