GMEX Group has signed a joint venture agreement with Hanoi-based FPT Information System (FPT), with their partnership winning the mandate to provide technology, global business and local operational expertise to launch Vietnam’s first derivatives market and fully integrated clearing house.
The Ministry of Finance (MOF) has entrusted the Hanoi Stock Exchange (HNX) and the Vietnam Securities Depository (VSD) to operate the derivative market’s transaction activities.
“The derivatives market is an important step in creating qualitative change for the Vietnamese securities market after a long era of quantitative development,” stated GMEX.
“It will also help investors identify and mitigate risks and diversify into other investment channels. The market participants will include settlement banks, intermediaries and investors from both enterprises and investment funds.”
The new market will facilitate transactions based on stock accounts such as stock indexes, government bonds and shares. The first traded instruments will be share indexes (HNX30 and VN30) and government bonds with five-year terms.
GMEX subsidiary GMEX Technologies with FPT will manage the project to provide a multi-asset, multi-language exchange trading system suite and market surveillance solution to HNX, which will operate the derivatives exchange. The project will deliver a real-time clearing system to VSD, which will operate the clearing house. The target go live date is the fourth quarter of 2016.
GMEX added that the initiative will support functionality for stocks, cash settled index futures, warrants, bonds, commodities, cash- and physically-settled equity futures, cash- and physically-settled bond futures, cash-settled commodity futures, cash-settled interest rate futures, contracts for differences, government bonds, single stocks, non-implied equity index options and non-implied single stock options.
The General Data Protection Regulation (GDPR) will be enacted on May 25 2018 and promises to revolutionise the way that firms collect, store, process and protect the personal information of customers, clients and employees.
Today sees the publication of set of global principles of good practice in the foreign exchange market.
The one-notch downgrade by the credit ratings agency is the first for nearly 30 years.
The new rules aim to prevent companies overpaying tax and to increase the competitiveness of the eurozone.