REVIEW
of
FINANCE -
Apr. 2018
23
service charges for clearing and settlement of
derivative securities.
In the first stage, the Ministry of Finance
instructed the VSD and the HNX to temporarily
not collect the prices and fees related to services
provided by the VSD and the HNX. However,
after 4 months of operation, the market has
developed steadily. So as to cover construction
investment as well as operating costs, in 2018 the
VSD is supposed to collect the service charges for
clearing and settlement of derivative securities
as long as it is approved by the regulating
authorities.
Thirdly,
to study and evaluate the current
documents to recommend amendments and
supplements to the regulations and processes
related to the clearing and settlement of derivative
securities.
At present, 03 regulations on professional
guidance related to clearing and settlement of
derivative securities consist of: Regulations on
collateral, clearing and payment of derivative
securities issued by the VSD; Regulations
on the management of clearing members
and Regulations on the clearing fund. After
four months of operation, the three sets of
regulations have basically met the requirements
of professional guidance for market participants
in developing the system and implementing
professional activities related to derivative
securities. However, after a period of operation,
some contents of the regulations need to be
amended and supplemented to better suit
the practical conditions. The contents of the
amendments and supplements will be suggested
by the market participants and then collected by
the VSD to report to the SSC for approval before
being promulgated.
References:
1. Decision No. 366/QĐ-TTg dated March 11st, 2014 by the Prime
Minister on the Project of Building and developing the Vietnam
derivative securities market;
2. Decree No. 42/2015/NĐ-CP dated May 5
th
, 2015 by the Government
on Derivative securities and derivative securities market;
3. Circular No. 11/2016/TT-BTC dated January 19
th
, 2016 by the Ministry
of Finance on guidelines of some articles of Decree No. 42/2015/NĐ-CP
dated May 5
th
, 2015 by the Government on Derivative securities and
derivative securities market;
4. Circular No. 11/2016/TT-BTC dated January 1
st
, 2016 by the Ministry of
Finance on guidelines of some articles of Decree No. 42/2015/NĐ-CP
dated May 5
th
, 2015 by the Government on Derivative securities and
derivative securities market;
5. Some website: mof.gov.vn, ssc.gov.vn,vsd.vn, hnx.vn...
Accounts increased
Total
2,000
0
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
752
10/8
15/8
18/8
23/8
28/8
31/8
6/9
11/9
14/9
19/9
22/9
27/9
2/10
5/10
10/10
13/10
18/10
23/10
26/10
31/10
3/11
8/11
13/11
16/11
21/11
24/11
29/11
4/12
7/12
12/12
15/12
20/12
25/12
28/12
260 143 128 88 117 102 84 46 84 88 86 83 103 156
257 155 134 173
2,457
3,209
4,781
6,101
7,197
8,292
9,679
10,658
11,286
12,663
13,493
14,163
15,098
16,056
17,116
12,101
FIGURE 2. DERIVATIVE MARKET ACCONT GROWTH 2017
Source: HNX
