HNX trading regulations

Call auction: A trading method performed by the system on the basis of matching buy and sell orders of securities at a specified time.
Principles for determining price are as follows:
– Is the execution price that achieves the largest trading volume.
– If there are multiple prices that satisfy the above conditions, the price that is identical or closest to the execution price of the most recent order match will be selected.

Continuous auction: is a trading method performed by the system on the basis of matching buy and sell orders of securities as soon as the order is entered into the trading system.
Principle for determining execution price: is the price of corresponding orders waiting on the order book.

Put-through transaction: A trading method in which the buyer and seller agree on the trading conditions, then notify the securities company to record the transaction results into the trading system. Or the buyer/seller goes through a securities company to find a counterparty trading partner.

Price priority:

• Buy orders with higher prices are given priority to be executed first.
  Sell ​​orders at lower prices are prioritized for execution first.

Time priority:

• In case the buy or sell orders have the same price, the order entered into the trading system first will be given priority for execution.

1. Round lot
– For round lot order matching transactions: 100 shares/ETF fund certificates
– Trading unit for matching round lot orders of corporate bonds: 01 bond
– Negotiable trading volume: from 5,000 shares/ETF fund certificates. There are no regulations on trading units for put-through transactions of stocks and ETF certificates.
– Trading unit, minimum trading volume for bond agreement: 01 bond.

2. Odd lot
– Odd lot trading unit: 01 share, ETF fund certificate. Odd lot transactions from 1 to 99 shares and fund certificates are carried out by both continuous order matching and agreement methods.
– Put-through transactions and odd-lot transactions are not allowed on the first trading day of newly listed stocks or the day of resumption of trading after a 25-day trading suspension until a closing price is estabished.

• Stock and bond order matching transactions: 100 VND
• Negotiable transactions of stocks and bonds: 1 VND
• Trading ETF certificates: 1 VND”

• For stocks: ± 10% compared to reference price
• For stocks and ETF certificates traded on the first day or the first day of trading again after being suspended for more than 25 days is ± 30% compared to the reference price.
• In the case of paying dividends/bonuses in treasury shares to existing shareholders on the ex-dividend date, it is ± 30% compared to the reference price.
• For bonds: not specified
• Ceiling/floor prices for stocks and ETF certificates:
  Ceiling price = Reference price + (Reference price x Price fluctuation range)
  Floor price = Reference price – (Reference price x Price fluctuation range)
• In case the ceiling/floor price is equal to the reference price, the price fluctuation limit is redefined as follows:
  Adjusted ceiling price = Reference price + 01 quoted price unit
  Adjusted floor price = Reference price – 01 quoted price unit
• In case the reference price is equal to 100 VND, the price fluctuation limit is redefined as follows:
  Adjusted ceiling price = Reference price + 01 quoted price unit
  Adjusted floor price = Reference price.

a. Stock and ETF certificate trading

Limit orders (LO) are valid from the time they are entered into the trading system until the end of the trading day or until the order is canceled.
Market orders (MTL) are only entered into the trading system during the continuous auction session. Types of market orders on HNX:

• A limit market order (abbreviated as MTL) is an order that can be executed in whole or in part, the remainder of the order will be converted into a LO order.
• A fully matched or canceled market order (abbreviated as MOK) is a market order that, if not fully executed, will be canceled on the trading system after entry.
• A matched and canceled market order (abbreviated as MAK) is a market order that can be executed in whole or in part, the remainder of the order will be canceled immediately after matching.
  ATC orders are valid during the closing periodic order matching session:
• An order to buy or sell securities at the closing price. ATC orders are given priority before limit orders during order matching.
• The periodic order matching session that determines the closing price will not determine the order matching price if there are only ATC orders on the order book.
• The order will automatically cancel itself after the end of the session if the order is not executed or not completed at all.
  After-hours matching order (PLO)
• A PLO order is an order to buy or sell securities at the closing price after the end of the closing periodic order matching session.
• PLO orders are only entered into the system during after-hours trading sessions.
• PLO orders are matched immediately upon entering the system if there is a corresponding order waiting. The exercise price is the closing price of the trading day.
• PLO orders cannot be edited or canceled.
• In the case that during the continuous order matching session and the closing periodic order matching session, the execution price cannot be determined, the PLO order will not be entered into the system.

b. Bond trading
Only LO order type applies.

1. Modify or cancel matched trading orders:

Editing or canceling matched trading orders is only valid for unexecuted orders or the remainder of unexecuted orders.

2. During the open periodic order matching session: it is not allowed to edit or cancel LO and ATO orders.

3. During the continuous order matching session: LO orders are allowed to modify price, volume and cancel orders during the trading period. The priority order of orders after editing orders is determined as follows:

1. The priority order of the order remains unchanged if only the volume is changed or reduced.
2. Order priority is calculated from the time the correction order is entered into the trading system for cases of correction to increase volume and/or correct price.
3. Priority order for newly entered orders to replace canceled orders, including orders executed by the method of canceling orders according to the principle of priority order of price and time.

4. During the closing periodic order matching session: it is not allowed to edit or cancel LO and ATC orders (including LO orders transferred from the continuous order matching session).

5. During the after-hours trading session: PLO orders are not allowed to be edited or canceled

6. Modify/cancel put-through trading orders:

• Transaction orders that have been placed on the trading system cannot be canceled.
• During the transaction, in case the representative of the Securities Company enters an incorrect order, the order will only be corrected if approved by the Stock Exchange and Investors.

In case of warrant expiration:

• If the investor holds the warrant to maturity, the warrant is automatically paid if it is in a profitable state.
• Payment time: E + 5 (E: warrant expiration date)
• Payment method: Cash Method: Direct allocation to securities account.

1. During the order matching transaction period:

The volume of purchases of stocks and closed-end fund certificates by foreign investors is deducted from the volume allowed to buy immediately after the purchase order is executed; The volume of shares and closed-end fund certificates sold by foreign investors is added to the volume of shares and closed-end fund certificates allowed to be purchased immediately after completing the transaction payment.

An unfulfilled order or part of an order to buy shares or closed-end fund certificates of a foreign investor will be automatically canceled if the volume of shares or closed-end fund certificates allowed to be purchased is exhausted or is not executed immediately.

2. During the agreed transaction period:

During the put-through transaction period, 2 foreign customers are allowed to make put-through transactions even if the put-through transaction volume is larger than the foreign customer’s allowed buying volume and will not change the stock volume.