Instructions for trading securities
HO CHI MINH CITY STOCK EXCHANGE
1. Type of traded securities
All types of stocks, investment fund certificates, and bonds have been registered for trading at the Ho Chi Minh City Stock Exchange
2. Trading time
From 9:00 a.m. to 3:00 p.m., Monday to Friday every week, except for legal holidays or days off as decided by the State Securities Commission.
a) For stocks and investment fund certificates
From 9:00 a.m. to 9:15 a.m.: Periodical order matching to determine the open price
From 9:15 a.m. to 11:30 a.m.: Continuous order matching
From 11:30 to 13:00: Break between trading hours
From 13:00 to 14:30: Continuous order matching
From 2:30 p.m. to 2:45 p.m.: Periodical order matching to determine close price
From 9:00 a.m. to 3:00 p.m.: Negotiable transactions
From 3:00 p.m.: Closing of trading
b) For bonds:
From 9:00 a.m. to 3:00 p.m.: Negotiable transactions
3. Transaction method
a. Order matching method
Periodic order matching: is a trading method performed on the basis of matching buy and sell orders of securities at a specified time. The periodic order matching method is used to determine the opening and closing prices of securities during a trading session. Determine price according to the following principles:
The order matching price is the price with the largest successful trading volume.
If there are multiple prices that satisfy the above conditions, the price that is identical or close to the execution price of the most recent order match will be selected.
Continuous order matching: is a trading method performed on the basis of matching buy and sell orders of securities at the best price as soon as the order is entered into the trading system.
b.Agreement method: is a transaction method in which members agree with each other on trading conditions (price, quantity, payment conditions) and information is entered by the member’s trading representative. trust the trading system for recording.
Applicable to bond transactions and stock and fund certificate transactions in large lots of >= 20000 units
4. Trading volume
| Odd lot trading | Even lot trading | Negotiable transaction |
| 1-9 Units | 10 – 500.000 Units | >= 20.000 Units |
5. Price listing unit
Trading by order matching method:
| Price | Price listing unit |
| < 10.000 VND | 10 VND |
| Từ 10.000 VND – 49.950 VND | 50 VND |
| >= 50.000 VND | 100 VND |
Trading by large lot agreement method: No pricing unit specified.
6. Price fluctuation amplitude
Price fluctuation range applies to stocks according to regulations of Ho Chi Minh City Stock Exchange (approved by the State Securities Commission)
Maximum price (ceiling price) = Reference price + (Reference price x fluctuation range)
Minimum price (floor price) = Reference price – (Reference price x fluctuation range)
There is no regulation on fluctuation amplitude for bonds.
Reference price is the closing price of the previous trading day.
In case of newly listed securities: amplitude +/- 20%, reference price is the expected transaction price given by the listing organization and listing consulting organization. (note that only LO order is available and negotiable transactions are not allowed)
7. Order matching principles
Price priority
– The buy order with the higher price is executed first.
– The sell order with the lower price is executed first.
Time priority: orders entered into the system first have priority.
8. Type of trading order
Limit order (LO): is an order to buy or sell executed at a specified price or better price. A limit order is effective from the time the order is entered into the trading system until the end of the trading day or until the order is cancelled.
Market order (MP): is an order to buy securities at the lowest selling price or an order to sell securities at the highest available buying price on the market.
Opening order (ATO): is an order to buy or sell at the open price. ATO orders have priority before limit orders, are only valid in session 1 (the trading session to determine the market open price). After the matching period, the unexecuted order or partial remains of the order will be canceled
Trading order at closing price (ATC): is an order to buy or sell at the closing price. ATC orders have priority before limit orders, are only valid in session 3 (the trading session to determine the market closing price). After the matching period, the unexecuted order or partial remains of the order will be canceled
9. Payment regulations
a. Order matching transaction: multilateral clearing and settlement in the afternoon of T+2
b. Negotiable Transactions:
Multilateral clearing payment on T+2 afternoon for stocks and fund certificates.
Multilateral clearing: T+1 for bonds.
10. Regulations on order cancellation/amendment
Investors are not allowed to modify orders
Orders cannot be canceled during the period of periodic order matching to determine the opening price and periodic order matching to determine the closing price (including orders transferred from the continuous order matching period).
Agreement transactions on the trading system are not allowed to be canceled.
11. Signs of ex-rights transactions
On ex-dividend trading days, the Stock Exchange (HOSE) will announce the following trading symbols on the trading system:
a. For stocks and investment fund certificates:
“XD”: Trading without dividends
“XR”: Transaction without the right to subscribe for shares, investment fund certificates issued to existing shareholders;
“XA”: Transactions without dividends, stock purchase rights, additional investment fund certificates issued to existing shareholders on the same day;
b. For bonds:
“XI”: Transaction without bond interest rights
12. Other regulations
Investors can simultaneously place buy and sell orders for the same type of securities in a continuous order matching session on one account.
In both cases: Sell first, buy later or Buy first, sell later, the investor must satisfy the following conditions:
Securities sold in any case must be the securities available in the account.
When buying securities, investors must have money available in their account, or use the service of advance of selling stock (buying rights) from the matched sell order before buying; or ensure the deposit ratio in money (securities) according to the regulations of the State Securities Commission.
