Business
KRX to establish Vietnam's stock trading system
South Korea`s stock market operator said Wednesday it has signed a contract with its Vietnamese counterpart to set up the IT infrastructure for the Southeast Asian nation`s equity trading.
Under the deal with the Hochiminh Stock Exchange (HoSE), the Korea Exchange (KRX) will offer a set of programs based on a next-generation system, called EXTURE Plus, to meet the entire requirements for Vietnam's stock trading, including market information, market surveillance, clearing & settlement and depository & registration.
KRX CEO Jeong, HOSE CEO Tran Van Dung and other ranking officials from Hanoi Stock Exchange and Vietnam Securities Depository attended a signing ceremony held at HOSE.
The KRX's system will be used in the HoSE-affiliated Hanoi Stock Exchange as well.
The agreement represents a "significant milestone to both capital markets and will further solidify the critical strategic partnership that exists between both countries," said the KRX.
It's expected to take two years to complete the project, it added but stopped short of immediately revealing the exact value of the contract.
"All related officials are on a business trip to Vietnam. The specific figure will be available when they return to the office," a KRX official said.
The agreement represents a "significant milestone to both capital markets and will further solidify the critical strategic partnership that exists between both countries," said the KRX.
It's expected to take two years to complete the project, it added but stopped short of immediately revealing the exact value of the contract.
"All related officials are on a business trip to Vietnam. The specific figure will be available when they return to the office," a KRX official said.
"The close alliance and cooperation will not only make this project a success, but lay a firm foundation for further collaboration in the future," said KRX CEO Jeong Chan-woo.
A KRX official said the project will not only raise the bourse operator's status in the global stock trading IT solution market but also serve a key role in the progress of the Vietnamese capital market.
Since 2007, the KRX has been exporting its IT system to eight countries ― Malaysia, Cambodia, Laos, the Philippines, Thailand, Uzbekistan, Azerbaijan and Vietnam. In 2007, the KRX assisted Bursa Malaysia to develop an electronic bond trading platform and joined Cambodia to set up a bourse.
Most recently, the KRX exported technologies for trading and a market surveillance system for the Azerbaijan stock market last year. The KRX official said it seeks to sign agreements in other regions, such as the Middle East and South America.
A KRX official said the project will not only raise the bourse operator's status in the global stock trading IT solution market but also serve a key role in the progress of the Vietnamese capital market.
Since 2007, the KRX has been exporting its IT system to eight countries ― Malaysia, Cambodia, Laos, the Philippines, Thailand, Uzbekistan, Azerbaijan and Vietnam. In 2007, the KRX assisted Bursa Malaysia to develop an electronic bond trading platform and joined Cambodia to set up a bourse.
Most recently, the KRX exported technologies for trading and a market surveillance system for the Azerbaijan stock market last year. The KRX official said it seeks to sign agreements in other regions, such as the Middle East and South America.
