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Opening of market for unlisted firms delayed
The inauguration of a market for trading unlisted shares, to be known as UPCoM, has been delayed since the government has not decided on foreign ownership rate, a Hanoi Securities Trading Center (HaSTC) official said.
The HaSTC has proposed rates of 30 to 49 percent, the same as for listed stocks, the exchange’s deputy director Nguyen Thi Hoang Lan said in a press briefing in Ho Chi Minh City.
The new market’s daily trading band will be 10 percent, according to regulations released by the Ministry of Finance last month.
“We had proposed a band of 20 percent, but the ministry then narrowed it down,” she said, adding the band can be adjusted by the State Securities Commission once the market is operational.
Foreign investors, who want to trade stocks on the UPCoM, will require a trading code provided by the Securities Depository Center.
Approval for a firm registering for listing would be granted within five days compared with 30 days on other stock exchanges, Lan added.
The exchange had been scheduled to open in March but it was been put off by the HaSTC to the end of June.
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OTC MARKET FACT FILE
* Investors with accounts at a brokerage for transacting listed stocks will be able to trade on the OTC market.
* Investors can bargain with each other and place orders through brokerages or place orders with brokerages and wait for them to be matched.
* All brokerages have to report transactions of unlisted stocks to the HaSTC. The HaSTC will also combine the daily selling and buying prices to fix the reference price for stocks and announce said prices on its trading boards.
* Transactions will follow the T+3 settlement system, with three days required for a stock transaction. |
Mai Phuong
Thanh nien
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