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The Ho Chi Minh Scholarship. Photo by VnExpress/Phuong Dong
The Ministry of Finance is going to audit the Ho Chi Minh Stock Exchange, which seems to have no solution to cope with the overload of its trading system.
The system has been unstable for months, orders are simply frozen or executed very slowly and stock prices are not displayed, forcing investors to take unnecessary risks.
The worst happened on June 1, when there were excessive volumes and the morning session trading value reached VND 21.7 trillion ($935.3 million). The system issued a warning and HoSE was forced to suspend trading in the afternoon to avoid potential problems.
As of June 2, it refused to allow merchants to cancel or change orders to avoid overloading the system, leaving them angry and frustrated.
Now, more than a week later, leading brokers have allowed the use of the features again, although some still impose limits during peak hours.
The Vietnam Association of Financial Investors has sent a letter to the Ministry of Finance demanding that it replace HoSE’s management.
It would help find suitable foreign candidates with extensive experience to replace current executives whose failure has been responsible for the repeated freezing of transactions.
As a result, the supply and demand mechanism failed to detect the correct market prices, investors suffered losses and the country’s stock market saw its reputation damaged, it said.
HoSE will test a trading system purchased from South Korea as of June 14 and is expected to be fully operational this year.
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