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VIETNAM
STOCK EXCHANGE
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No.
21/QD-HDTV
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Hanoi,
April 18, 2025
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HEREBY DECIDES:
ON THE PROMULGATION OF THE REGULATION ON THE LISTING AND
TRADING OF FUTURES CONTRACTS
BOARD OF MEMBERS
VIETNAM STOCK EXCHANGE
Pursuant to the Law on
Securities No. 54/2019/QH14 dated November 26, 2019;
Pursuant to Decree No.
158/2020/ND-CP dated December 31, 2020, of the Government on derivatives and
derivative securities markets;
Pursuant to Decision No.
37/2020/QD-TTg dated December 23, 2020 of the Prime Minister on the
establishment, organization, and operation of the Vietnam Stock Exchange;
Pursuant to Circular No.
58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance on guidelines for
Decree No. 158/2020/ND-CP dated December 31, 2020 of the Government on
derivatives and the derivatives market;
Pursuant to Circular No.
96/2020/TT-BTC dated November 16, 2020 of the Minister of Finance guiding
information disclosure in the securities market;
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Pursuant to Official Letter No.
1059/UBCK-PTTT dated April 15, 2025 of the State Securities Commission on the
approval of business regulations of VNX;
Pursuant to Resolution No.
11/NQ-HDTV dated April 18, 2025 of the Board of Members of the Vietnam Stock
Exchange on the approval of the draft Regulation on the listing and trading of
futures contracts;
At the proposal of the General
Director of the Vietnam Stock Exchange,
HEREBY DECIDES:
Article 1.
This Decision hereby promulgates the Regulation on
the listing and trading of futures contracts.
Article 2.
This Decision shall take effect from the date the
information technology system of the "Design, Solutions, Supply,
Installation, and Transfer of Information Technology System - Ho Chi Minh City
Stock Exchange" package officially comes into operation, replacing
Decision No. 20/QD-HDTV dated May 20, 2022 of the Board of Members of the
Vietnam Stock Exchange.
Article 3.
The Hanoi Stock Exchange, the heads of departments
under the Vietnam Stock Exchange, and all relevant organizations and
individuals shall implement this Decision./.
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ON
BEHALF OF THE BOARD OF MEMBERS
CHAIRPERSON
Luong Hai Sinh
REGULATION
ON THE LISTING AND TRADING OF FUTURES CONTRACTS
(Enclosed with Decision No. 21/QD-HDTV dated April 18, 2025 of the Board of
Members of the Vietnam Stock Exchange)
Chapter I
GENERAL PROVISIONS
Article 1.
Scope
This Regulation provides for the
listing and trading of stock index futures contracts and government bond
futures contracts on the Hanoi Stock Exchange.
Article 2.
Regulated entities
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Article 3.
Definitions and abbreviations
In addition to the definitions
provided in Decree No. 158/2020/ND-CP dated December 31, 2020 of the Government
on derivatives and the derivatives market (hereinafter referred to as
"Decree No. 158/2020/ND-CP") and Circular No. 58/2021/TT-BTC dated
July 12, 2021 of the Minister of Finance on guidelines for Decree No.
158/2020/ND-CP dated December 31, 2020 of the Government on derivatives and the
derivatives market (hereinafter referred to as "Circular No.
58/2021/TT-BTC"), the following terms shall have the meanings ascribed to
them as follows:
1. Price fluctuation limit means
the maximum allowable price range for futures contracts within a trading day,
calculated as a percentage (%) of the reference price.
2. Conversion factor means the ratio
used to convert the underlying bond to the deliverable bond at the notional
interest rate of the notional government bond futures contract on the final
settlement date.
3. Contract multiplier means the factor
used to determine the size of a futures contract.
4. Trading system means the
information technology system used for derivatives trading at the Hanoi Stock
Exchange.
5. Member online trading system
means the complete or partial computer system of a member connected to the
trading system of the Hanoi Stock Exchange for the purpose of conducting online
trading.
6. Emergency order entry channel
means the order entry channel used by members to enter orders into the
derivatives trading system of the Hanoi Stock Exchange in case of a malfunction
in the member's online trading system.
7. Transaction price means the
price of a futures contract determined by the matching of orders or formed
through negotiated transactions.
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9. Reference price of a futures
contract means the end-of-day settlement price of the preceding trading day.
10. The close-out parameter is a
transaction order parameter for accounts that have their trading status
restricted by the Vietnam Securities Depository and Clearing Corporation.
11. Listing date means the date on
which the Hanoi Stock Exchange lists a futures contract.
12. Physical delivery settlement
method means the settlement method in which the seller of a government bond
futures contract delivers the underlying bonds to the buyer in exchange for a
cash amount equal to the final settlement value on the final settlement date of
the government bond futures contract.
13. Cash settlement method means
the settlement method in which no physical delivery of the underlying asset
occurs, and only the price difference is settled in cash based on the price
fluctuation of the futures contract on the final trading day.
14. Futures contract size means the
notional monetary value of each futures contract (for stock index futures
contracts) or the quantity or value of the underlying asset to be delivered or
settled between the parties upon the execution of a futures contract (for
government bond futures contracts).
15. Member includes derivatives
trading members and special trading members in the derivatives market.
16. Expiration month means the
month in which a futures contract expires and is settled.
17. List of deliverable bonds means
the list of deliverable bonds published by the Hanoi Stock Exchange based on
the list provided by the Vietnam Securities Depository and Clearing Corporation.
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Chapter II
LISTING OF FUTURES
CONTRACTS
Article 4.
General principles for listing futures contracts
1. The Vietnam Stock Exchange shall
issue the Stock Index Futures Contract Form and the Government Bond Futures
Contract Form in accordance with Clause 1, Article 15 of Decree No.
158/2020/ND-CP and Clause 3, Article 3, Clause 3, Article 4 of Circular No.
58/2021/TT-BTC .
2. The Hanoi Stock Exchange shall
assign trading codes for stock index futures contracts and government bond
futures contracts in accordance with Clause 2, Article 36 of Decree No.
158/2020/ND-CP .
3. Upon the expiration of a futures
contract, the Hanoi Stock Exchange shall assign a new trading code and list a
new futures contract with a different expiration date on the trading day
immediately following the final trading day of the expired futures contract.
Article 5.
Contents of the futures contract form
1. The contents of the futures
contract form issued by the Vietnam Stock Exchange, in accordance with Points a
and b, Clause 2, Article 14 of Decree No. 158/2020/ND-CP and Clause 3, Article
3, Clause 3, Article 4 of Circular No. 58/2021/TT-BTC , shall include the following
terms:
a) Futures contract name;
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c) Underlying asset;
d) Futures contract size;
dd) Contract multiplier;
e) Listing date;
g) Trading method;
h) Expiration month;
i) Trading hours;
k) Tick size;
l) Quotation unit;
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n) Price fluctuation limit;
o) Order limit;
p) Position limit (as specified in
the business regulations of the Vietnam Securities Depository and Clearing
Corporation);
q) Final trading day;
r) Final settlement date;
s) Settlement method;
t) Method for determining the daily
settlement price (as specified in the business regulations of the Vietnam
Securities Depository and Clearing Corporation);
u) Method for determining the final
settlement price (as specified in the business regulations of the Vietnam Securities
Depository and Clearing Corporation);
v) Margin requirement (as specified
in the business regulations of the Vietnam Securities Depository and Clearing
Corporation);
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y) Other terms.
2. The formulation, amendment, and
supplementation of the terms in the futures contract form shall be carried out
by the Vietnam Stock Exchange after consultation with the Vietnam Securities
Depository and Clearing Corporation and upon obtaining approval from the State
Securities Commission.
Article 6.
Trading codes
1. The structure of trading codes
shall include at least the following information:
a) Type of securities;
b) Derivatives group;
c) Underlying asset;
d) Expiration date;
dd) Additional information for the
trading code.
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Article 7.
Underlying assets
The underlying assets of futures contracts
are as specified in Clause 1, Article 3 and Clause 1, Article 4 of Circular No.
58/2021/TT-BTC .
Article 8.
Expiration month
1. The expiration month is
specified in the futures contract form.
2. Adjustments to the expiration
month shall be made in accordance with Clause 2, Article 5 of this Regulation.
Article 9.
Futures contract size and contract multiplier
1. The size of a futures contract
is determined as follows:
a) For stock index futures
contracts: Futures contract size = (Index points) x (Contract multiplier);
b) For government bond futures
contracts: Futures contract size = (Face value of the underlying government
bond) x (Contract multiplier).
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Article 10.
Delisting
The delisting of futures contracts
shall be carried out in accordance with Clauses 2 and 3, Article 15 of Decree
No. 158/2020/ND-CP .
Chapter III
TRADING OF FUTURES
CONTRACTS
Article 11.
General trading rules
1. The Vietnam Stock Exchange and
the Hanoi Stock Exchange shall fulfill their obligations regarding derivatives
trading activities as stipulated in Article 19 of Decree No. 158/2020/ND-CP .
2. Futures contracts shall be traded
through members. The receipt, transmission, execution, and confirmation of
transactions by derivatives trading members shall be carried out in accordance
with Article 7 of Circular No. 58/2021/TT-BTC and the relevant business
regulations issued by the Vietnam Stock Exchange.
3. Special trading members in the
derivatives market shall exercise their rights and fulfill their obligations
regarding the trading of government bond futures contracts as specified in
Clause 2, Article 25 of Decree No. 158/2020/ND-CP .
Article 12.
First trading day
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2. The first trading day of
subsequently listed futures contracts based on the same underlying asset shall
be determined in accordance with Clause 3, Article 4 of this Regulation.
Article 13.
Final settlement date
The final settlement date is as
specified in the futures contract form.
Article 14.
Trading hours and trading session structure
1. Futures contracts are traded
from Monday to Friday, except on public holidays as stipulated in the Labor
Code. Depending on the type of futures contract, daily trading sessions
may include:
a) Opening periodic matching
session;
b) Continuous matching session;
c) Closing periodic matching
session.
2. Specific trading hours shall be
determined by the Vietnam Stock Exchange upon approval by the State Securities
Commission.
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Article 15.
Price fluctuation limit
1. The price fluctuation limit is
specified in the futures contract form.
2. Changes to the price fluctuation
limit, including cases applicable to the first trading day, the final trading
day, and the nearest expiration month contract, shall be made in accordance
with Clause 2, Article 5 of this Regulation.
Article 16.
Price limit
1. The price limit for futures
contracts is determined as follows:
Ceiling price =
Reference price+(Reference price×Price fluctuation limit).
Floor price=Reference price−(Reference price×Price fluctuation limit)
2. If the calculated ceiling price
and floor price are equal to the reference price, the price limits shall be
adjusted as follows:
Adjusted ceiling price=Reference price+1
quotation unit
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3. If the reference price is equal
to one quotation unit, the price limits shall be adjusted as follows:
Adjusted ceiling price=Reference price+1
quotation unit
Adjusted floor price=Reference price
Article 17.
Order limit
1. The order limit is specified in
the futures contract form.
2. Adjustments to the order limit
shall be made in accordance with Clause 2, Article 5 of this Regulation.
Article 18.
Position limit
1. The position limit is specified
in the futures contract form.
2. Adjustments to the position
limit shall be made in accordance with Clause 2, Article 5 of this Regulation.
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1. The Hanoi Stock Exchange shall
organize trading for listed futures contracts using the following trading
methods:
a) Order matching method, including
periodic order matching and continuous order matching:
- Periodic order matching is a
trading method in which the trading system matches buy and sell orders for
futures contracts at a specific point in time.
- Continuous order matching is a
trading method in which the trading system matches buy and sell orders for
futures contracts immediately upon order entry into the trading system.
b) Negotiated trading method, in
which the trading conditions are mutually agreed upon by the participating
parties and confirmed through the trading system.
2. The Vietnam Stock Exchange may
adjust the trading methods for each type of futures contract upon approval from
the State Securities Commission and shall notify the Hanoi Stock Exchange for
implementation.
Article 20.
Order matching principles
The derivatives trading system
shall match buy and sell orders for futures contracts based on the principles
of price priority and time priority, as follows:
1. Price priority:
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b) Sell orders with lower prices shall
be matched first.
2. Time priority: If multiple buy
or sell orders have the same price, the order that was entered into the trading
system earlier shall be matched first.
Article 21.
Order matching price determination principles
1. Periodic order matching price
determination:
a) The periodic order matching
price is the price at which the highest trading volume is achieved, with all
buy orders priced higher and all sell orders priced lower than the selected
price being fully executed.
b) If multiple prices satisfy point
(a) of this clause, the price at which all orders on one side are fully
executed, and the orders on the opposite side are fully or partially executed,
shall be selected.
c) If multiple prices satisfy point
(b) of this clause, the price closest to the most recent matched price using
the order matching method shall be selected.
d) If no price satisfies point (b)
of this clause, the price that satisfies point (a) of this clause and is
closest to the most recent matched price using the order matching method shall
be selected.
2. Continuous order matching price
determination: The trading price is the price of the opposing order pending in
the order book.
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1. Limit order (LO)
a) An LO is a buy or sell order for
futures contracts at a specified price or better. A better price means a higher
price for a sell order and a lower price for a buy order.
b) An LO shall be entered into the
trading system according to the following principles:
- LOs may be entered into the
trading system during both continuous and periodic order matching sessions.
- LOs are valid from the time they
are entered into the trading system until the end of the trading day or until
the order is canceled.
2. Market order
a) A market order is a buy order
for futures contracts at the lowest available sell price or a sell order for
futures contracts at the highest available buy price in the market.
b) Market orders may only be
entered into the trading system during continuous order matching sessions.
c) Market orders will be canceled
immediately if there is no opposing order available in the trading system. If
there is an opposing order, the market order shall be executed in accordance
with the specific rules for each type of market order as specified in point (d)
of this clause.
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- Market-to-limit order (MTL) is a
market order that, if not fully executed:
(i) For buy MTL orders, the
remaining portion is converted into an LO with a price one quotation unit above
the last matched price or the ceiling price if the last matched price is the
ceiling price.
(ii) For sell MTL orders, the
remaining portion is converted into an LO with a price one quotation unit below
the last matched price or the floor price if the last matched price is the floor
price.
(iii) MTL orders converted to LOs
must comply with the rules for modifying and canceling LOs.
- Match-or-kill market order (MOK)
is a market order that, if not fully executed, is canceled immediately after
entry into the trading system.
- Match-and-kill market order (MAK)
is a market order that can be partially or fully executed, with any remaining
portion being canceled immediately after the initial execution.
3. At-the-opening order (ATO)
a) An ATO is a buy or sell order for
futures contracts at the opening price.
b) The volume of ATO orders on the
buy (or sell) side is added to the buy (or sell) volume at each price level to
determine the total trading volume at each price level during periodic order
matching.
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d) If only ATO orders are present
on both sides of the order book during the opening price determination session,
the opening price shall be determined as follows:
- If the total buy volume equals
the total sell volume, the opening price is the reference price.
- If the total buy volume is
greater than the total sell volume, the opening price is the reference price
plus one quotation unit.
- At the reference price minus one
(01) quotation unit if the total buy volume is less than the total sell volume.
dd) ATO orders may only be entered
into the trading system during the opening periodic matching session. After the
order matching session, any unexecuted ATO orders or the unexecuted portion of
partially filled ATO orders will expire.
4. At-the-closing order (ATC)
a) An ATC is a buy or sell order
for futures contracts at the closing price.
b) The volume of ATC orders on the
buy (or sell) side is added to the buy (or sell) volume at each price level to
determine the total trading volume at each price level during periodic order
matching.
c) ATC orders have priority over
limit orders in the order allocation process, except when a floor-price sell LO
or a ceiling-price buy LO was entered before the ATC in terms of time.
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- At the most recent traded price
if the total buy volume equals the total sell volume.
- At the most recent traded price
plus one (01) quotation unit if the total buy volume is greater than the total
sell volume.
- At the most recent traded price
minus one (01) quotation unit if the total buy volume is less than the total
sell volume.
dd) ATC orders may only be entered
into the trading system during the closing periodic matching session.
After the order matching session, any unexecuted ATC orders or the
unexecuted portion of partially filled ATC orders will expire.
5. Other order types may be
specified by the Vietnam Stock Exchange upon approval by the State Securities
Commission.
Article 23.
Contents of orders submitted by derivatives trading members
Derivatives trading members
submitting orders into the trading system must include at least the following
information:
1. Order number;
2. Member code for the derivatives
trading member;
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4. Client information:
foreign/domestic investor; type of investor (individual/institution);
account type (proprietary trading/brokerage); investor account number;
5. Order type: buy, sell, cancel,
modify;
6. Order type classification;
7. Order volume;
8. Order price (for limit orders);
9. Close-out parameter (if
applicable).
Article 24.
Amendment and cancellation of matched orders
1. Amendments and cancellations of
matched orders are only effective for unexecuted orders or the unexecuted portion
of partially filled orders.
2. Limit orders may be amended for
price and volume or canceled during the trading session. The priority
order after amendment is determined as follows:
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b) The order priority is reset from
the time the amended order is entered into the trading system if the volume is
increased or the price is amended.
3. It is not permitted to
simultaneously amend both the price and the volume of a trading order.
4. Amendments and cancellations of
orders are not allowed during the entire periodic order matching session.
Article 25.
Contents of order matching result confirmations
The Hanoi Stock Exchange shall
confirm matched order results with the following information:
1. Order number;
2. Transaction confirmation number;
3. Trading code of the futures
contract;
4. Member code for the derivatives
trading member;
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6. Number of matched futures
contracts;
7. Matched price;
8. Time of execution.
Article 26.
Principles of negotiated trading
1. Negotiated derivatives trading
orders may only be entered into the trading system after the trading conditions
have been mutually agreed upon by the trading parties.
2. After the trading parties have
agreed upon the trading conditions, the derivatives trading member shall enter
and confirm the agreed-upon trading conditions in the trading system of the
Hanoi Stock Exchange.
Article 27.
Contents of negotiated trading orders
Negotiated trading orders must
include at least the following information:
1. Order number;
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3. Client information:
foreign/domestic investor; type of investor (individual/institution);
account type (proprietary trading/brokerage);
4. Buyer’s derivatives trading
member code;
5. Seller’s derivatives trading
member code;
6. Trading price;
7. Trading volume;
8. Buyer’s investor account number;
9. Seller’s investor account
number;
10. Close-out parameter (if
applicable).
Article 28.
Amendment and cancellation of negotiated trading orders
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2. During the trading session,
derivatives trading members may amend or cancel negotiated trading orders if
the order has not yet been confirmed by the counterparty.
Article 29.
Determination of daily settlement price and final settlement price
The daily settlement price and
final settlement price for futures contracts shall be calculated by the Vietnam
Securities Depository and Clearing Corporation in accordance with the methods
specified in the business regulations of the Vietnam Securities Depository and
Clearing Corporation.
Article 30.
Settlement methods
1. The settlement methods are
specified in the futures contract form.
2. For government bond futures
contracts using the physical delivery settlement method, the procedures shall
be implemented in accordance with Clauses 4 and 5, Article 4 of Circular No.
58/2021/TT-BTC , as follows:
a) The criteria for deliverable
bonds shall be agreed upon by the Vietnam Stock Exchange and the Vietnam
Securities Depository and Clearing Corporation and specified in the futures
contract form.
b) The Hanoi Stock Exchange shall
update the list of deliverable bonds on its electronic information disclosure
platform (website) upon receiving the list from the Vietnam Securities
Depository and Clearing Corporation. The conversion factors for deliverable
bond codes shall be calculated using the formula provided by the Vietnam
Securities Depository and Clearing Corporation.
3. For government bond futures
contracts using the cash settlement method, the procedures shall be implemented
in accordance with Point b, Clause 4, and Clause 5, Article 4 of Circular No.
58/2021/TT-BTC .
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Article 31.
Suspension and resumption of derivatives trading
1. The suspension and resumption of
derivatives trading shall be implemented in accordance with Clause 3, Article
17 and Clause 2, Article 21 of Decree No. 158/2020/ND-CP .
2. If necessary, when suspending or
resuming derivatives trading during a trading session, the Hanoi Stock Exchange
may adjust the remaining trading session time in accordance with Clause 3,
Article 17 and Clause 2, Article 21 of Decree No. 158/2020/ND-CP .
3. The Hanoi Stock Exchange shall
provide detailed guidelines on the procedures and parameters applicable to the
suspension and resumption of trading during the trading session, in accordance
with Clause 3, Article 17 and Clause 2, Article 21 of Decree No.
158/2020/ND-CP .
Article 32.
Futures contract trading by investors
1. Investors shall conduct futures
contract trading in accordance with Article 16 of Decree No. 158/2020/ND-CP ,
Articles 5 and 6 of Circular No. 58/2021/TT-BTC , and other relevant legal
regulations.
2. Foreign investors shall conduct
futures contract trading in accordance with Circular No. 51/2021/TT-BTC dated
June 30, 2021 of the Minister of Finance, which provides guidelines on the
obligations of organizations and individuals engaging in foreign investment on
the Vietnamese securities market.
Article 33.
Market making activities
Market making activities shall be
conducted in accordance with the guidelines of the Vietnam Stock Exchange.
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Market stabilization measures shall
be implemented in accordance with Article 21 of Decree No. 158/2020/ND-CP .
Article 35.
Final trading day
1. The final trading day is
specified in the futures contract form.
2. Changes to the final trading day
shall be implemented in accordance with Clause 2, Article 5 of this Regulation.
Article 36.
Trading of accounts restricted by the Vietnam Securities Depository and
Clearing Corporation
1. The trading system shall update
the list of accounts restricted from trading based on the information provided
by the Vietnam Securities Depository and Clearing Corporation.
2. For accounts on the restricted
trading list as specified in Clause 1 of this article, the trading system shall
process orders as follows:
a) Permit the cancellation of
unexecuted orders or the unexecuted portion of partially filled orders.
b) Only accept new orders with the
close-out parameter.
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Article 37.
Handling violations
1. Violations of this Regulation by
derivatives trading members and special trading members in the derivatives
market shall be handled in accordance with the Member Regulations issued by the
Vietnam Stock Exchange.
2. The Vietnam Stock Exchange and
the Hanoi Stock Exchange shall report violations of legal regulations by
investors and other relevant parties to the State Securities Commission for
handling in accordance with applicable laws.
Chapter IV
IMPLEMENTATION
Article 38.
Implementation provisions
1. Relevant units within the
Vietnam Stock Exchange and the Hanoi Stock Exchange shall organize the
implementation of this Regulation.
2. The coordination between the
Vietnam Stock Exchange, the Hanoi Stock Exchange, and the Vietnam Securities
Depository and Clearing Corporation shall be carried out in accordance with
Decree No. 158/2020/ND-CP and Circular No. 58/2021/TT-BTC .
3. When a new trading system is put
into operation, existing derivative products shall be gradually transitioned to
new trading codes in accordance with Article 6 of this Regulation.
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b) For products listed after the
new trading system becomes operational: the provisions of Article 6 of this
Regulation shall apply.
4. In the event that a legal
document is issued after the effective date of this Regulation and contains
provisions that differ from this Regulation, the provisions of the new legal
document shall prevail until the Vietnam Stock Exchange amends, supplements, or
replaces this Regulation.
5. Amendments and supplements to
this Regulation shall be decided by the Board of Members of the Vietnam Stock
Exchange upon approval from the State Securities Commission./.