Trading Regulation - Pinetree Securities
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    Trading Regulation

    Investing

    Trading Regulation

    HSX (Ho Chi Minh)HNX (Ha Noi)UPCOM (Ha Noi)
    Trading Time
    9:00–15:00 from Mon to Fri, break time 11:30 – 13:00    		– 9:00 –  9:15: Opening periodic order-matching to fix opening price (ATO, L.O.)
    -9h15 – 11h30: Continuous matching session 1 (L.O, MP)
    -13:00–14:30: Contiuous matching session 2 (L.O, MP)
    – 14:30 – 14:45: Closing periodic order-matching to fix closing price (ATC, L.O)
    – 9:00–11:30,  13:00–15:00: Put-through Transactions    		9:00 – 11:30: Continuous matching and put through transactions (L.O, MTL, MOK, MAK)
    13:00 – 14:30: Continuous matching (L.O, MTL, MOK, MAK)
    14:30 – 14:45: Closing periodic order-matching to fix closing price (ATC, L.O)
    14:45-15:00: After-hours transaction (PLO)
    13:00-15:00: Put-though transaction    		9:00 – 11:30:  Continuous matching (L.O)
    13:00 – 15:00:  Continuous matching (L.O)
    9:00 – 11:30, 13:00 – 15:00: Put-through transactions
    Trading Method+Periodic: order matched at a specific time (9:15 and 14:45).
    + Continuous: order matched as soon as it is pushed to the exchange.
    + Put though: order matched when meeting the conditions that buyer and seller agree.    		+Periodic: order matched at a specific time (14:45).
    +Continuous: order matched as soon as it is pushed to the exchange
    + Put though: order matched when meeting the conditions that buyer and seller agree.     		+Continuous: order matched as soon as it is pushed to the exchange.
    + Put though: order matched when meeting the conditions that buyer and seller agree.
    Order Type– ATO/ATC
    – LO
    – MP    		– Only ATC
    – LO
    – MTL
    – MOK
    – MAK
    – Lệnh PLO    		_ Only ATC
    – LO
    – MTL
    – MOK
    – Lệnh
    Matching PrinciplePrice Priority: Buy order with higher price (or Sell order with lower price) will be matched first.
    Time Priority: If the counter-orders satisfy each other in terms of price, the matching price will be the price of the order entered into the system first.
    For buy/sell orders with the same price, the order entered into the trading system first will be prioritized for execution.
    		Price Priority: Buy order with higher price (or Sell order with lower price) will be matched first.
    Time Priority: If the counter-orders satisfy each other in terms of price, the matching price will be the price of the order entered into the system first.
    For buy/sell orders with the same price, the order entered into the trading system first will be prioritized for execution.     		Price Priority: Buy order with higher price (or Sell order with lower price) will be matched first.
    Time Priority: If the counter-orders satisfy each other in terms of price, the matching price will be the price of the order entered into the system first.
    For buy/sell orders with the same price, the order entered into the trading system first will be prioritized for execution.
    Reference Price (RP)The reference price is the closing price of the stock on the most recent trading day. The reference price is the closing price of the stock on the most recent trading day.The average of the execution prices from the continuous matching method on the previous trading day.
    Price fluctuation rangea/ Stock: ± 7%
    Ceiling price = RP + (7% x RP)
    Floor price = RP – (7% x RP)
    The floor price is rounded up. The ceiling price is rounded down.
    b/ Stock on the first trading day:
    Stocks must have a starting price determined by the advisory organization as the reference price.
    Price fluctuation range: minimum ± 20%    		a/ Stock: ±10%
    Ceiling price = RP + (10% x RP)
    Floor price = RP – (10% x RP)
    The floor price is rounded up. The ceiling price is rounded down.
    b/ Stock on the first trading day:
    Stocks must have a starting price determined by the advisory organization as the reference price.
    Price fluctuation range: minimum ± 30%    		a/ Stock: ±15%
    Ceiling price = RP + (15% x RP)
    Floor price = RP – (15% x RP)
    The floor price is rounded up. The ceiling price is rounded down.
    b/ Stock on the first trading day:
    Stocks must have a starting price determined by the advisory organization as the reference price.
    Price fluctuation range: minimum ± 40
    Trading Unit & Trading ValueTraded in lots: 1 lot = 100 stocks/ETF
    – Even lot: multiples of 100, from 100 to 500,000
    – Odd lot: smaller than 1 lot: 1-99 stocks/ETF
    – Put though: volume ≥20.000    		 Traded in lots: 1 lot = 100 stocks
    – Even lot: multiples of 100, from 100 to 99,900
    – Odd lot: smaller than 1 lot: 1-99 stock
    – Put through: big lot: volume ≥ 5,000 stocks    		 Traded in lots: 1 lot = 100 stocks
    – Even lot: multiples of 100, from 100 to 99,900
    – Odd lot: smaller than 1 lot: 1-99 stocks
    Cancellation/
    Modification Regulation    		Allowed to cancel but not modify.
    During the periodic matching session, orders cannot be canceled or modified.    		Allowed to be cancel and modify (but only for price and volume not order type or symbol)
    In the periodic matching session and after-hours trading session: cannot be canceled or modified.    		Allowed to cancel and modify
    No periodic session, so no cancellation/modification regulation here.
    Price StepMP ≤ 10,000 VND: 10 VND.
    Ex: if SDD stock’s price is 8,900 VND , the right order price is 8,910; 8,920; 7,990…
    MP: 10,000 – 49,950 VND: 50 VND.
    Ex: if MBB stock’s price is 25,000, the right order price is 25,050; 25,100; 24,950;….
    MP ≥ 50.000 VND: 100 VND    		100 VND for all MP 100 VND for all MP
    Payment TermT+2
    (refer to the example at the end of this post)    		T+2
    (refer to the example at the end of this post)    		T+2
    (refer to the example at the end of this post)
    Means of Trading– Online trading on phone: Alpha Trading app
    – Online trading on website: trading.pinetree.vn    		 – Online trading on phone: Alpha Trading app
    – Online trading on website: trading.pinetree.vn     		– Online trading on phone: Alpha Trading app
    – Online trading on website: trading.pinetree.vn
    General Regulation– Investors can open many securities trading accounts, but only one account for each securities company.
    – Investors can buy and sell the same symbol, ETF in a same day. (this used to be not allowed before)
    – Investors make sure to have enough stocks when placing sell order and enough money when placing buy order.
    – Transction fee will be charged for each order matched. (No fee for not matched order)    		 – Investors can open many securities trading accounts, but only one account for each securities company.
    – Investors can buy and sell the same symbol, ETF in a same day. (this used to be not allowed before)
    – Investors make sure to have enough stocks when placing sell order and enough money when placing buy order.
    – Transction fee will be charged for each order matched. (No fee for not matched order)     		– Investors can open many securities trading accounts, but only one account for each securities company.
    – Investors can buy and sell the same symbol, ETF in a same day. (this used to be not allowed before)
    – Investors make sure to have enough stocks when placing sell order and enough money when placing buy order.
    – Transction fee will be charged for each order matched. (No fee for not matched order)

    ILLUSTRATIVE EXAMPLE OF T+2 SETTLEMENT RULES

    Example of a Buy Order:

    • Transaction: An investor buys shares of HPG (Hoa Phat Group Joint Stock Company) and the order is matched on Monday, September 12, 2022.
    • T+0: The day the buy order is matched.
    • T+1: The next trading day, Tuesday, September 13, 2022.
    • T+2: On Wednesday, September 14, 2022, before 1:00 PM, the shares will be credited to the investor’s account. The investor can sell the shares in the afternoon trading session on September 14, 2022.

    Example of a Sell Order:

    • Transaction: An investor successfully sells shares of TCB (Techcombank) on Monday, September 12, 2022.
    • T+0: The day the sell order is successfully matched.
    • T+1: The next trading day, Tuesday, September 13, 2022.
    • T+2: On Wednesday, September 14, 2022, before 1:00 PM, the money will be credited to the investor’s account. The investor can withdraw the funds or use them to buy securities in the afternoon trading session on September 14, 2022.
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