Stock trading system KRX can go live on Sep 2
Saigon-Hanoi Securities JSC general director Nguyen Chi Thanh says it’s possible that the new stock trading system, KRX, goes on stream on September 2.
In case this does not happen, the launch may be delayed to the 2025 Lunar New Year period, he said at the firm’s 2024 AGM Wednesday.
The company, listed on the Ho Chi Minh Stock Exchange (HoSE) as SHS, was willing to coordinate with the State Securities Commission, HoSE, the Hanoi Stock Exchange, the Vietnam Exchange, and the Vietnam Securities Depository and Clearing Corporation to ensure smooth operation of the new system, he said.
Saigon-Hanoi Securities JSC general director Nguyen Chi Thanh speaks at the company's 2024 AGM, May 15, 2024. Photo courtesy of the firm.
Thanh also said that no specific document and guidance about the KRX system has been released yet, causing confusion and speculatin among investors. He recommended that the system not be put into operation until adequate staff training and communication preparations are done.
Over the past 12 years, launch of the KRX system has been delayed eight times.
The Investor has previously reported that executives of local securities firms are concerned about the new system’s adoption.
“The trial run has had revealed many errors, and there is no guarantee that serious problems or even data loss will not occur during official operation” it had quoted sources as saying.
Repeated delays in KRX deployment are likely to weaken the confidence of investors, especially foreign investors and funds, in the Vietnamese stock market, local securities businesses have cautioned.
Traders have expressed concerns that repeated delays in deploying the new system could hinder Vietnam’s efforts to achieve the “emerging” stock market status, even though a shift to the KRX trading system is not mentioned in upgrade criteria set by FTSE Russell and MSCI, institutions that decide the ranking.
HoSE embarked on the KRX project in 2012 in partnership with Korea Exchange. The new system is supposed to introduce new solutions regarding clearing and transactions like intraday trading, short selling, and shortened clearing times.
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