I. Process summary
Investors make a deposit in derivative account at KIS
Investors pay deposit to Vietnam Securities Depository (VSD) before making transactions.
**** Note: Execution time before 15h45
DURING THE TRANSACTION DATE
Investors place orders with KIS
KIS makes order confirmation
AT THE END OF TRANSACTION DATE
KIS makes an accounting daily profit / loss
KIS calls daily deposit (if any)
II. General Regulations
|Time||Type of order||Session|
|From 08h45 to 09h00||LO, ATO||Opening periodic order-matching|
|From 09h00 to 11h30||LO, MOK, MAK, MTL||Continuous order-matching I|
|From 11h30 to 13h00||Intermission|
|From 13h00 to 14h30||LO, MOK, MAK, MTL||Continuous order-matching II|
|From 14h30 to 14h45||LO, ATC||Ending periodic order-matching|
|From 08h45 to 11h30||Put-through|
|From 13h00 to 14h45|
- Price fluctuation range of VN30 Index Futures Contract± 7%
Ceiling price = Reference price + (reference price * 7%)
Floor price = Reference price – (reference price * 7%)
- Cancel / modify order
ATO and ATC orders are not allowed to be modified, they can only be canceled within the time allowed.
All orders are not allowed to cancel / modify in the last 05 minutes of the periodic order matching session.
- Transaction regulations
Only accounts that have been successfully opened and deposited in accordance with KIS regulations can place orders correctly on the derivatives securities transactions.
Investors must comply with regulations on initial ratio, collateral use rate in accordance with KIS regulations.
- Initial margin ratio (According to VSD’s regulations): 13%
- Collateral use rate is divided into 3 levels:
- Warning level 1 (75% – 85%): Clients may not open new positions, except for making reciprocal transactions to close the position.
- Warning level 2 (85% – 95%): Clients must add collateral or close their current positions to bring the collateral use rate below the warning level 1 in the required time.
- Warning level 3 (> 95%): KIS performs mandatory closing immediately.
- Position limit
Position limit is applied according to each investor’s account and each type of futures contract.
Investors will not be able to open more positions when the number of open positions has reached the position limit as prescribed.
- Determination of profit / loss
For open positions during the day:
– If the position is closed during the opening day: Profit / loss is the difference between the opening and closing price.
– If failing to close position and continuing to hold to the next day: Profit / loss at the end of the day is the difference between the closing price of the futures contract on that day and the position opening price.
The average price of holding positions during the day for each case is as follows:
– For open positions in previous trading days: The closing price of the futures contract on the previous transaction day is used to calculate the average price.
– For open positions during the day: Use actual order matching price to calculate average price.
III. Regulations on clearing and payment
Every day, the KBOS system will calculate according to the closing price at the end of the day for positions held by investors, thereby calculating daily profit / loss on the investor’s account. Investors can track the profit / loss level on their accounts through the online transaction system.
Responsibilities of Investors:
Keep track of derivatives securities transaction account, monitor KIS’s notifications to proactively prepare funds, pay for position losses / transaction fees / taxes … before 9h30 am on T + 1 (Day T is the date of arising position losses / transaction fees / taxes …).
Rights of Investors:
Receive position interest payment before 11am on T + 1 (T is the date of arising interest)