1. Trading Hours

Trading Hours Order Types Trading Sessions
09h00 – 09h15 LO, ATO Periodic Auction for Opening Price Determination
09h15 – 11h30 LO, MTL Continuous Matching I
11h30 – 13h00 Mid-Session Break
13h00 – 14h30 LO, MTL Continuous Matching II
14h30 – 14h45 LO, ATC Periodic Auction for Closing Price Determination
09h00 – 15h00 Put-through

 

2. Order Matching Methods

  • Periodic Auction Matching:
    A trading method in which buy and sell orders for securities are matched at a predetermined time based on the aggregated orders in the trading system.
  • Continuous Matching:
    A trading method in which buy and sell orders are matched immediately upon entry into the trading system.
  • Negotiated (Put-through) Transactions:
    A trading method whereby trading members mutually agree on the terms and conditions of the transaction.

3. Order Matching Principles

Price Priority

  • Buy orders with higher prices are given priority for execution.

  • Sell orders with lower prices are given priority for execution.

Time Priority

  • In the event that buy or sell orders have the same price level, the order entered earlier into the trading system will receive execution priority.

4. Trading Unit and Price Quotation Unit

Trading Unit

  • Standard lot (order matching): 100 shares, fund certificates, or covered warrants.

  • Maximum order size: 500,000 shares or fund certificates per order.

  • Negotiated transaction volume: from 20,000 shares or fund certificates.

  • No specific trading unit requirement applies to negotiated transactions.

  • Odd-lot transactions: from 01 to 99 shares, which may be executed through either order matching or negotiated transactions.

Price Quotation Unit:

Price (VND) Price Quotation Unit (VND)
< 10,000 đồng 10 đồng
10,000 – 49,950 50 đồng
>= 50,000 100 đồng

5. Daily Price Fluctuation Limit

The daily price fluctuation limit is ±7%.

Price Determination:

  • Ceiling Price = Reference Price × (100% + Price Fluctuation Limit)

  • Floor Price = Reference Price × (100% − Price Fluctuation Limit)

Additional provisions:

  • For shares and fund certificates on the first trading day, the trading price may fluctuate within ±20% of the expected trading price.

  • For shares and fund certificates that resume trading after being suspended for more than 25 days, the price fluctuation limit on the first trading day after resumption is ±20% compared to the reference price on that day.

  • The closing price on the first trading day after trading resumption will become the reference price for the following trading day, and the ±7% price fluctuation limit will apply from that day onward.

6. Trading Order Types

At-the-Opening Order (ATO):

  • ATO orders are prioritized over limit orders during order matching.

  • The opening periodic auction session will not determine an execution price if only ATO orders exist in the order book.

  • ATO orders may be entered during the opening periodic auction session and will be automatically cancelled after the opening price is determined if they are not executed or not fully executed.

Limit Order (LO):

  • A buy or sell order placed at a specified price or better.

  • The order remains valid from the time it is entered into the trading system until the end of the trading day or until it is cancelled.

At-the-Close Order (ATC):

  • Similar to the ATO order, but applied during the closing periodic auction session to determine the closing price.

Market-to-Limit Order (MTL):

  • An order allowing investors to buy or sell securities at the best available price in the market at the time the order is placed.

  • If the order is not fully executed, the remaining portion will automatically convert into a limit order (LO) with a price determined based on the most recent matched price.

7. Order Cancellation

During Periodic Auction Sessions:

  • Clients may not cancel trading orders placed during the opening periodic auction session or the closing periodic auction session, including orders carried forward from the continuous matching session.

During Continuous Matching Sessions:

  • Clients may request their broker to cancel an order, provided that the order or its remaining portion has not yet been executed, including orders or remaining portions from previous periodic or continuous matching sessions.

8. Settlement Time

Transaction Type Settlement Cycle
Order-matching transactions T + 2
Negotiated (put-through) transactions T + 2

9. Covered Warrant Maturity

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

  • Settlement time: E + 5 (E = warrant maturity date).

  • Settlement method: Cash settlement.

  • Allocation method: Funds will be credited directly to the investor’s securities account.

10. Trading by Foreign Investors

During Order-Matching Trading Sessions:

  • The purchasing volume of shares and closed-end fund certificates by foreign investors will be deducted from the available foreign ownership room immediately after the buy order is executed.

  • The selling volume of shares and closed-end fund certificates by foreign investors will be added back to the available foreign ownership room after the transaction settlement is completed.

  • A buy order or the remaining portion of a buy order from a foreign investor will be automatically cancelled if the foreign ownership limit has been fully utilized or if the order cannot be executed immediately upon entry into the trading system.

During Negotiated (Put-through) Transactions:

  • The permitted purchasing volume for foreign investors will remain unchanged if the negotiated transaction is conducted between two foreign investors.