1. Time of Transaction and Payment

1.1. Transaction Time

 

	Transaction Method	Trading hours	Command to use
Stocks, Closed-end fund Certificates, ETF Certificates	Periodic opening order matching session	9h00’ to 9h15’	ATO, LO
	Continuous order matching I	9h15’ to 11h30’	LO, MP
	Mid-session break	11h30’ to 13h00’
	Continuous order matching II	13h00’ to 14h30’	LO, MP
	Periodic closing order matching session	14h30’ to 14h45’	ATC, LO
	Agreement order matching	09h00’ to 11h30’ and 13h00' to 15h00’
Bonds	Transaction agreement	9h00’ to 11h30’
	Mid-session break	11h30’ to 13h00’
	Transactions	13h00’ to 15h00’

1.2. Payment Time

2. Transaction method

2.1. Matching method

• Periodic order matching: A trading method made on the basis of matching buy and sell orders of securities at a specified time. The principles of price determination are as follows:

+ The exercise price reaching the largest trading volume

+ If there are many prices that satisfy the above conditions, the price that is the same or closest to the execution price of the last matching order will be selected.

• Continuous order matching: A trading method performed on the basis of matching buy and sell orders for securities as soon as the orders are entered into the trading system.

2.2. Agreement method:

A transaction method in which members agree with each other on trading conditions

3. Order matching principle

Price priority:

• Orders to buy at a higher price will be executed first.
• Sell orders at lower prices are executed first.

Time priority:

In case buy orders or sell orders have the same price, orders entered into the trading system first have priority for execution.

4. Trading unit and quote unit

4.1. Trading unit

• Even-lot matching transactions: 100 shares, closed-end fund certificates, ETF certificates. The maximum volume of an order is 500,000 shares, closed-end fund certificates, ETF certificates, warrants.
• Put-through/large-lot trading volume: from 20,000 shares, closed-end fund certificates, ETF certificates, warrants or more.
• No transaction unit is specified for put-through/large-lot transactions.
• Stock trading with the volume from 01 to 99 shares (odd lots) is done directly between the investor and the securities company, the exercise price is determined by 90% of the reference price of the contract signing date.

4.2. Quotation unit

• ETF certificates, warrants: apply a base unit of 10 dong for all prices
• The quote unit is not specified for the put-through transaction method.

5. Price range

• Daily price fluctuation range: ± 7%
• The price range does not apply to bond trading. Price:

+ Ceiling price = Reference price x (100% + Range)

+ Floor price = Reference price x (100% - Range)

• For stocks, closed-end fund certificates, ETF certificates with price ceiling-floor after adjustment for fluctuation range ± 7% but ceiling/floor price is still equal to the reference price, the adjustment will be as follows:

+ Adjusted ceiling price = Reference price + one quote unit

+ Adjusted floor price = Reference price – one quote unit

• In case the ceiling and floor prices of stocks, closed-end fund certificates, and ETF certificates, after adjusting in the above manner, are zero (0), the ceiling and floor prices will be adjusted as follows:

+ Adjusted ceiling price = Reference price + one quote unit

+ Adjusted floor price = Reference price

• For newly listed stocks and fund certificates, the price fluctuation range on the first trading day is at least +/-20% compared to the reference price on the first trading day.
• In case stocks, fund certificates are traded again after being suspended from trading for more than 90 days, the price fluctuation range on the first trading day will be decided by the Ho Chi Minh Stock Exchange after obtaining the approval of the State Securities Commission.

6. Reference price

• The reference price of stocks and fund certificates being traded is the closing price of the previous most recent trading day.
• For newly listed stocks and fund certificates, on the first trading day, the listing organization and the listing consulting organization (if any) must provide a reference level of participation on the first trading day. The price fluctuation range in the first trading day is at least +/- 20% compared to the reference price on the first trading day. The closing price on the first trading day will be the reference price for the next trading day. In case within the first 3 trading days, newly listed stocks and fund certificates still have no closing price, the listing organization must re-determine the reference price on the first trading day.
• In case stocks and fund certificates are temporarily suspended from trading, when trading is resumed, the reference price will be decided by the Ho Chi Minh Stock Exchange after approval of the State Securities Commission.
• In case of trading of shares or fund certificates without paying dividends or accompanying rights, the reference price at the ex-dividend date is equal to the closing price of the latest trading day adjusted according to the value of dividends received. or the value of the attached rights, except in the following cases:

+ Enterprises issue convertible bonds;

+ The enterprise issues additional shares with the reference price at the re-trading date which is determined on the principle of taking the closing price of the trading day before the date of separation, and adjusted according to the stock split ratio.

7. Trading orders

• Trading order at the order-matching price determines the opening price (ATO for short):

+ An order to buy or sell securities at the opening price.

+ The volume of a buy (or sell) ATO order is added to the volume of the buyer (or seller) at each order price to determine the volume to trade at each price during periodic volume matching .

+ ATO orders take precedence over limit orders during order matching.

+ The periodic match order to determine the opening price will not determine the order price if there is only ATO order on the order book.

+ ATO orders are entered into the trading system during periodic order matching to determine the opening price and will automatically cancel after the time of determining the opening price if the order is not executed or is not fully executed.

• Limit order (LO):

+ An order to buy or sell a security at a specified price or better.

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

+ Limit orders are used in periodic or continuous order matching.

• Market order (abbreviated as MP):

+ An order to buy/sell securities at the lowest selling price/highest bid price available in the market.

+ When entered into the trading system, an MP buy order will be executed at the lowest selling price and an MP sell order will execute at the highest available bid price in the market. If the order volume of the MP order has not been filled yet, the MP order will be treated as a buy order at the higher ask price or a sell order at the next lower bid price available in the market and continue to be matched. .

+ If the order volume of the MP order is still there after trading according to the above rule and can no longer be filled, the MP order will be converted to a buy limit order at a price one quote unit higher than the delivery price. previous last trade or limit order to sell at a price one quote unit lower than the previous last trade price.

+ In case the final execution price is the ceiling price for MP buy orders or the floor price for MP sell orders, the market order will be converted into a buy limit order at the ceiling price or a sell limit order at the floor price.

+ MP orders are valid in continuous order matching sessions.

+ MP orders will be automatically canceled if there is no reciprocal limit order at the time of entering the order into the trading system.

• Trading order at the order matching price determines the closing price (ATC for short):

Similar to the ATO order but applied during the periodic order execution to determine the closing price.

8. Edit/Cancel trading orders

• During periodic order matching:

Customers are not allowed to cancel trading orders placed in the periodic order matching phase to determine the opening price and the periodic order matching to determine the closing price (including orders transferred from the continuous order matching phase).

• During continuous order matching:

The Client can request the Trader to cancel the order if the order or the remainder of the order has not been executed, including the orders or the remainder of the order that have not been executed at the previous periodic or continuous order matching.

9. Clearing time

• For stock trading: T+2
• For bond trading: T+1

10. Transactions of foreign investors

• During the matching transaction:

+ The volume to buy shares, deducted from the allowed volume to buy the day after the buy order is executed; The volume of shares sold by foreign investors is added to the volume of shares allowed to buy right after the completion of the transaction payment.

+ Unexecuted buy orders or part of stock orders will be automatically canceled if the allowed volume of shares that allowed to buy has been exhausted or not executed immediately upon entering the trading system.

• During the agreed transaction period:

+ The volume of securities allowed to buy from foreign investors will not change if an agreement transaction is made between two foreign investors.