The State Securities Commission has not approved the operation of the KRX system on May 2

On April 25, the State Securities Commission just issued an urgent dispatch on information about the operation of the KRX system.

According to the document, on April 25, the Securities Commission received a report from the Ho Chi Minh City Stock Exchange regarding approval of official operation of the KRX system.

Pursuant to the Securities Law, the Ho Chi Minh City Stock Exchange (HOSE) submitted to the SSC a proposal to approve the official operation of the KRX information technology system without reporting to the Ministry of Finance and the Vietnam Stock Exchange. Nam (VNX) and without the opinions of the beneficiaries (HNX, VSDC) does not ensure compliance with legal regulations.

Thus, the fact that HoSE submitted a proposal to officially operate the KRX system without reporting to the Ministry of Finance, the Vietnam Stock Exchange and without the opinions of beneficiary units such as HNX and VSDC is not guaranteed. ensure compliance with legal regulations.

The KRX system currently does not have a comprehensive acceptance record between the investor, contractor and beneficiaries, which means it does not ensure compliance with the provisions of Decree No. 73 dated September 5, 2019 of the Government regulating management. Investment management in information technology application using state budget capital.

HoSE’s report also does not show that the KRX system has been approved by the managing unit for the information security level (level 4) according to regulations.

Regarding members’ preparation, there is currently no official document from members on their readiness to connect to the KRX system as well as their ability to provide securities trading services to investors after connecting to the system. KRX system.

Regarding the plan for returning to the old system mentioned in HoSE’s submission, the Securities Commission requires VNX, HOSE, HNX and VSDC to make a report and have a plan to resolve issues related to the KRX system. .

Based on the above content, the Securities Commission believes that there is not enough basis to approve HoSE’s proposal to put the KRX system into official operation on May 2, 2024.

The State Securities Commission requires the Stock Exchanges and VDSC to be responsible before the law for ensuring that the current trading, registration, depository and clearing system operates safely, stably and transparent in all situations.

Previously, the City Stock Exchange. Ho Chi Minh City (HoSE) said it has sent an urgent notice to securities companies about the plan to convert the new trading system (KRX) to prepare for official implementation.

According to the plan, on April 24 and 25, securities companies will test the connection to HoSE. On April 26, end-of-day data will be converted to the new trading system. Securities companies are required to proactively prepare data to perform Cutover testing.

During the days from April 27 to 29, HoSE will convert the trading system. Securities companies proactively plan and carry out preparatory work for synchronous implementation.

On April 30, the securities company performed a conversion test (Cutover test). On May 2, the new transaction system is expected to officially deploy.