With the approval of the Vietnam Securities Exchange and the State Securities Commission on putting into operation the new information technology system for the Vietnam Stock Market (KRX system), Ho Chi Minh Stock Exchange (HOSE) has officially announced the new information technology system since 5.5.2025.
Here are 9 changes that investors need to pay attention to avoid confusion when trading:
1. Changes in the ATO/ATC session
An important change in the KRX system involves the ATO session (match for opening orders) and ATC session (match for closing orders) which is the order of priority for orders.
Previously, ATO/ATC orders were always given priority before all other orders, including ceiling buying or floor selling orders.
However, with the KRX system, this priority is no longer maintained - the ATO/ATC command will be handled as part of the entire periodic order matching mechanism, not superior in order compared to the previously entered limitation (LO).
In addition, the way ATO/ATC is displayed on the price list has also changed.
2. Changing the principle of amending/repeating orders
For the current system, investors can simultaneously change both the volume and price at the same time. For the new system, it will not change both price and volume at the same time, so it will lead to a change in the priority order in terms of matching orders.
When correcting prices or increasing the volume to change the priority of the order time, also correct the unchanged volume to prioritize the order time.
In the ATO/ATC session, the old principle is not to cancel/amend orders.
3. Replace MP commands with MTL on HOSE
The MP market price will be replaced by the MTL (Market To Limit) order, helping investors better control the price matched with the order.
When the MTL (Market-to-Limit) is partially matched but not fully matched, the remainder will automatically be converted to a LO (Limit Order) with a price difference of ±1 tick size compared to the price of the original order.
4. Agreement transactions and retail lot transactions
Regarding dealings, the new KRX allows both sellers and buyers to enter orders and the other party will be the order confirmation party. And when the agreement has been implemented, it cannot be canceled/amended.
For single-pots, for the new system, investors are allowed to place single-pots throughout the day from 9:00 a.m. to 2:45 p.m., only LO is allowed.
5. Trading restricted trading codes on HOSE
For the trading limit code of the HOSE floor, it can only be traded in the 6th afternoon session, when go live KRX can be traded both in the morning and afternoon, and traded in regular order matches.
From the regular session of the ATO opening order, then every 15 minutes, there will be a PCA session and to the ATC regular session.
6. Stock trading of foreign investors
Currently, foreign investors' room has only decreased after the foreign investor's orders were accepted. As for the KRX system, whenever a foreign investor's order is pushed to a trading floor, it will be immediately deducted, and foreign investors will be updated as soon as they have an order on the floor. If that order is canceled, foreign rum will increase immediately.
7. Change the name of the derivative contract code
The new system is changed according to international standards, for example 4 1 I1 F 3 back,000, each component includes: Stock type (Pryalty) + Stock group (SDTL) + Basic asset code (VN30 + Expiry year (2025=F) + Expiry month + Future SD Code
8. Offset fee replaces derivatives position management fee
VSDC collects the position management fee overnight at VND 2,550/session/night. In the new system, VSDC removes this fee and replaces it with a offset fee, which will be collected immediately when the contract is closed on the floor, with a contract price of VND 2,550/court awarded.
9. Changing the time frame for controlling the value of derivatives
When switching to the KRX system, depositing a deposit with VSDC does not require depositing before the transaction. Customers only need to open a derivative account at a securities company and then deposit money into a derivative account to be eligible to place an order to open a derivative position, on the closing date depending on the strategy.
At the end of the day, VSDC will base on the remaining position to calculate the deposit value according to regulations, then the securities company will transfer the deposit to VSDC for customers.
Notably, when switching to the KRX system, only deposits can be withdrawn after the position payment date (T+1).
