{"id":1757,"date":"2025-09-24T15:11:28","date_gmt":"2025-09-24T08:11:28","guid":{"rendered":"https:\/\/sbsc.com.vn\/ho-tro\/hsx-trading-regulations\/"},"modified":"2026-03-10T15:43:02","modified_gmt":"2026-03-10T08:43:02","slug":"hsx-trading-regulations","status":"publish","type":"ho-tro","link":"https:\/\/sbsc.com.vn\/en\/support\/hsx-trading-regulations\/","title":{"rendered":"HSX trading regulations"},"content":{"rendered":"

1. Trading Hours<\/strong><\/span><\/p>\n

\n\n\n\n\n\n\n\n\n
Trading Hours<\/span><\/td>\nOrder Types<\/span><\/td>\nTrading Sessions<\/span><\/td>\n<\/tr>\n
09h00 \u2013 09h15<\/span><\/td>\nLO, ATO<\/span><\/td>\nPeriodic Auction for Opening Price Determination<\/span><\/td>\n<\/tr>\n
09h15 \u2013 11h30<\/span><\/td>\nLO, MTL<\/span><\/td>\nContinuous Matching I<\/span><\/td>\n<\/tr>\n
11h30 \u2013 13h00<\/span><\/td>\n<\/td>\nMid-Session Break<\/span><\/td>\n<\/tr>\n
13h00 \u2013 14h30<\/span><\/td>\nLO, MTL<\/span><\/td>\nContinuous Matching II<\/span><\/td>\n<\/tr>\n
14h30 \u2013 14h45<\/span><\/td>\nLO, ATC<\/span><\/td>\nPeriodic Auction for Closing Price Determination<\/span><\/td>\n<\/tr>\n
09h00 \u2013 15h00<\/span><\/td>\n<\/td>\nPut-through<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

2. Order Matching Methods<\/strong><\/span><\/p>\n

    \n
  • Periodic Auction Matching:<\/strong><\/span>
    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.<\/span><\/li>\n
  • Continuous Matching:<\/strong><\/span>
    A trading method in which buy and sell orders are matched immediately upon entry into the trading system.<\/span><\/li>\n
  • Negotiated (Put-through) Transactions:<\/strong><\/span>
    A trading method whereby trading members mutually agree on the terms and conditions of the transaction.<\/span><\/li>\n<\/ul>\n

    3. Order Matching Principles<\/strong><\/span><\/p>\n

    Price Priority<\/strong><\/span><\/p>\n

      \n
    • \n

      Buy orders with higher prices<\/strong> are given priority for execution.<\/span><\/p>\n<\/li>\n

    • \n

      Sell orders with lower prices<\/strong> are given priority for execution.<\/span><\/p>\n<\/li>\n<\/ul>\n

      Time Priority<\/strong><\/span><\/p>\n

        \n
      • \n

        In the event that buy or sell orders have the same price level<\/strong>, the order entered earlier into the trading system<\/strong> will receive execution priority.<\/span><\/p>\n<\/li>\n<\/ul>\n

        4. Trading Unit and Price Quotation Unit<\/strong><\/span><\/p>\n

        Trading Unit<\/strong><\/span><\/p>\n

          \n
        • \n

          Standard lot (order matching):<\/strong> 100 shares, fund certificates, or covered warrants.<\/span><\/p>\n<\/li>\n

        • \n

          Maximum order size:<\/strong> 500,000 shares or fund certificates per order.<\/span><\/p>\n<\/li>\n

        • \n

          Negotiated transaction volume:<\/strong> from 20,000 shares or fund certificates<\/strong>.<\/span><\/p>\n<\/li>\n

        • \n

          No specific trading unit requirement<\/strong> applies to negotiated transactions.<\/span><\/p>\n<\/li>\n

        • \n

          Odd-lot transactions:<\/strong> from 01 to 99 shares<\/strong>, which may be executed through either order matching or negotiated transactions<\/strong>.<\/span><\/p>\n<\/li>\n<\/ul>\n

          Price Quotation Unit:<\/strong><\/span><\/p>\n

          \n\n\n\n\n\n
          Price (VND)<\/span><\/td>\nPrice Quotation Unit (VND)<\/span><\/td>\n<\/tr>\n
          < 10,000 \u0111\u1ed3ng<\/span><\/td>\n10 \u0111\u1ed3ng<\/span><\/td>\n<\/tr>\n
          10,000 \u2013 49,950<\/span><\/td>\n50 \u0111\u1ed3ng<\/span><\/td>\n<\/tr>\n
          >= 50,000<\/span><\/td>\n100 \u0111\u1ed3ng<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

          5. Daily Price Fluctuation Limit<\/strong><\/span><\/p>\n

          The daily price fluctuation limit<\/strong> is \u00b17%<\/strong>.<\/span><\/p>\n

          Price Determination:<\/strong><\/span><\/p>\n

            \n
          • \n

            Ceiling Price<\/strong> = Reference Price \u00d7 (100% + Price Fluctuation Limit)<\/span><\/p>\n<\/li>\n

          • \n

            Floor Price<\/strong> = Reference Price \u00d7 (100% \u2212 Price Fluctuation Limit)<\/span><\/p>\n<\/li>\n<\/ul>\n

            Additional provisions:<\/span><\/p>\n

              \n
            • \n

              For shares and fund certificates on the first trading day<\/strong>, the trading price may fluctuate within \u00b120% of the expected trading price<\/strong>.<\/span><\/p>\n<\/li>\n

            • \n

              For shares and fund certificates that resume trading after being suspended for more than 25 days<\/strong>, the price fluctuation limit on the first trading day after resumption<\/strong> is \u00b120% compared to the reference price<\/strong> on that day.<\/span><\/p>\n<\/li>\n

            • \n

              The closing price on the first trading day after trading resumption<\/strong> will become the reference price for the following trading day<\/strong>, and the \u00b17% price fluctuation limit<\/strong> will apply from that day onward.<\/span><\/p>\n<\/li>\n<\/ul>\n

              6. Trading Order Types<\/strong><\/span><\/p>\n

              At-the-Opening Order (ATO):<\/strong><\/span><\/p>\n

                \n
              • \n

                ATO orders are prioritized over limit orders during order matching<\/strong>.<\/span><\/p>\n<\/li>\n

              • \n

                The opening periodic auction session<\/strong> will not determine an execution price if only ATO orders exist in the order book.<\/span><\/p>\n<\/li>\n

              • \n

                ATO orders may be entered during the opening periodic auction session<\/strong> and will be automatically cancelled after the opening price is determined<\/strong> if they are not executed or not fully executed.<\/span><\/p>\n<\/li>\n<\/ul>\n

                Limit Order (LO):<\/strong><\/span><\/p>\n

                  \n
                • \n

                  A buy or sell order placed at a specified price or better<\/strong>.<\/span><\/p>\n<\/li>\n

                • \n

                  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<\/strong>.<\/span><\/p>\n<\/li>\n<\/ul>\n

                  At-the-Close Order (ATC):<\/strong><\/span><\/p>\n

                    \n
                  • \n

                    Similar to the ATO order<\/strong>, but applied during the closing periodic auction session<\/strong> to determine the closing price.<\/span><\/p>\n<\/li>\n<\/ul>\n

                    Market-to-Limit Order (MTL):<\/strong><\/span><\/p>\n

                      \n
                    • \n

                      An order allowing investors to buy or sell securities at the best available price in the market at the time the order is placed<\/strong>.<\/span><\/p>\n<\/li>\n

                    • \n

                      If the order is not fully executed<\/strong>, the remaining portion will automatically convert into a limit order (LO)<\/strong> with a price determined based on the most recent matched price<\/strong>.<\/span><\/p>\n<\/li>\n<\/ul>\n

                      7. Order Cancellation<\/strong><\/span><\/h3>\n

                      During Periodic Auction Sessions:<\/strong><\/span><\/p>\n

                        \n
                      • \n

                        Clients may not cancel trading orders<\/strong> placed during the opening periodic auction session or the closing periodic auction session<\/strong>, including orders carried forward from the continuous matching session.<\/span><\/p>\n<\/li>\n<\/ul>\n

                        During Continuous Matching Sessions:<\/strong><\/span><\/p>\n

                          \n
                        • \n

                          Clients may request their broker to cancel an order<\/strong>, provided that the order or its remaining portion has not yet been executed<\/strong>, including orders or remaining portions from previous periodic or continuous matching sessions.<\/span><\/p>\n<\/li>\n<\/ul>\n

                          8. Settlement Time<\/strong><\/span><\/p>\n

                          \n\n\n\n\n
                          Transaction Type<\/span><\/td>\nSettlement Cycle<\/span><\/td>\n<\/tr>\n
                          Order-matching transactions<\/span><\/td>\nT + 2<\/span><\/td>\n<\/tr>\n
                          Negotiated (put-through) transactions<\/span><\/td>\nT + 2<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

                          9. Covered Warrant Maturity<\/strong><\/span><\/p>\n

                            \n
                          • \n

                            If investors hold covered warrants until maturity<\/strong>, the warrants will be automatically settled if they are in-the-money<\/strong>.<\/span><\/p>\n<\/li>\n

                          • \n

                            Settlement time:<\/strong> E + 5<\/strong> (E = warrant maturity date).<\/span><\/p>\n<\/li>\n

                          • \n

                            Settlement method:<\/strong> Cash settlement.<\/span><\/p>\n<\/li>\n

                          • \n

                            Allocation method:<\/strong> Funds will be credited directly to the investor\u2019s securities account<\/strong>.<\/span><\/p>\n<\/li>\n<\/ul>\n

                            10. Trading by Foreign Investors<\/strong><\/span><\/p>\n

                            During Order-Matching Trading Sessions:<\/strong><\/span><\/p>\n

                              \n
                            • \n

                              The purchasing volume of shares and closed-end fund certificates<\/strong> by foreign investors will be deducted from the available foreign ownership room immediately after the buy order is executed<\/strong>.<\/span><\/p>\n<\/li>\n

                            • \n

                              The selling volume<\/strong> 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<\/strong>.<\/span><\/p>\n<\/li>\n

                            • \n

                              A buy order or the remaining portion of a buy order<\/strong> from a foreign investor will be automatically cancelled<\/strong> if the foreign ownership limit has been fully utilized<\/strong> or if the order cannot be executed immediately upon entry into the trading system.<\/span><\/p>\n<\/li>\n<\/ul>\n

                              During Negotiated (Put-through) Transactions:<\/strong><\/span><\/p>\n

                                \n
                              • \n

                                The permitted purchasing volume for foreign investors will remain unchanged<\/strong> if the negotiated transaction is conducted between two foreign investors<\/strong>.<\/span><\/p>\n<\/li>\n<\/ul>\n","protected":false},"template":"","danh-muc-ho-tro":[213],"class_list":["post-1757","ho-tro","type-ho-tro","status-publish","hentry","danh-muc-ho-tro-trading-regulations"],"acf":[],"yoast_head":"HSX trading regulations - SBS Securities Joint Stock Company (SBS)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbsc.com.vn\/en\/support\/hsx-trading-regulations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HSX trading regulations - SBS Securities Joint Stock Company (SBS)\" \/>\n<meta property=\"og:description\" content=\"1. 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