The Ho Chi Minh City Stock Exchange (HoSE) announced that it has declared an urgent notice to the brokerage companies regarding a strategy for the implementation of the new trading technology (KRX) in preparation for the official deployment on May 2, 2024.
In accordance with the schedule, on April 24 and 25, the brokerage companies will test their connections to the HoSE. On April 26, the end-of-day data will be transferred to the new trading system.
The brokerage companies are required to proactively prepare the necessary data for the conversion test (Cutover test).
Between April 27 and 29, HoSE plans to activate the conversion of the trading system. The brokerage companies will proactively plan and execute the preparatory work to ensure synchronized implementation.
On April 30, the brokerage companies will perform the Cutover test. The trading date on the KRX system is scheduled for May 2, 2024.
The trading board at HoSE
HoSE requested that the brokerage companies comprehensively test the seamless execution of their transactions on the new system. The exchange emphasized that brokerage companies should not utilize any automated order-entry software or attempt to execute unrealistic stress tests. In the event that the official deployment is not feasible, the brokerage companies should prepare their systems to continue trading on the current trading system.
Previously, the Hanoi Stock Exchange (HNX) also announced the deployment of the KRX Information Technology Package, aiming to commence the official operation of the system on May 2.
The HNX management team instructed the involved personnel and departments, in accordance with their assigned functions, tasks, and authority, to prioritize accountability, maintain high levels of focus, and accelerate the implementation of the KRX project.
Specifically, HNX directed the completion of the legal framework to support the system’s operation: The departments will actively collaborate with the Vietnam Stock Exchange, the State Securities Commission, and relevant units to review the regulatory framework, finalize the operating regulations, prepare the coordination minutes, and establish the operational procedures. These measures will ensure compliance with the new system and will be ready before the “go-live” date.
With the completion of the KRX project after 12 years of development, the Vietnam stock market will enter a new phase. It will serve as a platform for the introduction of diverse products, attracting investors, and meeting the market’s upgrading requirements.
