hnx snapshot

ANNUAL REPORT 2010HNX ACTIVITIESMEMBERMANAGEMENTLast year also witnessed two major events for HNX membersecurities companies, the successful application of onlinetrading for the listed market and UPCoM, plus the changein UPCoM order matching method (from negotiation tocontinuous order matching). HNX has actively drawn-up upa legal framework, held three online trading tests, supportedsecurities companies during the tests, hosted HNX groupsto inspect infrastructure and approved online trading forsecurities companies.Thanks to the active cooperation of member securitiescompanies, more than 95% had implemented HNX onlinetrading by the end of 2010. This application has helpedinvestors to shorten transaction times, reduce manualtransaction errors, increase order matching opportunitiesand improve market liquidity.In 2010, HNX approved membership for four listed marketsecurities companies and seven UPCoM securities firmsraising its total membership to 102 and 91, respectively. HNXdiligently supervised its members and required membersecurities companies to fulfill reporting and informationdisclosure duties and follow trading procedures regardingonline trading and remote trading regulations.In 2011, to achieve member management standardizationand computerization, HNX has been speeding up a databaseproject for member securities companies, expected to beimplemented in 2011’s second quarter. The project will makeit easier for securities companies to shorten times for HNXreport submissions and information disclosures. Besides,HNX is also focusing on studying and setting up a legalframework for members’ new professional products (such asdeposits and market makers) and merger and acquisitions(M&A) of securities companies.43