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Brokerages prepare for trading in unlisted stocks
With the Hanoi Securities Trading Center preparing to open the over-the-counter market for unlisted stocks this year, some brokers have begun to make preparations for trading.
ACB Securities Company, the stock broking arm of Asia Commercial Bank, is testing a trading system for unlisted stocks.
It will be similar to the one for listed stocks, with orders displayed on a trading board.
Au Viet Securities Corp. will also allow its clients to trade unlisted stocks by paying a deposit of 5-10 percent of the trading value.
An investor canceling an order will forfeit the deposit, with the brokerage and the other party sharing it.
Fees on successful transactions will be 0.2-0.5 percent.
Empower, Dai Viet, Bao Viet and Dong Duong Securities Companies have similar plans.
Vu Van Ha, deputy director of Au Viet Securities’ Investment Department, said trading unlisted stocks through brokerages is more reliable than the existing informal system which is highly risky.
People now trade unlisted stocks at coffee shops or restaurants.
Many analysts believed the OTC market would likely grow much bigger than the formal one.
The Hanoi Securities Trading Center tested OTC market transactions in February and held a trial remote trading session between the Securities Depository Center and 69 brokerages in April, its deputy director Nguyen Vu Quang Trung told Thanh Nien last month.
Companies to be traded on the OTC market are mainly unlisted brokerages, banks, financial firms and insurers, Trung added.
“We are now completing the final paperwork, which will only take a short while,” he said, adding investors participating would have much better protection than before.
TNN
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