Securities companies and the HCM City Securities Trading Centre (HSTC) have announced they are ready for the real-time order matching scheme, but still have worries.
After three delays, the real-time order matching scheme will officially be applied as of July 30, 2007, and no further delays will occur.
According to HSTC, the rehearsal was very satisfactory, while 48 securities companies said they were ready for the application of the new scheme.
Le Hai Tra, Deputy Director HSTC, said that everything proved to be okay and the trading centre had got permission from the State Securities Commission (SSC) to apply the real-time order matching scheme.
However, the securities companies which have announced their readiness said that worries existed and they could not ensure that no troubles would occur.
The director of a securities company said that the biggest problem was that there would be a break between the order-matching turns, while transaction staffs had to immediately announce order matching results to investors so that they could consider placing other orders.
Previously, transaction staffs of securities companies had half an hour between order-matching turns (there were three order matching turns every trading session) to inform investors about the results. Meanwhile, with the new scheme, the staffs will have several minutes only to do that.
HSTC has helped securities companies to install software that allows investors to immediately see the results transmitted from HSTC. The software is believed will help provide information for investors; however, according to the director, troubles may still occur if the transmission of information has problems.
Additionally, though the operations at trading centres have been automated, many works still need to be done manually. Therefore, securities companies will have to have more staffs in charge of answering investors directly during transactions.
Nguyen Anh Tuan, Deputy Director General of Bien Viet Securities Company (VSSC), said that his biggest worry was difficulty in transmitting information to investors.
Most securities companies now provide information to investors through two channels: Internet and SMS messages.
Mr Tra from HSTC said that HSTC would reconsider the membership status of securities companies which could not apply the real-time order matching scheme well.
He also said that HSTC planned to set up strict requirements on securities companies which would certainly be higher than the currently applied requirements, especially regarding technical facilities.
Mr Tra said that when HSTC begins to operate as stock exchange, listing companies must have the chartered capital of at least VND80bil ($5mil); therefore, it would be reasonable to ask securities companies to upgrade their facilities and skills. However, Mr Tra said that the companies would be given more time to get adapted to the new requirements and circumstances.
Source: VNE
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