Activity

The Ho Chi Minh Stock Exchange (HOSE) has launched its new trading system, marking a significant advancement in Vietnam’s capital market. A crucial element of this modernization is the implementation of a Central Securities Depository (CSD) solution provided by CMA Small Systems AB to the Vietnam Securities Depository and Clearing Corporation (VSDC).
Vietnam’s capital market has experienced rapid growth, with over 9.6 million investor accounts as of April 2025. This expansion necessitated a robust and flexible depository platform. The new CSD solution, built on CMA’s DEPO/X platform, is designed to support high-volume, real-time operations and seamlessly integrate with the new trading engine developed in collaboration with the Korea Exchange (KRX). The KRX system officially went live on May 5, 2025.
The DEPO/X platform, now fully operational at VSDC, offers a comprehensive suite of post-trade functionalities. These include dematerialization, real-time settlement, corporate actions processing, registry services, and the capability to support T+0 settlement cycles (same-day settlement). The system is compliant with ISO 20022 messaging standards, which are becoming the global norm for financial messaging, providing richer and more structured data for enhanced transparency and efficiency. Additionally, it features a dedicated Securities Lending and Borrowing (SLB) module, which is expected to boost market liquidity and improve risk management.
Bulat Nizamov, Director of Capital Markets Products at CMA, stated that the DEPO/X solution was tailored to Vietnam’s specific needs while adhering to international best practices. He highlighted the inclusion of advanced features like SLB and T+0 settlement as making it one of the most forward-looking CSD implementations in the region.

Video courtesy of KDPW

Video courtesy of KDPW