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17.01.2020

1.1. HSX Trading Regulations

Trading hours are from Monday to Friday, excluding the Public holidays.

1.1.  Stocks, closed-end fund certificates, ETF certificates, and covered warrants

SessionsTrading methodsTrading hoursTrading typesMorning SessionPeriodical Order Matching – At the opening09h00 - 09h15Even lot: LO, ATO
Odd lot: LOContinuous Order Matching session I    09h15 - 11h30Even lot: LO, MTL
Odd lot: LOPut through09h00 – 11h30Intermission11h30 - 13h00Afternoon SessionContinuous Order Matching session II13h00 - 14h30Even lot: LO, MTL
Odd lot: LOPeriodical Order Matching – At the closing14h30 – 14h45Even lot: LO, ATC
Odd lot: LOPut through13h00 – 15h00

Note: During the intermission session, the following actions are not allowed:

  • Taking, amending, or canceling orders.

  • Taking or canceling advertised put-through transactions.

  • Executing put-through transactions or canceling awaiting put-through transactions.

1.2.  Restricted Stocks (PCA)

Trading methodTrading hoursTrading typesPeriodical Order Matching – At the opening09h00 – 09h15LO, ATOPeriodical Order Matching 109h15 – 09h30LOPeriodical Order Matching 209h30 – 09h45LOPeriodical Order Matching 309h45 – 10h00LOPeriodical Order Matching 410h00 – 10h15LOPeriodical Order Matching 510h15 – 10h30LOPeriodical Order Matching 610h30 – 10h45LOPeriodical Order Matching 710h45 – 11h00LOPeriodical Order Matching 811h00 – 11h15LOPeriodical Order Matching 911h15 – 11h30LOIntermission11h30 – 13h00Periodical Order Matching 1013h00 – 13h15LOPeriodical Order Matching 1113h15 – 13h30LOPeriodical Order Matching 1213h30 – 13h45LOPeriodical Order Matching 1313h45 – 14h00LOPeriodical Order Matching 1414h00 – 14h15LOPeriodical Order Matching 1514h15 – 14h30LOPeriodical Order Matching – At the closing14h30 – 14h45LO, ATC

Note: 

  • Restricted stocks can only be traded in lot sizes through the periodic order matching method, including the opening periodic matching session, the subsequent periodic sessions (each lasting 15 minutes), and the closing periodic matching session.

  • During the opening and closing periodic matching sessions, investors are not permitted to amend or cancel orders. In periodic matching sessions 1 through 15, order amendments and cancellations are prohibited during the final 5 minutes of each session.

ContentsDetails2.1 Trading UnitsStocks, closed-end fund certificates, ETF certificates, and covered warrants100- Trading units for even lot transactions 100, maximum volume is 500.000- Trading units for odd lot transactions  1, maximum volume is 99- Trading units for block trade 1, minimum volume is 20.0002.2 Tick sizeStocks, closed-end fund certificates 
Price levelTicket size< 10.00010 dong10.000 – 49.95050 dong≥ 50.000100 dong

ETF certificates, covered warrantsapply a base unit of VND 10 for all pricesTick size for put-through transactions1 dong


ContentsPrice limitsStocks, closed-end fund certificates, ETF certificates, and covered warrants± 7% relative to the reference priceStocks on the ex-rights date in cases of share offering to existing shareholders± 7% relative to the reference priceFirst trading day of stocks, closed-end fund certificates, and ETF certificates± 20% relative to the reference priceStocks, closed-end fund certificates, and ETF certificates resuming trading after a trading halt or suspension lasting twenty-five (25) or more consecutive trading daysStocks, closed-end fund certificates, and ETF certificates on the ex-rights date in the following cases: listed company spin-offs, dividend/bonus share distributions to existing shareholders, cash dividends equal or greater than the closing price on the preceding trading day, and resumption of trading following listed company spin-offs not related to the ex-rights date

Expiration of Covered Warrants

  • If investors hold covered warrants until expiration, they will be automatically settled if they are in-the-money.

  • Last trading day: as announced by the issuer (T)

  • Last registration date / Covered warrant expiration date: T+2 after the last trading day

  • Settlement date: T+7

  • Payment amount per covered warrant = (Covered warrant settlement price – Covered warrant exercise price) / (Conversion ratio)

  • Settlement price (for covered warrants with underlying assets being stocks): the average closing price of the underlying stock over the 5 trading days before the expiration date, excluding the expiration date

  • Payment method: Cash

  • Method: Direct allocation to the securities account

Example: Calculation of Settlement Price and Payment Amount

  • Covered warrant exercise price: 20.000 VNĐ 

  • Last trading day of the covered warrant: 10/12/2019

  • Covered warrant expiration date: 12/12/2019

  • Covered warrant settlement price calculation dates: 05/12, 06/12, 09/12, 10/12, 11/12

  • Closing prices of the underlying security on these dates:
    DateClosing price of the underlying security05/1220.50006/1221.00009/1221.80010/1221.40011/1221.2005-day average price21.180

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