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Online transactions: a good beginning creates a good ending
The first day of applying for online transactions at the HCM City Stock Exchange (HOSE) went smoothly. This has provided to be reason to believe that online transactions will run well in the future.
Many securities companies showed a very high speed of dealing with securities’ orders. Doan Trung Kien, Information Technology Director of FPT Securities (FPTS), said that FPTS’ transaction system has successfully connected with HOSE during the entire trading session, with no trouble.
Investors’ orders placed with FPTS were transferred directly to HOSE’s system with a processing speed of 200 orders per second. Therefore, within the first two minutes after the opening, all of investors’ orders placed via the EzTrade service were entered to HOSE’s system.
According to VNDirect Securities Company, with the order processing speed of 86 orders per second, VNDirect could provide clients more opportunities of having orders matched.
Le Hai Tra, Permanent Member of the Board of Directors of HOSE, said that 66 companies succeeded in the first day of making online transactions. However, Tra said that the number of orders was not big, just 5,000 in the opening trading session, lower than the 8,000 or 10,000 orders seen in ordinary days.
Several securities companies still could not make online transactions on January 12, because they are not compatible to the common system, though they have very modern and expensive software. Meanwhile, some smaller-scaled securities companies could still make online transactions.
Doan Duc Vinh, Chairman of Au Viet Securities Company, said that Au Viet has well prepared for online transactions. He said that overly-high requirements may not be put on technology. However, securities companies need to well prepare for other things, including transmission lines, equipment, and staff.
Regarding the technology level, Tra said that the import of foreign-made software can be compared with the purchase of ready-made clothes. The clothes need to have suitable sizes to fit people
Currently, HOSE is still maintaining two transaction systems at the same time: online transactions and transactions via representatives at HOSE. The securities companies which cannot meet the requirements for online transactions can still enter orders using the previous way.
Nguyen Chi Thanh, Chairman of Quoc Gia Securities Company, said that it is very good to shift to online transactions, but the transactions under the previous mode are still necessary in anticipation of troubles.
According to HOSE, the software now can treat 200 orders per second. However, securities companies still prepare for the scenario of orders getting stuck, which may occur when too many orders enter the system at the same time. Therefore, HOSE and securities companies still need more time to have the transaction systems tested.
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