KRX system's operation delayed

KRX system's operation delayed

Your browser does not support the audio element. Securities companies are not finished testing phase, while the system still need to get approval from the authorities even when everything is ready. Outside the headquarters of the Hồ Chí Minh Stock Exchange in HCM City. — Photo nld.com.vn

HÀ NỘI — It was expected that the new KRX stock trading system would start operations on December  二 五. However, there hasn't been any official information from the Hồ Chí Minh Stock Exchange (HOSE), the project's investor.

In fact, the market has speculated that KRX has encountered a delay. This is because, on December  二 一, HoSE sent a letter to securities companies regarding the continuation of the KRX project testing.

Particularly, the testing was scheduled to take place from December  二 二 to  二 四. The exchanges requested securities firms to promptly report any errors or issues encountered during the testing phase and submit a test result report for the factory acceptance test (FAT) stage by December  二 五. It can be seen that the testing phase with securities companies has not yet been completed.

Furthermore, according to research, it is not easy to bring the KRX into operation. It will take several days, even weeks, for the transition to occur.

In addition, the KRX system requires approval from the appropriate authorities before it can be put into use. Thus, it's not simply a matter of the December  二 五 operational date being missed; it's also possible that KRX will encounter difficulties operating during December.

In September, the Vietnam Stock Exchange (VNX) sent an official dispatch to member securities companies about testing the KRX information technology system for the second time.

By October, HoSE held a meeting to evaluate the implementation status of the KRX project before officially putting it into operation.

At that time, based on the test results updated to the extended eUAT (user testing) phase, there were a total of  五 九 to  七 六 securities companies that successfully tested  一00 per cent of the functions, equivalent to a rate of nearly  七 八 per cent.

For the corporate bond and stock markets, order testing has involved all  七 六 member securities companies. With the exception of Tân Việt Securities and BOS Securities, the remaining  二 二 companies have experimented with placing orders in the futures market, while out of the  六 四 members,  五 六 have tested the system using the government bond market.

Through the testing process, it can be seen that although the rate of meeting the scenario is quite high, the readiness level of operation of the securities companies' system is still low. 

Specifically, there are also  六 六 businesses ( 八 七 per cent) rated as not ready. — VNS