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 session (ATO, LO)
    – 9:15-11:30: Continuous matching session I (LO, MTL)
    – 13:00–14:30: Continuous matching session II (LO, MTL)
    – 14:30-14:45: Closing periodic order-matching (ATC, LO)
    – 9:00-11:30, 13:00-15:00: Put-through transactions
    (The time and method of matching for odd lots are applied similarly to round lots)    		 – 9:00-11:30: Continuous matching session I during trading hours (round lot/ odd lot) (LO, MTL, MOK, MAK)
    – 13:00-14:30: Continuous matching session II during trading hours (round lot/ odd lot) (L.O, MTL, MOK, MAK)
    – 14:30-14:45: Closing periodic order-matching during trading hours (round lot/ odd lot) (ATC, LO)
    – 9:00-11:30, 13:00-14:45: Put-through order during trading hours (round lot/ odd lot) (put-through transactions, IOI order)
    – 14:45-14:55: After-hours closing periodic matching (round lot)
    – 14:55-15:00: After-hours continuous order matching (round lot)
    – 14:45 – 15:00: After-hours put-through transactions (round lot/odd lot)    		– 9:00-11:30: Continuous matching (LO)
    – 13:00-15:00: Continuous matching (LO)
    – 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-through: Order matched when meeting the conditions that the buyer and the seller agree on.    		– Periodic: Order matched at a specific time (14:45).
    – Continuous: Order matched as soon as it is pushed to the exchange
    – Put-through: Order matched when meeting the conditions that the buyer and seller agree on.     		– Continuous: Order matched as soon as it is pushed to the exchange.
    – Put-through: Order matched when meeting the conditions that the buyer and seller agree on.
    Order Type– ATO/ATC
    – LO
    – MTL    		– Only ATC
    – LO
    – MTL
    – MOK
    – MAK
    – PLO    		– LO
    Matching Principle– 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.
    		Same with HOSE Same with HOSE
    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/ Stocks on the ex-rights date for the case of offering treasury shares to existing shareholders: ±7% from the reference price.
    b/ Stocks, closed-end fund certificates, and ETF certificates on the first trading day, the day of resumption after trading suspension, or the ex-rights date for other cases: ±20% from the reference price.    		a/ Stocks and fund certificates: ±10% from the reference price.
    b/ Newly listed stocks and fund certificates, stocks and fund certificates resuming trading after suspension, and stocks and fund certificates on the ex-rights date: ±30% from the reference price.    		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
    – Round lot: multiples of 100, from 100 to 500,000
    – Odd lot: smaller than 1 lot: 1-99 stocks/ETF
    – Put-through: the unit is 1, round lot volume ≥20,000; odd-lot volume ≤99    		 Traded in stocks/ETF
    – Order-matching transactions for stocks/ETF: 100 stocks/ETF
    – Put-through transactions for stocks/ETF: 1 stock/ETF
    – Minimum volume for put-through transactions: 5,000 stocks/ETF
    – Odd lot: 1-99 stocks/ETF     		Traded in lots: 1 lot = 100 stocks
    – Round lot: multiples of 100, from 100 to 99,900
    – Odd lot: 1-99 stocks
    Cancellation/
    Modification Regulation    		– Order modifications and cancellations are only effective for unexecuted orders or the unexecuted portion of partially filled orders.
    – Opening/closing periodic matching sessions: Modifications and cancellations are not allowed for LO, ATO, or ATC orders.
    – Continuous matching session: LO orders may be modified in terms of either price or volume, but not simultaneously.
    – Priority rules after order modification:
    + Priority remains unchanged if only reducing the order volume.
    + Priority is lost (i.e., order is re-queued) if increasing the volume or modifying the price.
    – After-hours trading session: Modifications and cancellations are not allowed.
    – Put-through transactions: Modifications and cancellations are not permitted.    		Same with HOSEAllowed to cancel and modify
    No periodic session, so no cancellation/modification regulation here.
    Price Step– MP ≤ 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    		– For order-matching stock transactions: VND 100
    – For put-through stock transactions, ETF fund certificate transactions, and corporate bond transactions: VND 1    		 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)    		 Same with HOSESame with HOSE

    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.

    Put-through Order Trading Method

    • The seller or buyer may initiate a put-through transaction, and the other party will confirm or decline the transaction.
    • The party initiating the order can choose the put-through trading session: during trading hours (9:00 AM – 2:45 PM) or after trading hours (2:45 PM – 3:00 PM).
    • Put-through orders that have been executed cannot be modified or canceled. For unexecuted put-through orders, the initiating party may cancel the order within the selected trading session.
    • Indication of Interest (IOI) may be initiated by both the buyer and the seller. When converting an IOI into a put-through order, the initiating party must be the counterpart to the advertising party. The advertising party is responsible for confirming the put-through order.

    Stocks Under Trading Restriction

    • For the HNX Exchange: Securities subject to trading restrictions on HNX are only allowed to be traded on Fridays.
    • For the HOSE Exchange: Securities subject to trading restrictions will follow a new trading method called “Multiple Periodic Auction Matching (PCA)” and will not be allowed for odd lot trading or negotiated transactions. Specifically:
    SessionTimeOrder TypeOrder Modification and Cancellation Rules
    ATO09:00 – 09:15ATO, LONot allow
    PCA 0109:15 – 09:30LO09:15 – 09:25: Allow | 09:25 – 09:30: Not allow
    PCA 0209:30 – 09:45LO09:30 – 09:40: Allow | 09:40 – 09:45: Not allow
    PCA 0309:45 – 10:00LO09:45 – 09:55: Allow | 09:55 – 10:00: Not allow
    PCA 0410:00 – 10:15LO10:00 – 10:10: Allow | 10:10 – 10:15: Not allow
    PCA 0510:15 – 10:30LO10:15 – 10:25: Allow | 10:25 – 10:30: Not allow
    PCA 0610:30 – 10:45LO10:30 – 10:40: Allow | 10:40 – 10:45: Not allow
    PCA 0710:45 – 11:00LO10:45 – 10:55: Allow | 10:55 – 11:00: Not allow
    PCA 0811:00 – 11:15LO11:00 – 11:10: Allow | 11:10 – 11:15: Not allow
    PCA 0911:15 – 11:30LO11:15 – 11:25: Allow | 11:25 – 11:30: Not allow
    PCA 1013:00 – 13:15LO13:00 – 13:10: Allow | 13:10 – 13:15: Not allow
    PCA 1113:15 – 13:30LO13:15 – 13:25: Allow | 13:25 – 13:30: Not allow
    PCA 1213:30 – 13:45 LO13:30 – 13:40: Allow | 13:40 – 13:45: Not allow
    PCA 1313:45 – 14:00LO13:45 – 13:55: Allow | 13:55 – 14:00: Not allow
    PCA 1414:00 – 14:15LO14:00 – 14:10: Allow | 14:10 – 14:15: Not allow
    PCA 1514:15 – 14:30LO14:15 – 14:25: Allow | 14:25 – 14:30: Not allow
    ATC14:30 – 14:45ATC, LONot allow

    Foreign Investor Transactions

    • For order-matching transactions:
      • Foreign room is reduced immediately in the following two cases:
        • When a foreign investor’s buy order is entered into the system.
        • When the system records a foreign investor’s order with an increased volume.
      • Foreign room is increased immediately in the following two cases:
        • After the system settles the trade for a foreign investor’s sell transaction (based on T+2 settlement cycle).
        • When the system records a foreign investor’s order with a decreased volume or when a foreign investor’s buy order is canceled.
    • For put-through transactions:
      • Foreign room is reduced immediately when a foreign investor’s buy put-through order is entered (where the buyer is a foreign investor and the seller is a domestic investor).
      • Foreign room is increased in the following two cases:
        • After the system settles the transaction (where the seller is a foreign investor and the buyer is a domestic investor).
        • When the foreign investor cancels a buy put-through order.
      • For put-through orders outside Pinetree, the party initiating the order (foreign investor) must select the negotiation partner (domestic or foreign client) to calculate the foreign room.
    Copyright © 2022. Pinetree Securities Corporation| Tax Code: 0101294902
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