Factors influencing the choice of securitiescompaniesby individual investors in vietnam

1.2 Research Objectives Recognizing the factors that influence the choice behavior of securities companies by individual investors on the Vietnam stock market.. Thesis is to build measu

CHAPTER 1: INTRODUCTION 1.1 Research Purpose

To survive in the fierce competition as well as to achieve the

business objectives, securities companies have to find out the measures

to attract customers to open accounts and use their own services, take a

good care of and retain existing customers The study of choice

behaviors for securities companies, including the choice for account

opening and the choice for service usage at a securities company, is

necessary to help both investors and brokers to easily achieve their goals

on the Vietnam Stock Market

1.2 Research Objectives

Recognizing the factors that influence the choice behavior of

securities companies by individual investors on the Vietnam stock market

Determining the influence level of factors to the individual

investors’ behaviors of choosing securities company on the Vietnam

stock market

Proposing a number of solutions in order that securities

companies can serve investors better as well as to retain and attract

customers for benefits of the investors and securities company

1.3 Subject and scope of the research

Subject: factors that influence the individual investors’ choice

behaviors for securities companies on Vietnam stock market

Object: individual securities investor using services of securities

companies on Vietnam stock market

Researching scope: limitation in the Vietnamese private

investors’ choice behavior for securities companies on Vietnam stock

market, including both HSX and HNX

Researching space: securities companies operating are based

in Hanoi and/or Ho Chi Minh City

Researching time: sociological investigation activities and

in-depth interviews are conducted from the beginning of August

1.4 Overview of research methodology

- Data collection method

Secondary data collection

The study synthetized and analyzed secondary information from home and international available documents, articles

Secondary data collection (1) Qualitative research

The study was conducted by interviewing high-ranking leaders

in some securities companies in Hanoi

(2) Quantitative research

The study used control chart to collect information and convenience sampling method to select the investigable sample: (i) directly giving control charts to 500 investors using services of securities companies; (ii) conducting a survey through Internet

- Data processing method

After the survey, the data will be processed by statistical analysis software SPSS version 20.0 Cronbach’s Alpha; Exploratory Factor Analysis (EFA); T-Test and ANOVA will

be used to analyze the collected data

1.5 New contributions of the study New contributions in terms of academic and theoretical fields

The research has launched a model of influencing factors on the choice of securities companies by individual investors on the Vietnam Stock

Thesis is to build measure system of factors influencing choice behavior of securities companies of individual investors in line with the context of Vietnam stock market The measure system consist of 32

scales, among that, 05 scales are self-constructed based on the practice

of Vietnam stock company and othersare consulted from abroad

scholar’s researches, translated into Vietnamese and adjusted its words

yet still remaining its own content to be consistent with the context and

practical study of the thesis

New contribution in terms of applications/practices

In the thesis, individual investors were directly surveyed,

inspected through the analysis, statistics process and then arrange the

factors that influence the choice behavior of private investors on

Vietnam stock market The results showed that there are 6 factors that

influence the choice behavior of private investors, ranked in the order

of the highest to the lowest importance: Service Quality; Cost; Types

of Services, Company Reputation; Staff; Convenient Location;

Company Appearance; Influence of Relatives

Through the direct customer surveys and data analysis and

statistics techniques, the study draws some generalized characteristics

of individual investors in Vietnam: The vast majority of individual

investors Vietnam is young; Most of them have a university degree

and post graduate; Most individual investors have a stable job and

stock investment is just one channel investments; Many of them have

incomes from 10-30 million; The great majority of transactions

simultaneously in both HSX and HNX; Most have five years of

experience or more; Many investors open multiple accounts with

different securities company, but transact in only one account;

Transaction Frequency of individual investors are quite often

Besides the results of investor direct surveys, the study also conducted

the in-depth interview with some securities company leaders to find

and bring out reasons which cause influencing factors on the choice

behavior of private investors on Vietnam stock market

From the result of research and under the marketing perspective, the study proposes solutions to help securities firms to attract and retain customers for the benefit of all stakeholders in line with realities of securities companies in Vietnam

CHAPTER 2: LITERATURE REVIEW ONTHE SECURITIES INVESTORS’CHOICE BEHAVIOR FORSECURITIES COMPANY

2.1 Literature review on customers’ choice behavior

2.1.1 Customer’s buying and choice behavior

Blench & Blench (1998) defined customer’s buying behavior as:

“human’s process and activity in searching, choosing, buying, using, evaluating and dealing goods, services in order to satisfy their needs and wants” Furthermore, buying behavior is also mentioned in detail through Salomon et al’s researches (1995); Gabbot and Hogg (1998); Schiffman and Kanuk (2000); Kotler and Keller (2011) and Stallworth (2008)

Concept of the first choice is mentioned a lot in research related to science of psychology

Gradually, this term is popularized in marketing field to explain decisive model of consumers The concept and importance of the choice are mentioned in their own researches by Hansen (1976); Kotler (2000) and Sayani & Miniaoui (2013)

2.1.2 Behavior of customers’ choice for organizations providing services in the field of finance and banking

Aregbeyen (2011) described the behavior of client’s choice in the finance and banking field based on the theory of reasonable choice and competition theory

2.2 Securities company and investment bank

Investment bank is an intermediary in capital market It connects

companies, organizations which have strong potential in finance

(investor) to ones in need of it so that they can do business and

manufacture, and then increase GDP (Pratab 2008) In different

economies, the term “investment bank” is known as different names

In Asian countries like China, Thailand and Vietnam…, investment

bank sare known as “securities companies” Investment banks can

function independently or link their works to activities of commercial

banks, insurance companies under the name of general banks At the

present, most of banks act as general bank model (Mac Quang

Huy,2009) typically such as HSBC, Deutsche Bank, Citigroup,

Creditgroup, Credit Suisse, JP Morgan Chase, Bank of America,

Nomura, Golman Sachs, Morgan Stanley… (Liaw 2012)

In fact, securities company and investment bank are two different

names for the same type of intermediate model in stock market, as

Mac Quang Huy asserts that “investment bank” and “securities

company” can be used to replace for each other without changing

contextual meaning From this fact, the study collected and had

references to the worldwide researches related the client’s choice

behavior at banks including investment bank, a highly-developed form

of securities companies

2.3 Literature Review

2.3.1 Foreign studies on the choice behavior of the banking and

financial services organizations

Studies on influencing factors to individual customer’s choice

behavior of organizations that provides banking and finance services

are published by experts in the past few years Many factors were

given as the following summaries:

1- Factors related to company appearance ( bank) are

mentioned in the following researches: Laroche et al (1986); Driscoll (1999); Gerrard & Cunningham (2001); Yavas et al.; Safakli (2007); Rehman và Ahmed (2008); Rehman và Ahmed (2008); Chigamba & Fatoki (2011); Katircioglu et al (2011); Hedayatnia & Eshghi (2011); Mokhlis et al (2011); Siddique (2012); Sarwar và Mubeen (2012); Okpara và Onuoha (2013)

2- Factors related to convenient location are mentioned in the

following researches: Kaufman (1967); Mason & Mayer (1974); Anderson et al (1976); Gray (1977); Riggal (1980); Lewis (1982); Laroche et al (1986); Javalgi et al (1989); Schram (1991); Kaynak và Kucukemiroglu (1992); Martenson (1993); Boyd et al (1994); Yue và Tom (1995); Thwaites và Vere (1995); Mylonakis et al (1998); Kennington et al (1999); Driscoll (1999); Owusu-Frimpong (1999); Tạ và Har (2000); Almossawi (2001); Gerrard & Cunningham (2001); Che Wel & Nor (2003); Cicic et al (2004); Pass (2006); Safakli (2007);Blankson et al (2007); Rehman và Ahmed (2008);Blankson et al (2009); Jahiruddin & Haque (2009); Hinson et al (2009); Rao và Sharma (2010); Maiyaki (2011); Katircioglu et al (2011);Hedayatnia & Eshghi (2011); Chigamba & Fatoki (2011); Mokhlis et al (2011); Siddique (2012); Okpara và Onuoha (2013)

3- Factor related to company reputation (bank) are

mentioned in the following researches: Anderson et al (1976); Laroche et al (1986); Javalgi et al (1989); Khazeh và Decker (1993); Boyd et al (1994); Yue và Tom (1995); Thwaites và Vere (1995); Kennington et al (1999); Almossawi (2001); Tank

& Tyler (2005); Katircioglu et al (2011); Maiyaki (2011);

Hedayatnia & Eshghi (2011); Chigamba & Fatoki (2011);

Mokhlis et al (2011); Siddique (2012); Okpara và Onuoha

(2013)

4- Factor related to Cost and Price are mentioned in the

following researches: Anderson et al (1976); Riggal (1980);

Gupta & Torkzadeh (1988); Javalgi et al (1989); Khazeh và

Decker (1993); Boyd et al (1994); Yue và Tom (1995);

Holstius & Kaynak (1995); Thwaites và Vere (1995); Zineldin

(1996); Tootelian & Gaedeke (1996); Kennington et al (1999);

Driscoll (1999); Tạ và Har (2000); Almossawi (2001);

Kaynak và Harcar (2004); Cicic et al (2004); Tank & Tyler

(2005); Pass (2006); Safakli (2007); Blankson et al (2007);

Mokhlis et al (2008); Blankson et al (2009); Jahiruddin &

Haque (2009);Katircioglu et al (2011); Hedayatnia & Eshghi

(2011); Maiyaki (2011); Mokhlis et al (2011); Chigamba &

Fatoki (2011); Siddique (2012); Okpara và Onuoha (2013)

5- Factor related to Staff are mentioned in the following

researches: Mason & Mayer (1974); Anderson et al (1976);

Tan & Chua (1986); Laroche et al (1986); Holstius & Kaynak

(1995); Thwaites et al (1997); Owusu-Frimpong (1999);

Gerrard & Cunningham (2001); Almossawi (2001);

Katircioglu et al (2011); Hedayatnia & Eshghi (2011);

Mokhlis et al (2011); Chigamba & Fatoki (2011); Sarwar và

Mubeen (2012); Siddique (2012); Okpara và Onuoha (2013)

6- Factors related to recommendation and effect from third

party are mentioned in the following researches: Mason &

Mayer (1974); Anderson et al (1976); Riggal (1980); Lewis

(1982); Tan & Chua (1986); Schram (1991); Zineldin (1996);

Gerrard & Cunningham (2001); Tank & Tyler (2005); Safakli (2007); Blankson et al (2007); Rehman và Ahmed (2008);Blankson et al (2009); Jahiruddin & Haque (2009); Katircioglu et al (2011); Hedayatnia & Eshghi (2011); Chigamba & Fatoki (2011); Mokhlis et al (2011); Sarwar và Mubeen (2012); Okpara và Onuoha (2013)

7- Factors related to service quality are mentioned in the

following researches: Kaufman (1967); Laroche et al (1986); Kaynak và Kucukemiroglu (1992); Boyd et al (1994); Yue và Tom (1995);Holstius & Kaynak (1995); Poh (1996); Ma et al (1996); Thwaites et al (1997); Mylonakis et al (1998); Kennington et al (1999); Driscoll (1999); Gerrard & Cunningham (2001); Che Wel & Nor (2003); Cicic et al (2004); Tank & Tyler (2005); Safakli (2007); Rehman và Ahmed (2008); Katircioglu et al (2011); Hedayatnia & Eshghi (2011); Maiyaki (2011); Chigamba & Fatoki (2011); Yavas et al.; Siddique (2012); Okpara và Onuoha (2013)

8- Factors related to kind of service are mentioned in the

following researches: Driscoll (1999); Rao và Sharma (2010); Katircioglu et al (2011); Aregbeyen (2011); Hedayatnia & Eshghi (2011); Mokhlis et al (2011); Chigamba & Fatoki (2011); Yavas et al.; Siddique (2012); Okpara và Onuoha (2013)

9- Factors related to security are mentioned in the following

researches: Boyd et al (1994); Zineldin (1996); Katircioglu et

al (2011)

10- Factors related to time of operation are mentioned in the

following researches: Laroche et al.(1986); Omar & Orakwue (2006)

11- Factors related to feeling of safety are mentioned in the

following researches: Javalgi et al (1989); Holstius & Kaynak

(1995)

12- Factors related to marketing are mentioned in the

following researches: Sarwar & Mubeen (2012); Okpara và

Onuoha (2013)

2.2.2 Foreign studies on the individual investor’s choice behavior at

securities companies

Foreign studies about individual investor’s behavior related to

securities companies are commonly researched on investor’s loyalty

to securities company (Opas & Pacapol, 2007) or satisfaction with

services of securities companies

2.2.3 Domestic studies

Pham Thi Tam and Pham Ngoc Thuy (2010) indicates 6 elements

influencing customer’s trend of choosing bank: “appearance”;

“convenient time”; “convenient location”; “influence of relatives”;

“brand awareness” and “attitudes toward promotion”

2.3 Context of research on behavior of securities company choices

- actual development situation in stock trading in Vietnam

2.3.1 Overview of Vietnam stock market

Vietnam stock market had the first transaction on July 28th, 2000

with 3 securities companies and 2 stock codes Vietnam stock market

boomed, reaching a record 1,170,67 points on March 12,2007 with

VN-Index HASTC also peaked with 459,36 points on March 19th,

2007 However, after that, Vietnam stock market was into recession

period with constant decrease of index, share price and many shares

were traded with lower price than its par value VN-Index bottomed

with 235,5 points on February 24th, 2009 and HNX-Index with 50,66

points on November 6th,2012 Stock market was recovered in 2009 and 2014 but it was just the recovery in recession

2.3.2 Overview of securities companies and individual investors

2.3.2.1- Number of securities companies

At the starting point Vietnam’s stock market went into operation with only 3 securities companies The number of securities companies was increased by 7 after the first year The number increased rapidly and reached the top in 2011 with 106 securities companies However, due to the recession along with the urgent request to restructuring of securities companies from State Securities Commission, the number

of securities companies was down to 104 at the present, among that there are 86 companies which operates normally

2.3.2.2- Individual investors- the customer of securities companies

Individual investors play an important role to securities companies

- First: Individual investor contributes to set up position of securities companies

- Second: Individual investor pays salary for securities companies

- Third: Individual investor is effective competitive arm for securities companies

In 2000, there were less than 3000 securities transaction accounts in Vietnam stock market After 15 years, there was

up of 1,54 million securities transaction accounts, among that the number of domestic individual investors’ accounts are 1,497,544 on July 31st,2015

2.3.2.3 Securities service for individual investor Individual investor uses services such as securities investment consultancy, securities broker, securities depository, management of securities catalog, value-added services as security deposit, T+2

2.4 Model, terms and question of research

2.4.1 Proposed research model

Due to the characteristics of investment bank model, investment

bank exists in independent investment banks or general banks in the

developing countries like Europe, America… In Vietnam, investment

bank model exist under the name of securities company; therefore, the

study acquired, analyzed, inquired, inherited, developed and

summarized the home and worldwide researching models and methods

on influencing factors to the individual customer’s choice behavior,

specially researches of Almossawi (2001); Gerrard and Cunningham

(2001); Yavas et al.; Maiyaki (2011); Salid et al (2011); Hedayatnia &

Eshghi (2011); Chigamba & Fatoki (2011); Mokhlis et al ( 2011);

Siddique (2012); Okpara và Onuoha (2013) in order to build, consider

and evaluate influencing factors to individual customer’s choice

behavior of securities company on Vietnam stock market

Figure 2.1: The Proposed Research Model

Company appearance

Convenient location

Choice behavior

of Securities Company

Company reputation

Cost

Staff

Influence of relatives

Demographic Factors(Moderator variables)

Service Quality

Types of services

2.4.2 Related terms

2.4.2.1 Company appearance

Company appearance relates to factors such as external architecture, decoration and internal space of the company

2.4.2.2 Convenient location

Convenient location is close to company location compared with house and working place location of the customers and/or the others matters about location making customers feel most comfortable, pleasant and convenient

2.4.2.3Company reputation

Company reputation is described as invisible asset that can influence effect and existence of the company

2.4.2.4 Cost

Cost is what you give up or sacrifice to get some goods or certain services (Zeithaml, 1998)

2.4.2.5 Staff

For companies providing services in particular and securities companies in general, employee are an intangible asset of the company

2.4.2.6 Influence of relatives Personal behavior is often influenced by third parties such as friends, colleagues, parents, relatives

2.4.2.7 Quality of Service

Quality of service is defined as the overall feeling of the customers about the advantages and disadvantages of the organization and services provided by that organization

2.4.2.8 Type of Services

In the fierce competitive environment, the improvement,

innovation and provide of diversified types of products is essential to

the success and growth of business (Strieter et al., 1999)

2.4.3 Researching questions

(1) What are the influencing factors on the choice for Securities

Company of individual investors on the Vietnam stock market?

(2) How do the factors influence to the choice for Securities

Company of individual investors on the Vietnam stock market?

(3) If the different demographic groups have different

evaluation on the importance of these influencing factors on the

choice for securities company of individual investors on the Vietnam

stock market or not?

(4) What are the solutions for Securities Company to serve

investors better, and then they can retain customers or attract target

customers for the benefit of both investors and brokers?

CHAPTER 3: RESEARCH METHODOLOGY

3.1 Research process

Phase 1: Initial research

On the basis of the literature review, the study has evaluated and

summarized the results of previous researches to build researching

theoretical model Besides that, the study conducted the deep

interview with professors, associate professors and leaders of

securities companies to perfect researching models and scales

Phase 2: Pilot test

There are 30 individual investors chosen to do the survey forms

by convenience sampling model

Phase 3: Main test

Quantitative research

Main survey was conducted through questionnaire with a minimum sample size of 500 sample elements for individual investors who are conducting transactions in securities companies and through

http://questionpro.com/t/ALCxyZRbMs

Qualitative research

An in-depth interview is carried out with 9 leaders of securities companies in Hanoi

3.2 Data collection method 3.2.1 Secondary data collection method

Data source is researches on choice behavior of customers in the banking and financial sector and reports, summaries of the State Securities Commission on the electronic information sites on the internet

3.2.2 Primary data collection method

3.2.2.1Qualitative research

Qualitative research is used in initial research period (period 1) and main test period (period 3) during researching process 3.2.2.1 Quantitative research

A- Survey form design

Survey form for quantitative research of the project consists of

3 parts:

Part 1: consists of survey questions about actual situation of

investor’s securities company choice

Part 2: consists of 35 questions measuring the importance of 35 issues of the 6 factors affecting choice behavior in the company's securities Vietnamese individual investors by 5 points Likert scale ranked level 1 = very unimportant to level 5 = very important

Part 3: consists of questions related to demography of people

surveyed such as: Gender, Age, Education, Job, Income

B- Sampling method

The study uses convenience sampling method to carry out the

research Sampling space is at 18 securities companies in Hanoi and

10 othersin Ho Chi Minh City

3.3 Data analysis technique

The study uses SPSS software 20.0 version for analysis and

testing After that, data will be processed according to the following

steps:

- Step 1: cleaning, coding and data entry

- Step 2: Exploratory Factor Analysis

- Step 3: Cronbach’s Alpha

- Step 4: Testing the level of importance of the factors affecting

the choice of securities companies through descriptive

statistical techniques to calculate the average value, T-test

analysis and analysis of variance ANOVA

CHAPTER 4: RESEARCHING RESULT 4.1 Descriptive statistics of Sample

After investigating, conducting tests and eliminating errors

survey forms, the study collected 379 completed direct answers

and 137 valid online surveys Finally, 516 valid questionnaires

were processed for statistical analysis

4.1.1 Demographic characteristics of Sample

For gender: there are 293 male investors accounted for 56,8% and

223 female investors with 43,2%

For age: Most of those are aged from 25 to 31, with 221 investors

in this age group and accounted for 42,8%

For education: Majority of respondents hold university degree or

above and accounted for 95% of investors in total

For occupation: Almost all investors are officers and employees

in company or enterprises, accounted for 70% with 314 investors

For income: 274 respondents with equivalent rate of 53.1% have

income between 10 to 30 million VNĐ per month

4.1.2 Actual rates of individual investor using securities company service

There are 90,3% of individual investors participating in the survey did investment in both main transaction office Most of them invested on Vietnam stock market up to 2010 (322 investors with equivalently 42,4%)

There are 232 investor opening the only account in a securities company compared with 280 investors opening in from

2 to 5 securities companies However, there are 98 investors with equivalent rate of 19% accounts opening in many securities companies, the only transaction was in one securities companies There are 349 individual investors with 67,6% trading on stock market regularly Most of them are retail investors with the transaction under 100 million dong/session

4.2 Factors influencing the choice of securities companies by individual investors in Vietnam stock market

4.2.1 Exploratory Factor Analysis (EFA)

The result shows KMO coefficient factor equal 0,870 satisfied KMO condition that KMO is bigger than 0,5 Barlet test gives result that p=0,000<5%; therefore, it is enough conditions to analyze all factors through EFA

The result of Principal Component Analysis shows that from

32 observed variables can be drawn 8 groups of factor The total

variances can be explained when the group of factors drawn is

70,654% (over 50%)

Figure 4.3: The result of Exploratory Factor Analysis EFA

Rotated Component Matrix

Component

Chung loai 5 818

Chung loai 4 798

Chung loai 6 795

Chung loai 2 688

Chung loai 1 659

Chung loai 3 585

Thus, after EFA analysis, the results showed that from 35 observed variables, we can draw 8 groups of factors that affect the choice of securities company by the individual investors on the Vietnam stock market, including: (1) Type of service; (2) Staff; (3) Effect of relatives; (4) Company Appearance; (5) The service quality; (6) Convenient location; (7) Costs and (8) The company’s reputation

4.2.2 Reliability Evaluation of Scales

Most of the observed variables having Cronbach's Alpha coefficients are smaller than the total variables (except Chat luong 1 and Danh tieng 3) However, the correlation coefficients of the 32 variables whole of observed variables are greater 0.3, so the thesis proposed two variables continue to retain the reputation Chat luong 1 and Danh tieng 3 in the scales

4.2.4 Evaluating the importance of the factors to the choice behavior of securities companies by individual investors

Among 32 observed variables, there are 11 variables evaluated

“very important; 14 observed variables evaluated “important”; 6 observed variables are significant for “neutral” The other one is significant for “not important”

In 6 groups of influencing factors, the 4 groups of more important factors in highest to lowest order are: (1) The quality of service; (2) Staff; (3) Company reputation; (4) Types of Service The 4 groups of least important factors in the lowest to highest order are: (1) The influence of relatives; (2) Company appearance; (3) Convenient Location; (4) Cost

4.2.4.4Evaluating the importance of the factors to the choice behavior of securities companies by individual investors according

to gender

Both male and female individual investors consider the factors of

"Quality of Service" and “Staff” is two the most important factors

However, the factor “Cost” are ranked higher by female investors

This proves that the female investors pay high attention to cost and

interest rate when using services of securities companies

4.2.4.5 Evaluating the importance of the factors to the choice

behavior of securities companies by individual investors according

to Age

All age groups agreed that “Quality of Service” and “Staff” is 2

more important factors and 3 least important factors is “Convenience

Location”; “Company Appearance” and “Influence of relatives”

However, the different age groups have inconsistent evaluation about

the importance of different factors

4.2.4.6 Evaluating the importance of the factors to the choice

behavior of securities companies by individual investors according

to Education

Investors in any education level evaluating the 3 least important

factors is “Convenient Location”; “Company appearance”; “Influence

of Relatives” However, there is the differences in evaluating the first

ranked factors between investors For example, the group of people

who have university degree highly evaluated “Staff” factors while the

others groups ranked this factor at the fourth and fifth

4.2.4.7 Evaluating the importance of the factors to the choice

behavior of securities companies by individual investors according

to Occupation

For groups of investor, “Quality of service” is the most important

factor and the 3 least important is “Convenient Location” “Company

appearance” and “Influence of relatives” The importance of the others

factors are also different for each groups of investor

4.2.4.8 Evaluating the importance of the factors to the choice behavior of securities companies by individual investors according

to Income

Investors in income-groups totally agreed that “Quality of Service”

is the most important factor and “Influence of relatives” is the least important factors The “Cost of factor is ranked the 2nd most important factor by the group of investors with income of over 50 million/month while the group of investors with income from 10-50 million/month pay attention to “Company Reputation” and the group of investors with income of below 10 million/month care “Staff” factor

4.3 The result of the third period in depth-interview 4.3.1 About the most important factors

The leaders of security companies suggested that there are several

reasons for those influencing factors as followed:

- Service quality: the speed of processing the request is determinant

to the result of exchange, especially in the fierce period when there exists fighting for selling and buying In the other side, investors are not interested in stock exchange, they do their business on the smart electronic devices, so that they care so much for service quality provided by security companies

- Company reputation: Due to the investors’ risk avoidance, they would like to have trusted companies for their future exchanges

- Staff: Because the investors need professional suggestion, they would like to see consultants who have knowledge and experience

- Types of services: Because there are a lot of individual investors preferring speculation, they may use types of added value services such as deposits, pre-settlement, T+2 settlement

4.3.2 About the least important factors