1. Conditions to use margin trading service:

  • Customer already opened normal trading securities account at PHS
  • Have requested and signed the margin contract.

2. The general concept 

  • Margin trading is transactions in which customers use loans from PHS to buy stocks and use those assets in the margin account as mortgaged assets.
  • Total mortgaged assets include cash available and incoming cash, marginable stocks (available margin stocks and incoming margin stock).
  • Margin list are stocks listed in the marginable stocks portfolio according to SSC and according to PHS’s regulation which is published at www.phs.vn
  • Actual margin ratio (Rtt) is the ratio of total assets (TA) over total outstanding amount (D) of margin account, this ratio will change through a certain period of time.
  • Withdrawal cash: is the available balance which is the difference between total assets calculated on safe ratio (Rat) in accordance with the rule of PHS at each particular time and total outstanding amount of margin trading amount.
  • Safety ratio (Rat): this ratio is regulated by PHS following each period but cannot lower than SSC’s ratio regulation (100%).
  • Loan ratio: this ratio is regulated by PHS following each period but cannot higher than SSC’ regulation.
  • When margin account of customer is lower than PHS’s regulations (Rat) following each period, PHS will send margin call information to customer (from the date of sending margin call, customer must execute additional mortgage in order to ensure safety ratio, specific ratio will be regulated by PHS and noticed as required additional mortgage) or notice to force sell to customer in order to additional mortgage asset. The method of sending requirements is to send email that customers register when opening an account.


3.1. Actual margin ratio of margin account (Rtt):


3.2. Withdrawal cash(CIRt)


3.3. Số tiền được rút (CIcall)


3.4. Sell value


  • Qi: includes all securities in list of trading, buy (buying order + incoming stocks), and processing sell order.
  • Rai: ratio of mortgage in marginable stock in the securities list according to PHS regulation which is declared on the website and all Locations following each period.
  • Rts: loan ratio of securities expected to sell
  • Rrt: loan ratio is not over 50%
  • Pi: the loan price which was declared by reference price.
  • ∑ (Total buy): total buying order ( includes matched order and processing order) within a day.
  • OD: total disbursed marginable debt (includes principal, interest, all fees associated with rule through certain period of time).
  • CIbal: cash on customer account at PHS.
  • UTTB: incoming selling cash which can be advanced
  • Fee: buy trading fee, selling fee and fee of payment in advance
  • Tax: selling securities

4. Loan term

  • Loan term: 90 Days (calendar day). Maximum loan term: 180 days
  • Debt recovery term: is collected at the time of maturity of the loan or customer’s requirement to settle by deposit cash or having requirement for debt recovery by document from PHS.
  • Renew fee: free of charge
  • Late payment fee: 150% of the normal margin interest (following the interest rate at each time)

For further information, please do not hesitate to contact your broker or PHS.