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Remote share-trading pilot plugging along at HOSE
By mid-October, at least eight securities companies had joined a remote share-trading pilot project of the Ho Chi Minh Stock Exchange (HOSE) that is to last to year’s end. So far, everything is going fine, say HOSE spokespersons.
The eight companies are Saigon Commercial Bank’s Securities Company, Thang Long, Industrial and Commercial Bank, BIDV Securities Co., Vietcombank Securities Co., Asia Commercial Bank’s Securities Co. (ACBS), Saigon Securities Incorporation (SSI) and Bao Viet.
Those companies have moved their on-floor order-entry computers, configured and sealed by the HOSE, to their own offices, thus leaving space for new entrants.
During the pilot phase, order monitors have been moved to the securities companies and connected directly to the HOSE’s host computers. Buy and sell orders are entered directly into the HOSE system, instead of having securities firms’ representatives at the HOSE itself, as before.
When remote share trading is officially launched in the second quarter of 2008, investors will no longer take their buy or sell orders to the stock exchange. Instead, they will place all orders by text or Internet.
The new transaction system will help the HOSE reduce management costs, allow securities companies to reduce staff, and save investors time.
The connection system between the HOSE and securities firms is to remain constantly under the HOSE’s control. Violations are to be detected and handled in a timely manner, as they have long been already.
SSI Deputy Director Nguyen Hong Nam said the system will help maintain the system’s available capacity even as more traders enter the market.
And new entrants are emerging regularly. Some 70 securities firms have been licensed and started operating already, while 50 await approval from the State Securities Commission.
Recognizing the constant pressure current growth is putting on its floor space and available booths, the HOSE has chosen to pre-empt an impending crush on its resources with its own proactive investments.
VNN
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