The new transaction system for the Ho Chi Minh City Stock Exchange (HoSE) provided by IT firm FPT is set to go online since July 5.
|HoSE's new system is set to launch in early July. Photo: The Hanoi Times|
The IT service provider said it has resolved all technical issues of the new system, which is under the testing process with the participation of 73 securities companies.
At present, FPT is seeking approval from the Ministry of Finance for the launch of the system, while working on transferring data from the old to a new one, shutting down the old system, and developing a working mechanism for the new system.
The new system needs consent from related parties, including the Vietnam Stock Exchange (VNX), Hanoi Stock Exchange (HNX), and the Securities Depository (VSD).
In the second phase, the HoSE and FPT would cooperate in checking on the system's security and privacy.
The HoSE General Director, Le Hai Tra, noted that the new system is expected to process three to five million orders per session, which is more than capable of addressing the current overload issue on the existing system.
In the past six months, a surge of transaction orders well above the limit of up to 900,000 transactions per day has been behind frequent crashes on HoSE’s current trading system, causing frustration among investors.
Along with the system developed by FPT, the HoSE is testing a new stock trading system from the Korea Exchange from June 14- August 6, with a view for it to be launched later this year.
Once the process is completed, this would replace the system from the FPT, Tra said.