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Why does a VN30 Index futures contract have a due date? When is it mature?

Unlike stocks, each index futures contract has an expiration date on which the contract will stop being traded and converted into cash. At the same time, on that date, all open positions of mature contract will be closed at the end of the due date and any profit/loss will be credited into their account in the next working day. However, when the contract expires, the final settlement price (calculated based on the price of the underlying asset at the expiration date) will be used to calculate the end-of-maturity profit/loss (instead of using settlement price at the end of the day). This makes the underlying asset's price movement affect the price movement of the futures contract.

The maturity date of the VN30 Index futures contracts is set on the third Thursday in the month of maturity. Four futures contracts are available for trading at any time, with the respectively due dates set for the current month, next month, and the last month of the latest two quarters.

For example, Customer Nguyen Van A has a buying position for one VN30F1903 contract, which is due on March 21, 2019. On this day, he can continue to hold his buying position. If he does not close the position, the contract is deemed to be closed at the end of March 21, 2019. And, he will no longer hold the position of VN30F1903 contracts from March 22, 2019.

How will the settlement price be calculated if I do not close the position on the maturity date?

On the maturity date of the contract, if you do not close the position, your contract will automatically be settled based on the closing price of the underlying VN30-Index.

For example, Contract VN30F1806 is due on June 21, 2018. You place an order to buy this contract at 957.

  • Closing price of Contract VN30F1806 is 954
  • VN30-Index closes the ATC session at 955.75 on June 21, 2018.

If you place a selling order at the ATC price, your contract will be settled profit/loss at 954

If you do not close the position, the contract will be settled profit/loss according to the VN30-Index at 955.75.

Why is the VN30-Index futures contract price different from the current VN30-Index?

According to Decision No. 61/QD-VSD dated May 16, 2022 of the General Director of Vietnam Securities Depository and Clearing Corporation (VSDC), promulgating the Regulation on clearing and payment of the derivative securities transactions will take effect from June 1, 2022. The method for calculating the final settlement price of the VN30-Index futures contract was changed as follows:

1. Change the method for calculating the final settlement price (FSP) of the VN30-Index futures contract from "is the closing value of the underlying index at the last trading day" to "is the mean of the index for the last 30 minutes of the last trading day (including 15 minutes of continuous trading and 15 minutes of closing trading), after excluding the three highest and three lowest index values of the continuous matching session".

2. Exclude the put-through transaction price when calculating the required margin level and margin asset utilization ratio in the trading session as well as when calculating the daily settlement price according to the weighted average method (in case of no closing price).

What fees do I have to pay when I trade derivatives?

When you trade derivatives, you will have to pay the following fees:

  • Fee for securities company: This fee is paid to the securities company where you open your account and trade derivatives. This is applied to both buying position and selling position.
  • Fee for the Hanoi Stock Exchange: Complied with regulatory fees at the Hanoi Stock Exchange (HNX)
  • Position management fee (overnight) and margin asset management fee for the Vietnam Securities Depository: Complied with regulatory fees at Vietnam Securities Depository and Clearing Corporation (VSDC)
  • Tax: Applied tax regulations on derivative products
  • Other fees.

To learn about the Service Tariff, please click here.

What are pros and cons of derivative trading?



Hedge: The investor can reduce the likelihood of risk of price volatility of an asset by trading futures contracts.

High and quick price volatility as a result of high leverage ratio. When the price of a futures contract moves in a way that brings a profit to the investor, he/she will get a huge profit on initial margin value. Otherwise, when the price goes in a way that is not good for the investor, he/she will get a huge loss on initial margin value in a very short time.

Speculation: The investor can seek a bigger profit from a small margin investment.

- When the margin value is lower than the allowable level (maintenance margin), the investor has to quickly add to their margin. Otherwise, he/she is forced to sell a part/entirety of his/her positions to bring his/her account to a safe level.

Arbitrage: The price of futures contracts and the price of underlying assets of contracts hereof usually move in tune but they sometimes differ and the investor can take an arbitrage from differing prices of the same asset without having to spend any money on investment.


Unlimited number of futures contracts: Unlike stocks or bonds, futures contracts have no issuers. The number of outstanding contracts depends on investors’ demand.


- The investor can experience some thrilling features like short sale, T+0 trading (buying/selling within the day), and intraday profit/loss


- The investor only need to place a part of investment money (margin) for a futures contract. This is the leverage advantage of a futures contract.