Before the new trading system developed by the Ho Chi Minh Stock Exchange (HOSE) in cooperation with the IT firm FPT launches on July 5, Chairman of FPT Information System (FPT IS) Duong Dung Trieu said congestion will be completely solved as the system goes into operation.

Chairman of FPT Information System (FPT IS) Duong Dung Trieu

What is your assessment on the capacity of the new trading system in solving congestion?

In the past three months, FPT and HOSE have repaired the stock trading software of the Hanoi Stock Exchange (HNX) to match the trading characteristics of HOSE, rewritten the communication system with securities firms and integrated software from other units such as State Securities Commission (SSC) and Vietnam Securities Depository Center (VSD) to solve the problem of order congestion at HOSE.

The new trading system is capable of processing 3 to 5 million orders per day and also removes the mechanism of daily allocation of orders to securities firms and also improves the processing capacity of the number of orders sent in a second.

The new system capacity has proved itself during the testing period. Therefore, I believe that the congestion will be completely solved after the new system set to go online on July 5.

In addition to supporting the system to go into operation, we also fully master this system by creating a scenario to quickly fix problems (if any) and easily upgrade and adjust to meet the development of the market demand.

We completed the transition from the existing system to the new system on Friday (2/7). On Saturday (July 3), securities firms tested the new system as a normal trading session. The transition was also carried out on the evening of the same day to prepare for the next test on Sunday (July 4).

Sunday night was the final testing, ensuring the system was 100% ready for the official operation on July 5.

According to you, preparations are ready and investors can expect the congestion to be completely settled. However, with any information technology system, especially a securities trading system, it is impossible to say for sure there is no risk arising. What are the risks stakeholders need to be aware of to ensure that the system works at its best?

We cannot claim to be risk-free. However, we, HOSE and stakeholders have studied very carefully and created scenarios and set solutions to deal with risks.

Stakeholders have listed many possible situations and risks and classified them into three groups including: infrastructure, system, and people. The probability of risk occurrence is also divided into four levels from "impossible", "very low", "low" to "medium" and action plans and personnel in charge are always available.

If the new system has a problem, what solution will be deployed to ensure the investment and transaction needs of investors?

We assess the biggest risks of the official date of operation are data conversion and problems from securities firms.

If the conversion is not smooth, HOSE will notify securities firms in advance to use the former version. If there is a problem at a securities firm, stakeholders will help solve it immediately. In a very bad scenario that the problem-solving is impossible, HOSE may propose and ask for guidance from regulatory authorities to make a decision to cut the transaction of that firm so as not to affect the transition.

However, these glitches are almost impossible because we have created simulations during testing and successfully fixed them.

The construction and operation of a new trading system happened within 100 days, while the experience of other countries shows that this process takes years, so many investors fear that it will affect the accuracy and sustainability. What is your opinion?

Despite time pressure, accuracy is a top priority when launching this project. We plan our work in detail to the day, racing against time but not burning stages.

The 100-day plan is divided into five phases including survey, system development; HOSE checks the correctness and narrow testing at 24 leading securities firms and wide testing at all 73 brokerages.

The system was repeatedly tested in the last three weeks of June, accounting for about a quarter of the project time, showing the attention of the stakeholders. In fact, no serious problems have arisen. All securities firms have been connected and pilot the system smoothly. The system performance has also been improved and security loopholes solved.