• Limit Order (LO): A trading method is made on basis of matching buy or sell orders at a predetermined price or better price at a specified time. Principles to determine the price as below:
  • The matching price is the price at which the matching volume is the largest. All buy orders with higher prices and sell orders with lower prices than the selected price must be fully executed.
  • In case there are multiple prices that satisfy the above conditions, the chosen price is the price that is the same or close to the latest exercise price. In case there is no exercise price, the selected price is the price that is the same or close to the reference price.  
• Continuous Order Matching: A trading method is based on the mechanism of matching buy and sell orders immediately as they are input into the trading system.
• Put-through Order Matching: A trading method by which buyers and sellers set out mutual agreed trading conditions by themselves. After that, they shall inform the securities companies to record their trading result into transaction system. Buyers and sellers can find counterparty for counter put-through blocks through securities companies.
   

Price priority:

• Buy orders at higher prices are prioritized to execute first.
• Sell orders at lower prices are prioritized to execute first.

Time priority:

• In case multiple buy or sell orders have the same price, the order that is first entered into trading system takes precedence over the others

• Board lot volume: A multiple of 100 shares unit, closed-end fund certificates, ETFs, covered warrants. The maximum volume of a board-lot order is 500,000shares, closed-end fund certificates, ETFs, covered warrants.
• Put-through transactions volume: from 20,000 shares, closed-end fund certificates, ETFs, covered warrants. No quotation unit for put-through transactions. 
• Odd-lot trading unit is 01 security. 
• Odd-lot trading volume: from 1 share to 99 shares, closed-ends fund certificates, ETF certificates and warrants
   

• Stocks and closed-end fund certificates:

• ETFs, covered warrants: apply a base unit of VND 10 for all prices
• Quotation unit for put-through transactions is VND 01.

• The daily price range regulated for stocks and closed-end fund certificates, ETFs and covered warrants is ± 7% against reference price.
• The daily ceiling/floor price of stocks, closed-end fund certificates, and ETFs is determined as follows:
  • Ceiling price = Reference price + (Reference price x Ceiling price range)
  • Floor price = Reference price - (Reference price x Floor price range)
• The daily ceiling/floor price of covered warrants is determined as follows:
  • Ceiling price = Reference price of CW + (Ceiling price of underlying stock – Reference price of underlying stock) x 1/Conversion rate
  • Floor price = Reference price of CW - (Reference price of underlying stock - Floor price of underlying stock) x 1/Conversion rate
• In case the floor price of the covered warrant is less than or equal to zero (0), the floor price shall be the smallest price unit of VND10. 
• In case the ceiling price or floor price of stocks, closed-end fund certificates, ETFs is determined to be equal to the reference price. The price adjustment is made as follows:
  • Adjusted ceiling price = Reference price + a tick size of price
  • Adjusted floor price = Reference price – a tick size of price
• In case the floor price after being adjusted following the above method is less than or equal to zero (0), it will be adjusted equivalent to the reference price.
• The price band of a newly listed stock, closed-end fund certificate and ETF certificate on the first trading date or suspended stock and fund certificate on the date of resumed trading shall be ± 20%. Predetermined reference price of a share on the first trading day is proposed by the issuing organization or at the advice of a consulting organization (if any) to calculate the reference price of the stock, closed-end fund certificate and ETF certificate on the first trading date. In case the reference price is not determined in the first three trading days, the issuing organization shall redefine the reference price thereof. 
• For covered warrants (buy), the reference price on the first trading day is determined as follows:
  • Reference price of covered warrants = Issuing price of covered warrants x (Reference price of the underlying stocks on the first trading day of the covered warrants 
  • Reference price of the underlying stocks at the covered warrants issuance date) x (Conversion rate at the covered warrants issuance date / Conversion rate on the first trading day).
• The price range of a stock, closed-end fund certificate and ETF certificate suspended for trading in over 25 days is ± 20% from the predetermined reference price on the first day of resumed trading.
• For warrants, the reference price of the first trading day after being suspended for more than 25 days is determined as follows:
  • Reference price = Closing price on the trading preceding the first day of trading suspension x (Reference price of underlying stock on the first trading day after trading resumes/Reference price of the underlying stock on the trading day immediately preceding the suspension date) x (Conversion rate on the trading day immediately preceding the covered warrant trading suspension date / Conversion on the first trading day of re-traded covered warrants).
• In case the reference price is not determined in the first three resumed trading days, HOSE will consider redefining the reference price after it obtains permit from the SSC.

1. Trading order for determining the opening price (ATO orders) or closing price (ATC orders) 

• An order to buy or sell securities at the opening/closing price
• ATO/ATC orders take precedence over limit orders (LO) during order matching.
• If there are only ATO/ATC orders on the order books:
  • ATO orders:
    • The execution price is the reference price if there are only buy ATO orders or sell ATO orders, or the total volume of buy orders equals to sell orders.
    • The execution price is 1 tick size unit higher than the reference price if total volume of buy orders is greater than the total volume of sell orders.
    • The execution price is 1 tick size unit lower than the reference price if the total volume of sell orders is greater than the total volume of buy orders (if lower than the floor price, the execution price will be determined as the floor price).
  • ATC orders:
    • The execution price is the latest matching price or the reference price (in case there is no nearest execution price) if the order books only have ATC buy or sell orders, or the total volume of buy orders is equal sell orders.
    • The execution price is 1 tick size unit higher than the latest matching price if the total volume of buy orders is greater than that of sell orders (if being higher than the ceiling price, it is recorded as the ceiling price).
    • The execution price is 1 tick size unit lower than the latest matching price if the total volume of sell orders is greater than that of buy orders (if being lower than the floor price, it is recorded as the floor price).
• If there are limit orders on the order books:
  • ATO orders:
    • Price of ATO buy orders: The highest price of the following 03 prices: the highest buy price plus 1 tick size unit (if higher than the ceiling price, the executive price will be determined as the ceiling price), the counterparty's highest sell price and reference price.
    • Price of ATO sell orders: The lowest of the following 03 prices: the lowest sell price minus 1 tick size unit (if lower than the floor price, the executive price will be determined as the floor price), the counterparty's highest buy price and reference price.
  • ATC orders:
    • Price of ATC buy orders: The highest of the following 03 prices: the highest buy price plus 1 tick size unit (if higher than the ceiling price, the executive price will be determined as the ceiling price), the counterparty's highest sell price, last execution price or reference price if there is no last execution price.
    • Price of ATC sell orders: The lowest of the following 03 prices: the lowest sell price minus 1 tick size unit (if lower than the floor price, the executive price will be determined as the floor price), the counterparty's highest buy price and reference price.
    • ATO/ATC orders are entered into the trading system during the Periodical Order Matching Session to determine the opening/closing price and will be automatically cancelled after the opening/closing price determination time if the orders are not executed or not fully executed

2. Limit Order (LO)

• Orders to buy or sell securities at specified prices or better. LO is valid from the time it is entered into the trading system until the end of the trading day or until the order is cancelled.
• Investors can only use Limit Order (LO) for Odd-lot trading of stocks, closed-end fund certificates, ETFs and covered warrants
•  Odd lot shares trading, fund certificates and covered warrants newly listed or re-traded after being suspended for 25 consecutive trading days or more are not entered into the trading system until the closing price is established.

3. Market Price (MP) orders

• An order to buy or sell securities at the lowest sell price/ highest buy price which are available in the market.
• When entered into the trading system, the MP buy orders will be executed immediately at the lowest sell price and the MP sell orders will be executed immediately at the highest available price. If the order volume of such MP orders is not fully filled, the MP orders will be determined as buy orders at the next higher price available or sell orders at the next lower price available in the market and continue matching. 
•  If the quantity of market order is impossibly filled out because the counterpart orders run out, the buy/sell market order will become a buy limit order (LO). The new executive price will be one tick size unit higher than the last matching price for buy orders and one tick size unit lower for sell orders. 
• In case the final execution price is the ceiling price for MP buy orders or the floor price for MP sell orders, the MP orders will become buy limit orders at the ceiling prices or sell limit orders at the floor prices.
• MP orders are only valid in the Continuous Order Matching sessions
• MP order will be cancelled if there is no corresponding order at the time of being entered into the trading system. 
• MP buy orders or partial buy orders of foreign investors, which has not been executed, will be automatically cancelled in the case that available-to-buy volume is used up.
   

• During the Periodical Order Matching sessions:

Investors are not allowed to cancel or modify the trading orders during the periodical order matching session that determines at-the-opening price (ATO) and at-the-closing (ATC) price (including orders transferred from the continuous order matching session.

• During the Continuous Order Matching sessions:

Investors may request Account Managers to cancel the orders if the order or the remaining volume of the order has not been executed, including the orders or the remaining volume that have not been executed at the previous Periodical Order Matching or Continuous Order Matching sessions.
 

For maturity of Covered warrants:

• If the investor holds the covered warrant to maturity date, the covered warrants are automatically paid out if they are in a profitable position.
• Payment period: E + 5 (E: warrant maturity date)
• Payment method: By cash
• Method: Allocate directly to investors’ securities accounts 

• During the matching transaction:
  • The number of shares and investment fund certificates purchased from foreign investors shall be deducted from the amount permitted to purchase immediately after the purchase order is made. The number of shares and investment fund certificates sold by foreign investors shall be added to the number of shares and investment fund certificates permitted to purchase immediately after closing the payment of transactions (T+2).
  • The buying order or part of the buying order of shares and investment fund certificates by foreign investors is not executed, it shall be automatically canceled if the number of shares and investment fund certificates permitted to purchase is no longer available and the buying order added to the trading system shall not be accepted.
• During the put-through transaction:
  • The number of securities permitted to purchase by foreign investors shall remain unchanged if the put-through transaction is conducted between two foreign investors.