The HCM City Securities Trading Centre (HSTC) will apply the real-time order matching scheme as of June 4, 2007, according to Tran Dac Sinh, HSTC Director.
Mr Sinh said that the real-time order matching, applied since May 18 on a trial basis, has been going smoothly, which paves the way for the official application of the scheme, slated for early June.
The real-time order matching scheme was previously planned to be applied on April 1. However, the plan was delayed to May 7 due to the slow preparatory works. After that only 12 out of 45 securities companies got ready for the new scheme, and the scheme application has been, once again, delayed.
Mr Sinh has also informed that HSTC will delay the date of applying the scheme on large-lot transactions (100-share lot instead of 10-share lot) until January 1, 2008.
Stock exchange to make IPO in 2010 at the latest
Regarding the shift from the securities trading centre to the stock exchange, Mr Sinh said that HSTC asks the Ministry of Finance to allow HSTC to operate under the new model on the occasion of the 7th anniversary of HSTC’s first operation day, July 20.
When becoming part of the stock exchange, the unit will operate under the mode of a one member limited company, which does not belong to the State Securities Commission (SSC) any more. The stock exchange will be independent in its operation, employ its own staff, and operates the market based on the Securities Law. The stock market will only have to consult with SSC on the cases when there are no specific regulations.
Mr Sinh said that the stock exchange will make the IPO (initial public offering) in 2010 at the latest.
On May 11, the Prime Minister released the decision on changing HSTC into the HCM City Stock Exchange (HOSE). The stock exchange has the total chartered capital of VND1tril ($62.5mil).
Source: VNE
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