Thursday, October 27 2016


SSI to expand into derivatives

Update: April, 26/2016 - 10:52
SSI's new business will cover derivative securities brokerage, proprietary trading, consultancy as well as clearing and settlement service. — Photo

Viet Nam News -HCM CITY — Shareholders of Saigon Securities Inc yesterday approved the company’s expansion into derivatives trading, which has yet to begin in Việt Nam, however.

A circular issued by the Ministry of Finance in January stipulates that a securities company must obtain approval from its shareholders to begin derivative trading.

SSI derivative trading will cover broking, proprietary trading, consultancy and clearance and settlement services.

The company will also issue covered warrants once legal regulations are in place.

The shareholders’ meeting where approval for derivatives trading was obtained also agreed on a revenue target of VNĐ1.43 trillion (US$64 million) this year and pre-tax profit of VNĐ950 billion.

Last year they were respectively VNĐ1.33 trillion and VNĐ1.06 trillion.

The company had the highest market share on both the HCM City and Hà Nội exchanges with a combined 12.13 per cent.

Company chairman Nguyễn Duy Hưng highlighted the success of its investment banking services, with its clients including property developer Novaland, which raised VNĐ1 trillion in the stock market, Digiworld (VNĐ250 billion) and Quảng Ngãi Sugar Company, which sold almost VNĐ300 billion worth of stakes to foreign investors.

Its investment banking services fetched revenues of VNĐ57 billion, up 125 per cent from 2014.

Its SSI Asset Management Company was the first domestic fund to raise money from European institutional investors, using the undisclosed sum to establish the Andbank Investment SIF – Vietnam Value and Income Portfolio.

It also raised $32 million in co-operation with Japanese partner Daiwa Securities Company for the DAIWA-SSIAM Vietnam Growth Fund II LP, which focuses on private companies operating in the agriculture, aquaculture and consumer goods sectors. — VNS


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