Ha Noi (VNA) – A regulation requiring stock brokerages to hold investor funds in commercial bank accounts takes effect next month, setting up a scramble among securities companies to establish data and information sharing with banks.
Nguyen Ngoc Tuoi, general director of Da Nang Securities Company, said the regulation was a good idea as most securities companies lacked staff and internal controls to manage large pools of investor funds, and most companies already have established cooperative relationship with banks. Coordination of information systems and data sharing between banks and securities companies was the most problematic factor, Tuoi said.
Tuoi said his company planned to establish relationships with two banks, the Bank for Investment and Development of Viet Nam and Asian Commercial Bank.
Dinh Kim Quoc Thai, director of Eximbank’s centre for development and maintenance of information technology products and services, said that banks needed to work to establish interconnectivity, allowing a brokerage to choose any commercial bank and enjoy information access.
Vo Tan Long, deputy general director of IBM Viet Nam, agreed that information technology infrastructures of securities companies and banks were not yet synchronised and lacked interconnectivity.
Banking and securities experts needed to cooperate on setting up suitable software solutions, Long said.
Nguyen Ho Nam, general director of Sacombank Securities Co., agreed that the IT infrastructure of the banks and securities companies did not yet meet the needs of investors.-Enditem
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