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15.04.2020

Products

futures-1

Derivatives are financial products that derive their values from the price movements of underlying assets. In Vietnam, the first derivative product is futures contracts – Standardized agreements between a seller and a buyer that are executed at current time and will be settled at a specified time in the future.

Index futures contract is a futures contract that has stock index as its underlying asset. Currently, VN30 Index is the only underlying for stock index futures in Vietnam. Futures contracts are listed and traded on the Vietnam Derivatives Exchange (HNX) and settled and cleared through the Clearing House (Vietnam Securities Depository And Clearing Corporation - VSDC). 

Contract Specifications for VN30 Index Futures 

ContractVN30 Index Futures Contract
Contract codeVN30FYYMM
UnderlyingVN30 Index
Contract MultipliersVND100,000
Contract (expiration) monthsThe closest month, the next month, the closest last month of a quarter, the next last month of a quarter 
Minimum tick0.1 Index point (equivalent to VND10,000)
The last trading dayThe third Thursday of the contract month
Daily settlement priceFollowing regulations of VSDC 
Final settlement priceThe final settlement price of VN30 Index futures contract is: The simple arithmetic mean of the VN30 Index for the last 30 minutes of the last trading day (including 15 minutes of the Continuous session and 15 minutes of the Closing session), after excluding the 3 highest Index values and the 3 lowest Index values of the Continuous session. FSP is rounded to two decimal places
Final settlement dayThe next working day of the last trading day
Settlement methodCash

Government bond futures contract is a futures contract, whose underlying asset is a government bond with five-year maturity term, par value of VND100,000, nominal coupon rate of 5% p.a., annual coupon payment, and bullet principal payment upon maturity. Government bond futures contracts are listed and traded on the Vietnamese Derivative Exchange (HNX) and have clearing processed by Central Counter Party Clearing House (CPP) at the VSDC. 

Contract nameFive-year Government Bond Futures Contract
Contract codeGB05Fyymm
Underlying assetFive-year maturity term, par value of VND100,000, nominal coupon rate of 5% p.a., annual coupon payment, and bullet principal payment upon maturity
Contract multipliersVND10,000
Maturity month03 last months of the three closest quarters 
Matching methodsOrder matching and put-through 
Trading hours

• Opening: 15 minutes ahead of the underlying market 

• Closing: At the same time of the underlying market

Price range+/-3% against reference price
Price tick/ quotation unitVND1
Trading unit1 contract
The last trading day (E)The 15th of the maturity month or the next trading day if the 15th of the maturity month is a statutory holiday.
The last payment dayThe third business day following the last trading day 
Settlement methodPhysical asset transfer 
Key features of bonds that can be used to physically settle futures contract

Government bonds issued by the State Treasury and have the remaining times to maturity ranging from 03 to 07 years starting from the last payment day, the minimum listing value of VND2,000 billion. Conversion rate is calculated based on the nominal coupon rate of 5% p.a.

Related Content

Knowledge

Schedule of Fees

Regulations


Order limit 500 contracts per order