FPT information on the progress of HOSE floor congestion treatment project
With the approval of the Ministry of Finance and the State Securities Commission of Vietnam, HOSE and FPT had cooperated on the creation of a backup transaction system for the current infrastructure and the upcoming KRX system.
According to Mr. Le Hai Tra, Chairman of HOSE, “Up until now, all of the steps in system-building are being implemented according to plan, and we haven’t encountered any major difficulties. We are currently working on the final processes. Just recently, HOSE and FPT have cooperated with market members to “test” the functionalities of this transaction model. This testing phase went relatively smoothly. Right now, all of our systems are being finalized in order to perform a realistic “test” with stock companies in the near future”.
Mr. Tra also noted that, for a new technological system nothing can be said in advance, but with the pace that they’re progressing in and assuming that there will be no considerable risks, then FPT will be able to deliver the new infrastructure to HOSE by the end of June, or the start of July. After that, HOSE will report to the relevant authorities in order to put this new system into action.
The system that HOSE and FPT are working on is anticipated to be able to fully resolve the current stagnation problem due to its significantly higher programmed process capacity than the one in use at present.
From 16/04/2021 to 22/05/2021, FPT had been assisting HOSE in implementing a limited-scale testing run of this project. In this phase, FPT had accomplished the installation of hardware and delivery of software to HOSE for internal testing, and then expanding the scale with more than 20 subsidiary stock companies.
By the end of the limited-scale testing phase, the new system has met all demands with considerably positive results. The testing program with 20 stock companies had covered 80% of the possible technical faults that can happen.
This result has led to the decision to advance the project to a market-wide testing phase with every stock company in operation, the Securities Depository Center, the Hanoi Stock Exchange, and the market data processing department.
After the limited-scale testing, HOSE and FPT are now conducting a market-wide testing phase (from 24/05/2021 to 25/06/2021), including: 73 subsidiary stock companies to HOSE, the Securities Depository Center, the Hanoi Stock Exchange, and the market data processing department. Both parties have also been conducting tests on efficiency, security, and systems exchange simulations.
The market-wide testing phase will be the basis on which the system will be rated for official implementation or not.