Business

Brokerage firms face suspension

More than 30 brokerage firms, about 30 percent of all brokerage firms, will be suspended if they record combined losses equal to half of the capital.
Brokerage firms face suspension ảnh 1Those conditions are included in the draft of an amended decree on how brokerage firms are founded and operated. (Source: vcci.com.vn)

Hanoi (VNA) - More than 30 brokerage firms, about 30 percent of all brokerage firms, will be suspended if they record combined losses equal to half of the capital or their equity is lower than the legal capital required to operate their businesses.

Those conditions are included in the draft of an amended decree on how brokerage firms are founded and operated. The State Securities Commission has been collecting feedback from market analysts and companies to finalise the law.

According to the securities law, a brokerage company must have at least 50 billion VND (2.2 million USD) in its charter capital, and have capital of between 10 billion VND (444,000 USD) and 165 billion VND (7.3 million USD) to perform each of following business activities such as consultancy, brokerage, share trading or issuing a guarantee for stock issuance.

The new drafted decree has raised different ideas about how it will affect the market and how small brokerage firms with low performances can maintain their business.

The brokerage sector would get smaller and small-sized brokerage firms, who record low performances and did unfair actions to win market shares and customers, could be removed, Truong Hien Phuong, Director of Kis Vietnam Securities Corporation's HCM City Branch, told local media.

Therefore, big companies would likely acquire and merge with the small ones to expand their businesses and market shares, Pham Minh Tuan, SaigonBank Berjaya (SBB) Securities JSC said.

He said that mergers and acquisitions (M&A) would help reduce the number of brokerage firms and strengthen the brokerage sector.

However, the drafted decree will likely have little impact on the brokerage sector as the big firms have already acquired a large part of the market, Nguyen Xuan Binh, Deputy Head of Bao Viet Securities Corporation's Market Analysis told Vietnam News.

He said that small-sized brokerage firms with weak performances will be shut down and they could hardly attract external investors in order to raise capital and business performances as they have little impact on the market.

Big companies would consider acquiring and merging with medium-sized firms, which occupied 40 percent to 60 percent of the number of brokerage firms on the market, to expand their businesses and improve their performances, Binh added.-VNA

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