HNX Q3/2026 Brokerage Market Share: SSI Climbs as Liquidity Falls 24%
This Aveluro analysis covers SSI on HOSE in the Financial Services sector. The classified event type is sector sentiment, with negative sentiment and a deterministic market-impact score of 4.0/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from Vietstock - Cổ phiếu, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
HNX published its Q3/2026 brokerage market share rankings for the listed and UPCoM markets, showing a broad reshuffle among securities firms. SSI (HOSE) moved up two places to second on UPCoM with share rising to 7.7%, and gained one rank on the HNX listed board. The changes unfolded as average daily trading value on the HNX listed market fell roughly 24% quarter-on-quarter to VND 892 billion per session.
Key Facts
- HNX listed market average daily trading value: VND 892 billion per session in Q3/2026, down about 24% from nearly VND 1.2 trillion in Q2/2026.
- VPS held first place on the HNX listed market with share rising from 17.71% to 18.15%; on UPCoM it led at 14.24%, down from 16.71%.
- SSI rose two places to second on UPCoM, with share up from 6.83% to 7.7%; it also gained one rank on the HNX listed market.
- VPBankS fell three places to sixth on the HNX listed market, with share dropping from 6.71% to 3.51%.
- BSC, Vietcap and VIX exited the HNX listed top 10, replaced by BVSC (7th), FPTS (9th) and SHS (10th).
- On UPCoM, VPBankS, BSC and HSC left the top 10, replaced by Kafi (6th), ABS (8th) and SHS (10th).
- Combined top-10 share on the HNX listed market fell from 63.2% to 61.74%; on UPCoM it fell from 62.83% to 59.11%.
What Happened
HNX released its quarterly ranking of the top 10 brokerage firms by equity market share on the HNX listed market and the UPCoM market for Q3/2026, according to the exchange’s published data. On the listed market, VPS kept first place with share rising to 18.15% from 17.71%, and TCBS held second with share up to 9.96% from 9%. DNSE retained eighth place with share rising to 3.03% from 2.88%. The rest of the table shifted: VPBankS dropped three places to sixth as its share fell to 3.51% from 6.71%, while SSI, VNDIRECT and MBS each moved up one rank. BSC, Vietcap and VIX left the top 10, replaced by BVSC at seventh, FPTS at ninth and SHS at tenth.
On UPCoM, VPS again led with 14.24% share, down from 16.71% the previous quarter. SSI climbed two places to second with share rising to 7.7% from 6.83%, and VNDIRECT also rose two places to fifth as its share improved to 4.66% from 4.25%. Vietcap, MBS and FPTS each fell in the rankings. VPBankS, BSC and HSC exited the UPCoM top 10, replaced by Kafi at sixth, ABS at eighth and SHS at tenth. The article attributes the reshuffle to weaker market liquidity, citing VietstockFinance data.
Market Context
SSI closed at VND 19,050 on 8 October 2026 on HOSE, while MBS closed at VND 14,700, VIX at VND 11,300 and VND at VND 13,100. The quarter’s defining feature was falling turnover: HNX listed average daily value dropped to VND 892 billion from nearly VND 1.2 trillion, and the combined share of the top 10 firms narrowed on both boards, from 63.2% to 61.74% on the listed market and from 62.83% to 59.11% on UPCoM. That pattern is consistent with a thinner tape in which smaller brokers can pick up share as larger incumbents’ volumes compress.
Strategic Significance
For SSI, the quarter’s gains on both HNX boards reinforce its position as a top-tier intermediary at a time when overall industry revenue pools are shrinking with liquidity. The exit of BSC, Vietcap, VIX and HSC from the HNX listed top 10, and of VPBankS, BSC and HSC from the UPCoM top 10, shows that share in this segment is contestable when volumes fall, and that bank-backed brokers are not immune to ranking swings. The narrowing combined top-10 share on both boards suggests the market is fragmenting rather than consolidating, which matters for pricing, margin lending economics and the value of franchise scale over a full cycle.
What to Watch
- Q4/2026 HNX market share rankings, to see whether SSI holds its UPCoM second place and HNX listed gains.
- Monthly HNX and UPCoM average daily turnover, to confirm whether the VND 892 billion per session level marks a trough or a new baseline.
- Q3/2026 earnings releases from SSI, VND, MBS, VIX and SHS, to gauge how lower liquidity translated into brokerage revenue.
- Foreign-ownership and margin-lending disclosures from the listed brokers, as share shifts often precede changes in balance-sheet usage.
- Any HNX or SSC policy announcements on market microstructure that could affect liquidity into 2027.