KRX system is late 8 times, Ministry of Finance "speaks again"

At the end of April 2024, the Ho Chi Minh City Stock Exchange (HoSE) sent a notice to securities companies that the KRX system is preparing to operate from the beginning of May 2024.

In this announcement, HoSE requires securities companies to check transactions on their systems with the new KRX system as usual.

KRX system is late 8 times. (Photo: MH)

It is known that the construction of the KRX system has been prepared and developed since 2012, which means it has been "incubated" for 12 years. This system is expected to be a "boost" for the Vietnamese stock market, thanks to new trading and payment solutions for the stock market.

However, immediately after HoSE's announcement, the State Securities Commission (SSC) sent a notice to the Stock Exchanges and the Vietnam Securities Depository and Clearing Corporation (VSDC) about not approving the application of KRX on May 2, 2024 according to HoSE's proposal, on the grounds that this application did not comply with legal regulations.

According to the above document, HoSE has not yet reported to the Ministry of Finance , Vietnam Stock Exchange (VNX) and has not received any comments from beneficiaries (HNX, VSDC) on the application of KRX.

At the same time, there is currently no overall acceptance record between the investor, contractor and beneficiaries. However, HoSE's submission does not show that the KRX information technology system has been approved by the subject unit for information security level (level 4) according to regulations.

Thus, since the announcement of the implementation of the KRX system to the Vietnamese stock market, HoSE has postponed the operating schedule 8 times in 2015, 2017, 2019, 2020, 2021, 2022, 2023 and most recently on May 2, 2024.

In the latest announcement in early July 2024, the Ministry of Finance said: The Ministry and responsible units, such as the State Securities Commission, HNX, HoSE and market members, urgently prepare technical infrastructure, complete legal documents; develop a conversion plan and conduct conversion drills so that the system is ready to go into operation.

According to the Ministry of Finance, KRX is a comprehensive information technology system for organizing and operating the stock market from registration, depository to trading, payment and clearing.

Therefore, some work related to ensuring safety, security of the system and readiness of members needs to be done carefully and closely before putting into operation.

Therefore, HoSE is actively coordinating with Hanoi Stock Exchange, Vietnam Securities Depository and Clearing Corporation, and Contractor KRX to review and conduct additional testing to evaluate the system's operation.

“Based on the results of testing and review, the Investor will report to the Ministry of Finance the next implementation roadmap. The Ministry of Finance will proactively inform the press and investors when there is new content related to the operation of the KRX system,” the Ministry of Finance emphasized.

Source: https://www.congluan.vn/he-thong-krx-tre-hen-8-lan-bo-tai-chinh-lai-len-tieng-post302545.html