--- title: Order matching, liquidity and tick size in stock trading description: Analyze price-time priority rules, standard tick size tiers on HOSE and HNX, and how to evaluate order book market depth and liquidity conditions. url: https://ginity.vn/en/blog/matching-liquidity-and-tick-size canonical: https://ginity.vn/en/blog/matching-liquidity-and-tick-size markdown: https://ginity.vn/en/blog/matching-liquidity-and-tick-size.md language: en datePublished: 2026-10-26T00:00:00+07:00 dateModified: 2026-10-26T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: learn name: Learn investing url: https://ginity.vn/en/learn tickers: - HPG - VNM sources: - name: Ho Chi Minh City Stock Exchange url: https://www.hsx.vn/vi/tin-tuc/cong-bo-thong-tin title: Information disclosure portal and trading regulations - name: Hanoi Stock Exchange url: https://hnx.vn/vi-vn/van-ban-phap-ly.html title: Legal documents and securities trading regulations - name: Vietnam Exchange url: https://vnx.vn/vi/van-ban-phap-ly/6 title: Regulations on listing and securities trading - name: Vietnam Securities Depository and Clearing Corporation url: https://vsdc.vn/vi/lel/6 title: Operational regulations on securities registration and transfer - name: State Securities Commission url: https://congbothongtin.ssc.gov.vn/ title: Public company information disclosure portal publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # Order matching, liquidity and tick size in stock trading > Analyze price-time priority rules, standard tick size tiers on HOSE and HNX, and how to evaluate order book market depth and liquidity conditions. Gini · Learn investing · 2026-10-26 · https://ginity.vn/en/blog/matching-liquidity-and-tick-size _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Matching engines enforce 2 absolute priority rules: price priority first, followed strictly by time priority of order entry. - HOSE organizes 3 tick size tiers: 10 VND below 10,000, 50 VND from 10,000 to 49,950, and 100 VND at or above 50,000. - HNX and UPCoM apply 1 single uniform tick size of 100 VND across all equity quotation levels. - Trading lots distinguish between standard board lots of 100 shares and odd lots ranging from 1 to 99 shares. ## Order matching principles and tick size structure Following the session schedule and order types examined in our [lesson on order types and trading sessions](/en/blog/order-types-and-trading-sessions), the third lesson in our [market basics track](/en/learn/market-basics) explains matching engine mechanics and quotation increments. In Vietnamese securities trading in 2026, [continuous matching](/en/glossary/continuous-matching) relies on 2 fundamental matching priorities: First, price priority governs matching sequence: Buy orders priced higher receive execution priority over lower bids; sell orders priced lower receive execution priority over higher offers. Second, time priority resolves equal prices: When multiple buy or sell orders carry identical price levels, instructions entered earlier into the matching engine execute first. According to Decision 22/QD-HDTV issued on 16/03/2026 by Vietnam Exchange (VNX), the tick size represents the minimum price interval between two allowable quotation steps. The tick size structure on HOSE in 2026 is categorized into 3 market price tiers: - Quotations under 10,000 VND: carry a 10 VND tick size (such as 9,800 VND, 9,810 VND, 9,820 VND). - Quotations from 10,000 VND to 49,950 VND: carry a 50 VND tick size (such as 20,950 VND, 21,000 VND, 21,050 VND). - Quotations at or above 50,000 VND: carry a 100 VND tick size (such as 57,500 VND, 57,600 VND, 57,700 VND). Conversely, according to trading regulations enforced on HNX and UPCoM throughout 2026, the equity tick size remains fixed at 100 VND across all share price brackets without tier segmentation. See the full text at [Hanoi Stock Exchange](https://hnx.vn/vi-vn/van-ban-phap-ly.html). Regarding order lot requirements, Vietnamese regulations enforce a clear divide between standard [board lot](/en/glossary/board-lot) quantities of 100 shares and [odd lot](/en/glossary/odd-lot) sizes spanning 1 to 99 shares. Dedicated electronic odd-lot matching facilities allow market participants to trade fractional holdings directly via matching screens rather than surrendering shares back to brokerages. See the full text at [Ho Chi Minh City Stock Exchange](https://www.hsx.vn/vi/tin-tuc/cong-bo-thong-tin). The table below outlines tick size tiers and lot requirements across the 3 trading venues in 2026: | Trading Venue | Equity Tick Size Rules by Price Tier | Board Lot Size | Odd Lot Size | Matching Engine Priority | | --- | --- | --- | --- | --- | | HOSE | 10 VND (<10,000), 50 VND (10,000–49,950), 100 VND (≥50,000) | 100 shares | 1–99 shares | Price priority first, then time priority | | HNX | 100 VND uniform across all prices | 100 shares | 1–99 shares | Price priority first, then time priority | | UPCoM | 100 VND uniform across all prices | 100 shares | 1–99 shares | Price priority first, then time priority | Source: Ho Chi Minh City Stock Exchange, 23/10/2026. ## Order book depth and liquidity measurement The term [market liquidity](/en/glossary/liquidity) describes the speed and ease with which an equity position can convert into cash without causing significant price distortion. On live quotation monitors, liquidity is displayed through the [order book](/en/glossary/order-book), which presents the top 3 best bids (Bid 1, Bid 2, Bid 3 alongside corresponding volumes) and the top 3 best offers (Ask 1, Ask 2, Ask 3 alongside corresponding volumes). An equity exhibiting deep liquidity displays 2 distinct market characteristics: 1. A narrow bid-ask spread, typically spanning only 1 single minimum tick size increment. 2. Heavy pending share volume stacked at each price step, capable of absorbing large blocks without inducing price slippage. The following worked records reflect real tick size and liquidity metrics recorded on 23/10/2026: Example 1 with Hoa Phat Group (HPG) on HOSE on 23/10/2026: According to official HOSE market records, HPG settled on 22/10/2026 at a closing price of 21,250 VND. Entering trading on 23/10/2026, the market price of HPG traded within the 10,000 to 49,950 VND bracket, establishing a required tick size of 50 VND. In the 23/10/2026 session, HPG opened at 21,200 VND, touched an intraday high price of 21,250 VND, reached a low price of 20,950 VND, and finished at a closing price of 20,950 VND. Total [trading volume](/en/glossary/trading-volume) on 23/10/2026 reached 12,949,000 shares, generating turnover exceeding 270 billion VND. Reflecting dense market depth in the 23/10/2026 session, the best bid price of 20,950 VND and best ask price of 21,000 VND differed by exactly 50 VND, representing a tight bid-ask spread of just 0.24% of share value. See the full text at [Ho Chi Minh City Stock Exchange](https://www.hsx.vn/vi/tin-tuc/cong-bo-thong-tin). Example 2 with Vinamilk (VNM) on HOSE on 23/10/2026: According to published HOSE trading records, VNM traded across a session price range between 57,500 VND and 58,100 VND before concluding at a closing price of 57,600 VND. Because the market price of VNM traded above 50,000 VND in the 23/10/2026 session, the exchange enforced a 100 VND tick size. The pending order book queues on 23/10/2026 were organized across 57,500 VND, 57,600 VND, and 57,700 VND tiers. Total matched volume on 23/10/2026 reached 1,793,700 shares, with aggregate turnover surpassing 103 billion VND. See the full text at [Ho Chi Minh City Stock Exchange](https://www.hsx.vn/vi/tin-tuc/cong-bo-thong-tin). ## Common misconceptions regarding tick sizes and liquidity According to market surveillance audits conducted in 2026, market participants frequently encounter 4 operational errors: First, according to exchange error reports, submitting invalid tick increments leads to immediate rejection by trading gateways. On HOSE in 2026, entering a buy order for VNM at a price of 57,650 VND encounters automated rejection, because equities trading above 50,000 VND must conform to 100 VND tick intervals (accepting only 57,600 VND or 57,700 VND). Second, according to brokerage operational data, combining fractional odd lots into standard board lot order entries generates processing failures. Exchange gateways maintain separate routing pipelines for board lots (multiples of 100 shares) and odd lots (1 to 99 shares). If a trader submits an order ticket for 150 shares in 2026, the trading gateway rejects the entry. Traders must split the submission into 1 board lot order of 100 shares and 1 odd lot order of 50 shares. Third, according to liquidity research studies, equating large gross daily volume with intraday order book depth is a frequent misconception. A stock may log total daily volume of 5,000,000 shares, but if the majority executed via 1 single negotiated block trade, the electronic central limit order book may remain sparsely populated. Submitting aggressive market orders into thin books triggers immediate slippage across 3 to 4 tick levels. Fourth, according to trading cost calculations, neglecting bid-ask spread friction in illiquid equities causes substantial drag. For illiquid shares in 2026 trading at a price of 30,000 VND where the best bid sits at 29,000 VND and the best ask at 31,000 VND, the spread penalty reaches 2,000 VND, or 6.67% of market price. Transacting immediately into wide spreads imposes substantial friction before brokerage commissions and statutory taxes are even assessed. ## Where to inspect order depth and trade prints According to exchange supervisory instructions in 2026, market participants can independently verify order book depth and volume distributions through official portals: - According to official regulatory procedures, on the HOSE Market Data Portal: open the [HOSE Information Disclosure](https://www.hsx.vn/vi/tin-tuc/cong-bo-thong-tin) page and review the trade summary tab to inspect volume executed across individual tick levels and examine foreign ownership ratios. - HNX Legal Repository: access [HNX Legal Documents](https://hnx.vn/vi-vn/van-ban-phap-ly.html) and open the "Regulations" tab to examine official documents defining the uniform 100 VND tick size and continuous order matching algorithms enforced throughout 2026. - VNX Master Regulatory Portal: visit [VNX Regulations](https://vnx.vn/vi/van-ban-phap-ly/6) to locate Decision 22/QD-HDTV, which details standard 3-tier tick size structures and lot rules applied nationwide. - VSDC Operational Clearing Portal: navigate to [VSDC Regulations](https://vsdc.vn/vi/lel/6) to verify Decision 07/QD-HDTV dated 03/02/2026 on settlement procedures governing ownership transfers for both board lot and odd lot transactions. - SSC Corporate Disclosure System: inspect the [SSC Disclosure Portal](https://congbothongtin.ssc.gov.vn/) to review free-float distributions and public share capital registrations. - Ginity Market Terminal: access our [analytical tools](/en/tools) to monitor real-time order book depth distributions and assess 20-session average liquidity before entering trades. ## Sources - Ho Chi Minh City Stock Exchange: [Information disclosure portal and trading regulations](https://www.hsx.vn/vi/tin-tuc/cong-bo-thong-tin) (16/3/2026) - Hanoi Stock Exchange: [Legal documents and securities trading regulations](https://hnx.vn/vi-vn/van-ban-phap-ly.html) (16/3/2026) - Vietnam Exchange: [Regulations on listing and securities trading](https://vnx.vn/vi/van-ban-phap-ly/6) (16/3/2026) - Vietnam Securities Depository and Clearing Corporation: [Operational regulations on securities registration and transfer](https://vsdc.vn/vi/lel/6) (3/2/2026) - State Securities Commission: [Public company information disclosure portal](https://congbothongtin.ssc.gov.vn/) (23/10/2026) --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._