Tiếng Việt
中文Short answer: A special trading member on the derivatives market is a commercial bank or foreign bank branch approved by the Stock Exchange to trade derivatives on Government bonds (Article 3 of Decree 158/2020/ND-CP). The dossier includes 04 types of documents, submitted to the Stock Exchange; processing takes 07 working days plus another 05 working days to issue the approval decision after technical preparations are completed (Article 23).
Legal basis
- Decree 158/2020/ND-CP on derivatives and the derivatives market (Articles 3, 23).
Conditions for registration as a special trading member
Under Clause 1, Article 23 of Decree 158/2020/ND-CP, commercial banks and foreign bank branches must meet:
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If your business is preparing an application, amendment, business line registration or licensing review, ANT Legal can help check the file and execution path.
- Be a special trading member on the Government bond market of the Stock Exchange;
- Have written approval from the State Bank of Vietnam permitting investment in derivatives;
- Have a clearing and settlement entrustment contract with a general clearing member (if registering as a non-clearing member);
- Meet the Stock Exchange’s information technology infrastructure and operational process requirements;
- Not be in the process of consolidation, merger, or dissolution; not under control, special control, suspension, or temporary suspension of operations.
Registration dossier
- Application for special trading membership per Form No. 06 of the Appendix to Decree 158/2020/ND-CP;
- The State Bank of Vietnam’s document permitting investment in derivatives;
- A description of information technology infrastructure and operational processes per the Stock Exchange’s guidance;
- A clearing and settlement entrustment contract with a general clearing member (if registering as a non-clearing member).
The dossier is prepared in 01 original set (copies must be from the original register or certified), submitted directly or by post to the Stock Exchange.
Procedure and processing time
- 07 working days from receipt of the dossier: the Stock Exchange requests completion of facilities, system connection, and trading tests (if the dossier is valid), or requests amendments and supplements;
- 05 working days from the bank’s completion of preparations: the Stock Exchange issues the Approval Decision on membership and discloses information;
- The Stock Exchange refuses where: conditions are not met; the dossier contains forged documents or false information; procedures are not completed within 90 days.
Frequently asked questions
Can a bank undergoing a merger register?
No. A mandatory condition is not being in the process of consolidation, merger, or dissolution.
After membership cancellation, how long before re-registration?
02 years from voluntary membership cancellation, or 03 years from mandatory membership cancellation.
To prepare a special trading membership registration dossier in compliance with regulations, please contact ANT Legal’s lawyers for review and advice before proceeding.
