HCMC Securities Trading Center (HoSTC) announced it would indefinitely postpone applying the continuous order-matching forms originally set for release on May 7. The delay was issued because many securities firms are not ready to handle the new mode.
Le Hai Tra, deputy director of HoSTC, said half of the securities companies had not readied their human resources and technology to deploy the non-stop order matching forms as planned.The center was consulting with the State Securities Commission on the future application but have yet to decide an exact date to apply the new form.Tra added that after a one-month trial on the new mode, only 20 brokerages out of 45 performed well.
Some securities firms said that software solutions for the new form did not work.The HCMC stock exchange was originally set to apply daily the non-stop order matching next Monday.Non-stop matching aims to minimize transaction jams, distinguish small investors from big ones and prevent insider trading, according to HoSTC director Tran Dac Sinh.
The new practice will comprise two periods of timed order matching and one period of non-stop order matching.The first timed order matching session will be held between 8.30 am and 9 am to determine the opening price.Between 9 am and 10 am continuous order matching session will take place, meaning that investors’ order will be matched immediately after it is placed.
Then between 10 am and 10.30 am, a timed order matching session would again be carried out to define the closing price.The current mechanism involvs three time order matching sessions and no continuous sessions.
Source: Thanh Nien
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment