Toward operating the CCP model on the cash market in Q1 2027

VSDC will study new products and coordinate with regulators, exchanges and market members to effectively implement the market upgrade roadmap.

The Vietnam Securities Depository and Clearing Corporation (VSDC) is accelerating the process of completing the central counterparty (CCP) model on the cash market, with the goal of putting it into official operation in the first quarter of 2027.

The information was shared by Mr. Nguyen Son, Chairman of the Board of Directors of VSDC, at the corporation's 20th anniversary ceremony.

Mr. Nguyen Son said the corporation will continue to prioritize modernizing its information technology infrastructure, improving governance capacity and preventing systemic risk. Photo: VDSC

VSDC was established under Decision No. 189/2005 of the Prime Minister and officially came into operation on July 7, 2006, with its predecessor being the Securities Depository Center, at a time when Vietnam's stock market was still in its early stages of development and post-trade infrastructure was gradually being completed.

After 20 years of operation, VSDC currently manages 106 depository members as of June 30, 2026, including 87 securities companies, 11 domestic custodian banks and 8 foreign custodian banks. At the same time, the unit serves 19 organizations that open depository accounts directly at VSDC.

The corporation is also managing 2,110 securities registration organizations with a total volume of 327 billion centrally registered securities.

Notably, the total value of securities transaction settlement through the VSDC system over 20 years reached 66 quadrillion VND, reflecting the strong expansion in the trading scale of Vietnam's stock market. The number of investor accounts managed by VSDC now exceeds 13 million.

One of VSDC's outstanding milestones is shortening the settlement cycle three times, from 3 p.m. on T+3 to the morning of T+2 during the 2012-2022 period, helping to increase capital turnover, improve liquidity and bring the market closer to international settlement standards.

In addition, solutions such as the mechanism that does not require pre-trade margin for foreign investors (Non Pre-Funding), the straight-through processing connection between securities companies and custodian banks (STP), together with numerous proposals to improve the legal framework, have helped the market meet the upgrade criteria of international organizations.

Continuing to complete infrastructure for new markets

In addition to the equity market, VSDC also plays an important role in building infrastructure for many other segments.

On the government bond market, the unit has built a dedicated settlement system to ensure the safety of an important capital-mobilization instrument of the State.

For the derivatives market, since 2017 VSDC has assumed the role of central counterparty (CCP), helping to strengthen governance and risk control for the entire system. By 2023, VSDC continued to coordinate the launch of the secondary market for privately placed corporate bonds, helping to improve the market's liquidity and transparency.

In parallel, services for covered warrants, investment funds - especially ETFs - along with individual retirement account management services have gradually been completed, helping to promote a professional and long-term investment ecosystem.

Recently, the domestic carbon trading market officially came into operation. In its role of providing depository and transaction settlement services, VSDC is assessed to have contributed to an important milestone in the formation and development of the carbon market in Vietnam.

Speaking at the event, Deputy Minister of Finance Ta Anh Tuan affirmed that after two decades of development, VSDC has become an infrastructure institution playing an essential role in the development of Vietnam's stock market.

He expressed the hope that VSDC will continue to invest heavily in technology infrastructure, improve the quality of its human resources and coordinate with market members to build a sustainably developing stock market.

Meanwhile, Vu Thi Chan Phuong, Chairwoman of the State Securities Commission, praised VSDC's contributions to the market upgrade process over the past period, while expressing confidence that the unit will continue to promote its role as a key infrastructure institution, contributing to building a modern, transparent, safe and deeply integrated stock market.

On behalf of VSDC, Mr. Nguyen Son said that in the coming period, the corporation will continue to prioritize modernizing its information technology infrastructure, improving governance capacity and preventing systemic risk.

At the same time, the unit will complete the central counterparty (CCP) model on the cash market, ensuring it is put into official operation in the first quarter of 2027.

In addition, VSDC will study new products and services and coordinate with regulators, exchanges and market members to effectively implement the roadmap for upgrading Vietnam's stock market.

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