The Vietnam Stock Exchange (VNX) is warning that any securities company whose IT system fails to connect to the KRX system will not be eligible to become a member of the VNX.
These companies will have their membership cancelled and they will be fully responsible for customers who open trading accounts at the companies.
The VNX has just sent an official dispatch to member securities companies about participating in testing and upgrading their IT system to connect with the KRX system.
The KRX system is an information technology system for managing and operating transactions on the Vietnamese stock market, signed by HoSE with the South Korea Stock Exchange (KRX) in 2012. The project aims to upgrade the technology system and infrastructure of the stock exchange in Việt Nam.
VNX requires securities companies to continue to proactively review and upgrade IT and human resources systems. This system needs to be able to connect to the KRX system and perform all the functions that are compatible with the KRX when it is put into operation.
As planned, the KRX system will be officially launched in December this year. However, it is expected that new features will not be fully implemented immediately. The KRX system will operate with basic features, and new features will be deployed step by step according to the roadmap.
Securities companies need to participate fully and on schedule in the system testing process as required. In case the company does not participate or fails to meet the requirements of the testing programme, it will be fined according to regulations.
Nguyễn Thị Việt Hà, Acting Chairman of the Hồ Chí Minh Stock Exchange (HoSE), said that the rate of testing the KRX system among members is still low, with just 25 out of 76 securities companies completing 100 per cent functional testing.
The KRX system is expected to bring new products, trading, and payment solutions to the Vietnamese stock market, such as T+0 settlement, short selling, and option contracts. This will create a premise to solve the bottlenecks and move towards upgrading the market from frontier to emerging.
Due to many reasons, such as the pandemic and the complex nature of the bidding package, the KRX system has not yet run as planned. — VNS
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