Proprietary trading activities in thien viet securities joint stock company

July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] Table of Contents Abbreviation Preamble Chapter I: Introduction about Thien Viet Securities Join stock company 1.1 History, object and values 1.1.1 History 1.1.2 Objects of TVSC 1.1.3 TVSC values: 1.2 Organizational structure 1.3 Business Operation .9 1.4 Business environment 11 1.4.1 Stock market .11 1.4.2 Competitors .13 1.4.3 Customers 13 Chapter II: Proprietary Trading Activities in TVSCC 15 2.1 Overview of Proprietary Trading 15 2.1.1 Definition of Proprietary Trading Activities .15 2.1.2 Content of Proprietary Trading Activities 15 2.1.3 The requirements for securities firms in proprietary trading activites .16 2.1.4 The evaluation criteria for proprietary trading activities 17 2.2 Proprietary Trading Activities in TVSCC 18 2.2.1 Proprietary Trading team 18 2.2.2 The process of Proprietary Trading Activities in TVSCC 18 2.2.3 The result in Proprietary Trading Activities in TVSCC 19 Chapter III: The solutions to improve the efficiency on Proprietary Trading Activities in TVSC 23 3.1 Human Resouces .23 3.1.1 Training 23 3.1.2 Recruitment 23 3.1.3 Benefits for employees .24 3.2 Capital 24 3.3 Others .24 Conclusion 25 Reference LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] Abbreviation Abbreviatio Name n BOM Board of Manager TVSC Thien Viet Security Join Stock Company WTO World Trade Organization VND Viet Nam Dong OTC Over-the-counter LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] Preamble Proprietary trading activities is one of the most important activities of a securities company It has a major influent on the formation and development of the securities market in general and the securities company in particular In Vietnam, the official stock market came into being with the establishment of the Securities Trading Center in Ho Chi Minh on July, 20 th, 2000 The market has started operations for nearly 10 years The securities companies in turn were also established to meet the needs of the market So far there have been more than 60 operating securities companies to serve the market’s demand Thien Viet Securities Joint Stock Company (TVSC) was born with the initial purposes, which are brokerage center and securities business, the company has become one of the securities companies, that a proprietary trading activities took a very high part in revenue However, while Vietnam are entering the first step on the path of integration with the world economy and especially after Vietnam officially joined the World Trade Organization (WTO), the appearance of securities companies, foreign economic organizations in Vietnam market will create a great number of opportunities and challenges for the domestic securities companies There is no exception to TVSC Therefore, TVSC must continually improve its quality, expand and develop its activities in order to stay stable and competitive in the stock market LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com [PROPRIETARY TRADING ACTIVITIES IN TVSC] July 1, 2010 Chapter I: Introduction about Thien Viet Securities Join stock company 1.1 1.1.1 History, object and values History Thien Viet Securities Joint Stock Company (from here now known as TVSCC) is a joint stock company, established on 28a December 2006, with an initial charter capital of VND 430 billion TVSC was granted a securities trade certificate by the State Securities Commission, specializing in: investment consultancy, financial advisory for business, underwriting, brokerage, proprietary trading and depositary trading From August 24th 2007, according to Articles 67/UBCK-GP TVSC intent to increase charter capital from 43 billion VND to 86 billion VND in order to meet requirement of expanding service to corporate finance advisory and equitization advisory From December 5th 2007 ,according to Articles 92/UBCK-GPĐCCTCK TVSC increased the capital from 86 billion VND to 430 billion VND TVSC strives to become the first listed security corporate in security market Enhance capital mobilization though security market Expand business by establish real estate company Intend to set up security investment fund next year Profile: Vietnamese name: CÔNG TY CỔ PHẦN CHỨNG KHOÁN THIÊN VIỆT International name: Thienviet Securities Joint Stock Company (TVSC) Headquater: 535 Kim Ma, Ngoc Khanh, Ba Dinh, Ha noi Telephone: (84.4)22203228 – Fax: (84.4)222.3227 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] E-mail: info@TVSC.vn Ho Chi Minh brand: Suit 9, Vitek Building, 63 Võ Văn Tần street, District 3, Ho Chi Minh city Telephone: (84.8)62992099 – Fax: (84.8)62992088 E-mail: infohcm@TVSC.vn 1.1.2 The objects of TVSC The company’s target is to become the leading investment banks in Vietnam, we strictly comply with the standards and international regulations, in addition meet the needs of customers is the motto of our leading TVSC always research and find optimal solutions, the most effective for their customers In addition, they pioneered the development of new products and become a leading company in Vietnam is what they aim to Economic activity in active development, they actively recruit talented people and always have excellent talent TVSC is always a choice of candidates in Vietnam 1.1.3 TVSC values: The core values that TVSC have defined are Integrity, Commitment to Excellence, Teamwork, Creativity, and Building up Valuesby hard work Integrity is the most important character for our business TVSC is committed to maintaining the highest standards of professional ethics in everything it does The company strive to deliver excellent services that are above its client’s expectations TVSC constantly studies current product and service offering to identify things that can be improved to serve its clients better At the same time, TVSC anticipates customers’ needs and respond with new products and services to meet these needs TVSC stresses on teamwork inside company Each of the team members has LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] unique perspective Since their backgrounds and skill sets compliment each other, they produce better results by working together as a team TVSC emphasizes on creativity and innovation in its work TVSC always looks for better solutions for its customers and the company doesn’t accept “No” as an answer to any problem TVSC believe that values are built upby hard work So TVSC takes things for granted The whole company work hard and work smart to accomplish its mission As it grows, these values will serve as its guidance for conducting business Its values will also set the firm apart from others, define who TVSC is and what it aspires to be 1.2 Organizational structure The below chart is to describe the organizational structure in TVSC: LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] The organizational structure in Ho Chi Minh brand is similar to the headquarter in Ha Noi a The functional departments: - Brokerage Department: this department are the representative of the company trading at the Stock Exchange; the intermediary buying and selling securities for the customers Brokerage Department is also in charge of supplying information on financial terms, securities for customers; managing and receiving orders Not only developing and improving brokerage services but also offering new products for brokerage activities are its functions as well - Investment Banking Department (abbreviation: IB) o Consulting equitization o Advisory and underwriting stocks and bonds o Consulting M&A activities o Consulting strategy for partners and other companies o Registration for public company - Principal Investment (abbreviation: PI) o Investment in not-listed and listed company o Doing proprietary trading that includes research and market analysis on the market to give recommendations and proposal for proprietary trading; building a network of potential customers; implementation of proprietary trading activities according to proposals and process of proprietary trading activities This department also aims to find new products related to proprietary trading activities b The supportive departments: - IT departments is responsible for advising, proposing and developing solutions in information technology of management, administration and business organization It is also in charge of management, coordination and operation of technology systems in TVSC and doing research, developing software that meet the requirement of the business operations in TVSC LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] - Finance department the job of accounting transactions, accounting and management of deposit accounts, securities deposited by customers; securities depository for clients and perform services for investors involved in the brokerage and securities custody - Human Resources:   Public administration: is responsible for facilities, the work of archives, store and seal management and coordinate with concerned departments held meetings, conference; Staff organization and training: to arrange the division of labor among units and departments in the company; plan staff training procedures for promoted officers Department of managing labor and wages: to advise the Director of the company in the recruitment, signing or cancel labor contracts, reward, discipline, wage 1.3 Business Operation TVSC service divided into three major areas: securities brokerage, investment banking and investment Brokerage: TVSC provides brokerage services package for individual customer groups and organizations through various forms of transactions on convenience, including: - Open accounts and transactions online at www.TVSC.vn - Communicate directly via phone: 84-4-220313 in transactions: 535 Kim Ma, Ngoc Khanh, Ba Dinh District, Hanoi • For individual customers: The company provides services and the following account: - Account transactions generally (for securities listed and unlisted) LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] - OTC accounts for customers who use the securities depository services and securities trading OTC - Co-ownership account for the couple - Account investment club for a group of individual investors - Separately managed accounts for clients with large investment capacity TVSC also offers cheaper brokerage services for independent customers - who needs only transactions and investment advisory services to support customers who need advice on investments The consultants will work with customers to understand the purpose of investment and the level of acceptable risk as well as identifying areas of investment and withdrawal strategies, and then give the suitable strategy for private customers With close cooperation with commercial banks and finance companies, TVSC can provide our customers the variety of financial solutions such as repo and pledge of shares and mortgage, loan applications before the sale of securities, loans insured 100% of the value of securities • For client organizations: The company supports customers in many professional organizations, including the discovery of investment opportunities, analyzing and evaluating investment opportunities, trading strategy, the implementation of huge trading budget and evaluation of new shares issuance and transaction with the best price Investment Banking Services (Investment Banking): With a various network of partners are organizations and individuals in the international and national; along with experts in the field of corporate finance and capital markets, TVSC provides investment banking services with international standards for corporate customers and individuals Investment banking services of TVSC include: + Consulting equitization LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] Individual investors are the main human factor participating the market They account for more than 70% of the total in the securities market Along with the strong development of the market, the number of securities accounts also rise rapidly 1.4.3.2 Asset management companies and investment fund There are now about 34 asset management companies licensed to operate in Vietnam with the total estimated capital is 5,000 billion dong 1.4.3.3 Foreign investors Vietnam securities market does not only attract the domestic investors but the foreign investors as well This is expressed by their share-holding percentage This trend has been increased dramatically since 9/2005 when the foreign investors had the right to buy at last 49% of the listed stocks of a listed company Now the foreign investors hold 49% of the shares of some securities: AGF; BMP; BT6; DMC; GMD; IFS; MCV; REE; RIC; ST8; TDH; TYA; VFI Out of more than foreign accounts, there have been famous investment funds like Dragon Capital, Vina Capital, PXP Asset Management, Indochina Capital So the foreign investments confirm that besides the short-term investment target, there are also long-term vision and their strategy when considering opportunity when investing in Vietnam securities market LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] Chapter II: Proprietary Trading Activities in TVSCC 2.1 Overview of Proprietary Trading 2.1.1 Definition of Proprietary Trading Activities Proprietary trading is the activities when transactions are made by a securities fỉrm that affect the firm’s account but not the accounts of its Proprietary Trading of the company's securities may be made on the centralized trading market (securities trading center, the securities transaction), or on the OTC market In the concentrated market, orders of the company stock was put into the system and made similar to orders of customers In OTC market, these activities can be made between companies with partners or through a network of information systems In some countries, proprietary trading is done through creating market activity (for example, in the U.S.) In this activity, securities firms act as market makers, holding a large quantity of a certain type of stock and perform a transaction with its customers to enjoy transaction cost and price differences 2.1.2 Content of Proprietary Trading Activities The aim of proprietary trading is to make profits for themselves However, to ensure stability and transparency of the market, the law requires securities companies, when doing proprietary trading, must meet some certain requirements as conditions for proprietary activities: capital and human resources Capital and human resources are the two basic conditions to carry out professional activities in the securities business To conduct proprietary trading activities, securities companies must meet a certain amount of capital as prescribed by law The provisions on capital aims to ensure that securities companies actually owned and used their capital for business Similarly, people are also decisive factors to the success of proprietary trading Stock trading is an area of land with a great dominance of human resources LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] and information Staffswho carry out the business of the company must have a certain level of expertise, ability to make decision and especially high sensitivity in the work In some countries (Thailand, USA), employees who are in charge of proprietary trading must meet a certain criteria such as long years of experience working in the field, must have a master's degree or higher and must have a certain professional certificates 2.1.3 The requirements for securities firms in proprietary trading activites a Separate management The securities company must have a separation between proprietary trading activities and brokerage This separationincludes human and business processes The securities company must have a separate team to carry out the trading The staff is completely separate from the brokerage division In some countries (eg Thailand), securities companies that make proprietary trading, have complied with the principle of demarcation clearly (Chinese Wall) The staffs of this department are not allowed to discuss or work areas of other parts In addition, the securities company must also ensure the separation of client assets with the assets of the company Priority for Customer The laws of most countries require that securities companies must comply with the principle of priority for customers when the companies perform proprietary trading activities That means the customer orders must be processed before the command of the company's business This rule ensures fairness to customers during the transaction information Because the securities companies can forecast the market action and will make the buy or sell order before their customers if there is no above requirement Stabilize market Because of characteristics of the securities market, especially emerging market LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] securities, including primarily individual and small investors with lack of professional in the investment activity, this is most easily lead to fluctuations in the market So, the big investors, professionals are needed to guide market with signals Besides the operation of securities investment fund, securities companies with expertise and large capital available through its own sales activities greatly contribute to regulate supply and demand, price stabilization both types of securities in the market 2.1.4 The evaluation criteria for proprietary trading activities Allocate capital structure This criterion aims to assess the company's capital structure, and basing on the proportion of listed shares, unlisted shares and bonds held by the company, the proprietary trader will give the conclusion that capital structure of the company's defensive, safety or risk Profit rate Profit rate criterion for assessing the growth of the company, versus the industry average speed is higher or lower Financial This criterion helps to better understand the operation of the company, the percentage of liabilities / total assets and solvency of the company The proportion of revenue from proprietary trading Criterion about the proportion in revenue from proprietary trading activities compared to other activities, which have evaluated the growth of business activities of the company itself LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] 2.2 Proprietary Trading Activities in TVSCC 2.2.1 Proprietary Trading team The leader for this team is Principle Investment Manager This person will be in charge of every activities for proprietary trading included loss and profit from this activities In this team, there is people who are responsible for supporting the team leader to make the decision and to research on listed companies, unlisted companies and bonds 2.2.2 The process of Proprietary Trading Activities in TVSCC The process of proprietary trading activities in TVSCC is divided into the following stages: Step 1: Building investment strategy During this period, the company identified in the strategy of proprietary trading Building investment strategy is active or passive investment in some industries, specific areas In this stage, proprietary trading team search about business, field, macro-economic situation to develop in the future Step 2: Exploitation and search for investment opportunities After building the investment strategy of the company, proprietary trading team will deploy themselves, search for potential business, investment opportunities in the market-determined objective Step 3: Analyze and evaluate quality investment opportunities During this period, the department dealing with analytical department in the company conducting the evaluation, assessment of quality investments This result is specific conclusions about the company should or should not invest and how much shoule be invested in Step 4: Implementation of the investment LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com [PROPRIETARY TRADING ACTIVITIES IN TVSC] July 1, 2010 After evaluating and analyzing investment opportunities, proprietary trading department will implement the trading activity: buy or sell securities The mechanism of the transaction will comply with the provisions of law and common standards in the industry Proprietary trading team will report on the quantity and price of securities purchased and held during the tracking data Step 5: Management of investment and capital return During this period, proprietary trading team will be responsible for monitoring investments and assess the implementation of the swap necessary and reasonable After the withdrawal of capital, they will review and reassess the situation and continue implementation of the new cycle 2.2.3 The result in Proprietary Trading Activities in TVSCC The revenue of TVSC Revenue from Unit: VND 2008 2009 11,569,174 18,757,647 13,062,483 84,029,484 99,445,258 123,410,194 brokerage activities Revenue from proprietary trading activities Total revenue Source: Income statement of TVSC in 2009 From the chart, we can see the total revenue increase 23,964,936, equal to 19,4% whereas the revenue from only proprietary trading activities increase 70,967,001, equal to 84,45% Because in 2009, TVSC recruited the new team leader (new PI manager) that leaded to the change in proprietary trading activities The team from this to now, concentrate more on technical analysis and based on this LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] theory, the team have given more right decision that helps increase the revenue of the company At the table below, we can see the reallocation capital structure of TVSC capital in proprietary trading Source: TVSCC – annual report With suitable policies, TVSC has increase the revenue from year to year and the proprietary trading activities has taken an very important part of business activities in TVSC (account for more than 80% in revenue) This can prove that the proprietary trading activities in TVSC perform very well in 2009, better than 2008 Besides that, other activities such as brokerage keep increasing but not too much 2.2.4 The limitations Besides the above achievements, TVSC also certain limitations: • Compared with other Securities Company, TVSC still has a small capital With a capital ratio of about 3% of the total capital of securities companies, to LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] achieve the goal of becoming one in five securities companies in Vietnam, TVSC often needs a lot of effort Besides that, proprietary trading activities needs a huge of available capital Because of charactizied of Viet Nam Stock market today, the more money you have in hand, the more opportunities for you to invest on • Currently, the staff woking in this field is limitted, only people have to be in charge of huge work It leads to the overloaded working and affects directly on the results of proprietary trading Moreover, the education backgrounds of those people are not quite good They just have three in seven stock certificates of the State Securities Commission The most important thing that the company can believe in this time is their experience and the result showing each year To make this successful operation, besides the anlysis staff with excellent experiences and quick with the fluctuation of the market, securities companies must also have a regime of decentralized management and reasonable decision-making investment, including the construction of decentralized management regimes and investment decision making In developed countries the stock market with the professional proprietary trading is very popular, because the Securities have experience and good management of such crimes, without the securities business • Area of staff work is not large, there is no separation between employees so that employees can study independently The main office is now at Kim Ma street but the PI department (who proprietary trading activites) is located in Ngo Quyen street, far from the headquarter with lack of facilities Cause of the limitations The existing limitations and the causes affecting the efficiency of securities proprietary trading derives directly from the difficulties of the company Objective reasons: - The financial  environment in Vietnam has not yet fully developed: This can be expressed through the capital mobilization channels which are still newly formed, lack of synchronization and basically, are affected by the LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] intervention of state administrative instead of market movement It has a great influence on the operation of the stock market as well as the results of the stock companies - The legal environment is still not fully completed and lack of synchronization: At this time, the advanced regulation document on securities and stock market is The securities law, which took effect since January st, 2007, but until now, the guidance documents on the implementation of this law are not completed It causes many difficulties and problems, has not protected the investors, and does not guarantee the transparency of the market - Vietnam’s stock market grows gloomy and declines in recent times: The descent of the market has caused many difficulties for stock companies in general and securities proprietary trading in particular A few companies had to reduce staff, for example, FPTS had to cut down 60% of their staff TVSC has also faced many difficulties in the downturn of the market Subjective reason - The facilities of TVSC are still limited, failing to meet the demand for the development of the market During the operation, TVSC always upgrades facilities, applies advanced technology, however, the limitation of fund, the rapid development in technology, and the increasing demand of the customers put the pressure on the the company - Lack of skilled human resources, there are little employees who have master degree or doctor degree, the number of employee who have all three practicing certificate from the State Securities Commission is still limited At present, the company are in great demand for experienced and skilled employees for enhancing the proprietary trading - The company is currently under fierce competition from other stock company, especially in recent times, there are more and more new companies, the market share requires TVSC LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] to have attractive policies as well as build more professional service systems LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com [PROPRIETARY TRADING ACTIVITIES IN TVSC] July 1, 2010 Chapter III: The solutions to improve the efficiency on Proprietary Trading Activities in TVSC Since the restriction of the company in general, and the limitations of dealing rooms in particular, I would like to offer the solutions to overcome existing limitations as well as promote the advantages and strengths of the company 3.1 Human Resouces 3.1.1 Training To increase the quantities of this team, TVSC should have some plans such as: - Invite experts from other countries to teach and train for proprietary trading team - Give chances for team members to study abroad in short-term couses about securities, finance, investment - Hold some conference, talk-show for team members learning from each other and from others outside the company 3.1.2 Recruitment Three staffs working on this activities faces the overloaded work so the company should recruit more people to help in this field and divide the jobs more details into groups: unlisted company; listed company; bonds That helps the BOM easily control the working and the result from this departments and decrease the volumn of work for each member especially the manager By this way, everybody working in PI department has time to concentrate on specific field; to improve their knowledge and to broaden their networks To solve the shortage of high quality human resources, company has options: Option 1: TVSC can search for human from fresh graduate student, enable students to practice, experience in the market by training courses offered by TVSC LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] They can be trained professionally by the company and then work for TVSC It will takes a lot of time and money but TVSC can ensure the quatification of those trainees During the training time, the company can also know clearly about each trainee and will assign suitable tasks for them Option 2: Besides, TVSC recruit qualified, ful-time staffs who has experiences in this field and immediately work for TVSC 3.1.3 Benefits for employees To avoid competition from other Securities, the company should have a reasonable salary and bonus for the staff based on their contributions that will be shown on the profit Giving commision to the trader is other ways The company can base on the gain or loss of each account and portfolio to give the percentage of that gain/loss to the traders In addition, company should take care of the spirit of the staff by holding some activities such as team building, happy family day for staffs Those activities can make the colleagues close to others and know more about each other It leads to the convenience when working together 3.2 Capital Proprietary trading activities has to face with a question: how to make the real profit greater than when the real profit equals to the profit that team gains minus the hurdle rate Because the price of capital is always high, leading to the pressure for the capital holding (here is the proprieatry trader) So the proprietary trader should increase the ratio of short-term investment and decrease the ratio of longterm investment Finally, that will lead to the balance of 3.3 Others Constantly upgrading the technical infrastructure, application of technology to keep up with the advanced technology, making our investment analysis as well as more effectively, achieve higher profits Specifically, take care of the server for easily trading, regularly updated information, more applicable analysis techniques LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] in investment analysis, companies can extract profits from business activities to ensure equipment maintenance LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] Conclusion After nearly 10 years in operation, Vietnam securities market has been developing rapidly, which proves that securities has been a effective channel of capital, and the proprietary trading activities of the securities companies plays an important role, contributing a large part to the development of the securities market Thien Viet Securities Joint Stock company has gained noticeable results, for example: the company has the largest branch network among the securities companies, the volume of accounts has risen sharply, the proprietary trading activites has continuously been increasing promptly However, TVSC also has to face with many challenges which require an effective and competitive business strategy to move farther in the securities market LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] REFERENCES Hoàng Văn Châu (2005), Làm để viết tốt luận văn khoa học, http://www.ftu.edu.vn Vũ Cao Đàm (2002), Phương pháp luận nghiên cứu khoa học, NXB Khoa học kỹ thuật, Hà Nội Vietnam financial review – Proprietary Trading in Vietnam [http://www.vfr.vn/industry-report] June 2010 Income Statemant (2009), Thien Viet Securities Joint Stock Company http://tvs.vn Website Ministry of information and communications [http://mic.gov.vn/vn/index.mic] 06 June 2010 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ... Proprietary Trading Activities in TVSCC 2.1 Overview of Proprietary Trading 2.1.1 Definition of Proprietary Trading Activities Proprietary trading is the activities when transactions are made by a securities. .. thuật, Hà Nội Vietnam financial review – Proprietary Trading in Vietnam [http://www.vfr.vn/industry-report] June 2010 Income Statemant (2009), Thien Viet Securities Joint Stock Company http://tvs.vn... luanvanchat@agmail.com July 1, 2010 [PROPRIETARY TRADING ACTIVITIES IN TVSC] 2.2 Proprietary Trading Activities in TVSCC 2.2.1 Proprietary Trading team The leader for this team is Principle Investment Manager