HOSE Launches New Trading System with Integrated CSD Solution from CMA
May 5, 2025
Ho Chi Minh City, Vietnam – May 5, 2025
The Ho Chi Minh Stock Exchange (HOSE) has officially launched its next-generation trading platform, marking a major milestone in the modernization of Vietnam’s capital market infrastructure. A key component of this transformation is the successful deployment of a Central Securities Depository (CSD) solution delivered by CMA Small Systems AB to the Vietnam Securities Depository and Clearing Corporation (VSDC).
Vietnam’s capital market has witnessed rapid growth in recent years, with over 9.6 million investor accounts as of April 2025. The scale, complexity, and ambition of this project demanded a flexible, highly secure, and feature-rich depository platform capable of supporting high-volume, real-time operations and seamless integration with the new trading engine co-developed with the Korea Exchange (KRX).
The new CSD solution, based on CMA’s DEPO/X platform, is now fully operational at VSDC. It covers a comprehensive range of post-trade functionalities including dematerialization, real-time settlement, corporate actions processing, registry services, and support for T+0 settlement cycles. The system is fully compliant with ISO 20022 messaging standards and includes a dedicated Securities Lending and Borrowing (SLB) module, expanding market liquidity and enhancing risk management.
“Vietnam’s capital market required a solution that could meet both current demands and future ambitions,” said Bulat Nizamov, Director of Capital Markets Products at CMA. “With DEPO/X, we delivered a system tailored to the local context while fully aligned with international best practices. The inclusion of advanced modules like SLB and T+0 settlement makes it one of the most forward-looking CSD implementations in the region.”
“This achievement highlights our ability to deliver mission-critical financial infrastructure for complex and rapidly developing markets,” said Maxim Neshcheret, Regional Director for Asia-Pacific and Central Asia at CMA. “It further validates the strength, flexibility, and maturity of our DEPO/X solution and reconfirms CMA’s position alongside major providers of exchange-integrated CSD platforms such as Nasdaq and Tata Consultancy Services (TCS).”
With over 25 national CSD installations worldwide, CMA is one of the most trusted global providers of depository and registry solutions for stock exchanges, central banks, and financial market infrastructures—especially in high-growth and emerging markets.
The successful launch reflects strong cooperation between HOSE, VSDC, domestic stakeholders, and international partners. It reinforces Vietnam’s readiness for broader market participation, regional integration, and sustainable capital market development.
