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Investors to be able to trade stocks on T+2 settlement cycle

According to the new draft, securities will be transferred to investors' accounts within the trading hours of T+2.

Two traders study the market's movements through charts. — Photo

The Vietnam Securities Depository (VSD) is getting consultations on a draft regulation on clearing and settlement of securities transactions, under the direction of adjusting the payment time for completing the T+2 settlement cycle of the State Securities Commission (SSC).

There have been some changes to the draft. One is that depository members have to confirm whether they have enough money to pay for securities transactions, no later than 4:45pm on the trade date plus one day (T+1).

Another change is the adjustment of time for VSD and clearing banks to complete payment from 3:30pm to 4:00pm to from 11:30am to 12:30pm on T+2.

This is good news for investors, as securities will be transferred to investors' accounts within the trading hours of T+2, meaning that stocks will be in their accounts between 11:30am and 12:30pm of T+2, and investors can trade within the same day, one day earlier than at the moment.

According to current regulations, securities will be transferred to accounts between 3:30-4:00pm on T+2, when the market closes, so investors can only trade new stocks the next day, T+3.

One more change in the draft is that depository members are responsible for immediately distributing money and securities to customers after VSD and clearing banks complete the payment (after 12:00pm) to ensure investors can trade before the closing time.

This is similar to stocks as the money for securities transactions will also be transferred to investors’ account at noon on T+2, and investors can use it in the afternoon trading session on T+2.

The draft also stipulates that depository members shall notify VSD of the results of money and securities allocation to investors no later than 16:30 on T+2.

In addition, VSD also drafted a rule to replace the regulation of depository members, which added some cases of handling violations of regulations on clearing and settlement of securities transactions.

The new regulation on clearing and payment of securities transactions is expected to be applied as of August.

According to a notice sent to participants, VSD is collecting members' opinions on the draft regulation before July 5.

Source: VNS


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