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

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

Trading Hours

Trading Methods

Orders (*)

9h00 - 9h15

Opening Periodic Order Matching (***)

ATO, LO

Orders cannot be amended/canceled

9h15 - 11h30

Continuous Order Matching I (***)

LO, MTL

Orders can be amended/canceled

11h30 - 13h00

Intermission

 

13h00 - 14h30

Continuous Order Matching II (***)

LO, MTL

Orders can be amended/canceled

14h30 - 14h45

Closing Periodic Order Matching (***)

ATC, LO

Orders cannot be amended/canceled

9h00 - 11h30 & 13h00 - 15h00

Put-through (**)

Put-through order

(*) Note:

ATO/ ATC - At-the-open/ At-the-close: ATO/ ATC is a buying or selling order at opening price or closing price, which is not given a specific price, is called ATO/ATC. ATO/ATC Orders don’t have higher priority than Limit Orders previously placed when comparing to match and it shall be canceled automatically in case of unmatched orders.

LO – Limit Order: LO is a buying or selling order at a specified price or better, 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 cancelled 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.

(**) Put-through trading for odd lot shares from 9h15 - 11h30 and from 13h00 - 15h00(***)  Trading of securities subject to trading restriction:

  • Opening and Closing Periodic Order Matching: LO (Limit Order), ATO (At-The-Open), and ATC (At-The-Close) orders are not permitted to amend to cancel.
  • Intraday Periodic Order Matching Session (15 minutes/session):
    • Permitted order type: LO (Limit Order)
    • Order amendments/ cancellations are not permitted during the final 5 minutes of each session.

Bonds: Put-through trading 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:

a. The matching price is the price at which the matching volume is the greatest and all buy orders with a higher price, sell orders with a lower price than the selected price must be executed completely.
b. In case there are many prices satisfying point a, the chosen price for execution is the price at which one party's orders must be fully executed and the counter party's orders must be fully or partially executed.
c. In case there are many prices satisfying point b, the chosen price is the price that is the same or close to the latest exercise price.
d. In case there is no price satisfying point b, the chosen price is the price satisfying point a and coincides with or is close to the nearest exercise 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 Order Matching: Put-through is a trading method by which buyers and sellers set out mutual agreed trading conditions by themselves. After that, they shall inform the securities companies to record their trading result into transaction system. Buyers and sellers can find counterparty for counter put-through blocks through securities companies.

1. Price priority
  • Buy orders at higher price takes precedence
  • Sell orders at lower price takes precedence
2. Time priority

In case multiple sell or buy orders are of the same price, the order that is first entered into the trading system takes precedence.

Trading unit of even lot transactions: A common multiple of 100; From 100 to 500,000 shares, Closed-end Fund Certificates, ETFs, CW

Trading unit of put-through transactions: 1 share, closed-end fund certificate, ETF, CW; Trading volumes of put-through transactions: From 20,000 shares, closed-end fund certificates, ETFs, CW and above.

For Stocks, Closed-end Fund Certificates

Price level (VND)

Price tick (VND)

< 10,000

10

10,000 – 49,950

50

≥ 50,000

100

 

ETFs, CW: Price tick of VND10 is applied to all price ranges

Put-through and bond transactions: VND 1

Daily Price Range regulates the Stocks, closed-end fund certificates, ETFs: ± 7% against reference price

Bonds: Price range is not applied

Formulas apply to Ceiling price/Floor price formula for Stocks, closed-end fund certificates, ETFs as below:

  • Ceiling price (Max price) = Reference price x (100% + Price range)
  • Floor price (Min price) = Reference price x (100% - Price range)

For newly listed stocks or re-traded stocks after an above 25-day temporarily stop trading period, price range on the first trading day is ±20% against reference price.

Formulas apply to Ceiling price/Floor price for CW:

  • Ceiling price (Max price) = Reference price of CW + (Ceiling price of base stock – Reference price of base stock) x 1/ conversion rate
  • Floor price (Min price) = Reference price of CW – (Reference price of base stock – Floor price of base stock) x 1/ conversion rate
  • If Floor price of CW ≤0, Floor price is the smallest price tick = VND 10 

Reference price for Stocks, closed-end fund certificates, ETFs, CW is the closing price of the latest trading day

The price range of stocks and closed-end fund certificates on the ex-dividend trading day for the case of paying dividends/bonuses in treasury shares to existing shareholders is +/-20% against the reference price.

Type of securities

Cash/ securities blockades

Cash payment

Securities payment

Stocks, Fund Certificates, CW buying/selling orders

 From T+0 to before 1:00pm T+2 

   Before 1:00pmT+2    

    Before 1:00pm 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 cash to customers’ account who buying/selling securities

Securities payment :  Credit/ debit  securities to customers’ account who buying/selling securities
Trading method: Continuous Matching, Periodic Matching and Put-though;  cancel/amend orders are allowed. 
 
Order volume: From 01 to 99 shares, or closed-end fund certificates, or ETF certificates or secured warrants.
  
Odd lot trading of shares, closed-end fund certificates, ETF certificates and secured warrants are not allowed to trade on the first trading day/ or the first trading day after a trading suspension for 25 consecutive trading days or moreuntil 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.

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