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HoSE suspends floor reps for trade violations
Trading floor representatives of three securities companies have been suspended by the Ho Chi Minh City Stock Exchange (HOSE) for cancelling orders during call auctions in contravention of regulations despite repeated warnings, HoSE deputy general director Le Nhi Nang said on Oct. 9.
The suspensions represented the first time HoSE has imposed this penalty on trading floor representatives. Each brokerage with a seat on the exchange is allowed to have two to five representatives on the floor.
Each of them processes thousands of orders from their company systems to the exchange system. Losing one representative would have a major impact on the brokerage as well as its clients due to the lost capacity to process orders.
The suspended trading floor representatives are employees of Incombank Securities, Asia Pacific Securities and Bien Viet Securities. The Bien Viet employee was suspended from trading for a month, while the others received three-month suspensions.
A number of other brokerages have also received warnings for trading violations, including Sacombank Securities, Vision Securities, and Da Nang Securities.
VNA
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