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Viet Nam News
HÀ NỘI — The Việt Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) has been made the exclusive financial institution to carry out settlements for derivatives trading transactions.
At the co-operation agreement signing ceremony between the bank and Việt Nam Securities Depository on Monday, Vũ Bằng, chairman of the State Securities Commission, said selecting Vietinbank as the settlement unit for the derivatives market was the right move.
Vietinbank is a large financial institution in Việt Nam, known for a broad trading network, high ratio of financial security, positive creditability and high quality of IT human resources and facilities, Bằng said.
Vietinbank’s subsidiaries such as Vietinbank Securities Company (VietinbankSc) and Vietinbank Fund Management Co Ltd will integrate deeper with the derivatives market as trading and clearing members, depending on the development progress of the market.
To further implement the strategic development plan for Việt Nam’s securities market in the 2011-20 period, the finance ministry asked the State Securities Commission, Việt Nam Securities Depository and Hà Nội Stock Exchange to develop and conduct the development plan for Việt Nam’s derivatives market.
The new market and products are expected to help Việt Nam’s securities market develop firmly, increase the scale and quality of the market, diversify products and services and gain access to international practices and standards. — VNS
