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Regulations on Trading > HNX

Transaction Detail

2. HNX
TRANSACTION TIME
Continuous order matching I and put-through	9h00 – 11h30
Break	11h30 – 13h00
Continuous order matching II and put-through	13h00 – 14h30
Periodical order matching (At the close) and put-through	14h30 – 14h45
Post-session and put-through	14h45 – 15h00
TRADING METHOD
Periodical order matching method
Continuous order matching method
Put-through method
PRINCIPAL OF ORDER MATCHING
Price precedence	- The buying order with highers price shall take precedence
	- The selling order with lower price shall take precedence
Time precedent	In case, multiple selling and buying orders of the same price, the order which is entered into the trading system first shall take precedence
TRADING UNIT
Even-lot, bonds	- Trading unit of even-lot: 100 shares / ETFs
	- Volume of put-through transactions: at or above 5.000 shares / ETFs
	- There is no trading unit applicable for put-through transactions
Odd-lot	- Trading unit of odd-lot: 01 – 99 shares / ETFs
	- Odd-lot is executed by either continuous order matching or put-through
Put-through and odd-lot transactions cannot be executed on the first trading date of newly listed stocks nor on the first trading day after a session of 25 day suspension until closing prices of the stocks are determined.
PRICE TICK
- Matching orders of stock and bonds: 100 VND
- Put-though orders of stocks: 01 VND
- ETFs: 01 VND
PRICE RANGE
Shares, ETFs	- Price range of: ±10% against reference price - Stocks and ETFs that are newly listed for trading or are available for trading after more than 25 days of suspension: ± 30% against reference price - Stocks that are paying cash or stock dividends to shareholders: ± 30% against reference price at the ex-day
Bonds	No price range
REFERENCE PRICE AND CLOSING PRICE
· Reference price is the closing price of the previous trading day.
· Closing price is price of the last order matching transaction in a trading day but before the post-session order matching.
TYPES OF ORDERS
Limit order (LO)	LO is an order to buy or sell securities at a predetermined price or better price. An LO shall be effective since it is placed into the trading system until the close of the trading day or until the rescission of the order
Order which is executed at the closing order matching price (ATC order)	- ATC Order is an order to buy or sell securities at the price level at which orders are filled matched for determining the closing price
	- ATC order is valid only on periodic order matching session
Market order (MP)	- Market to litmit (MTL): similar to MP order in HSX
	- Fill or kill (MOK): is an order to buy or sell a security that must be executed immediately in its entirety; otherwise, the entire order is cancelled; no partial fulfillments are allowed
	- Fill and kill (MAK): is an order to buy or sell that can be filled partially or canceled. The remainder of the order is cancelled immediately after the order is filled
Post-session order (PLO)	- The PLO orders are buy or sell orders at the closing price after the closing session. - The PLO orders can be placed into the system only after closing session. - The PLO orders are matched immediately upon entering the system if counterpart orders are available. Execution price is the closing price of the trading day. - PLO orders cannot be amended or cancelled. - In cases where the execution price from continuous order- matching and closing session cannot be determined, PLO orders cannot be placed.
ORDER CANCELLATION AND AMENDMENT
In periodical order matching session	Limit orders and ATC orders including orders transferred from the continuous order matching session cannot be cancelled and their prices and volume cannot be amended
In continuous order matching session	Limit orders can be cancelled, and theirs price and volume can be amended. The priority of orders is determined as follows:
	- Order priority will not change if volume is decreased.
	- New order priority will be established right after volume is increased and/ or price amendments of existing orders are entered into system.
Amendment of price and volume and cancellation of orders can only be carried out when an order or a part of that order has not been executed.
PLO orders cannot be amended or cancelled.
PAYMENT PERIOD
Stocks	T+2
Bonds	T+1
TRANSACTION OF FOREIGN INVESTORS
During order matching sessions	- Volume of stock and ETFs of foreign investor’s successful buy transactions will be deducted from the total volume that foreign investors can buy at the moment buy transactions are executed. Upon settlement, volume of sell transactions of foreign investors will be added to the remaining volume that foreign investors can buy
	- Foreign investors’ buy orders or unmatched parts of buy orders of stocks, closed-end fund certificates will automatically be cancelled if they are not executed when entering into system or foreign ownership limit is reached
During order matching sessions	The remaining volume of stocks and ETFs that foreign investors can buy will not change if a put-though transaction is executed between two foreign investors

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