What are principles of order matching principles and order matching price determination in managing listed securities transactions in Vietnam?

What are principles of order matching principles and order matching price determination in managing listed securities transactions in Vietnam?

In Article 21 of the Regulations for Listing Securities and Trading of Listed Securities issued together with Decision 17/QD-HDTV of 2022 there are regulations on order matching principles and order matching price determination as follows:

1. The trading system matches buy and sell orders of securities according to price priority and time priority as follows:

a) Price priority:

- Buy orders at higher prices are executed first.

- Sell orders at lower prices are executed first.

b) Time priority: If multiple buy or sell orders are received at the same price, an order entered into the system with an earlier time trades first.

2. Principles for determining prices in Periodic Order Matching Session:

a) The execution price is the one at which the trading volume reaches the largest and all buy orders with a higher price and sell orders with a lower price than the execution price must be executed.

b) If more than one price satisfies point a above, the execution price is the one at which all orders of one party must be executed, all orders of the counter party must be executed, or a part.

c) If more than one price satisfies point b above, the execution price is the one that is similar to or closest with nearest matching order price.

d) If there is no price that satisfies point b above, the execution price is the one that satisfies point a above and similar or closest with nearest matching order price.

3. Principles for determining prices in Continuous Order Matching Session: The execution price is the price of the counterpart order waiting on the order book.

What are principles of order matching principles and order matching price determination in managing listed securities transactions in Vietnam? (Image from the Internet)

What are regulations on modification and cancellation of matched trading orders in managing listed securities transactions in Vietnam?

According to Article 22 of the Regulations for Listing Securities and Trading of Listed Securities issued together with Decision 17/QD-HDTV of 2022 regulations on modification and cancellation of matched trading orders in managing listed securities transactions are as follows:

1. Modification and cancellation of matched trading orders are only valid for unexecuted orders or the remainder of unexecuted orders.

2. During the opening Periodic Order Matching Session:  it is not allowed to modify or cancel LOs and ATO orders.

3. During the Continuous Order Matching Session: it is allowed to modify LOs’ price, volume and cancel LOs.  The priority order of orders after modifying orders is determined as follows:

a) The priority order of an order remains unchanged if only its volume is changed or reduced.

b) The priority order of an order is determined from the time the modified order is entered into the trading system for cases of volume correction and/or price correction.

c) The priority order of a newly entered order to replace a canceled order, including orders made according to the order modification and cancellation method specified in Part 1 of Appendix III, is set out in Clause 1, Article 21 of this Regulation.

4. During the closing Periodic Order Matching Session:  it is not allowed to modify or cancel LO and ATC orders (including LOs transferred from the Continuous Order Matching Session).

5. During the after-hours trading session: it is not allowed to modify or cancel PLOs.

What is content of put-through listed securities trading order in Vietnam?

In Article 23 of the Regulations for Listing Securities and Trading of Listed Securities issued together with Decision 17/QD-HDTV of 2022 there are regulations on content of put-through listed securities trading order as follows:

1. The content of a put-through order according to the put-through trading method on the trading system includes:

a) Ticker symbol.

b) Volume.

c) Price.

d) Buy or sell order.

2. The content of the trading order according to the put-through method entered into the trading system by the buying and selling trading members includes:

a) Ticker symbol.

b) Execution price.

c) Volume.

d) Buying investor account.

dd) Selling investor account.

e) Others.

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