Vietnam Currency Discussion Board

[tenac]

New trading system ready: securities official

29/07/2007 -- 9:55 PM


Ha Noi (VNA) – The automatic order matching system is ready for its July 30 debut after successfully completing tests between brokerages and the Ho Chi Minh City stock exchange, says Nguyen Son, deputy director of the market development department at the State Securities Commission.

Son says there will not be another delay.

The bourse has 48 member brokerages that meet the basic technical requirements to handle the new system. Companies that do not satisfy the requirements tend to be newcomers or are not actually members of the exchange, Son said.

There is huge anticipation in the market, particularly from securities companies, as the debut approaches, despite the VN-Index lacklustre performance over the past few weeks.

“Recently, the company tried to connect to the HCM City bourse and all connections were a success,” says Nguyen Viet Cuong, deputy director of Tan Viet Securities (TVSI).

TVSI invested 1 million USD in new brokering software, which is used at financial institutions worldwide, including Thailand.

“Thus far, TVSI feels secure about the compatibility with the HCM City exchange, and the possibility of success on July 30,” says Cuong.

Le Hai Tra, deputy director of the HCM City Securities Trading Centre (HoSTC), says the exchange has sent documents urging brokerages to prepare thoroughly for the next trading system.

Automatic order matching will help investors trade shares more easily and quickly, eliminating market congestion, says Tra.

Investors, though, will still be able to trade via the old system until they grow accustomed to automatic order matching.

Son said the HoSTC and brokerages have prepared for any possible problems and will make timely announcements about any difficulties the system encounters in the first week.

HoSTC Director Tran Dac Sinh said besides the new system the centre would apply modern trading procedures in line with international standards by the end of the year or beginning of 2008.-Enditem.

Source: Vietnam news Agency