A screen shot of VNDirect's announcement on its website. — VNS Photo
VNDirect Securities Corporation unveiled favourable policies to customers following a trading disruption incident last week, but they are deemed insufficiently persuasive by critics.
As part of these measures, the securities firm will waive the transaction fees for underlying securities throughout April. This applies to both existing and new customers, excluding exchange fees for stock exchanges and taxes.
It also waives the interest on margin trading from March 25 until the trading system resumes. This applies to all customers with outstanding margin trading balances.
Moreover, VNDirect announces that they waive interest on debit balances and overnight position management fees for derivative securities trading from March 25 until the trading system resumes. This applies to all customers with outstanding debit balances or overnight positions.
The company will implement an interest rate of 9.3 per cent for margin trading in April. This applies to customers with margin trading balances on any day during the month. Both existing and new balances in April are included in this policy.
The customer appreciation programme for April will take effect once trading resumes for the respective services. Policies for May and June will be updated and communicated to customers as soon as possible.
Phạm Văn Hải, an investor from Hà Nội, told Vietnam News Agency that the fee-free trading policies are nothing new, as other securities companies are also racing to offer free trading.
Meanwhile, the interest waiver on margin trading and the waiver of interest on debit balances for derivative position management only apply to investors who use these services.
For retail investors who do not utilise leverage, this policy is similar to what other securities companies have already implemented, even without any incidents, Hải said.
VNDirect's system attack on March 24, disrupted services from March 25, is affecting investor transactions.
The company is now completing procedures to connect with the Hồ Chí Minh Stock Exchange (HoSE) and the Hà Nội Stock Exchange (HNX) after successful trading simulations. — VNS