To meet the needs of the market and bring more public investment in new gadgets, along with upgraded trading system, the Hanoi Stock Exchange (HNX) has commissioned a study on structural changes session and apply the new order types.
On the new system is designed to be flexible, with high processing capacity more than 20 times the capacity of the current system, which allows the application forms structural sessions with different trading methods, types of command and the different trading rules that can be applied for the whole market, for each table for each transaction or securities.
With the approval of the State Securities Commission, HNX will prolong deployment afternoon trading to 15.00 at the time of opening the trading system upgrade, scheduled on 08.07.2013. At the same time, the Department will change the current configuration session and apply some kind of new orders for market trading of listed stocks.
The new structure of the market trading stock transactions listed will include two sessions: continuous order matching and matching regular session.
With continuous order matching, in addition to the current order is a limit order (LO), HNX will put in another 3 types of market orders (MAK, MOK, MTL). Three new types of market orders has some differences than market orders are being applied in the market. Specifically, the MAK command after command form the command prompt, if no order to satisfy the entire match will be canceled or may be a part or the whole match, the rest of the command if it is not matched all will be destroyed.
MOK's command after command form the command prompt, if not all joints will cancel the entire order. MTL command is limited to market orders, commands can only be entered when there is reciprocal. Where there is no corresponding command, the command is entered will be canceled.
To create more favorable conditions for investors in the correct order to make the transaction, in addition to fixing prices, HNX will provide correct forms for volume orders unmatched or unmatched pieces of command. Order or LO does not match the rest of the LO unmatched command will automatically switch off the next day. The order of priority of the command after repair after repair orders are entered into the trading system. Where the correct volume increases: priority of the command after repair after repair orders into the trading system. Where the correct volume reduction, the priority order of the command has not changed.
With matching session closed periodically, in addition to the current order is a limit order (LO), HNX will be introducing additional ATC. ATC orders to buy or sell stock at the closing price. ATC is entered into the system are not allowed to edit only allowed to drop.
The addition of regular session close matching to determine the reference price for the next trading day in a more accurate, consistent with international practice, to completely eliminate the difference between the price movements and indicators .
In addition, to facilitate investors, HNX also applied to the odd-lot trading trading method similar plots even on the same system. However, the odd-lot trading results not join the index, reference price the next day.
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