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Regulations on Trading > HOSE

Transaction Detail

1. HOSE
TRANSACTION TIME
Stocks, close-end fund certificates, ETFs, covered warrants	- Periodical order matching (At the opening) and put-through: 9h00 – 9h15
	- Continuous order matching I and put-through: 9h15 – 11h30
	- Break: 11h30 – 13h00
	- Continuous order matching II and put-through: 13h00 – 14h30
	- Periodical order matching (At the close) and put-through: 14h30 – 14h45
	- Put-through: 14h45 – 15h00
Bonds	- Put-through: 9h00 – 11h30
	- Break: 11h30 – 13h00
	- Put-through: 13h00 – 15h00
TRADING METHOD
Periodical order matching method	This is a transaction method executed by the trading system on the basis of matching securities buying and selling orders at a specific time. The trading system shall conduct the comparison and matching of securities buying and selling orders on the basis of price and time precedence as follows:
	- The exercise price shall be the price that enables the maximum trading volume of the securities.
	- Where more than one price satisfies the above condition, the price that equals or is least different from the exercise price established in the immediately preceding order matching shall be taken
Continuos order matchinh	This is a transaction method executed by the trading system on the basis of matching securities buying and selling orders immediately upon their entry into the trading system.
Put-through	This is a trading method whereby trading members negotiate with each others on the trading conditions. After that the deal will be entered into the trading system to record trading result by BSC related to buyers and sellers or buyers/sellers find a counterparty to negotiate the trading conditions via securities company.
PRINCIPAL OF ORDER MATCHING
Price precedence	- The buying order with highers price shall take precedence
Price precedence	- The selling order with lower price shall take precedence
Time precedent	In case, multiple selling and buying orders of the same price, the order which is entered into the trading system first shall take precedence
TRADING UNIT AND PRICE TICK
Trading unit	- Trading unit of Even-lot: 100 shares/ closed-fund certificates/ETFs/Covered warrents - Maximum volume of an even-lot order is 500,000 shares/ closed-fund certificates/ETFs/Covered warrents
	- Volume of put-through transactions: at or above 20,000 shares/ closed-fund certificates/ETFs/Covered warrents
	- 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 execution date
Price tick	- Price tick for stocks and closed-end fund certificates
	· Price level <10.000: 10 VND
	· 10.000 – 49.950: 50 VND
	· >= 50.000: 100 VND
	- ETFs, Covered warrants: Price tick of VND10 is applied across price levels
	- There is no price tick applicable for put-through and bond transactions
PRICE RANGE
Stocks, Close-end fund certificates, ETFs	Price range of: ±7% against reference price
Bonds	Not applicable
- 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.
TYPES OF ORDER
Order which is executed at the opening order matching price (ATO order)	- 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
Limit order (LO)	LO is an order to buy or sell securities at a predetermined price or better price. An LO shall be effective since it is placed into the trading system until the close of the trading day or until the rescission of the order
Order which is executed at the closing order matching price (ATC order)	Similar to ATO order but applied in time for periodic order matching to determine the closing price
Market order (MP)	- MP order is a 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.
ORDER CANCELLATION AND AMENDMENT
In periodical order matching session	A trading order placed may not be cancelled or modified during the periodical order matching session that determines at-the-opening price (ATO) and at-the-closing (ATC) price (including orders transferred from the continuous order matching session)
In continuous order matching session	A trading order placed can be amended or cancelled if the original order or the partial of the original order has not yet been executed, including order or the partial of order which was not executed during the previous session of periodical or continuous order matching
PAYMENT PERIOD
Stocks, close-end fund certificates, covered warrants	T+2
Bonds	T+1
TRANSACTION OF FOREIGN INVESTORS
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
During order matching sessions	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

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