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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 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

Opening Periodic Order Matching

ATO, LO

Orders cannot be amended/cancelled

9h15 - 11h30

Continuous Order Matching I

LO, MP

Orders can be amended/cancelled

11h30 - 13h00

Intermission

  

13h00 - 14h30

Continuous Order Matching II

LO, MP

Orders can be amended/cancelled

14h30 - 14h45

Closing Periodic Order Matching

ATC, LO

Orders cannot be amended/cancelled

9h00 - 11h30 & 13h00 - 15h00

Put-through (**)

Put-through order

(*) Note:

ATO/ ATC (At-the-open/ At-the-close): ATO/ ATC is 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 than Limit Orders when comparing to match and it shall be cancelled automatically in case of unmatched orders.

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: MP is a buying, selling order at the available lowest, highest bid price, respectively. MP Order is only available and effective during Continuous Matching period and shall be cancelled automatically in case there is no any corresponding LO at the time of entering orders.
(**) Put-through trading for odd lot shares from 9h15 - 11h30 and from 13h00 - 15h00
 
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, the chosen price is the price that is the same or close to the reference 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, the selected price is the price that is the same or close to the reference 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 order execution and agreement; only use LO commands; 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.
 
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 transaction: FI’s buy orders or partial buy orders, which has not been executed, will be automatically cancelled in the case that available-to-buy volume is used up. Therefore, the next buy orders which are input into the trading system are not accepted.

During put-through transaction: 2 FIs are accepted to make put-through transaction in case the allowed volume to buy is zero (0).
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