TRNG I HC KINH T THNH PH H CH MINH

KHOA NGN HNG

279 Nguyn Tri Phng, phng 05, Qun 10, TP. H Ch 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 chuyen e
NGAN HANG THNG MAI
Ngi trnh bay: PGS. TS. Trn Hoang Ngan
ngankdtt@yahoo.com, ngannh@ueh.edu.vn,
MON HOC
NGHIEP VU NGAN HANG
THNG MAI
Mon hoc NVNH giup hoc vien tm hieu chuyen sau cac
nghiep vu cua ngan ha ng: huy ong von, dch vu cua
ngan hang, tn dung, bao lanh, thanh toan... va cac
nghiep vu ngan hang tren th trng tai chnh. T o giup
hoc vien gan hoa t o ng cua doanh nghiep vi nhng dch
vu cu a ngan hang mot ca ch thuan li va nhanh chong.
Noi dung mon hoc bao gom 4 chng:
Chng mot: Tong quan ve ngan hang thng mai
Chng hai: Nghiep vu huy ong von va cac dch vu tai
chnh cua ngan hang thng mai.
Chng ba: Hoat ong tn dung cua NHTM
Chng bon: Nghiep vu ngan hang thng mai tren th
trng hoi oai va th trng ch ng khoan.
Tai lieu tham khao
Luat Ngan hang Nha Nc va Luat s a oi, bo
sung mot so ie u cua Luat NHNN (co gia tr hieu
l c t ngay 01/08/2003)
Luat cac To chc tn dung va Luat sa oi, bo
sung mot so ieu cua Luat cac TCTD (co gia tr
hieu l c t ngay 01/10/2004)
Tien te ngan hang
Thanh toan quoc te (PGS-TS Tran Hoang Ngan)
Website: www.sbv.gov.vn va Website cac NHTM
VCB,ACB,EAB,VBARD,VIDB,VICB.SCB,...
CItCC 1
1C C CtA 31 CA IA C
1ItCC MA I
I. KHAI NIEM VE NGAN HANG THNG
MAI (NHTM)
NHTM la to chc tai chnh tien gi va cho vay tien.
NHTM la ni trc tiep giao dch vi cong chung e nhan
ky thac, cho vay va cung ng nhng dch vu tai chnh.
Theo tinh than Luat cac To chc tn dung (cong bo ngay
26/12/1997) va Luat sa oi, bo sung mot so ieu cua
Luat cac To chc tn dung (co hieu lc thi hanh ngay
01/10/2004): Ngan hang la loai hnh to chc tn dung
thc hien hoat ong kinh doanh tien te va dch vu ngan
hang vi noi dung thng xuyen la nhan tien gi, s
dung so tie n nay e cap tn dung, cung ng dch vu
thanh toan, va cac hoat ong kinh doanh khac co lien
quan.
Tai My, bat ky mot to ch c nao cung cap tai khoan tien
gi cho phep khach hang rut tien theo yeu cau va cho
vay oi vi cac to chc kinh doanh hay cho vay thng
mai se c xem la mot ngan hang.
Nh vay, chung ta co the a ra khai niem chung nhat
ve NHTM: Ngan hang la mot doanh nghiep ac biet kinh
doanh ve tien te vi hoat ong thng xuyen la huy ong
von, cho vay, chiet khau, bao lanh, cung cap cac dch vu
tai chnh va cac hoat ong khac co lien quan. NHTM la
to chc tai chnh trung gian cung cap danh muc cac dch
vu tai chnh a dang nhat. (Financial department stores-
a full service Financial institution) vi tong tai san cua 1
ngan hang len en 1000 ty USD (Citigroup - 1264 ty
USD vi tren 4000 chi nhanh tai 100 quoc gia, quan ly
200 trieu tai khoan khach hang, moi ngay thu li nhuan
49 trieu USD, Credit Agricole Groupe, HSBC, Bank of
America Corp, ..VCB khoa ng tren 6 ty USD).
II. CAC CHC NANG CUA NGAN HANG
THNG MAI:
1. Ch c nang trung gian tai chnh:
(Banks as Financial intermediaries)
2. Ch c nang trung gian thanh toan :
3. Chc nang tao ra tie n but te theo cap so nhan
:
Sn : tong so tien but te c tao ra
n: so NH tham gia qua trnh tao tien
U
1
: Tien gi ban au
bb tr D %
1
U
S
n

Ke t ngay 01/07/2004 ty le d tr bat buoc
cho cac NHTM o th la 5% tren tien g i
khong k han hoac co k han di 12 tha ng
(c tnh lai suat 1,2%/nam theo quyet nh
923 ngay 20/07/2004 cua NHNN Viet Nam).
4. Ch c nang cung cap dch vu tai chnh
L bb tr D

%
1
U
S
n
Tren thc te:
III. HE THONG NGAN HANG THNG MAI
VIET NAM:
a. Ngan hang Thng Mai Nha nc
(NHTM Quoc Doanh)
b. Ngan hang Thng Ma i Co Phan (NHTMCP)
c. Ngan hang lien doanh
d. Chi nhanh ngan hang nc ngoa i (NHNNg)
e. Ngan hang 100% von nc ngoai (cha co)
NHTM QD
VCB- Vietcombank-Bank for Foreign Trade of
Vietnam
VBARD-Agribank- Bank for Agriculture and Rural
development
ICBV- Incombank- Industrial and commercial
Bank of Vietnam
BIDV- Bank for Investment and development of
Vietnam
NH PHAT TRIEN NHA ONG BANG SONG CU
LONG
IV. C CA U TO CHC BO MAY NHTM:
Hoi ong quan tr (HQT)
HQT la bo may quyen lc cao nhat cua NHTM.
Moi hoat ong cua NH eu at di quyen quan
tr cua HQT
oi vi NHTM Nha nc: toa n bo thanh vien cua
HQT do Chnh phu quyet nh bo nhiem hoac
chnh phu u y nhiem cho Thong oc NHNN quyet
nh bo nhiem, mien nhiem sau khi co thoa thuan
vi Ban To chc Can bo Chnh phu. Nhiem ky
cua HQT la 5 nam, thanh vien HQT t 5-7
ngi.
oi vi NHTM Co phan : HQT do ai dien co
ong bau ra, thanh vien 3-11 ngi, nhiem ky 2-5
nam.
Ban ieu hanh:
ieu hanh hoat ong cua NH at di quyen
cua Tong giam oc hoac gia m oc.
oi vi NHTMQD: Tong giam oc va cac pho
TG do Chnh phu hoac Thong oc bo nhiem
oi vi NHTM khac: Tong giam oc, ca c pho
TG do HQT bo nhiem va c Thong oc
chuan y.(xem s o to chc trang 56)
CItCC 2
CII1 I 3t It* tCC 3C 3A IJCI
3t CA IAC
I. NGHIEP VU HUY ONG VO N:
Nguon von cu a NHTM
Von chu s hu Von co pha n
Von i vay
Von huy o ng
Von tiep nhan
Von kha c
1. Cac hnh thc huy ong von:
Tien g i thanh toan (tien gi khong ky han)
demand deposits- Checking account
Tien gi tiet kiem (savings deposit,pass-book
savings) tai My, Chau Au khach hang co the s
du ng the ATM nhng neu so d <1000USD th
phai tra ph 15-30USD
TK vang lai- Current account, khong hng lai,
s du ng cheque, the, ANZ neu <1000 USD th
phai tra ph 15USD, HSBC <2000 USD ph la
30USD/thang)
Ch ng ch tien gi co ky ha n - CDs
Certificates of deposit
TK TG ky ha n- Fixed deposit account
Tien gi vao tai khoan NOW (Negotiable Order of
withdrawal-TK lenh rut tien co the thng lng,
c phat hanh cheque va hng lai, dung cho ca
nhan)
Tien gi hen rut 7 ngay Call deposits hoac sau 7
ngay - Deposits at notice)
Tien gi vao tai khoan ATS (Automatic Transfer
Services), hoac la co dch vu Sweeping chuyen
tien t ong gia 2 tai khoan: savings account and
current account
Tai khoan tien gi tiet kiem thong bao (statement
savings deposits)
Tien gi vao tai khoan MMDA (Money Market
Deposit Account- tra lai theo LS tren TTTT, cheque
3 lan/thang)
Hang hoa tren th trng tai chnh
Tren th trng von
Trai phieu
Co phieu
Chng khoan cam co bat ong san
Tren th trng tien te
Tn phieu kho bac
Chng ch tien gi
Thng phieu
Thuan nhan cua ngan hang
Cong cu tai chnh phai sinh
Hp ong ky han
Hp ong giao sau
Hp ong hoan oi
Hp ong quyen chon
Tien gi cua ngan hang khac gi vao
ngan ha ng mnh (Deposits due to banks)
TK vostro va cua ngan ha ng mnh gi
NH ban (deposits due from banks) TK
nostro.
TK tien hu tr ca nhan- IRA Individual
Retirement Account) g i vao ay c
mien thue (US 1981)
2. Nguyen ta c quan ly tien gi cua khach
hang:
am bao thanh toa n nhanh chong
Thc hien theo le nh cua kha ch hang
am bao b mat
Thong bao kp thi cho khach ha ng.
3. Bien phap gia tang von huy ong:
S dung chnh sa ch lai suat huy ong hp ly:
LSH = %LP + LS thc
Thu tuc huy ong n gian nhng an toan
Thai o phuc vu an can,chu ao
Thiet lap mang li chi nhanh thch hp
a dang hoa cac hnh thc huy ong
M rong cac dch vu ngan hang phuc vu khach
hang
Thanh toan nhanh
C s vat chat kinh te hien ai
Bao hiem tien gi, tuyen truye n, on nh tien te
va he thong ngan hang, luat phap
II. DCH VU NGAN HANG
Dch vu tie n mat
Dch vu thanh toan chuyen khoan:
UNC,Cheque,the.
Dch vu chuyen tien, T/T, Bankdraft
Dch vu khau tr t ong, uy nhiem chi nh ky
(Standing order)
Dch vu cho thue ket ngan buoi toi
Dch vu cho thue ket sat
Dch vu ngan hang tai nha (Home banking),
mobile banking,internet banking (Telephone
banking), Dch vu thanh toan ien t
(e.banking)
Dch vu kieu hoi
Dch vu thanh ly tai san theo di chuc cua khach
hang
Dch vu uy thac
Dch vu t van
Dch vu bao hiem
Dch vu bat o ng san
Dch vu thiet lap va tham nh d an
Dch vu ngan hang tren TTCK
Dch vu moi gii tien te(Theo quyet nh 351 ngay
07/04/2004 cua NHNN Viet Nam)
Dch vu mua ban ngoai te
Dch vu thanh toan quoc te
Dch vu e-banking
+ Phone banking- Mobile banking: khach hang goi ien en
mot so c cho trc (ACB 9290999) hoac nhan tin qua
mobile en so 997 va cac so chc nang e nghe thong tin can
tm.
+ Home banking: khach hang dung may tnh ca nhan, dung
modem ket noi vi ngan hang vao website cua ngan hang va
c hng cac dch vu: chuyen khoan, thanh toan hoa n,
chuyen tien, xem so d tren tai khoan va cac dch vu khac
+ Internet banking: vi ma so truy cap va mat khau, KH co the
yen tam ve tnh an toan va bao mat cua dch vu: thong tin ve
san pham dch vu cua ngan hang, xem thong tin ve tai khoan
ca nhan.
+ Mobile banking: Kh gi tin nhan t tel di ong en so xxx
(ACB la 997) va se c cung cap dch vu tien ch: xem thong
tin ty gia, gia chng khoan, so d tai khoan, xem thong tin giao
dch va thanh toan qua mobile banking tien nc, ien, ien
thoai, mua hang sieu th..
CItCC III
ICA 1 tCC 1 ItC Ct A CA
IAC 1ItCC MAI
A. MOT SO VAN E C BAN VE TN
DUNG NGAN HANG:
I. nh ngha tn dung:
Tn dung la s chuyen nhng tam thi
quyen s hu mot lng gia tr (tien te hay hien
vat) cua ngi s hu sang cho ng i khac s
du ng va se hoa n tra ngi s hu no sau mot
thi gian nhat nh vi mot lng gia tr ln hn.
Tn du ng la mot quan he vay mn tai san (tien
te hoac hang hoa) c da tren nguyen tac co
hoan tra ca von lan li sau mot thi gian nhat
nh.
T
Mot giao dch gia 2 ben, trong o
mot ben (trai chu, ngi cho vay)
cung ng tien, hang hoa, dch vu hoac
chng khoan da vao li ha thanh
toan lai trong tng lai cua ben kia
(ngi thu trai, ngi i vay)
Quan he gia NN vi DN, cong chung (TDNN)
Quan he gia ca c DN v i nhau (TDTM) di
hnh th c mua ban chu
Quan he TD gia TCTD (NHTM) NHTM (Tn
du ng lien ngan hang)
Quan he tn dung NHNN vi NHTM
Quan he NHTM vi DN, ca nhan-TDNHTM
cap tn dung la viec to ch c tn dung thoa
thuan e khach hang s du ng mot khoan tie n
vi nguyen tac co hoan tra bang cac nghiep vu
cho vay, chiet khau, cho thue tai chnh, bao
lanh ngan hang va cac nghiep vu khac (ieu 20
Luat Cac To chc TD VN)
Credit may be defined as: A transaction
between two parties in which one (the
creditor or lender) supplies money,
goods, services or securities in return for
a promise of future payment by the order
(the debtor or borrower). In the case of a
commmercial bank, credit means lending
or advances made by it.
II. PHAN LOAI TN DUNG NGAN HANG THNG
MAI
1. Can c vao thi han cho vay (ngan han, trung han,
dai han)
2. Can c vao muc ch s dung von (sxkd, nong
nghiep, XNK, tieu dung, du lch, hoc tap,..)
3. Can c vao mc o tn nhiem cua khach hang (co
bao am tien vay, khong co B tien vay)
4. Can c vao oi tng tra n (TD trc tiep, TD gian
tiep)
5. Can c ky thuat nghiep vu cho vay-thu n (cho vay
thong thng-advances loan, cho vay luan chuyen-
revolving, thau chi-overdraft, chiet khau thng
phieu-discount, cho vay hp von-syndicated, bao
lanh-guarantee, cho thue tai chnh-financial lease,
bao thanh toan-factoring, tai tr theo d an-Project
finance)
III. CA C NGUYEN TAC TN DU NG:
1. Von vay phai c hoan tra ca von go c va
lai theo ung ky han a cam ket.
2. Von vay phai c s dung ung muc
ch a thoa thuan trong hp ong tn
dung.
V du khach hang xin vay 2 t, TSTC 10 ty
khong neu muc ch vay, NH cho vay? Tai
sao? Thc te gia i quyet the nao? Ly luan
nha trng? CB TD khong nen co nhng
quan he ta i chnh vi khach hang v rat
nguy hiem, kho oi n .
IV. LAI SUAT TN DU NG:
1. Khai nie m:
LSTD la gia ca tie n vay, la gia ca cu a
quyen s dung vo n va c o lng ba ng
t le % gia li tc tn du ng tren von tn
dung ma ngi i vay pha i tra cho ngi
cho vay trong mot khoa ng thi gian nha t
nh.
2. Cac loa i lai suat tn dung
a. Can c vao ky thuat tnh toan:
Lai suat n
Lai suat kep
b. Can c vao hoat ong kinh doanh:
Lai suat cho vay (ngan han, trung va dai han)
Lai suat chiet khau, lai sua t tai chie t khau
Lai suat lien ngan hang (libor, sibor..)
c. Can c vao loai tien:
Lai suat ong noi te
Lai suat ong ngoai te
3. Nguyen tac xay dng lai suat:
Tren c s cung cau TD
c ieu chnh theo t le lam phat
LSH = T le LP + Lai suat th c
LSCV = LS huy o ng + CP + Thue + LN
LSCV > LS huy o ng > T le lam phat
c ieu chnh tuy theo m c o rui ro cua
kha ch hang vay von.
Rui Ro cang cao LSTD cang ln
Chnh sach tai chnh tien te, chnh sach kinh te
cua Chnh Phu.
4. Cac yeu to anh hng en lai suat tn dung
Lai suat huy ong
Chi ph nghiep vu ngan hang
Li t c d kien chia cho co ong
Rui ro tn dung
Quan he gia NH va khach ha ng
S canh tranh cua NHTM khac
LSTD b chi phoi bi th trng tien te, s can
thiep cua NH trung ng
Ky han vay
5. Vai tro cu a lai suat tn dung:
La cong cu e kch thch tiet kiem
La cong cu e tien ieu hanh kinh te v mo, la
cong cu ieu hanh chnh sach tie n te, la cong
cu kiem che lam phat
La cong cu e thuc ay cac n v SXKD co
hieu qua hn, s dung von than trong hn
La phng tien e cac Nh canh tranh lan nhau
la phng tien giup NHTM tao ra LN cho chnh
mnh
V. AM BAO TN DUNG:
am ba o tn dung la phng tie n tao cho
ngi chu NH co them nguo n von khac
e thu hoi n neu nh muc ch xin vay
cu a khach hang b pha san
Ca c loai am bao tn dung (BTD)
1. am bao oi vat
KN: a m bao oi vat la BTD trong o chu n
c th a hng mo t so quyen han nhat nh
oi vi tai san ngi i vay nham lam can c
thu hoi n trong trng hp ngi i vay khong
tra hoac khong co kha nang tra n.
am bao oi vat c thc hien di hnh thc
the chap tai san va cam co ta i san.(Luat Dan
s ieu khoan 329-361)
ieu kien tai san c coi la BTD:
(ong san la nhng tai san khong phai la BDS).
Tai san phai thuoc quyen s hu hp phap cua khach
hang vay von
Tai san phai c phap luat cho phep chuyen nhng
hp phap
Tai san phai co th trng tieu thu.
ay la ieu kien can thiet e ngan hang co the ban
hoac phat mai tai san khi khach hang khong tra n
c.
Khi xem xet ieu kien nay phai lu y nhng yeu to:
Tren th trng hien tai co tai san o?
Tai san o co the ban c de dang hay khong?
Chi ph ban hang cho tai san nh the nao?
Chu y phan nh gia? (cha hoc) v du Minh Phung,
Tamexco, Nha Tan Viet, c s Nem cha Go Vap.
2. am bao o i nhan
Khai niem: am ba o oi nhan la s cam
ke t cua mo t hoac nhieu ng i ve vie c tra
n ngan hang thay cho khach ha ng vay
von khi ngi nay khong tra n c.
Trong am ba o oi nhan co 3 chu the
tham gia
B. RUI RO TN DUNG VA PHAN TCH TN
DUNG:
I. RUI RO TN DUNG:
Hoat ong kinh doanh cua ngan hang la hoat ong
tiem an nhieu rui ro nhat. Hoat ong kinh doanh cua
NH co nhng rui ro sau:
Rui ro thanh khoan
Rui ro lai suat
Rui ro hoi oai
Rui ro tn dung
Rui ro tn dung la loai rui ro quan trong nhat v no lien
quan en 3 loai rui ro con lai
Rui ro thanh khoa n: y muon noi e n kha
nang chi tra cu a khach hang (neu b c 4
trc bc 3)
Ngan hang
Cho vay
Khach hang
Thu n
(3) (4) Tra n
Khach hang
Tien g i
(1)
(2)
Khach hang 1 NH X Khach hang 2
a.VN, 3 thang
0.75%/thang
(vay)
a.VN, 6 thang
1,1%/thang
Rui ro lai suat: Rui ro lai suat xay ra khi co s
khong an khp gia LS huy ong va LS cho vay
Rui ro hoi oai:
Ty gia ho i oa i la yeu to luon bie n
ong. Vie c NH gi cac chng t co gia,
tie n mat ngoai te se b rui ro khi ty gia
hoi oai thay oi theo chieu h ng
chenh lech ty gia cam ket (ty gia kinh
doanh) vi ty gia th trng gay ba t l i
cho NH.
1. Khai nie m ru i ro tn dung (RRTD)
Rui ro tn du ng la s xuat hien cac
bien co khong bnh thng do chu quan
hoac khach quan lam cho ng i i vay
khong tra c n vay va lai vay cho NH
theo ung nhng ieu kien ghi tren hp
ong tn du ng.
2. Thiet hai do rui ro tn dung gay ra:
Thie t ha i oi vi Ngan ha ng
Khi RRTD xuat hien th n qua han
gia tang N kho oi gia tang, l i
nhuan cua NH giam. Va en mc nao o
NH se lo va i e n pha san.
Thie t ha i oi vi nen kinh te:
Khi mo t ngan ha ng b pha sa n th no
se keo theo s pha san cua cac ngan
hang khac. No dan en s khung hoa ng
tie n te, tai chnh Khung hoang kinh te.
3. Nguyen nhan pha t sinh RRTD:
a. Nguyen nhan pha t sinh t khach ha ng
vay von:
oi vi khach ha ng la ca nhan
oi vi khach ha ng la doanh nghie p
b. Nguyen nhan t pha Ngan Hang:
Can bo TD yeu nghiep vu, a o c, chu
quan o i v i khach ha ng cu.
NH gia tang DSCV qua ln, m ro ng th
tr ng thieu kie m soat va quan ly hoa t
o ng tn dung, thie u thong tin ve khach
hang.
Cho vay u ai o i vi cac thanh vien
HQT cu a Ngan hang Thng Mai Co
Phan.
c. Nguyen nhan kha ch quan va nguyen
nhan khac:
Tnh hnh kinh te , chnh tr the gii va khu
vc
Tnh hnh kinh te , chnh tr, xa hoi trong
nc (khu ng hoang thien tai, CSKT)
Lam gia m tnh hnh san xuat kinh doanh
cu a cac DN.
He thong phap ly thie u ong bo.
4. Bien phap han che ru i ro tn du ng:
Tang cng thu tha p thong tin khach ha ng
Thc hien ba o hiem TD
Thc hien bie n phap o ng tai tr
Yeu ca u viec bao am TD
Han che TD
T choi khong cho vay neu thay thiet hai
ln
Kiem tra trc, trong va sau khi cho vay
Sang loc khach hang, phan loai khach hang
To ch c giam sat, theo doi hoat ong cua khach
hang
Kiem soat viec cho vay noi bo (cho nhan vien vay,
tha nh vien HQT, thanh vien BG)
To chc cac lp huan luyen boi dng nghiep vu
mot cach thng xuyen cho CB-CNV nhat la
CBTD.
To ch c cac cuoc hoi thao e trao oi kinh nghiem
phong chong rui ro
Thc hien tot cac quy che phap ly, van ban phap
ly trong Ngan hang
II. PHAN TCH TN DUNG:
Ba o ca o TC Ngi i vay
Thu nhap
k.ha ng
Y t ng KD n xin vay Nha n da ng
a m ba o TD Phan tch TD
Uy tn kh
Chnh sa ch TD Quye t nh TD
Moi tr ng KD
trong va ngoai
nc
Khong cho vay
(ly do)
Cho vay khong
ie u kie n
Cho vay co ie u
kien
Cho vay
1. Muc tieu phan tch TD:
Mu c tieu cua phan tch TD la xa c nh
kha nang va y muon cua ngi xin vay
trong vie c hoan tra n vay, phu hp vi
cac ieu khoan cua h p ong tn dung
2. Cac ye u to xem xet khi phan tch TD:
Hien nay mot so NH khi phan tch TD,
xem xet cac ye u to sau:
Nguyen ta c 5.C
Nguyen ta c 5.P
Nguyen ta c Papers, Campari
a. Theo nguyen tac 5C:
Capacity (Kha nang hoan tra n vay)
Charater (Uy tn kha ch hang)
Capital (Vo n t co)
Collateral (am bao tn du ng)
Conditions (Cac ieu kie n chung)
B. NGUYEN TAC 5 P
PERSON
PURPOSE
PAYMENT SOURCE
PROSPECT
PROPERTIES
C. NGUYEN TAC PAPERS
PERSON
AMOUNT
PURPOSE
EQUITY
REPAYMENT
SECURITY
CAMPARI
CHARACTER
ABILITY
MARGIN
PURPOSE
AMOUNT
REPAYMENT
INSURANCE
3. Cac nguon thong tin e phan tch tn dung:
e xem xet 5 yeu to tren phan tch TD ngan
hang phai da vao nhng thong tin sau:
Phong va n ngi xin vay
So sa ch lu tr cua Ngan hang
Cac nguon thong tin ben ngoai
ie u tra ni hoa t ong kinh doanh cua khach
hang
Phan tch bao cao tai chnh (xem lai mon hoc
QTTC,TCDN, PTHKD)
V du: thong tin tren bao cao tai
chnh cua cong ty co phan ABC
Tai san co nh: 10.000 trieu ong
Tien mat va TGNH: 100 trieu ong
Cac khoan phai thu 3.900 trieu ong
Hang hoa ton kho 6.000 trieu ong
Tai san khac khong co
Von chu s hu 9.000 trieu ong
N ngan han 6.000 trieu ong
N dai han 5.000 trieu ong
Doanh thu trong nam 30.000 trieu ong
Chi ph hoat ong 26.000 trieu ong
Chi ph khau hao 1.000 trieu ong
Chi ph tra lai vay 900 trieu ong
Thue li tc 28%
Khach hang xin vay 3.000 trieu ong nhap nguyen vat lieu, NH cho
vay? Tai sao, hoac co yeu cau ieu kien khac?
Cac ty so tai chnh quan trong
Summary of financial statement ratios
+ Ty so thanh toan hien thi (current ratio)
TSL/N NH (current assets/current liabilities)
+ Ty so thanh toan nhanh (quick or acid test ratio)
TSL-Hang ton kho / n ngan han
(Current assets-inventories/Current liabilities)
+ Vong quay hang ton kho (Inventory turnover ratio)
Doanh thu/ ha ng ton kho (Sales/Inventories)
+ Vong quay tai san (Total assets turnover ratio)
Doanh thu/ tong tai san (Sales/Total assets)
+ Ty so n (Debt ratio)
Tong n/ tong tai san (Total debt/Total assets)
+ ROS-ROA-ROE
Cac ty suat ve li nhuan (Profitability Ratios)
Ty suat l i nhuan tren doanh thu (Return on Sales)
ROS=Li nhuan rong/Tong doanh thu
ROS=Net Income/Sales
Ty suat tren tong tai san (Return on Total Assets)
ROA=Li nhuan rong/Tong tai san
ROA=Net Income/Total Assets
Ty suat l i nhuan tren von chu s hu (Return on
Equity)
ROE=Li nhua n rong/Von chu s hu
ROE=Net Income/Equity
C. PHNG TH C CHO VAY
Can c ky thua t nghiep vu cho vay-thu
n (cho vay thong th ng-advances
loan, cho vay luan chuye n-revolving,
thau chi-overdraft, chiet khau thng
phie u-discount, cho vay h p von-
syndicated, bao lanh-guarantee, cho
thue tai chnh-financial lease, bao
thanh toa n-factoring, tai tr theo d
an-Project finance)
C. PHNG THC CHO VAY
Can c vao ky thuat cho vay va thu n, co cac
hnh th c tn dung nh sau:
1. Cho vay theo mon (cho vay thong thng)
2. Phng th c cho vay luan chuye n (Tn dung
han mc)
3. Tn dung thau chi:
Khai niem: Thau chi la s dan xep nh vao o
KH c NH cho phep chi tien vt qua so d
th c co tren TKTG trong mo t gii han thoa thuan
(ghi tren Hp ong tn du ng)
5. Tn dung lien ke t (TD ong tai tr, TD hp
von):
a. Khai niem:
TD hp von la phng th c cho vay ma theo o
mot nhom NHTM cung cung cap Tn dung o i
vi mo t d an vay hoa c phng an vay vo n
khach hang ke m theo cac ieu kien, ieu khoan
nhat nh.
b. Cac loai TD hp von:
TD hp von tr c tie p
TD hp von gian tiep
4. Chie t khau thng phieu va giay t co gia
kha c:
a. Chiet khau thng phieu:
Ng i tra tie n
Ng i thu h ng
Ha ng ho a dch vu
(TP)
Ngan hang
Thng Ma i
(4) Thanh toa n
(2) So tie n
chuyen ng i xin
CK
(3) o i tie n Xin CK
(1)
Chiet khau chng t co gia
Theo Quyet nh 906/2002 NHNN nga y
26/08/2002
St=Gt/ 1+Ls.Tc/365.100
St so tien NH thanh toan cho khach hang
khi chie t kha u
Gt gia tr chng t khi en ha n
Tc thi ha n con lai
b. Chie t kha u ch ng t co gia khac:
Ngoa i thng phieu, NH thc hien CK
cac chng t co gia kha c: trai phieu, tn
phieu kho ba c nha nc, ky phieu, the tiet
kiem, bo chng t trong XNK...
6. Tn dung bang ch ky:
Khai niem: tn dung bang ch ky la hnh
th c TD ma NH khong phai chi tien cho khach
hang ch cho KH vay ch ky cua mnh ong
thi NH phai chu trach nhiem ve ch ky o.
Co cac hnh thc TD bang ch ky:
Tn dung chap nhan
Khai nie m: Tn dung chap nhan la TD ma
NH chap nhan tra tien cho thng phieu do
chnh khach hang t lap cho mnh vi ieu kien
khach hang se hoan tra tien vay khi thng
phieu en han thanh toan
Tn dung chng t:
Tn du ng chng t va la phng th c
cho vay va la phng thc thanh toan.
ay la phng thc thanh toan s
dung trong thanh toa n quoc te.
Hoa t ong bao lanh cua NH: (BLNH)
BLNH la mot hp o ng gia hai ben,
mot ben la ng i bao lanh thng la ngan
hang va mot ben la ng i thu h ng ba o
lanh. Trong o ngi bao lanh cam ket se
bo i hoan mot khoa n tie n cho ngi thu
h ng BL, trong trng hp ngi c
BL vi pham nhng ngha vu cua ho c
quy nh trong ba o lanh.
Ngi c bao
lanh
Ngi thu hng
bao lanh
Ngi bao lanh
(NH)
HMB, HDT
(2)
n xin bao
lanh
(1)
Th bao
lanh
Qui trnh bao lanh
Cac loai Bao Lanh:
Bao lanh n vay:
Th Bao
lanh
(1) n Bao
lanh
Ngan hang A
Ngi Bao lanh
H tn dung
(2)
Ngan hang B
Khach hang
(Ngi c bao lanh)
Bao lanh thanh toan (Payment guarantee)
Mua Ban
(1) Hp ong mua ban
Ngan
hang
Ngi c
BL
n xin
(2)
Th bao lanh
Ngi bao lanh
(3) Hang hoa Dch vu
CTXD Chu CT
Ngan
hang
(1) Hp ong xay d ng
NK
XK
Ngan
hang
Hp ong mua ban
(1)
(4)
M L/C
(2)
n xin
bao lanh
(3)
Th B/L
ng ra bao lanh se thc
hien hp ong
Ba o lanh th c hie n hp ong
(performance guarantee)
Chu cong trnh
Xay d ng
(cung cap thiet b)
Ngi d thau
Tham gia au thau
(1)
Ngan hang
Th bao lanh
(3)
n xin bao lanh
(2)
Th bao lanh e am
bao ngi d thau se
ky H neu trung thau
(Tender guarantee)
Bao lanh bao hanh (Maintenance guarantee)
Bao lanh nha n hang (Letter of indemnity for
delivery without original bill of lading)
XK NK
NH
Khong co bill of lading
Th bao
lanh
Ngi ng trc tien
(Ngi nhan BL)
(Mua)
Ngi xin ng trc
(Ngi c BL)
(Ban)
Ngan hang
(Ngi bao lanh)
Th bao lanh n bao lanh
Hang hoa Dch vu
H mua ban H dch vu
ng trc tien
Bao lanh hoan thanh toan
(Repayment guarantee)
Chu hang
(Ngi BL)
ai dien C quan hai
quan
(Ngi nhan BL)
Tam nhap
Tai xuat
Ngan Hang
n
Th bao lanh
Bao lanh hai quan (Custom guarantee)
7. Tn dung the ngan hang:
ay la hnh th c tn dung ma Ngan hang cap
tn dung cho khach hang qua the ngan hang.
Ngan hang se cap cho khach hang the tn dung
vi nhng han m c tn dung a thoa thuan va
trong thi han c phep s dung, khach hang
dung the mua hang hoa, dch vu t c s tiep
nhan the hoa c dung the rut tien mat ta i may
ATM hoac tai ngan hang ai ly trong pham vi
han m c tn dung cho phep. Cuoi thang, NH gi
giay bao n yeu cau khach hang thanh toan tren
so d th c te ma khach ha ng s dung.
8. Bao thanh toan (Factoring):
Kha i niem: Bao thanh toan la hnh th c ta i tr
cho nhng hoat ong mua ban nhng khoan
thanh toan cha en han t cac hoat ong SXKD,
cung ng hang hoa va dch vu. Hay noi mot cach
kha c, hoat ong Bao thanh toan la hoat ong mua
ban n.
Theo t ien kinh te: Factoring la mot s dan xep
ta i chnh, qua o mot cong ty tai chnh chuyen
nghiep (cong ty mua n-Factor) mua la i cac
khoan n cua mo t doanh nghiep vi so tien t hn
gia tr cua khoan n o.
Noi n gian factoring la viec ca c to ch c tai
chnh mua lai cac khoan oi n cua cac chu n.
Doanh nghiep
(Ngi ban n-ngi
ban hang)
Ngi mac
n 1
Ngi mac
n 2
Ngi ma c n n
(ngi mua hang)
Ngan hang
(ngi mua
n)
Hang hoa dch vu (2)
Hang hoa dch vu (2)
Hang hoa dch vu (2)
(4)
thanh
toan T
(1) H
Factoring
(3)
Ho a n
Tra Tien cho ngan hang (theo
hoa n)
(5) Tra Tien cho ngan hang
IEU KIEN TRONG HP ONG
FACTORING
Hang hoa, san pha m c bao thanh toan? Phai la
nhng san pham co chat lng tot
oi t ng khach hang
Ph factoring > lai suat ngan hang (bao gom rui ro va
ph oi n)
Ty le ng trc cho khach hang (80-90%) so con lai
NH tam gi e e phong cho hang hoa b tra lai va
khach hang c hng lai
Vao nhng nam 90 phat trien factoring xua t khau
9. Hoa t ong cho thue cua NH
a.Khai niem cho thue tai san (Lease financing):
Hp o ng thue Tai san la mot s dan xep ma
nh o mot ben chap nhan tra mot khoan tie n
thue theo thoa thuan va c s dung TS thuoc
s hu cua ben kia trong mo t thi gian nhat nh.
Hp o ng cho thue tai san bao gom:
Hp ong cho thue hoat ong (operating
Lease)-thue dch vu (Service Lease)- thue truye n
thong (Traditional Lease)
Hp ong cho thue tai chnh (Financial Lease)-
thue von (Capital Lease)-Thue thuan (Net Lease)
b. Khai niem ve thue tai chnh:
Thue tai chnh la hp ong tn dung trung va
dai han tren c s hp ong cho thue tai san gia
mot ben la to chc tn dung (la ben cho thue tai
chnh) vi mot ben la khach hang thue. Ben thue
s dung tai san thue va thanh toan tien thue trong
suot thi han thue a c hai ben thoa thuan
trong hp ong. Khi ket thuc thi han thue, khach
hang c quyen mua lai hoac tiep tuc thue TS o
theo cac ieu kien a thoa thuan trong h p ong
thue. Trong thi han thue cac ben khong c n
phng huy bo hp ong.
Tieu chuan cho thue tai chnh
Theo Uy ban tieu chuan quoc te th mot giao dch
cho thue, neu thoa man mot trong bon tieu chuan
sau ay c goi la cho thue tai chnh:
Quyen s hu TS c chuyen giao khi het thi han
hp ong (hp ong thue mua - TD thue mua)
Trong hp ong co quy nh quye n chon mua
Thi han hp ong bang phan ln thi han cua tai
san.
Hien gia cac khoan tien thue gia tr cua tai san
Theo Hoi ong tieu chuan ke toan tai chnh tai My:
Qui nh 4 tieu chua n cua cho thue tai chnh
Quyen s hu TS thue c chuyen giao cho
ngi i thue khi cham dt hp ong.
Hp ong thue cho phep ngi i thue c
quyen la chon mua TS thue vi gia thap hn
mot thi iem nao o hay en khi cham d t thi
han thue.
Thi han thue = 75% hay cao hn so vi i song
hoat ong c tnh cua TS thue.
Hien gia cac khoan thanh toan tien thue toi thieu
la 90% hay gan bang so vi gia tr TS thue.
Theo Lua t cho thue tai Nhat:
Mo t h p o ng thue c goi la thue TC
neu tho a man mot trong hai tieu chuan
sau:
Thi ha n thue c xac nh ro va ta t ca
so tien thue phai ln hn hoac ga n ba ng
90% gia tr TS va nhng chi ph nh tie n
lai, thue va tie n bao hiem.
Trong suo t thi ha n thue khong c huy
bo hp ong.
TheoViet Nam:
Theo Ngh nh 64/CP (9/10/1995) va Ngh nh 16/
2001/CP ngay 02/05/2001 ve viec ban hanh qui che ve to
ch c va hoat ong cua Cong ty cho thue tai chnh Viet
Nam. Trong o qui nh mot giao dch c goi la thue
tai chnh neu thoa mot trong bon ieu kien sau:
Khi ket thuc hp ong thue, ben thue c chuyen
quyen s hu tai san thue hay c tiep tuc thue theo
s thoa thuan cua hai ben.
Noi dung hp ong thue co qui nh khi ket thuc thi
han thue ben thue c quyen chon l a mua theo gia
danh ngha < gia tr thc te cua TS thue tai thi iem
mua lai.
Thi han cho thue mot loai TS t nhat phai bang 60%
thi han can thiet e khau hao TS thue.
Tong so tien thue mot loai TS quy nh tai hp ong
thue t nhat phai tng ng vi gia cua TS o tren th
trng vao thi iem ky ket H.
c. S kha c nhau gia cho thue TC vi thue thong
thng (thue dch vu):
- Th i gian cho thue ngan so vi th i
gian s du ng
- Mc vo n thu ho i nho so v i gia tr ta i
san
- c phe p
- Ng i cho thue chu
- Khong ba n TS (khong ghi tren H)
- Ng i cho thue chu mo i ru i ro ngoa i
tr nhng rui ro do ng i i thue gay ra
- Ng i cho thue cung ca p TS cho ng i
i thue
- Th i gian thue da i (2/3 th i gian s
du ng cua TS)
- Vo n go c c thu ho i tng ng gia tr
ta i sa n thue
- Khong c phe p huy ngang
- Tra ch nhie m sa cha, ba o hie m, thue
Ng i i thue chu
- H p ong co thoa thua n ba n
- Ng i i thue chu nhng ru i ro ke ca
khong do ho gay ra
- NH to chc vie c ta i tr
- Cung ng TS thue cho thue do ngi
cho thue a t ha ng giao nha n va s
du ng
Thue Dch Vu Thue tai chnh
Ngi cho thue
(Ngan hang)
Ngi thue
(Doanh nghiep)
Nha cung cap
(1) H thue TS
(6) Tra tien thue TS
(9) Giao quyen s hu TS
(
2
)
H

m
u
a
T
S
t
h
u
e

(
4
)
T
r
a

t
i
e
n
m
u
a
T
S
(
5
)
Q
u
y
e
n
S
H
p
h
a
p
l
y

v
T
S
(
8
)
T
r
a

t
i
e
n
b
a
o
t
r

v
a

P
T
T
T
(
7
)
B
a
o
t
r

v
a

p
.
t
u
n
g
t
h
a
y
t
h
e

(
3
)
g
i
a
o
t
a
i
s
a
n
10.Tai tr d an
(Project finance)
Tai tr d an la cung cap von cho cac d an
a u t m i, bang ca ch thiet ke mot cau truc
tai chnh da tren dong tien va ta i sa n cu a
d an. Nguo n tie n chu yeu tra n la t
doanh thu cua d an va c a m bao bi
tnh hieu qua cu a d an, ch khong phu
thuoc vao chu d an.
Ex: khach san Metropole nam 1994 vi
tong von au t 35 trie u USD, Morning star
cement 309 trie u US (Vay 186.6 trieu
USD)
CHNG IV:
KINH DOANH NGOAI TE
I.TY GIA HOI OAI ( Foreign Exchange Rate -FX)
1. Khai niem:
Ty gia hoi oai la gia ca cua mot n v tie n te
nc nay c the hie n ba ng so lng n v tien te
nc kha c.
V du : Nga y 14/02/2006, tren th trng hoi oai
quoc te ta co thong tin:
1USD = 118.20 JPY ( Japanese Yen)
1GBP = 1.7390 USD ( United States dollars)
1USD= 1.3092 CHF ( Confederation Helvetique
Franc), 1 AUD = 0.7385 USD
GBP (Great Britain Pound)
1 ong tie n yet gia = x 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 du ng nhie u quoc
gia: Nhat, Tha i Lan, Han Quoc, Viet Nam
2. Phng pha p bie u th ty gia (Yet gia -
quotation):
Phng phap bieu th th hai (Indirect
quotation-Volume quotation-gia n tiep)
1 noi te = y ngoa i te
Phng phap ye t gia nay ap dung mot so nc:
Anh, My, Uc, EU
Lu y: cach yet gia theo ta p quan quo c te
khi giao dch ho i oai qua mang ien t,
www.forexdirectory.net
Ky hie u tien te : XXX
ong Vie t Nam (VND ), o la My (USD),
Ba ng Anh ( GBP ), Yen Nha t ( JPY ), Ba t
Thai Lan (THB)
Tham khao Web site:
www.exchangerate.com
www.yahoo.com/finance
www.saxobank.com
www.forexdirectory.net
3. Mo t so quy c trong giao dch hoi oai
quo c te :
Cach vie t ty gia :
1 A = x B hoac A/B = x
Ty gia 1USD = 105 JPY ta co the vie t USD/JPY
= 105 hoac la 105 JPY/USD.
A/B = 1/B/A
1EUR=1.2070 USD
USD/EUR = 1/EUR/USD= 0.8285
Phng pha p oc ty gia (Ngon ng trong giao
dch hoi oai quoc te )
V nhng ly do nhanh cho ng, chnh xac va tie t kiem,
cac ty gia khong bao gi c oc ay u tren th
trng, ma ng i ta th ng oc nhng con so co
y ngha.
Ca c con so ang sau da u phay c o c theo nhom
hai so. Hai so tha p phan au tien c goi la
so (figure), hai so ke tiep goi la iem
(point). Trong v du o th so la 40, iem la 60.
Nh vay, ta tha y ty gia mua va ty gia ban co khoang
chenh lech ( tieng Anh goi la: Spread), thong
thng vao khoang 5 en 20 iem.
Ty gia BID ASK
USD/CHF = 1.2670 --- 1.2680
MUA USD BA N USD
BAN CHF MUA CHF
Lu y:
- so nho la gia mua o ng tien ye t gia (USD) va la
gia ban ong tien nh gia (CHF).
- so l n la gia ban ong tie n yet gia (USD) va la gia
mua o ng tien nh gia (CHF).
III. CAC NGHIE P VU HOI OAI
1. Nghiep vu Spot con goi la nghiep vu giao
ngay: (Spot Operations)
Nghie p vu Spot la hoat ong mua ba n 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 mo t 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 ba n ni mac nhat.
Mo t giao dch ngoai te co ky han la mo t giao
dch ma trong o mo i d kien c nh ra va o
th i iem hien tai nhng viec thc hien se dien
ra trong tng lai.
Ty gia co ky han se c xac nh tren c s ty
gia giao ngay, th i ha n giao dch va lai suat cua
hai ong tien o. Cu the no c tnh toa n bang
cong thc sau ay: (cong thc 1)
3. Nghiep vu mua ban ngoa i te co ky ha n
(Forward Operations)
1+KL
B
T
K
= T
S
x
1+KL
A
Trong o : A la ong tie n ye t gia, B la o ng tien nh
gia.
T
K
la ty gia co ky han cua o ng tien A so v i ong tie n
B.
K la th i gian, thi han tho a thuan (ngay, thang, nam).
L
A
la lai suat cu a ong tie n A (ngay, thang, nam).
L
B
la lai sua t cua ong tien B (ngay, thang, nam).
T
S
la ty gia giao ngay (A/B).
FORWARD RATE = SPOT RATE + SWAP COST
T
K
= T
S
+ T
S
x K x (L
B
- L
A
)
Khi L
B
> L
A
T
K
> T
S
, phan doi ra c goi la iem
gia tang (Report, Premium).
Khi L
B
< L
A
T
K
< T
S
chenh lech c goi la iem
khau tr (Deport, Discount).
L
B
= L
A
T
K
= T
S
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 th c Tk, phai du ng lai ty gia a tnh trong nghiep
vu spot.
4. Nghiep vu Swap (cam co, hoan oi)
a. Ng i mua quye n chon mua (Buyer Call
Option) (Long Call)
Ng i mua call option phai tra cho ng i ban
call mo t khoa ng chi ph va do o ngi mua co
c quye n mua, nhng khong bat buoc phai
mua mo t lng ngoa i te (ha ng hoa, chng
khoan) nhat nh, theo mo t ty gia a nh
tr c vao mot ngay xac nh trong tng lai
hoac tr c nga y o .
5. Nghiep vu Call Option (Quyen chon
mua)
b. Ngi ban quye n 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 ta i mot ngay xac nh trong tng lai hoac
trc ngay o khi ngi mua muon thc hien quyen
mua cua no.
American style- c thc hie n bat ky th i iem nao
trong khoang thi gian cua hp ong
European style- ch c thc hien quyen chon vao
ngay ao ha n cua hp ong.
6. Nghie p vu Put option (Quye n cho n ban)
a. Ngi mua quyen chon ban (Buyer put option) (Long
put)
Ngi mua put option phai tra cho ngi ban put mot khoang
chi ph va do o ngi mua co c quyen ban, nhng
khong bat buoc phai ban mot lng ngoai te (hang hoa,
ch ng 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 iem nao trong
khoang thi gian cua hp ong
European style- ch c th c hien quyen chon vao ngay ao
han cua hp ong.
b. Ngi ban quyen chon ban (Seller put option)
(Short put)
Ng i ban put option nha n c tie n t ngi mua
put nen phai co trach nhiem mua mot so ngoai
te (ha ng hoa, chng khoan) nhat nh, theo mo t
gia a nh tr c tai mot ngay xa c nh trong
tng lai hoac trc ngay o khi ngi mua
muon th c hien quyen ba n cua no.
Gia option (premium) phu thuoc va o nhieu nhan to:
ty gia giao ngay (Spot rate), ty gia thoa thuan
tren hp ong (Strike), th i han tho a thuan
(maturity), ty gia ky han (Forward rate), lai suat
cua cac ong tie n giao dch, phng sai.
Premium the price of an option
Li
Lo
Ngi mua call option
Ngi ban call option
Ty gia
(VND/USD)
15800
15750
Call Breakeven = Strike (exercise price) + Premium
15800 = 15750 + 50
Li
Lo
Ty gia
(VND/USD)
Ngi mua Put Option
Ngi ban
Put Option
15800
15760
Put Breakeven = Strike(exercise price) - Premium
15760 = 15800 - 40
IV. TH TR NG GIAO SAU (FUTURES
MARKET)
Th trng giao sau la ni giao dch mua ban cac hp
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 mot tai san (tien,
hang hoac chng khoan) nha t nh tai mot thi
iem xac nh trong tng lai va hp ong nay
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 cua th
trng, thong qua moi gi i (Broker). Ngi mua va
ngi 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 han
(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): Ngay th t tua n th
ba, thang ba, thang sau, thang chn va tha ng mi
hai. The third Wednesday of March, June,
September, december.
Ben tng ng (counterpart) khong phai 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 l i lo (loss or profit) c ghi nha n va thu
nhap hang ngay vi clearing house (Phong thanh
toan bu tr).
Th trng giao sau quy nh kch c cho mot n v
h p 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)
12,50 USD 0,0001 125.000
CHF
CHF/USD
6,25 USD 0,0001 62.500 GBP GBP/USD
(Value of 1
tick)
(Tick size) (Size) (Contract)
Gia tr cua
mot tch
C tch Kch c Hp ong
V du : Ne u khach hang co khoan giao dch la
250.000 GBP (t c la 4 hp o ng) va ne u ty gia
giao o ng t 1,5960 len 1,5970 th khoa n chenh
lech bang USD se la:
250.000 x 0,0010 USD/GBP = 250 USD.
hoa c la: 62500 x 4 x 0,001 = 250 USD.
Hoac = 4 x10 x 6,25 = 250 USD.