What's on the upcoming Private Corporate Bond Trading System?

ANTD.VN - After two testing rounds, it was shown that the individual corporate bond trading system has operated stably, meeting trading and management needs.

System stability test results

Hanoi Stock Exchange (HNX) said that to date, this unit has completed the construction of the first phase of the private corporate bond trading system (TPDNRL).

Since June 2023, the system has completed testing with members, the Vietnam Securities Depository (VSD), and is ready for all technical conditions for official operation.

According to HNX, the TPDNRL trading system allows trading members to connect and send orders to the HNX trading system. The system currently supports two types of orders: electronic agreements and regular agreements (transaction reports).

For electronic orders, members can choose to send the offer to certain members or send the order to all members of the market and only members who receive the offer can confirm the order.

The system allows the exchange of transaction information and depository information with the VSD system. Payment of TPDNRL transactions is made by the instant payment method for each transaction, similar to the payment method currently applied in the derivatives market, or the order will be paid at the end of the trading day according to the investor's choice.

The system allows looking up information about order books, bond information, and transaction statistics.

What's on the upcoming Private Corporate Bond Trading System? photo 1

Private corporate bond trading system is ready to operate

To ensure that the system functions are operated correctly, HNX has organized many testing sessions. The results of testing with members over 2 sessions showed that the system has operated stably, meeting the requirements of members in entering orders and looking up information, meeting the requirements of HNX in managing and operating the system, and transaction data has been transferred completely and accurately to VSD for payment.

HNX has also completed the construction of documents and records and organized two training sessions to issue certificates for system users.

Contribute to transparency and promote market liquidity

Previously, TPDNRL transactions were conducted at depository institutions, in which the main forms of transactions were transfers between investors and transfers between investors and depository institutions.

Decree No. 65/2022/ND-CP is the basis for putting TPDNRL transactions under centralized management with the regulation that all privately issued bonds must be put into centralized trading on the privately issued corporate bond trading system at the Stock Exchange.

Putting the TPDNRL trading system into operation will contribute to increasing transparency, limiting risks for investors in TPDNRL transactions, contributing to promoting liquidity for the TPDNRL market, and at the same time creating conditions for the primary TPDNRL market to develop more sustainably.

The Hanoi Stock Exchange also said that the TPDN information page is currently being upgraded by the Department not only to serve the information disclosure activities on issuance activities but also to disclose information on TPDNRL transactions. Information on TPDNRL transactions will be publicly announced on the TPDNRL information page at https://cbonds.hnx.vn/.

After the TPDNRL trading system officially comes into operation, a complete database of all TPDNRL transactions will be formed. Accordingly, management agencies will have full information and a more comprehensive view of individual TPDNRLs from issuance on the primary market to trading on the secondary market.

At the same time, the TPDNRL information page continues to serve the information needs of investors, helping investors access more complete information on individual TPDNs and have more channels to refer to bond prices, contributing to better protecting investors' interests.

HNX expects that the TPDNRL trading system, when put into operation, will be meaningful in making the market healthy, serving well the organization of trading activities in the market of privately issued corporate bonds in an organized and professional manner, with the participation of management and supervision of competent authorities to create a safe and effective trading market for investors, promoting the synchronous development of the corporate bond market in general in Vietnam.

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