The shutdown of the HCM Stock Exchange (HOSE) on January 22 was the result of errors occurring in the order-matching engine software, HOSE deputy general director Lê Hải Trà said.

 

Trà told the financial news website ndh.vn that HOSE experts had analysed and handled the problem and that HOSE resumed normal operations on January 25.

 

The reference price for the trading session on January 25 will be equal to the matched price on January 22. In case there is no matched price, the reference price for January 25 will be equal to the closing price of January 19.

 

“As of 9am today investors have resumed trading on HOSE as normal,” Trà said.

 

He said on January 24, HOSE held two test sessions with securities companies across the market under the supervision of experts. After undergoing maintenance, the system was back to normal.

 

Trà said HOSE’s current trading system was stable and had been used by the Chicago Stock Exchange and Thailand Stock Exchange before running in Việt Nam. The system was fully maintained and upgraded to meet the market growth needs, he said.

 

Before the two-day shutdown, the number of orders that the system was handling accounted for just 25 per cent of its capacity, Trà said, adding that the drawback of the current system was in its flexibility and further scalability in future.

 

To counter this, HOSE, as an investor, and two beneficiaries, namely the Hà Nội Stock Exchange and the Việt Nam Securities Depository, are developing a modern information technology project with the Korean Stock Exchange to innovate on the current information technology platform of Việt Nam’s stock market.

 

The project has completed the design phase and will soon undergo physical tests. It will become operational next year, Trà said. — VNS