The Ho Chi Minh Stock Exchange (HoSE) will be allowed to operate new trading system KRX only after ensuring it’s stability and safety, says Deputy Finance Minister Nguyen Duc Chi.
At a Friday press meet, Chi said that the system, a collaboration between HoSE and the Korea Exchange (KRX), has been installed and is undergoing trial runs with all stakeholders working towards its launch.
“The Ministry of Finance expects it to go into operation as soon as possible,” he said.
Chi noted that the new trading system is a large scale one that was interconnected with the platforms of other agencies like the Hanoi Stock Exchange and the Vietnam Securities Depository.
“The most important point is to guarantee the highest safety,” Chi reiterated, saying almost all risks have to be placed under control.
The KRX information technology project, worth VND900 billion ($36.6 million), is a bidding package that the Korean firm had won in 2012. It was due to become operational at the end of last month.
The KRX system is expected to introduce new products, trading and payment solutions including intraday trading (T+0), short selling and option contracts to the Vietnamese stock market. It is also slated to help remove bottlenecks to upgrading the Vietnamese stock market’s status from “frontier” to “emerging” by introducing the central clearing payment (CCP) system and building better infrastructure.