Snags reported in new HoSE system

By Phuong Dong   July 9, 2021 | 08:00 am GMT+7
Snags reported in new HoSE system
An investor looks at stock prices on the screens at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The Ho Chi Minh Stock Exchange’s (HoSE) new system is “smooth and fast” but investors in several brokerages still have trouble placing orders.

Quang Dat, an investment fund manager of a major bank, said that the new system developed by tech giant FPT has significantly increased the speed of placing orders and showing data in recent days.

"That is the actual experience of trading on the stock market," he said.

The system, which was put in place Monday, is the result of 100 days of work by FPT Information System staff in order to resolve frequent overload on HoSE’s outdated system that had remained mostly unchanged for 20 years.

However, there are still issues with the new system at certain brokerages.

On Monday, brokerage Yuanta Vietnam told investors that they cannot access the price board on its website and app due to an urgent upgrade from 9 a.m. to 1:50 p.m.

The same day, investors at Viet Capital Securities reported that their orders were not matched at the specified prices.

Price boards at other brokerages like Techcom Securities and Tan Viet Securities did not display data correctly, it was reported.

While these issues were resolved by Tuesday, other brokerages reported problems.

VNDirect told investors that delays in data updating had resulted in incorrect price matching with at-the-close orders.

On Wednesday, top brokerage SSI Securities Corporation suspended placing of orders in the morning due to technical issues, resuming only in the afternoon.

The CEO of a brokerage who did not want to be named said: "It used to be all 73 brokerages reporting overloads in the old system. Now each one has a different issue and we don’t know which company is next."

HoSE and FPT leaders explained that the issues come from communication between the new system and each brokerage’s system.

Le Hai Tra, CEO of the bourse, said each brokerage uses its own system with different levels of investment in technology and hardware.

Therefore, when HoSE’s system was upgraded, the weaknesses of some brokerages’ systems are revealed, he added.

Duong Dung Trieu, chairman of FPT Information System, also gave the same explanation, adding that even with the old system developed by Thai technicians, similar issues had occurred from time to time.

Brokerages are working to modify their systems to be more compatible with HoSE, he said.

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