Derivative

Please follow these two steps:
Step 1: Access to VSD’s official website: https://www.vsd.vn/vi/thong-tin-san-pham
Step 2: Select a derivatives expiration date (the 3rd Thursday of the month) to search

On the expiration day, the open positions of the derivative contracts will be closed at the expiration price of those contracts. The profit/loss will be settled at 8:00 AM on the next working day.

Hanging tax fee: You can go to the Derivative Trading section and select Assets to view the “Total Cash” and the detailed “Hanging Tax Fee” under the “i” icon in the footnote.
Paid tax fee: You can go to the “Derivative Trading” section and view the detailed information under the “Lookup” option.

Typically, when you place conditional orders in derivative trading, the system will activate the conditional orders you have set.

• Maintenence level (80%): Customers need to maintain their securities collateral usage ratio below this level to ensure safety.
• Warning level (85%): This is the ratio at which TCBS will issue margin calls to customers, when their equity falls at or below this level. The customer has the obligation to supplement valid margin assets.
• Force liquidation level (90%): This is the ratio at which TCBS has the right to take action to handle accounts that violate the margin utilization ratio (including the compulsory closing of positions on the customer’s account when it reaches the intervention threshold).

In the event of failure to meet margin obligations for losses on time, the exchange or clearinghouse will withdraw margin from the Vietnam Securities Depository (VSD) and/or force the closure of positions to settle the margin obligations for losses.
If the full payment of margin obligations is not received by the T+1 day, the exchange or clearinghouse will continue to take actions in subsequent trading days. The late payment amount will incur an interest rate of 10.5% per annum.

In the event that the utilization ratio of margin assets reaches the processing threshold during a trading session, the system will automatically force close positions
The priority is given to force closing the contract with the nearest expiration date. If the utilization ratio of margin assets reaches 90% to below 100% during the ATC session:

• If the utilization ratio of margin assets reaches 90% to below 100% during the ATC session, please deposit additional funds into your derivatives account before 8:00 AM on the next working day.
• If the utilization ratio is 100% or higher: • Please deposit additional margin funds into your derivatives account before 3:30 PM on the trading day when the violation occurred. If you fail to make the required margin deposit on time, the TCBS (Trading Center for Derivatives) will support the disbursement of cash into the violated account to bring the utilization ratio back to 95%. On the next trading day, the TCBS will force close positions and/or withdraw margin assets from VSD to recover the debt.

Payment deadline: 8:00 AM on the T+1 day (where T is the day the margin obligation for losses is incurred).
Payment account: The derivative sub-account.

The trading hours for futures contracts in the derivatives market start 15 minutes earlier than the underlying securities market, but they end at the same time as the underlying market. Specifically:

Morning Session:

• Regular trading session opening: 8:45 AM – 9:00 AM

• Continuous trading session: 9:00 AM – 11:30 AM
• Negotiated trading session: 8:45 AM – 11:30 AM

Lunch Break: 11:30 AM – 1:00 PM

Afternoon Session:

• Continuous trading session: 1:00 PM – 2:30 PM
• Regular trading session closing: 2:30 PM – 2:45 PM
• Negotiated trading session: 1:00 PM – 2:45 PM

The profit/loss calculation follows a daily settlement mechanism. Specifically, investors (traders) engaged in trading and holding positions in derivative securities contracts are required to settle the entire profit or loss arising from those positions each day

• If in a net loss position: Investors must settle the full loss amount before 8 AM on the following trading day.
• If in a net profit position: The brokerage firm (TCBS) will settle the full profit amount no later than the next trading day.

The profit or loss for each position is calculated based on the closing trading price of the respective futures contract. For futures contracts tied to an index that reaches its expiration date, the profit or loss is calculated based on the closing index price on the contract’s expiration date.

It refers to the amount of money or securities that an investor deposits with the Vietnam Securities Depository Center (VSD) to secure the payment obligations of derivative securities transactions. According to current regulations, the margin ratio in cash must not be lower than 80% of the marginable asset value.

It involves buying or selling a certain quantity of futures contracts at a specific price.

Allows investors to open and close positions within the same trading day.

Investors place orders opposite to the positions they currently hold.
For example: An investor sells VN30F (opens a short position) index futures contracts if they anticipate a decrease in the VN30 index (short position). The investor does not need to possess any contracts initially (short selling). To close a position, the investor must buy back the futures contracts or hold them until they expire.

Derivative securities are financial instruments in the form of contracts, the value of which is derived from an underlying asset (commodity, financial instrument). The trading price is determined at the current moment, but the execution takes place on a specific future date. There are four types:
– Options contracts
– Futures contracts
– Forward contracts
– Swap contracts
In the Vietnamese market, trading is currently allowed for Index Futures Contracts (with the underlying asset being the VN30 index) and Government Bond Futures Contracts (with the underlying asset being 5-year/10-year Government Bonds).