As a further win for its exchange technology offering, Patsystems is pleased to announce that it has been selected as the key technology provider for the newly established Vietnam Commodity Exchange (VNE).
VNE was officially introduced at a ceremony in Ho Chi Minh City on 20th October by the SME Securities Joint Stock Co (SMES) and by Trieu Phong Gold International Joint Stock Co (TPG). VNE will initially trade in Steel, Rubber, and Coffee – some of Vietnam’s biggest exports. It will also provide an additional financial tool for producers and traders to protect themselves against price fluctuation risks.
VNE will utilize Patsystems’ complete exchange solution when it launches early next year. This will include Patsystems’ trade matching engine, clearing and settlement platform, pre-trade risk management module and the front-end execution platform. Patsystems’ exchange solution will facilitate the integration of electronic trading between domestic producers and traders, and provide access to international customers interested in Vietnam’s commodity markets.
Nguyen Duy Phuong, Vietnam Commodity Exchange CEO, said: “The launch of the Vietnam Commodity Exchange is an important milestone for Vietnam as it provides a new investment channel in Vietnam's commodity markets. We anticipate a successful launch next year as we are well capitalized, have the support of our founding members and have a sound technology partner in Patsystems.”
Barry White, Patsystems Regional Director of Asia Pacific, said: “Patsystems is extremely pleased to be chosen as the technology provider for the VNE. We have seen a great deal of growth in Vietnam in recent times and see the country becoming a key part of Asia’s continued growth. Patsystems’ scalable technology – from easily deployable front-ends to open interfaces on the back-end – will allow for seamless access to the exchange. We look forward to working with VNE to build their liquidity.”