TR NG I H C KINH TTHNH PH H CH MINH

KHOA NGN HNG

279 Nguy n Tri Ph ng, ph ng 05, Qu n 10, TP. HCh Minh. Telephone: +84.8.8551776, +84.8.8530561 Fascimile: +84.8.8551777 Email: bankingfaculty@ueh.edu.vn - Website: http://www.fob.ueh.edu.vn/

Bai giang mon hoc

THANH TOAN QUOC TE

Ng i trnh bay: PGS. TS. Tr n Hoang Ngan ngankdtt@yahoo.com, ngannh@ueh.edu.vn,

 Mon hoc Thanh toan quoc te la mon hoc mang tnh tac nghiep rat cao, la mon hoc nghiep vu chnh cu a sinh vien chuyen nganh Ngan hang va Ngoai thng, la mon bo tr cho sinh vien cac chuyen nganh kinh te khac. Mon hoc TTQT giup sinh vien tm hieu chuyen sau ve cac lnh vc: ty gia hoi oai, th trng hoi oa i, cac nghiep vu kinh doanh ngoai te (Spot, Arbitrage, Forward, Swap, Options, Futures Market), cac phng tien thanh toa n quoc te (Bill of exchange, Cheque, Payment Card), cac phng thc thanh toan quoc te (T/T, D/P, D/A, CAD, D/C, L/C). Sinh vien co the thc hie n cac ky thuat nghiep vu cu a mot nhan vien phong kinh doanh quo c te cua doanh nghiep, thanh toan vien cua phong thanh toan quoc te, dealer cua phong kinh doanh ngoai te

Tai lieu tham khao: Thanh toan quoc tenam 2003. Chu bien: PGS.TS -Tran Hoang Ngan Muc luc: Chng mot: Hoi oai Chng hai: Phng tien thanh toan quoc te Chng ba: Phng thc thanh toan quoc te

Chng mot

1. Khai niem:

I.TY GIA HOI OAI ( Foreign Exchange Rate FX) Ty gia hoi oai la gia ca cua mot n v tien te nc nay c the hien bang so lng n v tien te nc khac. V du: Ngay 19/09/2005, tren th trng hoi oai quoc te ta co thong tin: 1USD = 111.50 JPY ( Japanese Yen) 1GBP = 1.8005 USD ( United States dollars) 1USD= 1.2780 CHF ( Confederation Helvetique Franc), 1 AUD = 0.7625 USD GBP (Great Britain Pound)

2. Phng phap bieu th ty gia (Yet gia quotation):

1 ong tien yet gia = x ong tien nh gia (Commodity terms-yet gia)-(currency terms-ong tien nh gia) Phng phap bieu th th nhat (Direct quotation- Price quotation-trc tiep) 1 ngoa i te = x no i te Phng phap yet gia nay c ap dung nhieu quoc gia: Nhat, Thai Lan, Han Quoc , Viet Nam

Phng phap bieu th th hai (Indirect quotation-Volume quotation-gian tiep) 1 noi te = y ngoai te

Phng phap yet gia nay ap dung mot so nc: Anh, My, Uc, EU

3.Mo t so quy c trong giao dch ho i oa i Ky hieu tie n te: XXX quo tela : My (USD), Bang Anh ( ong Viet Nam (VND ),c o

GBP ), Yen Nhat ( JPY ), Bat Tha i Lan (THB) Tham khao Web site: www.exchangerate.com, www.yahoo.com/finance, www.forexdirectory.net, www.saxobank.com, www.forex.com, www.forexnews.com, www.forexpoint.com, www.info-forex.com, xem phu luc 1 trang 21.

 Cach viet ty gia : 1 A = x B hoac A/B = x Ty gia 1USD = 110 JPY ta co the viet USD/JPY = 110 hoac la 110 JPY/USD. A/B = 1/B/A 1EUR=1.2140 USD USD/EUR = 1/EUR/USD= 0.8237

 Phng phap oc ty gia (Ngon ng trong giao dch ho i oa i quo c te) V nhng ly do nhanh chong, chnh xac va tiet kiem, cac ty gia khong bao gi c oc ay u tren th trng, ma ngi ta th ng oc nhng con so co y ngha. Cac con so ang sau dau pha y c oc theo nhom hai so. Hai so thap phan au tien c goi la so (figure), hai so ke tiep go i la ie m (point). Trong v du o th so la 40, iem la 60. Nh va y, ta tha y ty gia mua va ty gia ban co khoang chenh lech ( tieng Anh goi la: Spread), thong thng vao khoang 5 e n 20 ie m.

Ty gia

BID

ASK

USD/CHF = 1.2650 --1.2660 MUA USD BAN USD BAN CHF MUA CHF Lu y: - so nho la gia mua ong tien yet gia (USD) va la gia ban ong tien nh gia (CHF). - so ln la gia ban ong tien yet gia (USD) va la gia mua ong tien nh gia (CHF).

4. C s xac nh ty gia hoi oai :

a. Trong che o ban v vang : V du: + au the ky 20: 1 GBP co ham lng vang la 7,32g vang (nam 1821) 1 USD co ham lng vang la 1,50463g vang (nam 1879) 1 FRF co ham lng vang la 0,32258g vang (nam 1803) Da vao nguyen ly ong gia vang, ngang gia va ng th ty gia gia GBP va USD c xac nh la : 1 GBP = 7,32/1,50463 = 4,8650 USD GBP/USD = 4.8650 1USD = 1,50463/0,32258 = 4,6644 FRF USD/FRF = 4.6644

b. He thong ty gia Bretton Woods: Hoi ngh Bretton Woods : Do anh hng cua chien tranh the gii lan th hai 1939-1945, tnh hnh tai chnh tien te cua cac nc TBCN hon loan . V vay co the vach ra mot trat t kinh te quoc te mi phu hp vi ieu kien hien tai, cac nc My , Anh va mot so nc ong minh cua ho a hop tai Bretton Woods , New Hampshire (cach Boston 150 km). Hoi ngh keo dai t ngay 1/7/1944 en ngay 20/7/1944 di s lanh ao cua J.M Keynes va H.D White, 44 quoc gia tham d hoi ngh a i en thoa thuan :

 Thanh lap Quy Tien te Quoc te IMF - International Monetary Fund- (Website: www.imf.org ) Ngan hang the gii WB - The World Bank Group (Website: www.worldbank.org) - Ngan hang Tai thiet va Pha t trien Quoc te ( IBRD ) The International Bank for Reconstruction and Development - Hiep hoi Pha t Trien Quoc te ( IDA ) The International Development Association - Cong ty Tai chnh Quoc te ( IFC ) The International Finance Corporation - Cong ty am lanh au t a bien ( MIGA ) The Multilateral Investment Guarantee Agency - Trung Tam Hoa Giai Tranh Chap au T Quoc te ( ICSID ) The International Centre for Settlement of Investment Disputes

Hnh thanh he thong ty gia hoi oai Bretton Woods (The gold exchange standard) 1946-1973 : Ty gia hoi oai chnh thc cua cac nc c hnh thanh tren c s so sanh vi ham lng vang chnh thc cua ola My (0,888671g35USD/ ounce) va khong c phep bien ong qua pham vi x% (luc bay gi la 1%) cua ty gia chnh thc a ang ky tai IMF. Nam 1971 (15/08/1971 tong thong My Nixon tuyen bo pha gia USD, x=2.25%), nam 1973 IMF chnh thc huy bo c che ty gia Bretton Woods.

c. Trong che o tien te ngay nay (t nam 1973):

Ty gia co nh (Fixed Exchange rate): la ty gia khong bien ong thng xuyen, khong phu thuoc vao quy luat cung ca u, phu thuoc va o y muon chu quan cua chnh phu,(103nc) 1998 Malaysia thc hien c che ty gia co nh cho ong ringgit (MYR)21/07/05 tha no i. Ty gia tha noi t do va ty gia tha no i co quan ly- ty gia linh hoat (Flexible exchange Rate Regimes): Ty gia tha noi t do (Freely Floating Exchange rate): Ty gia tha noi t do la c che ty gia ma theo o gia ca ngoai te se do cung ca u quyet nh va khong co s can thiep cua chnh phu (hoac can thiep thong qua cac cong cu ta i chnh tien te).(40 nc)

 Ty gia tha noi co quan ly (Managed Float exchange rate) La ty gia tha noi nhng co s can thiep cua chnh phu. Chnh phu ((NHTW) s dung cac cong cu tai chnh tien te hoac cong cu hanh chnh e tac ong len ty gia hoi oai phu c vu cho chien lc chung cua nc mnh (43 nc). Vao luc 19h ngay 21/07/2005 sau 11 nam gan nh co nh ty ga 1USD= 8.28CNY, Trung Quoc a quyet nh nang gia CNY 2.10%, 1USD= 8.11CNY, TQ co d tr ngoai te th nh the gii 711 ty USD (cuoi thang 6/2005), toc o tang GDP bnh quan trong 10 nam qua +8.6%. CNY ra i t thang 12/1948, giai oan 19531972 ty gia 2.42CNY/USD, 1996-2005 ty gia 8.28 CNY/USD

 Ty gia tha no i tap the : No i ba t nhat la he thong tien te Chau Au (EMSEuropean Monetary System 1978). Ngay 09/05/1978 Ngh vien Chau Au phe chuan danh sach 11 n c u tieu chuan gia nhap EU 11: c , Phap , Ailen , Ao , B , Bo ao Nha , Ha Lan , Y , Lucxembua , Phan Lan , Tay Ban Nha ( va vao ngay 01/01/2001 co ca Hy Lap EU 12) . Ngay 01/01/1999 EURO chnh thc ra i vi ay u t cach cua mot o ng tien thc, chung va duy nhat cho ca khoi EU 12 C che ty gia hoi oai cua Viet Nam: (tham khao sach Thanh toan quo c te trang 18-21) 1955 1CNY =1470 VND, 1985 1USD=18VND,1988 1USD=3000VND, 2005 1USD= 15780VND)

Cach phan loai c che ty gia

* Neo au cng (Hard pegs): - C che ty gia phi ban te - C che uy ban tien te * Neo au mem (Soft pegs) - Ty gia co nh truyen tho ng (+ 1%) - Ty gia neo vi bien o ngang> 1% - Neo trn bo * Tha noi (Floating): managed floating, Independend floating

5. Nhng nhan to anh hng en s bien ong cua ty gia hoi oai:
Lam phat ty gia hoi oai Can can thanh toan quoc te ty gia hoi oai Mot so nhan to kha c nh : S ieu chnh cac chnh sach tai chnh tien te - lai suat, cac s kien kinh te, xa hoi, chien tranh, thien tai, s bien ong cua cac ch so thong ke ve viec lam - that nghie p - tang trng kinh te (GDP- Gross domestic product- TSP trong nc)

a. Lien quan gia ty gia hoi oai vi ty le lam phat -Lam phat la g? Lam phat la s suy giam sc mua cua tien te va uc o lng bang ch so gia ca chung ngay cang tang len. Nam 2002, ch so gia tieu dung VN (CPIConsumer price index) tang 4 % so vi cuoi nam 2001. Nam 1998 la 9.2%, nam 1999 la 0.1%, nam 2000 la 0.6%, nam 2001 la 0.8%, nam 2003 la 3%, 9.5% nam 2004. Ty le lam phat trong nam tai My la 2.7%, Nhat -0.1%, EU 2.1%, chau A la 3%.

Ly thuyet ong gia sc mua (Ricardo Cassel) 3P (Purchasing Power Parity-Ricardo -17721823). Vi gia thiet trong mot nen kinh te canh tranh lanh manh, tc la trong o cc ph van chuyen, thue hai quan c gia nh bang khong . Do o neu cac hang hoa eu ong nhat th ngi tieu dung se mua hang nc nao ma gia that s thap . Cung theo gia thiet o , mot kien hang X Canada gia 150 CAD va cung kien hang X o My gia 100 USD th ty gia hoi oai se chuyen en mc la :

USD 150 CAD (Gia ca hang hoa X tai Canada) ----- = --------------------------------------------------=1.50 CAD 100 USD (Gia ca hang hoa X tai My)

Tck = Tk (1+ LPb) (1+ LPa) Tck-Tk = LPb - LPa T 1+ LPa %TG = % LP . a la ong tien yet gia . b la ong tien nh gia .Tk la ty gia au ky .Tck la ty gia cuoi ky .LPa la lam phat tai quoc gia ong tien a .LPb la lam phat tai quoc gia ong tien b

b. Tnh hnh d tha hay thieu hut cua can can thanh toan : Neu can can thanh toan thng xuyen tham hut (chi > thu), th d tr ngoai te cua quoc gia se giam, tnh hnh ngoai te cang thang, t o tao ra nhu ca u ngoai te tang len, gia ngoai te tang. Neu can can thanh toa n thang d, (thu > chi), d tr ngoa i te tang, cung ngoai te tren th trng tang, gia ngoai te co khuynh hng giam .(12-19/09/04 thong tin Reuter cho biet can can vang lai cua My tham hut tren 166.18 ty USD trong quy 2 > d kien 155 ty USD>> gia USD gia m manh tren th trng the gii

Can can thanh toan quoc te VN

Can can tong the nam 2003 thang d 2.151 trieu USD, nam 2004 la +883 trieu USD, chu yeu la do can can von. Can can vang lai nam 2003 tham hut -1.931 trieu USD, nam 2004 tham hut - 925 trieu USD (=2.02%GDP). Can can von nam 2003 thang d 1.450 trieu USD, nam 2004 thang d 2.753 trieu USD, chu yeu la do giai ngan au t trc tiep nc ngoai la 1610 trieu USD va vay n trung va dai han..

c. Mot so nhan to khac nh :S ieu chnh cac chnh sach tai chnh tien te , cac s kien kinh te , xa hoi, chien tranh , thien tai , s bien ong cua cac ch so thon g ke ve viec lam- that nghiep- tang trng kinh te. ac biet la cac ch so va cac s kien tai My se anh hng en ty gia hoi oai tren th trng the gii. Cu the la cac nhan to : Ch so that nghiep tang , giam trong thang . Ch so ban le Viec tang lai suat hay giam lai suat cua Ngan hang trung ng va nhng d bao cua th trng ve lai suat, ty gia . Ket qua cac hoi ngh G7, EU, Asean San lng cong nghiep, GDP, GNI Tom lai : Khi ty gia c tha noi th no rat nhay cam vi nhng s kien kinh te, chnh tr, xa hoi, chien tranh ke ca cac yeu to tam l

6. Cac loai ty gia hoi oai: a. Ty gia chnh thc : b. Ty gia kinh doanh cua Ngan hang thng mai: Ty gia mua ban ngoai te mat Ty gia ngoai te chuyen khoan

 gia von ha ng VN tren san tau c.Ty gia xuat khau = Ngoa i te thu c theo gia FOB tai cang VN gia ban hang nhap tai cang VN d. Ty gia nhap khau= Ngoa i te chi tra theo gia CIF tai cang VN

e. Ty gia ong ca, m ca, cao nhat, thap nhat d. Ty gia tnh cheo f. Ty gia danh ngha, ty gia thc

Incoterms 2000-ICC No 620

EXW-Ex Works-Giao tai xng FCA- Free Carrier-Giao cho ngi chuyen ch FAS-Free Alongside Ship-Giao hang doc man tau FOB-Free on Board- giao len tau CFR-Cost and freight-Tien hang va cc ph CIF-Cost,Insurance and Freight-tien hang-bao hiem va cc ph CPT-Carriage Paid to-cc ph tra ti CIP-Carriage and Insurance Paid to-Cc ph va bao hiem tra ti. DAF-Delivered at Frontier-Giao tai bien gii DES- Delivered Ex Ship-Giao tai tau DEQ-Delivered Ex Quay-Giao tai cau tau DDU- Delivered Duty Unpaid- Giao hang cha nop thue DDP-Delivered Duty Paid- Giao hang a nop thue

II. TH TRNG HOI OAI (Le Marche des changes, Foreign Exchange Market) 1. Khai niem : Th trng hoi oai la ni thc hien viec mua ban cac ngoai te va phng tien chi tra co gia tr nh ngoai te, va gia ca ngoai te c xac nh tren c s cung cau.

2. ac iem th trng hoi oai: 4 ac iem ln

Th trng hoat o ng lien tuc 24/24 bi v do s chenh lech mui gi (tr nhng nga y ngh cuoi tuan ). Th trng mang tnh quo c te . Ty gia th trng c xac nh tren c s co xat cua cung va ca u ngoai te tren th trng quyet nh. Nhng ong tien manh nh USD, EUR, JPY, CHF, GBP, AUD gi v tr quan trong cua th trng, ac biet la ong ola My (USD).

 Th trng hoi oai phan ln c mua ban qua th trng OTC (Over The Counter), th trng vo hnh, mua ban qua ien thoai, telex, mang vi tnh Ngay 16/08/1991 Thong oc Ngan hang Nha nc ban hanh quyet nh so 107/NHQD ve viec to chc va hoat ong cua Trung tam giao dch ngoai te tai TP.HCM va Ha Noi. Ngay 29/09/1994 Thong oc Ngan hang Nha nc ky quyet nh so 203/Q-NH ban hanh quy che to chc va hoat ong cua Th trng ngoai te lien Ngan hang (xem Phu luc 2 trang 52).

3. oi tng tham gia th trng hoi oai:

a. Cac Ngan hang thng mai (Commercial Banks) Trong Dealing room thng bao gom cac nhom sau: Bo phan chuyen kinh doanh mua ban ngoai hoi. Bo phan gom cac nha phan tch e d oan ty gia, tnh toan ty gia. Bo phan quan tr, kie m soat. b. Cac nha moi gii (Broker,Courtier) c. Ngan hang trung ng (Central Bank) d. Cac cong ty kinh doanh (Corporate customers)

4. Phng thc giao dch (Methods of trading)

Nhieu phng thc giao dch c s dung nh thc hien cac nghie p vu tren th tr ng hoi oai: ien thoai (telephone) He tho ng x ly ien t (Electronic dealing systems) ien tn (telex) SWIFT (Society for World-wide InterBank Financial Telecommunication) (trang 246)

III. CAC NGHIEP VU HOI OAI

1. Nghiep vu Spot con goi la nghiep vu giao ngay: (Spot Operations)

Nghie p vu Spot la hoat ong mua ban ngoai te ma theo o viec chuyen giao ngoai te c thc hien ngay, theo ty gia a c thoa thuan.

2. Nghiep vu Acbt (Arbitrage Operations)

Acbt la mot loai nghiep vu hoi oai nham s dung mc chenh lech ty gia gia cac th trng hoi oai e thu li nhuan. Tc la mua ni re nhat va ban ni mac nhat.

Tai thi iem T ta co thong tin:

Toronto: USD/CAD= 1.2180-1.2186 Zurich: CAD/CHF= 0.9840-0.9847 Newyork:USD/CHF= 1.2050-1.2055 Yeu cau kinh doanh ac bt vi 100 trieu USD, 100 trieu CAD, 100 trieu CHF

Tai thi iem T ta co thong tin:

Toronto: USD/CAD= 1.1625-1.1629 Zurich: CAD/CHF= 1.1120- 1.1125 Newyork:USD/CHF= 1.3042-1.3047 Yeu cau kinh doanh ac bt vi 100 trieu USD, 100 trieu CAD, 100 trieu CHF

Tai thi iem T ta co thong tin

Newyork:USD/CHF= 1.2046- 1.2053 Zurich: AUD/CHF = 0.9280-0.9286 Sydney: AUD/USD = 0.7685-0.7690 Yeu cau kinh doanh ac bt vi 100 trieu USD, 100 trieu AUD, 100 trieu CHF

Tai thi iem T ta co thong tin:

Zurich: GBP/CHF= 2.2540-2.2545 London:GBP/SGD= 3.1243-3.1247 Singapore:CHF/SGD= 1.3780-1.3785 Yeu cau thc hien ac bt vi 100 trieu GBP, SGD, CHF?

Tai thi iem T ta co thong tin:

Toronto: USD/CAD= 1.1635-1.1639 Zurich: CAD/CHF= 1.1122- 1.1128 Newyork:USD/CHF= 1.2947-1.2953 Yeu cau kinh doanh ac bt vi 100 trieu USD, 100 trieu CAD, 100 trieu CHF

3. Nghiep vu mua ban ngoai te co ky han (Forward Operations)

Mot giao dch ngoai te co ky han la mot giao dch ma trong o moi d kien c nh ra vao thi iem hien tai nhng viec thc hien se dien ra trong tng lai, theo ty gia thoa thuan trc co ghi trong hp ong. Ty gia co ky han se c xac nh tren c s ty gia giao ngay, thi han giao dch va lai suat cua hai ong tien o. Cu the no c tnh toan bang cong thc sau ay:(cg thc 1)

TK = TS x

1+KLB 1+KLA

Trong o: A la ong tien yet gia, B la ong tien nh gia. TK la ty gia co ky han cua ong tien A so vi ong tien B. K la thi han thoa thuan (ngay, thang, nam). LA la lai suat cua ong tien A (ngay, thang, nam). LB la lai suat cua ong tien B (ngay, thang, nam). TS la ty gia giao ngay (A/B= x).

FORWARD RATE = SPOT RATE + SWAP COST TK = TS + TS x K x (LB - LA) Khi LB > LA TK > TS, phan doi ra c goi la iem gia tang (Report, Premium). Khi LB < LA TK < TS chenh lech c goi la iem khau tr (Deport, Discount). LB = LA TK = TS VN, ap dung theo QD 648/NHNN ngay 28/05/04

4. Nghiep vu Swap (cam co, hoan oi)

La nghiep vu hoi oai kep, gom hai nghiep vu Spot va Forward. Hai nghiep vu nay c tien hanh cung mot luc, vi cung mot lng ngoai te nhng theo hai hng ngc nhau. Lu y: trong giao dch swap gia 2 ngan hang, neu trong nghiep vu spot a dung ty gia nao th khi tnh ty gia fw, th Ts trong cong thc Tk, phai dung lai ty gia a tnh trong nghiep vu spot.

5. Nghiep vu quyen chon (options) 5.1Call Option a. Ngi(Quye mua quye n cho mua (Buyer Call n cho nnmua)

Option) (Long Call) Ngi mua call option phai tra cho ngi ban call mot khoan chi ph va do o ngi mua co c quyen mua, nhng khong bat buoc phai mua mot lng ngoai te (hang hoa, chng khoan) nhat nh, theo mot ty gia a nh trc vao mot ngay xac nh trong tng lai hoac trc ngay o.

b. Ngi ban quyen chon mua (Seller Call option) (Short call ) Ngi ban call option nhan c tien t ngi mua call nen phai co trach nhiem ban mot so ngoai te nhat nh (hang hoa , chng khoan), theo mot gia a nh trc tai mot nga y xac nh trong tng lai hoac trc nga y o khi ngi mua muon thc hien quyen mua cua no . American style- c thc hien bat ky thi iem nao trong khoa ng th i gian cua hp ong European style- ch c thc hien quyen chon vao ngay ao han cua hp ong.

a. Ngi mua quyen chon ban (Buyer put option)

5.2 Nghiep vu Put option (Quyen chon ban)

(Long put) Ngi mua put option phai tra cho ngi ban put mot khoan chi ph va do o ng i mua co c quyen ban, nhng khong ba t buoc phai ban mo t lng ngoai te (hang hoa, chng khoan) nhat nh, theo mot ty gia a nh trc vao mot ngay xac nh trong tng lai hoac trc ngay o. American style- c thc hien bat ky thi ie m nao trong khoang thi gian cua hp o ng European style- ch c thc hien quyen chon vao ngay ao ha n cu a hp ong.

b. Ngi ba n quyen cho n ban (Seller put option) (Short put) Ngi ban put option nhan c tien t ngi mua put nen phai co trach nhiem mua mot so ngoai te (hang hoa, chng khoan) nhat nh, theo mot gia a nh trc tai mot ngay xac nh trong tng lai hoac trc ngay o khi ngi mua muon thc hien quyen ban cua no. Gia option (premium) phu thuoc vao nhieu nhan to: ty gia giao ngay (Spot rate), ty gia thoa thuan tren h p ong (Strike), thi ha n tho a thuan (maturity), ty gia ky han (Forward rate), lai suat cua cac ong tien giao dch, phng sai. Premium the price of an option

Li

Ngi mua call option 15920 15900 Ty gia (VND/USD) Ngi ban call option

Lo

Call Breakeven = Strike (exercise price) + Premium 15920 = 15900 + 20

Li

Ngi mua Put Option 15890 15900

Ty gia (VND/USD)

Lo

Ngi ban Put Option

Put Breakeven = Strike(exercise price) - Premium 15890 = 15900 - 10

IV. TH TRNG GIAO SAU (FUTURES MARKET)

Th trng giao sau la ni giao dch mua ban cac h p ong giao sau ve hang hoa, tien te va cac cong cu tai chnh. Hp ong giao sau (Futures contract) la mot s thoa thuan ban hoac mua mo t tai san (tien, hang hoac chng khoan) nhat nh ta i mot thi iem xac nh trong tng lai va hp o ng na y c thc hien tai s giao dch. www.liffe.com, The London international financial
futures and options exchange. www.cme.com- Chicago mercantile exchange

Th trng giao sau co mot so ac iem sau ay: c thc hien tai quay giao dch mua ban cu a th trng, thong qua moi gii (Broker). Ngi mua va ng i ban khong can biet nhau. Phan ln cac hp ong giao sau thng c ket thuc trc thi ha n, trong khi hp ong co ky ha n (Forward) th a so cac hp ong eu c thanh toan bang vie c giao ha ng chnh thc. Hp ong giao sau ch co bon ngay co gia tr trong nam (4 value date per year): Nga y th t tuan th ba, thang ba, thang sau, tha ng chn va thang mi hai. The third Wednesday of March, June, September, december. Ben tng ng (counterpart) khong pha i la Ngan ha ng ma la quay giao dch. Nhng nha au t phai ky quy cho quay giao dch th trng (margin) 5% tr gia hp ong.

 Cac khoan li lo (loss or profit) c ghi nhan va phan anh hang nga y vi clearing house (Phong thanh toan bu tr). Th trng giao sau quy nh kch c cho mo t n v hp ong (fixed amount per contract). 100.000 AUD, 100.000 CAD, 125.000 CHF, 62500 GBP, 1250.000 JPY (USD la ong tien nh gia)
Hp ong (Contract) GBP/USD CHF/USD Kch c (Size) 62.500 GBP 125.000 CHF C tch Gia tr cua mot tch (Tick size) (Value of 1 tick) 0,0001 6,25 USD 0,0001 12,50 USD

V du: Neu khach hang co khoan giao dch la 250.000 GBP (tc la 4 hp ong) va neu ty gia giao ong t 1,7960 len 1,7970 th khoan chenh lech bang USD se la: - 250.000 GBP x 0,0010 USD/GBP = 250 USD. - 62500GBP x4x 0,0010 USD/GBP = 250 USD. Hoac = 4 x10 x 6,25 = 250 USD. Tai Viet Nam cac hp ong Futures mi bat au thong qua cac NHTM

V. TH TRNG TIEN GI NGOAI TE:

1. Khai niem: Th trng tien gi la ni tien hanh cac hoat ong vay va cho vay bang ngoai te vi nhng thi han xac nh kem theo mot khoan tien li the hien qua lai suat. Th trng ngoai te Chau Au, ola Chau Au vi nhng lai suat

LiBor (London interbank offered rate), PiBor, NiBor, FiBor, SiBor, ZiBor, Tibor

2. Cac loai giao dch tren th trng tien gi:

a. Giao dch qua em: (J+1, Overnight, O/N) Tc la giao dch ma ngay vay von la ngay hom nay (ngay J), ngay tra n la ngay hom sau (J+1). b. Giao dch nga y mai (J+2, Tomorrow next, tomnext) Ky hieu T/N. Tc ngay thoa thuan la ngay hom nay (ngay J), ngay giao von la ngay mai (J+1), ngay tra n la ngay (J+2). c. Giao dch ngay kia (J+3, Spot next, S/N) Tc la ngay thoa thuan la ngay hom nay (ngay J), ngay giao von la ngay (J+2), ngay tra n la ngay mot (J+2+1). d. Giao dch cho ky han th n La giao dch ma ngay thoa thuan la ngay hom nay (ngay J), ngay giao von la ngay J+2, ngay tra n la ngay (J+2+n).

BAI OC THAM KHAO

Phan tch ky thuat dung trong hoat ong kinh doanh ngoai te tren th trng hoi oai.(xem sach trang 46)

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support

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Neck line

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pennant