Vietnamese
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- VN30 Index Futures Contract
- VN100 Index Futures Contract
- 5-year Government Bond Futures Contract
- 10-year Government Bond Futures Contract
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From Monday to Friday per week, except holidays as stipulated by the Labour Law.
Trading time
Trading Method
Order Types (*)
8h45 – 9h00
ATO (Opening Periodic Matching)
ATO, LO
Not allowed to cancel/amend orders
9h00 – 11h30
Morning Continuous Matching
LO, MOK, MAK, MTL
Allowed to cancel/amend orders
11h30 - 13h00
Mid-day Break
13h00 - 14h30
Afternoon Continuous Matching
LO, MTL, MOK, MAK
Allowed to cancel/amend orders
14h30 - 14h45
ATC (Closing Periodic Matching)
ATC, LO
Not allowed to cancel/amend orders
8h45 - 11h30 &
13h00 - 14h45
Put-through Trading
Put-through Orders
(*) Note on Order Types:
ATO/ ATC: Executed at the opening/closing price; prioritised over Limit Orders (LO) except for Floor-price Sell LOs or Ceiling-price Buy LOs placed earlier.
LO – Limit Order: Buy/sell at a specified price or better. Valid until the end of the day or until cancelled.
Market Orders: These are orders to buy at the lowest available selling price or sell at the highest available buying price currently in the market. They are utilised exclusively during Continuous Matching sessions and will be automatically cancelled immediately upon entry if no counter-limit order (LO) exists. The types of market orders are as follows:
- MTL (Market to Limit Order): A market order that is entered into the system; if it is not fully executed, the remaining portion is converted into a Limit Order at the most recent execution price.
- MOK: A market order that must be executed in its entirety immediately upon entry; if the order cannot be fully matched, the entire order is cancelled.
- MAK: A market order that can be executed in full or in part. Any remaining unexecuted portion of the order is cancelled immediately after matching.
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Periodic Order Matching: A trading method where buy and sell orders are matched by the system at a specific point in time to determine a single execution price.
Continuous Order Matching: A trading method where buy and sell orders are matched by the system immediately upon entry. The execution price is determined based on the prices of the opposing orders currently sitting on the order book.
Put-through Trading: A trading method where the buyer and seller negotiate the transaction terms themselves and then notify the securities company to record the result in the trading system. Alternatively, parties may find a counterparty through the securities company.
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Price Priority:
- Buy orders with higher prices are prioritised for execution.
- Sell orders with lower prices are prioritised for execution.
Time Priority: If buy or sell orders are at the same price, the order entered into the system first shall be prioritised for execution.
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Feature
VN30 Index Futures Contract
VN100 Index Futures Contract
5-year Government Bond Futures Contract
10-year Government Bond Futures Contract
Trading Unit
VND 01
01 contract
Tick size
0.1 index point
VND 01
Order limit
500 contracts per order
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Reference Price: The daily settlement price of the previous trading day or the theoretical price (applied from the first trading day until the first order is matched).
Price Ceiling/Floor Calculation:
- Ceiling Price = Reference Price x (100% + Trading Band)
- Floor Price = Reference Price x (100% - Trading Band)
In which:
Trading Band VN30, VN100: +/- 7%
Trading Band GB Futures (5Y, 10Y): +/-3%
If the calculated ceiling and floor prices are equal to the reference price, the price limits shall be redefined as follows:
Adjusted Ceiling Price = Reference Price + 01 Tick Size
Adjusted Floor Price = Reference Price – 01 Tick Size
If the reference price is equal to 01 tick size, the price limits shall be redefined as follows:
Adjusted Ceiling Price = Reference Price + 01 Tick Size
Adjusted Floor Price = Reference Price
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Feature
VN30 Index Futures Contract
VN100 Index Futures Contract
5-year Government Bond Futures Contract
10-year Government Bond Futures Contract
Multiplier
VND 100,000
VND 10,000
Contract Size
VND 100,000 × VN30 Index point
VND 100,000 × VN100 Index point
VND 1 billion
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Feature
Expiry month
Final trading day
VN30 Index Futures Contract
Current month, next month, 2 end months of the next 2 quarters.
For example: current month is April. Expiry months are April, May, June and September.
The third Thursday of the expiry month. In case it is a holiday, it will be the previous trading day
VN100 Index Futures Contract
5-year Government Bond Futures Contract
Three last months of three nearest quarters
The fifteenth day of the expiry month. In case it is a holiday, it will be the previous trading day.
10-year Government Bond Futures Contract
The 25th day of the expiry month. In case it is a holiday, it will be the previous trading day.
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Securities Type
Securities Group
Underlying Asset
Expiry Year
Expiry Month
Identifier
Derivatives = 4
Futures = 1
I1 = Vn30
B5 = GB0530 characters from 0 to W from 2010 to 2039 (excluding 3 characters I, O, U)
12 characters from 1 to C
Default: 000
Example: 41I1F4000 - VN30 Index Futures Contract April 2025
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Settlement method:
- Index Futures VN30, Index Futures VN100: Cash settlement.
- GB Futures 5 years, GB Futures 10 years: Physical delivery of the underlying asset.
Daily P&L Settlement: Performed on the next business day (T+1) by adjusting the customer's account balance.
Final Settlement day: The working day after the final trading day.
Daily settlement price: Regulated by VSDC.
Final settlement price:
- Index Futures VN30, Index Futures VN100: Simplified arithmetic value of the index in the last 30 minutes of the last trading day (including 15 minutes of continuous order matching and 15 minutes of post-trading periodic order matching), having ruled out three highest index values and three lowest ones of the continuous order matching.
- GB Futures 5 years, GB Futures 10 years: Daily settlement price of the final trading day.
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During Matching Sessions:
- Amendments or cancellations of matching orders are only valid for unexecuted orders or the remaining unexecuted portion of an order.
- It is strictly prohibited to simultaneously amend both the volume (quantity) and price on a single Limit Order (LO).
- The priority of an order following an amendment is determined as follows:
+ The order maintains its original priority if the volume is only decreased.
+ Priority is recalculated from the moment the amended order is entered into the system for cases where the volume is increased or the price is modified.
- No order amendments or cancellations are permitted throughout the entire Periodic Matching session (ATO/ATC).
During Put-through Trading:
- Once a put-through transaction has been executed on the system (confirmed by both parties), no amendments or cancellations are permitted.
- During trading hours, should a derivatives trading member enter an incorrect put-through order on behalf of an investor, they are permitted to amend or cancel said order only if the counterparty has not yet confirmed the transaction.
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No.
Provisions
Descriptions
1
Contract name
VN30 index futures
2
Contract code
According to trading code introduced by VNX
3
Underlying asset
VN30 index
4
Contract size
VND 100,000 × VN30 Index point
5
Multiplier
VND 100,000
6
Listing date
10/08/2017
7
Trading method
Order matching and Put-through
8
Expiry month
Current month, next month, 2 end months of the next 2 quarters.
For example: current month is April. Expiry months are April, May, June and September.9
Trading time
Open 15 minutes prior to the underlying market
Close at the same time as the underlying market10
Tick size
0.1 index point
11
Trading unit
01 contract
12
Reference price
Daily settlement price of the previous trading day or theoretical price
13
Trading collar
+/-7% compared to the reference price
14
Order limit
500 contracts per order
15
Position limit
Regulated by VSDC
16
Final trading day
The third Thursday of the expiry month. In case it is a holiday, it will be the previous trading day
17
Final settlement day
The working day after the final trading day
18
Settlement method
Cash settlement
19
Daily settlement price
Regulated by VSDC
20
Final settlement price
Simplified arithmetic value of the index in the last 30 minutes of the last trading day (including 15 minutes of continuous order matching and 15 minutes of post-trading periodic order matching), having ruled out three highest index values and three lowest ones of the continuous order matching.
21
Position limits
Maximum number of futures can be held per account
- Professional securities investors: 20,000 contracts
- Institutional investor: 10,000 contracts
- Individual investor: 5,000 contracts
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No.
Provisions
Descriptions
1
Contract name
VN100 index futures
2
Contract code
According to trading code introduced by VNX
3
Underlying asset
VN100 index
4
Contract size
VND 100,000 × VN100 Index point
5
Multiplier
VND 100,000
6
Trading method
Order matching and Put-through
7
Trading time
Open 15 minutes prior to the underlying market
Close at the same time as the underlying market8
Expiry month
Current month, next month, 2 end months of the next 2 quarters.
For example: current month is April. Expiry months are April, May, June and September.9
Tick size
0.1 index point
10
Trading unit
01 contract
11
Reference price
Daily settlement price of the previous trading day or theoretical price
12
Trading collar
+/-7% compared to the reference price
13
Order limit
500 contracts per order
14
Position limit
Regulated by the VSDC
15
Final trading day
The third Thursday of the expiry month. In case it is a holiday, final trading day is adjusted to the preceding one
16
Final settlement day
The working day after the final trading day
17
Settlement method
Cash settlement
18
Daily settlement price
Regulated by the VSDC
19
Final settlement price
Simplified arithmetic value of the index in the last 30 minutes of the last trading day (including 15 minutes of continuous order matching and 15 minutes of call auction), having ruled out three highest index values and three lowest ones of the continuous order matching.
20
Listing date
Upon the launch of the contract
21
Position limits
Maximum number of futures can be held per account
- Professional securities investors: 20,000 contracts
- Institutional investor: 10,000 contracts
- Individual investor: 5,000 contracts
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No.
Provision
Description
1
Contract name
5-year Government Bond Futures
2
Contract code
According to trading code introduced by VNX
3
Underlying asset
5-year Government Bond, par value: VND 100,000, coupon: 5%/year, periodic interest payment at the end of every 12-month period, one-time principal payment at maturity date
4
Contract size
VND 1 billion
5
Multiplier
10,000
6
Listing date
04/07/2019
7
Trading method
Order matching and Put-through
8
Expiry month
Three last months of three nearest quarters
9
Trading time
Open 15 minutes prior to the underlying market
Close in tandem with the underlying market10
Tick size
VND 01
11
Trading unit
01 contract
12
Reference price
Daily settlement price of the previous trading day or theoretical price (on the first trading day)
13
Trading collar
+/- 3% compared to the reference price
14
Order limit
500 contracts per order
15
Position limit
Regulated by VSDC
16
Final trading day
The fifteenth day of the expiry month. In case it is a holiday, it will be the previous trading day.
17
Final settlement day
The third working day after the final trading day
18
Settlement method
Physical settlement
19
Daily settlement price
Regulated by VSDC
20
Final settlement price
Daily settlement price of final trading day
21
Criteria of deliverable bonds
Government Bonds issued by Vietnam State Treasury, with remaining maturity from three to seven years on final settlement day, with the minimum of VND 2,000 billion in listing value. Conversion factor is calculated on the basis of coupon (5% per year).
22
Position limits
Maximum number of 5-year government bond futures can be held per account:
- Institutional investor: 5,000 contracts
- Individual investor: Unfulfilled
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No.
Provision
Description
1
Contract name
10-year Government Bond Futures
2
Contract code
According to regulations on trading code of HNX
3
Underlying asset
10-year Government Bond, par value: VND 100,000, coupon: 5%/year, periodic interest payment at the end of every 12-month period, one time principal payment at maturity date
4
Contract size
VND 1 billion
5
Multiplier
10,000
6
Listing date
28/06/2021
7
Trading method
Order matching and Negotiation
8
Expiry month
Three last months of three nearest quarters
9
Trading time
Open 15 minutes prior to the underlying market
Close at the same time as the underlying market10
Tick size
VND 01
11
Trading unit
01 contract
12
Reference price
Daily settlement price of the previous trading day or theoretical price (on the first trading day)
13
Trading collar
+/- 3% compared to the reference price
14
Order limit
500 contracts per order
15
Position limit
Regulated by VSDC
16
Final trading day
The 25th day of the expiry month. In case it is a holiday, it will be the previous trading day.
17
Final settlement day
The third working day after the final trading day
18
Settlement method
Physical settlement
19
Daily settlement price
Regulated by VSDC
20
Final settlement price
Daily settlement price of final trading day
21
Criteria of deliverable bonds
Government Bonds issued by Vietnam State Treasury, periodic interest payment at the end of every 12-month period, one time principal payment at maturity date, with remaining maturity from eight to eleven years on final settlement day, a minimum of VND 2,000 billion listing value. Conversion factor is calculated on the basis of coupon (5% per year).
22
Position limits
Maximum number of 10-year government bond futures can be held per account:
- Institutional professional securities investor: 10,000 contracts
- Individual professional securities investor: 3,000 contracts
- Institutional investor: 5,000 contracts
- Individual investor: Unfulfilled
