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Which roadmap for stock market restructuring?

10:14 | 25/04/2021

VCN - The Ministry of Finance is consulting about the draft circular on a roadmap for restructuring of the stock market, the bond market, the derivative securities market and the trading market for other securities.

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The roadmap for stock market restructuring must be consistent with practical conditions. Photo: ST

All HNX shares will be transferred to HoSE by the end of 2023

The roadmap for reorganising the stock exchange market must be consistent with the practical conditions of the organisational apparatus, human resources and operations of the Hanoi Stock Exchange (HNX) and Ho Chi Minh Stock Exchange (HoSE); associated with the running of the new information technology system; does not raise any costs to listed organisations or organisations registering for trading; and does not affect the securities trading activities of investors and roadmap for developing new products.

With regard to the restructuring of the stock market, fund certificates and covered warrants, the draft circular stipulates, by the end of June 30, 2025, HoSE will adopt the organisation of the trading market for stocks, fund certificates and covered warrants, and registered-for trading securities of unlisted companies in accordance with the Law on Securities and its guiding documents.

Before June 30, 2025, HoSE will continue to organise the trading market for existing listed stocks, fund certificates and covered warrants and new listed ones on HoSE.

The draft circular also said before July 1, 2023, HoSE will receive and consider applications for listing new shares of companies that meet listing conditions in Decree No. 155/2020 / ND-CP and have charter capital of VND120 billion or more at the time of the application.

From July 1, 2023, HoSE will receive and consider applications for new listing of companies that meet the listing conditions specified in Decree No. 155/2020 / ND-CP.

From July 1, 2023 to December 31, 2023 at the latest, HoSE will receive shares of listed shares from the Hanoi Stock Exchange (HNX) and from January 1, 2025 to June 30, 2025, HoSE will receive registered-for trading shares from HNX.

HoSE will also receive and consider applications for trading of new shares after completing the receipt of shares of companies registering for trading from UpCOM (belonging to the HNX).

For HNX, the draft circular stipulates, before June 30, 2020, HNX continues to hold a trading market for listed/registered-for trading shares at HNX until the transfer of listed/registered-for trading shares from HNX to HoSE finishes.

Before July 1, 2023, HNX shall receive and consider applications for new listing of companies that meet listing conditions specified in Decree No. 155/2020 / ND-CP and have charter capital of VND30 billion or more at the time of the application.

From July 1, 2023 onwards, HNX will not receive applications for new listing.

The Ministry of Finance plans that, from July 1, 2023 and by the end of December 31, 2023, the HNX will transfer listed shares from HNX to HoSE, at the same time, continue to organise the trading market of registered-for trading shares and receive applications for new trading registration at UpCOM until the transfer of registered-for trading shares to HoSE is completed.

From January 1, 2025to the end of June 30, 2025, HNX will have to complete the transfer of registered-for trading shares from HNX to HoSE. After completing the transfer of listed/registered-for trading shares from HNX to HoSE, HNX will not receive applications for new listing and trading registration.

By the end of 2021, all listed corporate bonds will be transferred from HoSE to HNX

For restructuring the bond trading market, the draft circular stipulates, by the end of December 31, 2022, HNX will approve the organisation of the bond trading market in accordance with the Law on Securities and its guiding documents.

Before the deadline, the HNX will hold a trading market for Government bonds, Government guaranteed bonds, and local government bonds, a trading market for listed corporate bonds; a trading market for privately placed corporate bonds, receive listed corporate bonds from HoSE and receive applications for listing new bonds.

Meanwhile, HoSE will continue to organize a trading market for local government bonds listed before January 1, 2021 until the maturity date, transfer listed corporate bonds from HoSE to HNX and will not receive applications for listing new bonds. No later than December 31, 2021, HoSE will complete the transfer of listed corporate bonds from HoSE to HNX.

The Vietnam Stock Exchange will develop a plan to transfer listed corporate bonds listed from HoSE to HNX according to regulations and must report to the State Securities Commission for approval before issuing.

If the Vietnam Stock Exchange does not operate before September 30, 2021, HoSE is responsible for developing a plan to transfer listed corporate bonds from HoSE to HNX in coordination with HNX and reporting to the State Securities Commission for approval before issuing.

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For restructuring the derivative securities trading market, according to the draft circular, HNX will organise the derivative securities trading market in accordance with the Law on Securities and its guiding documents.

By Hoai Anh/ Huyen Trang