Investors make transactions at an office of Bao Viet Securities Company in Hanoi. (Photo: VNA) Speaking at a meeting at the headquarters of the HoSE on August 22to discuss the plan to implement the system, Ha said that the rate of testingthe KRX system among members is still low, with just 25 out of 76 securitiescompanies completing 100% functional testing.
A similar situation occurred at the Hanoi Stock Exchange (HNX) andthe Vietnam Securities Depository and Clearing Corporation (VSDC), raisingconcerns among testing bodies.
According to her, the Vietnam Stock Exchange (VNX) is working withboth the HoSE and the HNX to correct the legality, trying to match the legalitywith the time of implementing the new system.
As planned, the KRX system will be officially launched inDecember this year. However, it is expected that new features will not be fullyimplemented immediately. The system will operate with basic features, andnew features will be deployed step by step according to the roadmap.
"The Ministry of Finance (MoF) has been directed to put theKRX system into operation by the end of this year. If market participants andsecurities companies are not prepared, organisers will have to take actionand cannot wait for the securities firms. If the securities companies arenot ready, the HoSE as the investor will still continue, and the securitiescompanies will bear the losses," Ha said.
Earlier this year, MoF Deputy Minister Nguyen Duc Chi said that theHoSE needs to operate the KRX system according to the project's schedule,ensuring the smooth operation of the market continuously and effectively, whilecoordinating to implement the restructuring of the market, focusing onstabilising the market and strengthening supervision.
The exchange also needs to ensure a safe and transparent market and activelycooperate with the VNX to complete the regulations and operating procedures,Chi added.
The KRX system is an information technology system for managingand operating transactions on the Vietnamese stock market, signed by the HoSE andthe KRX in 2012.
The project aims to upgrade the technology system andinfrastructure of the stock exchange in Vietnam.
Due to many reasons, such as the pandemic and the complex natureof the bidding package, the KRX system has not yet run as planned.
The KRX system is expected to bring new products, trading, and paymentsolutions to the Vietnamese stock market, such as T 0 settlement, shortselling, and option contracts. This will create a premise to solve thebottlenecks and move towards upgrading the market from frontier to emerging./.
VNA
