Transaction Regulation on HSX

1. TRADING HOURS Trading time is from Monday to Friday every week except for public holidays regulated by Vietnam’s Labor Code Stocks, Closed-end Fund

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Transaction Regulation on HSX

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

Stocks, Closed-end Fund Certificates, ETFs, Covered Warrant:

Trading Hours

Trading Methods

Orders (*)

9h00 - 9h15

Periodic Order Matching

ATO, LO

Orders cannot be cancelled

9h15 - 11h30

Continuous Order Matching I

LO, MP

Orders can be cancelled

11h30 - 13h00

Intermission

 

13h00 - 14h30

Continuous Order Matching II

LO, MP

Orders can be cancelled

14h30 - 14h45

Closing Periodic Order Matching

ATC, LO

Orders cannot be cancelled

9h00 - 11h30 & 13h00 - 15h00

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

Bonds: Put-through traded from 9h00 - 11h30 and from 13h00 - 15h00.

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: A common multiple of 10; From 10 to 500,000 shares, Closed-end Fund Certificates, ETFs.

Trading volumes of put-through transactions: From 20,000 shares, closed-end fund certificates, ETFs and above. There is no regulation on trading unit.

For Stocks, Closed-end Fund Certificates

Trading methods

Price level (VND)

Price tick (VND)

Order matching

< 10,000

10

10,000 – 49,950

50

≥ 50,000

100

Put-through

Unregulated

For ETFs: Price tick is 10 VND for all price levels

For Bonds: No price tick is applied

Stocks, closed-end fund certificates, ETFs:  ± 7% against reference price

Bonds: Price range is not applied

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 trading period, price range on the first trading day is ±20% against reference price.

Type of securities

Cash/ securities blockades

Cash payment

Securities payment

Stocks, Fund Certificates, CW buying/selling orders

From T+0 to T+2

T+2

T+2

Bonds buying/selling orders

From T+0 to T+1

T+1

T+1

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

Order volume: From 01 to 09 shares
 
Off-exchange trading: SSI will purchase stocks at the floor price under periodically proclaimed portfolio.
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.
Open account Equity market Derivatives market Price board
SSI