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HOSE (Ho Chi Minh Stock Exchange) |
HNX (Ha Noi Stock Exchange) |
UPCOM (Ha Noi Stock Exchange) |
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1. Securities |
Stock, Closed-end Fund/ETF, Bonds, listed registration on Ho Chi Minh Stock Exchange |
Stock, ETF certificates, Corporate Bonds (Bonds) listed registration on Ha Noi Stock Exchange. |
Stock registered trading on Upcom – Ha Noi Stock Exchange. |
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2. Trading time |
From Monday to Friday weekly, except holidays as stipulated by Labor Law |
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From 9:00 to 9:15: The periodic order matching to determine the opening price. Kinds of orders are used: ATO, limited order (LO). |
From 9:00 to 11:30: Continuous order matching; Kinds of orders are used: LO, MOK, MAK, MTL. |
From 9:00 to 11:30: Continuous order matching; Kinds of orders are used: LO. |
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From 9:15 to 11:30: Morning session- continuous order matching I: Kinds of orders are used: LO, MP. |
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From 9:00 to 11:30: Put Through Trading |
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From 11:30 to 13:00: Break Time |
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From 13:00 to 14:30: Afternoon session - continuous order matching II: Kinds of orders are used: LO, MP. |
From 13:00 to 14:30: Continuous order matching. Kinds of orders are used: LO, MOK, MAK, MTL |
From 13:00 to 15:00: Continuous order matching; Kinds of orders are used: LO |
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From 14:30 to 14:45: Periodic order matching to determine the closing price. Kinds of orders are used: ATC, LO. |
From 14:30 to 14:45: Periodic order matching to determine the closing price. Kinds of orders are used: ATC, LO. |
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From 14:45 to 15:00: After-hour order matching. Kinds of orders are used: PLO |
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From 13:00 to 15:00 : Put Through Trading |
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Closing market time: 15:00 |
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3. Trading method |
Order-matching trading: |
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a. The periodic order-matching on basis of matching securities buy & sell orders at the ending of session to determine the opening price at 9:15 and determine the closing price at 14:45 |
The periodic order - matching method on basis of matching securities buy & sell orders at the ending of session to determine the closing price at 14:45 |
Not applied |
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b. The matching continuous order method right after they are entered into the trading system. |
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Only applied for trading of stock/ fund certificate |
Only applied for trading of stock/ fund certificate/ bonds |
Only applied for registered securities for trading at Upcom |
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c. Put through trading method means the trading method whereby trading members negotiate with each others on the trading conditions. After that, the deal (transaction) will be entered into the trading system to record trading result by securities companies related to buyers & sellers - Put through trading on the trading system are not allowed to be canceled. - In case of incorrectly entering a put through trading, the securities company is allowed to correct the put-through trading according to the regulations issued by the Vietnam Stock Exchange. |
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Applied for trading of stock/ fund certificate/ bonds |
Applied for trading of stock/ fund certificate/ bonds |
Applied for registered securities for trading at Upcom |
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d. The order matching principles (i) Price priority: buy orders with higher price shall be prioritized for execution first; sell orders with lower price shall be prioritized for execution first. |
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(ii) Time priority: If buy orders (or sell orders) have the same price, the first-entered order in the trading system shall be prioritized for execution first. |
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4. Kinds of order |
ATO/ (ATC): The buy /sell securities orders at the opening price (at the closing price). *Without the specific price, the price are recorded by ATO/ATC. * ATO/ATC orders entered into the trading system are not allowed to cancel at the ATO/ATC session. *Orders will be prioritized first compared with LO during in the order matching process and automatically cancelled if they are not matched.
MP: Market order: is an order to buy securities at the lowest selling price or an order to sell securities at the highest buying price available in the market. Order matching price: Without setting the specific price, recorded by MP and be only matched at a price which is equal to or better than the limit price. Price of un- matched volume will be changed into a limit buy/sell order at the higher/lower price than the final order matching price with one unit of price quotation. |
ATC: The buy/sell orders at the closing price. *Without the specific price, the price is recorded by ATC. *ATC orders entered into the trading system are not allowed to cancel at ATC session. *Orders will be prioritized first compared with LO during in the order matching process and automatically cancelled if they are not matched. MTL: Market to limit is an order that if not fully executed, the rest of the order is converted to a LO order. Order matching price: Without setting the specific price and be only matched at a price which is equal to or better than the limit price. Price of un- matched volume will be changed into a limit buy/sell order (LO) at the higher/lower price than the final order matching price with one unit of price quotation or price ceiling/floor if the last matching price is ceiling/floor price |
Not applied
Not applied
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Not applied |
MOK: is a market order that is fully matched or canceled. If the MOK order is not fully executed, it will be canceled on the trading system immediately after entering. MAK: Market orders are matched and canceled, MAK orders can be executed in whole or in part, the rest of orders will be canceled immediately after order matched. PLO: Buy or sell orders at the closing price after finishing closing periodic order matching. PLO order is matched immediately when entering into the system if there are available buy or sell orders. The executed price is the closing price of the trading day. |
Not applied |
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The orders applied to Bond is LO order |
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LO (Limit order) |
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* The buy/sell securities order at a certain price or better. |
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* With specific price. |
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* LO is not allowed to cancel, adjust at the ATO/ATC session, including LO is placed in the continuous matching session switch ATC session. |
* LO is allowed to cancel or change price and volume in the continuous matching session. * LO is not allowed to be cancelled, changed in ATC session, including LO is placed in the continuous matching session switch ATC session. * In after-hour trading session: PLO orders are not allowed to change or cancel. * The priority order of the LO order does not change if amended to reduce volume *The priority order of LO orders is amended when a amending order is entered into the trading system to increase volume or to amend the price. |
* LO is allowed to cancel or change price and volume in the during trading time for unmatched orders or the rest of the original order has not been executed |
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* Validity of order: Until the end of the trading day or until we cancel it. |
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5. Reference Price |
Reference price of a stock is the closing price of the previous trading day |
Reference price is the average weighted price of round lot transaction prices executed by continuous order matching method of the most recent trading day. |
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6. Price fluctuation |
Ceiling price = Reference Price + Reference Price x 7% Floor price = Reference Price - Reference Price x 7%
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a. Stocks: ±10% Ceiling price = Reference Price + Reference Price x 10% Floor price = Reference Price - Reference Price x 10% |
a. Stocks: ±15% Ceiling price = Reference Price + Reference Price x 15% Floor price = Reference Price - Reference Price x 15% |
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* In case ceiling price and floor price of Stock, Fund Certificate are adjusted base on fluctuation equal to reference price: Adjusted ceiling price = Reference price + 01 tick value Adjusted floor price = Reference price - 01 tick value |
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* In case the floor price of the stock, Fund Certificate is adjusted according to the fluctuation range less than or equal to zero (0)
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* In case reference price = 100 VND, price fluctuation of Stock, Fund Certificate is determined: Adjusted ceiling price = Reference price + 01 tick value Adjusted floor price = Reference price |
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b. Bonds No regulation |
Not applied |
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c. Newly listed stock/ Fund Certificate with over 25-session without trading |
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* Newly listed stock/ Fund Certificate must have a starting price by consulting organizations, identified and approved by the Stock Exchange as the reference price. |
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Price fluctuation: ± 20% |
Price fluctuation applied to: ± 30% |
Price fluctuation applied to: ± 40% |
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Order placing method of newly listed stock/fund certificates at the first trading day is similar with the listed stock/fund certificates. However, the put through trading of new stock/fund certificates are listed or re-traded after 25 days being suspended are not allowed to input in the trading system until closing price established. (Do not apply this rule to Bond trading). |
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7. Trading unit |
a. Stocks/Fund Certificate |
a. Stock/ETF |
a. Stock |
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Applied to order matching method |
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1 trading unit = 100 Stocks/Fund Certificates |
1 trading unit = 100 stocks/ETF |
1 trading unit = 100 stocks |
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Round lot trading: Multiple of 100, From 100 to 500,000 stocks, do not exceed a maximum volume of 500,000 Stocks/ Fund Certificates
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Round lot trading: Multiple of 100, Beginning from 100 stocks |
Round lot trading: Multiple of 100, Beginning from 100 stocks |
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Odd lot Trading: From 1-99 Stocks/Fund Certificates (Odd lot trading is carried out via Continuous Order Matching and Put through) |
Odd lot trading: From 1 to 99 Stocks/bonds (Odd lot trading is carried out via Continuous Order Matching and Put through) |
Odd lot trading: From 1 to 99 Stocks (Odd lot trading is carried out via Continuous Order Matching and Put through) |
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Applied to Put through |
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Large lot trading: Mass of large lot trading ≥ 20,000 Stocks/Fund Certificate |
Even lot ≥ 5,000 stocks |
No regulation : But Minimum volume: 1 stock |
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b. Bonds |
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Put through |
1 Bond |
Not applied |
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There is no regulation on volume of put through |
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8. Quotation unit |
a. Stock/Fund Certificate |
a. Stock/ETF/Bonds |
a. Stock |
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Stock/Closed-end Fund Certificate: Market price < 10,000VND: 10VND Market price from 10,000VND to 49,950VND: 50VND Market price ≥ 50,000VND: 100VND ETF: Tick value: 10VND |
Stocks: Tick value: 100VND ETF: Tick value: 1VND Bonds: Tick value: 1VND |
Stocks: Tick size: 100 VND |
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b. Put through Stocks, Bonds: There is no regulation |
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9. Settlement |
Securities types |
Blocked money (Buy order), Stocks (Sell order) |
Schedule of cash payments (Buy order: recorded as decrease money on customer's account, Sell order: recorded as increase money on customer's account) |
Schedule of stock payments (Buy order: recorded as increase stocks on customer's account, Sell order: recorded as decrease stocks on customer's account) |
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Stock, Fund certificate |
From T+0 to 11:30 T+2 |
After 11:30 T+2 |
After 11:30 T+2 |
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Bonds |
From T+0 to T+1 |
T+1 |
T+1 |
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10. Trading method |
Placing order at the trading floor Placing order via Call Center 1900 2523 58 Placing order via E-stock: PHS-WEB TRADING, PHS-HOME TRADING, PHS-MOBILE TRADING |
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11. General regulation
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At a securities company, an investor is allowed to open one securities trading account and is allowed to open accounts at many other securities companies. An investor can simultaneously place buy orders and sell orders for the same kind of securities within continuous trading session. An investor cannot simultaneously place buy orders and sell orders for the same kind of securities within a periodic order matching period, except for orders not matched and still valid from the previous trading session, in cases customer have placed buy or sell orders in the previous trading session but have not matched and still remain valid, when switching to the periodic matching order, customer may place sell or buy orders for the same securities. Investors shall not be permitted to conduct deals which do not result in change of ownership of securities. Investor must have enough securities to place buying order and place selling order as regulations. In Break Time: Investors can place orders (these orders are pending status to transfer Stocks Exchange) for the afternoon session via E-stock from 11:30 to 13:00 or at Trading Offices and Call Center from 11:30 to 12:00. These pending orders will be stored in PHS' system and transferred to transaction system of Stocks Exchange when the market open the afternoon session. Investors can cancel these above orders when they are not transferred to Stock Exchange. Orders that placing but not matching in morning session, will effective in the afternoon session. Except the special control stocks follow the regulations of Stock Exchange. Major shareholders and groups of related people owning 5% or more of the voting shares of a public company or a public securities investment company; investors, groups of related people owning 5% or more of fund certificates of a closed-end fund; group of related foreign investors owning 5% or more of the voting shares of an issuer or 5% or more of fund certificates of a closed-end fund: when becoming or no longer being Major shareholders of a public company, a public securities investment company, or when there is a change in the number of shares owned above the threshold of 1% of the voting shares, must disclose information and report on the transactions for public companies, securities investment fund management companies, the State Securities Commission and the Stock Exchange (for shares listed and registered for trading) according to the form specified in Appendix VII. /VIII promulgated together with Circular 96/2020/TT-BTC on Information Disclosure within 05 working days from the date of becoming or no longer being a major shareholder. Internal people of public companies, public securities investment companies, public funds and their related persons when the expected transaction value of the day is VND 50 million or more or the expected exchange rate in each month is from VND 200 million or more calculated at par value (for stocks, convertible bonds, fund certificates) or at the most recent issue price (for covered warrants) or value transfer (for the right to buy shares, the right to buy convertible bonds, the right to buy fund certificates), even if the transfer is not through the trading system at the Stock Exchange (such as transactions for or are given, given or are given, inherited, transferred or received securities transfer and other cases), must disclose information, report before and after performing transactions to the State Securities Commission, Stock Exchange (for shares listed, registered for trading, listed public fund certificates), public companies, public companies securities investment fund management company at least 03 working days before the expected date of trading, according to the form specified in Appendix XIII or Appendix XIV issued together with Circular 96/2020/TT-BTC on Disclosure information. The time limit for performing a transaction must not exceed 30 days from the date of registration for trading. Internal people and related people must follow the time, volume and value announced by the Stock Exchange and only make the first transaction on the trading day immediately following the date of information announced from the Stock Exchange. |
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12. Symbol status code |
Symbol HOSE XD - Trading does not include cash dividends on stocks, closed-end fund certificates, ETF fund certificates XR - Transactions do not have the right to buy, the right to receive bonus shares, the right to receive dividends in shares, closed-end fund certificates, ETF fund certificates XA - In case XD and XR of the same stock, closed-end fund certificate, ETF fund certificate occur on the same trading day XI - Trading without bond interest D - Securities subject to delisting H - In case the temporary suspension or suspension of transactions does not exceed 01 trading day S - In case of temporary suspension or suspension of transactions for 02 trading days or more DS - Securities subject to warning C - Securities are subject to control UC - Securities subject to trading restrictions Symbol HNX P - Normal N - New listing I - Additional listing D - Reduce capital XD - Ex-dividend trading day XI - Trading days do not earn interest XR - The transaction date does not give you the right to buy M - Trading days do not enjoy shareholders' meeting rights DS - Warning C - Controlled H - Temporarily suspended trading L - Stock with restricted trading (Stock that cannot be traded during the day) Symbol UPCOM P Normal N Register new transaction I Register for additional transactions D Reduce capital XD Ex-dividend trading day XI Trading days do not earn interest XR The transaction date does not give you the right to buy M Trading days do not enjoy shareholders' meeting rights ST Special transaction DS (Stock with no transactions for 25 consecutive trading days or more) H Warning L Temporarily suspended transactions |
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