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Tuesday, June 25, 2024

KRX system operation delayed

The Saigon Times

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HCMC – The State Securities Commission of Vietnam (SSC) has postponed the launch of the Hochiminh Stock Exchange’s (HOSE) new trading system, KRX.

In a recent communication, the SSC expressed reservations due to the lack of formal approval from entities like the Ministry of Finance, Vietnam Exchange, and Vietnam Securities Depository and Clearing Corporation.

The SSC highlighted deficiencies in HOSE’s submissions for approval, including the absence of a comprehensive acceptance testing report involving stakeholders and the approval of the KRX system’s information security level.

Furthermore, there was a lack of formal communication from members regarding their readiness to connect to the KRX system and provide post-connection securities services.

As a result, the SSC determined that there were insufficient grounds to approve HOSE’s proposal for the official operation of the KRX system scheduled for May 2.

The commission stressed the importance of adhering to regulations and urged all responsible entities to ensure the safety, stability, and transparency of trading, registration, depository, and settlement operations.

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