Securities industry boss talks about T+0 implementation roadmap, trading through noon

Many products that investors have mentioned a lot after the new technology system came into operation are intraday trading (T+0) and selling pending securities... So when will Vietnam apply it?

Mr. Nguyen Son - Chairman of the Board of Directors of Vietnam Securities Depository and Clearing Corporation - Photo: HAI NGUYEN

At the workshop "Upgrading the stock market, expanding capital mobilization channels for the economy " organized by Lao Dong newspaper on the afternoon of July 30, Mr. Nguyen Son - Chairman of the Board of Directors of Vietnam Securities Depository and Clearing Corporation - shared some notable information about the implementation of new products.

Why hasn't Vietnam implemented intraday trading and selling stocks yet?

Two products that have been mentioned a lot recently are intraday trading and short selling.

In fact, the question of when to deploy the above products was raised in the period of 2015-2016. However, at that time the technology platform did not meet the requirements.

Up to now, Mr. Son said that intraday trading and selling securities waiting to be returned have been legally regulated in Circular 120, and in terms of system functions, they are also being integrated into the KRX system.

"Regarding the KRX system, after nearly three months of operation, it has initially operated stably, with no serious errors affecting market operations," Mr. Nguyen Son informed.

According to this person, after the new system is operational, the management agencies including the State Securities Commission, Stock Exchanges and VSDC are aiming to gradually apply new products when the system platform is stable.

However, the biggest issue that regulators are currently concerned about is the ability to manage risks on the part of market members, as annual statistics show that there are still many cases where post-transaction errors must be corrected and errors handled.

The potential risk of insolvency when implementing intraday trading and selling pending securities is real and needs to be carefully considered when compared with the benefits brought by intraday trading.

Mr. Son also warned of the risks when looking at the reality in international markets. He cited the Taiwan market which has been operating since 1961 but it was not until 2014 that day trading was officially introduced. In some markets such as the US, the rate of investors making a profit when using this product is only about 10%.

"The practical experience of international markets is a valuable lesson for the Vietnamese market. The timing of implementing intraday trading will not be an immediate decision, but will be carefully considered by the management agency based on the most beneficial calculations for the market when conditions permit," said Mr. Son.

When is the noon trade?

In addition, according to Mr. Son, with market requirements, some operations are being aimed at such as midday trading.

We now have two trading sessions per day (morning and afternoon), while many markets trade through lunch.

Following the direction from the management agency, VSDC, together with the Stock Exchanges and the State Securities Commission, are working with the contractor so that when the new technology platform operates stably and the system parameters can be adjusted, we can soon put into operation trading through noon, Mr. Son informed.

This will help reduce the pressure at the beginning of the hour when the system is under great pressure from the push orders. This is in parallel with improving the system performance by upgrading and developing more system capacity to make the system smoother.

Selling pending securities will be considered for implementation first.

In general, with new products, VSDC leaders affirmed that there will need to be a certain roadmap for application. In which, the product that is aimed at being deployed first is the less risky product, which is selling securities waiting to be returned.

Accordingly, when considering the model of selling securities waiting to return, on day T, if the transaction is confirmed and payment is not removed, it is possible that from day T+1 or morning T+2, the investor can sell the securities "on the way back" to the account.

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BINH KHANH

Source: https://tuoitre.vn/sep-nganh-chung-khoan-noi-ve-lo-trinh-trien-khai-t-0-giao-dich-xuyen-trua-20250730165912185.htm