Knowledge

Knowledge

HSX Trading Regulations


  Trading Method   Trading Time
  Stocks, closed-end fund certificates, ETFs, covered warrants 
  Opening periodic order-matching   09:00 – 09:15
  Continuous order-matching I   09:15 – 11:30
  Continuous order-matching II   13:00 – 14:30
  Closing periodic order-matching   14:30 – 14:45
  Put-through   09:00 – 15:00
Corporate Bonds 
  Put-through I   9:00 - 11:30
  Put-through II   11:30 - 15:00
  • Stocks, closed-end fund certificates, ETFs: ± 7% against reference price. 
  • Price range is not applicable for bonds. 
  • Ceiling and floor prices of stocks, closed-end fund certificates, ETFs are determined as below:

- Ceiling price = reference price x (100% + price range)
- Floor price = reference price x (100% - price range)

  • Ceiling and floor prices of covered warrants are determined as below:

- Ceiling price = reference price + (ceiling price of underlying stock – reference price of underlying stock) x (1/ conversion rate)
- Floor price = reference price – (ceiling price of underlying stock – reference price of underlying stock) x (1/ conversion rate)

  • If ceiling and floor prices of stocks, closed-end fund certificates, ETFs, after adjusted for the price range of ± 7%, are still equal to reference price, the adjusted ceiling and floor prices are determined as below: 

- Adjusted ceiling price = reference price + one price tick
- Adjusted floor price = reference price – one price tick

  • If the above adjusted ceiling and floor prices of stocks, closed-end fund certificates, ETFs are equal to zero, ceiling and floor prices are determined as below:

- Adjusted ceiling price = reference price + one price tick
- Adjusted floor price = reference price

  • If the floor prices of covered warrants are below or equal to zero, the floor prices are equal to the lowest price tick of 10 Dong.
  • For newly listed stocks, closed-end fund certificates, ETFs, the price range is +/-20% of reference price. Listed entities and their listing advisory agents (if any) must determine the reference prices of their stocks, closed-end fund certificates, ETFs for the first trading day. If the newly listed stocks, closed-end fund certificates, ETFs still do not have closing prices after the first three trading days, the listed entities shall determine the reference prices.       
  • For covered warrants (call), reference prices in the first trading day are determined as below:
    • Reference price of covered warrant = covered warrant’s issuance price x (reference of the underlying stock in the first trading day of the covered warrant/ reference price of the underlying stock at issuance date) x (conversion rate determined at issuance date/ conversion rate at the first trading day).

    • Price ranges in the first trading day of stocks, closed-end fund certificates, ETFs that are available for trading after more than 25 days of suspension, are +/-20% against the reference prices at that trading day. 

  • Reference prices of covered warrants after more than 25 days of suspension are determined as below:
    • Closing price of the first trading day after suspension is used as the reference price of the next trading day. Price range of 7% is applied for the next trading day.
    • If stocks, closed-end fund certificates, and ETFs do not have closing prices within three (03) trading days after suspension, upon approval of SSC, HSX will determine reference prices of the securities. 
  • Order matching and put-through

Price priority:

  • Buy orders at higher price take precedence.
  • Sell orders at lower price take precedence.

Time priority:

  • In case that buy orders or sell orders are at the same price, the orders which are entered to the transaction system first will take precedence.
  • Trading unit of even-lot transactions: 100 shares/ closed-end fund certificates/ ETFs/ covered warrants.
  • The maximum volume of an even-lot order: 500,000 shares/ closed-end fund certificate/ ETFs/ covered warrants.
  • Volume of put-through transactions: At or above 20,000 shares/ closed-end fund certificates/ ETFs/ covered-warrants.
  • There is no trading unit applicable for put-through transactions.
  • Odd-lot transactions are executed directly between investors and securities company at prices that are equivalent to 90% of reference prices as of the contract date. 
  • Stocks and closed-end fund certificates:
  Price level   Price tick
 < VND10,000   VND 10  
  VND 10,000 – 49,950   VND 50
  >= VND 50,000  VND 100
  • ETFs, covered warrants: Price tick of VND10 is applied across price levels
  • There is no price tick applicable for put-through and bond transactions

a. Order which is executed at the opening order matching price (ATO):

  • ATO is buy or sell order that is to be matched at the opening price.
  • ATO orders receive higher priority than limit orders when comparing to match.
  • ATO orders are entered into the trading system in time for Periodic order matching to determine the opening price and will be automatically cancelled at the end of the opening session if they are not executed or partially matched.
  • Transactions with volume from 1 to 9 shares (odd plot) are done directly between the investors with the securities company; the trading price equals 90% of the reference price on date when signing the contract.

b. Order which is executed at the closing order matching price (ATC):

Similar to the ATO order but applied in time for periodic order matching to determine the closing price.

  • Example of ATO (ATC) order:

Order Book (in time for periodic order matching): Stock AAA, reference price: 99. The orders are entered into the system in the order A, B, C.

  Buying Volume   Buying Price   Selling Price   Selling Volume
  5,000 ( C )   100   ATO (ATC)   4,000 ( B )
      99   2,000 ( A )

Order matching result:

  • Example of ATO (ATC) order:
  • Matching price: 99
  • Matching volume: 5,000. In which: C - B : 4,000.
  • ATO (ATC) orders receive higher priority than limit orders when comparing to match.

c. Market order (MP) 

  • Is buy/sell order to be executed at lowest offer price/ highest bid price
  • Once inputting into the trading system, the MP sell order will be immediately executed at the lowest offer price and the MP buy order will be immediately executed at the highest bid price. In case the MP order is not fully matched, the MP order will be considered as buy order at a higher price or sell order at lower price and continue to match.
  • If the MP order is executed partially, the remaining volume of the MP buy order and the MP sell order will be changed to next higher price unit and next lower price unit respectively compared to the last executed price.
  • If the last executed price is limit up price/limit down price, the MP order will be changed to limit order at limit up price/ limit down price
  • The MP order is valid in continuous order-matching session only.
  • The MP order will be automatically cancelled if there is no corresponding limit order at the time the MP order is input into the trading system
  • The MP orders of foreign investors will be automatically cancelled if the Foreign Ownership Limited (FOL) of the certain stock is no longer available.
  • Orders or partially filled orders can only be amended or cancelled during continuous order matching sessions.
  • Orders or partially filled orders cannot be amended or cancelled during periodic order matching sessions. This is also applied for orders transferred from continuous order matching sessions.
  • Put-through orders cannot be cancelled. 
  • Stocks, closed-end fund certificates, ETFs, covered warrants: T+2
  • Corporate bonds: T+1
  • Covered warrants at maturity dates:
    • If investors hold covered warrants which are in the money until maturity dates, payment will automatically be deposited in their accounts. 
    • Payment time: E+5 (E: covered warrant’s maturity date)
    • Payment means: Cash
    • Payment settlement method: Direct deposit to investor accounts.

a. During order matching sessions

  • Volume of stock and closed-end fund certificate of foreign investor’s successful buy transactions will be deducted from the total volume that foreign investors can buy at the moment buy transactions are executed. Upon settlement, volume of sell transactions of foreign investors will be added to the remaining volume that foreign investors can buy. 
  • Foreign investors’ buy orders or unmatched parts of buy orders of stocks, closed-end fund certificates will automatically be cancelled if they are not executed when entering into system or foreign ownership limit is reached. 

b. Put-through transactions: 

  • The remaining volume of stocks and closed-end fund certificates that foreign investors can buy will not change if a put-though transaction is executed between two foreign investors.