HOSE launches next-gen trading platform
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 ABto 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.
About CMA Small Systems
CMA is a leading provider of payments and financial infrastructure solutions. Headquartered in Stockholm and rooted in the Swedish values of sustainability and excellence, CMA has completed more than 500 projects for financial institutions and infrastructure operators worldwide. Our experience encompasses the delivery of instant payment systems (IPS), RTGS and ACH infrastructure, as well as transaction management and payment hub solutions for commercial banks and corporate treasuries. We also provide trading (ETP) and post-trade systems (CSD, CS, DR) for central banks, depositories and exchanges. Our customers include 1,500+ commercial banks, 55 central banks and instant payment schemes in 12 countries around the world.
Our clients benefit from CMA’s commitment to innovation, reliability, and client-centricity, including the tailored approach we take in addressing the unique needs of each market, the use of global standards like ISO 20022 and advances in AI and machine learning.
CMA employs more than 240 staff across Europe, the Middle East, Africa, Asia and Latin America. Our mission is to modernise the world’s payments and financial infrastructure, increasing efficiency, stability and opportunity for all.
Learn more at: www.cma.se
