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VIETNAM SECURITIES
DEPOSITORY AND CLEARING CORPORATION
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SOCIALIST REPUBLIC OF
VIETNAM
Independence - Freedom - Happiness
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No. 26/QD-HDTV
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Hanoi, April 16, 2025
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DECISION
REGULATION ON CLEARING
AND SETTLEMENT OF DERIVATIVE TRANSACTIONS AT VIETNAM SECURITIES DEPOSITORY AND
CLEARING CORPORATION
BOARD OF DIRECTORS
VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION
Pursuant to the Law on Securities dated November
26, 2019;
Pursuant to the Law on amendments to the Law on
Securities, Law on Accounting, Law on Independent Audit, Law on State Budget,
Law on Management and Use of Public Property, Law on Tax Administration, Law on
Personal Income Tax, Law on National Reserves, and Law on Penalties for
Administrative Violations dated November 29, 2024;
Pursuant to Decree No. 158/2020/ND-CP dated
December 31, 2020 of the Government of Vietnam on derivatives and derivative
market;
Pursuant to Decree No. 155/2020/ND-CP dated
December 31, 2020 of the Government of Vietnam on elaboration on the Law on
Securities;
Pursuant to Circular No. 58/2021/TT-BTC dated
July 12, 2021 of the Minister of Finance of Vietnam on guidelines on Decree No.
158/2020/ND-CP dated December 31, 2020 of the Government of Vietnam on
derivatives and derivative market;
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Pursuant to Decision No. 1275/QD-BTC dated June
14, 2023 of the Minister of Finance of Vietnam promulgating the organizational
and operational Charter of Vietnam Securities Depository and Clearing
Corporation;
Pursuant to Official Dispatch No. 1058/UBCK-PTTT
dated April 15, 2025 of the State Securities Commission of Vietnam on approval
for the Regulation on clearing and settlement of derivative transactions at
Vietnam Securities Depository and Clearing Corporation;
Pursuant to Resolution No. 84/2025/NQ-HDTV dated April 16, 2025 on approving the
promulgation of 7 regulations on business operations of Vietnam Securities
Depository and Clearing Corporation for preparation for the implementation of
the KRX information technology system;
At the request of the General Director of
Vietnam Securities Depository and Clearing Corporation.
HEREBY DECIDES:
Article 1. The Regulation on clearing and settlement
of derivative transactions at Vietnam Securities Depository and Clearing
Corporation is promulgated together with this Decision.
Article 2. This Decision comes into force from the
date the information technology system of the KRX information technology system
of the “Designing, procuring and installing with technology transfer - A
complete solution for IT system of Ho Chi Minh City Stock Exchange” package is
officially operated and replaces Decision No. 12/QD-HDTV dated August 10, 2023
of the Board of Directors of Vietnam Securities Depository and Clearing
Corporation.
Article 3. The General Director and
Director of the branch in Ho Chi Minh City, Director of the Administration
Department, Director of the Securities Clearing and Settlement Management
Department, Chief of Office of the Board of Directors, Heads of
departments/divisions of Vietnam Securities Depository and Clearing
Corporation, and relevant organizations and individuals shall implement this
Decision. /.
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ON BEHALF OF THE BOARD
OF DIRECTORS
CHAIRMAN
Nguyen Son
REGULATION
CLEARING AND SETTLEMENT
OF DERIVATIVE TRANSACTIONS AT VIETNAM SECURITIES DEPOSITORY AND CLEARING
CORPORATION
(enclosed with Decision No. …./QD-HDTV dated …. of the Board of Directors of
Vietnam Securities Depository and Clearing Corporation
1. Scope
This Regulation provides for the guidelines on
content relevant to clearing and settlement at Vietnam Securities Depository
and Clearing Corporation regarding stock-index futures contracts and
government-bond futures contracts before listing at Hanoi Stock Exchange,
including:
a. Opening of member deposit accounts and member
securities margin accounts for derivative market clearing members; registration
and deregistration of the information on investors’ trading accounts and
securities margin accounts;
b. Transaction margin;
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d. Handling of insolvency;
dd. Position management.
2. Regulated entities
a. Vietnam Securities Depository and Clearing
Corporation.
b. Derivative market clearing members.
c. Relevant organizations and individuals.
For the purpose of this Regulation, the
following terms shall be construed as follows:
1. Abbreviations:
a. SSC: State Securities Commission of Vietnam.
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c. Settlement bank: Banks providing settlement
services for derivative transactions.
d. Clearing members: Derivative market clearing
members.
dd. Law on Securities: Law on Securities No.
54/2019/QH14 dated November 26, 2019 of the National Assembly of Vietnam.
e. Circular No. 58/2021/TT-BTC: Circular No.
58/2021/TT-BTC dated July 12, 2021 of the Ministry of Finance of Vietnam.
g. Decree No. 158/2020/ND-CP: Decree No.
158/2020/ND-CP dated December 31, 2020 of the Government of Vietnam.
h. Clearing fund: Derivative market clearing
fund.
i. Member’s checking account: checkable deposit
account of a VSDC's member opened at a settlement bank.
k. VSDC’s checking account: Checkable deposit
accounts of VSDC at settlement banks.
2. Settlement bank: refers to commercial banks
meeting the conditions prescribed in Clause 2 Article 69 of the Law on
Securities selected by SSC to manage cash margin accounts of VSDC and carry out
the cash settlement for derivative transactions for which VSDC is the central
clearing counterparty.
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4. VaR (Value at Risk): refers to a statistical
measure based on the analysis of historical data, which determines the risk
value of an investment category within a specific period with a predetermined
confidence level.
5. Derivative market area refers
to a separately managed area on the settlement clearing system, established for
derivatives with the same billing period, settlement method, and risk
management mechanism and settlement and clearing organizations relevant to the
clearing and settlement of derivative transactions.
6. Error-flagged account pending correction: refers to an
automatically generated account on the derivative transaction clearing and
settlement system of VSDC when a member's information registered in the system
to receive and store transactions faces errors during the handling pending
period under regulations.
7. Digital
signatures refer to a form of electronic signature according to the law
on electronic transactions that may be used by competent persons of VSDC or
clearing members to verify the information and data sent by them.
8. Electronic certificates refer to information on
business operations at VSDC, generated, sent, received, and stored via
electronic instruments according to the law on electronic transactions in
financial operations through the terminal-based gateway or ISO-message based
gateway or global network by the interface on the website of VSDC and authenticated
via digital signatures of competent persons of VSDC or clearing members. Electronic certificates
in this Regulation include:
a) Electronic reports and electronic transactions:
refer to reports and transactions generated and implemented on VSDC’s system
through its terminal-based gateway;
b) Professional messages
(MT messages) and FileACt: refer to data files containing information on
business operations with structures following ISO 15022 exchanged through
VSDC’s ISO-message based gateway.
9. ISO-message based
gateway refers to an application software environment that permits clearing
members and VSDC to exchange information on business operations in the form of MT
messages or FileAct directly between the clearing members’ professional systems
and VSDC’s system.
10. Terminal-based gateway refers
to an application software environment that permits depository members and
organizations to directly open accounts and VSDC to exchange information on
business operations in the form of electronic reports and electronic transactions
indirectly through workstations with VSDC’s software placed at the headquarters
or branches of depository members or organizations directly opening the
accounts.
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1. Investors for derivative transactions shall open
trading accounts at derivative trading members according to Articles 5 and 6 of
Circular No. 58/2021/TT-BTC and receive cash margin accounts (opened by
clearing members) and margin accounts at clearing members according to Article
10 of Circular No. 58/2021/TT-BTC .
Where investors open trading accounts at
derivative trading members that are not clearing members, investors shall open
margin accounts at clearing members designated by trading members.
2. Clearing members shall provide information on
trading accounts and register information on margin accounts for derivative
transactions of investors who are clients of clearing members to the derivative
market area of VSDC to monitor and manage margin collateral and fulfill
settlement obligations for the position of each investor's trading account. Where investors do not
possess or use underlying securities trading accounts for derivative
transaction margin, clearing members shall update the information on the
opening of accounts for investors on the depository system of VSDC following
the guidelines in the Regulation on securities depository operations of VSDC before
registering such accounts for use as derivative trading accounts and margin
accounts.
3. After receiving adequate
information on trading accounts and margin accounts of investors from clearing
members, VSDC shall notify clearing members of the successful account
registration for notices to investors to implement derivative transactions. Where
clearing members carry out transaction orders of clients without completing the
registration of information on investors’ trading accounts and margin accounts
on VSDC’s system, implemented transactions shall be considered error
transactions, the system shall transfer such transactions to the error-flagged
accounts pending correction, and clearing members shall receive disciplinary
actions for violations against the Regulation on derivative clearing members.
4. At the request of investors, clearing
members shall register the information on omnibus trading accounts according to
Clauses 4, 5, and 6 Article 6 of Circular No. 58/2021/TT-BTC. Applications for
registration of information on omnibus trading accounts shall comply with
Clauses 5 and 6 of this Article.
5. An application for registration of
information on omnibus trading accounts regarding a company for securities
investment fund management (hereinafter referred to as “fund management
company”) includes:
a. Written registration of information on
omnibus trading accounts of the clearing member;
b. Copies of the written request for the
clearing member to open omnibus trading accounts of the fund management
company;
c. Certified copies of the fund management
company’s establishment and operation license.
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a. Written registration of information on
omnibus trading accounts of the clearing member;
b. Copies of the written request for the
clearing member to open omnibus trading accounts of the securities company
established abroad;
c. Copies of the certificate of trading code
registration issued by VSDC for eligibility for providing securities brokerage
services.
7. Clearing members shall assume responsibility
for the accuracy of the applications for registration of information on omnibus
trading accounts. VSDC shall process such applications within 1 working day
after receiving the adequate and valid applications (based on postmarks or
receipt date recorded in the correspondence log at VSDC).
8. Where investors deregister the information on margin
accounts at clearing members, they shall also close the derivative trading
accounts at derivative trading members. VSDC shall only confirm the
deregistration of information on investors’ accounts registered on the system
after investors and clearing members have fulfilled settlement obligations or
closed or transferred all positions and transferred margin collateral (if any).
9. VSDC shall monitor the information on investors’
margin accounts based on the information updated by clearing members on VSDC’s
system under guidelines for updating information on the opening and closure of
investors’ securities trading accounts in the Regulation on securities
depository operations of VSDC. The management and adjustment of information on derivative
investors shall comply with the principle of consistency with investors’
information on VSDC’s system under the guidelines in the Regulation on
securities depository operations of VSDC.
10. The procedures for registering and deregistering
information on investors’ trading accounts and margin accounts with VSDC shall
comply with Appendix 1 enclosed with this Regulation.
1. Risk margin refers to the margin value payable
by investors and clearing members to cover the maximum potential losses of
derivatives, calculated according to fluctuations in the prices of underlying
assets.
1.1. VSDC shall determine risk margin based on
the initial margin rate and the margin offset value, where:
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b. Initial margin rate shall be calculated by
VVSDC for stock-index future contracts and government-bond futures contracts.
Clearing members shall, based on the initial margin rate announced by VSDC,
determine the initial margin value payable by investors when carrying out
derivative transactions.
On the 1st, 10th, and 20th of every month, VSDC
shall re-determine the initial margin rate. Where the mentioned dates are
public holidays or days off, the re-determination shall be carried out on the
next working day.
The initial margin rate shall be announced on
VSDC’s website at least 2 working days before application. If necessary, VSDC
may re-assess the initial margin rate based on the actual market fluctuation.
The re-assessed rate shall take effect on the day after the announcement.
1.2. Methods of determining the risk margin,
initial margin rate, and margin offset value shall comply with Appendix 2 of
this Regulation.
2. Spread margin refers to the margin value payable
by investors or clearing members holding futures contracts to cover the maximum
potential losses compared to the risk margin due to the differences in price
fluctuations of underlying assets and futures contracts.
Spread margin applied to an underlying asset is
the smallest value between the two following values:
(i) Spread margin calculated for the balance of
a long position; and
(ii) Spread margin calculated for the balance of
a short position of the underlying asset. The formula for determining the
spread margin is prescribed in Appendix 2 of this Regulation.
3. Delivery margin refers to the margin value
payable by investors participating in the settlement of government-bond futures
contracts to cover the potential losses in cases where investors do not have
sufficient money for the settlement or government bonds for transfer.
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4. Minimum margin refers to the margin value used
to cover the potential costs in cases where clearing members are insolvent,
including the prices of services of compulsory transactions for closing
positions, administrative costs, and other relevant costs (if any).
Methods of determining the minimum margin for a
future contract maturity month shall comply with the guidelines in Appendix 2
of this Regulation.
5. Margin requirement
Margin requirement refers to the total margin
value payable by clearing members to VSDC to maintain the positions held in the
names of such clearing members after the end of the trading session for the
list of positions on each investor’s account and clearing member’s account.
Methods of determining the margin requirement
shall comply with Appendix 2 of this Regulation.
1. Securities eligible for
margin include:
a. Government bonds and
government-guaranteed bonds, excluding treasury bills.
b. Securities listed at stock
exchanges (shares and fund certificates, excluding ETFs).
2. Securities prescribed in
Point b Clause 1 of this Article shall meet the following criteria:
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b. Meeting the criteria
prescribed in Points b, c, and d Clause 3 Article 14 of Circular No.
58/2021/TT-BTC.
3. VSDC
shall specify the list of securities eligible for margin (including the
discount rate) and announce it on its website once every 6 months without any
changes until the next announcement. In special cases where securities no
longer meet the conditions prescribed in Point b Clause 2 of this Article, VSDC
shall consider removing them from the announced list of securities eligible for
margin.
1. Bonds used for transfer on the final settlement date of government-bond
futures contracts are government bonds issued by the Vietnam State Treasury,
ensuring the following principles:
a) Being bonds with a face value of 100.000 VND, a fixed
nominal interest rate, periodic interest settlement at the end of every 12
months, equal interest settlement periods, and lump-sum principal settlement
upon maturity;
b) Ensuring the requirements for the minimum listed value,
term to maturity by the final settlement date, and other regulations (if any) prescribed
in the form of government-bond futures contracts.
2. VSDC shall announce
the list of securities eligible for transfer when listing new contracts with
enclosed conversion factors corresponding to each bond code in the mentioned
list. The list of securities eligible for transfer shall be announced 3
trading days before the first trading day of contracts. VSDC shall finalize
the list of securities eligible for transfer for contract codes at least 30
working days before the final trading day. After the finalization, VSDC and
Hanoi Stock Exchange shall not add any bond code to the list even if it meets
the conditions for transfer or use for the final settlement price
determination. The list of securities eligible for transfer shall receive
daily updates of bond codes meeting the conditions prescribed in Clause 1 of
this Article until the finalization.
3. Formula for
calculating conversion factors
(1) If the final settlement date of
a contract is before or on the cut-off date of transferred bonds
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Where:
CF refers to the conversion factor for
transferred bonds
Lc refers to the nominal interest
rate (%/year) of transferred bonds
r refers to the nominal interest rate (%/year)
of quasi-sovereign bonds
k refers to the number of interest payments each
year of transferred bonds
n refers to the remaining interest payment
periods after the interest payment date following the final settlement date of
the contract until the bonds mature
E refers to the actual days of an interest
payment period, which has the final settlement date of the contract
Dn refers to
the actual number of days from the final settlement date of the contract to the
next interest payment date.
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Where:
VKQ refers to the value of
valid margin collateral.
C refers to the cash collateral.
MR refers to margin requirement.
x refers to the minimum cash collateral
percentage (80%).
QKQ refers to the quantity
of securities collateral.
P refers to the price of securities collateral according
to Clause 2 of this Article.
H refers to the discount rate of securities
collateral according to Article 9 of this Regulation.
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a) Regarding government bonds and
government-guaranteed bonds: price determined based on the yield curve of
government bonds of Hanoi Stock Exchange.
b) Regarding securities listed at stock
exchanges: reference price for the next trading day.
1. The discount rate when determining the value of securities
collateral shall be applied as follows:
a. 5% for government bonds and
government-guaranteed bonds.
b. 30% for securities included in the list of
securities constituting VN30 and HXN30.
c. 40% for other securities.
2. VSDC may change the discount rate of the securities
collateral specified in Clause 1 of this Article based on the liquidity and
risk of each type. In case of changing the discount rate of securities
collateral, VSDC shall send written notices to clearing members before the
effective date of the discount rate by at least 1 working day.
1. Cash collateral deposit:
a. Clearing members shall deposit the cash
collateral of members and clients to VSDC’s member cash margin accounts opened
at settlement banks. Clearing members’ requests for cash collateral deposit
must be specified as the deposit of derivative transaction margin and have
adequate information on the type of accounts for collateral deposit for margin
(proprietary accounts or client accounts) and the detailed value of cash
collateral by each margin account registered with VSDC by clearing members.
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c. After receiving notices from settlement banks,
VSDC shall inspect the information on margin accounts, record the increased
value of margin collateral on the margin accounts of members and investors, and
send notices to clearing members.
d. Where the information on investors’ margin
accounts sent by settlement banks does not match the information on VSDC’s
system, VSDC shall send notices to settlement banks to return the cash
collateral to clearing members.
2. Securities collateral deposit:
a. Depending on the margin purposes at the
request of VSDC or the delivery margin, clearing members shall send messages to
VSDC to request securities transfer from investors’ accounts. Where clearing
members use borrowed bonds on VSDC’s securities lending and borrowing system to
deposit the delivery margin, clearing members shall send requests for
securities transfer to member margin accounts to VSDC following Form No.
01/PS-TTBT enclosed with this Regulation.
Securities transfer requests must specify the
information on securities codes, quantity of securities collateral, margin
purposes, and investors’ margin accounts and be sent to VSDC by 16:00 on
working days.
b. VSDC shall, based on margin transfer requests
of clearing members, record the increase in securities on member margin
accounts. Then, VSDC shall send
notices to clearing members for the respective recording.
c. In case of depositing delivery margin in
bonds, it is compulsory to ensure the “for each government-bond futures
contract, submit 1 bond code included in the list of transferrable bonds”
principle and that the number of deposited bonds is a multiple of the contract
multiplier.
3. The process of information exchange between VSDC
and settlement banks and clearing members in the collateral deposit for margin
in cash and securities prescribed in Clauses 1 and 2 of this Article shall
comply with the guidelines prescribed in Appendix 4 enclosed with this
Regulation.
1. Clearing members may withdraw margin collateral
when the following conditions are met:
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b. The number of withdrawn securities shall be
smaller than or equal to the quantity of securities collateral on member margin
accounts (for cases of withdrawing securities margin collateral);
c. Accounts requesting the withdrawal are not
suspended from transactions due to violations against margin collateral
requirements, violations against position limits, or insolvency.
2. Withdrawal of cash collateral
Clearing members shall send requests for cash
collateral withdrawal to VSDC, specifying the detailed cash collateral to be
withdrawn by each investor’s cash margin account from 08:00 to 16:30 on a
working day. VSDC shall, based on
Points a and c Clause 1 of this Article, inspect the clearing members' requests
for cash collateral withdrawal. Where cash collateral withdrawal requests are
invalid, VSDC shall send notices to clearing members, specifying the reasons. Where
cash collateral withdrawal requests are valid:
a. VSDC shall direct settlement banks to carry
out the cash transfer to clearing members.
b. Settlement banks shall, based on the
directive of VSDC, transfer the cash collateral from the member cash margin
accounts to the accounts for withdrawn cash collateral receipt registered by
clearing members and send notices to VSDC.
c. VSDC shall, based on debt recording messages
of settlement banks, record the decrease in value of the amount on the
corresponding margin accounts and send notices to the concerned clearing
members.
3. Withdrawal of securities collateral
Clearing members shall send requests for
securities collateral withdrawal to VSDC, specifying the codes and quantity of
securities collateral to be withdrawn by each margin account of investors from
08:00 to 16:30 on a working day. VSDC shall, based on Clause 1 of this Article,
inspect the clearing members' requests for securities collateral withdrawal. Where
securities collateral withdrawal requests are invalid, VSDC shall send notices
to clearing members, specifying the reasons. Where securities collateral
withdrawal requests are valid, VSDC shall transfer the securities from member margin
accounts to investors’ accounts at the members and send notices to the
concerned clearing members.
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1. Clearing members may replace securities
collateral provided that the replaced securities meet the requirements for
securities margin collateral prescribed in Article 6 of this Regulation.
2. Cases where it is compulsory to replace
securities collateral:
a. Securities collateral no longer meets the
conditions prescribed in Clause 2 Article 6 of this Regulation;
b. Government
bonds/government-guaranteed bonds mature.
3. During the cases prescribed in Clause 2 of this
Article, VSDC shall send written requests for replacement of securities
collateral following Form No. 02/PS-TTBT enclosed with this Regulation to the
clearing members via email or by post.
4. After receiving VSDC’s written requests
(whichever comes first), clearing members shall carry out the procedures for
replacing securities collateral as follows:
a. Within 2 working days for securities that no
longer meet the conditions due to re-determination of the list of securities
collateral based on liquidity or maturity of government
bonds/government-guaranteed bonds;
b. Within a working day for securities that no
longer meet the conditions prescribed in point b Clause 2 Article 6 of this
Regulation.
5. The replacement of securities collateral
shall comply with the principle of depositing new securities collateral and
then withdrawing securities collateral requiring replacement according to the
procedures for depositing and withdrawing securities collateral prescribed in
Article 11 and Article 12 of this Regulation.
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a. By 09:30: VSDC shall, based on the level of
margin requirement determined on the previous working day, inspect new
violating accounts due to the margin collateral balance being smaller than the
level of margin requirement (excluding current violating accounts) and:
- Send notices to Hanoi Stock Exchange to request
the transaction suspension for violating accounts;
- Send notices to clearing members to request that
they do not carry out transactions that open new positions on violating
accounts, excluding matched sale-purchase transactions for closing positions.
b. By 14:00: VSDC shall inspect the margin
collateral value on all violating accounts for violating accounts that ensure
the level of margin requirement according to VSDC’s notices on the previous
trading day, request Hanoi Stock Exchange to restore the transaction status of
such accounts, and send notices to the clearing members.
c. By 16:30, VSDC shall determine the level of
margin requirement for the list of positions on each investor’s account and the
margin collateral value deposited by the investors. Where accounts are
suspended from transactions due to violations against regulations on collateral
deposit for margin with the margin collateral value equal to or greater than
the level of margin requirement, VSDC shall request Hanoi Stock Exchange to
restore the transaction status of such accounts and send notices to the
clearing members.
3. Clearing members shall adopt the following
measures to remedy violations against regulations on assurance of the level of
margin requirement:
a. Provide margin collateral additions;
b. Carry out matched sale-purchase transactions
to reduce positions on violating accounts. Where clearing members fail to remedy
the violations of the level of margin requirement within 3 working days after
receiving VSDC’s notices of violations according to Point a Clause 1 of this
Article, VSDC shall request other clearing members to close the positions for
the violating accounts as follows:
- VSDC shall send notices to the clearing members
for detailed replacement of positions in the names of violating clearing
members to be closed for placing matched sale-purchase transactions.
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- Requests for other clearing members to close the
positions on behalf of the violating clearing members shall be carried out
based on agreements between VSDC and the concerned clearing members.
3. The process of information exchange between VSDC
and Hanoi Stock Exchange and clearing members regarding the suspension and
restoration of transaction status for accounts failing to ensure the level of
margin requirement shall comply with Appendix 5 enclosed with this Regulation.
1. Investors and clearing members shall be entitled
to receive arising rights and benefits relevant to margin collateral as
follows:
a. VSDC shall include arising rights relevant to
securities collateral of clearing members and investors in the list of owners
of depository securities for implementation of rights, established at the final
registration date according to the Regulation on the implementation of rights
for securities owners at VSDC.
b. Deposit interest on VSDC’s member cash margin
accounts at settlement banks shall be automatically returned by settlement
banks to accounts for receiving margin refunds registered by clearing members
upon their generation following the interest rates of demand deposits announced
by settlement banks.
2. Where clearing members are handling their
insolvency or carrying out the procedures for canceling their membership, VSDC
shall decide on the allocation of the arising rights and benefits from margin
collateral.
1. Every day, VSDC shall receive information from settlement
banks for comparison:
a. The balance of proprietary cash margin
accounts in the name of VSDC at settlement banks, with the balance on the
proprietary margin accounts of clearing members monitored at VSDC.
b. The balance of client cash margin accounts in
the name of VSDC at settlement banks, with the balance on the client margin
accounts of clearing members monitored at VSDC.
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2. Where differences are detected, VSDC and settlement
banks shall cooperate on information verification and revision.
1. At the end of each trading day, clearing members
shall receive reports concerning positions and margin collateral on VSDC’s
system for inspection and comparison of information with each proprietor/client
account of the clearing members, including:
a. Balance of positions.
b. Balance of margin collateral (cash and/or
securities).
2. Where differences are detected, clearing members
shall issue notices to VSDC before 08:30 on the next working day for
cooperation with VSDC in information verification and revision. After the mentioned
time, all information shall be considered accurate, and clearing members shall
assume responsibility for any error or loss (if any).
1. Once matched on Hanoi Stock Exchange’s trading
system, investors’ transaction orders shall be transferred to VSDC for
inspection before novation.
2. VSDC may reject the novation and send notices to
Hanoi Stock Exchange to handle invalid transactions under Clause 2 Article 11
of Circular No. 58/2021/TT-BTC , excluding the transactions prescribed in Clause
4 of this Article.
3. Regarding valid transactions, VSDC shall
immediately record the trading results and novation results and send notices to
concerned clearing members through the ISO-message based gateway.
4. Regarding invalid transactions due to account
information insufficiency, the system shall automatically transfer such
transactions to error-flagged accounts pending correction for post-trading
error correction under Article 18 of this Regulation.
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2. Clearing members shall generate error correction
transactions on the system while submitting applications for post-trading error
correction to VSDC by 15:00 on a trading day (day T), including:
2.1 Where information on client accounts is
insufficient according to Point a Clause 1 Article 8 of Circular No.
58/2021/TT-BTC:
a. Written request for post-trading error
correction (Form No. 03/PS-TTBT of this Regulation);
b. List of update transactions on the correct
account (Form No. 04/PS-TTBT of this Regulation).
2.2. In case of error correction according to
Point b Clause 1 Article 8 of Circular No. 58/2021/TT-BTC , clearing members
shall submit written requests for post-trading error correction (Form No.
05/PS-TTBT of this Regulation).
3. VSDC may transfer erroneous transactions to
clearing members' proprietary accounts if clearing members fail to submit error
correction applications, valid applications, or applications within the time
limit prescribed in Clause 2 of this Article. Members shall assume
responsibility for any loss incurred in this case.
4. Clearing members shall assume responsibility
for the accuracy and truthfulness of applications for post-trading error
correction. VSDC’s post-trading error correction does not mean VSDC confirms
and ensures the accuracy and truthfulness of the applications.
5. After post-trading error correction, VSDC shall
issue notices of post-trading error correction (MT 598 message) to Hanoi Stock
Exchange and concerned members.
1. VSDC shall carrying position clearing on trading
accounts of clearing members and their clients based on the principle that
corresponding positions of one future contract with the same maturity date on
the same trading account shall be automatically deducted with each other to
determine the net position of the future contract on that account, excluding
omnibus trading accounts according to Clause 2 of this Article.
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3. The procedure for position clearing on omnibus
trading accounts shall comply with the guidelines in Appendix 7 enclosed with
this Regulation.
1. Position gain/loss settlement for clearing
members and their accounts shall be carried out in cash on the working day
following VSDC’s notice of position gain/loss.
2. Principles of determining position gain/loss:
The payment for position gain/loss shall be
determined following the principles prescribed in Clause 1 Article 9 of
Circular No. 58/2021/TT-BTC .
b. The obligation to settle the position
gain/loss shall be determined separately for each investor's account. Then the
deduction shall be carried out to determine each clearing member's net
settlement obligation.
3. The results of the calculation of each clearing
member’s obligation to settle position gain/loss at the end of the day shall be
sent by VSDC to the clearing members and settlement banks for settlement on the
next billing day following the principles that paying clearing members must
transfer sufficient funds to VSDC for onward payment to the receiving clearing
members.
4. The position gain/loss settlement shall be
carried out between checkable deposit accounts in the name of VSDC opened for
each clearing member and VSDC’s checkable deposit accounts at settlement banks.
Clearing members shall complete the allocation of position gain to investors
(where investors have gains) within the billing day after settlement banks have
completed the settlement of position gain/loss.
5. At the end of the working day, after completing
the settlement, where there is a balance in the checkable deposit accounts of
members (due to excess amounts transferred by clearing members compared to the
settlement obligation), settlement banks shall automatically return such amount
to the accounts for receiving margin refunds registered by clearing members.
6. Procedures for position gain/loss settlement shall
comply with the guidelines in Appendix 7 enclosed with this Regulation.
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1. The settlement for government-bond futures
contract implementation shall be carried out in the form of underlying asset
transfers, with the final settlement day being the third working day after the
final settlement day (E+3).
2. Clearing members shall make collateral deposits
for delivery margin according to Clause 3 Article 5 and Clause 2 Article 10 of
this Regulation.
3. On the final trading day (E)
3.1. VSDC shall determine the obligation to
settle contracts of the buying or selling clearing members, detailed down to each
investor's account.
3.2. By 15:30, the buying clearing members shall
provide documents proving their solvency for VSDC with an amount no less than
the contract value based on the face value of bonds, specifically:
a. Written confirmations of banks on freezing
the amount used for settling the maturity of government-bond futures contracts
of investors on deposit accounts in the names of clearing members; or
b. Banks’ Letters of guarantee on the
fulfillment of the obligation to settle mature government-bond futures
contracts of clearing members. The letters shall be effective for at least 4
working days from the final trading day and specify the commitment to
unconditional and irrevocable settlement for VSDC regarding any amount within
the guaranteed amount upon VSDC’s notice of violations against the settlement
obligation committed by the clearing members within the effective period of the
guarantee.
3.3. The buying clearing members shall provide
the list of bonds used for the transfer following Form No. 06A/PS-TTBT enclosed
with this Regulation for VSDC from the following sources:
a. Bonds on margin accounts of investors at
clearing members;
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4. On day E+2
4.1. By 15:30, the selling clearing members
using bonds from the sources prescribed in Point b Clause 3.3 of this Article
shall confirm the list of transferred bonds following Form No. 06B/PS-TTBT
enclosed with this Regulation.
4.2. VSDC shall establish a list of bonds to be
transferred to the buying clearing members, detailed down to each investor’s
account according to the principle of random allocation (automatically implemented
by the system) and calculate the final settlement obligation in cash for the
buying clearing members based on the list of allocated bonds.
5. On the final settlement day (E+3):
The buying clearing members shall transfer
sufficient amounts according to the settlement obligation to the checkable
deposit accounts at settlement banks.
6. The settlement procedure and methods of
determining settlement obligation for the implementation of government-bond
futures contracts of the buying and selling clearing members shall comply with
the guidelines in Appendix 7 enclosed with this Regulation. Clearing members
shall complete the allocation of revenues from selling bonds to investors
within a billing day after settlement banks have completed the settlement for government-bond
futures contract implementation.
7. At the end of the working day, after completing
the settlement, where there is a balance in the checkable deposit accounts of
members (due to excess amounts transferred by clearing members compared to the
settlement obligation), settlement banks shall automatically return such amount
to the accounts for receiving margin refunds registered by clearing members.
8. Settlement of government-bond futures
contracts in cash
8.1. VSDC shall settle contracts in cash in the
following cases:
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b. The selling clearing members fail to provide
the list of bonds to be transferred or fail to mobilize sufficient transferred
bonds from purchasing or borrowing sources according to Clauses 3.3 and 4.1 of
this Article.
8.2. Trading accounts holding corresponding positions
for participation in settlement contracts in cash shall be established by VSDC
following the random principle.
For the case prescribed in Point a Clause 8.1 of
this Article, after determining the obligation to settle the concerned parties'
position gain/loss, VSDC shall transfer the positions from the trading accounts
of the buying parties to the trading accounts of the respective selling parties
to close the positions.
8.3. The settlement in cash for government-bond
futures contract implementation shall be completed after the position gain/loss
settlement on the final trading day.
Additionally, clearing members that fail to
prove their solvency shall provide compensation for the concerned clearing
members as follows:
Compensation = 5% x FSP
x contract multiplier x number of contracts
FSP refers to the final settlement price
according to Article 23 of this Regulation.
8.4. On the final settlement day, the
compensating clearing members shall make the transfer of the sufficient amount
prescribed in Clause 8.3 of this Article according to VSDC’s notices. After receiving
sufficient compensation, VSDC shall transfer it to the concerned clearing
members. Where clearing members fail to transfer sufficient compensation on
time, VSDC shall adopt handling measures according to the Regulation on
clearing members at VSDC.
1. VSDC shall use the day-end settlement price
(DSP) and final settlement price (FSP) to calculate the value of daily position
gain/loss and settlement value when implementing stock-index future contracts
and government-bond futures contracts.
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2. DPS shall be determined by VSDC based on the
information on the transaction price of future contracts provided by Hanoi
Stock Exchange. Where the transaction price fails to meet the calculation
requirements, VSDC may use the theoretical price as a replacement or other
prices after receiving approval from SSC.
3. FSP shall be determined by VSDC based on the
following principles:
a. Regarding stock-index future contracts: FPS
is the simple arithmetic average value of stock-index within the last 30
minutes of the final trading day (including 15 minutes of continuous auction
and 15 minutes of call auction at the close), after excluding 3 highest
stock-index values and the 3 lowest stock-index values from the continuous
auction session.
b. Regarding government-bond futures contracts: FSP
is the DSP of the contracts determined on the final trading day.
4. The methods for
determining DSP shall comply with the guidelines in Appendix 6 enclosed with
this Regulation.
5. Every day, after preparing and sending daily
settlement reports to clearing members according to Point I Section C Appendix
7 of this Regulation, VSDC shall announce DSP and FSP (if there are mature
products) on its website.
1. Electronic certificates in this Regulation are
prescribed in Appendix 8 enclosed herewith. In necessary cases, clearing
members may request conversion from electronic certificates to physical
certificates according to the law on electronic transactions in financial
operations.
2. VSDC’s electronic certificates, when converted
into physical certificates, shall bear the following symbol:
TỔNG CÔNG TY
LƯU
KÝ VÀ BÙ
TRỪ CHỨNG KHOÁN VIỆT NAM
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CHỨNG TỪ
CHUYỂN ĐỔI TỪ
CHỨNG TỪ ĐIỆN
TỬ
Họ và tên:
Chữ ký:
Thời gian thực hiện chuyển đổi:
3. Where clearing members cannot receive electronic
certificates according to this Regulation due to disconnection from the
ISO-message based gateway with VSDC, the receipt of information on this list
shall be carried out through email addressed registered with VSDC.
1. Clearing members and investors being clients of
clearing members shall be insolvent when they fall into one of the cases
prescribed in Clause 1 Article 15 of Circular No. 58/2021/TT-BTC .
2. The handling of cases of insolvency according to
Point a Clause 1 Article 15 of Circular No. 58/2021/TT-BTC shall comply with
Article 26 of this Regulation, specifically:
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b. The time for finalizing the balance of member
checkable deposit accounts at settlement banks to determine the cash solvency
of clearing members according to Clause 5 Article 22 of this Regulation is
11:00 on a billing day.
3. The handling of cases where clearing members are
insolvent prescribed in Point b Clause 1 Article 15 of Circular No.
58/2021/TT-BTC shall be carried out as follows: Within 1 working day after
receiving reports from clearing members or notices from competent authorities
regarding the insolvency of clearing members, VSDC shall propose handling
schemes for each case in conformity with Decree No. 158/2020/ND-CP and Circular
No. 58/2021/TT-BTC and submit reports to SSC for approval before implementation.
4. Regarding cases of insolvent clearing
members, as prescribed in Point c Clause 1 Article 15 of Circular No.
58/2021/TT-BTC , VSDC shall submit reports to SSC on each case before handling
them.
1. When clearing members are insolvent, VSDC shall
adopt handling measures prescribed in Clause 5 Article 28 and Clause 1 Article
35 of Decree No. 158/2020/ND-CP and Clauses 2, 3, 4, and 5 Article 15 of
Circular No. 58/2021/TT-BTC .
2. The use of support sources according to Clause 2
Article 15 of Circular No. 58/2021/TT-BTC to ensure settlement when clearing
members and/or investors are insolvent shall be carried out as follows:
a. Use of cash collateral of insolvent clearing
members and cash collateral of clients of insolvent clearing members:
- When clearing members are insolvent, including
cases where investors (clients of clearing members) are insolvent, VSDC shall
inspect the balance on the proprietary cash margin accounts at settlement banks
and request settlement banks to transfer such balance to the checkable deposit
accounts for the implementation of clearing members’ settlement obligations.
- Where investors (clients of clearing members)
are insolvent and the balance of the proprietary cash margin accounts is insufficient
to fulfill the settlement obligation, VSDC shall inspect the balance of client
cash margin accounts and request settlement banks to transfer such balance from
the client cash margin accounts to checkable deposit accounts within investors’
settlement obligations to fulfill clearing members’ settlement obligations. Support sources in this
case may only be used when clearing members have identified and notified VSDC
of insolvent investors.
b. Use of cash contributions to the clearing
funds of insolvent clearing members:
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c. Use of cash
contributions to clearing funds of other clearing members (excluding cash
contributions to clearing funds of clearing members currently being handled to
cancel their membership according to the Regulation on management and use of
clearing funds at VSDC) shall following the principle below:
- VSDC shall determine the amount payable by
insolvent clearing members (TVm) to fulfill their settlement
obligations and the contributions to clearing funds to be supported by other
clearing members (TVk) according to the following formula:
Support amount of TVk
= Sk × Required amount
With:
Sk
=
Contribution of TVk
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-
Contribution of TVm
(*) Excluding deposit interest and interest on
the use of clearing funds that are not allocated to the contributions of
clearing members.
- After determining the amount to be supported
by other clearing members, VSDC shall request settlement banks to transfer such
amount to the checkable deposit accounts to settle insolvent clearing members’
settlement obligations while issuing notices to concerned clearing members of
the details of the use of contributions to clearing funds for supporting the
settlement on the day such funds are used.
- VSDC clearing members shall pay interest on
the use of clearing funds according to the Regulation on management and use of
clearing funds at VSDC.
d. Use of risk management funds and other legal
capital sources of VSDC according to Points d and dd Clause 2 Article 15 of
Circular No. 58/2021/TT-BTC .
3. Notices shall be sent to Hanoi Stock Exchange
to request suspension of the receipt of transaction orders to open new
positions for proprietary accounts and insolvent accounts of clients of
clearing members (if any) according to Point b Clause 3 and Point b Clause 4
Article 15 of Circular No. 58/2021/TT-BTC .
4. VSDC shall close and liquidate the positions of
clearing members and their clients in cases where clearing members are
insolvent according to Clause 5 Article 28 of Decree No. 158/2020/ND-CP as
follows:
a. VSDC may request insolvent clearing members
to carry out matched sale-purchase transactions to partially close or wholly
liquidate the positions in their names or request other clearing members to
carry out such operations.
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c. In case of requesting other clearing members
as mentioned above, VSDC shall issue notices to the requested clearing members
of the details of positions in the names of insolvent clearing members
requiring closure or liquidation to place matched orders. After successful
transactions, corresponding positions shall be transferred to insolvent
clearing members for deduction. Requests for other clearing members to close or
liquidate the positions on behalf of the insolvent clearing members shall be
carried out based on agreements between VSDC and the concerned clearing
members.
5. The transfer of clients’ margin collateral and
open positions from insolvent clearing members to substitute clearing members
according to Point dd Clause 28 of Decree No. 158/2020/ND-CP shall comply with
the guidelines prescribed in Article 30 of this Regulation.
6. Insolvent clearing members shall be handled for
violations as per regulation, return to VSDC all the used assets from the
clearing funds, risk management funds, and other sources to ensure settlement,
and pay all relevant costs (if any). Where clearing members fail to carry out the
mentioned return within the requested time limit, VSDC shall apply handling
measures according to the Regulation on clearing members at VSDC.
7. VSDC shall sell margin collateral and securities
contributions to the clearing funds of insolvent clearing members to return
used sources and compensate for financial losses (if any) incurred during the
handling of insolvency as prescribed in Clause 5 Article 15 of Circular No.
58/2021/TT-BTC as follows:
a. VSDC shall sell securities collateral and
securities contributions to the clearing funds of insolvent clearing members on
stock exchanges through designated trading members or transfer of ownership not
through stock exchanges’ trading systems according to prices decided by VSDC or
auction and competitive offers.
b. The transfer of security payments shall be
carried out directly from margin accounts and accounts for management of securities
contributions to clearing funds in the name of VSDC. In case of selling
securities through designated trading members, the revenues shall be recorded
in VSDC’s deposit accounts opened at the settlement banks of the underlying
securities market. In other cases, revenues shall be recorded in VSDC's
deposit accounts at derivative settlement banks.
c. VSDC shall use the revenues prescribed in
Point b of this Clause to fulfill insolvent clearing members’ financial
obligations, return used amounts according to Points c and d Clause 2 of this
Article, and compensate other financial damage caused by insolvent clearing
members (including transaction, settlement, and transfer costs and other costs
(if any)). VSDC shall return the
remaining balance (if any) to the concerned members’ receiving accounts
registered with VSDC.
1. Position limits
VSDC shall apply position limits to each
investor’s trading account by account types (individual investors, organization
investors, or professional securities investors) and future contract types. VSDC shall cooperate
with Vietnam Exchange to establish position limits for each entity and obtain
approval from SSC. VSDC shall announce the position limits on its website at
least 2 working days before the application.
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a. Regarding regular trading accounts: the
number of positions is the total number of positions of future contracts having
the same underlying asset, contract multiplier, and different maturity months (corresponding
positions of future contracts with the same underlying assets, contract
multiplier, and maturity month shall undergo clearing and exclusion during the
determination).
b. Regarding omnibus trading accounts: the
number of positions is the total number of positions of future contracts having
the same underlying asset, contract multiplier, and different maturity months
(with the number of positions of each maturity month of one future contract is
determined as the number of long or short positions of such contract, whichever
is higher).
1. VSDC shall establish position limits for
professional investors at the request of clearing members for clients eligible
for being professional investors according to Article 11 of the Law on
Securities and Articles 4 and 5 of Decree No. 155/2020/ND-CP dated December 31,
2020 of the Government of Vietnam and clients requiring the establishment of
position limits based on accounts of professional investors.
2. VSDC shall establish position limits for
professional investors within 1 working day after receiving written requests from
clearing members (based on postmarks or receipt date recorded in the
correspondence log at VSDC).
3. After establishing the position limits for
professional investors on the system for derivative transaction settlement and
clearing, VSDC shall inform the clearing members of such establishment for
implementation.
1. VSDC shall establish warning thresholds based on
the following 3 levels to supervise position limits on each investor’s account in
trading sessions:
a. Level 1: when the number of contracts
determined under the principles prescribed in Clause 2 Article 27 of this
Regulation reaches 80% of the position limits;
b. Level 2: when the number of contracts
determined under the principles prescribed in Clause 2 Article 27 of this
Regulation reaches 90% of the position limits;
c. Level 3: when the number of contracts
determined under the principles prescribed in Clause 2 Article 27 of this
Regulation reaches 100% of the position limits.
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3. Where trading accounts face a level-3 warning
threshold, VSDC shall apply handling measures as follows:
a. Send notices to Hanoi Stock Exchange to
request the transaction suspension for accounts violating the position limits.
b. Send notices to clearing members to request a
decrease in positions on violating accounts by placing matched sale-purchase
transactions within 3 working days. Such transactions shall be considered
invalid if such accounts do not fall below the level-3 warning threshold after
the auction.
4. VSDC shall transfer invalid transactions prescribed
in Point b Clause 3 of this Article to error-flagged accounts pending
correction for error correction according to Article 18 of this Regulation.
5. Where clearing members fail to remedy accounts’
violations within 3 working days after receiving VSDC’s notices according to
Point b Clause 3 of this Article, VSDC shall request other clearing members to
close the positions for the violating accounts as follows:
- VSDC shall send notices to the clearing members
for detailed replacement of positions in the names of violating clearing
members to be closed for placing matched sale-purchase transactions.
- After the mentioned transactions are completed,
the corresponding positions shall be transferred to violating clearing members
for deduction.
- Requests for other clearing members to close the
positions on behalf of the violating clearing members shall be carried out
based on agreements between VSDC and the concerned clearing members.
6. After the number of contracts on the accounts is
determined to be lower than the level-3 warning threshold, VSDC shall issue
notices to clearing members and request Hanoi SGFCK to restore the transaction
status for the violating accounts.
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8. The process of information exchange between VSDC
and Hanoi Stock Exchange and clearing members regarding the suspension and
restoration of transaction status for accounts violating position limits shall
comply with Appendix 5 enclosed with this Regulation.
1. VSDC shall carry out position transfers in
the following cases:
1.1. Transfer of positions according to Point b
Clause 3 Article 13, Clause 8.2 Article 22, Point c Clause 4 Article 26, and
Clause 5 Article 29 of this Regulation.
1.2. Transfer of all positions and margin
collateral to settle trading and margin accounts of investors in the following
cases:
a. Cases prescribed in Clause 1 Article 17 of
Circular No. 58/2021/TT-BTC ;
b. Cases prescribed in Clauses 3 and 5 Article
28 of Decree No. 158/2020/ND-CP .
2. Regarding cases prescribed in Clause 1.1 of this
Article, VSDC shall only carry out position transfers.
3. The transfer of positions prescribed in Clause
1.2 of this Article shall be carried out simultaneously with the transfer of
all margin collateral (cash and securities) of investors to substitute clearing
members. Where clearing members'
client accounts violate the position limits or margin collateral use rates or
are insolvent, matched sale-purchase transactions for closing positions shall
be carried out instead of the position transfer to substitute clearing members.
3.1. In the cases prescribed in Point a Clause
1.2 of this Article:
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b. While carrying out procedures for
transferring positions and/or margin collateral to settle investors' trading
and/or margin accounts, the concerned clearing members shall ensure the value
of the requested margin collateral according to regulations.
3.2. In the cases prescribed in Point a Clause
1.2 of this Article:
a. The transferring clearing members shall send
VSDC transfer requests following Form No. 08/PS-TTBT enclosed with this
Regulation after the receiving clearing members have opened margin accounts for
the concerned clients.
b. In case of transfer under VSDC’s designation,
substitute clearing members shall open margin accounts for each investor within
the requested time limit before VSDC carries out the transfer.
4. The procedure for transferring positions shall
comply with the guidelines in Appendix 9 enclosed with this Regulation.
Where clearing members that are suspended or
have their membership cancelled according to the Regulation on clearing members
at VSDC request matched sale-purchase transactions to close positions, they
shall send written notices of detailed information on matched sale-purchase
transaction orders to be placed following Form No. 07/PS-TTBT enclosed with
this Regulation to VSDC for VSDC to request Hanoi Stock Exchange to restore the
transaction status for their accounts. Clearing members shall assume full responsibility
for placing matched sale-purchase transaction orders correctly as notified to
VSDC; they may also send written notices to VSDC through fax or email before
sending the original documents.
1. Any difficulty arising during the implementation
of this Decision shall be promptly reported to VSDC for guidance and
settlement.
2. Amendments to this Regulation shall be decided
by VSDC’s Board of Directors after receiving SSC’s approval./.