Frequently Asked Questions (FAQ)

• Trading VN30 Index Futures is similar to trading stocks. Investors can trade through order matching or put through transactions. 

• VN30 Index Futures will have their own price list, investors based on their expectations of the index trend can place orders and match orders to participate in Futures Contracts. Similar to stocks, investors who expect the index to increase will buy index futures contracts, investors who expect the index to decrease will sell index futures contracts. 

• Another difference is that futures contracts will expire, so investors need to pay attention to choosing contracts with appropriate expiration months when participating in trading.

• Derivatives are financial instruments whose value depends on the price of an underlying asset. Instruments are contracts such as futures, forwards, swaps and warrants. The underlying assets of derivatives can be commodities such as agricultural products, metals, etc. or financial instruments such as stocks, bonds, interest rates, etc.
• Derivative securities stipulate the rights and/or obligations of the parties to the contract regarding the payment and/or transfer of the underlying asset at a pre-agreed price at a certain time in the future.
• In particular, futures contracts are the first derivative securities products listed and traded on the Vietnamese market, specifically the VN30 Stock Index Futures Contract and the Government Bond Futures Contract

• Another difference of the derivatives market is the daily settlement mechanism. Customers who trade and hold positions in derivatives contracts will have to pay all profits and losses arising from those positions every day
  • If the customer’s derivative securities account has a net loss: the investor will have to pay all losses incurred no later than 9:00 a.m. the next day.
  • If the customer’s derivative securities account has a net profit: the investor will receive all profits incurred after 11:00 a.m. the next day.
• The profit/loss for each position will be calculated based on the closing price of that futures contract. For index futures contracts that expire on the expiry date, the profit/loss will be calculated based on the simple arithmetic average of the index value in the last 30 minutes of the last trading day (including 15 minutes of continuous order matching and 15 minutes of periodic order closing), after excluding the 3 highest index values ​​and 3 lowest index values ​​of the continuous order matching session.

• To trade VN30 futures contracts, investors need to deposit an initial margin into their derivatives account at ACBS. The initial margin is the minimum margin that a customer must deposit for the derivatives positions that the customer plans to open before trading at the rate prescribed by ACBS and in accordance with the law.
• The initial margin ratio at VSD is 17%
• The minimum retention ratio at ACBS is 5% (This money can be used to pay fees, taxes, position losses, etc.)
• The required maintenance margin ratio is the total margin value that customers must deposit to maintain derivative securities positions.
• The margin utilization ratio is the ratio between the required maintenance margin value and the total valid margin value.
• In addition, ACBS sets warning thresholds at the following 3 levels to monitor the rate of customers’ margin asset usage during the trading session:
  • Warning level 1 (70%): The Client is not allowed to open new positions, except for making a corresponding transaction to close out the position.
  • Warning level 2 (80%): The Client must add margin or close out existing positions to bring the margin utilization ratio to the minimum level equal to warning level 1 within the time required by ACBS. Otherwise, ACBS will process the Client’s derivative account.
  • Warning level 3 (90%): Is the rate at which ACBS has the right to immediately handle the Customer’s derivative account at this level or higher, specifically closing current positions to bring the minimum margin asset usage rate to warning level 1 and implementing other measures specified in the derivative securities trading account opening contract.

    => If a customer needs to open a position to buy 1 VN30Fxxxx contract at the price of 1,300, the initial margin required is: 1,300*1contract*100,000*17% = 22,100,000.
    => Customers can only buy up to Warning Level 1 and the minimum retention rate at ACBS is 5%, so the amount to be deposited into the derivative account at ACBS is: (22,100,000/70%)*(1+5%) = 33,150,000
    -> In which, Customers need to deposit to VSD before making a transaction with the amount of 22,100,000/70% = 31,571,429
    => Thus, to open a VN30 futures contract position at ACBS and meet all the required regulations, 33,150,000 is needed

If you confirm the Electronic Contract, you can make a transaction after 01 day, unless the system checks and finds any discrepancies in the personal information provided by you and the image of your ID card/Citizen ID card.

• Firstly, derivative securities have the characteristics of large and fast price fluctuations due to high leverage ratio, about 6 times, so when participating, you need to have a solid knowledge as well as prepare mentally to avoid buying/selling too much during the day according to price fluctuations and leading to losses. 
• Secondly, when trading derivatives, you only deposit a part, so if the price fluctuates in the opposite direction to expectations during the session, investors need to add money immediately to avoid closing some of the contracts they are holding to bring the account to a safe level.
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  However, derivatives have the advantage of T0 so you can easily close your position, without having to wait for the stock to return after T+2 days like underlying stocks. In addition, investors can make a profit even when the market is down by selling first and then buying back later, while in the underlying market, investors can only make a profit when the price increases.

• You can place an order to close the position without having to deposit additional margin.
• If the order is successfully matched and the position is closed, your margin obligation will be reduced, and you can withdraw the margin to your derivatives account.

• Yes. If you hold a position over a holiday, the position management fee will still be calculated for each holiday.

  For example: After the end of the trading session on Friday, you have 10 open positions, the position management fee for each day will be:

  Position management fee for Friday = 10 * 2,550 VND = 25,500 VND

  Position management fee for Saturday = 10 * 2,550 VND = 25,500 VND

  Position management fee for Sunday = 10 * 2,550 VND = 25,500 VND

  Total position management fee to be paid on Monday of the following week = 76,500 VND

• The Exchange fee is collected on each side of each Contract.For example: You open 10 positions and close 5 positions. The Exchange fee will be (10+5)*2,700 VND = 40,500 VND

Customers can deposit money into their Derivatives account at ACBS in the following ways:

• Transaction information for depositing/transferring money into the customer’s Derivatives account at ACBS:

– Account number to receive money: 887988

– Account name: ACB Securities Company Limited. – At Bank: ACB – Truong Dinh Transaction Office

– Amount (in numbers/in words): the amount the customer wants to deposit. – Content: deposit money into the CKPS account [006Dxxxxxx] + [Full name of the Stock Exchange Account Holder] Name of the Stock Exchange Account Holder] account number (for example: Deposit money into the CKPS account 006D006789 NGUYEN VAN A).

(*) Customers can refer to more information about ACBS’s General Cash Accounts at: acbs.com.vn

To transfer money from the Underlying Securities account to the Derivatives account, Customers can do so at https://futures.acbs.com.vn or https://vtrading.acbs.com.vn or call the Call Center at 1900 5555 33

Note: Transactions received after 16:00 will be processed by ACBS on the next working day.

• Customers can withdraw margin at VSD when the Customer’s margin at VSD is greater than the initial margin required.
• Customers can only withdraw an amount so that after withdrawing the margin, the Customer’s margin account usage rate is not higher than warning level 1.
• Customers can withdraw VSD margin at https://futures.acbs.com.vn or https://vtrading.acbs.com.vn or call the Call Center 1900 5555 33
• Note: Transactions received after 16:00 will be processed by ACBS on the next working day.

Hanoi Stock Exchange organizes derivatives trading sessions according to the following time:

• Periodic order matching opening: 08:45 – 09:00
• Continuous order matching next session: 09:00 – 11:30
• Continuous order matching afternoon session: 13:00 – 14:30
• Periodic order matching closing: 14:30 – 14:45
• Put Through session: 08:45 – 14:45