09/10/2025 - 01:58
DERIVATIVES TRADING TERMS AND CONDITIONS
(Effective from October 10, 2025)
YSVN sincerely informs the valued Clients of Derivatives Trading Terms and Conditions for the VN30 and VN100 Index Futures Contracts as follows:
1. Initial Margin (IM)
a.The value of the Initial Margin is determined by the formula:
IM = IM Ratio × Number of Contracts × Settlement Price × Contract Multiplier
In which:
- Contract Multiplier = VND 100,000
- Settlement Price refers to the latest matched price at the time of IM calculation if during the trading session, or the end-of-day settlement price if calculated after the market closes.
b. Initial Margin Ratio (IM – Initial Margin):
For VN30 and VN100 Index Futures Contracts traded at YSVN, the Initial Margin Ratio is 17% (seventeen percent) of the total value of the futures contracts the Client intends to open (a) position (s).
YSVN will deposit the required margin to the VSDC on behalf of the Client at the beginning of the next trading day.
2. Variation Margin (VM)
VM refers to the loss value of positions that have been opened or are currently open during the day. If the Client’s derivatives trading account portfolio incurs a loss, the variation margin amount will be included in the Margin Requirement.
VM is determined based on the profit and loss amount of the positions opened in the Clients’ Derivatives Trading Account during the trading session and the difference between:
- Trading price updated during the trading session, with the settlement price at the end of the previous trading day of the position that has been held in the Derivatives Trading Account from the close of the previous trading day, or with the settlement price for opening the position that has been opened on the same day (for existing positions on the Derivatives Trading Account); or
- Settlement price for closing the position against the settlement price at the close of the previous trading day of the position that has been held on the Derivatives Trading Account from the close of the previous trading day, or with the settlement price for opening the position that has been opened on the same day (for position closed within such day).
3. Delivery Margin (DM)
The Delivery Margin (DM) refers to the amount required to secure the performance of obligations for Government Bond Futures Contracts.
4. Margin Requirement (MR)
Margin Requirement (MR) = Initial Margin (IM) + Variation Margin (VM) + Delivery Margin (DM).
The Margin Requirement must comply with Section 7 of this Derivatives Trading Terms and Conditions.
5. Cash Margin Ratio: 100%
6. Trading Account Usage Ratio (Account Ratio) and Warning Thresholds
a. Trading Account Usage Ratio (or Account Ratio) is the ratio between the Margin Requirement and the valid Total Margin Net Asset Value (NAV).
Whereas:
- Margin Requirement (MR) = IM + VM + DM
- Valid Total Margin NAV = Cash Margin + Valid Securities Margin Value at VSDC + Deposits at YSVN – Payment Obligations
b. Warning Thresholds for Account Ratio:
No | Warning Threshold | Account Ratio |
1 | Warning Threshold Level 1 (Safety threshold) | 80% |
2 | Warning Threshold Level 2 (Additional call margin threshold) | 90% |
3 | Warning Threshold Level 3 (Settlement threshold) | 95% |
7. Operational Principles of Derivatives Trading Account with Warning Thresholds
a. The Client may only open additional positions if before and after opening such positions, the Trading Account Usage Ratio (Account Ratio) does not exceed Warning Threshold Level 1.
b. The Client may only withdraw margin assets (cash or securities) if before and after such withdrawal, the Account Ratio does not exceed Warning Threshold Level 1.
c. When the Account Ratio reaches Warning Threshold Level 2:
- During the trading session (T0 day): YSVN will not issue a notice, the Client must proactively monitor their ratio and may close a part of their positions or deposit additional funds to avoid the compulsory position closed by YSVN (where the Account Ratio reaches Warning Threshold Level 3).
- At the close of trading session: YSVN will send a notice at the end of T0 day requesting the Client to deposit additional funds or reduce positions before the start of the next trading day (T1 day). If the Client fails to fulfill their obligations within the time requested, and the Account Ratio remains above Warning Threshold Level 2, YSVN will settle the account (by transferring funds between the Derivatives Trading Account and the Derivatives Margin Account and/or closing positions) to maitain the ratio below Warning Threshold Level 1.
d. When the Account Ratio reaches Warning Threshold Level 3:
YSVN shall immediately settle the account (transferring funds between the Derivatives Trading Account and the Derivatives Margin Account and/or closing positions) to maitain the ratio below Warning Threshold Level 1.
8. Position Limits
- Individual Clients: 4,500 contracts
- Institutional Clients: 9,000 contracts
- Professional Investors: 18,000 contracts
9. Margin Obligations
a. Client’s Margin Obligations
The Client must fully deposit the Initial Margin for all intended positions before executing any transaction, except for offsetting trades. YSVN may take measures including closing positions or temporarily advancing margin payments in accordance with YSVN and VSDC regulations.
“Temporary Margin Advance” refers to a short-term advance made to fulfill the Clearing Member’s obligation as required by law, whereby YSVN uses its own funds to deposit margin with VSDC on behalf of the Client when the Client’s account balance is insufficient. The advance is executed under YSVN’s internal procedures to ensure timely compliance with VSDC’s margin requirements. The advance value is determined and approved in accordance with the principles of Margin Obligation management.
Once incurred, the advance value shall constitute the Customer’s Payment Obligation to YSVN, and YSVN shall manage and take all lawful measures to fully recover this amount in accordance with the principles of Payment Obligation management.
b. Margin Obligations as Required by VSDC
- At 4:30 PM on T0 day, VSDC determines the required margin for each investor’s margin account and notifies YSVN.
- Then, YSVN will notify the Client to make additional margin deposits as required.
- Before 8:30 AM on T+1 day, Clients must deposit additional margin according to YSVN’s notice.
- At 8:30 AM on T+1 day, YSVN deposits the required margin to VSDC.
All transaction-related fees shall be borne by the Client according to YSVN’s applicable fee schedule.
10. Payment Obligations
YSVN shall collect the Client’s payment obligations by deducting the corresponding amount from the cash balance in the Client’s Derivatives Trading Account.
An overdraft will occur in the Client’s Derivatives Trading Account if there are insufficient funds to fulfill the Payment obligations. Therefore, Clients are advised not to transfer all cash to the Derivatives Margin Account at VSDC, but to retain a portion in their Derivatives Trading Account at YSVN for payment purposes. If an overdraft arises, the Client must settle it on the next business day following the day YSVN records the overdraft in the Client’s Derivatives Trading Account. If the Client’s account still lacks sufficient funds by the next business day, YSVN will withdraw funds from the Client’s Derivatives Margin Account at VSDC to fulfill the payment obligations; If the VSDC margin account is insufficient for withdrawal, the Client must deposit the required amount before 8:00 AM on T+1 day. From 8:00 AM on T+1 day onward, if the Client still fails to make full payment, YSVN shall close positions and/or take any other necessary measures as stipulated in the Contract and applicable laws to settle the overdraft.
At the end of the day, YSVN shall notify the Client of the result of position closing or sale of pledged securities (if applicable) used to fulfill the payment obligations.
11. Derivatives Trading Fees
Please refer to the latest Service Fee Schedule available at the following link:
https://support.yuanta.com.vn/support/bieu-phi-va-lai-suat/bieu-phi-dich-vu/
Note: The total number of contracts is calculated based on the number of contracts traded within one trading day.
12. Derivatives Trading Tax
Effective from August 10, 2017, transactions in futures contracts on the derivatives market are subject to: Personal Income Tax (PIT) for individual investors, and Corporate Income Tax (CIT) for foreign institutional investors, at a rate of 0.1%.
PIT Formula: PIT = Transfer price per transaction × 0.1%, therein:
Transfer price per transaction = (Settlement price for the Futures Contract × Contract Multiplier × Quantity of Contracts × IM Ratio) / 2
- IM Ratio: 17%
- Contract Multiplier: VND 100,000
Example:
- Investor A buys one VN30F1901 futures contract at 850 points.
- PTI payable = 850 × 100,000 × 1 × 17% / 2 × 0.1% = VND 7,225
Note: On the contract’s maturity date, PIT is calculated based on the remaining open positions of that expiring contract:
Total PIT on maturity date = PIT (*) + PIT (Expiring Contract), where
PIT (Expiring Contract) = Taxable Value (Expiring Contract) × 0.1%
Taxable Value (Expiring Contract) = (Final Settlement Price × Remaining Open Positions × IM Ratio) / 2
Example:
On the maturity date of VN30F1901, Investor A still holds 2 futures contracts, with a Final Settlement Price of VND 90,000,000. Thus:
PIT (Expiring Contract) = 90,000,000 × 2 × 17% / 2 × 0.1% = VND 15,300
PIT (*) = VND 7,225
→ Total PIT on maturity date = 7,225 + 15,300 = 22,525 VND
Derivatives Trading Terms and Conditions at YSVN shall be published publicly at the
information portal and may be amended and supplemented from time to time at the decision of
YSVN and in consistent with the relevant laws.