GMEX teams with FPT to launch first real-time clearing house in Vietnam
GMEX Group has partnered with Hanoi-based FPT Information System to launch the first derivatives market and “fully integrated” clearing house in Vietnam. The target go-live date is Q4 2016.
Both companies will provide the technology, while the Ministry of Finance (MOF) has entrusted the Hanoi Stock Exchange (HNX) and the Vietnam Securities Depository (VSD) to operate the derivative market’s transaction activities.
GMEX’s IT arm, GMEX Tech and FPT will jointly manage the project to provide a multi-asset, multi-language exchange trading system suite and market surveillance solution to HNX.
The project will deliver a real-time clearing system to VSD, which will operate the clearing house.
GMEX says the derivatives market is an “important step in creating qualitative change for the Vietnamese securities market after a long era of quantitative development”.
Market participants will include settlement banks, intermediaries and investors from both enterprises and investment funds.
We can work it out
GMEX has done a variety of work in the emerging markets.
In 2014, ALTX Africa Group launched a new Ugandan securities and derivatives market with technology from GMEX Tech.
While last year, GMEX partnered with the Central Asian Stock Exchange (CASE) in Tajikistan to improve the region’s financial services sector.
As for FPT, it is a large domestic IT firm that works across multiple industries, including banking technology.
It offers its own software products – such as the Smartbank core system – as well as third party ones, including Temenos’ T24 and Oracle FSS’s Flexcube.
Amongst its recent banking tech projects is an IT overhaul at the Central Bank of Vietnam (with the implementation of T24 at the heart of it) and the implementation of Misys’ FusionCapital software at Techcombank.