State Securities Commission asks brokerage firms to ensure system safety
State Securities Commission asks brokerage firms to ensure system safety
The State Securities Commission has asked brokerage companies to further strengthen their trading system to ensure safe and smooth transactions for investors in the stock market.
This request was prompted by a recent slew of system breakdowns at brokerage firms that limited investors’ ability to place orders to buy or sell shares.
SSC’s vice chairman Pham Hong Son requested securities companies improve their operations and financial security, particularly their information technology system, to ensure smooth operations.
On October 25, a system malfunction occurred with the electronic trading system of VNDirect Securities Joint Stock Company, preventing investors from placing orders through the broker’s platforms.
On September 25, a connection failure happened with the whole trading system of Saigon Securities Inc, including SSI Webstrading, SSI Mobile Trading and SSI Pro Trading, which resulted in the investors’ inability to log in to the system as well as make transactions.
This is the second time SSI experienced system failure after the first crash in January this year. Right after the error, SSI chairman Nguyen Duy Hung sent an apology to clients and promised to continue to invest in both human resources and the IT system to ensure safety in the future.
Both SSI and VNDirect are among the top 10 biggest securities companies in Viet Nam’s stock market. Any system failures in their trading systems will significantly affect investors’ transactions.
At the annual meeting of market members last Friday, the market regulator said it would go on with the restructuring of the securities companies. Those that are not fully financial capable will be closely monitored and any violations which negatively affect the healthy and sustainable development of the market will be strictly handled.
Representatives of the two national exchanges also said they would strengthen the management and supervision of market members to ensure the discipline in the market and integration with the regional securities market. At the same time, they would also diversify services provided to members.
To date, there are 72 brokerage firms operating on the stock market. Many small companies have hiked charter capital and restructured personnel, but in the first six months, 18 of 72 companies still suffered losses.
