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KRX trading system to run officially at the end of this year
The stock trading system from the Republic of Korea, known as KRX, will be officially put into operation at the end of this year after a six-month trial run.
“Putting the new system into operation is not easy, requiring many steps and much preparation,” said Tran Van Dung, Chairman of the State Securities Commission at a seminar held yesterday in Ha Noi.
The implementation of the KRX project, aiming to tackle system overloads which have troubled investors recently, was delayed last year due to the COVID-19 pandemic. HoSE would use all available resources to accelerate the implementation of the project this year, it said.
The new system is set up by HoSE with support from the South Korea Exchange, meeting the requirements for Viet Nam’s stock trading, including market information, market surveillance, clearing, settlement and depository and registration.
“SSC has many plans to develop the stock market but at the present time, easing overloading is our top priority, other plans including the development of a 10-year strategy for the market, may have to be delayed by several months,” Dung said.
“In recent months, many investors have been upset with the trading system but they still show their sympathy. In the context of continuous congestion these days, the market regulators owe them an apology,” he said.
Since the end of 2020, Viet Nam's stock market has witnessed a booming trading period with multi-session liquidity of more than than VND24 trillion (US$1 billion) on HoSE.
On HoSE, liquidity has increased by nearly 13 times compared to last year, surpassing other countries in the region and now only behind Thailand and Singapore.
The wave of new investors entering the stock market has helped set new liquidity records, which is a positive signal for the market.
However, skyrocketing liquidity has far exceeded market forecasts, leading to frequent congestion in many sessions, causing a lot of trouble for investors and affecting the quality of the market.
The KRX system is expected to help the Vietnamese stock market enhance capacity with higher liquidity, reaching up to $4 billion per session.
“Individual investors in the country are the driving force for the stock market growth, so they should receive more attention,” said SSI Securities Corp Chairman Nguyen Duy Hung.
“There is an unprecedented large number of new investors that have participated in the market, this is a once-in-a-lifetime opportunity to build the Vietnamese stock market. Therefore, it is necessary to listen to domestic investors to ensure transparent and secure transactions,” he said.
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