Official announcement of the Central Clearing Counterparty Mechanism Implementation Plan

(Chinhphu.vn) - The State Securities Commission has just announced the Plan to implement the Central Clearing Counterparty (CCP) Mechanism for the underlying stock market.

Central Clearing Counterparty (CCP) Implementation Plan

According to the roadmap, in the first and second quarters of 2026, the State Securities Commission will coordinate with the Vietnam Securities Depository and Clearing Corporation (VSDC) to issue a Circular replacing Circular No. 119/2020/TT-BTC dated December 31, 2020 of the Minister of Finance providing guidance on securities registration, depository, and payment activities.

From the third quarter of 2025 to the third quarter of 2026, the Department of Accounting and Auditing Supervision will coordinate with the State Securities Commission and VSDC to issue a Circular replacing Circular No. 89/2019/TT-BTC dated December 26, 2019 of the Minister of Finance guiding accounting applicable to VSDC to guide accounting for accounting operations arising when implementing the CCP mechanism.

During the period from the third quarter of 2025 to the first quarter of 2026, the State Securities Commission will coordinate with VSDC and related units to prepare for the establishment of a subsidiary of VSDC to perform the CCP function.

From 2026, VSDC will have activities to prepare for the implementation of the CCP mechanism for the basic stock market such as: Training, coaching and testing with members; reviewing and preparing technical infrastructure to ensure readiness to meet the requirements for implementing the CCP mechanism... and by the first quarter of 2027, it is expected to officially implement the CCP mechanism for the basic stock market.

At the recent workshop "Raising investor awareness towards upgrading the stock market", Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission, said that Vietnam has met most of the upgrading criteria, especially after implementing the NPF (non-pre-funding) mechanism to help foreign investors trade more flexibly. Currently, more than 50% of foreign buying orders are through NPF, showing high confidence in policy reform.

However, upgrading is just the beginning. The SSC is coordinating the implementation of the CCP (central clearing house) mechanism - a necessary step to maintain the new status. Along with that, it is necessary to develop green financial products, ESG, administrative reform and remove barriers on foreign room and complicated regulations on registered industries.

Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission (SSC), affirmed: Upgrading is not the final destination but a long-term journey, aiming to develop a transparent, modern and integrated stock market.

According to Ms. Vu Thi Chan Phuong, in recent times, the Vietnamese stock market has made great strides in terms of scale, liquidity and quality of goods. The average liquidity of the last 10 sessions has led the Southeast Asian region, becoming a positive signal for investors, especially foreign investors.

Mr. Minh

Source: https://baochinhphu.vn/chinh-thuc-cong-bo-ke-hoach-trien-khai-co-che-doi-tac-bu-tru-trung-tam-102250718093953823.htm