{"id":799,"date":"2021-10-30T15:57:04","date_gmt":"2021-10-30T08:57:04","guid":{"rendered":"http:\/\/truongthanhgiang.com\/?p=799"},"modified":"2025-10-26T23:06:10","modified_gmt":"2025-10-26T16:06:10","slug":"chung-khoan-phai-sinh-va-thi-truong-chung-khoan-phai-sinh-chuyen-de-27","status":"publish","type":"post","link":"https:\/\/truongthanhgiang.com\/index.php\/2021\/10\/30\/chung-khoan-phai-sinh-va-thi-truong-chung-khoan-phai-sinh-chuyen-de-27\/","title":{"rendered":"CH\u1ee8NG KHO\u00c1N PH\u00c1I SINH V\u00c0 TH\u1eca TR\u01af\u1edcNG CH\u1ee8NG KHO\u00c1N PH\u00c1I SINH (Chuy\u00ean \u0111\u1ec1 27)"},"content":{"rendered":"\n

T\u00e1c gi\u1ea3: TS. Nguy\u1ec5n Quang Th\u01b0\u01a1ng<\/strong>– \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc<\/strong><\/p>\n\n\n\n

Ngu\u1ed3n: https:\/\/daotaomof.vn\/chuyen-de-27-chung-khoan-phai-sinh-va-thi-truong-chung-khoan-phai-sinh\/<\/p>\n\n\n\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 m\u1ea3ng th\u1ecb tr\u01b0\u1eddng t\u01b0\u01a1ng \u0111\u1ed1i m\u1edbi v\u00e0 ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 vai tr\u00f2 quan tr\u1ecdng trong s\u1ef1 ph\u00e1t tri\u1ec3n \u1ed5n \u0111\u1ecbnh, b\u1ec1n v\u1eefng c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh n\u00f3i ri\u00eang v\u00e0 c\u1ee7a c\u1ea3 n\u1ec1n kinh t\u1ebf n\u00f3i chung. Kinh nghi\u1ec7m qu\u1ed1c t\u1ebf cho th\u1ea5y ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 c\u00f4ng c\u1ee5 quan tr\u1ecdng gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ea3n tr\u1ecb r\u1ee7i ro, \u0111\u1eb7c bi\u1ec7t l\u00e0 r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng v\u00e0 r\u1ee7i ro t\u00edn d\u1ee5ng. Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u0169ng th\u00fac \u0111\u1ea9y s\u1ef1 ph\u00e1t tri\u1ec3n v\u00e0 s\u00e1ng t\u1ea1o trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh, t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng h\u1ed3i ph\u1ee5c t\u1eeb c\u00e1c c\u00fa s\u1ed1c th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

Tuy nhi\u00ean, ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u0169ng g\u1eafn li\u1ec1n v\u1edbi nh\u1eefng s\u1ef1 ki\u1ec7n ti\u00eau c\u1ef1c g\u00e2y ch\u1ea5n \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u trong th\u1eddi gian qua nh\u01b0 s\u1ef1 th\u1ea5t b\u1ea1i, s\u1ee5p \u0111\u1ed5, ph\u00e1 s\u1ea3n c\u1ee7a c\u1ee7a c\u00e1c t\u00ean tu\u1ed5i l\u1edbn nh\u01b0 Barings Bank (1995), Long-Term Capital Management (1998), Enron (2001), Lehman Brothers v\u00e0 American International Group (2008).<\/p>\n\n\n\n

Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, c\u0169ng nh\u01b0 c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh kh\u00e1c, c\u00f3 nh\u1eefng \u01b0u \u0111i\u1ec3m v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m ri\u00eang. V\u1ea5n \u0111\u1ec1 quan tr\u1ecdng l\u00e0 ph\u1ea3i hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t, nh\u1eefng l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro ti\u1ec1m \u1ea9n c\u1ee7a ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, ph\u1ea3i \u0111\u1ea3m b\u1ea3o th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c v\u1eadn h\u00e0nh m\u1ed9t c\u00e1ch \u0111\u00fang \u0111\u1eafn d\u01b0\u1edbi s\u1ef1 gi\u00e1m s\u00e1t ph\u00f9 h\u1ee3p, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i bi\u1ebft c\u00e1ch s\u1eed d\u1ee5ng s\u1ea3n ph\u1ea9m ph\u00e1i sinh m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 \u0111\u1ec3 n\u00e2ng cao gi\u00e1 tr\u1ecb kinh doanh.<\/p>\n\n\n\n

T\u00e0i li\u1ec7u n\u00e0y s\u1ebd t\u1eadp trung gi\u1edbi thi\u1ec7u nh\u1eefng v\u1ea5n \u0111\u1ec1 c\u01a1 b\u1ea3n nh\u1ea5t v\u1ec1 ch\u1ee9ng kho\u00e1n ph\u00e1i sinh v\u00e0 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, cung c\u1ea5p n\u1ec1n t\u1ea3ng c\u1ea7n thi\u1ebft nh\u1ea5t \u0111\u1ec3 ng\u01b0\u1eddi \u0111\u1ecdc ti\u1ebfp c\u1eadn c\u00e1c ph\u01b0\u01a1ng ph\u00e1p s\u1eed d\u1ee5ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh v\u00e0 n\u1eafm \u0111\u01b0\u1ee3c c\u01a1 b\u1ea3n k\u1ebf ho\u1ea1ch tri\u1ec3n khai th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh t\u1ea1i Vi\u1ec7t Nam.<\/p>\n\n\n\n

27.1. Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/strong><\/p>\n\n\n\n

27.1.1. M\u1ed9t s\u1ed1 kh\u00e1i ni\u1ec7m<\/h3>\n\n\n\n

Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh m\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh t\u1eeb m\u1ed9t t\u00e0i s\u1ea3n g\u1ed1c, c\u00f2n g\u1ecdi l\u00e0 t\u00e0i s\u1ea3n c\u01a1 s\u1edf (underlying asset). T\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u00f3 th\u1ec3 l\u00e0 t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh (c\u1ed5 phi\u1ebfu, ch\u1ec9 s\u1ed1 c\u1ed5 phi\u1ebfu, c\u00f4ng c\u1ee5 n\u1ee3\u2026), t\u00e0i s\u1ea3n phi t\u00e0i ch\u00ednh (h\u00e0ng h\u00f3a c\u01a1 b\u1ea3n, n\u00f4ng s\u1ea3n, kim lo\u1ea1i\u2026), s\u1ef1 ki\u1ec7n (th\u1eddi ti\u1ebft, s\u1ef1 ki\u1ec7n t\u00edn d\u1ee5ng\u2026) v\u00e0 c\u1ea3 c\u00e1c ch\u1ee9ng kho\u00e1n ph\u00e1i sinh kh\u00e1c.<\/p>\n\n\n\n

Nh\u00ecn v\u00e0o b\u1ea3n ch\u1ea5t c\u1ee7a c\u00f4ng c\u1ee5, ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 h\u1ee3p \u0111\u1ed3ng t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp ng\u00e0y hi\u1ec7n t\u1ea1i gi\u1eefa hai b\u00ean tham gia, bao g\u1ed3m m\u1ed9t b\u00ean mua v\u00e0 m\u1ed9t b\u00ean b\u00e1n, v\u1ec1 m\u1ed9t giao d\u1ecbch s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u00e0o m\u1ed9t th\u1eddi \u0111i\u1ec3m x\u00e1c \u0111\u1ecbnh trong t\u01b0\u01a1ng lai. Giao d\u1ecbch \u0111\u01b0\u1ee3c th\u1ecfa thu\u1eadn trong h\u1ee3p \u0111\u1ed3ng th\u01b0\u1eddng li\u00ean quan \u0111\u1ebfn vi\u1ec7c mua\/b\u00e1n m\u1ed9t t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u1ee7a ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, v\u00ed d\u1ee5: b\u00ean b\u00e1n \u0111\u1ed3ng \u00fd chuy\u1ec3n nh\u01b0\u1ee3ng cho b\u00ean mua m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ABC nh\u1ea5t \u0111\u1ecbnh v\u1edbi gi\u00e1 c\u1ed1 \u0111\u1ecbnh, hay m\u1ed9t b\u00ean s\u1ebd b\u00e1n cho b\u00ean kia m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 x\u00e1c \u0111\u1ecbnh theo t\u1ef7 gi\u00e1 USD\/VND nh\u1ea5t \u0111\u1ecbnh. Trong su\u1ed1t th\u1eddi gian t\u1ed3n t\u1ea1i, gi\u00e1 tr\u1ecb c\u1ee7a ch\u1ee9ng kho\u00e1n ph\u00e1i sinh kh\u00f4ng c\u1ed1 \u0111\u1ecbnh m\u00e0 thay \u0111\u1ed5i theo s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 t\u00e0i s\u1ea3n c\u01a1 s\u1edf.<\/p>\n\n\n\n

V\u1edbi s\u1ef1 ph\u00e1t tri\u1ec3n v\u00e0 tr\u00e0o l\u01b0u c\u00e1ch t\u00e2n, s\u00e1ng t\u1ea1o di\u1ec5n ra kh\u00f4ng ng\u1eebng tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ng\u00e0y c\u00e0ng tr\u1edf n\u00ean \u0111a d\u1ea1ng, \u0111\u00e1p \u1ee9ng c\u00e1c nhu c\u1ea7u kh\u00e1c nhau c\u1ee7a c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u1ecb tr\u01b0\u1eddng. Hi\u1ec7n nay tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f3 nhi\u1ec1u lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh kh\u00e1c nhau v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i theo c\u00e1c ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c nhau nh\u01b0 theo ph\u01b0\u01a1ng th\u1ee9c giao d\u1ecbch c\u1ee7a s\u1ea3n ph\u1ea9m, theo t\u00ednh ch\u1ea5t c\u1ee7a h\u1ee3p \u0111\u1ed3ng v\u00e0 theo lo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf, c\u1ee5 th\u1ec3 nh\u01b0 sau:<\/p>\n\n\n\n

Theo ph\u01b0\u01a1ng th\u1ee9c giao d\u1ecbch,<\/em> ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u1eadp trung, th\u00f4ng qua c\u00e1c s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n (SGDCK), ho\u1eb7c tr\u00ean th\u1ecb tr\u01b0\u1eddng phi t\u1eadp trung (th\u1ecb tr\u01b0\u1eddng OTC). T\u01b0\u01a1ng \u1ee9ng ta c\u00f3 ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft (tr\u00ean SGDCK) v\u00e0 ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC. Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft l\u00e0 c\u00f4ng c\u1ee5 \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a trong \u0111\u00f3 c\u00e1c \u0111i\u1ec1u kho\u1ea3n, n\u1ed9i dung c\u1ee5 th\u1ec3 c\u1ee7a h\u1ee3p \u0111\u1ed3ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c c\u00f3 th\u1ea9m quy\u1ec1n (th\u01b0\u1eddng l\u00e0 SGDCK) quy \u0111\u1ecbnh th\u1ed1ng nh\u1ea5t v\u00e0 chi ti\u1ebft. M\u1ecdi \u0111\u1ed1i t\u01b0\u1ee3ng quan t\u00e2m v\u00e0 mu\u1ed1n s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 n\u00e0y \u0111\u1ec1u c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn v\u00e0 bi\u1ebft th\u00f4ng tin v\u1ec1 c\u00e1c \u0111\u1eb7c t\u00ednh c\u01a1 b\u1ea3n c\u1ee7a s\u1ea3n ph\u1ea9m tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 l\u1ef1a ch\u1ecdn s\u1ea3n ph\u1ea9m ph\u00f9 h\u1ee3p. Tuy nhi\u00ean, c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng n\u00e0y ph\u1ea3i ch\u1ea5p nh\u1eadn v\u00e0 kh\u00f4ng \u0111\u01b0\u1ee3c t\u1ef1 thay \u0111\u1ed5i c\u00e1c \u0111i\u1ec1u kho\u1ea3n s\u1eb5n c\u00f3 c\u1ee7a h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n

\u2013 Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft th\u01b0\u1eddng \u0111\u01b0\u1ee3c SGDCK thi\u1ebft k\u1ebf m\u1edbi v\u00e0 \u0111\u01b0a ra th\u1ecb tr\u01b0\u1eddng ho\u1eb7c chu\u1ea9n h\u00f3a t\u1eeb m\u1ed9t ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u00e3 \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng OTC tr\u01b0\u1edbc \u0111\u00f3. H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 m\u1ed9t s\u1ed1 lo\u1ea1i h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a l\u00e0 nh\u1eefng v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft.<\/p>\n\n\n\n

\u2013 Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC kh\u00f4ng \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean m\u1ed9t SGDCK. V\u1ec1 b\u1ea3n ch\u1ea5t, ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC l\u00e0 nh\u1eefng h\u1ee3p \u0111\u1ed3ng ri\u00eang gi\u1eefa c\u00e1c b\u00ean tham gia. \u0110i\u1ec1u kho\u1ea3n c\u1ee7a h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c c\u00e1c b\u00ean tr\u1ef1c ti\u1ebfp th\u1ecfa thu\u1eadn ho\u1eb7c \u0111\u01b0\u1ee3c th\u1ed1ng nh\u1ea5t th\u00f4ng qua m\u1ed9t t\u1ed5 ch\u1ee9c trung gian. Nh\u00ecn chung, ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC l\u00e0 s\u1ea3n ph\u1ea9m r\u1ea5t linh ho\u1ea1t, c\u00f3 kh\u1ea3 n\u0103ng \u0111\u00e1p \u1ee9ng nh\u1eefng y\u00eau c\u1ea7u c\u1ee5 th\u1ec3, th\u1eadm ch\u00ed l\u00e0 c\u00e1 bi\u1ec7t c\u1ee7a c\u00e1c b\u00ean. M\u1eb7c d\u00f9 v\u1eady, b\u00ean c\u1ea1nh nh\u1eefng c\u00f4ng c\u1ee5 \u0111\u01b0\u1ee3c t\u1ea1o ra d\u1ef1a tr\u00ean nhu c\u1ea7u \u0111\u00f3, v\u1eabn c\u00f3 nh\u1eefng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC mang t\u00ednh ch\u1ea5t chu\u1ea9n h\u00f3a kh\u00e1 cao ti\u1ec7m c\u1eadn t\u1edbi ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft. H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i, h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u00e0 m\u1ed9t s\u1ed1 lo\u1ea1i h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn l\u00e0 nh\u1eefng v\u00ed d\u1ee5 minh h\u1ecda cho ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC.<\/p>\n\n\n\n

Theo s\u1ea3n ph\u1ea9m,<\/em> ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 chia th\u00e0nh h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n (forwards), h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai (futures), h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn (options) v\u00e0 h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i (swaps).<\/p>\n\n\n\n

H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai th\u01b0\u1eddng \u0111\u01b0\u1ee3c tr\u00ecnh b\u00e0y c\u00f9ng nhau ho\u1eb7c g\u1ea7n nhau do \u0111\u00e2y l\u00e0 nh\u1eefng c\u00f4ng c\u1ee5 gi\u1ed1ng nhau v\u1ec1 b\u1ea3n ch\u1ea5t. H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ec1u l\u00e0 m\u1ed9t th\u1ecfa thu\u1eadn v\u1ec1 vi\u1ec7c mua\/b\u00e1n m\u1ed9t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n c\u1ee5 th\u1ec3 v\u1edbi m\u1ee9c gi\u00e1 x\u00e1c \u0111\u1ecbnh v\u00e0o m\u1ed9t th\u1eddi \u0111i\u1ec3m nh\u1ea5t \u0111\u1ecbnh trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n

\u0110i\u1ec3m kh\u00e1c bi\u1ec7t ch\u1ee7 y\u1ebfu gi\u1eefa hai s\u1ea3n ph\u1ea9m n\u00e0y n\u1eb1m \u1edf c\u00e1ch th\u1ee9c ch\u00fang \u0111\u01b0\u1ee3c t\u1ea1o ra v\u00e0 giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng:<\/p>\n\n\n\n

\u2013 H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e0 m\u1ed9t ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft tr\u00ean SGDCK v\u1edbi c\u00e1c \u0111i\u1ec1u kho\u1ea3n \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a; trong khi h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 OTC v\u00e0 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf ph\u00f9 h\u1ee3p nh\u1eefng nhu c\u1ea7u ri\u00eang.<\/p>\n\n\n\n

\u2013 H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c thanh to\u00e1n song ph\u01b0\u01a1ng gi\u1eefa c\u00e1c b\u00ean tham gia (b\u00ean mua v\u00e0 b\u00ean b\u00e1n); \u0111i\u1ec1u n\u00e0y kh\u00f4ng gi\u1ed1ng v\u1edbi ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n \u0111a ph\u01b0\u01a1ng th\u00f4ng qua trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb \u00e1p d\u1ee5ng cho c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai.<\/p>\n\n\n\n

\u2013 C\u00e1c giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ch\u1ecbu s\u1ef1 \u0111i\u1ec1u ti\u1ebft, qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd h\u01a1n c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c c\u00f3 th\u1ea9m quy\u1ec1n n\u1ebfu so s\u00e1nh v\u1edbi h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n.<\/p>\n\n\n\n

\u2013 C\u00f3 th\u1ec3 t\u00f3m t\u1eaft nh\u1eefng \u0111i\u1ec3m kh\u00e1c bi\u1ec7t c\u0103n b\u1ea3n gi\u1eefa h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai trong b\u1ea3ng sau:<\/p>\n\n\n\n

B\u1ea3ng 27.1. So s\u00e1nh h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n<\/strong><\/p>\n\n\n\n

H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n<\/em><\/strong><\/td>H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai<\/em><\/strong><\/td><\/tr>
\u0110\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng OTC<\/td>\u0110\u01b0\u1ee3c ni\u00eam y\u1ebft v\u00e0 giao d\u1ecbch tr\u00ean s\u1edf giao d\u1ecbch<\/td><\/tr>
H\u1ee3p \u0111\u1ed3ng ch\u01b0a \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a v\u1ec1 c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u01a1 b\u1ea3n; n\u1ed9i dung c\u1ee7a h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c th\u1ecfa thu\u1eadn ri\u00eang gi\u1eefa c\u00e1c b\u00ean tham gia cho ph\u00f9 h\u1ee3p nhu c\u1ea7u c\u00e1 nh\u00e2n.<\/td>H\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a v\u1edbi c\u00e1c \u0111i\u1ec1u kho\u1ea3n th\u1ed1ng nh\u1ea5t \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng chung cho m\u1ecdi \u0111\u1ed1i t\u01b0\u1ee3ng s\u1eed d\u1ee5ng s\u1ea3n ph\u1ea9m.<\/td><\/tr>
T\u00ednh thanh kho\u1ea3n th\u01b0\u1eddng k\u00e9m do t\u00ednh ch\u1ea5t c\u00e1 bi\u1ec7t h\u00f3a cao c\u1ee7a m\u1ed7i h\u1ee3p \u0111\u1ed3ng.<\/td>T\u00ednh thanh kho\u1ea3n cao do s\u1ea3n ph\u1ea9m \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a.<\/td><\/tr>
Th\u01b0\u1eddng ch\u1ec9 cho ph\u00e9p c\u00e1c b\u00ean tham gia th\u1ef1c hi\u1ec7n thanh to\u00e1n khi h\u1ee3p \u0111\u1ed3ng \u0111\u00e1o h\u1ea1n.<\/td>\u0110\u01b0\u1ee3c thanh to\u00e1n h\u00e0ng ng\u00e0y. Theo \u0111\u00f3, c\u00e1c b\u00ean tham gia h\u1ee3p \u0111\u1ed3ng hi\u1ec7n th\u1ef1c h\u00f3a l\u00e3i\/l\u1ed7 h\u00e0ng ng\u00e0y theo s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/td><\/tr>
Do s\u1ef1 kh\u00f3 kh\u0103n ho\u1eb7c\/v\u00e0 chi ph\u00ed cao c\u1ee7a vi\u1ec7c \u0111\u00f3ng h\u1ee3p \u0111\u1ed3ng tr\u01b0\u1edbc khi \u0111\u00e1o h\u1ea1n, c\u00e1c b\u00ean tham gia th\u01b0\u1eddng duy tr\u00ec v\u1ecb th\u1ebf \u0111\u1ebfn khi h\u1ee3p \u0111\u1ed3ng h\u1ebft th\u1eddi gian hi\u1ec7u l\u1ef1c \u0111\u1ec3 th\u1ef1c hi\u1ec7n thanh to\u00e1n\/chuy\u1ec3n giao.<\/td>Do t\u00ednh thanh kho\u1ea3n cao c\u1ee7a th\u1ecb tr\u01b0\u1eddng, c\u00e1c b\u00ean tham gia th\u01b0\u1eddng kh\u00f4ng duy tr\u00ec v\u1ecb th\u1ebf \u0111\u1ebfn th\u1eddi \u0111i\u1ec3m \u0111\u00e1o h\u1ea1n m\u00e0 th\u1ef1c hi\u1ec7n giao d\u1ecbch b\u00f9 tr\u1eeb \u0111\u1ec3 k\u1ebft th\u00fac ngh\u0129a v\u1ee5.<\/td><\/tr>
T\u00ednh minh b\u1ea1ch v\u1ec1 th\u00f4ng tin b\u1ecb h\u1ea1n ch\u1ebf<\/td>T\u00ednh minh b\u1ea1ch th\u00f4ng tin cao, nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 d\u00e0ng ti\u1ebfp c\u1eadn th\u00f4ng tin v\u1ec1 s\u1ea3n ph\u1ea9m, giao d\u1ecbch, gi\u00e1 c\u1ea3\u2026<\/td><\/tr>
Ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch \u00edt ch\u1ecbu s\u1ef1 qu\u1ea3n l\u00fd h\u01a1n (m\u1eb7c d\u00f9 \u0111\u00e3 c\u00f3 nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh th\u1eddi gian g\u1ea7n \u0111\u00e2y).<\/td>S\u1ea3n ph\u1ea9m v\u00e0 giao d\u1ecbch \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd, gi\u00e1m s\u00e1t ch\u1eb7t ch\u1ebd c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c li\u00ean quan.<\/td><\/tr>
R\u1ee7i ro t\u00edn d\u1ee5ng cao h\u01a1n.<\/td>H\u1ea7u nh\u01b0 kh\u00f4ng c\u00f3 r\u1ee7i ro t\u00edn d\u1ee5ng nh\u1edd nh\u1eefng c\u01a1 ch\u1ebf, quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

 H\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn c\u00f3 th\u1ec3 l\u00e0 c\u00f4ng c\u1ee5 \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a v\u00e0 ni\u00eam y\u1ebft, ho\u1eb7c l\u00e0 c\u00f4ng c\u1ee5 OTC thi\u1ebft k\u1ebf ri\u00eang theo nhu c\u1ea7u. Tr\u00ean th\u1ecb tr\u01b0\u1eddng, quy\u1ec1n ch\u1ecdn c\u00f3 hai lo\u1ea1i l\u00e0 quy\u1ec1n ch\u1ecdn mua (call option) ho\u1eb7c quy\u1ec1n ch\u1ecdn b\u00e1n (put option). S\u1ea3n ph\u1ea9m n\u00e0y cho ph\u00e9p ng\u01b0\u1eddi s\u1edf h\u1eefu c\u00f3 quy\u1ec1n \u0111\u01b0\u1ee3c mua (n\u1ebfu l\u00e0 quy\u1ec1n ch\u1ecdn mua) ho\u1eb7c quy\u1ec1n \u0111\u01b0\u1ee3c b\u00e1n (n\u1ebfu l\u00e0 quy\u1ec1n ch\u1ecdn b\u00e1n) m\u1ed9t kh\u1ed1i l\u01b0\u1ee3ng nh\u1ea5t \u0111\u1ecbnh t\u00e0i s\u1ea3n c\u01a1 s\u1edf theo gi\u00e1 x\u00e1c \u0111\u1ecbnh t\u1ea1i ho\u1eb7c tr\u01b0\u1edbc m\u1ed9t th\u1eddi \u0111i\u1ec3m t\u01b0\u01a1ng lai c\u1ee5 th\u1ec3.<\/p>\n\n\n\n

\u2013 \u0110i\u1ec3m c\u01a1 b\u1ea3n c\u1ee7a h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn l\u00e0 b\u00ean mua quy\u1ec1n ch\u1ecdn c\u00f3 quy\u1ec1n, m\u00e0 kh\u00f4ng ph\u1ea3i l\u00e0 ngh\u0129a v\u1ee5 b\u1eaft bu\u1ed9c, \u0111\u1ed1i v\u1edbi vi\u1ec7c th\u1ef1c hi\u1ec7n giao d\u1ecbch t\u01b0\u01a1ng lai li\u00ean quan \u0111\u1ebfn t\u00e0i s\u1ea3n c\u01a1 s\u1edf. \u0110\u00e2y l\u00e0 \u0111i\u1ec3m kh\u00e1c v\u1edbi h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, v\u00ec \u1edf c\u00e1c lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh n\u00e0y, c\u1ea3 b\u00ean mua v\u00e0 b\u00ean b\u00e1n \u0111\u1ec1u c\u00f3 ngh\u0129a v\u1ee5 b\u1eaft bu\u1ed9c ph\u1ea3i th\u1ef1c hi\u1ec7n giao d\u1ecbch mua\/b\u00e1n t\u00e0i s\u1ea3n c\u01a1 s\u1edf n\u1ebfu \u0111\u1ec3 h\u1ee3p \u0111\u1ed3ng \u0111\u00e1o h\u1ea1n.<\/p>\n\n\n\n

\u2013 Trong giao d\u1ecbch quy\u1ec1n ch\u1ecdn, b\u00ean mua tr\u1ea3 cho b\u00ean b\u00e1n m\u1ed9t kho\u1ea3n ti\u1ec1n \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y quy\u1ec1n \u0111\u01b0\u1ee3c mua ho\u1eb7c \u0111\u01b0\u1ee3c b\u00e1n m\u1ed9t t\u00e0i s\u1ea3n c\u01a1 s\u1edf trong t\u01b0\u01a1ng lai. \u0110\u00e2y c\u00f3 th\u1ec3 coi l\u00e0 chi ph\u00ed b\u00ean mua quy\u1ec1n b\u1ecf ra \u0111\u1ec3 \u0111\u01b0\u1ee3c quy\u1ec1n thay v\u00ec b\u1ecb r\u00e0ng bu\u1ed9c v\u00e0o m\u1ed9t ngh\u0129a v\u1ee5 mua ho\u1eb7c b\u00e1n t\u00e0i s\u1ea3n c\u01a1 s\u1edf trong m\u1ecdi tr\u01b0\u1eddng h\u1ee3p. V\u1edbi nhi\u1ec1u \u0111\u1ed1i t\u01b0\u1ee3ng c\u00f3 nhu c\u1ea7u s\u1eed d\u1ee5ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, \u0111\u1eb7c \u0111i\u1ec3m n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem l\u00e0 \u01b0u \u0111i\u1ec3m v\u00e0 t\u1ea1o n\u00ean n\u00e9t kh\u00e1c bi\u1ec7t cho s\u1ea3n ph\u1ea9m.<\/p>\n\n\n\n

H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e0 tho\u1ea3 thu\u1eadn gi\u1eefa hai b\u00ean v\u1ec1 vi\u1ec7c trao \u0111\u1ed5i c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai v\u00e0o nh\u1eefng th\u1eddi \u0111i\u1ec3m \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc trong m\u1ed9t kho\u1ea3ng th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh cho \u0111\u1ebfn khi h\u1ee3p \u0111\u1ed3ng \u0111\u00e1o h\u1ea1n. C\u00f3 nhi\u1ec1u lo\u1ea1i h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i kh\u00e1c nhau v\u1edbi t\u00ednh ch\u1ea5t v\u00e0 n\u1ed9i dung t\u1eeb \u0111\u01a1n gi\u1ea3n \u0111\u1ebfn ph\u1ee9c t\u1ea1p nh\u01b0: ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t, ho\u00e1n \u0111\u1ed5i ti\u1ec1n t\u1ec7, ho\u00e1n \u0111\u1ed5i c\u1ed5 phi\u1ebfu, ho\u00e1n \u0111\u1ed5i h\u00e0ng ho\u00e1, ho\u00e1n \u0111\u1ed5i t\u00edn d\u1ee5ng\u2026 trong \u0111\u00f3 ph\u1ed5 bi\u1ebfn nh\u1ea5t l\u00e0 ho\u00e1n \u0111\u1ed5i l\u00e3i su\u1ea5t v\u00e0 ho\u00e1n \u0111\u1ed5i ti\u1ec1n t\u1ec7.<\/p>\n\n\n\n

\u2013 H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e0 s\u1ea3n ph\u1ea9m \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf ri\u00eang nh\u1eb1m ph\u00f9 h\u1ee3p v\u1edbi nhu c\u1ea7u c\u1ee5 th\u1ec3 c\u1ee7a c\u00e1c b\u00ean tham gia. Do \u0111\u00f3, \u0111\u00e2y l\u00e0 m\u1ed9t ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC. C\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh trung gian trong vai tr\u00f2 nh\u00e0 m\u00f4i gi\u1edbi \u0111\u1ea3m nh\u1eadn vi\u1ec7c y\u1ebft gi\u00e1 cho c\u00e1c s\u1ea3n ph\u1ea9m ho\u00e1n \u0111\u1ed5i kh\u00e1c nhau. Th\u00eam v\u00e0o \u0111\u00f3, h\u1ecd c\u0169ng cung c\u1ea5p thanh kho\u1ea3n cho th\u1ecb tr\u01b0\u1eddng b\u1eb1ng c\u00e1ch k\u1ebft n\u1ed1i gi\u1eefa c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n n\u1eafm gi\u1eef nh\u1eefng v\u1ecb th\u1ebf \u0111\u1ed1i l\u1eadp nhau v\u1edbi c\u00f9ng m\u1ed9t lo\u1ea1i h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i.<\/p>\n\n\n\n

\u2013 H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e0 c\u00f4ng c\u1ee5 c\u00f3 t\u00ednh linh ho\u1ea1t r\u1ea5t cao, c\u00e1c chi ti\u1ebft h\u1ee3p \u0111\u1ed3ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh, s\u1eeda \u0111\u1ed5i khi c\u00f2n trong th\u1eddi gian hi\u1ec7u l\u1ef1c c\u1ee7a h\u1ee3p \u0111\u1ed3ng khi c\u00f3 s\u1ef1 nh\u1ea5t tr\u00ed c\u1ee7a c\u00e1c b\u00ean. \u0110\u00e2y l\u00e0 lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 t\u00ednh thanh kho\u1ea3n cao v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 t\u01b0\u01a1ng \u0111\u1ed1i d\u1ec5 d\u00e0ng. \u01afu \u0111i\u1ec3m n\u00e0y v\u00e0 s\u1ef1 \u0111a d\u1ea1ng c\u1ee7a c\u00e1c s\u1ea3n ph\u1ea9m nh\u01b0 \u0111\u00e3 n\u00eau khi\u1ebfn cho h\u1ee3p \u0111\u1ed3ng h\u00f3a \u0111\u1ed5i tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng th\u1ee9c hi\u1ec7u qu\u1ea3 \u0111\u1ec3 ph\u00f2ng ng\u1eeba c\u00e1c lo\u1ea1i r\u1ee7i ro t\u00e0i ch\u00ednh ph\u1ed5 bi\u1ebfn v\u00e0 c\u00e1 bi\u1ec7t. Ch\u00ednh v\u00ec v\u1eady h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e0 m\u1ed9t trong nh\u1eefng lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 t\u1ed1c \u0111\u1ed9 ph\u00e1t tri\u1ec3n nhanh nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/p>\n\n\n\n

\u2013 H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e0 m\u1ed9t trong c\u00e1c lo\u1ea1i s\u1ea3n ph\u1ea9m k\u1ebft h\u1ee3p c\u00e1c y\u1ebfu t\u1ed1 c\u1ee7a h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n, h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn. V\u00ed d\u1ee5, m\u1ed9t c\u00f4ng ty vay ti\u1ec1n v\u1edbi l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i s\u1ebd ch\u1ecbu \u1ea3nh h\u01b0\u1edfng khi l\u00e3i su\u1ea5t t\u0103ng. C\u00f4ng ty n\u00e0y c\u00f3 th\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro \u0111\u00f3 b\u1eb1ng c\u00e1ch mua m\u1ed9t quy\u1ec1n ch\u1ecdn l\u00e3i su\u1ea5t tr\u1ea7n (cap). V\u1ec1 c\u01a1 b\u1ea3n \u0111\u00e2y ch\u00ednh l\u00e0 m\u1ed9t quy\u1ec1n ch\u1ecdn gi\u00fap b\u00f9 \u0111\u1eafp ph\u1ea7n l\u1ed7 khi l\u00e3i su\u1ea5t t\u0103ng l\u00ean tr\u00ean ng\u01b0\u1ee1ng \u0111\u00e3 x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc. M\u1ed9t c\u00f4ng ty kh\u00e1c c\u00f3 th\u1ec3 ch\u1ecdn mua m\u1ed9t h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn th\u1ef1c hi\u1ec7n d\u1ef1a tr\u00ean kh\u00f4ng ch\u1ec9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n m\u00e0 c\u00f3 th\u1ec3 l\u00e0 c\u1ee7a hai t\u00e0i s\u1ea3n ho\u1eb7c th\u1eadm ch\u00ed nhi\u1ec1u h\u01a1n, g\u1ecdi l\u00e0 quy\u1ec1n ch\u1ecdn thay th\u1ebf (alternative option).<\/p>\n\n\n\n

\u2013 C\u00e1c s\u1ea3n ph\u1ea9m n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 s\u1ea3n ph\u1ea9m t\u1ed5ng h\u1ee3p (synthetic products) do k\u1ebft h\u1ee3p \u0111\u01b0\u1ee3c c\u00e1c y\u1ebfu t\u1ed1 c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 kh\u00e1c. C\u00e1c s\u1ea3n ph\u1ea9m t\u1ed5ng h\u1ee3p n\u00e0y cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ng\u00e0y nay r\u1ea5t linh ho\u1ea1t, li\u00ean t\u1ee5c t\u1ea1o ra nh\u1eefng c\u00f4ng c\u1ee5 m\u1edbi v\u00e0 h\u1eefu hi\u1ec7u \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u \u0111a d\u1ea1ng c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. Qu\u00e1 tr\u00ecnh t\u1ea1o ra c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh m\u1edbi n\u00e0y \u0111\u00f4i khi \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 ng\u00e0nh k\u1ef9 s\u01b0 t\u00e0i ch\u00ednh (financial engineering). C\u00e1c c\u00f4ng c\u1ee5 n\u00e0y th\u1ec3 hi\u1ec7n hi\u1ec7u \u1ee9ng c\u1ee7a qu\u00e1 tr\u00ecnh ph\u00e1t tri\u1ec3n trong h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh, v\u00e0 c\u0169ng ch\u00ednh l\u00e0 v\u00ed d\u1ee5 v\u1ec1 s\u1ef1 thay \u0111\u1ed5i v\u00e0 c\u1ea3i ti\u1ebfn d\u1eabn t\u1edbi c\u00e1c ph\u01b0\u01a1ng th\u1ee9c t\u1ed1t h\u01a1n \u0111\u1ec3 qu\u1ea3n l\u00fd r\u1ee7i ro.<\/p>\n\n\n\n

Theo lo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf,<\/em> ch\u1ee9ng kho\u00e1n ph\u00e1i sinh n\u00f3i chung c\u00f3 th\u1ec3 bao g\u1ed3m:<\/p>\n\n\n\n

\u2013 Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh d\u1ef1a tr\u00ean c\u00e1c c\u00f4ng c\u1ee5 th\u1ecb tr\u01b0\u1eddng v\u1ed1n, trong \u0111\u00f3 t\u00e0i s\u1ea3n c\u01a1 s\u1edf l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu \u0111\u01a1n l\u1ebb, m\u1ed9t nh\u00f3m\/r\u1ed5 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn theo nh\u1eefng ti\u00eau ch\u00ed nh\u1ea5t \u0111\u1ecbnh (tr\u01b0\u1eddng h\u1ee3p ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ch\u1ec9 s\u1ed1 c\u1ed5 phi\u1ebfu), hay tr\u00e1i phi\u1ebfu. Gi\u00e1 tr\u1ecb c\u1ee7a lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh n\u00e0y ph\u1ee5 thu\u1ed9c v\u00e0o gi\u00e1 t\u00e0i s\u1ea3n c\u01a1 s\u1edf tr\u00ean th\u1ecb tr\u01b0\u1eddng giao ngay.<\/p>\n\n\n\n

\u2013 Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh d\u1ef1a tr\u00ean c\u00e1c c\u00f4ng c\u1ee5 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7, trong \u0111\u00f3 t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u00f3 th\u1ec3 l\u00e0 l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n, c\u00f4ng c\u1ee5 n\u1ee3 ng\u1eafn h\u1ea1n nh\u01b0 t\u00edn phi\u1ebfu kho b\u1ea1c hay \u0111\u1ed3ng ti\u1ec1n c\u1ee7a m\u1ed9t qu\u1ed1c gia ho\u1eb7c v\u00f9ng l\u00e3nh th\u1ed5. S\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n ho\u1eb7c c\u1ee7a t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i gi\u1eefa c\u00e1c \u0111\u1ed3ng ti\u1ec1n li\u00ean quan l\u00e0 nh\u1eefng y\u1ebfu t\u1ed1 then ch\u1ed1t quy\u1ebft \u0111\u1ecbnh gi\u00e1 tr\u1ecb c\u1ee7a ch\u1ee9ng kho\u00e1n ph\u00e1i sinh thu\u1ed9c nh\u00f3m n\u00e0y.<\/p>\n\n\n\n

\u2013 Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh d\u1ef1a tr\u00ean ch\u1ee9ng kho\u00e1n ph\u00e1i sinh trong \u0111\u00f3 b\u1ea3n th\u00e2n t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u0169ng l\u00e0 m\u1ed9t ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. C\u00e1c s\u1ea3n ph\u1ea9m n\u00e0y c\u00f3 t\u00ednh ch\u1ea5t ph\u1ee9c t\u1ea1p h\u01a1n c\u00e1c lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh th\u00f4ng th\u01b0\u1eddng v\u1edbi nh\u1eefng v\u00ed d\u1ee5 nh\u01b0 quy\u1ec1n ch\u1ecdn h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai (futures options) hay quy\u1ec1n ch\u1ecdn h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i (swaptions). Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, gi\u00e1 tr\u1ecb c\u1ee7a ch\u1ee9ng kho\u00e1n ph\u00e1i sinh kh\u00f4ng ch\u1ec9 b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n h\u1eefu h\u00ecnh g\u1ed1c m\u00e0 c\u00f2n ph\u1ee5 thu\u1ed9c v\u00e0o bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u01a1 s\u1edf.<\/p>\n\n\n\n

\u2013 Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh h\u00e0ng h\u00f3a c\u00f3 t\u00e0i s\u1ea3n c\u01a1 s\u1edf l\u00e0 m\u1ed9t lo\u1ea1i h\u00e0ng h\u00f3a c\u01a1 b\u1ea3n nh\u01b0 m\u1ed9t s\u1ed1 lo\u1ea1i n\u00f4ng s\u1ea3n, kim lo\u1ea1i qu\u00fd\/c\u00f4ng nghi\u1ec7p, n\u0103ng l\u01b0\u1ee3ng\u2026<\/p>\n\n\n\n

\u2013 Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh kh\u00e1c nh\u01b0 ch\u1ee9ng kho\u00e1n ph\u00e1i sinh d\u1ef1a tr\u00ean nh\u1eefng y\u1ebfu t\u1ed1 kh\u00e1c c\u00f3 th\u1ec3 li\u00ean quan ho\u1eb7c kh\u00f4ng li\u00ean quan \u0111\u1ebfn m\u1ed9t t\u00e0i s\u1ea3n h\u1eefu h\u00ecnh. M\u1ed9t s\u1ed1 v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh l\u00e0 ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ed1i v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n, qu\u1ef9 ho\u00e1n \u0111\u1ed5i danh m\u1ee5c (ETFs), \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh, s\u1ef1 ki\u1ec7n t\u00edn d\u1ee5ng, l\u1ea1m ph\u00e1t, th\u1eddi ti\u1ebft\u2026<\/p>\n\n\n\n

T\u00e0i li\u1ec7u n\u00e0y s\u1ebd t\u1eadp trung v\u00e0o c\u00e1c ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft tr\u00ean SGDCK nh\u01b0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a v\u1edbi t\u00e0i s\u1ea3n c\u01a1 s\u1edf l\u00e0 c\u00e1c t\u00e0i s\u1ea3n, c\u00f4ng c\u1ee5 ho\u1eb7c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh.<\/p>\n\n\n\n

27.1.2. H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai<\/h3>\n\n\n\n

Nh\u01b0 \u0111\u00e3 tr\u00ecnh b\u00e0y \u1edf tr\u00ean, h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e0 m\u1ed9t th\u1ecfa thu\u1eadn gi\u1eefa hai b\u00ean tham gia v\u1ec1 vi\u1ec7c mua ho\u1eb7c b\u00e1n m\u1ed9t t\u00e0i s\u1ea3n t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m nh\u1ea5t \u0111\u1ecbnh trong t\u01b0\u01a1ng lai v\u1edbi gi\u00e1 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc. H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a, \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft v\u00e0 giao d\u1ecbch tr\u00ean SGDCK.<\/p>\n\n\n\n

27.1.2.1. C\u00e1c \u0111\u1eb7c t\u00ednh c\u01a1 b\u1ea3n c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai<\/h4>\n\n\n\n

H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai do SGDCK thi\u1ebft k\u1ebf v\u1edbi c\u00e1c \u0111\u1eb7c t\u00ednh ph\u00f9 h\u1ee3p v\u1edbi t\u1eebng lo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u1ee5 th\u1ec3 c\u1ee7a h\u1ee3p \u0111\u1ed3ng, th\u00f4ng th\u01b0\u1eddng bao g\u1ed3m nh\u1eefng \u0111i\u1ec1u kho\u1ea3n c\u0103n b\u1ea3n nh\u1ea5t nh\u01b0 sau:<\/p>\n\n\n\n

T\u00e0i s\u1ea3n c\u01a1 s\u1edf:<\/em> L\u00e0 h\u00e0ng h\u00f3a ho\u1eb7c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m c\u01a1 s\u1edf cho h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai (c\u00f2n c\u00f3 c\u00e1c t\u00ean g\u1ecdi kh\u00e1c nh\u01b0 c\u00f4ng c\u1ee5 c\u01a1 s\u1edf, c\u00f4ng c\u1ee5 g\u1ed1c\u2026). Nh\u00e0 \u0111\u1ea7u t\u01b0 giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ed1i v\u1edbi lo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf n\u00e0o l\u00e0 gi\u00e1n ti\u1ebfp giao d\u1ecbch v\u00e0 ch\u1ecbu t\u00e1c \u0111\u1ed9ng t\u1eeb s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n \u0111\u00f3.<\/p>\n\n\n\n

Ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh r\u00f5 trong h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, \u0111\u1ea3m b\u1ea3o m\u1ecdi \u0111\u1ed1i t\u01b0\u1ee3ng tham gia giao d\u1ecbch \u0111\u1ec1u bi\u1ebft r\u00f5 v\u00e0 nh\u1ea5t qu\u00e1n v\u1ec1 h\u00ecnh th\u1ee9c v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n m\u00e0 m\u00ecnh giao d\u1ecbch. \u0110i\u1ec1u kho\u1ea3n n\u00e0y th\u01b0\u1eddng \u00e1p d\u1ee5ng cho h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai h\u00e0ng h\u00f3a.<\/p>\n\n\n\n

Quy m\u00f4 (hay h\u1ec7 s\u1ed1 nh\u00e2n) h\u1ee3p \u0111\u1ed3ng:<\/em> L\u00e0 s\u1ed1 l\u01b0\u1ee3ng hay gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n c\u01a1 s\u1edf m\u00e0 b\u00ean mua v\u00e0 b\u00ean b\u00e1n c\u00f3 th\u1ec3 giao d\u1ecbch \u1ee9ng v\u1edbi m\u1ed7i h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai. V\u00ed d\u1ee5, n\u1ebfu quy m\u00f4 c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng d\u1ea7u th\u00f4 l\u00e0 25 t\u1ea5n d\u1ea7u th\u00f4; khi \u0111\u00f3, n\u1ebfu b\u1ea1n giao d\u1ecbch 04 h\u1ee3p \u0111\u1ed3ng, b\u1ea1n s\u1ebd n\u1eafm gi\u1eef v\u1ecb th\u1ebf 100 t\u1ea5n d\u1ea7u th\u00f4.<\/p>\n\n\n\n

\u0110\u01a1n v\u1ecb y\u1ebft gi\u00e1, b\u01b0\u1edbc gi\u00e1:<\/em> Nh\u00ecn chung, h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai th\u01b0\u1eddng \u0111\u01b0\u1ee3c y\u1ebft gi\u00e1 theo c\u00e1ch t\u01b0\u01a1ng t\u1ef1 nh\u01b0 y\u1ebft gi\u00e1 t\u00e0i s\u1ea3n c\u01a1 s\u1edf tr\u00ean th\u1ecb tr\u01b0\u1eddng giao ngay. Ngo\u00e0i ra, SGDCK c\u0169ng th\u01b0\u1eddng \u0111\u01b0a ra quy \u0111\u1ecbnh v\u1ec1 b\u01b0\u1edbc gi\u00e1, t\u1ee9c l\u00e0 m\u1ee9c bi\u1ebfn \u0111\u1ed9ng (t\u0103ng hay gi\u1ea3m) t\u1ed1i thi\u1ec3u \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn c\u1ee7a gi\u00e1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai so v\u1edbi m\u1ee9c gi\u00e1 kh\u1edbp g\u1ea7n nh\u1ea5t.<\/p>\n\n\n\n

Gi\u1edd giao d\u1ecbch:<\/em> L\u00e0 th\u1eddi gian trong ng\u00e0y khi giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u01b0\u1ee3c di\u1ec5n ra tr\u00ean SGDCK.<\/p>\n\n\n\n

Th\u00e1ng \u0111\u00e1o h\u1ea1n:<\/em> L\u00e0 th\u00e1ng m\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ph\u1ea3i \u0111\u01b0\u1ee3c thanh to\u00e1n theo m\u1ed9t trong hai h\u00ecnh th\u1ee9c (\u0111\u01b0\u1ee3c quy \u0111\u1ecbnh r\u00f5 trong h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai): chuy\u1ec3n giao v\u1eadt ch\u1ea5t ho\u1eb7c thanh to\u00e1n b\u1eb1ng ti\u1ec1n. \u0110\u1eb7c t\u00ednh n\u00e0y \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh theo th\u00f4ng l\u1ec7 c\u1ee7a t\u1eebng SGDCK v\u00e0 t\u00f9y theo t\u1eebng lo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf.<\/p>\n\n\n\n

Ng\u00e0y \u0111\u00e1o h\u1ea1n:<\/em> L\u00e0 m\u1ed9t ng\u00e0y trong th\u00e1ng \u0111\u00e1o h\u1ea1n m\u00e0 sau ng\u00e0y n\u00e0y, m\u00e3 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai li\u00ean quan kh\u00f4ng c\u00f2n \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u1eefa, h\u1ee3p \u0111\u1ed3ng h\u1ebft hi\u1ec7u l\u1ef1c v\u00e0 vi\u1ec7c thanh to\u00e1n ph\u1ea3i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n gi\u1eefa hai b\u00ean.<\/p>\n\n\n\n

Gi\u00e1 thanh to\u00e1n cu\u1ed1i ng\u00e0y, gi\u00e1 thanh to\u00e1n cu\u1ed1i c\u00f9ng:<\/em><\/p>\n\n\n\n

\u2013 Gi\u00e1 thanh to\u00e1n cu\u1ed1i ng\u00e0y l\u00e0 m\u1ee9c gi\u00e1 c\u1ee7a h\u1ee3p \u0111\u1ed3ng do SGDCK x\u00e1c \u0111\u1ecbnh \u0111\u1ec3 t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb l\u00e3i\/l\u1ed7 ph\u00e1t sinh trong ng\u00e0y c\u1ee7a t\u1eebng h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n

\u2013 Gi\u00e1 thanh to\u00e1n cu\u1ed1i c\u00f9ng l\u00e0 m\u1ee9c gi\u00e1 c\u1ee7a h\u1ee3p \u0111\u1ed3ng do Trung t\u00e2m b\u00f9 tr\u1eeb ph\u1ed1i h\u1ee3p v\u1edbi SGDCK x\u00e1c \u0111\u1ecbnh \u0111\u1ec3 t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb l\u00e3i\/l\u1ed7 ph\u00e1t sinh trong ng\u00e0y giao d\u1ecbch cu\u1ed1i c\u00f9ng c\u1ee7a h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n

Ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n:<\/em> Vi\u1ec7c th\u1ef1c hi\u1ec7n ngh\u0129a v\u1ee5 c\u1ee7a b\u00ean mua, b\u00ean b\u00e1n khi h\u1ee3p \u0111\u1ed3ng \u0111\u00e1o h\u1ea1n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n theo m\u1ed9t trong hai ph\u01b0\u01a1ng th\u1ee9c:<\/p>\n\n\n\n

\u2013 Chuy\u1ec3n giao v\u1eadt ch\u1ea5t: B\u00ean b\u00e1n giao t\u00e0i s\u1ea3n c\u01a1 s\u1edf v\u00e0 nh\u1eadn ti\u1ec1n thanh to\u00e1n, b\u00ean mua thanh to\u00e1n ti\u1ec1n v\u00e0 nh\u1eadn t\u00e0i s\u1ea3n c\u01a1 s\u1edf \u0111\u01b0\u1ee3c b\u00ean b\u00e1n chuy\u1ec3n giao.<\/p>\n\n\n\n

\u2013 Thanh to\u00e1n b\u1eb1ng ti\u1ec1n: m\u1ed9t b\u00ean tr\u1ea3 (ho\u1eb7c nh\u1eadn) cho (t\u1eeb) b\u00ean kia s\u1ed1 ti\u1ec1n c\u0103n c\u1ee9 tr\u00ean k\u1ebft qu\u1ea3 l\u00e3i\/l\u1ed7 c\u1ee7a c\u00e1c v\u1ecb th\u1ebf h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh l\u1ea7n cu\u1ed1i theo gi\u00e1 thanh to\u00e1n cu\u1ed1i c\u00f9ng.<\/p>\n\n\n\n

Gi\u1edbi h\u1ea1n bi\u1ebfn \u0111\u1ed9ng gi\u00e1 h\u00e0ng ng\u00e0y:<\/em> L\u00e0 m\u1ee9c bi\u1ebfn \u0111\u1ed9ng t\u1ed1i \u0111a c\u1ee7a gi\u00e1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai trong ng\u00e0y giao d\u1ecbch so v\u1edbi gi\u00e1 c\u01a1 s\u1edf. Trong \u0111\u00f3, gi\u00e1 c\u01a1 s\u1edf do SGDCK quy \u0111\u1ecbnh v\u00e0 th\u01b0\u1eddng \u0111\u01b0\u1ee3c l\u1ea5y l\u00e0 gi\u00e1 \u0111\u00f3ng c\u1eeda ng\u00e0y h\u00f4m tr\u01b0\u1edbc ho\u1eb7c gi\u00e1 thanh to\u00e1n ng\u00e0y h\u00f4m tr\u01b0\u1edbc c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai. Khi gi\u00e1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai t\u0103ng ho\u1eb7c gi\u1ea3m qu\u00e1 gi\u1edbi h\u1ea1n n\u00e0y, giao d\u1ecbch v\u1edbi m\u00e3 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u00f3 c\u00f3 th\u1ec3 t\u1ea1m th\u1eddi b\u1ecb ng\u1eebng l\u1ea1i.<\/p>\n\n\n\n

Gi\u1edbi h\u1ea1n v\u1ecb th\u1ebf:<\/em> L\u00e0 s\u1ed1 l\u01b0\u1ee3ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai t\u1ed1i \u0111a m\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c ph\u00e9p n\u1eafm gi\u1eef \u0111\u1ed1i v\u1edbi m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf nh\u1ea5t \u0111\u1ecbnh t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m c\u1ee5 th\u1ec3. \u0110i\u1ec1u kho\u1ea3n n\u00e0y \u0111\u01b0\u1ee3c \u0111\u01b0a ra nh\u1eb1m gi\u00fap SGDCK ki\u1ec3m so\u00e1t t\u00ecnh tr\u1ea1ng l\u0169ng \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng v\u00e0 qu\u1ea3n l\u00fd nh\u1eefng r\u1ee7i ro kh\u00e1c c\u00f3 th\u1ec3 x\u1ea3y ra khi m\u1ed9t c\u00e1 nh\u00e2n ho\u1eb7c t\u1ed5 ch\u1ee9c n\u1eafm gi\u1eef v\u1ecb th\u1ebf qu\u00e1 l\u1edbn.<\/p>\n\n\n\n

27.1.2.2. M\u1ed9t s\u1ed1 v\u00ed d\u1ee5 v\u1ec1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai.<\/h4>\n\n\n\n

H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ch\u1ec9 s\u1ed1 c\u1ed5 phi\u1ebfu S&P 500 (Ch\u1ec9 s\u1ed1 \u0111\u01b0\u1ee3c t\u00ednh t\u1eeb r\u1ed5 g\u1ed3m c\u1ed5 phi\u1ebfu c\u1ee7a 500 c\u00f4ng ty c\u00f3 quy m\u00f4 v\u1ed1n h\u00f3a l\u1edbn \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft v\u00e0 giao d\u1ecbch tr\u00ean c\u00e1c SGDCK M\u1ef9):<\/p>\n\n\n\n

\u0110\u1eb7c t\u00ednh<\/em><\/td>M\u00f4 t\u1ea3<\/em><\/td><\/tr>
C\u00f4ng c\u1ee5 c\u01a1 s\u1edf<\/td>Ch\u1ec9 s\u1ed1 S&P 500<\/td><\/tr>
H\u1ec7 s\u1ed1 nh\u00e2n h\u1ee3p \u0111\u1ed3ng<\/td>250 USD cho m\u1ed7i \u0111i\u1ec3m ch\u1ec9 s\u1ed1Gi\u00e1 tr\u1ecb H\u0110 = 250 USD \u00d7 \u0111i\u1ec3m ch\u1ec9 s\u1ed1 S&P500<\/td><\/tr>
B\u01b0\u1edbc gi\u00e1<\/td>0,1 \u0111i\u1ec3m ch\u1ec9 s\u1ed1 (25 USD)<\/td><\/tr>
Gi\u1edd giao d\u1ecbch<\/td>8:30 \u2013 15:15 (th\u1ee9 Hai \u2013 th\u1ee9 S\u00e1u h\u00e0ng tu\u1ea7n)(giao d\u1ecbch th\u1ee7 c\u00f4ng)<\/td><\/tr>
Th\u00e1ng \u0111\u00e1o h\u1ea1n<\/td>T\u00e1m th\u00e1ng trong chu k\u1ef3 qu\u00fd th\u00e1ng 3 (th\u00e1ng 3, 6, 9, 12) v\u00e0 th\u00eam ba h\u1ee3p \u0111\u1ed3ng th\u00e1ng 12<\/td><\/tr>
Ng\u00e0y giao d\u1ecbch cu\u1ed1i c\u00f9ng<\/td>Th\u1ee9 Ba tr\u01b0\u1edbc th\u1ee9 S\u00e1u tu\u1ea7n th\u1ee9 ba c\u1ee7a th\u00e1ng \u0111\u00e1o h\u1ea1n<\/td><\/tr>
Ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n (thanh to\u00e1n cu\u1ed1i c\u00f9ng)<\/td>B\u00f9 tr\u1eeb b\u1eb1ng ti\u1ec1n<\/td><\/tr>
Gi\u1edbi h\u1ea1n bi\u1ebfn \u0111\u1ed9ng gi\u00e1 h\u00e0ng ng\u00e0y<\/td>\u0110\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh ph\u00f9 h\u1ee3p v\u1edbi quy \u0111\u1ecbnh ng\u1eaft giao d\u1ecbch c\u1ee7a SGDCK New York<\/td><\/tr>
Gi\u1edbi h\u1ea1n v\u1ecb th\u1ebf<\/td>28.000 h\u1ee3p \u0111\u1ed3ng<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai c\u1ee7a tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 H\u00e0n Qu\u1ed1c (5 n\u0103m):<\/p>\n\n\n\n

\u0110\u1eb7c t\u00ednh<\/em><\/td>M\u00f4 t\u1ea3<\/em><\/td><\/tr>
T\u00e0i s\u1ea3n c\u01a1 s\u1edf<\/td>Tr\u00e1i phi\u1ebfu Kho b\u1ea1c H\u00e0n Qu\u1ed1c k\u1ef3 h\u1ea1n 5 n\u0103m, tr\u1ea3 l\u00e3i \u0111\u1ecbnh k\u1ef3 6 th\u00e1ng m\u1ed9t l\u1ea7n v\u1edbi l\u00e3i su\u1ea5t cu\u1ed1ng phi\u1ebfu (coupon) 5%<\/td><\/tr>
Tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn \u0111\u1ec3 giao<\/td>S\u1edf Giao d\u1ecbch c\u00f4ng b\u1ed1 r\u1ed5 tr\u00e1i phi\u1ebfu c\u01a1 s\u1edf \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 thanh to\u00e1n cu\u1ed1i c\u00f9ng<\/td><\/tr>
Quy m\u00f4 h\u1ee3p \u0111\u1ed3ng<\/td>100.000.000 KRW<\/td><\/tr>
B\u01b0\u1edbc gi\u00e1<\/td>0,01 \u0111i\u1ec3m (t\u01b0\u01a1ng \u1ee9ng gi\u00e1 tr\u1ecb 10.000 KRW).<\/td><\/tr>
Gi\u1edd giao d\u1ecbch<\/td>9:00-15:15 (9:00-11:30 v\u00e0o ng\u00e0y giao d\u1ecbch cu\u1ed1i c\u00f9ng)<\/td><\/tr>
Th\u00e1ng \u0111\u00e1o h\u1ea1n<\/td>Hai th\u00e1ng li\u00ean ti\u1ebfp \u0111\u1ea7u ti\u00ean trong chu k\u1ef3 qu\u00fd th\u00e1ng 3, 6, 9, 12<\/td><\/tr>
Ng\u00e0y giao d\u1ecbch cu\u1ed1i c\u00f9ng<\/td>Ng\u00e0y th\u1ee9 Ba th\u1ee9 ba c\u1ee7a th\u00e1ng \u0111\u00e1o h\u1ea1n<\/td><\/tr>
Ng\u00e0y chuy\u1ec3n giao cu\u1ed1i c\u00f9ng<\/td> <\/td><\/tr>
Ng\u00e0y thanh to\u00e1n cu\u1ed1i c\u00f9ng<\/td>Ng\u00e0y l\u00e0m vi\u1ec7c ti\u1ebfp theo ngay sau ng\u00e0y giao d\u1ecbch cu\u1ed1i c\u00f9ng<\/td><\/tr>
Ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n (thanh to\u00e1n cu\u1ed1i c\u00f9ng)<\/td>Thanh to\u00e1n b\u1eb1ng ti\u1ec1n <\/td><\/tr>
Gi\u1edbi h\u1ea1n bi\u1ebfn \u0111\u1ed9ng gi\u00e1 h\u00e0ng ng\u00e0y<\/td>\u2013<\/td><\/tr>
Gi\u1edbi h\u1ea1n v\u1ecb th\u1ebf<\/td>SGDCK c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng khi th\u1ea5y c\u1ea7n thi\u1ebft<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Ngo\u00e0i ra c\u00f2n c\u00f3 r\u1ea5t nhi\u1ec1u h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai kh\u00e1c \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng nh\u01b0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ti\u1ec1n t\u1ec7, h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai h\u00e0ng h\u00f3a (n\u00f4ng nghi\u1ec7p, n\u0103ng l\u01b0\u1ee3ng, kim lo\u1ea1i\u2026).<\/p>\n\n\n\n

27.1.3. H\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn<\/h3>\n\n\n\n

Nh\u01b0 \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u1edf tr\u00ean, quy\u1ec1n ch\u1ecdn l\u00e0 c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh m\u00e0 b\u00ean n\u1eafm gi\u1eef (hay b\u00ean mua, b\u00ean s\u1edf h\u1eefu) \u0111\u01b0\u1ee3c quy\u1ec1n mua ho\u1eb7c b\u00e1n m\u1ed9t t\u00e0i s\u1ea3n c\u01a1 s\u1edf v\u1edbi gi\u00e1 x\u00e1c \u0111\u1ecbnh v\u00e0o th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh trong t\u01b0\u01a1ng lai. Quy\u1ec1n ch\u1ecdn g\u1ed3m hai lo\u1ea1i l\u00e0 quy\u1ec1n mua v\u00e0 quy\u1ec1n b\u00e1n: Quy\u1ec1n mua cho ph\u00e9p b\u00ean s\u1edf h\u1eefu \u0111\u01b0\u1ee3c quy\u1ec1n mua t\u00e0i s\u1ea3n c\u01a1 s\u1edf, c\u00f2n v\u1edbi quy\u1ec1n b\u00e1n ng\u01b0\u1eddi s\u1edf h\u1eefu \u0111\u01b0\u1ee3c b\u00e1n t\u00e0i s\u1ea3n c\u01a1 s\u1edf v\u1edbi m\u1ee9c gi\u00e1 c\u1ed1 \u0111\u1ecbnh g\u1ecdi l\u00e0 gi\u00e1 th\u1ef1c hi\u1ec7n. Nh\u01b0 v\u1eady, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 l\u00e0 b\u00ean (n\u1eafm gi\u1eef v\u1ecb th\u1ebf) mua c\u1ee7a m\u1ed9t quy\u1ec1n mua, b\u00ean b\u00e1n c\u1ee7a m\u1ed9t quy\u1ec1n mua, b\u00ean mua c\u1ee7a m\u1ed9t quy\u1ec1n b\u00e1n ho\u1eb7c b\u00ean b\u00e1n c\u1ee7a m\u1ed9t quy\u1ec1n b\u00e1n.<\/p>\n\n\n\n

\u0110\u1ec3 \u0111\u1ed5i l\u1ea5y quy\u1ec1n \u0111\u01b0\u1ee3c mua\/b\u00e1n t\u00e0i s\u1ea3n c\u01a1 s\u1edf n\u00e0y, b\u00ean mua ph\u1ea3i tr\u1ea3 cho b\u00ean b\u00e1n (hay b\u00ean ph\u00e1t h\u00e0nh) m\u1ed9t kho\u1ea3n ti\u1ec1n g\u1ecdi l\u00e0 gi\u00e1 quy\u1ec1n ch\u1ecdn. B\u00ean b\u00e1n \u0111\u01b0\u1ee3c h\u01b0\u1edfng s\u1ed1 ti\u1ec1n n\u00e0y v\u00e0 \u0111\u1ed3ng th\u1eddi c\u00f3 ngh\u0129a v\u1ee5 th\u1ef1c hi\u1ec7n h\u1ee3p \u0111\u1ed3ng mua\/b\u00e1n khi b\u00ean mua th\u1ef1c hi\u1ec7n quy\u1ec1n. Gi\u00e1 quy\u1ec1n ch\u1ecdn thay \u0111\u1ed5i do s\u1ef1 t\u00e1c \u0111\u1ed9ng c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1 kh\u00e1c nhau, trong \u0111\u00f3 c\u00f3 bao g\u1ed3m c\u1ea3 y\u1ebfu t\u1ed1 cung\/c\u1ea7u tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

27.1.3.1. C\u00e1c \u0111\u1eb7c t\u00ednh c\u01a1 b\u1ea3n c\u1ee7a quy\u1ec1n ch\u1ecdn<\/h4>\n\n\n\n

\u0110\u1ed1i v\u1edbi quy\u1ec1n ch\u1ecdn giao d\u1ecbch tr\u00ean SGDCK, c\u00e1c \u0111\u1eb7c t\u00ednh c\u1ee7a h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c SGDCK quy \u0111\u1ecbnh m\u1ed9t c\u00e1ch th\u1ed1ng nh\u1ea5t, th\u00f4ng th\u01b0\u1eddng bao g\u1ed3m:<\/p>\n\n\n\n

T\u00e0i s\u1ea3n c\u01a1 s\u1edf:<\/em> L\u00e0 c\u0103n c\u1ee9 \u0111\u1ec3 thi\u1ebft k\u1ebf h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn, c\u0169ng l\u00e0 \u0111\u1ed1i t\u01b0\u1ee3ng chuy\u1ec3n giao trong giao d\u1ecbch mua\/b\u00e1n gi\u1eefa c\u00e1c b\u00ean khi quy\u1ec1n ch\u1ecdn \u0111\u00e1o h\u1ea1n v\u00e0 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n. T\u01b0\u01a1ng t\u1ef1 nh\u01b0 \u0111\u1ed1i v\u1edbi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u1ee7a quy\u1ec1n ch\u1ecdn c\u00f3 th\u1ec3 l\u00e0 t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh, t\u00e0i s\u1ea3n phi t\u00e0i ch\u00ednh hay m\u1ed9t ch\u1ee9ng kho\u00e1n ph\u00e1i sinh kh\u00e1c.<\/p>\n\n\n\n

Quy m\u00f4 h\u1ee3p \u0111\u1ed3ng (hay h\u1ec7 s\u1ed1 nh\u00e2n):<\/em> L\u00e0 s\u1ed1 l\u01b0\u1ee3ng ho\u1eb7c gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n c\u01a1 s\u1edf s\u1ebd \u0111\u01b0\u1ee3c chuy\u1ec3n giao gi\u1eefa c\u00e1c b\u00ean tham gia khi quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n. H\u1ec7 s\u1ed1 nh\u00e2n c\u0169ng l\u00e0 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c d\u00f9ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh t\u1ed5ng m\u1ee9c ph\u00ed (gi\u00e1) c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn.<\/p>\n\n\n\n

Gi\u00e1 th\u1ef1c hi\u1ec7n:<\/em> L\u00e0 m\u1ee9c gi\u00e1 m\u00e0 ng\u01b0\u1eddi n\u1eafm gi\u1eef quy\u1ec1n ch\u1ecdn s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c (ph\u1ea3i tr\u1ea3) n\u1ebfu quy\u1ebft \u0111\u1ecbnh th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn b\u00e1n (quy\u1ec1n ch\u1ecdn mua) \u0111\u1ed1i v\u1edbi m\u1ed9t t\u00e0i s\u1ea3n c\u01a1 s\u1edf. V\u1edbi m\u1ed7i lo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf, s\u1ebd c\u00f3 nhi\u1ec1u quy\u1ec1n ch\u1ecdn (mua v\u00e0 b\u00e1n) v\u1edbi c\u00e1c m\u1ee9c gi\u00e1 th\u1ef1c hi\u1ec7n kh\u00e1c nhau c\u00f9ng giao d\u1ecbch tr\u00ean SGDCK. Gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee7a m\u1ed7i quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c \u1ea5n \u0111\u1ecbnh xoay quanh gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n h\u00e0nh c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf. Ch\u00eanh l\u1ec7ch gi\u1eefa c\u00e1c gi\u00e1 th\u1ef1c hi\u1ec7n do SGDCK quy \u0111\u1ecbnh t\u00f9y theo t\u1eebnglo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u1ee5 th\u1ec3. S\u1ed1 l\u01b0\u1ee3ng gi\u00e1 th\u1ef1c hi\u1ec7n \u0111\u1ea3m b\u1ea3o t\u1ea1i m\u1ed7i th\u1eddi \u0111i\u1ec3m \u0111\u1ec1u c\u00f3 nh\u1eefng quy\u1ec1n ch\u1ecdn v\u1edbi gi\u00e1 cao h\u01a1n, b\u1eb1ng v\u00e0 th\u1ea5p h\u01a1n gi\u00e1 hi\u1ec7n h\u00e0nh c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf.<\/p>\n\n\n\n

Th\u00e1ng \u0111\u00e1o h\u1ea1n v\u00e0 ng\u00e0y \u0111\u00e1o h\u1ea1n:<\/em> C\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u1ec1u c\u00f3 m\u1ed9t th\u1eddi gian hi\u1ec7u l\u1ef1c nh\u1ea5t \u0111\u1ecbnh, x\u00e1c \u0111\u1ecbnh b\u1eb1ng th\u00e1ng \u0111\u00e1o h\u1ea1n. Trong th\u00e1ng \u0111\u00e1o h\u1ea1n, SGDCK \u1ea5n \u0111\u1ecbnh m\u1ed9t ng\u00e0y \u0111\u00e1o h\u1ea1n c\u1ee5 th\u1ec3. Sau ng\u00e0y \u0111\u00f3, quy\u1ec1n ch\u1ecdn s\u1ebd kh\u00f4ng c\u00f2n hi\u1ec7u l\u1ef1c n\u1eefa, v\u00e0 quy\u1ec1n mua ho\u1eb7c b\u00e1n t\u00e0i s\u1ea3n c\u01a1 s\u1edf, n\u1ebfu ch\u01b0a \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n, c\u0169ng kh\u00f4ng c\u00f2n gi\u00e1 tr\u1ecb g\u00ec v\u1edbi ng\u01b0\u1eddi n\u1eafm gi\u1eef n\u00f3.<\/p>\n\n\n\n

Ki\u1ec3u th\u1ef1c hi\u1ec7n quy\u1ec1n:<\/em> Quy\u1ec1n ch\u1ecdn c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n theo ki\u1ec3u ch\u00e2u \u00c2u (ch\u1ec9 v\u00e0o ng\u00e0y \u0111\u00e1o h\u1ea1n) ho\u1eb7c ki\u1ec3u M\u1ef9 (b\u1ea5t k\u1ef3 th\u1eddi \u0111i\u1ec3m n\u00e0o tr\u01b0\u1edbc v\u00e0 t\u1ea1i ng\u00e0y \u0111\u00e1o h\u1ea1n). \u0110i\u1ec1u kho\u1ea3n n\u00e0y \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh r\u00f5 trong h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn.<\/p>\n\n\n\n

Ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n:<\/em> \u0110i\u1ec1u kho\u1ea3n v\u1ec1 ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n cho bi\u1ebft c\u00e1ch th\u1ee9c b\u00ean mua v\u00e0 b\u00ean b\u00e1n quy\u1ec1n ch\u1ecdn ho\u00e0n t\u1ea5t c\u00e1c quy\u1ec1n v\u00e0 ngh\u0129a v\u1ee5 c\u1ee7a m\u00ecnh khi quy\u1ec1n ch\u1ecdn \u0111\u00e1o h\u1ea1n v\u00e0 (ho\u1eb7c) \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n. T\u01b0\u01a1ng t\u1ef1 nh\u01b0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn c\u0169ng \u0111\u01b0\u1ee3c thanh to\u00e1n theo m\u1ed9t trong hai h\u00ecnh th\u1ee9c l\u00e0 chuy\u1ec3n giao v\u1eadt ch\u1ea5t ho\u1eb7c thanh to\u00e1n b\u1eb1ng ti\u1ec1n.<\/p>\n\n\n\n

Gi\u1edbi h\u1ea1n v\u1ecb th\u1ebf:<\/em> L\u00e0 s\u1ed1 l\u01b0\u1ee3ng t\u1ed1i \u0111a h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn m\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 n\u1eafm gi\u1eef. Gi\u1edbi h\u1ea1n v\u1ecb th\u1ebf c\u00f3 th\u1ec3 kh\u00e1c nhau t\u00f9y thu\u1ed9c lo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf, t\u00f9y thu\u1ed9c \u0111\u1ed1i t\u01b0\u1ee3ng giao d\u1ecbch (c\u00e1 nh\u00e2n hay t\u1ed5 ch\u1ee9c). M\u1ee5c \u0111\u00edch c\u1ee7a \u0111i\u1ec1u kho\u1ea3n n\u00e0y l\u00e0 \u0111\u1ea3m b\u1ea3o t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a th\u1ecb tr\u01b0\u1eddng, ki\u1ec3m so\u00e1t t\u00ecnh tr\u1ea1ng l\u0169ng \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng c\u1ee7a m\u1ed9t c\u00e1 nh\u00e2n hay m\u1ed9t nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0o \u0111\u00f3.<\/p>\n\n\n\n

Kh\u1ed1i l\u01b0\u1ee3ng m\u1edf (open interest):<\/em> Tr\u00ean th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn, ho\u1ea1t \u0111\u1ed9ng m\u1edf v\u00e0 \u0111\u00f3ng v\u1ecb th\u1ebf c\u00f3 th\u1ec3 di\u1ec5n ra b\u1ea5t k\u1ef3 th\u1eddi \u0111i\u1ec3m n\u00e0o v\u00e0 h\u1ec7 qu\u1ea3 c\u1ee7a n\u00f3 l\u00e0 s\u1ef1 thay \u0111\u1ed5i s\u1ed1 l\u01b0\u1ee3ng v\u1ecb th\u1ebf m\u1edf. S\u1ed1 l\u01b0\u1ee3ng v\u1ecb th\u1ebf m\u1edf \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 t\u1ed5ng s\u1ed1 h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn c\u00f2n hi\u1ec7u l\u1ef1c, ngh\u0129a l\u00e0 s\u1ed1 h\u1ee3p \u0111\u1ed3ng ch\u01b0a \u0111\u00e1o h\u1ea1n nh\u01b0ng ch\u01b0a \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n ho\u1eb7c ch\u01b0a \u0111\u01b0\u1ee3c b\u00f9 tr\u1eeb b\u1eb1ng m\u1ed9t v\u1ecb th\u1ebf ngh\u1ecbch \u0111\u1ea3o. S\u1ed1 li\u1ec7u n\u00e0y th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u1ed5ng h\u1ee3p cho t\u1eebng t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u1ee5 th\u1ec3, t\u1eebng lo\u1ea1i quy\u1ec1n ch\u1ecdn v\u1edbi m\u1ed9t m\u1ee9c gi\u00e1 th\u1ef1c hi\u1ec7n v\u00e0 th\u00e1ng \u0111\u00e1o h\u1ea1n x\u00e1c \u0111\u1ecbnh. S\u1ed1 l\u01b0\u1ee3ng v\u1ecb th\u1ebf m\u1edf t\u0103ng l\u00ean khi c\u00f3 th\u00eam giao d\u1ecbch m\u1edf v\u1ecb th\u1ebf v\u00e0 gi\u1ea3m \u0111i sau c\u00e1c giao d\u1ecbch \u0111\u00f3ng v\u1ecb th\u1ebf.<\/p>\n\n\n\n

27.1.3.2. M\u1ed9t s\u1ed1 so s\u00e1nh gi\u1eefa h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai.<\/h4>\n\n\n\n

H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn l\u00e0 c\u00e1c ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 chung m\u1ed9t s\u1ed1 \u0111\u1eb7c t\u00ednh c\u01a1 b\u1ea3n nh\u01b0 t\u00e0i s\u1ea3n c\u01a1 s\u1edf, quy m\u00f4 h\u1ee3p \u0111\u1ed3ng, th\u00e1ng \u0111\u00e1o h\u1ea1n, ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n\u2026 Tuy nhi\u00ean gi\u1eefa hai lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh n\u00e0y c\u0169ng c\u00f3 m\u1ed9t s\u1ed1 kh\u00e1c bi\u1ec7t nh\u01b0:<\/p>\n\n\n\n

\u2013 \u0110\u1ed1i v\u1edbi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, n\u1ebfu kh\u00f4ng \u0111\u00f3ng v\u1ecb th\u1ebf, c\u1ea3 b\u00ean mua v\u00e0 b\u00ean b\u00e1n \u0111\u1ec1u c\u00f3 ngh\u0129a v\u1ee5 th\u1ef1c hi\u1ec7n c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ee7a h\u1ee3p \u0111\u1ed3ng khi h\u1ee3p \u0111\u1ed3ng \u0111\u1ebfn h\u1ea1n; \u0111\u1ed1i v\u1edbi h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn, b\u00ean mua c\u00f3 quy\u1ec1n th\u1ef1c hi\u1ec7n (khi c\u00f3 l\u1ee3i) ho\u1eb7c kh\u00f4ng th\u1ef1c hi\u1ec7n (khi b\u1ea5t l\u1ee3i) h\u1ee3p \u0111\u1ed3ng v\u00e0 b\u00ean b\u00e1n c\u00f3 ngh\u0129a v\u1ee5 tu\u00e2n th\u1ee7 h\u1ee3p \u0111\u1ed3ng khi b\u00ean mua quy\u1ebft \u0111\u1ecbnh th\u1ef1c hi\u1ec7n h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n

\u2013 H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ch\u1ec9 \u0111\u01b0\u1ee3c ti\u1ebfn h\u00e0nh khi \u0111\u00e1o h\u1ea1n (tr\u1eeb tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3ng v\u1ecb th\u1ebf); h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n tr\u01b0\u1edbc khi \u0111\u00e1o h\u1ea1n n\u1ebfu l\u00e0 quy\u1ec1n ch\u1ecdn ki\u1ec3u M\u1ef9.<\/p>\n\n\n\n

\u2013 C\u00e1c b\u00ean trong h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai x\u00e1c \u0111\u1ecbnh gi\u00e1 t\u01b0\u01a1ng lai c\u1ee7a h\u1ee3p \u0111\u1ed3ng (t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u01a1 ch\u1ebf x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u00ean thi tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u01a1 c\u1edf); gi\u00e1 th\u1ef1c hi\u1ec7n c\u1ee7a h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn l\u1ea1i th\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u1ed1 \u0111\u1ecbnh theo c\u00e1c m\u1ee9c kh\u00e1c nhau, c\u00e1c b\u00ean ch\u1ec9 x\u00e1c \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn l\u00e0 s\u1ed1 ti\u1ec1n m\u00e0 b\u00ean mua ph\u1ea3i tr\u1ea3 cho b\u00ean b\u00e1n \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y quy\u1ec1n mua ho\u1eb7c b\u00e1n t\u00e0i s\u1ea3n c\u01a1 s\u1edf.<\/p>\n\n\n\n

27.2. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/strong><\/p>\n\n\n\n

27.2.1. T\u1ed5ng quan v\u00e0 vai tr\u00f2 c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/h3>\n\n\n\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 m\u1ed9t l\u1ecbch s\u1eed l\u00e2u \u0111\u1eddi v\u1edbi th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch \u201ch\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn\u201d tr\u00ean \u00f4 liu t\u1eeb th\u1eddi c\u1ed5 \u0111\u1ea1i t\u1ea1i Hy L\u1ea1p, \u201ch\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n\u201d v\u00e0 \u201ch\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai\u201d l\u00faa g\u1ea1o t\u1eeb th\u1ebf k\u1ef7 th\u1ee9 16, t\u1ea1i Osaka \u2013 Nh\u1eadt B\u1ea3n), \u201ch\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n\u201d hoa tulip v\u00e0o th\u1ebf k\u1ef7 16 t\u1ea1i H\u00e0 Lan\u2026<\/p>\n\n\n\n

Ngay t\u1eeb nh\u1eefng n\u0103m 1790, quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o giao d\u1ecbch \u1edf M\u1ef9, kh\u00f4ng l\u00e2u sau khi S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n New York \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp. \u0110\u1ebfn n\u0103m 1848, S\u1edf m\u1eadu d\u1ecbch Chicago (Chicago Board of Trade, vi\u1ebft t\u1eaft l\u00e0 CBOT) \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp, giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n \u0111\u1ea7u ti\u00ean (v\u1edbi ng\u00f4) n\u0103m 1851 v\u00e0 nhanh ch\u00f3ng \u0111\u01b0\u1ee3c nhi\u1ec1u ng\u01b0\u1eddi bi\u1ebft \u0111\u1ebfn. N\u0103m 1865, CBOT ch\u00ednh th\u1ee9c h\u00f3a ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch ng\u0169 c\u1ed1c b\u1eb1ng c\u00e1ch ph\u00e1t tri\u1ec3n h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai chu\u1ea9n h\u00f3a, y\u00eau c\u1ea7u b\u00ean mua v\u00e0 b\u00ean b\u00e1n th\u1ef1c hi\u1ec7n c\u1ea7m c\u1ed1 t\u00e0i s\u1ea3n \u0111\u1ec3 k\u00fd qu\u1ef9. S\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ti\u1ebfp t\u1ee5c di\u1ec5n ra, v\u1edbi s\u1ef1 ra \u0111\u1eddi nh\u1eefng s\u1edf giao d\u1ecbch m\u1edbi nh\u01b0 S\u1edf giao d\u1ecbch b\u00f4ng New York (1870), S\u1edf giao d\u1ecbch h\u00e0ng h\u00f3a Chicago \u2013 CME (1919). T\u00e0i s\u1ea3n c\u01a1 s\u1edf \u0111\u01b0\u1ee3c m\u1edf r\u1ed9ng ra nhi\u1ec1u lo\u1ea1i n\u00f4ng s\u1ea3n kh\u00e1c v\u00e0 sau \u0111\u00f3 bao g\u1ed3m c\u1ea3 kim lo\u1ea1i.<\/p>\n\n\n\n

\u0110\u1ebfn \u0111\u1ea7u nh\u1eefng n\u0103m 70 c\u1ee7a th\u1ebf k\u1ef7 tr\u01b0\u1edbc, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n m\u1edbi v\u1edbi s\u1ef1 hi\u1ec7n di\u1ec7n c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh. Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ch\u1ee9ng ki\u1ebfn s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ngo\u1ea1i t\u1ec7 (CME, 1972), h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 (CBOT, 1975), quy\u1ec1n ch\u1ecdn ni\u00eam y\u1ebft \u0111\u1ed1i v\u1edbi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu (CBOT, 1982)\u2026 V\u1edbi s\u1ef1 ra \u0111\u1eddi c\u1ee7a S\u1edf giao d\u1ecbch quy\u1ec1n ch\u1ecdn Chicago (CBOE), quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a v\u00e0 \u0111\u01b0a v\u00e0o ni\u00eam y\u1ebft tr\u00ean s\u1edf giao d\u1ecbch.<\/p>\n\n\n\n

T\u1ea1i ch\u00e2u \u00c2u, S\u1edf giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 quy\u1ec1n ch\u1ecdn t\u00e0i ch\u00ednh qu\u1ed1c t\u1ebf London (LIFFE) \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp n\u0103m 1982, sau \u0111\u00f3 s\u00e1p nh\u1eadp v\u1edbi S\u1edf giao d\u1ecbch h\u00e0ng h\u00f3a London n\u0103m 1996, r\u1ed3i \u0111\u01b0\u1ee3c Euronext mua l\u1ea1i n\u0103m 2002. Trong nh\u1eefng n\u0103m 1990 v\u00e0 c\u1ea3 th\u1eadp k\u1ef7 sau \u0111\u00f3, tr\u00e0o l\u01b0u th\u00e2u t\u00f3m, s\u00e1p nh\u1eadp, h\u1ee3p nh\u1ea5t di\u1ec5n ra gi\u1eefa c\u00e1c s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh tr\u00ean th\u1ebf gi\u1edbi. \u0110\u1ea7u ti\u00ean l\u00e0 LIFFE v\u00e0 Euronext nh\u01b0 \u0111\u00e3 n\u00f3i, sau \u0111\u00f3 Euronext h\u1ee3p nh\u1ea5t v\u1edbi S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n NewYork (NYSE) n\u0103m 2007 cho ra \u0111\u1eddi NYSE Euronext, tr\u01b0\u1edbc khi S\u1edf giao d\u1ecbch Li\u00ean l\u1ee5c \u0111\u1ecba (ICE) mua l\u1ea1i t\u1ed5 ch\u1ee9c n\u00e0y n\u0103m 2013. N\u0103m 1998, Eurex l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a v\u1ee5 s\u00e1p nh\u1eadp gi\u1eefa S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0110\u1ee9c (DTB) v\u00e0 S\u1edf giao d\u1ecbch quy\u1ec1n ch\u1ecdn v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai t\u00e0i ch\u00ednh Th\u1ee5y S\u1ef9 (SOFFEX). Giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh tr\u00ean c\u00e1c s\u1edf giao d\u1ecbch ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c hi\u1ec7n \u0111\u1ea1i h\u00f3a, khai th\u00e1c hi\u1ec7u qu\u1ea3 c\u00e1c th\u00e0nh t\u1ef1u khoa h\u1ecdc c\u00f4ng ngh\u1ec7, chuy\u1ec3n d\u1ea7n t\u1eeb giao d\u1ecbch th\u1ee7 c\u00f4ng sang giao d\u1ecbch v\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 c\u1ee7a h\u1ec7 th\u1ed1ng \u0111i\u1ec7n t\u1eed v\u00e0 sau \u0111\u00f3 l\u00e0 giao d\u1ecbch \u0111i\u1ec7n t\u1eed ho\u00e0n to\u00e0n.<\/p>\n\n\n\n

Trong khi c\u00e1c s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh kh\u00f4ng ng\u1eebng m\u1edf r\u1ed9ng ho\u1ea1t \u0111\u1ed9ng, th\u1ecb tr\u01b0\u1eddng OTC c\u0169ng tr\u1ea3i qua qu\u00e1 tr\u00ecnh t\u0103ng tr\u01b0\u1edfng \u0111\u1ea7y \u1ea5n t\u01b0\u1ee3ng. V\u1edbi nh\u1eefng \u01b0u \u0111i\u1ec3m c\u1ee7a c\u00f4ng c\u1ee5 ph\u00e1i sinh OTC so v\u1edbi c\u00e1c s\u1ea3n ph\u1ea9m ni\u00eam y\u1ebft, gi\u00e1 tr\u1ecb c\u1ee7a ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC \u0111\u00e3 nhanh ch\u00f3ng v\u01b0\u1ee3t qua ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft v\u00e0 chi\u1ebfm \u01b0u th\u1ebf r\u00f5 r\u1ec7t.<\/p>\n\n\n\n

27.2.1.1. C\u00e1c lo\u1ea1i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/h4>\n\n\n\n

\u1ede ph\u1ea7n tr\u00ean, ch\u00fang ta \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u00e1c kh\u00e1i ni\u1ec7m s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh v\u00e0 th\u1ecb tr\u01b0\u1eddng OTC. \u0110\u00e2y ch\u00ednh l\u00e0 hai ph\u01b0\u01a1ng th\u1ee9c t\u1ed5 ch\u1ee9c giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u01a1 b\u1ea3n. Hai th\u1ecb tr\u01b0\u1eddng n\u00e0y r\u1ea5t kh\u00e1c nhau v\u1ec1 c\u00e1ch th\u1ee9c v\u1eadn h\u00e0nh, c\u01a1 ch\u1ebf ho\u1ea1t \u0111\u1ed9ng, s\u1ea3n ph\u1ea9m giao d\u1ecbch, th\u00e0nh ph\u1ea7n tham gia c\u0169ng nh\u01b0 m\u1ee9c \u0111\u1ed9 qu\u1ea3n l\u00fd c\u1ee7a c\u00e1c c\u01a1 quan c\u00f3 th\u1ea9m quy\u1ec1n.<\/p>\n\n\n\n

i) Th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch t\u1eadp trung<\/p>\n\n\n\n

\u1ede th\u1ecb tr\u01b0\u1eddng t\u1eadp trung, ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c giao d\u1ecbch t\u1ea1i c\u00e1c SGDCK. S\u1ea3n ph\u1ea9m tr\u00ean th\u1ecb tr\u01b0\u1eddng l\u00e0 c\u00e1c h\u1ee3p \u0111\u1ed3ng \u0111\u00e3 \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a v\u1ec1 c\u00e1c \u0111i\u1ec1u kho\u1ea3n theo quy \u0111\u1ecbnh c\u1ee7a SGDCK. Vi\u1ec7c trao \u0111\u1ed5i, th\u1ecfa thu\u1eadn gi\u1eefa c\u00e1c b\u00ean tr\u01b0\u1edbc \u0111\u00e2y \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n m\u1ed9t c\u00e1ch th\u1ee7 c\u00f4ng tr\u00ean s\u00e0n. D\u1ea7n d\u1ea7n, h\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111i\u1ec7n t\u1eed hi\u1ec7n \u0111\u1ea1i \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o s\u1eed d\u1ee5ng thay th\u1ebf ph\u01b0\u01a1ng th\u1ee9c truy\u1ec1n th\u1ed1ng v\u00e0 ng\u00e0y c\u00e0ng tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn. Th\u00f4ng tin v\u1ec1 s\u1ea3n ph\u1ea9m v\u00e0 giao d\u1ecbch \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 r\u1ed9ng r\u00e3i, c\u1eadp nh\u1eadt th\u01b0\u1eddng xuy\u00ean v\u00e0 d\u1ec5 ti\u1ebfp c\u1eadn v\u1edbi m\u1ecdi ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n

Giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u1eadp trung di\u1ec5n ra theo nguy\u00ean t\u1eafc nh\u1ea5t \u0111\u1ecbnh v\u00e0 \u0111\u01b0\u1ee3c thanh to\u00e1n, b\u00f9 tr\u1eeb t\u1eadp trung qua trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb. S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n, c\u00f9ng v\u1edbi trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb, thi\u1ebft l\u1eadp h\u1ec7 th\u1ed1ng c\u00e1c quy \u0111\u1ecbnh, quy ch\u1ebf, th\u1ee7 t\u1ee5c v\u00e0 quy tr\u00ecnh nh\u1eb1m \u0111\u1ea3m b\u1ea3o s\u1ef1 v\u1eadn h\u00e0nh an to\u00e0n, \u1ed5n \u0111\u1ecbnh, minh b\u1ea1ch, c\u00f4ng b\u1eb1ng v\u00e0 c\u00f4ng khai c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u0169ng nh\u01b0 b\u1ea3o v\u1ec7 quy\u1ec1n v\u00e0 l\u1ee3i \u00edch c\u1ee7a c\u00e1c b\u00ean li\u00ean quan.<\/p>\n\n\n\n

ii) Th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch phi t\u1eadp trung (OTC)<\/em><\/p>\n\n\n\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC l\u00e0 th\u1ecb tr\u01b0\u1eddng m\u00e0 \u1edf \u0111\u00f3 ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n c\u00f3 th\u1ec3 tr\u1ef1c ti\u1ebfp trao \u0111\u1ed5i v\u00e0 mua b\u00e1n v\u1edbi nhau ho\u1eb7c th\u00f4ng qua m\u1ed9t t\u1ed5 ch\u1ee9c trung gian. Giao d\u1ecbch kh\u00f4ng di\u1ec5n ra t\u1ea1i s\u1edf hay b\u1ea5t k\u1ef3 m\u1ed9t \u0111\u1ecba \u0111i\u1ec3m t\u1eadp trung n\u00e0o m\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c d\u00e0n x\u1ebfp qua \u0111i\u1ec7n tho\u1ea1i ho\u1eb7c c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n th\u00f4ng tin li\u00ean l\u1ea1c kh\u00e1c. V\u1ec1 ph\u1ea7n s\u1ea3n ph\u1ea9m, h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c mua b\u00e1n tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u00e0y l\u00e0 c\u00e1c th\u1ecfa thu\u1eadn song ph\u01b0\u01a1ng, t\u1ee9c l\u00e0 c\u00e1c \u0111i\u1ec1u kho\u1ea3n (t\u1eeb s\u1ed1 l\u01b0\u1ee3ng v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng giao h\u00e0ng, \u0111\u1ecba \u0111i\u1ec3m v\u00e0 th\u1eddi gian giao h\u00e0ng c\u0169ng nh\u01b0 gi\u00e1 thanh to\u00e1n) \u0111\u01b0\u1ee3c \u0111\u00e0m ph\u00e1n gi\u1eefa hai b\u00ean tham gia. Tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u00e0y, c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh \u0111\u00f3ng vai tr\u00f2 l\u00e0 trung gian k\u1ebft n\u1ed1i gi\u1eefa c\u00e1c b\u00ean c\u00f3 nhu c\u1ea7u \u0111\u1ed1i v\u1edbi m\u1ed9t s\u1ea3n ph\u1ea9m c\u1ee5 th\u1ec3 ho\u1eb7c cung c\u1ea5p s\u1ea3n ph\u1ea9m \u0111\u1ed3ng th\u1eddi t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng gi\u00fap c\u00e1c c\u00f4ng c\u1ee5 n\u00e0y c\u00f3 thanh kho\u1ea3n t\u1ed1t h\u01a1n.<\/p>\n\n\n\n

Theo truy\u1ec1n th\u1ed1ng, vi\u1ec7c b\u00f9 tr\u1eeb cho c\u00e1c h\u1ee3p \u0111\u1ed3ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC di\u1ec5n ra tr\u00ean c\u01a1 s\u1edf song ph\u01b0\u01a1ng. Th\u1ebf ch\u1ea5p t\u00e0i s\u1ea3n c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho c\u00e1c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng nh\u1eb1m gi\u1ea3m thi\u1ec3u r\u1ee7i ro \u0111\u1ed1i t\u00e1c v\u00e0 h\u1ea7u h\u1ebft \u0111\u1ec1u d\u1ef1a tr\u00ean quan h\u1ec7 song ph\u01b0\u01a1ng. Tuy nhi\u00ean, trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb c\u00f3 th\u1ec3 cung c\u1ea5p d\u1ecbch v\u1ee5 b\u00f9 tr\u1eeb \u0111a ph\u01b0\u01a1ng cho m\u1ed9t s\u1ed1 s\u1ea3n ph\u1ea9m OTC th\u1ecfa m\u00e3n nh\u1eefng \u0111i\u1ec1u ki\u1ec7n nh\u1ea5t \u0111\u1ecbnh.<\/p>\n\n\n\n

Nh\u1eefng \u0111i\u1ec3m kh\u00e1c bi\u1ec7t gi\u1eefa hai lo\u1ea1i th\u1ecb tr\u01b0\u1eddng gi\u00fap \u0111a d\u1ea1ng h\u00f3a c\u00e1c kh\u1ea3 n\u0103ng l\u1ef1a ch\u1ecdn, cho ph\u00e9p b\u1ed5 sung l\u1eabn nhau nh\u1eb1m \u0111\u00e1p \u1ee9ng nhu c\u1ea7u \u0111a d\u1ea1ng c\u1ee7a nh\u1eefng \u0111\u1ed1i t\u01b0\u1ee3ng kh\u00e1c nhau. Nh\u1eefng ng\u01b0\u1eddi mu\u1ed1n r\u1ee7i ro \u0111\u1ed1i t\u00e1c \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t, hay mu\u1ed1n ti\u1ebfp c\u1eadn th\u00f4ng tin \u1edf m\u1ee9c \u0111\u1ed9 \u0111\u1ea7y \u0111\u1ee7 nh\u1ea5t l\u00e0m c\u01a1 s\u1edf cho vi\u1ec7c \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh c\u00f3 th\u1ec3 th\u1ea5y s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh cung c\u1ea5p m\u1ed9t n\u1ec1n t\u1ea3ng giao d\u1ecbch ph\u00f9 h\u1ee3p. Trong khi \u0111\u00f3, nh\u1eefng \u0111\u1ed1i t\u01b0\u1ee3ng c\u00f3 nhu c\u1ea7u mang t\u00ednh \u0111\u1eb7c th\u00f9 kh\u00f4ng gi\u1ed1ng v\u1edbi s\u1ed1 \u0111\u00f4ng c\u00f3 th\u1ec3 th\u1ea5y t\u00ednh linh ho\u1ea1t c\u1ee7a th\u1ecb tr\u01b0\u1eddng OTC l\u00e0 r\u1ea5t h\u1eefu \u00edch. X\u00e9t v\u1ec1 kh\u00eda c\u1ea1nh n\u00e0y, th\u1ecb tr\u01b0\u1eddng OTC \u0111\u01b0\u1ee3c cho l\u00e0 v\u01b0\u1eddn \u01b0\u01a1m cho c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh m\u1edbi, l\u00e0 n\u01a1i c\u00e1c ph\u00e1t minh t\u00e0i ch\u00ednh lu\u00f4n c\u00f3 c\u01a1 h\u1ed9i th\u1ec3 hi\u1ec7n v\u00e0 ph\u00e1t huy.<\/p>\n\n\n\n

27.2.1.2. Vai tr\u00f2 c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/h4>\n\n\n\n

i) T\u1ea1o c\u01a1 ch\u1ebf x\u00e1c l\u1eadp gi\u00e1 (price discovery)<\/p>\n\n\n\n

Th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e0 m\u1ed9t ngu\u1ed3n th\u00f4ng tin quan tr\u1ecdng v\u1ec1 gi\u00e1. Th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, trong nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p, \u0111\u01b0\u1ee3c coi l\u00e0 ph\u01b0\u01a1ng ti\u1ec7n c\u01a1 b\u1ea3n \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 giao ngay. V\u1ec1 l\u00fd thuy\u1ebft, m\u1ecdi t\u00e0i s\u1ea3n \u0111\u1ec1u c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng giao ngay n\u01a1i nh\u1eefng ng\u01b0\u1eddi c\u00f3 nhu c\u1ea7u mua\/b\u00e1n th\u1ef1c hi\u1ec7n giao d\u1ecbch h\u00e0ng ng\u00e0y. Tuy nhi\u00ean, trong th\u1ef1c t\u1ebf, th\u1ecb tr\u01b0\u1eddng giao ngay c\u1ee7a nhi\u1ec1u t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c ch\u1ecdn l\u00e0m c\u01a1 s\u1edf cho c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai bao tr\u00f9m ph\u1ea1m vi r\u1ea5t r\u1ed9ng v\u00e0 c\u00f3 t\u00ednh ch\u1ea5t ph\u00e2n t\u00e1n.<\/p>\n\n\n\n

V\u00ed d\u1ee5, v\u00e0ng, d\u1ea7u m\u1ecf, v\u00e0 nhi\u1ec1u h\u00e0ng h\u00f3a kh\u00e1c c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch t\u1ea1i nh\u1eefng \u0111\u1ecba \u0111i\u1ec3m v\u00e0 th\u1eddi gian kh\u00e1c nhau. Kh\u00f4ng nh\u1eefng th\u1ebf, m\u1ed7i lo\u1ea1i h\u00e0ng h\u00f3a l\u1ea1i c\u00f3 r\u1ea5t nhi\u1ec1u ch\u1ee7ng lo\u1ea1i v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng kh\u00e1c nhau. Do \u0111\u00f3, ng\u01b0\u1eddi ta c\u00f3 th\u1ec3 quan s\u00e1t \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u gi\u00e1 \u201cgiao ngay\u201d ti\u1ec1m n\u0103ng cho c\u00f9ng m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n. Th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai t\u1eadp h\u1ee3p c\u00e1c th\u00f4ng tin \u0111\u00f3 t\u1ea1o ra m\u1ed9t m\u1ee9c gi\u00e1 th\u1ed1ng nh\u1ea5t, ph\u1ea3n \u00e1nh gi\u00e1 giao ngay c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n c\u1ee5 th\u1ec3 m\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u1ea5y l\u00e0m t\u00e0i s\u1ea3n c\u01a1 s\u1edf. \u0110\u00e2y l\u00e0 ngu\u1ed3n th\u00f4ng tin tham kh\u1ea3o v\u1ec1 gi\u00e1 t\u00e0i s\u1ea3n h\u1eefu \u00edch cho nhi\u1ec1u \u0111\u1ed1i t\u01b0\u1ee3ng \u1edf nhi\u1ec1u khu v\u1ef1c th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau. Th\u00f4ng th\u01b0\u1eddng, gi\u00e1 c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai s\u1eafp \u0111\u00e1o h\u1ea1n trong th\u1eddi gian g\u1ea7n nh\u1ea5t \u0111\u01b0\u1ee3c l\u1ea5y l\u00e0m \u0111\u1ea1i \u0111i\u1ec7n cho gi\u00e1 giao ngay c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf.<\/p>\n\n\n\n

Gi\u00e1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n c\u0169ng h\u00e0m ch\u1ee9a th\u00f4ng tin v\u1ec1 vi\u1ec7c ng\u01b0\u1eddi ta k\u1ef3 v\u1ecdng v\u1ec1 m\u1ee9c gi\u00e1 giao ngay trong t\u01b0\u01a1ng lai c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf nh\u01b0 th\u1ebf n\u00e0o. Th\u1ef1c ra, gi\u00e1 giao ngay c\u0169ng c\u00f3 th\u1ec3 ch\u1ee9a \u0111\u1ef1ng n\u1ed9i dung t\u01b0\u01a1ng t\u1ef1 nh\u01b0ng vi\u1ec7c x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c th\u00f4ng tin \u0111\u00f3 t\u1eeb th\u1ecb tr\u01b0\u1eddng giao ngay kh\u00f3 th\u1ef1c hi\u1ec7n h\u01a1n so v\u1edbi th\u00f4ng tint\u1eeb th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai. Ngo\u00e0i ra, trong h\u1ea7u h\u1ebft m\u1ecdi tr\u01b0\u1eddng h\u1ee3p, giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai th\u01b0\u1eddng di\u1ec5n ra s\u00f4i \u0111\u1ed9ng h\u01a1n, do \u0111\u00f3 th\u00f4ng tin ti\u1ebfp nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb th\u1ecb tr\u01b0\u1eddng n\u00e0y th\u01b0\u1eddng \u0111\u00e1ng tin c\u1eady h\u01a1n so v\u1edbi th\u00f4ng tin tr\u00ean th\u1ecb tr\u01b0\u1eddng giao ngay. M\u1eb7c d\u00f9 gi\u00e1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai hay h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n kh\u00f4ng nh\u1ea5t thi\u1ebft \u0111\u01b0\u1ee3c coi l\u00e0 gi\u00e1 giao ngay k\u1ef3 v\u1ecdng trong t\u01b0\u01a1ng lai, nh\u01b0ng n\u00f3 c\u0169ng ph\u1ea3n \u00e1nh m\u1ee9c gi\u00e1 m\u00e0 m\u1ed9t ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 c\u1ed1 \u0111\u1ecbnh cho m\u1ed9t giao d\u1ecbch s\u1ebd th\u1ef1c hi\u1ec7n sau n\u00e0y thay v\u00ec ch\u1ea5p nh\u1eadn s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 m\u1ee9c gi\u00e1 giao ngay trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n

Theo \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n \u0111\u01b0\u1ee3c coi l\u00e0 cung c\u1ea5p m\u1ed9t c\u01a1 ch\u1ebf x\u00e1c l\u1eadp gi\u00e1. Th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn kh\u00f4ng tr\u1ef1c ti\u1ebfp \u0111\u01b0a ra nh\u1eefng d\u1ef1 b\u00e1o v\u1ec1 m\u1ee9c gi\u00e1 giao ngay trong t\u01b0\u01a1ng lai. Tuy nhi\u00ean, n\u00f3 c\u0169ng cung c\u1ea5p th\u00f4ng tin c\u00f3 gi\u00e1 tr\u1ecb v\u1ec1 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 v\u00e0 qua \u0111\u00f3 l\u00e0 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf giao ngay.<\/p>\n\n\n\n

ii) C\u00f4ng c\u1ee5, ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ec3 qu\u1ea3n l\u00fd r\u1ee7i ro<\/p>\n\n\n\n

Do gi\u00e1 ch\u1ee9ng kho\u00e1n ph\u00e1i sinh li\u00ean quan m\u1eadt thi\u1ebft \u0111\u1ebfn gi\u00e1 t\u00e0i s\u1ea3n c\u01a1 s\u1edf tr\u00ean th\u1ecb tr\u01b0\u1eddng giao ngay, n\u00ean c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ec3 gi\u1ea3m thi\u1ec3u ho\u1eb7c t\u0103ng m\u1ee9c \u0111\u1ed9 r\u1ee7i ro khi n\u1eafm gi\u1eef c\u00e1c t\u00e0i s\u1ea3n giao ngay. V\u00ed d\u1ee5, vi\u1ec7c mua m\u1ed9t t\u00e0i s\u1ea3n giao ngay v\u00e0 b\u00e1n m\u1ed9t h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ho\u1eb7c m\u1ed9t quy\u1ec1n ch\u1ecdn mua s\u1ebd l\u00e0m gi\u1ea3m r\u1ee7i ro c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. N\u1ebfu gi\u00e1 h\u00e0ng h\u00f3a gi\u1ea3m, gi\u00e1 c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ho\u1eb7c quy\u1ec1n ch\u1ecdn c\u0169ng gi\u1ea3m. Khi \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mua l\u1ea1i h\u1ee3p \u0111\u1ed3ng v\u1edbi m\u1ee9c gi\u00e1 th\u1ea5p h\u01a1n, thu \u0111\u01b0\u1ee3c m\u1ed9t kho\u1ea3n l\u00e3i \u00edt nh\u1ea5t c\u00f3 th\u1ec3 b\u00f9 \u0111\u1eafp m\u1ed9t ph\u1ea7n kho\u1ea3n l\u1ed7 t\u1eeb vi\u1ec7c mua t\u00e0i s\u1ea3n giao ngay. Lo\u1ea1i giao d\u1ecbch n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 ph\u00f2ng ng\u1eeba r\u1ee7i ro.<\/p>\n\n\n\n

Nh\u01b0 ch\u00fang ta \u0111\u00e3 bi\u1ebft, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro kh\u00e1c nhau. C\u00f3 nh\u1eefng ng\u01b0\u1eddi s\u1eb5n s\u00e0ng ch\u1ea5p nh\u1eadn m\u1ee9c \u0111\u1ed9 r\u1ee7i ro cao h\u01a1n nh\u1eefng ng\u01b0\u1eddi kh\u00e1c. Tuy nhi\u00ean, t\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ec1u mu\u1ed1n gi\u1eef c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd \u1edf m\u1ed9t m\u1ee9c \u0111\u1ed9 r\u1ee7i ro c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh gi\u00fap cho nh\u1eefng ng\u01b0\u1eddi ng\u1ea1i r\u1ee7i ro chuy\u1ec3n r\u1ee7i ro sang nh\u1eefng ng\u01b0\u1eddi ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c m\u1ee9c \u0111\u1ed9 r\u1ee7i ro cao h\u01a1n. Do nh\u1eefng th\u1ecb tr\u01b0\u1eddng n\u00e0y r\u1ea5t hi\u1ec7u qu\u1ea3 trong vi\u1ec7c ph\u00e2n b\u1ed1 l\u1ea1i r\u1ee7i ro gi\u1eefa c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean s\u1ebd kh\u00f4ng c\u00f3 ai ph\u1ea3i ch\u1ecbu m\u1ee9c r\u1ee7i ro kh\u00f4ng mong mu\u1ed1n. K\u1ebft qu\u1ea3 l\u00e0, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng b\u1ecf nhi\u1ec1u v\u1ed1n h\u01a1n v\u00e0o th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. \u0110i\u1ec1u n\u00e0y c\u00f3 l\u1ee3i cho n\u1ec1n kinh t\u1ebf, v\u00ec n\u00f3 gi\u00fap nhi\u1ec1u c\u00f4ng ty huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c v\u1ed1n h\u01a1n v\u00e0 gi\u1eef chi ph\u00ed v\u1ed1n \u1edf m\u1ee9c th\u1ea5p nh\u1ea5t c\u00f3 th\u1ec3.<\/p>\n\n\n\n

iii) T\u0103ng t\u00ednh hi\u1ec7u qu\u1ea3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/p>\n\n\n\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n giao ngay v\u1eabn c\u00f3 th\u1ec3 hi\u1ec7u qu\u1ea3 cho d\u00f9 kh\u00f4ng c\u00f3 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. Tuy nhi\u00ean, m\u1ed9t s\u1ed1 c\u01a1 h\u1ed9i giao d\u1ecbch ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 th\u1ec3 v\u1eabn xu\u1ea5t hi\u1ec7n, cho d\u00f9 th\u1ecb tr\u01b0\u1eddng nh\u00ecn chung l\u00e0 hi\u1ec7u qu\u1ea3. Vi\u1ec7c xu\u1ea5t hi\u1ec7n nh\u1eefng c\u01a1 h\u1ed9i n\u00e0y c\u00f3 ngh\u0129a l\u00e0 gi\u00e1 c\u1ee7a m\u1ed9t s\u1ed1 t\u00e0i s\u1ea3n t\u1ea1m th\u1eddi kh\u00f4ng ph\u1ea3n \u00e1nh \u0111\u00fang gi\u00e1 tr\u1ecb v\u1ed1n c\u00f3 c\u1ee7a n\u00f3. V\u1edbi m\u1ee9c r\u1ee7i ro nh\u1ea5t \u0111\u1ecbnh, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn cao h\u01a1n th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

Gi\u00e1 c\u1ea3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng giao ngay v\u00e0 th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh c\u00f3 li\u00ean h\u1ec7 m\u1eadt thi\u1ebft v\u1edbi nhau. S\u1ef1 d\u1ec5 d\u00e0ng v\u00e0 chi ph\u00ed th\u1ea5p c\u1ee7a c\u00e1c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh s\u1ebd t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho vi\u1ec7c giao d\u1ecbch ch\u00eanh l\u1ec7ch gi\u00e1 v\u00e0 gi\u00e1 nhanh ch\u00f3ng \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh d\u1eabn \u0111\u1ebfn tri\u1ec7t ti\u00eau c\u00e1c c\u01a1 h\u1ed9i ki\u1ebfm l\u1eddi n\u00e0y. X\u00e3 h\u1ed9i s\u1ebd \u0111\u01b0\u1ee3c l\u1ee3i do gi\u00e1 c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n c\u01a1 s\u1edf ph\u1ea3n \u00e1nh ch\u00ednh x\u00e1c h\u01a1n gi\u00e1 tr\u1ecb kinh t\u1ebf th\u1ef1c c\u1ee7a ch\u00fang.<\/p>\n\n\n\n

iv) T\u0103ng hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0<\/p>\n\n\n\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh mang l\u1ea1i m\u1ed9t s\u1ed1 l\u1ee3i th\u1ebf v\u1ec1 c\u01a1 ch\u1ebf v\u1eadn h\u00e0nh. Th\u1ee9 nh\u1ea5t, chi ph\u00ed giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh th\u01b0\u1eddng th\u1ea5p h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng giao ngay (x\u00e9t c\u1ea3 tr\u00ean kh\u00eda c\u1ea1nh ph\u00ed m\u00f4i gi\u1edbi v\u00e0 c\u00e1c lo\u1ea1i chi ph\u00ed kh\u00e1c). Ch\u00ednh \u0111i\u1ec1u n\u00e0y l\u00e0m cho giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh d\u1ec5 d\u00e0ng th\u1ef1c hi\u1ec7n v\u00e0 h\u1ea5p d\u1eabn h\u01a1n c\u00e1c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng giao ngay, ho\u1eb7c c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem nh\u01b0 m\u1ed9t y\u1ebfu t\u1ed1 b\u1ed5 sung cho v\u1ecb th\u1ebf giao ngay, gi\u00fap c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng li\u00ean quan \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau c\u1ee7a m\u00ecnh m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 h\u01a1n.<\/p>\n\n\n\n

Th\u1ee9 hai, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, m\u00e0 c\u1ee5 th\u1ec3 l\u00e0 giao d\u1ecbch tr\u00ean c\u00e1c s\u1edf giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 quy\u1ec1n ch\u1ecdn, th\u01b0\u1eddng c\u00f3 t\u00ednh thanh kho\u1ea3n cao h\u01a1n th\u1ecb tr\u01b0\u1eddng giao ngay. M\u1eb7c d\u00f9 th\u1ecb tr\u01b0\u1eddng giao ngay nh\u00ecn chung c\u00f3 t\u00ednh thanh kho\u1ea3n kh\u00e1 cao \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n c\u1ee7a c\u00e1c c\u00f4ng ty l\u1edbn, nh\u01b0ng c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y c\u0169ng kh\u00f3 c\u00f3 th\u1ec3 ti\u1ebfp nh\u1eadn \u0111\u01b0\u1ee3c c\u00e1c giao d\u1ecbch tr\u1ecb gi\u00e1 l\u1edbn m\u00e0 kh\u00f4ng l\u00e0m thay \u0111\u1ed5i gi\u00e1 th\u1ecb tr\u01b0\u1eddng. Trong nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p, m\u1ed9t m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng v\u00e0 v\u1ecb th\u1ebf ch\u1ecbu r\u1ee7i ro t\u01b0\u01a1ng t\u1ef1 tr\u00ean th\u1ecb tr\u01b0\u1eddng giao ngay ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ed9t c\u00e1ch d\u1ec5 d\u00e0ng b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh, n\u01a1i c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng ti\u1ebfp nh\u1eadn nh\u1eefng giao d\u1ecbch kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn. T\u00ednh thanh kho\u1ea3n cao h\u01a1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh m\u1ed9t ph\u1ea7n c\u00f3 nguy\u00ean nh\u00e2n t\u1eeb y\u00eau c\u1ea7u th\u1ea5p h\u01a1n v\u1ec1 v\u1ed1n \u0111\u1ea7u t\u01b0 khi tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng n\u00e0y. L\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh theo m\u1ee9c \u0111\u1ed9 mong mu\u1ed1n, nh\u01b0ng do \u0111\u00f2i h\u1ecfi l\u01b0\u1ee3ng v\u1ed1n th\u1ea5p h\u01a1n n\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y c\u00f3 th\u1ec3 d\u1ec5 ti\u1ebfp c\u1eadn h\u01a1n v\u1edbi nhi\u1ec1u \u0111\u1ed1i t\u01b0\u1ee3ng kh\u00e1c nhau.<\/p>\n\n\n\n

Th\u1ee9 ba, nh\u01b0 \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u1edf tr\u00ean, th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1eef n\u1eafm nh\u1eefng v\u1ecb th\u1ebf \u0111em l\u1ea1i k\u1ebft qu\u1ea3 t\u01b0\u01a1ng t\u1ef1 nh\u01b0 b\u00e1n kh\u1ed1ng tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n c\u01a1 s\u1edf m\u1ed9t c\u00e1ch d\u1ec5 d\u00e0ng h\u01a1n. \u1ede nhi\u1ec1u n\u01b0\u1edbc, c\u01a1 quan qu\u1ea3n l\u00fd th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u00e1p d\u1ee5ng m\u1ed9t s\u1ed1 quy \u0111\u1ecbnh nh\u1eb1m ng\u0103n c\u1ea5m ho\u1eb7c kh\u00f4ng khuy\u1ebfn kh\u00edch vi\u1ec7c b\u00e1n kh\u1ed1ng nh\u1eb1m h\u1ea1n ch\u1ebf nh\u1eefng r\u1ee7i ro c\u00f3 th\u1ec3 x\u1ea3y ra cho nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 cho to\u00e0n th\u1ecb tr\u01b0\u1eddng. \u0110i\u1ec1u n\u00e0y kh\u00f4ng \u00e1p d\u1ee5ng \u0111\u1ed1i v\u1edbi c\u00e1c giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. K\u1ebft qu\u1ea3 l\u00e0, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n kh\u1ed1ng tr\u00ean th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh thay v\u00ec b\u00e1n kh\u1ed1ng tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u01a1 s\u1edf.<\/p>\n\n\n\n

27.2.2. Giao d\u1ecbch v\u00e0 b\u00f9 tr\u1eeb, thanh to\u00e1n ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/h3>\n\n\n\n

\u0110\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC, vi\u1ec7c giao d\u1ecbch v\u00e0 thanh to\u00e1n tr\u01b0\u1edbc \u0111\u00e2y th\u01b0\u1eddng ch\u01b0a \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a, ch\u1ec9 d\u1ef1a v\u00e0o th\u1ecfa thu\u1eadn\/h\u1ee3p \u0111\u1ed3ng gi\u1eefa b\u00ean mua v\u00e0 b\u00ean b\u00e1n v\u1edbi \u0111\u1eb7c \u0111i\u1ec3m r\u1ea5t linh ho\u1ea1t, ph\u00f9 h\u1ee3p v\u1edbi nhu c\u1ea7u c\u1ee7a c\u00e1c b\u00ean li\u00ean quan. Tuy nhi\u00ean khi th\u1ecb tr\u01b0\u1eddng kh\u00f3 kh\u0103n, \u0111\u1eb7c bi\u1ec7t trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008, vi\u1ec7c giao d\u1ecbch v\u00e0 thanh to\u00e1n nh\u01b0 tr\u00ean b\u1ed9c l\u1ed9 nhi\u1ec1u nh\u01b0\u1ee3c \u0111i\u1ec3m, ti\u1ec1m \u1ea9n r\u1ee7i ro cho c\u00e1c b\u00ean tham gia n\u00f3i ri\u00eang v\u00e0 cho to\u00e0n th\u1ecb tr\u01b0\u1eddng n\u00f3i chung.<\/p>\n\n\n\n

Hi\u1ec7n nay c\u00e1c n\u01b0\u1edbc c\u00f3 xu h\u01b0\u1edbng chu\u1ea9n h\u00f3a c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC, nh\u1ea5t l\u00e0 chu\u1ea9n h\u00f3a c\u00f4ng t\u00e1c thanh to\u00e1n \u0111\u1ec3 ti\u1ec7m c\u1eadn t\u1edbi c\u01a1 ch\u1ebf thanh to\u00e1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft. T\u00e0i li\u1ec7u n\u00e0y s\u1ebd t\u1eadp trung ch\u1ee7 y\u1ebfu v\u00e0o c\u00e1c ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch v\u00e0 thanh to\u00e1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft tr\u00ean SGDCK.<\/p>\n\n\n\n

M\u1ed9t c\u00e1ch t\u1ed5ng quan nh\u1ea5t, c\u00e1c th\u00e0nh ph\u1ea7n tham gia h\u1ec7 th\u1ed1ng giao d\u1ecbch, thanh to\u00e1n b\u00f9 tr\u1eeb c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh g\u1ed3m c\u00f3: C\u01a1 quan Qu\u1ea3n l\u00fd Nh\u00e0 n\u01b0\u1edbc (CQQLNN), c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 (N\u0110T), SGDCK, c\u00e1c th\u00e0nh vi\u00ean giao d\u1ecbch (TVGD), Trung t\u00e2m Thanh to\u00e1n B\u00f9 tr\u1eeb (TTTTBT), c\u00e1c th\u00e0nh vi\u00ean b\u00f9 tr\u1eeb (TVBT) v\u00e0 c\u00e1c ng\u00e2n h\u00e0ng thanh to\u00e1n (NHTT) \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 trong s\u01a1 \u0111\u1ed3 sau:<\/p>\n\n\n\n

<\/td><\/tr>
<\/td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

S\u01a1 \u0111\u1ed3: S\u01a1 l\u01b0\u1ee3c c\u00e1c th\u00e0nh ph\u1ea7n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/strong><\/p>\n\n\n\n

C\u01a1 quan Qu\u1ea3n l\u00fd Nh\u00e0 n\u01b0\u1edbc:<\/em><\/p>\n\n\n\n

\u2013 Ban h\u00e0nh c\u00e1c v\u0103n b\u1ea3n quy ph\u1ea1m ph\u00e1p lu\u1eadt li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n ph\u00e1i sinh v\u00e0 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh.<\/p>\n\n\n\n

\u2013 C\u1ea5p ph\u00e9p cho c\u00e1c ho\u1ea1t \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh.<\/p>\n\n\n\n

S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n:<\/em><\/p>\n\n\n\n

\u2013 Thi\u1ebft k\u1ebf c\u00e1c s\u1ea3n ph\u1ea9m ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ph\u00f9 h\u1ee3p v\u1edbi th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

\u2013 Cung c\u1ea5p h\u1ec7 th\u1ed1ng giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh.<\/p>\n\n\n\n

\u2013 Gi\u00e1m s\u00e1t c\u00e1c giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh.<\/p>\n\n\n\n

Th\u00e0nh vi\u00ean Giao d\u1ecbch:<\/em><\/p>\n\n\n\n

\u2013 Cung c\u1ea5p d\u1ecbch v\u1ee5 giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh nh\u01b0 d\u1ecbch v\u1ee5 m\u00f4i gi\u1edbi, t\u01b0 v\u1ea5n\u2026 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

\u2013 T\u1ef1 doanh ch\u1ee9ng kho\u00e1n ph\u00e1i sinh.<\/p>\n\n\n\n

\u2013 C\u00f3 th\u1ec3 cung c\u1ea5p d\u1ecbch v\u1ee5 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 t\u0103ng t\u00ednh thanh kho\u1ea3n cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh.<\/p>\n\n\n\n

Trung t\u00e2m Thanh to\u00e1n B\u00f9 tr\u1eeb:<\/em><\/p>\n\n\n\n

N\u1ebfu nh\u01b0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a SGDCK \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh v\u1ec1 c\u01a1 b\u1ea3n g\u1ea7n gi\u1ed1ng nh\u01b0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u01a1 s\u1edf th\u00ec TTTTBT l\u1ea1i c\u00f3 vai tr\u00f2 \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh do t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y cao v\u00e0 t\u00ednh ph\u1ee9c t\u1ea1p c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u00e0y. C\u00e1c ho\u1ea1t \u0111\u1ed9ng ch\u00ednh c\u1ee7a TTTTBT bao g\u1ed3m:<\/p>\n\n\n\n

\u2013 Cung c\u1ea5p h\u1ec7 th\u1ed1ng b\u00f9 tr\u1eeb ch\u1ee9ng kho\u00e1n ph\u00e1i sinh.<\/p>\n\n\n\n

\u2013 X\u00e1c \u0111\u1ecbnh ngh\u0129a v\u1ee5 b\u00f9 tr\u1eeb, thanh to\u00e1n c\u1ee7a c\u00e1c b\u00ean tham gia th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh.<\/p>\n\n\n\n

\u2013 Qu\u1ea3n l\u00fd r\u1ee7i ro cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh: T\u00ednh to\u00e1n v\u00e0 qu\u1ea3n l\u00fd k\u00fd qu\u1ef9 \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o c\u00e1c b\u00ean li\u00ean quan th\u1ef1c hi\u1ec7n c\u00e1c ngh\u0129a v\u1ee5 c\u1ee7a m\u00ecnh tr\u00ean h\u1ee3p \u0111\u1ed3ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, \u0111\u1ecbnh gi\u00e1 h\u00e0ng ng\u00e0y cho c\u00e1c v\u1ecb th\u1ebf tr\u00ean th\u1ecb tr\u01b0\u1eddng, qu\u1ea3n l\u00fd c\u00e1c t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p, gi\u1edbi h\u1ea1n v\u1ecb th\u1ebf\u2026 tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

Ng\u00e0y nay nhi\u1ec1u TTTTBT tr\u00ean th\u1ebf gi\u1edbi s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh \u0111\u1ed1i t\u00e1c trung t\u00e2m (Central CounterParty: CCP) \u0111\u1ec3 t\u0103ng t\u00ednh hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00f4ng t\u00e1c b\u00f9 tr\u1eeb thanh to\u00e1n, gi\u1ea3m thi\u1ec3u r\u1ee7i ro cho th\u1ecb tr\u01b0\u1eddng. S\u01a1 \u0111\u1ed3 sau m\u00f4 t\u1ea3 t\u00ednh hi\u1ec7u qu\u1ea3 c\u1ee7a m\u00f4 h\u00ecnh CCP so v\u1edbi m\u00f4 h\u00ecnh b\u00f9 tr\u1eeb thanh to\u00e1n th\u00f4ng th\u01b0\u1eddng:<\/p>\n\n\n\n

 S\u01a1 \u0111\u1ed3: Hi\u1ec7u qu\u1ea3 c\u1ee7a m\u00f4 h\u00ecnh CCP so v\u1edbi m\u00f4 h\u00ecnh truy\u1ec1n th\u1ed1ng<\/strong><\/p>\n\n\n\n

Theo m\u00f4 h\u00ecnh n\u00e0y, TTTTBT s\u1ebd tr\u1edf th\u00e0nh b\u00ean mua c\u1ee7a m\u1ecdi b\u00ean b\u00e1n v\u00e0 b\u00ean b\u00e1n c\u1ee7a m\u1ecdi b\u00ean mua th\u00f4ng qua c\u01a1 ch\u1ebf th\u1ebf v\u1ecb, t\u1eeb \u0111\u00f3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro \u0111\u1ed1i t\u00e1c v\u00e0 r\u1ee7i ro t\u00edn d\u1ee5ng khi c\u00e1c b\u00ean tham gia kh\u00f4ng th\u1ef1c hi\u1ec7n ngh\u0129a v\u1ee5 c\u1ee7a m\u00ecnh. Nguy\u00ean nh\u00e2n ch\u00ednh l\u00e0 doTTTTBT c\u00f3 ngu\u1ed3n l\u1ef1c t\u00e0i ch\u00ednh m\u1ea1nh, \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 nhi\u1ec1u t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c kinh t\u1ebf v\u00e0 th\u1eadm ch\u00ed c\u00f3 th\u1ec3 c\u1ea3 t\u1eeb ch\u00ednh ph\u1ee7, tu\u00e2n th\u1ee7 ch\u1eb7t ch\u1ebd c\u01a1 ch\u1ebf qu\u1ea3n l\u00fd r\u1ee7i ro nghi\u00eam ng\u1eb7t.<\/p>\n\n\n\n

Th\u00e0nh vi\u00ean b\u00f9 tr\u1eeb:<\/p>\n\n\n\n

\u2013 Cung c\u1ea5p d\u1ecbch v\u1ee5 b\u00f9 tr\u1eeb thanh to\u00e1n ch\u1ee9ng kho\u00e1n ph\u00e1i sinh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 (th\u01b0\u1eddng th\u00f4ng qua TVGD) v\u00e0 c\u00e1c TVGD kh\u00e1c tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

\u2013 TVGD c\u00f3 th\u1ec3 c\u0169ng \u0111\u1ed3ng th\u1eddi l\u00e0 TVBT khi th\u1ecfa m\u00e3n c\u00e1c y\u00eau c\u1ea7u c\u1ee7a TTTTBT v\u00e0 c\u00f3 mong mu\u1ed1n tr\u1edf th\u00e0nh TVBT.<\/p>\n\n\n\n

Ng\u00e2n h\u00e0ng Thanh to\u00e1n:<\/p>\n\n\n\n

\u2013 Th\u1ef1c hi\u1ec7n vi\u1ec7c chuy\u1ec3n kho\u1ea3n\/thanh to\u00e1n ti\u1ec1n v\u00e0 cung c\u1ea5p d\u1eef li\u1ec7u t\u00e0i kho\u1ea3n cho TVBT.<\/p>\n\n\n\n

\u0110\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft, nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng tr\u1ef1c ti\u1ebfp tham gia SGDCK m\u00e0 ph\u1ea3i giao d\u1ecbch th\u00f4ng qua c\u00e1c TVGD.<\/p>\n\n\n\n

27.2.3. C\u00f4ng t\u00e1c qu\u1ea3n l\u00fd v\u00e0 xu h\u01b0\u1edbng ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/strong><\/p>\n\n\n\n

27.2.3.1. Qu\u1ea3n l\u00fd th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/strong><\/p>\n\n\n\n

V\u1ea5n \u0111\u1ec1 qu\u1ea3n l\u00fd \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ti\u1ebfp c\u1eadn theo nh\u1eefng c\u00e1ch kh\u00e1c nhau t\u00f9y \u0111\u1eb7c \u0111i\u1ec3m l\u1ecbch s\u1eed v\u00e0 \u0111i\u1ec1u ki\u1ec7n c\u1ee5 th\u1ec3 \u1edf t\u1eebng qu\u1ed1c gia. Nh\u00ecn chung, vi\u1ec7c qu\u1ea3n l\u00fd v\u00e0 gi\u00e1m s\u00e1t th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp theo ba c\u1ea5p: c\u01a1 quan qu\u1ea3n l\u00fd nh\u00e0 n\u01b0\u1edbc, s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n, trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c hi\u1ec7p h\u1ed9i ngh\u1ec1 nghi\u1ec7p. Tuy v\u1eady, khi \u0111i v\u00e0o chi ti\u1ebft, m\u00f4 h\u00ecnh qu\u1ea3n l\u00fd \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng \u1edf t\u1eebng n\u01b0\u1edbc v\u1eabn mang nh\u1eefng n\u00e9t kh\u00e1c bi\u1ec7t. Ch\u1eb3ng h\u1ea1n, c\u00f3 th\u1ec3 l\u00e0 m\u00f4 h\u00ecnh qu\u1ea3n l\u00fd theo t\u1ed5 ch\u1ee9c, l\u0129nh v\u1ef1c hay qu\u1ea3n l\u00fd theo ch\u1ee9c n\u0103ng; ch\u1ee7 th\u1ec3 qu\u1ea3n l\u00fd c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t c\u01a1 quan duy nh\u1ea5t qu\u1ea3n l\u00fd chung to\u00e0n th\u1ecb tr\u01b0\u1eddng hay l\u00e0 nhi\u1ec1u t\u1ed5 ch\u1ee9c kh\u00e1c nhau v\u1edbi s\u1ef1 ph\u00e2n chia tr\u00e1ch nhi\u1ec7m qu\u1ea3n l\u00fd t\u1eebng m\u1ea3ng th\u1ecb tr\u01b0\u1eddng nh\u1ea5t \u0111\u1ecbnh\u2026<\/p>\n\n\n\n

M\u1eb7c d\u00f9 mang nh\u1eefng \u0111\u1eb7c th\u00f9 ri\u00eang nh\u01b0 v\u1eady, ho\u1ea1t \u0111\u1ed9ng qu\u1ea3n l\u00fd th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u1edf c\u00e1c qu\u1ed1c gia tr\u01b0\u1edbc \u0111\u00e2y ph\u1ea7n l\u1edbn \u0111\u1ec1u g\u1eafn li\u1ec1n v\u1edbi th\u1ecb tr\u01b0\u1eddng c\u00f3 t\u1ed5 ch\u1ee9c h\u01a1n l\u00e0 h\u01b0\u1edbng t\u1edbi th\u1ecb tr\u01b0\u1eddng OTC. H\u01a1n n\u1eefa, vi\u1ec7c x\u00e2y d\u1ef1ng v\u00e0 tri\u1ec3n khai c\u00e1c m\u00f4 h\u00ecnh v\u00e0 c\u01a1 ch\u1ebf qu\u1ea3n l\u00fd \u0111\u1ec1u nh\u1eb1m \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u1eefng m\u1ee5c ti\u00eau chung, trong \u0111\u00f3 c\u01a1 b\u1ea3n v\u00e0 ph\u1ed5 bi\u1ebfn nh\u1ea5t l\u00e0:<\/p>\n\n\n\n

i) B\u1ea3o \u0111\u1ea3m s\u1ef1 ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/em><\/p>\n\n\n\n

Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf v\u1edbi m\u1ee5c \u0111\u00edch ban \u0111\u1ea7u l\u00e0 gi\u00fap c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng c\u00f3 nhu c\u1ea7u ph\u00f2ng ng\u1eeba r\u1ee7i ro, hay n\u00f3i m\u1ed9t c\u00e1ch c\u1ee5 th\u1ec3 h\u01a1n l\u00e0 gi\u1ea3m thi\u1ec3u nh\u1eefng t\u00e1c \u0111\u1ed9ng b\u1ea5t l\u1ee3i g\u00e2y ra do s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n v\u00e0 c\u00f4ng c\u1ee5 tr\u00ean th\u1ecb tr\u01b0\u1eddng. Tuy v\u1eady, c\u00f9ng v\u1edbi s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u00e1c s\u1ea3n ph\u1ea9m ch\u1ee9ng kho\u00e1n ph\u00e1i sinh theo h\u01b0\u1edbng t\u0103ng d\u1ea7n t\u00ednh ch\u1ea5t ph\u1ee9c t\u1ea1p v\u00e0 kh\u1ea3 n\u0103ng \u1ee9ng d\u1ee5ng trong nh\u1eefng t\u00ecnh hu\u1ed1ng da d\u1ea1ng, b\u1ea3n th\u00e2n ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u0169ng ti\u1ec1m \u1ea9n nh\u1eefng r\u1ee7i ro. C\u00f3 th\u1ec3 k\u1ec3 ra nh\u1eefng r\u1ee7i ro n\u1ed5i b\u1eadt nh\u01b0:<\/p>\n\n\n\n

\u2013 R\u1ee7i ro th\u1ecb tr\u01b0\u1eddng (g\u1eafn li\u1ec1n v\u1edbi s\u1ef1 thay \u0111\u1ed5i gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c h\u1ee3p \u0111\u1ed3ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh do h\u1ec7 qu\u1ea3 c\u1ee7a s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u00e1c t\u00e0i s\u1ea3n c\u01a1 s\u1edf).<\/p>\n\n\n\n

\u2013 R\u1ee7i ro \u0111\u1ed1i t\u00e1c (n\u1ea3y sinh khi m\u1ed9t b\u00ean tham gia h\u1ee3p \u0111\u1ed3ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh b\u1ecb m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n \u0111\u1ed1i v\u1edbi c\u00e1c ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh c\u1ee7a m\u00ecnh theo cam k\u1ebft trong h\u1ee3p \u0111\u1ed3ng). \u0110\u00e2y l\u00e0 m\u1ed9t lo\u1ea1i r\u1ee7i ro mang t\u00ednh \u0111\u1eb7c tr\u01b0ng c\u1ee7a ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u2013 s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng d\u1ef1a tr\u00ean m\u1ed1i quan h\u1ec7, hay l\u00e0 th\u1ecfa thu\u1eadn, gi\u1eefa nhi\u1ec1u b\u00ean v\u1edbi nhau.<\/p>\n\n\n\n

\u2013 R\u1ee7i ro thanh kho\u1ea3n (xu\u1ea5t hi\u1ec7n khi \u0111\u1ed9 s\u00e2u th\u1ecb tr\u01b0\u1eddng kh\u00f4ng \u0111\u1ee7 l\u1edbn khi\u1ebfn cho vi\u1ec7c ra, v\u00e0o th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00e1c b\u00ean li\u00ean quan kh\u00f4ng th\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c, ho\u1eb7c c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n nh\u01b0ng v\u1edbi hi\u1ec7u qu\u1ea3 r\u1ea5t th\u1ea5p v\u00e0 chi ph\u00ed cao). Tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, thanh kho\u1ea3n th\u1ea5p c\u1ee7a th\u1ecb tr\u01b0\u1eddng s\u1ebd g\u00e2y kh\u00f3 kh\u0103n cho ng\u01b0\u1eddi s\u1eed d\u1ee5ng s\u1ea3n ph\u1ea9m trong vi\u1ec7c \u0111\u00f3ng, m\u1edf ho\u1eb7c thanh l\u00fd v\u1ecb th\u1ebf.<\/p>\n\n\n\n

\u2013 M\u1ed9t s\u1ed1 r\u1ee7i ro kh\u00e1c nh\u01b0 r\u1ee7i ro thanh to\u00e1n, r\u1ee7i ro ho\u1ea1t \u0111\u1ed9ng\u2026<\/p>\n\n\n\n

Nh\u1eefng r\u1ee7i ro tr\u00ean khi x\u1ea3y ra c\u00f3 th\u1ec3 l\u00e0m cho c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh thua l\u1ed7 ho\u1eb7c thi\u1ec7t h\u1ea1i \u0111\u00e1ng k\u1ec3, th\u1eadm ch\u00ed l\u00e0 r\u1ea5t l\u1edbn n\u1ebfu xem x\u00e9t \u0111\u1ebfn t\u00e1c \u0111\u1ed9ng t\u1eeb hi\u1ec7u \u1ee9ng \u0111\u00f2n b\u1ea9y c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 n\u00e0y. V\u00ec v\u1eady, qu\u1ea3n l\u00fd th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 \u00fd ngh\u0129a quan tr\u1ecdng trong vi\u1ec7c ki\u1ec3m so\u00e1t t\u1ed1t nh\u1eefng y\u1ebfu t\u1ed1 r\u1ee7i ro \u0111\u00e3 \u0111\u1ec1 c\u1eadp, h\u1ea1n ch\u1ebf ph\u1ea1m vi v\u00e0 m\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00fang. D\u0129 nhi\u00ean, vi\u1ec7c qu\u1ea3n l\u00fd \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng kh\u00f4ng h\u00e0m \u00fd, v\u00e0 c\u0169ng kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng, lo\u1ea1i b\u1ecf ho\u00e0n to\u00e0n c\u00e1c r\u1ee7i ro. Tuy v\u1eady, vi\u1ec7c ng\u0103n ch\u1eb7n kh\u00f4ng \u0111\u1ec3 ch\u00fang ph\u00e1t tri\u1ec3n th\u00e0nh r\u1ee7i ro h\u1ec7 th\u1ed1ng v\u1edbi \u1ea3nh h\u01b0\u1edfng mang t\u00ednh lan truy\u1ec1n kh\u00f4ng ch\u1ec9 tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh m\u00e0 sang c\u1ea3 th\u1ecb tr\u01b0\u1eddngc\u01a1 s\u1edf v\u00e0 nh\u1eefng khu v\u1ef1c kh\u00e1c c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh l\u00e0 m\u1ed9t n\u1ed9i dung c\u1ed1t y\u1ebfu g\u00f3p ph\u1ea7n \u0111\u1ea3m b\u1ea3o s\u1ef1 ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n.<\/p>\n\n\n\n

ii) B\u1ea3o v\u1ec7 quy\u1ec1n v\u00e0 l\u1ee3i \u00edch h\u1ee3p ph\u00e1p c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0<\/em><\/p>\n\n\n\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 m\u1ed9t trong nh\u1eefng ch\u1ee7 th\u1ec3 quan tr\u1ecdng tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. V\u1edbi ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, k\u1ebft c\u1ea5u, c\u01a1 ch\u1ebf ho\u1ea1t \u0111\u1ed9ng v\u00e0 s\u1ef1 r\u00e0ng bu\u1ed9c c\u1ee7a c\u00e1c m\u1ed1i quan h\u1ec7 hay cam k\u1ebft gi\u1eefa c\u00e1c b\u00ean li\u00ean quan ph\u1ee9c t\u1ea1p, tinh vi h\u01a1n so v\u1edbi c\u00e1c ch\u1ee9ng kho\u00e1n c\u01a1 s\u1edf th\u00f4ng th\u01b0\u1eddng. V\u00ec th\u1ebf, kh\u00f4ng ph\u1ea3i b\u1ea5t k\u1ef3 \u0111\u1ed1i t\u01b0\u1ee3ng n\u00e0o c\u0169ng c\u00f3 th\u1ec3 tham gia th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, hi\u1ec3u bi\u1ebft r\u00f5 v\u00e0 t\u1eadn d\u1ee5ng \u0111\u01b0\u1ee3c nh\u1eefng \u01b0u \u0111i\u1ec3m v\u00e0 l\u1ee3i \u00edch c\u1ee7a c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh. Tuy v\u1eady, d\u00f9 n\u0103ng l\u1ef1c v\u00e0 m\u1ee9c \u0111\u1ed9 tham gia kh\u00e1c nhau, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t trong nh\u1eefng y\u1ebfu t\u1ed1 then ch\u1ed1t g\u00f3p ph\u1ea7n l\u00e0m n\u00ean s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u00e0y.<\/p>\n\n\n\n

Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c s\u00e1ng t\u1ea1o ra tr\u01b0\u1edbc h\u1ebft \u0111\u1ec3 gi\u00fap c\u00e1c c\u00e1 nh\u00e2n v\u00e0 t\u1ed5 ch\u1ee9c th\u1ef1c hi\u1ec7n ph\u00f2ng ng\u1eeba r\u1ee7i ro. N\u00f3i c\u00e1ch kh\u00e1c, ph\u00f2ng ng\u1eeba r\u1ee7i ro l\u00e0 m\u1ed9t \u0111\u1ed9ng c\u01a1 c\u0103n b\u1ea3n \u0111\u1ec3 c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng, trong \u0111\u00f3 c\u00f3 nh\u00e0 \u0111\u1ea7u t\u01b0, tham gia th\u1ecb tr\u01b0\u1eddng. B\u00ean c\u1ea1nh \u0111\u00f3, kh\u1ea3 n\u0103ng ki\u1ebfm l\u1ee3i nhu\u1eadn cao ch\u1ec9 t\u1eeb m\u1ed9t kho\u1ea3n v\u1ed1n \u0111\u1ea7u t\u01b0 nh\u1ecf h\u01a1n nhi\u1ec1u so v\u1edbi y\u00eau c\u1ea7u tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u01a1 s\u1edf c\u0169ng l\u00e0 m\u1ed9t y\u1ebfu t\u1ed1 thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ebfn v\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. Trong s\u1ed1 n\u00e0y, ngo\u00e0i c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p v\u00e0 c\u00f3 t\u1ed5 ch\u1ee9c, kh\u00f4ng th\u1ec3 b\u1ecf qua s\u1ef1 hi\u1ec7n di\u1ec7n c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh tham gia c\u1ee7a nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0y ng\u00e0y c\u00e0ng t\u00edch c\u1ef1c v\u00e0 n\u0103ng \u0111\u1ed9ng h\u01a1n.<\/p>\n\n\n\n

Tuy v\u1eady, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n th\u01b0\u1eddng \u0111\u01b0\u1ee3c nh\u1eafc \u0111\u1ebfn v\u1edbi h\u1ea1n ch\u1ebf v\u1ec1 ki\u1ebfn th\u1ee9c chuy\u00ean m\u00f4n v\u00e0 thi\u1ebfu c\u00e1c k\u1ef9 n\u0103ng \u0111\u1ea7u t\u01b0 so v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c chuy\u00ean nghi\u1ec7p. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 g\u00e2y kh\u00f3 kh\u0103n trong vi\u1ec7c \u0111\u01b0a ra nh\u1eefng quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 \u0111\u00fang \u0111\u1eafn, nh\u1ea5t l\u00e0 khi s\u1ef1 b\u1ea5t c\u00e2n x\u1ee9ng v\u1ec1 th\u00f4ng tin tr\u00ean th\u1ecb tr\u01b0\u1eddng d\u01b0\u1eddng nh\u01b0 lu\u00f4n hi\u1ec7n h\u1eefu. M\u1eb7t kh\u00e1c, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, trong nhi\u1ec1u t\u00ecnh hu\u1ed1ng, c\u0169ng d\u1ec5 b\u1ecb t\u00e1c \u0111\u1ed9ng b\u1edfi c\u00e1c lu\u1ed3ng th\u00f4ng tin kh\u00e1c nhau tr\u00ean th\u1ecb tr\u01b0\u1eddng, th\u1eadm ch\u00ed d\u1ec5 b\u1ecb chi ph\u1ed1i b\u1edfi c\u00e1c y\u1ebfu t\u1ed1 mang t\u00ednh t\u00e2m l\u00fd v\u00e0 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng.<\/p>\n\n\n\n

Theo \u0111\u00f3, vi\u1ec7c \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ho\u1ea1t \u0111\u1ed9ng t\u1ef1 do m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 qu\u1ea3n l\u00fd, gi\u00e1m s\u00e1t th\u00edch h\u1ee3p s\u1ebd l\u00e0m tr\u1ea7m tr\u1ecdng th\u00eam nh\u1eefng nguy c\u01a1 r\u1ee7i ro v\u1ed1n d\u0129 \u0111\u00e3 lu\u00f4n ti\u1ec1m \u1ea9n tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u00e0y (th\u00f4ng qua s\u1ef1 gia t\u0103ng c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, s\u1ef1 l\u1ef1a ch\u1ecdn c\u00e1c s\u1ea3n ph\u1ea9m kh\u00f4ng ph\u00f9 h\u1ee3p do thi\u1ebfu th\u00f4ng tin c\u1ea7n thi\u1ebft\u2026). H\u1ec7 qu\u1ea3 l\u00e0 kh\u00f4ng ch\u1ec9 nh\u00e0 \u0111\u1ea7u t\u01b0 m\u00e0 ngay c\u1ea3 c\u00e1c th\u00e0nh vi\u00ean th\u1ecb tr\u01b0\u1eddng c\u0169ng nh\u01b0 to\u00e0n h\u1ec7 th\u1ed1ng n\u00f3i chung c\u00f3 th\u1ec3 b\u1ecb t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c khi y\u1ebfu t\u1ed1 r\u1ee7i ro tr\u1edf th\u00e0nh hi\u1ec7n th\u1ef1c. V\u00ec v\u1eady, b\u1ea3o v\u1ec7 quy\u1ec1n l\u1ee3i c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0, nh\u1ea5t l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb, ch\u00ednh l\u00e0 m\u1ed9t trong nh\u1eefng m\u1ee5c ti\u00eau quan tr\u1ecdng h\u00e0ng \u0111\u1ea7u c\u1ee7a ho\u1ea1t \u0111\u1ed9ng qu\u1ea3n l\u00fd th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, g\u00f3p ph\u1ea7n v\u00e0o s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 duy tr\u00ec ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n

27.2.3.2. Xu h\u01b0\u1edbng ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/h4>\n\n\n\n

Tr\u00ean th\u1ef1c t\u1ebf, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ng\u00e0y c\u00e0ng quan tr\u1ecdng v\u00e0 c\u1ea7n thi\u1ebft cho c\u00e1c t\u1ed5 ch\u1ee9c kinh doanh v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0. C\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh ph\u00e1t tri\u1ec3n kh\u00f4ng ng\u1eebng, cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 qu\u1ea3n l\u00fd r\u1ee7i ro h\u1eefu hi\u1ec7u c\u0169ng \u0111\u1ed3ng th\u1eddi l\u00e0 c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ec3 t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 t\u1ed5 ch\u1ee9c kinh doanh tr\u00ean th\u1ecb tr\u01b0\u1eddng. Trong \u0111i\u1ec1u ki\u1ec7n n\u1ec1n kinh t\u1ebf t\u00e0i ch\u00ednh th\u1ebf gi\u1edbi c\u00f3 nhi\u1ec1u bi\u1ebfn \u0111\u1ed9ng, c\u00e1c s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea cho th\u1ea5y ho\u1ea1t \u0111\u1ed9ng tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ph\u00e1i sinh c\u1ea3 th\u1ecb tr\u01b0\u1eddng t\u1eadp trung v\u00e0 phi t\u1eadp trung \u0111\u1ec1u ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng r\u1ea5t m\u1ea1nh. C\u00e1c \u0111\u1ed3 th\u1ecb v\u00e0 b\u1ea3ng bi\u1ec3u sau th\u1ec3 hi\u1ec7n r\u1ea5t r\u00f5 th\u1ef1c t\u1ebf n\u00e0y.<\/p>\n\n\n\n

\u0110\u1ed3 th\u1ecb 27.1. Quy m\u00f4 th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai<\/strong><\/p>\n\n\n\n

Ngu\u1ed3n: Ng\u00e2n h\u00e0ng Thanh to\u00e1n Qu\u1ed1c t\u1ebf (BIS), (\u0110\u01a1n v\u1ecb t\u00ednh: t\u1ef7 USD)<\/p>\n\n\n\n

\u0110\u1ed3 th\u1ecb 27.2. Quy m\u00f4 th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn giao d\u1ecbch tr\u00ean s\u1edf giao d\u1ecbch<\/strong><\/p>\n\n\n\n

Ngu\u1ed3n: Ng\u00e2n h\u00e0ng Thanh to\u00e1n Qu\u1ed1c t\u1ebf (BIS), (\u0110\u01a1n v\u1ecb t\u00ednh: t\u1ef7 USD)<\/p>\n\n\n\n

B\u1ea3ng 27.2. Quy m\u00f4 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC<\/strong><\/p>\n\n\n\n

Lo\u1ea1i r\u1ee7i ro\/c\u00f4ng c\u1ee5<\/em><\/td>Gi\u00e1 tr\u1ecb danh ngh\u0129a (t\u1ef7 USD)<\/em><\/td><\/tr>
12\/2011<\/em><\/td>12\/2012<\/em><\/td>12\/2013<\/em><\/td>06\/2014<\/em><\/td><\/tr>
T\u1ed5ng c\u00e1c h\u1ee3p \u0111\u1ed3ng<\/td>647.811<\/td>632.582<\/td>710.182<\/td>691.491<\/td><\/tr>
H\u1ee3p \u0111\u1ed3ng ngo\u1ea1i h\u1ed1i<\/td>63.381<\/td>67.358<\/td>70.553<\/td>74.782<\/td><\/tr>
H\u1ee3p \u0111\u1ed3ng l\u00e3i su\u1ea5t<\/td>504.117<\/td>489.706<\/td>584.364<\/td>563.290<\/td><\/tr>
H\u1ee3p \u0111\u1ed3ng v\u1edbi c\u00f4ng c\u1ee5 li\u00ean quan CK v\u1ed1n<\/td>5.982<\/td>6.251<\/td>6.560<\/td>6.941<\/td><\/tr>
H\u1ee3p \u0111\u1ed3ng h\u00e0ng h\u00f3a<\/td>3.091<\/td>2.587<\/td>2.206<\/td>2.206<\/td><\/tr>
H\u1ee3p \u0111\u1ed3ng r\u1ee7i ro t\u00edn d\u1ee5ng<\/td>28.626<\/td>25.068<\/td>21.020<\/td>19.462<\/td><\/tr>
Ch\u01b0a ph\u00e2n lo\u1ea1i<\/td>42.612<\/td>41.611<\/td>25.480<\/td>24.810<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Ngu\u1ed3n: Ng\u00e2n h\u00e0ng thanh to\u00e1n qu\u1ed1c t\u1ebf (BIS)<\/p>\n\n\n\n

C\u00f9ng v\u1edbi s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u00f4ng ngh\u1ec7 th\u00f4ng tin v\u00e0 vi\u1ec5n th\u00f4ng c\u0169ng nh\u01b0 nhu c\u1ea7u v\u1ec1 qu\u1ea3n l\u00fd r\u1ee7i ro c\u1ee7a nh\u1eefng ng\u01b0\u1eddi tham gia, ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u s\u1ea3n ph\u1ea9m ph\u00e1i sinh v\u1edbi nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m k\u1ef9 thu\u1eadt ph\u1ee9c t\u1ea1p \u0111\u01b0\u1ee3c t\u1ea1o ra \u0111\u1ec3 gi\u00fap qu\u1ea3n l\u00fd r\u1ee7i ro m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u00f3 nhi\u1ec1u bi\u1ebfn \u0111\u1ed9ng.<\/p>\n\n\n\n

Cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u n\u0103m 2008 \u0111\u00e3 l\u00e0m b\u1ed9c l\u1ed9 nh\u1eefng \u0111i\u1ec3m y\u1ebfu trong c\u1ea5u tr\u00fac v\u00e0 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC, \u0111\u1eb7c bi\u1ec7t l\u00e0 s\u1ef1 thi\u1ebfu minh b\u1ea1ch v\u00e0 t\u00ednh ph\u1ee9c t\u1ea1p c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u00e0y \u0111\u01b0\u1ee3c nhi\u1ec1u nh\u00e0 qu\u1ea3n l\u00fd v\u00e0 ban h\u00e0nh ch\u00ednh s\u00e1ch quy k\u1ebft l\u00e0 ngu\u1ed3n g\u1ed1c ti\u1ec1m n\u0103ng cho s\u1ef1 b\u1ea5t \u1ed5n \u0111\u1ecbnh v\u00e0 r\u1ee7i ro h\u1ec7 th\u1ed1ng. \u0110\u1ec3 gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 n\u00e0y v\u00e0 ng\u0103n ch\u1eb7n nh\u1eefng nguy c\u01a1 c\u00f3 th\u1ec3 xu\u1ea5t hi\u1ec7n trong t\u01b0\u01a1ng lai, n\u0103m 2009, l\u00e3nh \u0111\u1ea1o c\u00e1c n\u01b0\u1edbc thu\u1ed9c nh\u00f3m G20 \u0111\u00e3 nh\u1ea5t tr\u00ed v\u1ec1 nh\u1eefng s\u00e1ng ki\u1ebfn tr\u00ean gi\u00e1c \u0111\u1ed9 qu\u1ea3n l\u00fd nh\u1eb1m c\u1ea3i c\u00e1ch th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. Nh\u1eefng m\u1ee5c ti\u00eau ch\u00ednh \u0111\u01b0\u1ee3c \u0111\u1eb7t ra g\u1ed3m:<\/p>\n\n\n\n

\u2013 T\u1ea5t c\u1ea3 c\u00e1c ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC c\u00f3 m\u1ee9c \u0111\u1ed9 chu\u1ea9n h\u00f3a nh\u1ea5t \u0111\u1ecbnh \u0111\u1ec1u ph\u1ea3i \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean SGDCK ho\u1eb7c n\u1ec1n t\u1ea3ng giao d\u1ecbch \u0111i\u1ec7n t\u1eed m\u1ed9t c\u00e1ch ph\u00f9 h\u1ee3p. Vi\u1ec7c khuy\u1ebfn kh\u00edch giao d\u1ecbch \u0111i\u1ec7n t\u1eed xu\u1ea5t ph\u00e1t t\u1eeb l\u1ee3i \u00edch c\u0103n b\u1ea3n m\u00e0 n\u00f3 mang l\u1ea1i: T\u1ea1o ra s\u1ef1 minh b\u1ea1ch trong giao d\u1ecbch, qua \u0111\u00f3 gi\u1ea3m s\u1ef1 b\u1ea5t c\u00e2n x\u1ee9ng v\u1ec1 th\u00f4ng tin; c\u00f4ng b\u1ed1 th\u00f4ng tin giao d\u1ecbch c\u00f4ng khai gi\u00fap c\u1ea3i thi\u1ec7n qu\u00e1 tr\u00ecnh x\u00e1c l\u1eadp gi\u00e1; c\u01a1 s\u1edf d\u1eef li\u1ec7u c\u1eadp nh\u1eadt n\u00e2ng cao kh\u1ea3 n\u0103ng gi\u00e1m s\u00e1t c\u0169ng nh\u01b0 qu\u1ea3n l\u00fd v\u1ecb th\u1ebf v\u00e0 r\u1ee7i ro c\u1ee7a ng\u01b0\u1eddi s\u1eed d\u1ee5ng s\u1ea3n ph\u1ea9m.<\/p>\n\n\n\n

\u2013 C\u00e1c ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC ph\u1ea3i \u0111\u01b0\u1ee3c b\u00f9 tr\u1eeb, thanh to\u00e1n qua \u0111\u1ed1i t\u00e1c b\u00f9 tr\u1eeb trung t\u00e2m (CCP). \u0110\u00e2y l\u00e0 m\u1ed9t y\u1ebfu t\u1ed1 nh\u1eb1m c\u1ea3i thi\u1ec7n c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng th\u1ecb tr\u01b0\u1eddng. CCP c\u00f3 th\u1ec3 gi\u1ea3i quy\u1ebft \u0111\u01b0\u1ee3c v\u1ea5n \u0111\u1ec1 v\u1ec1 r\u1ee7i ro \u0111\u1ed1i t\u00e1c v\u00e0 qu\u1ea3n l\u00fd c\u00e1c y\u00eau c\u1ea7u v\u1ec1 c\u1ea7m c\u1ed1 m\u1ed9t c\u00e1ch k\u1ecbp th\u1eddi; b\u00f9 tr\u1eeb giao d\u1ecbch m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 gi\u1eefa c\u00e1c th\u00e0nh vi\u00ean; t\u1ea1o ra s\u1ef1 minh b\u1ea1ch trong giai \u0111o\u1ea1n h\u1eadu giao d\u1ecbch nh\u1edd vi\u1ec7c cung c\u1ea5p d\u1eef li\u1ec7u giao d\u1ecbch h\u00e0ng ng\u00e0y.<\/p>\n\n\n\n

\u2013 H\u1ee3p \u0111\u1ed3ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC ph\u1ea3i \u0111\u01b0\u1ee3c b\u00e1o c\u00e1o v\u1edbi c\u00e1c trung t\u00e2m l\u01b0u tr\u1eef th\u00f4ng tin giao d\u1ecbch. S\u1ef1 t\u1eadp trung h\u00f3a vi\u1ec7c thu th\u1eadp, l\u01b0u tr\u1eef v\u00e0 ph\u00e2n ph\u1ed1i th\u00f4ng tin v\u1ec1 c\u00e1c trung t\u00e2m c\u00f3 \u0111\u0103ng k\u00fd gi\u00fap x\u1eed l\u00fd h\u1eefu hi\u1ec7u s\u1ef1 thi\u1ebfu minh b\u1ea1ch tr\u00ean th\u1ecb tr\u01b0\u1eddng. C\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd \u0111\u01b0\u1ee3c cung c\u1ea5p th\u00f4ng tin t\u1ed1t h\u01a1n c\u1ea3 v\u1ec1 chi\u1ec1u r\u1ed9ng l\u1eabn chi\u1ec1u s\u00e2u, gi\u00fap h\u1ecd th\u1ef1c hi\u1ec7n t\u1ed1t tr\u00e1ch nhi\u1ec7m gi\u00e1m s\u00e1t; t\u0103ng c\u01b0\u1eddng ch\u1ea5t l\u01b0\u1ee3ng \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng, chi\u1ec1u h\u01b0\u1edbng v\u00e0 ph\u1ea1m vi x\u1ea3y ra c\u1ee7a c\u00e1c nguy c\u01a1 ti\u1ec1m \u1ea9n c\u00f3 t\u00ednh ch\u1ea5t lan truy\u1ec1n.<\/p>\n\n\n\n

\u2013 Ph\u1ea3i \u00e1p d\u1ee5ng c\u00e1c y\u00eau c\u1ea7u cao h\u01a1n v\u1ec1 v\u1ed1n \u0111\u1ed1i v\u1edbi c\u00e1c h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh phi t\u1eadp trung. V\u1edbi nh\u1eefng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ch\u01b0a \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u v\u1ec1 m\u1ee9c chu\u1ea9n h\u00f3a v\u00e0 ch\u01b0a \u0111\u01b0\u1ee3c b\u00f9 tr\u1eeb qua CCP, y\u00eau c\u1ea7u v\u1ec1 an to\u00e0n, hay l\u00e0 m\u1ee9c k\u00fd qu\u1ef9, cho nh\u1eefng kho\u1ea3n thua l\u1ed7 ti\u1ec1m n\u0103ng s\u1ebd \u0111\u01b0\u1ee3c si\u1ebft ch\u1eb7t h\u01a1n. \u0110\u1ed9ng th\u00e1i n\u00e0y nh\u1eb1m l\u00e0m t\u0103ng chi ph\u00ed c\u1ee7a c\u00e1c h\u1ee3p \u0111\u1ed3ng phi chu\u1ea9n h\u00f3a, gi\u00e1n ti\u1ebfp t\u1ea1o \u0111\u1ed9ng l\u1ef1c khuy\u1ebfn kh\u00edch chu\u1ea9n h\u00f3a h\u1ee3p \u0111\u1ed3ng v\u00e0 chuy\u1ec3n ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch sang c\u00e1c s\u1edf giao d\u1ecbch v\u00e0 b\u00f9 tr\u1eeb trung t\u00e2m.<\/p>\n\n\n\n

\u0110\u1ec3 h\u01b0\u1edbng t\u1edbi nh\u1eefng m\u1ee5c ti\u00eau n\u00e0y, Li\u00ean minh ch\u00e2u \u00c2u d\u1ef1 \u0111\u1ecbnh th\u1ef1c thi nh\u1eefng quy \u0111\u1ecbnh m\u1edbi cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, ch\u1ee7 y\u1ebfu qua hai v\u0103n b\u1ea3n ph\u00e1p l\u00fd l\u00e0 Quy \u0111\u1ecbnh v\u1ec1 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng th\u1ecb tr\u01b0\u1eddng \u1edf ch\u00e2u \u00c2u (EMIR) v\u00e0 Ch\u1ec9 th\u1ecb Th\u1ecb tr\u01b0\u1eddng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh s\u1eeda \u0111\u1ed5i (MiFID 2). Trong khi \u0111\u00f3, t\u1ea1i M\u1ef9, vi\u1ec7c qu\u1ea3n l\u00fd v\u00e0 qu\u1ea3n tr\u1ecb th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp trong \u0110\u1ea1o lu\u1eadt Dodd-Frank v\u1ec1 C\u1ea3i c\u00e1ch ph\u1ed1 Wall v\u00e0 b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng. \u0110\u1ea1o lu\u1eadt n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng t\u1eeb th\u00e1ng 7\/2010.<\/p>\n\n\n\n

Nh\u1eefng c\u1ea3i c\u00e1ch tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh OTC \u0111\u00e3, \u0111ang v\u00e0 c\u00f3 th\u1ec3 s\u1ebd c\u00f2n ti\u1ebfp t\u1ee5c t\u1ea1o ra nh\u1eefng thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh to\u00e0n c\u1ea7u. Xu th\u1ebf chung l\u00e0 s\u1ef1 thu h\u1eb9p quy m\u00f4 c\u1ee7a th\u1ecb tr\u01b0\u1eddng OTC khi giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c chuy\u1ec3n h\u01b0\u1edbng sang c\u00e1c SGDCK v\u00e0 c\u00e1c quy \u0111\u1ecbnh v\u1ec1 b\u00f9 tr\u1eeb t\u1eadp trung \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng r\u1ed9ng r\u00e3i h\u01a1n. Trong b\u1ed1i c\u1ea3nh \u0111\u00f3, vai tr\u00f2 c\u1ee7a c\u00e1c CCP ng\u00e0y c\u00e0ng tr\u1edf n\u00ean quan tr\u1ecdng v\u00e0 c\u1ea7n \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd th\u1ecb tr\u01b0\u1eddng ch\u00fa \u00fd h\u01a1n \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi nh\u1eefng r\u1ee7i ro ti\u1ec1m \u1ea9n v\u00e0 kh\u1ea3 n\u0103ng \u0111\u1ed5 v\u1ee1 c\u1ee7a t\u1ed5 ch\u1ee9c n\u00e0y trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n

27.3. S\u1eed d\u1ee5ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/strong><\/p>\n\n\n\n

Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho nhi\u1ec1u m\u1ee5c \u0111\u00edch kh\u00e1c nhau trong kinh doanh c\u0169ng nh\u01b0 trong l\u0129nh v\u1ef1c ng\u00e2n h\u00e0ng, t\u00e0i ch\u00ednh. \u0110\u1ec3 m\u00f4 t\u1ea3 v\u1ec1 nh\u1eefng th\u00e0nh ph\u1ea7n tham gia tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u00e0y, ng\u01b0\u1eddi ta th\u01b0\u1eddng ph\u00e2n th\u00e0nh ba nh\u00f3m: Ph\u00f2ng ng\u1eeba r\u1ee7i ro, \u0111\u1ea7u c\u01a1 v\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1.<\/p>\n\n\n\n

Tuy nhi\u00ean, vi\u1ec7c ph\u00e2n \u0111\u1ecbnh r\u1ea1ch r\u00f2i gi\u1eefa c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng ho\u1eb7c gi\u1eefa nh\u1eefng vai tr\u00f2 m\u00e0 h\u1ecd \u0111\u1ea3m nh\u1eadn nhi\u1ec1u khi kh\u00f4ng ph\u1ea3i l\u00e0 vi\u1ec7c d\u1ec5 d\u00e0ng. C\u00f9ng m\u1ed9t c\u00e1 nh\u00e2n ho\u1eb7c t\u1ed5 ch\u1ee9c c\u00f3 th\u1ec3 \u0111\u00f3ng vai tr\u00f2 kh\u00e1c nhau trong nh\u1eefng t\u00ecnh hu\u1ed1ng th\u1ecb tr\u01b0\u1eddng kh\u00f4ng gi\u1ed1ng nhau, ho\u1eb7c m\u1ed9t ch\u1ee7 th\u1ec3 \u0111ang th\u1ef1c hi\u1ec7n vai tr\u00f2 n\u00e0y c\u00f3 th\u1ec3 chuy\u1ec3n sang vai tr\u00f2 kh\u00e1c m\u1ed9t c\u00e1ch nhanh ch\u00f3ng, b\u1ea5t k\u1ec3 l\u00e0 do ch\u1ee7 \u0111\u1ecbnh hay kh\u00f4ng c\u1ed1 \u00fd.<\/p>\n\n\n\n

V\u1edbi m\u1ed7i m\u1ee5c \u0111\u00edch kh\u00e1c nhau, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c kh\u00e1c nhau d\u1ef1a tr\u00ean c\u00e1c d\u1ef1 b\u00e1o, k\u1ef3 v\u1ecdng v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u00e0 mong mu\u1ed1n c\u1ee7a ch\u00ednh nh\u00e0 \u0111\u1ea7u t\u01b0. Kh\u00f4ng c\u00f3 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c n\u00e0o t\u1ed1i \u01b0u trong m\u1ecdi tr\u01b0\u1eddng h\u1ee3p m\u00e0 ch\u1ec9 c\u00f3 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p v\u1edbi k\u1ef3 v\u1ecdng, hi\u1ec3u bi\u1ebft c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 th\u1ef1c t\u1ebf th\u1ecb tr\u01b0\u1eddng trong nh\u1eefng \u0111i\u1ec1u ki\u1ec7n c\u1ee5 th\u1ec3.<\/p>\n\n\n\n

27.3.1. Ph\u00f2ng ng\u1eeba r\u1ee7i ro (hedging)<\/h3>\n\n\n\n

C\u00e1c c\u00f4ng ty, nh\u00e0 \u0111\u1ea7u t\u01b0, ng\u00e2n h\u00e0ng v\u00e0 th\u1eadm ch\u00ed c\u1ea3 c\u00e1c t\u1ed5 ch\u1ee9c thu\u1ed9c ch\u00ednh quy\u1ec1n c\u0169ng c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00e1c s\u1ea3n ph\u1ea9m ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro v\u00e0 gi\u1ea3m nh\u1eb9 t\u1ed5n th\u1ea5t ti\u1ec1m n\u0103ng do bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 th\u1ecb tr\u01b0\u1eddng nh\u01b0 l\u00e3i su\u1ea5t, gi\u00e1 c\u1ed5 phi\u1ebfu, t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i v\u00e0 gi\u00e1 c\u1ea3 h\u00e0ng h\u00f3a g\u00e2y ra.<\/p>\n\n\n\n

M\u1ed9t v\u00ed d\u1ee5 kinh \u0111i\u1ec3n v\u1eabn th\u01b0\u1eddng \u0111\u01b0\u1ee3c n\u00eau ra l\u00e0 t\u00ecnh hu\u1ed1ng m\u1ed9t ch\u1ee7 trang tr\u1ea1i b\u00e1n h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ec3 c\u1ed1 \u0111\u1ecbnh gi\u00e1 b\u00e1n n\u00f4ng s\u1ea3n m\u00e0 anh ta s\u1ebd thu ho\u1ea1ch trong t\u01b0\u01a1ng lai. Ng\u01b0\u1eddi mua h\u1ee3p \u0111\u1ed3ng n\u00e0y c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t c\u00f4ng ty ch\u1ebf bi\u1ebfn th\u1ef1c ph\u1ea9m mu\u1ed1n c\u1ed1 \u0111\u1ecbnh gi\u00e1 mua nguy\u00ean li\u1ec7u \u0111\u1ea7u v\u00e0o trong th\u1eddi gian t\u1edbi, ho\u1eb7c l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u c\u01a1 \u2013 \u0111\u1ed1i t\u01b0\u1ee3ng ch\u00fang ta s\u1ebd \u0111\u1ec1 c\u1eadp \u0111\u1ebfn sau \u0111\u00e2y. M\u1ed9t tr\u01b0\u1eddng h\u1ee3p ti\u00eau bi\u1ec3u kh\u00e1c l\u00e0 m\u1ed9t c\u00f4ng ty s\u1ebd \u0111\u01b0\u1ee3c thanh to\u00e1n m\u1ed9t kho\u1ea3n ti\u1ec1n b\u1eb1ng ngo\u1ea1i t\u1ec7 trong t\u01b0\u01a1ng lai. C\u00f4ng ty n\u00e0y tham gia v\u00e0o m\u1ed9t h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n \u0111\u1ec3 b\u00e1n ngo\u1ea1i t\u1ec7 \u0111\u00f3 cho ng\u00e2n h\u00e0ng v\u00e0 nh\u1eadn v\u1ec1 m\u1ed9t l\u01b0\u1ee3ng \u0111\u1ed3ng n\u1ed9i t\u1ec7 \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc.<\/p>\n\n\n\n

Nh\u01b0 v\u1eady, c\u00e1c c\u00e1 nh\u00e2n ho\u1eb7c t\u1ed5 ch\u1ee9c tham gia v\u00e0o m\u1ed9t h\u1ee3p \u0111\u1ed3ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ec3 b\u1ea3o v\u1ec7 m\u00ecnh tr\u01b0\u1edbc nh\u1eefng bi\u1ebfn \u0111\u1ed9ng b\u1ea5t l\u1ee3i x\u1ea3y ra v\u1edbi gi\u00e1 tr\u1ecb c\u00e1c t\u00e0i s\u1ea3n ho\u1eb7c kho\u1ea3n n\u1ee3 m\u00e0 h\u1ecd \u0111ang n\u1eafm gi\u1eef, t\u0103ng t\u00ednh \u1ed5n \u0111\u1ecbnh cho c\u00e1c lu\u1ed3ng ti\u1ec1n ph\u00e1t sinh trong t\u01b0\u01a1ng lai. Giao d\u1ecbch li\u00ean quan \u0111\u1ebfn h\u1ee3p \u0111\u1ed3ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ea3m b\u1ea3o r\u1eb1ng m\u1ed9t s\u1ef1 s\u1ee5t gi\u1ea3m gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n ch\u1eb3ng h\u1ea1n s\u1ebd \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp b\u1eb1ng s\u1ef1 t\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a h\u1ee3p \u0111\u1ed3ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. \u0110i\u1ec1u n\u00e0y th\u01b0\u1eddng \u0111\u1ea1t \u0111\u01b0\u1ee3c b\u1eb1ng vi\u1ec7c gi\u1eef m\u1ed9t v\u1ecb th\u1ebf ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ed1i l\u1eadp v\u1edbi v\u1ecb th\u1ebf t\u00e0i s\u1ea3n c\u01a1 s\u1edf hi\u1ec7n c\u00f3.<\/p>\n\n\n\n

27.3.2. \u0110\u1ea7u c\u01a1 (speculating)<\/h3>\n\n\n\n

Trong khi ng\u01b0\u1eddi ph\u00f2ng ng\u1eeba r\u1ee7i ro mu\u1ed1n chuy\u1ec3n r\u1ee7i ro m\u00e0 m\u00ecnh kh\u00f4ng mong mu\u1ed1n sang cho ng\u01b0\u1eddi kh\u00e1c th\u00ec nh\u00e0 \u0111\u1ea7u c\u01a1 l\u00e0 \u0111\u1ed1i t\u01b0\u1ee3ng s\u1eb5n s\u00e0ng ch\u1ea5p nh\u1eadn nh\u1eefng r\u1ee7i ro \u0111\u00f3. M\u1ee5c ti\u00eau cu\u1ed1i c\u00f9ng m\u00e0 nh\u00e0 \u0111\u1ea7u c\u01a1 h\u01b0\u1edbng t\u1edbi kh\u00f4ng g\u00ec kh\u00e1c h\u01a1n l\u00e0 l\u1ee3i nhu\u1eadn. Tr\u00ean th\u1ef1c t\u1ebf, ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 c\u00f4ng c\u1ee5 th\u00edch h\u1ee3p cho m\u1ee5c \u0111\u00edch \u0111\u1ea7u c\u01a1 d\u1ef1a tr\u00ean gi\u00e1 c\u1ee7a c\u00e1c h\u00e0ng h\u00f3a v\u00e0 t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh c\u0169ng nh\u01b0 c\u00e1c y\u1ebfu t\u1ed1 th\u1ecb tr\u01b0\u1eddng nh\u01b0 l\u00e3i su\u1ea5t, ch\u1ec9 s\u1ed1 c\u1ed5 phi\u1ebfu hay t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i.<\/p>\n\n\n\n

Khi b\u00e0n v\u1ec1 vai tr\u00f2 c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u1edf c\u00e1c ph\u1ea7n tr\u01b0\u1edbc, ch\u00fang ta \u0111\u00e3 bi\u1ebft r\u1eb1ng \u0111\u1ea7u t\u01b0 th\u00f4ng qua ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u00edt t\u1ed1n k\u00e9m h\u01a1n nhi\u1ec1u so v\u1edbi giao d\u1ecbch h\u00e0ng h\u00f3a hay t\u00e0i s\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u01a1 s\u1edf. V\u00ec v\u1eady, m\u1ee9c sinh l\u1eddi ti\u1ec1m n\u0103ng n\u00f3 mang l\u1ea1i c\u0169ng h\u1ee9a h\u1eb9n cao h\u01a1n nhi\u1ec1u. Gi\u1ea3 s\u1eed, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 tin r\u1eb1ng nhu c\u1ea7u t\u0103ng cao ho\u1eb7c l\u01b0\u1ee3ng cung gi\u1ea3m c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ea9y gi\u00e1 d\u1ea7u l\u1eeda t\u0103ng m\u1ea1nh tr\u00ean th\u1ecb tr\u01b0\u1eddng. Mua v\u00e0 c\u1ea5t tr\u1eef lo\u1ea1i h\u00e0ng h\u00f3a n\u00e0y d\u01b0\u1edbi d\u1ea1ng v\u1eadt ch\u1ea5t s\u1ebd \u0111\u00f2i h\u1ecfi chi ph\u00ed v\u00f4 c\u00f9ng l\u1edbn. V\u00ec v\u1eady, nh\u00e0 kinh doanh quy\u1ebft \u0111\u1ecbnh mua h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai d\u1ea7u cho ph\u00e9p anh ta nh\u1eadn giao d\u1ea7u v\u00e0o ng\u00e0y \u0111\u00e1o h\u1ea1n h\u1ee3p \u0111\u1ed3ng trong khi ti\u1ec1n thanh to\u00e1n \u0111\u01b0\u1ee3c c\u1ed1 \u0111\u1ecbnh \u1edf m\u1ee9c \u0111\u00e3 bi\u1ebft. N\u1ebfu gi\u00e1 d\u1ea7u t\u0103ng tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u01a1 s\u1edf, gi\u00e1 tr\u1ecb c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai c\u0169ng s\u1ebd t\u0103ng v\u00e0 nh\u00e0 kinh doanh c\u00f3 th\u1ec3 ki\u1ebfm l\u1ee3i nhu\u1eadn khi b\u00e1n l\u1ea1i h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u00f3 ho\u1eb7c b\u00e1n s\u1ed1 h\u00e0ng h\u00f3a nh\u1eadn \u0111\u01b0\u1ee3c.<\/p>\n\n\n\n

Ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1 ch\u1ee9ng kho\u00e1n ph\u00e1i sinh m\u1ed9t m\u1eb7t g\u00f3p ph\u1ea7n l\u00e0m t\u0103ng t\u00ednh thanh kho\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng do ng\u01b0\u1eddi \u0111\u1ea7u c\u01a1 s\u1eb5n s\u00e0ng ch\u1ea5p nh\u1eadn r\u1ee7i ro t\u1eeb nh\u1eefng ng\u01b0\u1eddi mu\u1ed1n n\u00e9 tr\u00e1nh n\u00f3 chuy\u1ec3n sang. M\u1eb7t kh\u00e1c, \u0111\u1ea7u c\u01a1 c\u0169ng ti\u1ec1m \u1ea9n r\u1ee7i ro kh\u00f4ng nh\u1ecf cho c\u1ea3 ng\u01b0\u1eddi th\u1ef1c hi\u1ec7n l\u1eabn c\u1ea3 th\u1ecb tr\u01b0\u1eddng n\u00f3i chung. Tr\u01b0\u1edbc h\u1ebft, n\u1ebfu th\u00f4ng tin, d\u1ef1 b\u00e1o sai \u0111\u01b0\u1ee3c l\u1ea5y l\u00e0m c\u0103n c\u1ee9 \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh, \u0111\u1ea7u c\u01a1 c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn \u201cgiao d\u1ecbch nhi\u1ec5u\u201d (noise trading), \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng trong ng\u1eafn h\u1ea1n. Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh s\u1eed d\u1ee5ng hi\u1ec7u \u1ee9ng \u0111\u00f2n b\u1ea9y cao, c\u00f3 th\u1ec3 gi\u00fap gia t\u0103ng m\u1ea1nh m\u1ee9c sinh l\u1eddi trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thu\u1eadn l\u1ee3i; song n\u00f3 c\u0169ng c\u00f3 th\u1ec3 khi\u1ebfn nh\u00e0 \u0111\u1ea7u c\u01a1 b\u1ecb t\u1ed5n th\u1ea5t n\u1eb7ng n\u1ec1 v\u1ec1 t\u00e0i ch\u00ednh, th\u1eadm ch\u00ed c\u00f3 th\u1ec3 m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n hay ph\u00e1 s\u1ea3n. \u0110i\u1ec1u n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c minh ch\u1ee9ng trong th\u1ef1c ti\u1ec5n. V\u00ec v\u1eady, c\u00e1c giao d\u1ecbch \u0111\u1ea7u c\u01a1 b\u1eb1ng s\u1eed d\u1ee5ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh th\u01b0\u1eddng ch\u1ecbu s\u1ef1 theo d\u00f5i, gi\u00e1m s\u00e1t kh\u00e1 ch\u1eb7t ch\u1ebd c\u1ee7a c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd.<\/p>\n\n\n\n

27.3.3. Giao d\u1ecbch ch\u00eanh l\u1ec7ch gi\u00e1 (arbitraging)<\/h3>\n\n\n\n

Giao d\u1ecbch ch\u00eanh l\u1ec7ch gi\u00e1 l\u00e0 giao d\u1ecbch t\u1ea1o ra l\u1ee3i nhu\u1eadn phi r\u1ee7i ro b\u1eb1ng c\u00e1ch khai th\u00e1c, t\u1eadn d\u1ee5ng hi\u1ec7n t\u01b0\u1ee3ng \u0111\u1ecbnh gi\u00e1 sai tr\u00ean th\u1ecb tr\u01b0\u1eddng. M\u1ed9t v\u00ed d\u1ee5 \u0111\u01a1n gi\u1ea3n l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mua t\u00e0i s\u1ea3n v\u1edbi gi\u00e1 r\u1ebb \u1edf m\u1ed9t \u0111\u1ecba \u0111i\u1ec3m, \u0111\u1ed3ng th\u1eddi thu x\u1ebfp \u0111\u1ec3 b\u00e1n ch\u00ednh t\u00e0i s\u1ea3n \u0111\u00f3 \u1edf \u0111\u1ecba \u0111i\u1ec3m kh\u00e1c v\u1edbi gi\u00e1 cao h\u01a1n. Giao d\u1ecbch ki\u1ec3u n\u00e0y c\u0169ng c\u00f3 th\u1ec3 di\u1ec5n ra \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. \u1ede \u0111\u00e2y, c\u01a1 h\u1ed9i kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 th\u01b0\u1eddng xu\u1ea5t hi\u1ec7n do m\u1ed9t s\u1ea3n ph\u1ea9m ph\u00e1i sinh c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean nh\u1eefng m\u00f4 h\u00ecnh kh\u00e1c nhau, s\u1eed d\u1ee5ng ngu\u1ed3n s\u1ed1 li\u1ec7u kh\u00f4ng gi\u1ed1ng nhau cho c\u00f9ng m\u1ed9t tham s\u1ed1 th\u00e0nh ph\u1ea7n ch\u1eb3ng h\u1ea1n.<\/p>\n\n\n\n

Tuy nhi\u00ean, m\u1ed9t \u0111i\u1ec1u c\u1ea7n ch\u00fa \u00fd l\u00e0 nh\u1eefng c\u01a1 h\u1ed9i ch\u00eanh l\u1ec7ch gi\u00e1 nh\u01b0 v\u1eady kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng duy tr\u00ec l\u00e2u d\u00e0i, v\u00ec nhi\u1ec1u nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 \u0111\u1ec1u c\u00f9ng l\u00fac lao v\u00e0o mua t\u00e0i s\u1ea3n \u1edf th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c giao d\u1ecbch v\u1edbi gi\u00e1 r\u1ebb h\u01a1n v\u00e0 b\u00e1n \u1edf th\u1ecb tr\u01b0\u1eddng kh\u00e1c v\u1edbi gi\u00e1 cao h\u01a1n, qua \u0111\u00f3 x\u00f3a b\u1ecf kho\u1ea3ng c\u00e1ch ch\u00eanh l\u1ec7ch trong \u0111\u1ecbnh gi\u00e1. Ngo\u00e0i ra, v\u1edbi s\u1ef1 hi\u1ec7n di\u1ec7n c\u1ee7a c\u00e1c lo\u1ea1i ph\u00ed giao d\u1ecbch, ch\u1ec9 nh\u1eefng ng\u01b0\u1eddi ch\u01a1i l\u1edbn tr\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edbi c\u00f3 th\u1ec3 h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u00e1c c\u01a1 h\u1ed9i \u0111\u00f3.<\/p>\n\n\n\n

V\u1edbi \u0111\u1eb7c \u0111i\u1ec3m tr\u00ean, ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 t\u1ea1o thu\u1eadn l\u1ee3i cho c\u01a1 ch\u1ebf h\u00ecnh th\u00e0nh gi\u00e1, \u0111i\u1ec1u ch\u1ec9nh ch\u00eanh l\u1ec7ch gi\u00e1 \u0111\u1eb7t mua\/ch\u00e0o b\u00e1n trong kho\u1ea3ng th\u1eddi gian ng\u1eafn. Nh\u1eefng ng\u01b0\u1eddi giao d\u1ecbch ch\u00eanh l\u1ec7ch gi\u00e1 h\u01b0\u1edbng t\u1edbi m\u1ee5c ti\u00eau t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn m\u00e0 kh\u00f4ng ph\u1ea3i ch\u1ecbu nh\u1eefng r\u1ee7i ro c\u00f3 li\u00ean quan. Vai tr\u00f2 c\u1ee7a h\u1ecd l\u00e0 l\u00e0m cho c\u01a1 ch\u1ebf h\u00ecnh th\u00e0nh gi\u00e1 hi\u1ec7u qu\u1ea3 h\u01a1n, trong khi kh\u00f4ng g\u00e2y ra t\u00e1c \u0111\u1ed9ng g\u00ec mang t\u00ednh h\u1ec7 th\u1ed1ng. Th\u00f4ng th\u01b0\u1eddng, h\u00e0nh vi c\u1ee7a h\u1ecd \u0111\u01b0\u1ee3c coi l\u00e0 ph\u1ea3n \u1ee9ng v\u1edbi giao d\u1ecbch nhi\u1ec5u h\u01a1n l\u00e0 giao d\u1ecbch d\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u01a1 b\u1ea3n. C\u0169ng nh\u01b0 ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1, giao d\u1ecbch ch\u00eanh l\u1ec7ch gi\u00e1 g\u00f3p ph\u1ea7n gi\u00fap cho th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c thanh kho\u1ea3n cao h\u01a1n.<\/p>\n\n\n\n

27.4. Tri\u1ec3n khai th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u1edf Vi\u1ec7t Nam<\/strong><\/p>\n\n\n\n

27.4.1. Nhu c\u1ea7u c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 n\u1ec1n kinh t\u1ebf<\/h3>\n\n\n\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u00e3 c\u00f3 nh\u1eefng \u0111\u00f3ng g\u00f3p quan tr\u1ecdng b\u01b0\u1edbc \u0111\u1ea7u trong nh\u1eefng th\u00e0nh t\u1ef1u chung c\u1ee7a n\u1ec1n kinh t\u1ebf qu\u1ed1c gia trong nh\u1eefng n\u0103m v\u1eeba qua. Tuy nhi\u00ean, cho \u0111\u1ebfn nay th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n v\u1eabn c\u00f2n \u0111ang \u1edf trong nh\u1eefng giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n ban \u0111\u1ea7u, ch\u01b0a \u0111\u00e1p \u1ee9ng h\u1ebft c\u00e1c nhu c\u1ea7u, k\u1ef3 v\u1ecdng c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00f3i ri\u00eang v\u00e0 n\u1ec1n kinh t\u1ebf n\u00f3i chung. Trong \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n m\u1edbi cung c\u1ea5p c\u00e1c s\u1ea3n ph\u1ea9m h\u00e0ng h\u00f3a ch\u1ee9ng kho\u00e1n c\u01a1 b\u1ea3n nh\u01b0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu m\u00e0 ch\u01b0a c\u00f3 c\u00e1c c\u00f4ng c\u1ee5 ti\u1ebfn ti\u1ebfn, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c c\u00f4ng c\u1ee5 ph\u1ee5c v\u1ee5 c\u00f4ng t\u00e1c quan tr\u1ecb r\u1ee7i ro cho nh\u00e0 \u0111\u1ea7u t\u01b0, doanh nghi\u1ec7p v\u00e0 n\u1ec1n kinh t\u1ebf.<\/p>\n\n\n\n

Theo m\u1ed9t s\u1ed1 kh\u1ea3o s\u00e1t \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n, vi\u1ec7c Vi\u1ec7t Nam ch\u01b0a c\u00f3 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u0169ng khi\u1ebfn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i d\u00e8 d\u1eb7t h\u01a1n trong \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. Vi\u1ec7c tri\u1ec3n khai th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh t\u1ea1i Vi\u1ec7t Nam s\u1ebd thu h\u00fat th\u00eam \u0111\u01b0\u1ee3c nhi\u1ec1u v\u1ed1n \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i v\u00e0 tr\u1ef1c ti\u1ebfp v\u00e0 gi\u00e1n ti\u1ebfp do nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 c\u00f4ng c\u1ee5 \u0111\u1ec3 th\u1ef1c hi\u1ec7n qu\u1ea3n tr\u1ecb r\u1ee7i ro cho ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh. C\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam c\u0169ng s\u1ebd \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb th\u1ecb tr\u01b0\u1eddng n\u00e0y do \u0111\u01b0\u1ee3c ti\u1ebfp c\u1eadn v\u1edbi m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh cao c\u1ea5p, theo th\u00f4ng l\u1ec7 qu\u1ed1c t\u1ebf, h\u1ed7 tr\u1ee3 qu\u1ea3n tr\u1ecb r\u1ee7i ro t\u1ed1t h\u01a1n, gi\u00fap doanh nghi\u1ec7p t\u1ef1 tin h\u01a1n khi \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng b\u1ea5t \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

27.4.2. C\u01a1 c\u1edf ph\u00e1p l\u00fd v\u00e0 qu\u1ea3n l\u00fd th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/h3>\n\n\n\n

27.4.2.1. C\u01a1 s\u1edf ph\u00e1p l\u00fd c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh Vi\u1ec7t Nam<\/h4>\n\n\n\n

C\u0103n c\u1ee9 nhu c\u1ea7u c\u1ee7a n\u1ec1n kinh t\u1ebf \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, ph\u00f9 h\u1ee3p v\u1edbi s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n v\u00e0 nghi\u00ean c\u1ee9u c\u1ee7a \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc \u2013 B\u1ed9 T\u00e0i ch\u00ednh, Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7 \u0111\u00e3 k\u00fd ban h\u00e0nh Quy\u1ebft \u0111\u1ecbnh s\u1ed1 252\/2012\/Q\u0110-TTg ng\u00e0y 01\/03\/2012ph\u00ea duy\u1ec7t \u201cChi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n giai \u0111o\u1ea1n 2011-2020\u201d, theo quy\u1ebft \u0111\u1ecbnh n\u00e0y Vi\u1ec7t Nam s\u1ebd x\u00e2y d\u1ef1ng Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a theo h\u01b0\u1edbng ph\u00e1t tri\u1ec3n c\u00e1c c\u00f4ng c\u1ee5 t\u1eeb \u0111\u01a1n gi\u1ea3n \u0111\u1ebfn ph\u1ee9c t\u1ea1p, v\u1ec1 d\u00e0i h\u1ea1n s\u1ebd th\u1ed1ng nh\u1ea5t c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 c\u00f4ng c\u1ee5 c\u01a1 s\u1edf l\u00e0 ch\u1ee9ng kho\u00e1n, h\u00e0ng h\u00f3a v\u00e0 ti\u1ec1n t\u1ec7.<\/p>\n\n\n\n

Tr\u01b0\u1edbc \u0111\u00f3, trong c\u00e1c Lu\u1eadt ch\u1ee9ng kho\u00e1n c\u0169ng \u0111\u00e3 quy \u0111\u1ecbnh r\u00f5 nh\u1eefng kh\u00e1i ni\u1ec7m c\u01a1 b\u1ea3n v\u1ec1 ch\u1ee9ng kho\u00e1n ph\u00e1i sinh (\u0110i\u1ec1u 6 Lu\u1eadt Ch\u1ee9ng kho\u00e1n n\u0103m 2006 v\u00e0 \u0110i\u1ec1u 1 Lu\u1eadt Ch\u1ee9ng kho\u00e1n n\u0103m 2010) l\u00e0m ti\u1ec1n \u0111\u1ec1 cho s\u1ef1 ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh sau n\u00e0y.<\/p>\n\n\n\n

Vi\u1ec7c ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u0169ng \u0111\u01b0\u1ee3c nh\u1ea5n m\u1ea1nh trong Quy\u1ebft \u0111\u1ecbnh s\u1ed1 1826\/Q\u0110-TTg ng\u00e0y 06\/12\/2012 c\u1ee7a th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7 ph\u00ea duy\u1ec7t \u0110\u1ec1 \u00e1n t\u00e1i c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n v\u00e0 doanh nghi\u1ec7p b\u1ea3o hi\u1ec3m.<\/p>\n\n\n\n

Ng\u00e0y 11\/03\/2014, Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7 ti\u1ebfp t\u1ee5c k\u00fd Quy\u1ebft \u0111\u1ecbnh s\u1ed1 s\u1ed1 366\/Q\u0110-TTg ph\u00ea duy\u1ec7t \u0110\u1ec1 \u00e1n x\u00e2y d\u1ef1ng v\u00e0 ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh t\u1ea1i Vi\u1ec7t Nam. Theo \u0111\u00f3, giao cho B\u1ed9 T\u00e0i ch\u00ednh ph\u1ed1i h\u1ee3p c\u00f9ng v\u1edbi b\u1ed9, ng\u00e0nh li\u00ean quan x\u00e2y d\u1ef1ng khung ph\u00e1p l\u00fd cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh v\u00e0 d\u1ef1 ki\u1ebfn m\u1ed1c th\u1eddi gian tri\u1ec3n khai c\u1ee5 th\u1ec3.<\/p>\n\n\n\n

Ng\u00e0y 05\/05\/2015, Ch\u00ednh ph\u1ee7 ban h\u00e0nh Ngh\u1ecb \u0111\u1ecbnh s\u1ed1 42\/2015\/N\u0110-CP quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n ph\u00e1i sinh v\u00e0 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. Ngh\u1ecb \u0111\u1ecbnh bao g\u1ed3m 8 Ch\u01b0\u01a1ng, 44 \u0110i\u1ec1u v\u00e0 l\u00e0 khung ph\u00e1p l\u00fd r\u1ea5t quan tr\u1ecdng \u0111\u1ec3 x\u00e2y d\u1ef1ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh Vi\u1ec7t Nam. Ngh\u1ecb \u0111\u1ecbnh \u0111\u00e3 k\u1ebf th\u1eeba c\u00e1c quy \u0111\u1ecbnh trong Lu\u1eadt Ch\u1ee9ng kho\u00e1n v\u1ec1 c\u00e1c nghi\u1ec7p v\u1ee5 kinh doanh ch\u1ee9ng kho\u00e1n, \u0111\u1eb7t ra \u0111i\u1ec1u ki\u1ec7n th\u1ef1c hi\u1ec7n c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c kinh doanh ch\u1ee9ng kho\u00e1n, quy \u0111\u1ecbnh c\u00e1c lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng, ch\u1ec9 c\u00f3 s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c ph\u00e9p t\u1ed5 ch\u1ee9c giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ni\u00eam y\u1ebft, vi\u1ec7c giao d\u1ecbch c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c hi\u1ec7n th\u00f4ng qua m\u00f4i gi\u1edbi c\u1ee7a c\u00e1c th\u00e0nh vi\u00ean giao d\u1ecbch c\u1ee7a s\u1edf giao d\u1ecbch, Trung t\u00e2m l\u01b0u k\u00fd ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam l\u00e0 \u0111\u01a1n v\u1ecb duy nh\u1ea5t \u0111\u1ea3m nhi\u1ec7m ch\u1ee9c n\u0103ng thanh to\u00e1n b\u00f9 tr\u1eeb cho c\u00e1c giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh theo c\u01a1 ch\u1ebf \u0111\u1ed1i t\u00e1c b\u00f9 tr\u1eeb trung t\u00e2m. Ngh\u1ecb \u0111\u1ecbnh n\u00e0y c\u00f3 hi\u1ec7u l\u1ef1c thi h\u00e0nh k\u1ec3 t\u1eeb ng\u00e0y 01\/07\/2015.<\/p>\n\n\n\n

Hi\u1ec7n nay, B\u1ed9 T\u00e0i ch\u00ednh \u2013 \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c li\u00ean quan \u0111ang kh\u1ea9n tr\u01b0\u01a1ng x\u00e2y d\u1ef1ng v\u00e0 ho\u00e0n thi\u1ec7n c\u00e1c th\u00f4ng t\u01b0, quy ch\u1ebf v\u00e0 chu\u1ea9n b\u1ecb c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng \u0111\u1ec3 s\u1eb5n s\u00e0ng \u0111\u01b0a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh v\u00e0o ch\u00ednh th\u1ee9c ho\u1ea1t \u0111\u1ed9ng m\u1ed9t c\u00e1ch t\u1ed1t nh\u1ea5t theo k\u1ebf ho\u1ea1ch.<\/p>\n\n\n\n

27.4.2.2. Quan \u0111i\u1ec3m qu\u1ea3n l\u00fd c\u1ee7a Vi\u1ec7t Nam<\/h4>\n\n\n\n

Vi\u1ec7t Nam \u0111\u00e3 x\u00e1c \u0111\u1ecbnh r\u00f5 quan \u0111i\u1ec3m ph\u1ea3i x\u00e2y d\u1ef1ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh t\u1eadp trung, th\u1ed1ng nh\u1ea5t v\u00e0 chu\u1ea9n h\u00f3a ngay t\u1eeb \u0111\u1ea7u, kh\u00f4ng \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh t\u1ef1 do t\u1ef1 ph\u00e1t ho\u1ea1t \u0111\u1ed9ng, thi\u1ebfu ki\u1ec3m so\u00e1t, g\u00e2y m\u1ea5t \u1ed5n \u0111\u1ecbnh, t\u00e1c \u0111\u1ed9ng x\u1ea5u l\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u01a1 s\u1edf v\u00e0 d\u1eabn \u0111\u1ebfn \u0111\u1ed5 v\u1ee1 th\u1ecb tr\u01b0\u1eddng. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ph\u1ea3i \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n m\u1ed9t c\u00e1ch th\u1eadn tr\u1ecdng, c\u00f3 l\u1ed9 tr\u00ecnh, c\u00f3 s\u1ef1 qu\u1ea3n l\u00fd c\u1ee7a Nh\u00e0 n\u01b0\u1edbc.<\/p>\n\n\n\n

Vi\u1ec7c x\u00e2y d\u1ef1ng v\u00e0 ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh d\u1ef1a tr\u00ean c\u00e1c nguy\u00ean t\u1eafc sau:<\/p>\n\n\n\n

\u2013 Ph\u00f9 h\u1ee3p v\u1edbi \u0111\u1ecbnh h\u01b0\u1edbng ph\u00e1t tri\u1ec3n chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd v\u00e0 c\u00e2n \u0111\u1ed1i gi\u1eefa ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng th\u1ecb tr\u01b0\u1eddng c\u01a1 s\u1edf v\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh.<\/p>\n\n\n\n

\u2013 Th\u1ecb tr\u01b0\u1eddng ph\u1ea3i c\u00f4ng khai, minh b\u1ea1ch, hi\u1ec7u qu\u1ea3 v\u00e0 an to\u00e0n.<\/p>\n\n\n\n

\u2013 C\u00f3 c\u01a1 ch\u1ebf qu\u1ea3n l\u00fd gi\u00e1m s\u00e1t ch\u1eb7t ch\u1ebd v\u00e0 h\u01b0\u1edbng t\u1edbi b\u1ea3o v\u1ec7 l\u1ee3i \u00edch h\u1ee3p ph\u00e1p c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n

\u2013 D\u1ef1a tr\u00ean th\u00f4ng l\u1ec7 qu\u1ed1c t\u1ebf v\u00e0 th\u1ef1c ti\u1ec5n Vi\u1ec7t Nam.<\/p>\n\n\n\n

\u2013 T\u1eebng b\u01b0\u1edbc li\u00ean k\u1ebft \u0111\u01b0\u1ee3c v\u1edbi c\u00e1c TTCK trong khu v\u1ef1c ASEAN.<\/p>\n\n\n\n

\u2013 Ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng theo chi\u1ec1u s\u00e2u, t\u0103ng c\u01b0\u1eddng n\u0103ng l\u1ef1c v\u00e0 s\u1ee9c c\u1ea1nh tranh \u0111\u1ed1i v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng trong khu v\u1ef1c.<\/p>\n\n\n\n

\u2013 B\u1ea3o \u0111\u1ea3m t\u00ednh kh\u1ea3 thi v\u00e0 t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n.<\/p>\n\n\n\n

27.4.3. L\u1ed9 tr\u00ecnh v\u00e0 m\u1ee5c ti\u00eau tri\u1ec3n khai d\u1ef1 ki\u1ebfn<\/h3>\n\n\n\n

L\u1ed9 tr\u00ecnh v\u00e0 m\u1ee5c ti\u00eau tri\u1ec3n khai th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh d\u1ef1 ki\u1ebfn theo Quy\u1ebft \u0111\u1ecbnh s\u1ed1 252\/2012\/Q\u0110-TTg ng\u00e0y 01\/03\/2012 c\u1ee7a Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7 ph\u00ea duy\u1ec7t \u201cChi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n giai \u0111o\u1ea1n 2011-2020\u201d nh\u01b0 sau:<\/p>\n\n\n\n

\u2013 Cho \u0111\u1ebfn n\u0103m 2015 s\u1ebd x\u00e2y d\u1ef1ng khung ph\u00e1p l\u00fd, ho\u00e0n thi\u1ec7n c\u01a1 s\u1edf v\u1eadt ch\u1ea5t v\u00e0 c\u00f4ng ngh\u1ec7 (h\u1ec7 th\u1ed1ng giao d\u1ecbch, h\u1ec7 th\u1ed1ng thanh to\u00e1n b\u00f9 tr\u1eeb ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, h\u1ec7 th\u1ed1ng gi\u00e1m s\u00e1t v\u00e0 c\u00f4ng b\u1ed1 th\u00f4ng tin) v\u00e0 c\u00e1c \u0111i\u1ec1u ki\u1ec7n kh\u00e1c t\u1ea1i SGDCK, TTTTBT v\u00e0 c\u00e1c th\u00e0nh vi\u00ean th\u1ecb tr\u01b0\u1eddng, s\u1eb5n s\u00e0ng cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ho\u1ea1t \u0111\u1ed9ng.<\/p>\n\n\n\n

\u2013 T\u1eeb n\u0103m 2016 \u0111\u1ebfn n\u0103m 2020 s\u1ebd t\u1ed5 ch\u1ee9c v\u1eadn h\u00e0nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh m\u00e0 tr\u01b0\u1edbc m\u1eaft l\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m ch\u1ee9ng kho\u00e1n ph\u00e1i sinh h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai d\u1ef1a tr\u00ean ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n, tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 v\u00e0 c\u1ed5 phi\u1ebfu.<\/p>\n\n\n\n

\u2013 Giai \u0111o\u1ea1n sau 2020 s\u1ebd ho\u00e0n thi\u1ec7n v\u00e0 n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, t\u1eebng b\u01b0\u1edbc \u0111a d\u1ea1ng h\u00f3a c\u00e1c s\u1ea3n ph\u1ea9m giao d\u1ecbch. M\u1edf r\u1ed9ng c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng th\u00e0nh vi\u00ean tham gia th\u1ecb tr\u01b0\u1eddng, c\u1ea3i ti\u1ebfn h\u1ea1 t\u1ea7ng c\u00f4ng ngh\u1ec7, n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng c\u01a1 s\u1edf nh\u00e0 \u0111\u1ea7u t\u01b0, ti\u1ebfn t\u1edbi x\u00e2y d\u1ef1ng m\u1ed9t th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh th\u1ed1ng nh\u1ea5t d\u1ef1a tr\u00ean c\u00e1c t\u00e0i s\u1ea3n c\u01a1 s\u1edf theo th\u00f4ng l\u1ec7 qu\u1ed1c t\u1ebf, ho\u1ea1t \u0111\u1ed9ng c\u00f4ng khai, minh b\u1ea1ch, hi\u1ec7u qu\u1ea3, g\u00f3p ph\u1ea7n v\u00e0o s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/p>\n\n\n\n

27.5. K\u1ebft lu\u1eadn<\/h2>\n\n\n\n

Nh\u01b0 v\u1eady, tri\u1ec3n khai th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 m\u1ed9t b\u01b0\u1edbc \u0111i t\u1ea5t y\u1ebfu c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ra \u0111\u1eddi \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c nhu c\u1ea7u c\u1ea5p thi\u1ebft c\u1ee7a n\u1ec1n kinh t\u1ebf, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 doanh nghi\u1ec7p trong c\u00f4ng t\u00e1c qu\u1ea3n l\u00fd r\u1ee7i ro cho ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n

C\u00f4ng t\u00e1c chu\u1ea9n b\u1ecb cho vi\u1ec7c ra \u0111\u1eddi c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh Vi\u1ec7t Nam \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n t\u01b0\u01a1ng \u0111\u1ed1i k\u1ef9 c\u00e0ng t\u1eeb khung ph\u00e1p l\u00fd \u0111\u1ebfn c\u00f4ng ngh\u1ec7, \u0111\u00e0o t\u1ea1o. To\u00e0n th\u1ecb tr\u01b0\u1eddng t\u1eeb c\u01a1 quan qu\u1ea3n l\u00fd nh\u00e0 n\u01b0\u1edbc \u0111\u1ebfn c\u00e1c s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n, trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb v\u00e0 th\u00e0nh vi\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ec1u c\u00f3 nh\u1eefng n\u1ed7 l\u1ef1c v\u01b0\u1ee3t b\u1eadc chu\u1ea9n b\u1ecb c\u00e1c \u0111i\u1ec1u ki\u1ec7n v\u1ec1 nh\u00e2n s\u1ef1 v\u00e0 c\u01a1 s\u1edf v\u1eadt ch\u1ea5t k\u1ef9 thu\u1eadt. Vi\u1ec7t Nam c\u0169ng nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 h\u1ed7 tr\u1ee3 qu\u00fd gi\u00e1 c\u1ee7a nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n v\u00e0 th\u1ecb tr\u01b0\u1eddng c\u00f3 \u0111i\u1ec1u ki\u1ec7n t\u01b0\u01a1ng \u0111\u1ed3ng, \u0111\u00e3 r\u00fat ra \u0111\u01b0\u1ee3c nh\u1eefng b\u00e0i h\u1ecdc kinh nghi\u1ec7m qu\u00fd b\u00e1u t\u1eeb nh\u1eefng th\u00e0nh c\u00f4ng v\u00e0 c\u1ea3 th\u1ea5t b\u1ea1i c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng qu\u1ed1c t\u1ebf.<\/p>\n\n\n\n

Tr\u00ean c\u01a1 s\u1edf \u0111\u00f3, ch\u00fang ta ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 tin t\u01b0\u1edfng r\u1eb1ng Vi\u1ec7t Nam s\u1ebd tri\u1ec3n khai th\u00e0nh c\u00f4ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, ph\u1ee5c v\u1ee5 t\u1ed1t nhu c\u1ea7u v\u00e0 s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a n\u1ec1n kinh t\u1ebf qu\u1ed1c d\u00e2n.\/.<\/p>\n","protected":false},"excerpt":{"rendered":"

T\u00e1c gi\u1ea3: TS. Nguy\u1ec5n Quang Th\u01b0\u01a1ng– \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc Ngu\u1ed3n: https:\/\/daotaomof.vn\/chuyen-de-27-chung-khoan-phai-sinh-va-thi-truong-chung-khoan-phai-sinh\/ Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 m\u1ea3ng th\u1ecb tr\u01b0\u1eddng t\u01b0\u01a1ng \u0111\u1ed1i m\u1edbi v\u00e0 ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u00f3 vai tr\u00f2 quan tr\u1ecdng trong s\u1ef1 ph\u00e1t tri\u1ec3n \u1ed5n \u0111\u1ecbnh, b\u1ec1n […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5],"tags":[],"class_list":["post-799","post","type-post","status-publish","format-standard","hentry","category-kinh-doanh"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/truongthanhgiang.com\/index.php\/wp-json\/wp\/v2\/posts\/799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/truongthanhgiang.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/truongthanhgiang.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/truongthanhgiang.com\/index.php\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/truongthanhgiang.com\/index.php\/wp-json\/wp\/v2\/comments?post=799"}],"version-history":[{"count":1,"href":"https:\/\/truongthanhgiang.com\/index.php\/wp-json\/wp\/v2\/posts\/799\/revisions"}],"predecessor-version":[{"id":800,"href":"https:\/\/truongthanhgiang.com\/index.php\/wp-json\/wp\/v2\/posts\/799\/revisions\/800"}],"wp:attachment":[{"href":"https:\/\/truongthanhgiang.com\/index.php\/wp-json\/wp\/v2\/media?parent=799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/truongthanhgiang.com\/index.php\/wp-json\/wp\/v2\/categories?post=799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/truongthanhgiang.com\/index.php\/wp-json\/wp\/v2\/tags?post=799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}