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A financial instrument whose value is determined from the value of a basic asset.
In the form of a contract / agreement regulating the interests and / or obligations of the parties to the payment and / or transfer of underlying assets at a pre-agreed price established for a transaction Will take place at a definite time in the future.
Term Contract: An agreement between the two parties involved in the purchase and sale of the underlying asset at a fixed price at a certain point in the future.
- Futures contracts are standardized, listed and traded futures contracts on the Stock Exchange.
Investors refer to the basic knowledge of Derivative and Futures contracts here
Option Contract: An agreement or commitment to the purchase (or sale) of the underlying asset at a future price in which the purchaser of the contract has the right, not the obligation, to perform the transaction. That future.
- Swap contract: The contract between the two parties for the exchange of future cash flows according to a defined formula
-> In Vietnam, stock index futures contract (VN30) was selected as the first product launching on the HNX.
The transaction status, the amount of CKPS effective that investors hold until then.
- Long position: when investors buy a CKPS called open position buy
- Short position: when investors sell a CKPS open position
- Open position of a CKPS is the holding of CKPS, valid, unpaid or final settlement.
- The net position of a CKPS at a given time is determined by the difference between the open purchase position and the open position of that CKPS at the same time.
- The position limit of a CKPS is the maximum net position of that derivative, either of that derivative and other derivatives, based on the same underlying asset that the investor is entitled to. Keep at a time
- personal account: 1,000 contracts
- TK organization: 3,000 contracts
- TK market maker: 5,000 contracts
Futures allow investors to participate in futures selling positions without having to exercise a position to buy futures or hold a base. Therefore, it can be seen that investors are making a "short position" when trading futures contracts.
- The size of each derivative contract will show how much the investor's investment is.
- contract size = future contract price * multiplier contract
VN30 - Index
- Future contract payment mechanism: payment in cash and material transfer.
- Material transfer: The buyer pays for the goods and receives the property from the seller. The seller sells the property and receives money
- Payment in money: Obligations of the parties shall be made by way of offsetting the arising difference: the loss-bearing party must transfer the money to the party with interest position. The transfer amount is equal to the amount of profit / loss incurred.
- For index-based futures, the daily payment method is denominated in money.
- Losses: Investors will have to pay all full losses incurred up to 9am the next day.
- Net profit: Investors will receive the full amount of interest generated after 11am the next day
- There are three major risks involved in futures trading: leverage; The risk of price difference basis; payment risk.
- Risk Leverage: the main risk when joining the transaction. Because leverage in derivatives is very high, the level of profit / loss will be high. In addition, after depositing the initial deposit, the investor will still have to maintain a maintenance margin (usually less than Initial Deposit). When an investor's investment in an investor loses a disadvantage, in addition to the expected loss (which will become a real loss when the investor positions), if the investor's fund value falls below In addition to the level of retention fund, investors are still faced with the risk of making additional collateral as required to deposit the deposit to a minimum of the Initial Deposit level (calculated on the nearest closing price).
- Risk of price difference base: the risk that the price of the transaction does not match the price of the underlying asset. The risk comes from the lack of liquidity in futures trading, the ineffectiveness of the market maker mechanism and the arbitrage mechanism , products)
- Liquidity risk: occurs when the market is under liquidity, causing the gap between the buying and selling prices to widen, trading volume does not guarantee the liquidity for opening / closing positions of investors. This leads to the inability of the investor to open / close its position, to close the position at high cost, leading to a decline in investment performance.
Investors refer more about the benefits and risks of joining the HIP here
Investors open trading accounts derivatives at the MBS transaction counters
Individual customers in the country present identity card valid
For investors who do not have a securities trading account, investors will open a trading account of CKCS, then the investor will continue to open a trading account of derivative securities.
Subjects not allowed to open a CKPS transaction account at MBS include:
Individuals under the age of 18
+ Individuals do not have full capacity for civil acts; Serving a prison sentence or being banned by a court from doing business
+ Director / General Director, Deputy Director / Deputy General Director, Heads of Department, Employees of other trading members
+ Other objects according to the policy of MBS each period
Close TKGDCKPS requires the following conditions:
+ Investors fulfilled their payment obligations: payment of profit, lost payment of contract, payment of other obligations with MBS.
+ Investors closed all positions are on the account before closing TKGDCKPS
+ Withdrawal of funds on derivative securities account at VSD
+ Withdrawal (after deducting the related fees to close the account according to MBS regulations from time to time) and freeing margin securities on free trading at MBS.
Request to close the CKPS trading account
- Securities: In case of depositing securities with securities, the minimum margin of 80% (or other VSD rates)
Securities collateral must be on the list of authorized VSD provisions in each period
No, securities can only be used as collateral assets in proportion to the VSD's provisions from time to time, the rest of investors must deposit funds in cash.
Investors make deposits before the transaction.
No, investors only have to deposit 10% of transaction value (or another rate depending on MBS regulations in each period).
Example: Investor A opens 10 positions to buy VN30F1708, the market price of the bond at the time of purchase is 700 points, the multiplier of the contract is 100,000, the margin ratio is 10%.
The initial margin requirement = 10% * 10 * 700 * 100,000 = 70 million (while the contract value is 700 million)
Since the margin requirement varies according to the market price, if the ratio between the required Margin Value / Valid Margin Value violates the maintenance threshold at MBS or the Level 1 Alert Level at the VSD, Investors will have to pay additional margin or close position to ensure the above rate back to maintain at MBS.
Eg. (Continued in v. 11)
Assume: A investor originally submitted 120 million as collateral, the retention margin at MBS and VSD is 80%. The price of VN30F1708 fell from 700 to 680:
+ Initial margin value: = 10% * 10 * 680 * 100,000 = 68 million
+ Account losses = (700 - 695) * 10 * 100,000 = 50 million
- Required deposit value of the account: = 68 tr + 50 tr = 118 tr
- Margin ratio = 118/120 = 98.33% (> maintained at MBS and VSD)
- Private investors must pay an additional 27.5 trillion to raise the margin ratio to maintain
- The Securities Depository Center (VSD) establishes the following 3 (03) level of alert thresholds to monitor the rate of use of collateral assets on each investor's account in the trading session:
+ Level 1 warning: when the rate of use of collateral is 80%
+ Level 2 warning: when the rate of use of collateral is 90%
+ Level 3 warning: when the margin utilization rate reaches 100%
- MBS establishes three alert thresholds to monitor the rate of collateral use at the company as follows:
+ Retention margin ratio:
+ Call rate:
+ Treatment rate
- At level 1 and 2 warning level, MBS will warn or ask investors to add additional collateral.
- At the level 3 warning level, the CKPS transaction account will be suspended from the VSD transaction. Accounts will not be allowed to open new positions, except for reciprocal transactions to close positions (these transactions are executed by MBS under the approval of the VSD), or by the addition of collateral assets. To reduce the use of margin.
Gains / losses are recorded daily. At the end of the trading day after the system calculates the profit / loss of the derivative contracts based on the price difference at the end of the day compared to the trading day (for positions opened in the day) or against the price The previous day's payment (for positions opened before the current day), this profit / loss will be immediately accounted into the client's CKPS transaction account.
Withdrawal NNT must ensure the minimum retention rate at the company in accordance with each period.
MBS requires additional funds when:
+ The total value of the collateral property falls below the required retention margin, or:
+ Margin deposit balance below the maintenance margin in cash (depending on the period of time in terms of minimum cash rate)
You may ask the legal authorized person to bring Stock ownership book to MBS for the implementation of depository procedures
When implementing the procedures of securities depository, if the document is complete, normally it takes from 3 to 5 working days.
The applicable fee for closing account at MBS VND 100,000/ account
According to regulations of HNX, the orders of odd-lot securities transactions are only valid in the continuous trading session; these orders shall be automatically cancelled until the end of continuous session.
NDN refers to the code of HNX stock exchange. Therefore, placing order of 20 stocks is an odd-lot order placing, it is not displayed on the normal list of stock prices
Early liquidation term before term of Business Cooperation Appendix of Customers is before 15h30 of working days.
If the due date of loans is on Saturday, Sunday or public holidays, that due date shall be moved to the next working day.
You may transfer at most one billion VND/time and 4 billion VND/sub-account/ day to the personal bank accounts.
Money withdrawal advice at MBS is only valid within the date of making advice.
You should provide valid ID card.
You may come to MBS for money withdrawal from 8:30 am to 04:30 pm on working days.
Customers will have to carry out the procedures of transferring call options at MBS and shall have to pay fee and personal income tax in accordance with regulations in each period of time.
Customers are only entitled to register for their call option just once on Stock24. Therefore, if they want to register more, they must come to MBS Transaction Offices for implementation.
When the registration for call option is exercised, the Customer’s account must have enough money so that the call option may be transferred by the system. Therefore, after call option is successfully registered, the account of Customer will be debited immediately. The Customer, therefore, should consider the relevant money transfer plan within the time of registration for call option. The implementation of call option registration before or after in the time buying registration is not related to the time that the Customers received the stock of call option in their account.
The Contact 24 Call Center includes functional keys, concretely:
- Key 1: Check account information automatically: check balance, daily trading results, notices and information of exercising rights (use any telephone number, the system will confirm by password).
- Key 2: Change Contact24 password automatically (use any telephone number, the system will confirm by password), after changing password successfully, system will send back a new message of new password to registered telephone number of Customers.
- Key 3: Take with staff to place order and check account information (use any telephone number, confirm by password).
- Key 4: Ask for support: Retain Contact24password automatically, support Stock24, support with other information.
- Key 4 extension 1: Use registered telephone number.
You should use any telephone number to call the call center 1900 9088, press key 2, input account number which consists of 7 digits (including sub-account), finish by pressing key #, input old password, finish by pressing key #, input new password, (following the instruction of call operators).
You may log in multiple Stock24 accounts on one computer; however, it is necessary to make sure that each account is logged in a separate browser.
- In case, your matrix card is lost, for the security reasons, you can make a phone call to the cal cen, and then come to transaction offices of MBS to req mre pa tthe fee of card re-issuance as stipulated.ust pay the fee of card re-issuance as stipulated.ust pay the fee of card re-issuance as stipulated.
- In case you request to lock Stock24 card as it is lost, and when the card is found, you may request MBS unlock the card by:
- Come directly to Branches/Transaction Offices of MBS to require unlocking card (present Identification Card to identify the account holder).
- Call the call center 1900 9088, extension 3 to ask for account opening.
If Stock 24 card is locked/ expired, such card may be activated by:
- Call the call center 1900 9088, extension 4.2/4.3 to talk with support staffs for support.
- Send email to support address: Etrading.email@example.com by registered email to ask for the execution of account extension/ unlocking. Please kindly provide following information in the email:
- Account number, name of account holder
- ID number, date of issue, place of issue
- Come directly to Branches/Transaction Offices of MBS or contact account service staffs for support.
- Your account will be secured with three (3) different password classes:
- Login password;
- PIN (Personal Identification Number):
- Three coordinates on the matrix card.
- Login password and PIN are changed and managed by you. Login password and PIN may be identical or different, depending on your idea.
- Any three coordinates on the matrix card will be requested randomly by the system when you log in Stock24. Also, when performing the services with the high security such as: "Internal Transfer", "External Transfer", "Advances" ... through Stock24, the system will ask you to supply PIN and any three (3) coordinates on the matrix card.
Stock24 is assigned with very high security thanks to Entrust Security System. Entrust is known as a leading company in the world in the field of security key technology. Entrust provides security technology for consumers, enterprises and the governments in 1,700 organizations in 60 countries in the world. The latest survey conducted by Accenture – a famous consultancy firm in the US and UK unveiled that, currently nine out of 10 leading e-governments in the world are secured by Entrust.
To reissue the Stock24 card, please come to the MBS transaction office to apply for reissuance. For cases where you lose the card, the card re-issuance fee is 200,000 VND. In this case, the card is blurred or defective, you are issued a new card without fee.
Please come to MBS’s transaction offices to register the use of Stock24. After registering, you will be provided a security toolset including:
- Coordinate matrix card (used during user authentication);
- Login password and PIN.
For your safety, you will be asked to change your password and PIN after the first successful login.
You can place orders through the following transaction channels at MBS:
- Through Stock24 or M.Stock24 online transaction
- Through sales staff/in the exchanges
- Through Contact24: Office 1900 9088 – Key 3 Place an order
Currently, MBS does not charge an internal transfer among securities accounts at MBS. You can get cash immediately after the transaction is accounted successfully. Internal transfer in the exchange is made during transaction hours, the internal transfer through Stock24 can be conducted 24/24.
You can advance for the sales of securities through the following forms:
- Advance through Stock24/ M.Stock24.
- Advance directly at Branches/Transaction Offices of MBS.
You can withdraw at any point with the transaction office/branch/transaction department of MBS. If you are away, you can transfer to a personal account through Stock24/M.Stock24 and then withdraw at the Bank or ATM.
For this case, the following possibilities may be available:
- Balance on sub-account 1 is not sufficient to maintain the SMS service (VND 8,800/month). Therefore, you need to pay in sub-account 1 so that MBS system can continue to provide the SMS utility to you.
- Your telephone number is registered with MBS’s blocking messages. You should check with the operator.
Withdrawal on an account of financial services must satisfy the conditions of the MBS. Therefore, in this case, you can contact the Relation Manager to get specific advice.
On the advance screen, the tax column displays items including tax (0.1% of the sales value) + fee of the security sales transfer (VND 0.5/stock). When transferring to the account, the MBS system will automatically separate into 2 entries on the statement for your reference.
You can withdraw money from the security account through the following forms:
- Use Stock24 to transfer money from the security account to the personal account to withdraw.
- Come directly to MBS to make procedures of withdrawal.
To submit money to the securities trading accounts, you should fill in sufficient information as follows:
- Account number: 005CXXXXXX
- Customer’s name
E.g.: Submit money to Mr. Nguyen Van A’s account, account number: 005C000001.1
You may make inter-banking money transfers at MBS’s Branches/Transaction Offices from 8:30 am to 03:00 pm on every working day.
When you sign the Contract/Registration and use e-transaction service, Customers are defaulted to be able to use all existing functions on Stock24. However, if you do not have demand for using Stock24’s transaction utilities, Customers can come to MBS’s Branches/Transaction Offices to cancel the service registration.
To change information related to ID cards, you can arrive at MBS’s points-of-sales to make changes. You cannot change ID card number on Stock24 and can only change information such as email address and mobile phone number on Stock24.
There are two forms of transactions for selling odd – lot securities:
- Selling odd-lot securities on HNX Stock exchange: It is required to apply to securities traded on the HNX and Upcom. You may perform the sales transaction as a transaction of a normal large lot, after T + 3, money will be transferred to the account. However, the odd-lot securities transaction is provided with a separate price list and is not shown on the list of the normal large lot transaction prices. This odd-lot transaction is only applied to the tickers on the HNX and Upcom and is not applied to the tickers on the HSX. The new tickers listed or re-listed are not engaged into the odd-lot securities transactions on the first trading day. You may make purchases or sales of the old-lot securities.
- Selling odd-lot securities to MBS: Perform on Stock24, in menu "Other transactions> Selling the odd-lot securities". In this function, Customers can make sales of odd-lot securities of the trading codes on the HSX and the HNX for MBS, MBS does not make the purchase of the trading tickers on the UPCoM.
- After the odd-lot securities are successfully sold out, the proceeds of odd-lot securities will be transferred to your account within approximately 7-15 working days, depending on the procedures applied by the Depository Center. MBS is making its best effort to shorten the processing time of the odd-lot securities transaction.
You can not sell the odd–lot securities with MBB code for MBS because in accordance with regulations of the law on Credit Agencies, MBS is known as a member company of Military Joint Stock Commercial Bank. Therefore, it is not allowed to purchase MB’s stocks.
Because MBS and MB trading systems have had real-time connection, you may transfer money from the securities transaction account at MBS to the 24/24 MB account. After the book entry is implemented successfully, money will be transferred immediately to you accounts opened at MB. The transfer fee from the securities transaction account to the MB account is VND 7,700/book entry.
You can transfer money to external accounts from 6:00 am- 03:00 pm. The transfer fee will be collected according to the tariff as defined by Military Commercial Joint Stock Bank (MB). When the transaction is successful, you may access to the transfer Log or the transfer statement to search the transfer fee details.
For the external transfer transactions, interbank transfers will be applied by MBS, so you will receive money for a longer period than the internal transfer transactions.
You may recover the passport/PIN by two following ways:
- If you forget the password/PIN,the password/PIN will be recovered by clicking “Forget the password” on the login screen or logging in the link: https://stock24.mbs.com.vn/ResetPassword.aspx and following the instructions. A new password and PIN will be delivered to your phone number or email as registered with MBS.
- If you register transaction via phone form, please make a phone call to the call center 1900 9088, ext. 3 (the extension for information confirmation) and ask MBS to provide the password / PIN again.
This error occurs because the web login browser is full, which makes the browser store Stock24 logins of Customers. To handle it, please delete the old web login log, then log in again, by pressing: Shift + Ctrl + Delete to delete the web login log, or login by a different web browser.
The reason why you can not login the Stock24 system is that:
- You have just opened a securities transaction account on the day, such account has not been activated yet because the approval is not released by Securities Depository Center. Please wait until the account is activated (usually after 1 working day).
- If the system notifies that the account is unavailable, please check the login account number. The login account number contains six (6) digits after 005. For example, the account number is 005C123456; the login name will be "123456". It is noted that you should not include the end of service sub-account on the login screen.
- If the system notifies that the password is invalid, please check the password again. The password can be distinguished with uppercase and lowercase typing. Attention should be paid to shortcut keys and switching the percussion mode into English.
- If the system notifies that the password or matrix card / token is false!: please check the matrix, turn off Caplock key, and switch percussion mode into English so that the system does not recognize the wrong matrix value and avoid locking the card (if you enter incorrectly three times, the Stock24 card will be locked for security). Attention should be paid to confusing characters such as: "J" and number "3", only number "0" but no letter "O".
You can register the stock call option by 2 ways:
- Register on Stock24 at the item “Other transactions” – Perform the call option.
- Register the call option at the counter: Customers can come to Branches/transaction offices of MBS in order to implement procedures of the call option registration.
The individual Customer needs to provide the following documents when performing the securities depository:
- ID card.
- Number of the shareholder/certificate of stock ownership.
You should log in Stock24, come to "My Profile> Account information> Register / cancel email / SMS" and then select or deselect in the item: email services.
- Order setting time is unrestricted (24h/24h). Customers can set up the orders immediately after the end of the session for the next day of order setting (from 03:45pm);
- Trading by many sub-accounts of Customers at the same time allows to select the default sub-accounts for trading;
- Many convenient features for users:
- Integrate the price list, the feature of smart order setting into the trading screen;
- Display a real-time order list on the trading screen, specifying the status of the matched orders, a number of matched orders;
- A function of order repeat in order to increase the speed of order setting;
- Support for automatically sharing the large lot on the HSX into small orders;
- Edit function allows to modify the price of the HSX order: The system cancels old and creates a new order with new price;
- The Margin Online account transaction;
- Set alarms on the market and tickers;
- Implement the online transfer among sub-accounts, accounts at MBS, and transfer to any account of any bank;
- Implement online connection between MBS and MB, Customers can transfer directly from the securities transaction account at MBS to clearance accounts at MB and vice versa;
- Advance the online stock sales transaction;
- Implement the securities transfer among the sub-accounts, the statuses of the securities on the sub-accounts;
- Implement the online sales of the odd-lot securities;
- Register the online call option;
- Make statistics and synthesize the cash and securities transactions in accordance with the call option time;
- Monitor the property report and details of financial service accounts.
- Manage the portfolio, report the expected losses and profits, made losses and profits, average price of securities; and
- Change personal information online.
The authorization contract may be certified at any notary office, or People’s Committee of commune/ward and under MBS’s form of the authorization contract.
The domestic corporate customer authorizes an individual as a natural person; she/he has to make the certified authorization contract in accordance with regulations.
You do not pay any opening or maintaining fees when opening the securities transaction account at MBS.
The individual Customer is allowed to open one securities transaction account at a stock company.
According to the provisions of Circular No 74/2011 / TT-BTC taking effect from 01 August 2011: An individual investor is allowed to open a securities transaction account at many different stock companies, but it is only allowed to open a securities transaction account at a stock company unless the investor has a normal trading account and a margin account. The investor must declare a number and codes of the opened accounts in the account opening documents at the second stock company or more.
MBS receives only a valid ID card, specifying clear information to open the securities transaction accounts for its Customers. For the expired or blurred ID cards, please fulfill the procedures to change the ID card before opening an account.
A domestic individual Customer only needs his/her ID card to open an account.
A foreign individual Customer can use his/her passport to open an account.
The person with the age of fewer than 18 is not allowed to open the securities transaction account.
- Obtain the authorization confirmation of a local agency or a notary office in accordance with regulations of the law.
- The authorization construct must specify the scope of the authorization.
- Authorized person does not implement transactions with himself/herself or a third person who authorizes him/her.
- The same content is not authorized for many people.
- A new ID card.
- A confirmation of a competent agency on change of the number of the old ID card and the number of a new ID card of Customers or the old ID card (certified copy) or a Passport specifies the number of the old ID card or number of Household family record specifies the numbers of old and new ID cards.
- ID card.
- A record of the account opening at Stock Company where Customers transfers the securities to (in the case, the account of Customers remains the available rights or securities)
- Business registration certificate (copy).
- A form on appointment of legal representative (if the business registration certificate does not specify the name of the legal representative).
- ID card of the legal representative (copy).