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Procedures for order placement to be standardised: SSC (14/03)
06/08/2010 - 61 Lượt xem
The trading floors have become so overloaded that securities brokers have to take steps to limit the number of new stock trading accounts. The Saigon Securities Incorporated (SSI), for example, now requires clients seeking to open new stock market trading accounts to place at least VND100mil ($6,250) on deposit.
The move by SSI, as well as other securities brokerage firms, has been condemned as a type of discriminatory treatment. Meanwhile, investors said that the problem lies in the fact that there is no standardised procedure for investors’ order placement.
Pham Trong Binh, Head of the Legal Department under SSC informed that SSC will standardise two procedures relating to order placement. The first procedure will ensure the accurate order receiving, while the second procedure will show investors the steps from placing orders to finishing the order implementation. Once the procedures are standardised, in case of disputes, the stock market management authority will be able to find out the wrong steps in the procedures and blame responsibility for the faults.
Mr Binh informed that the overloading on the trading floors will be settled by transaction system upgrading. In the near future, the HCM City Securities Trading Centre will be turned into the Stock Exchange, while the Hanoi Securities Trading Centre will also be upgraded. Meanwhile, Mr Binh said, securities companies are also making every effort to modernise facilities to meet the increased demand from investors.
Source: DTCK
