Hanoi Stock Exchange (HNX), Vietnam Securities Depository (VSD) and the Ho Chi Minh City Stock Exchange (HOSE) have agreed on procedures to change market from HOSE To HNX.
|Investors at a securities center in Hanoi. Photo: Cong Hung|
The move was revealed during an online meeting held on March 16 among the three stock exchange authorities in a bid to ease the overload issue on the HOSE.
Under the plan, all parties would set up a single procedure to process information, transfer data and optimize system operation, aiming to cut short of processing time and preventing any disruption to stocks transaction activities on the stock market.
On the same day, the HNX informed of receiving requests from public firms to leave HOSE, including Vietnam National Seed Group (HOSE: NSC), Bibica Corporation (HOSE: BBC) and Southern Seed Corporation (HOSE: SSC).
These three are the first to change their listings to the HNX under the instruction of the State Securities Commission of Vietnam (SSC) and the country’s stock market watchdog, which aims to address the issue of surging orders on HOSE that forced the stock exchange to halt market trading.
The overload occurred multiple times on HOSE whenever liquidity in a trading session hit around VND14-17 trillion (US$608-738 million).
An option to move to the HNX would not apply for stocks under the VN30 Index, comprised of the 30 largest stocks on the HOSE.