B GIO DC V O TO TRNG I HC KINH T TP.

HCM

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PHM VN CHNH

QUYN CHN V KH NNG P DNG CHO TH TRNG CHNG KHON VIT NAM

LUN VN THC S KINH T

TP. H Ch Minh Nm 2007

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B GIO DC V O TO TRNG I HC KINH T TP. HCM

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PHM VN CHNH

QUYN CHN V KH NNG P DNG CHO TH TRNG CHNG KHON VIT NAM

Chuyn ngnh : Kinh t ti chnh Ngn hng M s : 60.31.12

LUN VN THC S KINH T

NGI HNG DN KHOA HC

PGS.TS. NG HNG

TP. H Ch Minh Nm 2007

iii

MC LC
Trang Trang ph ba ..............................................................................................................i Li cam oan .............................................................................................................ii Mc lc ..................................................................................................................... iii Danh muc cc t vit tt ...........................................................................................vii Danh mc cc bng biu hnh v ........................................................................ viii LI M U ............................................................................................................1

Chng 1: TNG QUAN V QUYN CHN V TH TRNG QUYN CHN .............................................................................................. 4

1.1 KHI QUT V QUYN CHN ...................................................................6 1.1.1 Quyn chn .......................................................................................................6 1.1.2 Cc loi quyn chn ..........................................................................................7 1.1.2.1 Quyn chn mua .................................................................................7 1.1.2.2 Quyn chn bn ..................................................................................9 1.1.3 Chin lc phng nga ri ro vi quyn chn ...............................................11 1.1.3.1 Quyn chn mua v c phiu ............................................................12 1.1.3.2 Quyn chn bn v c phiu .............................................................13 1.2 TH TRNG QUYN CHN .....................................................................14 1.2.1 Lch s hnh thnh v pht trin ......................................................................15 1.2.2 Cc thnh phn ca th trng quyn chn .....................................................18 1.2.2.1 Hng ho, cung v cu ......................................................................18 1.2.2.2 Nh to lp th trng .......................................................................19 1.2.2.3 Cc nh mi gii ...............................................................................20

iv

1.2.2.4 Trung tm thanh ton ........................................................................20 1.2.2.5 H thng gim st, kim sot ............................................................21 1.3 QUYN CHN V CHNG KHON .........................................................21 1.3.1 Khi nim v quyn chn chng khon ..........................................................21 1.3.2 c im v quyn chn chng khon ...........................................................22 1.4 MT S KINH NGHIM CA TH GII V T CHC SN GIAO DCH QUYN CHN ...........................................................................................24 1.4.1 Sn giao dch Chicago Board Options Exchange CBOE .............................24 1.4.1.1 Lch s hnh thnh v pht trin ........................................................24 1.4.1.2 Nhng ch th tham gia giao dch ....................................................25 1.4.1.3 Giao dch v thanh ton ....................................................................27 1.4.1.4 C ch gim st .................................................................................29 1.4.2 Sn giao dch Chng khon Tokyo TSE ......................................................30 1.4.2.1 Lch s hnh thnh v pht trin ........................................................30 1.4.2.2 T chc sn giao dch .......................................................................31 1.4.2.3 C ch giao dch ................................................................................31 1.4.2.4 C ch gim st .................................................................................33

Chng 2: THC TRNG CA TH TRNG CHNG KHON VIT NAM .................................................................................................... 35

2.1 NH GI THC TRNG TH TRNG CHNG KHON VIT NAM ........................................................................................................................35 2.1.1 S thng trm ca th trng chng khon Vit Nam ....................................35 2.1.2 M hnh t chc sn giao dch chng khon ti S giao dch chng khon thnh ph H Ch Minh hin ti ...............................................................................38 2.2 CC YU T RI RO TRN TH TRNG CHNG KHON VIT NAM ........................................................................................................................40

2.2.1 Tm l v trnh ca cng chng u t ......................................................40 2.2.2 Ri ro t cc quy nh v cht lng dch v ca cc sn, trung tm giao dch v cng ty chng khon ...........................................................................................41 2.2.3 Thng tin th trng thiu minh bch .............................................................43 2.2.4 Th thut lm gi ca gii u c ..................................................................45 2.2.5 H thng qun l, gim st th trng cha hiu qu .....................................45 2.2.6 Ri ro t cc chn ng th trng trong v ngoi nc ...............................47 2.3 S CN THIT CA VIC P DNG QUYN CHN CHNG KHON VO GIAO DCH TRN TH TRNG CHNG KHON VIT NAM ........................................................................................................................48 2.3.1 To ra cng c bo v nh u t ...................................................................48 2.3.2 a dng ha c hi kinh doanh cho cc nh u t ti chnh trong v ngoi nc .........................................................................................................................48 2.3.3 Thc y s pht trin ca th trng chng khon .......................................49 2.3.4 Thu ht dng vn u t gin tip nc ngoi vo Vit Nam ........................49 2.3.5 Nng cao tnh cnh tranh ca th trng chng khon Vit Nam .................52

Chng 3: KH NNG P DNG QUYN CHN CHO TH TRNG CHNG KHON VIT NAM ................................................ 54
3.1 NH HNG PHT TRIN TH TRNG QUYN CHN VIT NAM TRONG NHNG NM TI .....................................................................54 3.1.1 nh hng pht trin th trng chng khon VN trong nhng nm ti ......54 3.1.2 Kh khn v thch thc trong vic p dng quyn chn chng khon vo giao dch trn th trng chng khon Vit Nam ............................................................57 3.1.2.1 Khung php l cha hon chnh .......................................................58 3.1.2.2 H tng k thut cha p ng c nhu cu hin ti ......................58 3.1.2.3 Nhn thc v trnh ca nh u t trong nc .............................59 3.1.2.4 S phc tp trong khu t chc ........................................................60

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3.1.3 Thun li trong vic p dng quyn chn chng khon vo giao dch trn th trng chng khon Vit Nam .................................................................................60 3.1.3.1 Tim nng pht trin ca th trng chng khon rt ln ................60 3.1.3.2 thc v ri ro chng khon ca nh u t Vit Nam rt cao ......62 3.1.3.3 C s nh hng t cc c quan qun l nh nc .........................62 3.1.3.4 Kinh nghim t vic ng dng quyn chn trong giao dch ngoi t v vng Vit Nam ......................................................................................63 3.1.4 nh gi kh nng p ng nhng yu cu c bn cho vic pht trin quyn chn chng khon trong giao dch ti Vit Nam .....................................................64 3.2 M HNH T CHC GIAO DCH QUYN CHN VIT NAM M HNH D KIN .....................................................................................................65 3.2.1 Mi trng giao dch .......................................................................................65 3.2.2 Nh to lp th trng, nh mi gii ...............................................................65 3.2.3 M hnh t chc v phng thc giao dch ....................................................66 3.2.4 Ph giao dch, ph thanh ton v hoa hng ......................................................67 3.2.5 C ch qun l, gim st .................................................................................68 3.3 MT S XUT LM TNG KH NNG P DNG QUYN CHN CHNG KHON TRN TH TRNG CHNG KHON VIT NAM ....69 3.3.1 y mnh cng tc tuyn truyn to nhn thc cho cng chng v cng c quyn chn chng khon. ........................................................................................69 3.3.2 Xy dng v hon thin khung php l ..........................................................70 3.3.3 Sm hnh thnh sn giao dch cc cng c ti chnh phi sinh .......................72 3.3.4 Xy dng nhng nh giao dch quyn chn chuyn nghip tin phong ........73 3.3.5 Tin trnh xy dng v p dng quyn chn chng khon ti Vit Nam .......73 3.3.5.1 Giai on t nay n nm 2011 ........................................................74 3.3.5.2 Giai on sau nm 2011 ....................................................................74 KT LUN .............................................................................................................76 TI LIU THAM KHO

vii

DANH MC CC T VIT TT

CBOE DNNN FII GDP HoSTC HSBC IPO OTC TP. HCM TSE TTCK VCBS VN-Index WTO

: Sn giao dch Chicago Board Options Exchange : Doanh nghip nh nc : Vn u t gin tip nc ngoi : Tng sn phm quc dn : Trung tm giao dch chng khon Thnh ph H Ch Minh : Ngn hng Hongkong Shanghai Banking Corporation : Pht hnh c phiu ln u ra cng chng : Th trng giao dch phi tp trung : Thnh ph H Ch Minh : Sn giao dch chng khon Tokyo : Th trng chng khon : Cng ty Chng khon Ngn hng Ngoi thng Vit Nam : Ch s chng khon Vit Nam : T chc Thng mi Th gii

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DANH MC CC BNG BIU HNH V

A. Danh mc cc bng Bng 2.1 : Gi tr giao dch ca nh u t nc ngoi .......................................51 B. Danh mc cc hnh Hnh 1.1 : V th ca quyn chn mua....................................................................8 Hnh 1.2 : V th ca quyn chn bn ...................................................................10 Hnh 1.3 : M hnh t chc giao dch quyn chn ca sn CBOE .......................27 Hnh 1.4 : M hnh t chc giao dch quyn chn ca sn TSE ..........................33 Hnh 2.1 : S ch s VN-Index t ngy 28/07/2000 n ngy 09/08/2007 .....36 Hnh 2.2 : M hnh t chc giao dch chng khon ti S giao dch chng khon Thnh ph H Ch Minh ..........................................................................................39 Hnh 2.3 : Giao dch mua bn chng khon ca cc nh u t nc ngoi t thng 11/2006 n thng 06/2007 ............................................................................50 Hnh 2.4 : Giao dch ca nh u t nc ngoi so vi ton th trng ..............51 Hnh 3.1 : M hnh t chc giao dch quyn chn d kin cho Vit Nam ..........66

10

LI M U
Th trng chng khon Vit Nam ra i, hot ng hn by nm qua v tr thnh mt b phn khng th thiu ca nn kinh t Vit Nam. Trong thi gian gn y, th trng chng khon Vit Nam c s pht trin nhanh chng, gp phn khng nh trong vic huy ng vn cho s pht trin ca nn kinh t t nc. Tuy nhin, hng ho trn th trng chng khon cn qu n iu, ngoi c phiu v tri phiu th vn cha c mt sn phm no khc. cc nc c th trng chng khon pht trin, bn cnh giao dch cc sn phm chnh cn c s si ng khng km ca cc sn phm phi sinh nh quyn chn chng khon, quyn chn ch s chng khon, hp ng tng lai, Trong qu trnh hi nhp nn kinh t v tham gia vo cc t chc kinh t ln nh WTO th vic m ca th trng ti chnh m trong c th trng chng khon l mt bc i tt yu. nng cao nng lc cnh tranh ca th trng ti chnh ni chung v th trng chng khon ni ring th vic nghin cu v ng dng cc sn phm ti chnh phi sinh l iu cn thit. Vic nghin cu v p dng quyn chn chng khon vo giao dch trn th trng chng khon Vit Nam khng ch a dng ho sn phm cho th trng m cn to ra cng c bo v nh u t trc nhng ri ro ca s bin ng v gi. Hn na, s pht trin nhanh th trng chng khon Vit Nam trong thi gian va qua cng bc l nhng ri ro tim n nht nh cho cng chng u t, m c bit l nh u t nh l. Trong tng s hn 200.000 ti khon ca nh u t hin ti c m v giao dch ti cc cng ty chng khon th c hn 70% l ti khon ca nh u t c nhn, nh l. Khi th trng chng khon trong giai on suy thoi nhng nh u t nh l ny khng th no tr vng trn th trng v vy hnh ng tt nht cho h l t bn bo ton vn v sm rt ra khi th trng, lm cho th trng cng tr nn trm trng hn, d dn n khng hong, sp . Trong trng hp ny quyn chn chng khon khng nhng gip cho cc nh u

10

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t bo ton c ngun vn m cn hn ch tnh trng t bn tho trn th trng, bo v th trng chng khon trc nguy c b khng hong v sp . Xut pht t nhng vn trn, vic tham kho v ng dng quyn chn chng khon vo iu kin thc tin nc ta l mt bc i cn thit cho s pht trin ca th trng chng khon Vit Nam hin nay, cng l l do tc gi chn ti Quyn chn v kh nng p dng cho th trng chng khon Vit Nam lm Lun vn thc s ca mnh. 1. Mc tiu nghin cu Tm hiu, lm sng t c im, vai tr ca cng c quyn chn, chin lc phng nga ri ro bng quyn chn, cc thnh phn ca th trng quyn chn. nh gi thc trng th trng chng khon Vit Nam, xem xt cc yu t to nn ri ro trn th trng chng khon v s cn thit ca vic p dng quyn chn vo giao dch trn th trng chng khon Vit Nam Nghin cu cc m hnh t chc giao dch quyn chn tiu biu v xy dng m hnh t chc giao dch quyn chn chng khon d kin cho Vit Nam 2. i tng v phm vi nghin cu Nghin cu cc l lun v sn phm quyn chn v th trng quyn chn. Nghin cu mt s m hnh t chc giao dch quyn chn chng khon tiu biu trn th gii v cc iu kin thc tin ng dng vo Vit Nam Nghin cu qu trnh hot ng ca th trng chng khon Vit Nam t khi thnh lp cho n thng 08/2007 Ngoi ra, do c s gii hn nn trong khun kh Lun vn ny, ti khng i su vo nghin cu cc k thut nh gi quyn chn. 3. Phng php nghin cu Lun vn ny c nghin cu trn c s l thuyt ti chnh hin i, l thuyt qun tr ri ro ti chnh, cng vi cc phng php thng k m t, phn tch v tng hp d liu khi qut ha ln bn cht ca cc vn cn nghin cu

11

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4. Kt cu ca lun vn Vi phm vi nghin cu nh trn, ni dung chnh ca Lun vn bao gm 3 chng: Chng 1: Tng quan v quyn chn v th trng quyn chn Chng 2: Thc trng ca th trng chng khon Vit Nam Chng 3: Kh nng p dng quyn chn cho th trng chng khon Vit Nam

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Chng 1

TNG QUAN V QUYN CHN V TH TRNG QUYN CHN

Cc sn phm ti chnh phi sinh ni chung m quyn chn ni ring ra i t s bt n ca th trng, nhm mc ch to ra cng c bo v gi tr ti sn ca nh u t trc s thay i ca gi c th trng. Th trng chng khon ban u pht trin mt cch rt t pht v s khai, xut pht t mt nhu cu n l bui ban u. Vo gia th k 15, ti nhng thnh ph trung tm bun bn phng Ty, cc thng gia t tp ti cc qun c ph trao i mua bn cc vt phm, hng ha, vvlc u ch mt nhm nh, dn dn tng dn v hnh thnh mt khu ch ring. Cui th k 15, tin hn cho vic lm n, khu ch tr thnh th trng vi vic thng nht cc qui c v cng dn dn nhng qui c ny c sa i hon chnh thnh nhng qui tc c gi tr bt buc chung cho mi thnh vin tham gia th trng. Phin ch u tin c din ra vo nm 1453 ti mt l qun ca gia nh Vanber Bruges (B), ti c mt bng hiu c hnh ba ti da vi mt t ting Php l Bourse tc l Mu dch trng hay cn gi l S giao dch. Cn ba chic ti da tng trng cho 3 ni dung ca Mu dch trng l: Hng ha, Ngoi t v Gi khon ng sn. Nm 1574 do eo bin dn tu b vo th trn b lp mt m Mu dch trng Bruges mt hn s phn vinh ca n. Th trng c di n Auvers, ti y Mu dch trng pht trin mnh v t kinh nghim ca n m Mu dch trng cc nc bt u pht trin. Ti London vo khong gia th k 18 Mu dch trng Anh quc c pht trin theo nguyn mu ca Auvers c gi l Stock Exchange. Ti cc nc Chu u khc Mu dch trng cng dn c thnh lp nhng cng c t nhiu ci tin ph hp vi iu kin mi quc gia. Sau mt thi gian hot ng Mu dch trng khng cn sc v ph hp tin hnh giao dch trn c 3 lnh vc vi ni dung khc nhau.

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Cho nn giao dch hng ha tch ra thnh Khu thng mi, giao dch ngoi t thnh Th trng hi oi, giao dch cc hp ng v sau c gi l Th trng tng lai. v giao dch gi khon ng sn thnh Th trng chng khon. Cc phng thc ban u din ra ngoi tri vi nhng k hiu bng tay v c th k nhn lnh ca khch hng. M cho n nm 1921, khu ch ngoi tri c chuyn vo trong nh, S giao dch chng khon c thnh lp. Hng ha trn th trng lc ny ch n thun l nhng giy t c gi nh c phiu v tri phiu Lch s pht trin ca th trng chng khon th gii tri qua mt s pht trin thng trm lc ln lc xung, vo nhng nm 1875 1913, th trng chng khon th gii pht trin huy hong cng vi s tng trng ca nn kinh t th gii lc , nhng ri n ngy th Nm en ti, tc l ngy 29/10/1929, th trng chng khon New York, Ty u, Bc u v Nht Bn khng hong. Mi ti khi chin tranh th gii th 2 kt thc, cc th trng mi dn phc hi v pht trin. Nm 1987, mt ln na cc th trng chng khon trn th gii li in o vi Ngy th hai en ti do h thng thanh ton km ci khng m ng yu cu giao dch, st gi chng khon gh gm, mt lng tin v phn ng dy chuyn, m hu qu ca n cn nng hn cuc khng hong nm 1929. Gn y nht, th trng chng khon cc nc ng , Nga v mt s th trng chu M cng ri vo vng xoy ca cn lc khng hong ti chnh tin t, gim lng tin v c tnh cht ly lan, to ra s suy gim nghim trng ca cc ch s gi chng khon. Cc nh u t chng khon lun ng trc nhng ri ro rt ln v h thc c rng cn phi c cng c bo v mnh trc s bin ng ca th trng. T , cc sn phm ti chnh phi sinh ra i v c s quan tm rt ln ca cc nh u t. Lch s cho thy rng c thi k gi tr giao dch ca cc sn phm phi sinh m c bit l gi tr giao dch quyn chn vt qua gi tr giao dch ca ti sn lm c s.

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Quyn chn l mt trong nhng cng c phi sinh c s dng kh ph bin cc nc c nn kinh t pht trin, cng c phi sinh ny c vai tr quan trng trong vic phng nga ri ro hu hiu trn th trng ti chnh ni chung v trn th trng chng khon ni ring. 1.1 KHI QUT V QUYN CHN 1.1.1 Quyn chn Quyn chn (Option) l hp ng gia hai bn - ngi mua v ngi bn trong ngi mua c quyn (khng phi l ngha v) mua hoc bn mt ti sn no vo mt ngy trong tng lai vi gi c c tha thun vo ngy hm nay. Ti sn c cp thng l c phiu, tri phiu, tin, vng hoc l hng ha, v cc loi ti sn tru tng khc nh ch s chng khon chng hn. Mc gi c nh m ngi mua hp ng quyn chn c th mua hoc bn ti sn c gi l gi cht, hay gi thc hin. Mt hp ng quyn chn c thc hin ti bt c thi im no trc khi o hn c gi l quyn chn theo kiu M v ch c th thc hin c vo ngy o hn th c gi l quyn chn theo kiu Chu u. Trong mt hp ng quyn chn c hai bn: mua quyn chn v bn quyn chn. Ngi mua quyn chn tr cho ngi bn quyn chn mt s tin gi l ph quyn chn. Bn bn quyn chn: l bn pht hnh quyn chn, sau khi thu ph quyn chn phi c ngha v lun sn sng tin hnh giao dch (mua hoc bn) ti sn c s tha thun trong hp ng vi bn mua khi bn mua thc hin quyn trong thi hn tha thun. Bn bn quyn chn c li nhun gii hn (ti a l ph quyn chn), cn l th khng gii hn. Trn th trng, c hai loi ngi bn quyn: ngi bn quyn chn mua (Seller Call Option) v ngi bn quyn chn bn (Seller Put Option)

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Bn mua quyn chn: l bn nm gi quyn chn, v phi tr cho bn mua ph quyn chn c quyn mua hoc bn mt loi ti sn c s no . Trong thi hn hiu lc ca hp ng, bn mua c ba s la chn: (i) thc hin hp ng quyn chn nu gi trn th trng bin ng theo hng c li cho h; (ii) bn hp ng quyn chn cho bn th ba trn th trng hng chnh lch gi; (iii) quyn chn t ng ht hiu lc m khng tin hnh bt c mt giao dch mua bn no nu gi trn hp ng quyn chn bt li hn so vi gi trn th trng. Trng hp khng thc hin quyn chn, h vn b mt ph mua quyn. Do vy, bn mua quyn b l ch gii hn bng ph quyn chn nhng c li th khng gii hn. C hai loi ngi mua quyn: ngi mua quyn chn mua (Buyer Call Option) v ngi mua quyn chn bn (Buyer Put Option) Gi quyn chn (ph quyn chn) thay i theo gi ti sn c s v theo thi gian. Gi quyn chn phi phn nh c c hi m hp ng ny em li li nhun cho ngi mua. Do , nu gi ti sn c s cng bin ng mnh (volatile) v thi gian o hn cng di th ph quyn chn cng cao. i tng tham gia mua bn quyn chn rt a dng, bao gm: nhng ngi ang s hu ti sn tham gia giao dch nhm phng nga ri ro v nhng ngi khng s hu ti sn no nhng tham gia vi mc ch u c kim li. 1.1.2 Cc loi quyn chn Mt quyn chn mua ti sn vi mt mc gi thc hin trc hay ng vo ngy c n nh gi l quyn chn mua (Call Option). Mt quyn chn cho php ch s hu ca n quyn bn ti sn vi mt mc gi n nh trc ng vo ngy c n nh gi l quyn chn bn (Put Option). 1.1.2.1 Quyn chn mua Hp ng quyn chn mua (Call Option) l mt loi hp ng ti chnh din ra gia hai bn, cho php ngi mua hp ng c quyn mua mt s lng ti sn nht nh mt mc gi n nh trc, gi l "strike price" hoc "exercise price" -

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vo hoc trc ngy o hn ca hp ng. i li, ngi mua hp ng (holder) phi tr cho ngi bn hp ng quyn chn (writer) mt khon ph (call premium). Nu gi ti sn c s tng nh d on th ngi mua hp ng s thu c li nhun trong khi ch phi u t mt khon nh (ph hp ng) hn l phi b tin ra mua ton b s ti sn , trng hp ny ngi ta ni hp ng quyn chn mua c li (in-the-money call option), ngc li hp ng quyn chn mua b l (out-of-the money call option). V pha ngi bn, anh ta ch thu c mt khon li tc bng vi ph quyn chn, nhng khi ngi mua thc hin hp ng th ngi bn s b l khng gii hn. Nu hp ng c thc hin th ngi bn s phi t b quyn s hu i vi s ti sn xc nh trong hp ng. Nu ngi mua hp ng cm thy khng c li anh ta c th t chi vic thc thi hp ng. Trong hp ng quyn chn mua, ngi mua bao gi cng k vng gi ti sn tng trong khi ngi bn k vng gi ti sn ng hoc gim hoc cng c trng hp l do ngi bn sn sng t b khon li nhun t gi ti sn tng i ly khon ph thc hin hp ng (c thanh ton ngay). Do c nhng ngun thng tin khc nhau, cch phn tch, nh gi khc nhau cho nn mi ny sinh nhng k vng khc bit gia ngi mua v ngi bn, dn n vic cc hp ng quyn chn (call option, put option) nh th ny din ra. V th ca ngi mua, ngi bn v ph quyn chn c m t bng hnh sau:
Hnh 1.1: V th ca quyn chn mua
li im ho vn li Vng li ph Gi thc hin Gi ti sn tng

0
ph Gi thc hin l (a)

Gi ti sn tng

0
im ho vn (b)

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Hnh 1.1(a) m t thnh qu ca ngi mua quyn chn mua vi li nhun tim nng l v hn khi gi ca ti sn tng trong tng lai. Ngc li, nu gi chng khon gim so vi gi thc hin, ngi mua quyn ch l vi mc l ti a bng vi ph mua quyn chn. Hnh 1.1(b) m t thnh qu ca ngi bn quyn chn mua ti sn, ngi bn quyn chn mua ch kim li bng khon ph nhn c t ngi mua quyn chn, v s b thua l v hn khi gi ti sn tng so vi gi thc hin. 1.1.2.2 Quyn chn bn Nu nh Call option l hp ng quyn chn mua th ngc li vi n c mt loi hp ng quyn chn khc l Put option, hp ng quyn chn bn. Hp ng quyn chn bn l mt hp ng ti chnh gia hai bn, theo ngi mua hp ng (holder) c quyn bn cho ngi bn hp ng (writer) mt s ti sn nht nh ti mt mc gi xc nh (strike price, exrcise price), vo hoc trc ngy o hn hp ng (expiration date). i li ngi mua phi tr cho ngi bn mt khon ph hp ng (option premium). Cn lu trong hp ng quyn chn bn ngi mua hp ng li chnh l ngi c quyn bn ti sn. Ngi mua hp ng s c li nu gi ti sn st gim mnh, khi nu ngi mua hp ng quyt nh thc thi quyn bn (exercise the option), ngi bn hp ng buc phi mua s ti sn . Ngc li, ngi bn hp ng (ngi c ngha v mua ti sn khi n hn nu ngi mua hp ng yu cu) s thu li khi gi chng khon tng, ng, hoc gim t hn khon ph hp ng nhn c. Hp ng quyn chn bn l mt cch nh u t bo him cho ti sn ca mnh khi ng ta d on ti sn c kh nng tt gi trong tng lai, ng thi khng mun bn hn s ti sn hoc u c thu li trc d on . D trng hp no c xy ra chng na th ri ro ngi mua hp ng cng ch gii hn trong s ph hp ng. Hp ng quyn chn bn ph bin nht i vi c

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phiu ca mt s cng ty nht nh, ngoi ra, hp ng put option cn c mua bn vi ti sn ti chnh nh li sut, hoc mt hng thc nh vng, du m. Ngc li vi quyn chn mua, v th ca ngi mua, ngi bn v ph quyn chn c m t bng hnh sau:
Hnh 1.2 : V th ca quyn chn bn
li im ho vn li Gi thc hin Gi ti sn tng ph

0
ph Gi thc hin l (a)

0
Gi ti sn tng l im ho vn (b)

Tng t, hnh 1.2(a) m t thnh qu ca ngi mua quyn chn bn v hnh 1.2(b) m t thnh qu ca ngi bn quyn chn bn. Vi mt khon ph s hu quyn, ngi mua quyn chn bn ch l gii hn bng vi khon ph tr khi mua quyn chn mua ti sn v c li v hn khi gi ca ti sn gim. Ngc li, ngi bn quyn chn bn ch thu v c gii hn bng vi ph bn quyn chn nhng nu gi ti sn gim th h s gnh chu mt khon l l v hn Nh vy, khi nh u t c d nh mua ti sn v k vng gi ca ti sn s tng ln trong tng lai th h s phng nga ri ro bng cch mua mt quyn chn mua. Ngc li khi nh u t ang s hu ti sn v h d on trong tng lai gi ti sn s gim th s la chn cho ni lo v gi ca h i vi ti sn ang s hu l mua mt quyn chn bn. Nu nh vy, khng c ngha l ngi bn quyn chn mua v chn bn l nhng k liu lnh hay thch a, nh i mt t li nhun bng c mt ri ro thua l v hn. Trn th trng cc nh u t khc nhau s c nhn nh v nh gi khc nhau v xu hng thay i ca th trng v vy h s hnh ng theo nhn

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nh, phn tch, d bo ca mnh. Ngoi tr h vng tin xu th gi c ti sn s bin ng theo hng k vng, bng cch ny hay cch khc h s tin hnh b tr v th ri ro hay t bo v mnh khi thua l bng cch kt hp nhiu chin lc mt cch khn kho v c o. 1.1.3 Chin lc phng nga ri ro vi quyn chn Mt trong nhng c tnh hp dn nht ca quyn chn l n c th c kt hp vi c phiu hoc mt quyn chn khc to ra nhiu chin lc a dng. Cc kh nng c th t c li nhun a dng n ni gn nh bt k mt nh u t no cng c th tm c mt chin lc p ng mc ri ro a thch ca mnh v ph hp d bo th trng. C nhiu cch kt hp khc nhau gia quyn chn chng khon v nh u t chng khon nhm t c mc tiu ca nh u t. Vic kt hp cc chin lc vi nhau nh th no l ty thuc vo khu v ri ro v mc tiu li nhun ca nh u t. Sau y l mt vi chin lc c bn: c th tnh ton mt s cng thc, ta c cc k hiu qui c sau: C : Gi quyn chn mua hin ti P : Gi quyn chn bn hin ti So: Gi c phiu hin ti T : Thi gian n khi o hn X : Gi thc hin St: Gi c phiu khi o hn : Li nhun ca chin lc Nc: S quyn chn mua Np: S quyn chn bn Ns: S lng c phiu

Vi Nc, Np, Ns > 0 : nh u t mua quyn hay mua c phiu, v : Nc, Np, Ns < 0 : nh u t bn quyn hay c phiu

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1.1.3.1 Quyn chn mua v c phiu Mt trong s cc chin lc ph bin nht ca nh kinh doanh quyn chn chuyn nghip l mua c phiu v bn quyn chn mua i vi mt loi c phiu. Nh u t thc hin chin lc ny gi l bn mt quyn chn mua c phng nga. V ngi kinh doanh quyn chn ang s hu c phiu nn nu ngi mua quyn chn thc hin quyn th nh kinh doanh quyn chn ny ch chuyn giao c phiu m khng phi mua trn th trng vi mt mc gi c th kh cao. ng trn quan im khc, ngi s hu c phiu m khng bn quyn chn s gp phi mt ri ro ng k khi gi c phiu gim xung. Bng cch bn mt quyn chn mua i vi c phiu , nh u t s gim ri ro khi gi c phiu gim xung ng k, v lc ny khon l s c b p mt phn bi ph bn quyn chn mua. Ta c phng trnh li nhun ca vic mua c phiu l: = Ns(St - So) (1.1) Vi Ns > 0

v phng trnh li nhun ca vic bn mt quyn chn mua nh sau: = Nc[Max(0, St X) - C] Vi Nc < 0

Phng trnh kt hp li nhun ca hai chin lc l: = Ns(St - So) + Nc[Max(0, St X) - C] Xt trng hp ca mt c phiu v mt quyn chn, vi Ns > 0 (mua c phiu), Nc < 0 (bn quyn chn) v Ns = -Nc = 1, phng trnh li nhun lc ny l: = St - So- Max(0, St X) + C - Nu St X, tc l gi c phiu khi o hn nh hn hoc bng gi thc hin quyn chn, ngi mua quyn chn s khng yu cu thc hin quyn chn, v vy li nhun ca ngi bn quyn l ph quyn chn tng ng C. Tuy nhin, do gi c phiu gim nn nh u t s b l mt khon l St - So. Phng trnh li nhun kt hp ca chin lc l: = St - So + C

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- Nu St > X, tc gi c phiu khi o hn ln hn gi thc hin, ngi mua quyn yu cu thc hin hp ng, lc ny gi tr l ca ngi bn quyn t l thun vi mc chnh lch gia gi th trng v gi tr thc hin v s lng quyn chn trong hp ng. Lc ny, li nhun ca chin lc mua c phiu v bn quyn chn mua l li nhun ca chin lc thc hin hai v th song song. Phng trnh li nhun ca nh u t lc ny: = St - So - St + X + C = X - So + C 1.1.3.2 Quyn chn bn v c phiu Mt chin lc khc ca quyn chn l kt hp gia mua c phiu v bn mt quyn chn mua, ngi s hu c phiu c th c bo v khi gi gim. Trong mt th trng gi ln, c phiu gn nh s c mua li bng cch thc hin quyn chn. Mt cch nhn c s bo v trc th trng gi xung v vn c th chia phn li nhun trong mt th trng gi ln l mua mt quyn chn bn bo v, tc l nh u t mua c phiu v mua mt quyn chn bn. Quyn chn bn cung cp mt mc gi bn ti thiu dnh cho c phiu. Ta c phng trnh li nhun ca vic mua mt quyn chn bn nh sau: = Np[Max(0, X - St) - P] (1.2) Vi Np > 0

Phng trnh kt hp li nhun ca hai chin lc c thit lp bng cch cng hai phng trnh li nhun ca chin lc mua c phiu (1.1) v chin lc mua quyn chn bn (1.2): = Ns(St - So) + Np[Max(0, X - St) - P] Xt trng hp ca mt c phiu v mt quyn chn, vi Ns > 0 (mua c phiu), Np > 0 (mua quyn chn bn) v Ns = Np = 1, phng trnh li nhun lc ny l: = St - So + Max(0, X - St) - P

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- Nu St X, tc l gi c phiu khi o hn ln hn hoc bng gi thc hin, quyn chn s khng c thc hin v kt qu l: = St - So P, li nhun t vic c phiu tng gi s c tr i mt phn chi ph d phng ri ro. - Nu St < X, tc l gi c phiu khi o hn nh hn gi thc hin, ngi mua quyn chn yu cu thc hin quyn, tc l ngi bn quyn phi mua li c phiu. Ngi mua quyn c phng trnh li nhun kt hp ca chin lc ny l: = St - S o + X - S t P = X - S o - P Quyn chn trong trng hp ny nh mt hp ng bo him i vi c phiu. Trong th trng gi xung, tn tht ca c phiu s phn no c b p bi vic thc hin quyn chn, trong th trng gi ln, bo him l khng cn thit v mc li nhun do c phiu tng gi b gim i do ph ca quyn chn tr trc phng nga ri ro. Nh vy, quyn chn bn bo v n nh mc l ti a do gi c phiu gim nhng li chu mt loi chi ph l li nhun t hn khi gi tng. N tng t nh mt hp ng bo him ti sn. 1.2 TH TRNG QUYN CHN Quyn chn tuy l mt khi nim kinh t ti chnh, nhng chng ta vn thng gp ph bin trong i sng x hi thng ngy, di cc hnh thc th hin khc nhau ca chng. Mt khon tin t cc mua nh ca, hng ho, cc khon chi ph m cng ty b ra cho hot ng nghin cu pht trin sn phm mi, cc khon khuyn mi, tip th v.v u l nhng dng th hin bn ngoi ca quyn chn. Vi cc c tnh u vit ring c quyn chn, chng dn tr thnh cc cng c c s dng thng xuyn bi cc nh u t kinh doanh, theo xu th pht trin ca nn kinh t tin tin v s ph bin ca cc sn phm phi sinh, v sau ny, quyn chn chnh thc c xem nh mt loi hng ho v c nng tm giao dch trn th trng c t chc: th trng quyn chn.

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1.2.1 Lch s hnh thnh v pht trin H thng th trng quyn chn hin nay c ngun gc t th k 19, khi quyn chn mua v chn bn c cho bn i vi c phiu. Nhng nm u tin ca thp nin 1900, mt nhm cc cng ty c gi l Hip hi cc Nh mi gii v kinh doanh quyn chn mua v chn bn thnh lp th trng cc quyn chn. Mc ch ca hip hi ny l cung cp k thut nhm a nhng ngi mua v bn li vi nhau. Nu mt ngi no mun mua quyn chn, mt thnh vin ca hip hi s tm kim mt ngi bn sn sng mun k hp ng bn quyn chn. Nu cng ty thnh vin khng th tm c ngi t bn, t cng ty s bn quyn chn. V vy, mt cng ty thnh vin c th va l nh mi gii - ngi mi gii gia ngi mua v ngi bn n vi nhau - hoc l nh kinh doanh - ngi thc hin v th giao dch. Tuy nhin, th trng quyn chn phi tp trung (OTC) ny bc l r nhiu khim khuyt. Th nht, do khng c th trng th cp, th trng ny khng cung cp cho ngi nm gi quyn chn c hi bn quyn chn cho mt ngi khc trc khi quyn chn o hn. Cc quyn chn c thit k c nm gi cho n khi o hn, v ri th chng s c thc hin hoc cho ht hiu lc. V vy, hp ng quyn chn c rt t, thm ch khng c tnh thanh khon. Th hai, vic thc hin hp ng ca ngi bn ch c m bo bi cng ty mi gii kim kinh doanh. Nu ngi bn hoc cng ty thnh vin ca Hip hi cc Nh mi gii v kinh doanh quyn chn mua v quyn chn bn b ph sn, ngi nm gi quyn chn coi nh tn tht hon ton. Th ba, ph giao dch tng i cao, mt phn cng do hai nguyn nhn k trn. Nm 1973, c mt thay i mang tnh cch mng trong th gii quyn chn. Sn giao dch Chicago Board of Trafe (CBOT), sn giao dch lu i nht v ln nht v cc hp ng giao sau hng ho, t chc mt sn giao dch dnh ring cho giao dch quyn chn c phiu. Sn giao dch c t tn l Chicago

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Board Options Exchange (CBOE), m ca giao dch quyn chn mua vo ngy 26/04/1973 v giao dch cc hp ng quyn chn bn trong thng 6 nm 1977. CBOE to ra mt th trng trung tm cho cc hp ng quyn chn. Bng cch tiu chun ho cc k hn v iu kin ca hp ng quyn chn, n lm tng tnh thanh khon cho th trng. Ni cch khc, mt nh u t mua hoc bn mt hp ng quyn chn trc c th quay tr li th trng trc khi hp ng o hn v bn hoc mua quyn chn, v nh vy b tr v th ban u. Tuy nhin, quan trng nht, CBOE b sung mt trung tm thanh ton m bo cho ngi mua rng quyn bn s thc hin y ngha v theo hp ng. V vy, khng ging nh trn th trng phi tp trung, ngi mua quyn chn khng phi lo lng v ri ro tn dng ca ngi bn. iu ny khin quyn chn tr nn hp dn hn i vi cng chng. Tip theo , th trng chng khon M (AMEX) v th trng chng khon Philadelphia (PHLX) bt u thc hin giao dch quyn chn vo nm 1975, th trng chng khon Pacific (PSE) thc hin giao dch vo nm 1976. Khong u thp nin 80, khi lng giao dch tng ln nhanh chng n mc m s lng c phiu theo hp ng quyn chn bn hng ngy vt qu khi lng giao dch c phiu trn th trng chng khon New York. Thp nin 80 cng giai on pht trin i vi th trng quyn chn ngoi t, ch s chng khon v hp ng giao sau M. Th trng chng khon Philadelphia l ni giao dch quyn chn ngoi t u tin. Chicago Board Option Exchange bt u giao dch quyn chn ch s chng khon ca S&P 100 v S&P 500. Th trng chng khon M giao dch v ch s chng khon ca mt s th trng chnh v th trng chng khon New York giao dch ch s NYSE. a s cc th trng u giao dch quyn chn i vi cc hp ng giao sau. T thi im , nhiu sn giao dch chng khon v gn nh tt c cc sn giao dch giao sau bt u giao dch quyn chn. c kch thch bi nhu cu ca

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cng chng v quyn chn, ngnh kinh doanh ny ang tng trng mnh m cho n khi th trng chng khon sp vo nm 1987. B tn hi bi c sc ny, nhiu nh u t c nhn s dng quyn chn trc y trnh xa th trng, v khi lng giao dch ch mi c hi phc mc nm 1987 trong thi gian gn y. Mc d cc giao dch ca cc nh ch trn sn giao dch quyn chn vn tng i mnh sau v sp , mt xu hng ng thi tn ti buc cc sn giao dch phi ng u vi mt mi e da cnh tranh mi, l s hi sinh ca cc th trng quyn chn phi tp trung. Vo u thp nin 1980, nhiu cng ty bt u s dng hon i tin t v li sut qun tr ri ro. Vi cc chuyn bin thun li ca th trng phi tp trung thi , cc cng ty ny bt u to ra cc hp ng phi tp trung khc nh k hn v quyn chn. Lc ny, cc giao dch quyn chn trn th trng phi tp trung c tha thun qua in thoi nhiu hn trn sn giao dch. Mt bn i tc thng l ngn hng u t, ngn hng s duy tr hn mc u t quyn chn v bo h bng cch s dng mt s cng c. Bn cn li l khch hng ca ngn hng u t nh cc nh qun l qu u t hoc l nhng ngi chu trch nhim v vn v ngoi hi ca cc tp on ln. Cc giao dch quyn chn ny thng c ph bin nhm p ng nhu cu cho cc loi khch hng ca ngn hng u t. V nh mc ti thiu ca mi giao dch kh ln v c ri ro tn dng, cng chng khng th tham gia vo th trng phi tp trung mi hi sinh ny. Tuy nhin, s pht trin ca th trng phi tp trung ca cc nh ch gy p lc nng n ln cc sn giao dch quyn chn. Vo u thp nin 1990, cc sn giao dch c gng tr nn sng to hn ginh li th phn giao dch v kch thch mi quan tm ca cng chng i vi quyn chn. Tuy nhin, cc xu hng ny khng c ngha l quyn chn ang mt dn tnh i chng. Tht ra, chng tr nn ph bin hn bao gi ht i vi cc nh ch ti chnh v doanh nghip, nhng mc tng trng th tp trung cc th trng phi tp trung.

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1.2.2 Cc thnh phn ca th trng quyn chn Nh cp, cc giao dch quyn chn hon ton khng b b hp trong cc sn giao dch tp trung. Tuy nhin, mt cu trc th trng quyn chn c chun ho vn l mi quan tm hng u i vi tt c cc nh u t, qua , h c th yn tm v cc quy trnh, th tc, c s php l v quan trng nht l c s m bo tnh thanh khon ca hp ng quyn chn. i vi th trng phi tp trung mt s nh ch nht nh, c th l ngn hng hay cc cng ty mi gii, sn sng ng ra to lp th trng quyn chn. Cn th trng quyn chn c nim yt trn sn c to ra bi sn giao dch quyn chn l mt php nhn m cc thnh vin l c nhn hoc php nhn, mi thnh vin c gi l mt seat. Cho d cu trc t chc ca sn giao dch l khng ging nhau, nhng c bn bao gm: 1.2.2.1 Hng ho, cung v cu Trong th trng hng ha thng thng, cc nh kinh doanh mua bn, trao i cc loi hng ho vt cht, ti sn thc. Trong th trng chng khon, cc bn mua bn cc loi c phiu, tri phiu, l mua bn nhng khon vn tr thnh ch s hu hay ch n. Cn trn th trng quyn chn, hng ho l cc sn phm phi sinh, tc l mt cng c ph thuc vo gi tr ca mt hay mt s hng ho khc cch ly sn phm gc mt vi cp - hp ng quyn chn. Cc bn trong th trng phi sinh mang danh ngha l giao dch mt s hng ho nht nh nhng thc ra trong nhiu trng hp, h khng cn phi thc s s hu hoc trao i tin hng i vi tt c cc loi hng ho . H ch mn gi tr ca hng ho c s mua i bn li vi mc ch bo h hoc kim li. Chng hn trng hp cc nh u t t lp cc hp ng v nng sn, du m khng ch mong mt s giao nhn hng ho nh cam kt trong hp ng, h ch dng n nhm mc ch bo h ri ro. Tng t, i vi cc mt hng cao cp hn trong th trng quyn chn nh ngoi t, li sut, ch s chng khon, cc nh u t khng nhm mc ch cui cng l mua bn v tin hnh giao nhn nhng hng ho m h lp hp ng

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quyn chn v n kim c tin t s chnh lch gi mua bn nhm mc ch bo h hay u c. Nh vy, hot ng ch yu trn th trng quyn chn l b tin ra u t vo gi c ca mt loi hng ho kim li. Nhng khng dng li ch l mt hp ng mua bn hng ho thng thng, quan h mua bn ny c nng ln mt tm cao mi, c t chc qui c ti cc sn giao dch. , cc quan h mua bn c thit lp khng nhm mc ch chnh l trao i hng ho m tr thnh mt ni lun chuyn tin t, lun chuyn vn da trn c s gi c ca cc loi hng ho. Cc hp ng quyn chn l nhng sn phm phi sinh hng ho, cng vi cc nhu cu a dng v mua bn nhng hp ng ny phng nga ri ro v kinh doanh kim li l mt trong nhng yu t cu thnh th trng quyn chn. 1.2.2.2 Nh to lp th trng Mt c nhn mua mt seat (gi nm na l quyn c tham gia th trng) trn sn giao dch c th ng k tr thnh nh to lp th trng hay mi gii trn sn. Nh to lp th trng chu trch nhim p ng nhu cu ca cng chng i vi quyn chn. Khi mt nhu cu mua hay bn quyn chn nhng khng kim c ngi bn hay mua. Nh to lp th trng s thc hin giao dch m bo tnh thc hin ngay lp tc ca th trng. Nh to lp th trng v bn cht l mt doanh nghip. tn ti, nh to lp th trng phi to ra li nhun bng cch mua vo mt mc gi v bn ra vi mt mc gi cao hn, thc hin thng qua vic yt gi hi mua v cho bn, l cc mc gi cao nht v gi thp nht m nh to lp th trng chp nhn mua hay bn quyn chn. Cc nh to lp th trng s dng a dng cc bin php k thut giao dch quyn chn sao cho c li nhun. Nhiu ngi quan st cc nhn t c bn, iu kin kinh t v biu hin ca Cng ty. Mt s da vo cc nhn t k thut t cc d liu lch s, hoc n gin ch da vo trc gic v kinh nghim.

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1.2.2.3 Cc nh mi gii Mi gii sn giao dch l mt dng nh kinh doanh khc trn sn giao dch. Nh mi gii trn sn thc hin cc giao dch cho cc thnh vin ca cng chng. Nu mt ngi no mun mua hay bn mt quyn chn, c nhn ngi phi thit lp mt ti khon ti cng ty mi gii. Cng ty ny phi thu mt nh mi gii trn sn, hoc hp tc vi nh mi gii c lp hay nh mi gii sn giao dch ca cc cng ty khc. Nh mi gii trn sn thc hin cc lnh ca nhng ngi khng phi l thnh vin ( nhn mc lng thun hay hoa hng trn mi lnh giao dch thnh cng). Nh mi gii trn sn thng khng cn quan tm n vic gi tng hay gim, tuy nhin, mt nh mi gii gii s tn dng cc kh nng t c mc gi tt nht cho khch hng ca mnh. 1.2.2.4 Trung tm thanh ton Sau khi cc giao dch c thc hin, trung tm thanh ton Cng ty thanh ton b tr trn quyn chn - l mt cng ty c lp m bo cho vic thc hin ca ngi bn. Cng ty thanh ton b tr trn quyn chn l trung gian trong mi giao dch. Ngi mua s thc hin quyn chn khng hng vo ngi bn m hng vo trung tm giao dch. Ngi bn quyn chn c thc hin ch tr hoc giao chng khon cho trung tm giao dch. Mi thnh vin ca Cng ty thanh ton b tr trn quyn chn, c gi l cng ty thanh ton, c m mt ti khon ti Cng ty thanh ton b tr trn quyn chn. Cc nh to lp th trng phi thanh ton tt c cc giao dch thng qua mt cng ty thnh vin, cng nh mi cng ty mi gii, mc d trong mt s trng hp mt cng ty mi gii c th ng thi l mt cng ty thanh ton.

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1.2.2.5 H thng gim st, kim sot M, ngnh kinh doanh quyn chn giao dch trn sn c qun l theo nhiu cp . Mc d cc quy nh ca lin bang v tng bang gi vai tr ln nht, ngnh kinh doanh ny cng t qun l thng qua cc quy tc v chun mc, c thit lp bi sn giao dch v Cng ty thanh ton b tr trn quyn trn, Cng ty ny cng qun l cc thnh vin ca mnh gip m bo tt c cc hot ng trn th trng quyn chn l ph hp m khng to ra ri ro i vi s tn ti ca th trng. Bn cnh , SEC (the US Securities and Exchange commission) l c quan qun l chnh ca th trng quyn chn M. SEC l mt t chc lin bang c thit lp vo nm 1934 gim st lnh vc kinh doanh chng khon, bao gm c phiu, tri phiu, quyn chn v qu u t. Mc tiu chung ca SEC l m bo cng khai y cc thng tin thch ng v cc khon u t c cho bn rng ri ra cng chng. SEC c quyn thit lp mt s quy nh, quy trnh v iu tra cc v vi phm lut chng khon lin bang. hu ht cc nc, quyn chn v hp ng giao sau c qun l bi cc c quan lin bang ging nhau vi mc tiu chnh l bo v cc nh u t. 1.3 QUYN CHN V CHNG KHON 1.3.1 Khi nim v quyn chn chng khon Quyn chn chng khon cho php ngi nm gi hp ng c hi nhng khng bt buc thc hin mua hoc bn chng khon vi gi c tha thun trc. Ngi bn hoc ngi pht hnh quyn chn bt buc phi thc hin hp ng quyn chn nu nh ngi mua quyn chn yu cu. Cc th trng giao dch quyn chn v chng khon ni ting M l Chicago Board Option Exchange (CBOE), Philadelphia Stock Exchange (PHLX), New York Stock Exchange (NYSE), American Stock Exchange (AMEX), Pacific Stock Exchange (PSE).

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Quyn chn c phiu (Stock option): l quyn chn i vi c phn thng. Quyn chn ny i vi cc c phiu ring l v tn ti i vi hng ngn l c phiu ring l. Quyn chn ch s (Index option): l quyn chn i vi mt ch s chng khon. Quyn chn ny s dng mt s ch s chng khon nh NASDAQ 100, S&P 500, Dow Jone Ngoi ra, cn s dng c cc ch s ca nhiu ngnh kinh doanh khc nhau v nhng khu vc th trng khc nhau. Cn phn bit gia hp ng quyn chn mua c th chuyn nhng c vi quyn mua chng khon u i (incentive stock option). Quyn mua chng khon u i l quyn c chn mua chng khon mt cng ty nht nh, do cng ty dnh cho mt ngi nht nh no (thng l cc nh qun l cp cao). Khi quyn chn mua chng khon u i c thc hin th mt s lng c phn mi s c pht hnh. Quyn chn mua chng khon u i cng khng c mua bn rng ri trn th trng m. Ngc li khi mt hp ng quyn chn mua c thc hin, khng c c phn mi no c pht hnh m ch l s chuyn nhng t ch s hu ny sang ch s hu khc. 1.3.2 c im v quyn chn chng khon - Gi thc hin (Exercise prise): Mc gi m quyn chn cho php ngi s hu mua hoc bn chng khon c s. Trn sn giao dch quyn chn gi thc hin c chun ho. Sn giao dch qui nh mc gi thc hin c th k kt hp ng quyn chn. Quyn chn chng khon c qui nh mc gi thc hin c khong chnh lch 2,5$ nu gi c phiu thp hn 25$, khong 5$ nu gi c phiu t 25$ n 200$, v trong khong 10$ nu gi c phiu trn 200$. i vi quyn chn ch s, cc khon chnh lch gi thc hin c s khc bit nhiu do bin rng ca nhiu ch s khc nhau - Ngy o hn (Expiration date): l ngy m sau hp ng quyn chn khng cn tn ti na.

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Quyn chn chng khon thng c qui nh chu k o hn theo cc chu k thng: Chu k thng 1(gm cc thng: 1, 4, 7 v 10); Chu k thng 2 (gm cc thng 2, 5, 8 v 11); Chu k thng 3 (gm cc thng 3, 6, 9 v 12). Ngy o hn chnh xc l vo lc 22 gi 59 pht (theo gi ca trung tm giao dch) ca ngy th by ngay sau ngy th su tun l th ba ca thng o hn. Theo thng l, nh u t nm gi quyn chn (nu quyt nh thc hin quyn chn) s c thi gian n ht 16 gi 30 pht ca ngy th su ra ch th cho nh mi gii thc hin quyn chn. Sau , nh mi gii s c thi gian n 22 gi 59 pht ca ngy th by hm sau hon thnh cc th tc giy t thng bo cho Trung tm giao dch chng khon thc hin quyn chn . - nh hng ca vic phn chia c tc v c phiu: quyn chn chng khon trn th trng OTC c m bo v c tc. Khi mt cng ty cng b chia c tc bng tin mt, th gi thc hin ca quyn chn v c phiu s gim mt khon bng s c tc vo thi im khng nhn c tc. Quyn chn chng khon trao i qua trung tm giao dch chng khon ni chung khng c iu chnh theo c tc tr bng tin mt, nhng iu chnh theo s phn chia c phiu. Vic phn chia c phiu xy ra khi s c phiu hin ti c chia thnh nhiu c phiu nh hn. Ngoi ra, quyn chn v c phiu cn c iu chnh theo c tc chi tr bng c phiu. - Hn mc v th v hn mc thc hin: c thit k nhm ngn nga tnh trng th trng quyn chn b chi phi qu mc bi hnh vi ca mt hoc mt nhm cc nh u t c bit. Hn mc v th (position limit): l s lng quyn chn ti a m u t c th nm gi v mt pha ca th trng. Sn giao dch chng khon ban hnh hn mc v th cho tng chng khon cn c vo khi lng c phiu giao dch v s c phiu tri ni. Hn mc thc hin (exercise limit): l s quyn chn ti a c th c thc hin trong vng 5 ngy lm vic lin tc bt k bi mi nh u t ring l hay mt nhm cc nh u t cng hnh ng vi nhau.

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Mc tiu ca hn mc thc hin v hn mc v th l nhm ngn cn tng c nhn hoc mt nhm ngi c tc ng ng k n th trng - iu kin nim yt: Cc sn giao dch quyn chn qui nh cc ti sn m giao dch c php. i vi quyn chn c phiu, sn giao dch qui nh nhng iu kin ti thiu m mt c phiu phi t c c th giao dch quyn chn. - Qui m hp ng: mt hp ng quyn chn giao dch trn sn tiu chun gm 100 quyn chn n l, mi quyn chn n l c mua (bn) mt c phiu. Nh vy mt hp ng quyn chn c mua (bn) ti thiu l 100 c phiu. Tuy nhin, quyn chn cng c tun th nguyn tc chia tch c phiu v c tc 1.4 MT S KINH NGHIM CA TH GII V T CHC SN GIAO DCH QUYN CHN 1.4.1 Sn giao dch Chicago Board Options Exchange CBOE Tnh n thi im hin ti, CBOE l sn giao dch quyn chn ln nht th gii c v s lng ln qui m. Bng cch tiu chun ha cc k hn v iu kin ca hp ng quyn chn lm tng tnh thanh khon cho th trng. Nm 2006 CBOE chnh thc chuyn t t chc hot ng phi li nhun trc thuc Chnh ph sang hnh thc doanh nghip hot ng v li nhun. Theo bo co thng nin ca CBOE nm 2006, tng doanh thu t c l 257,98 triu USD tng 27% so vi nm 2005, li nhun trc thu t c l 72 triu USD tng 61,8% so vi nm 2005, nng tng mc li nhun gi li ln 162 triu USD v tng ngun vn c phn ngy 31/12/2006 l 183,4 triu USD 1.4.1.1 Lch s hnh thnh v pht trin Ngy 26/04/1973 l ngy giao dch u tin sn CBOE c a vo hot ng vi 911 hp ng quyn chn mua c giao dch da trn 16 loi chng khon c s. Nm 1975, h thng yt gi c thit k trn chng trnh my tnh, cng thc Black-Scholes c p dng vo phng thc nh gi quyn chn, ng thi thnh lp cng ty thanh ton b tr quyn chn m bo cho ngi mua rng ngi bn s thc hin y ngha v theo hp ng. V vy, ngi mua quyn

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chn khng cn phi lo lng v ri ro tn dng ca ngi bn. iu ny khin quyn chn tr nn hp dn hn i vi cng chng. Thng 06/1977 cc hp ng quyn chn bn u tin c a vo giao dch. Nm 1983 CBOE to nn mt cuc cch mng mi trong ngnh kinh doanh quyn chn bng cch a ra cc hp ng quyn chn da trn ch s chng khon nh: CBOE-100, ch s S&P 100 (OEX) v ch s S&P 500 (SPX). Nm 1985 CBOE thnh lp vin o to quyn chn o to cho cc nh u t trn khp th gii v quyn chn v p dng quyn chn ch s chng khon NASDAQ. c kch hot bi nhu cu ca cng chng v quyn chn, ngnh kinh doanh ny pht trin mnh m cho n khi th trng chng khon sp nng n vo nm 1987. B tn hi bi c sc ny, nhiu nh u t c nhn s dng quyn chn trc y trnh xa th trng ny, v khi lng giao dch ch mi phc hi mc nm 1987 trong thi gian gn y. Nm 1993, CBOE cho ra i quyn chn FLEX, vi quyn chn ny ph i nhng qui nh c chun ho trc y v cho php nh u t c th thit lp hp ng quyn chn FLEX rt linh hot bng bt c mc gi thc hin no, cng c th c bt k ngy o hn no. 1.4.1.2 Nhng ch th tham gia giao dch Nh to lp th trng (Market Makers): chu trch nhim p ng nhu cu ca cng chng i vi quyn chn. Khi mt cng chng no mun mua (bn) mt quyn chn v khng c thnh vin no trong cng chng mun bn (mua) quyn chn , nh to lp th trng s thc hin v giao dch . Mt c nhn mua mt seat CBOE c th np n ng k tr thnh nh to lp th trng, phi qua k thi st hch v cui cng c y ban thnh vin xc nhn. Nh to lp th trng v bn cht l mt doanh nghip. tn ti h phi to ra li nhun bng cch mua vo vi mt mc gi thp v bn ra vi mt mc gi cao hn. Theo iu l giao dch ca CBOE, v tr ca nh to lp th trng trn sn cng c th c cng ty thnh vin thu li vi gi nim

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yt cng khai. Cc nh to lp th trng c trch nhim thit lp th trng giao dch hp ng quyn chn theo nguyn tc gi c hp l, trt t, khun mu v mang tnh cnh tranh lnh mnh. Mi gii sn giao dch (Floor Broker): l c nhn hay l ngi c y nhim ca t chc ng k hot ng ti sn giao dch nhm thc hin cc lnh mua bn t cc thnh vin trn sn hoc cc nh mi gii ngoi sn. lm nh mi gii ti sn, nh mi gii phi hon tt th tc ng k, tri qua cuc thi st hch nng lc v c y ban ph trch thnh vin CBOE ph duyt. Nh mi gii trn sn c trch nhim giao dch cc lnh m anh ta nhn c cc mc gi tt nht c th. Nhn vin gi s lnh (Order Book Officials): l mt nhn vin ca sn giao dch, c chc nng nhn v cp nht cc lnh gii hn ca tt c khch hng. Nu cc iu kin thay i n mc c t nht cc mc gi tt nht, lc ny bng lnh gii hn nhn vin gi s lnh s thc hin giao dch (trong phm vi gii hn) thay cho cc nh mi gii, bng s nhn nh ca mnh, khi tip thu cc lnh gii hn, nhn vin gi s lnh ny s thng bo gi mua thp nht v gi bn cao nht n cc nh to lp th trng. Lnh s c thc hin khi cc iu kin thay i n mc c t nht mt nh to lp th trng sn sng chp nhn nhng mc gi Nhn vin sn giao dch (Floor Officials): l cc thnh vin hot ng trc thuc y ban gim st, c trch nhim gim st, hng dn cc hot ng giao dch m bo ng nguyn tc v lut php, c quyn xc nhn t cch thnh vin, kim tra v thng bo n y ban kim tra nhng giao dch c du hiu bt thng. Th k thnh vin (Member Clerks): l nhng ngi th k ca nh to lp th trng hay nh mi gii trn sn, h c nhim v h tr v gip trong vic nhn lnh, kim tra, chuyn lnh giao dch trn sn.

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1.4.1.3 Giao dch v thanh ton V c bn sn giao dch CBOE c th khi qut nh sau: Hnh 1.3 M hnh t chc giao dch quyn chn ca sn CBOE Ngi mua
(1a) (6a) (7a)

Ngi bn Mi gii trn sn ca ngi mi gii ca ngi mua Mi gii trn sn ca ngi mi gii ca ngi bn
(1b) (6b) (7b)

Mi gii ca ngi mua

(2a)

(5a)

SN GIAO DCH QUYN CHN

(3)

(2b)

(5b)

Mi gii ca ngi bn

(8a)

(4)

(8b)

Cng ty thanh ton ca ngi mi gii ca ngi mua (1a)(1b) (2a)(2b) (3) (4) (5a)(5b)

(9a)

Trung tm thanh ton

(9a)

Cng ty thanh ton ca ngi mi gii ca ngi bn

Ngun: Qun tr ri ro ti chnh Ngi mua v Ngi bn ch th cho nh mi gii ring ca mnh tin hnh mt giao dch quyn chn. Ngi mi gii ca ngi mua v ngi bn yu cu nh mi gii trn sn ca ca cng ty mnh thc hin giao dch. Cc nh mi gii trn sn gp g trn sn giao dch quyn chn v thng nht gi c. Thng tin v giao dch c bo cho trung tm thanh ton b tr. Nh mi gii trn sn thng bo gi cho ngi mi gii ca ngi mua v ngi bn.

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(6a)(6b) (7a)(7b) (8a)(8b) (9a)(9b)

Ngi mi gii ca ngi bn v ngi mua thng bo gi v cho ngi bn v ngi mua. Ngi mua (ngi bn) k gi ph quyn chn cho ngi mi gii. Ngi mi gii ca ngi mua v ngi bn k gi ph quyn chn v tin k qu cho cng ty thanh ton ca mnh Cng ty thanh ton ca ngi mi gii ca bn mua v bn bn k gi ph quyn chn v tin k qu cho trung tm thanh ton b tr

Nm 2002, CBOE chuyn i thnh cng t h thng u gi th cng sang h thng sn giao dch lai ghp (Hybrid Trading System), bng phng thc ny, cc thnh vin giao dch trn sn c th s dng giao dch in t t ng song song vi phng thc u gi cng khai th cng. H thng giao dch lai ghp c CBOE xy dng mt cch linh hot, n c th thch ng vi mi nhu cu v thay i ca th trng, dn n khi lng khch hng v giao dch qua h thng ngy mt tng cao. Ngoi ra, CBOE cng xy dng thnh cng h thng to lp th trng t xa (Remote Market Making) v p dng giao dch vo ngy 26/04/2005, cho php t chc, hnh thnh cc nh to lp th trng v tin hnh giao dch qua mua bn hp ng quyn chn t khp ni trn th gii, nhm mc ch m rng qui m giao dch v thanh ton vt ra khi khu vc. Trong nm 2005, h thng ny thu ht hn 197 thnh vin tham gia v t c 20% khi lng giao dch mi ngy qua sn CBOE. Mi ngy, cc phin giao dch s c thc hin thng qua cc h thng sn giao dch in t t ng (Exchanges Rapid Opening System) v sn giao dch ghp (Exchanges Hybrid System) bi cc nh to lp th trng, nh mi gii trn sn v nhn vin gi s lnh. Thi hn giao dch phi c m bo song song vi th trng chng khon c s. Trnh t giao dch c sp xp theo th t nguyn tc u tin theo thi gian o hn gn nht ca cc hp ng quyn chn. Nguyn

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tc khp lnh c u tin cho gi tt nht, nu cc lnh cng gi th u tin cho lnh gii hn c ng k trong s ca nhn vin gi s lnh, sau l thi gian t lnh v 3 gi 15 pht chiu i vi cc hp ng quyn chn ch s. Vic giao dch khp lnh lun c gim st v xc nhn ca cc nhn vin iu hnh sn giao dch. Lnh mua phi xc nh nh to lp th trng, nh mi gii, m chng khon c s, loi hp ng quyn chn, thi gian o hn, gi thc hin, gi chuyn nhng, khi lng giao dch, tn cng ty thanh ton v c cung cp n cc thnh vin giao dch c lin quan trn sn. Cc thng tin ny s c cng b trn sn trong vng 90 giy. Mi thnh vin trn sn u c thng bo n cng ty thanh ton b tr quyn chn. Cc thng tin bao gm: loi hp ng, chng khon c s, gi thc hin, s lng hp ng, thi gian o hn, ph giao dch, nh mi gii, ti khon giao dch, thi gian mua bn, xc nhn ca thnh vin cng ty thanh ton lin quan v mt s thng tin khc. Cng tc giao nhn chng khon c s, thanh ton hp ng quyn chn u phi thng qua cng ty thanh ton b tr v tun theo nguyn tc giao dch ca cng ty thanh ton b tr. Khi n ngy o hn hay ngi s hu hp ng yu cu thc hin, Cng ty ngh khch hng bn mua np s tin tng ng vi gi tr hp ng i vi quyn chn mua c phiu, hoc chng khon c s i vi hp ng quyn chn bn, sau yu cu khch hng bn quyn chn np c phiu c s hay tin mt tng ng tin hnh chuyn giao. Nu mt bn vi phm ngha v thc hin chuyn giao hoc thanh ton th Cng ty s x l theo lut Chng khon v qui nh ca Cc d tr lin bang. 1.4.1.4 C ch gim st y Ban Qun l Kinh doanh Chng khon (Exchanges Business Conduct Committee) c quan qun l cc nh kinh doanh chng khon M- qun l cc thnh vin hot ng trn sn giao dch CBOE, ng thi chu s gim st ca y ban Chng khon Hoa K (Securities Exchange Commission). CBOE phi tun th

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theo lut Chng khon nm 1934 v chu s iu chnh bi cc nguyn tc ca Cc d tr lin bang (Federal Reserve Board) Ngoi ra, Sn giao dch CBOE cng thit lp cc b phn nhm gim st hot ng trn sn gm: B phn gim st th trng: c chc nng m bo tnh tun th theo lut v nguyn tc ca cc giao dch. B phn kim tra: c chc nng thanh tra, kim tra, theo di cc hin tng vi phm v t cch hot ng, cc giao dch bt thng ca cc thnh vin theo qui nh ca y ban chng khon v Cc d tr lin bang. Cc nhn vin gim st c th m cc cuc thanh tra nhng thnh vin hoc c nhn vi phm cn c vo nhng ngun thng tin ng tin cy. Kt lun ca ban thanh tra s c trnh n y ban qun l kinh doanh chng khon c quan ny ra quyt nh x l theo cc hnh thc: cnh co, pht, gii hn chc nng hot ng hoc thm ch nh ch hot ng ca cc thnh vin trn sn. 1.4.2 Sn giao dch Chng khon Tokyo TSE 1.4.2.1 Lch s hnh thnh v pht trin Sn giao dch chng khon Tokyo (TSE) c thnh lp ngy 01/01/1878. T khi thnh lp cho n nm 1988, TSE ch giao dch hng ha chng khon n thun, mi cho ti ngy 03/09/1988 TSE bt u tin hnh giao dch cc hp ng tng lai v giao dch cc hp ng quyn chn ch s chng khon Tokyo vo nm 1989. Ngy 18/07/1997, TSE a vo giao dch cc hp ng quyn chn chng khon da trn 166 c phiu c s ca cc cng ty Nht. Ngy 09/04/2001, TSE phi hp vi Cng ty Standard & Poor, chn ra 150 chng khon c s c thanh khon cao nht thi by gi lm danh mc chun v tin hnh giao dch cc hp ng quyn chn ch s chng khon S&P/TOPIX 150 Sn giao dch chng khon Tokyo c nh gi l sn giao dch chng khon v cc hp ng phi sinh hng u Nht Bn v Chu . Khi lng giao dch cc hp ng quyn chn v hp ng tng lai qua sn TSE pht trin tng

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vt vo gia thp nin 1990 v tr thnh mt trong nhng th trng nng ng vi tnh thanh khon cao. Ngoi ra, TSE cn giao dch cc hp ng tng lai, quyn chn ti sn. 1.4.2.2 T chc sn giao dch Sn giao dch cc sn phm phi sinh c t chc giao dch chung vi sn giao dch chng khon c s v vy c cu t chc, ban iu hnh sn giao dch cc hp ng quyn chn, hp ng tng lai cng ng thi l c cu t chc, iu hnh ca sn giao dch chng khon Tokyo, bao gm : Ban gim c: c quyn ra cc chnh sch qun l, quyt nh cc vn quan trng lin quan n hot ng trn sn, c trch nhim qun l sn giao dch, Ban gim c gm 12 thnh vin hoc t hn, trong c 6 thnh vin nm ngoi h thng sn giao dch nhm tng tnh minh bch v khch quan cho cng tc qun l, iu hnh. y ban b nhim v bi thng: c chc nng xem xt b nhim, min nhim hay xc nh trch nhim bi thng ca gim c. Nhn vin mi gii trn sn: c chc nng thi hnh cc lnh mua bn nhn c t nh u t hay khch hng. y ban t vn: c trch nhim t vn, h tr Ban gim c trong vic ra quyt nh v phng thc qun l iu hnh. y ban ny bao gm y ban cu trc th trng, y ban iu l v y ban k lut. Kim ton c lp: c nhim v kim ton tt c cc hot ng giao dch trn sn nhm m bo tun th cc qui nh ca php lut. Kim ton ni b: c nhim v kim tra, pht hin v ngn nga cc hot ng trn sn vi phm cc nguyn tc, qui nh ca sn giao dch. 1.4.2.3 C ch giao dch Cc hp ng quyn chn trn sn TSE c giao dch theo nguyn tc u gi, kt qu giao dch c xc nh theo trnh t u tin v gi v thi gian t lnh. C hai cch xc nh gi giao dch:

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- Xc nh gi ng ca v m ca ca cc phin giao dch trn c s xc nh mc gi hp l nht t ghi nhn tp trung cc lnh giao dch. - Gi giao dch c xc nh trong sut cc phin giao dch theo nguyn tc u tin v gi v thi gian t lnh. Nu khng c lnh mua no c khp th TSE s ngh cc mc gi cc bn tham gia giao dch Khch hng phi m ti khon giao dch ti cc thnh vin trn sn TSE trc khi tin hnh giao dch hp ng quyn chn. Trc khi t lnh, khch hng phi k qu vo ti khon v y quyn cho cc thnh vin giao dch thng qua ti khon ny. Nu s tin k qu khng p ng c gi tr giao dch hoc ngha v thanh ton, khch hng phi k qu b sung ngay ngy hm sau. Tt c cc giao dch hp ng quyn chn v hp ng tng lai trn sn TSE c thc hin thng qua cc Thnh vin giao dch tng hp. Tt c cc lnh v qu trnh khp lnh u c thc hin thng qua h thng giao dch in t t ng (Computerized order Routing and Execution System for Futures and Options CORES-FOP), cc lnh giao dch s c nhp vo h thng t cc my trm ca cc thnh vin giao dch thng qua h thng my vi tnh ni mng vi S giao dch, c th c m phng sn TSE nh hnh 1.4 n thi hn thanh ton, nu khch hng mun thc hin hp ng th phi ch nh cho cc thnh vin giao dch trn sn trc 16 gi ca ngy giao dch, cc thnh vin c trch nhim thng bo vic thc hin cho sn giao dch thng qua h thng CORES-FOP trc 16 gi 15. Sau , TSE s ch nh thnh vin c lin quan trn sn thc hin chuyn giao chng khon v thanh ton tin tng ng vo ngay ngy hm sau thng qua h thng thanh ton

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Hnh 1.4 M hnh t chc giao dch quyn chn ca sn TSE

Nh giao dch

Bng in t

H thng cng giao dch H thng thng tin th trng

CORES-FOP

H thng thanh ton

H thng thng tin th trng

Thng tin ra cng chng Ngun: www.tse.or.jp

1.4.2.4 C ch gim st Sn giao dch TSE vn hnh trn c s mt h thng cc iu l ca sn giao dch v lut chng khon Nht Bn. Bn cnh cn c mt h thng kim sot ni b gim st cc hot ng, t cch ca cc thnh vin iu hnh v cc thnh vin giao dch nhm m bo tun th tt c cc qui nh, pht hin nhng vi phm, gian ln, iu chnh kp thi nhng vn mi pht sinh, m bo tnh an ton cho th trng v gim thiu ri ro cho cc nh u t. H thng kim sot ni b c chia thnh cc b phn gn lin vi chc nng v nhim v ca chng, gm: B phn qun l cng ty thnh vin B phn gim st th trng B phn nim yt B phn gim st tun th Quyn chn chng khon l mt sn phm phi sinh cn kh xa l i vi cng chng u t trn th trng chng khon Vit Nam. Tuy nhin, i vi cc nc pht trin th n l mt sn phm khng th thiu c trn th trng chng khon, lch s cng nh du thi k m th trng sn phm chng khon phi

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sinh pht trin qua mt c th trng chng khon c s, chng t kh nng v u im gh gm ca n i vi th trng ti chnh ng i. T khi quyn chn chng khon c chun ho, xy dng mt cch quy m v bi bn, th trng sn phm bc cao ny th hin tnh hiu qu v nng ng ca mnh song song vi th trng chng khon c s. Quyn chn c phiu m ra cho cc nh u t mt th gii phong ph nhng chin thut y th v, da trn s thch, tnh nhy bn v thng minh ca mi ngi. Quyn chn c khng nh l mt cng c phng nga ri ro ht sc hiu qu, p ng c hu ht mi khu v ca cc nh u t v kinh doanh, c bit i vi nhng ngnh ngh, chng loi hng ho mang nhiu yu t ri ro.

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Chng 2

THC TRNG CA TH TRNG CHNG KHON VIT NAM

2.1 NH GI THC TRNG TH TRNG CHNG KHON VIT NAM 2.1.1 S thng trm ca th trng chng khon Vit Nam Th trng chng khon Vit Nam ra i rt mun mng so vi cc nc trong khu vc v th gii (nm 1990 Hunggary - Th trng chng khon Budapest; nm 1992 Trung Quc - Th trng chng khon Thng Hi; nm 1993 Ban Lan - Th trng chng khon Varsovie v Tip Khc Th trng chng khon Praha). Th trng chng khon nc ta mi n nm 2000 mi c hnh thnh, s ra i mun mng gn lin vi qu trnh ci cch ti chnh v c phn ho din ra ht sc chm chp to nhiu h ly khin h thng ti chnh Vit Nam kh p ng xu th hi nhp v m ca nn kinh t, trong bao gm cng tc hnh thnh v pht trin cc sn phm ti chnh phi sinh. K t khi ra i Trung tm giao dch chng khon Thnh ph H Ch Minh ngy 28-7-2000, khi mi c 2 c phiu c giao dch vi tng s vn 270 t ng v 6 cng ty chng khon thnh vin. Hn 6 nm u, mc vn ho ca th trng mi ch tng ln 0,5 t USD. Vi nm gn y mc vn ha ca th trng chng khon Vit Nam tng t bin, thng 12-2006 t 13,8 t USD (chim 22,7% GDP) v n cui thng 4- 2007, t 24,4 t USD (chim 38% GDP), tng hn 1400 ln so vi nm 2000, v nu tnh c tri phiu th t mc 46% GDP. S lng doanh nghip nim yt tng 704% so vi nm 2000. Vn u t gin tip nc ngoi (FII) vo th trng chng khon Vit Nam cng c s gia tng ng k. Tnh n nay, cc nh u t nc ngoi vo khong 4 t USD. Theo d tnh, quy m ca th trng cn tip tc c m rng do cc doanh nghip nh nc c phn ho s tip tc nim yt vo nm 2007-2008 trong

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c Ngn hng Ngoi thng Vit Nam, Ngn hng Cng thng Vit Nam, Ngn hng u t v Pht trin, Ngn hng Nng nghip v Pht trin Nng thn Vit Nam vi s vn ln ti hng ngn t ng. Ch s VN-Index cng chng minh s tng trng nhanh chng ca th trng. Nu trong phin giao dch u tin ngy 28-7- 2000, VN-Index mc 100 im th thng 3 - 2007, ch s ny t mc k lc trn 1.170 im v sau mt vi thng gim st, hin nay VN-Index ang dao ng xung quanh ngng 1.000 im (n gia thng 5-2007 ln 1.060 im), tng hn 10 ln so vi nm 2000. im qua tnh hnh th trng chng khon Vit Nam ngay t ngy u thnh lp n ngy 09/08/2007, biu bin ng ca ch s VN-Index v khi lng giao dch th hin nh sau: Hnh 2.1: S ch s VN-Index t ngy 28/07/2000 n ngy 09/08/2007

ngun: www.vietstock.com.vn T phin giao dch u tin ngy 28/07/2000, th trng chng khon Vit Nam th hin tnh hp dn ca mt mi trng u t mi khi ch s VN-Index lin tc tng t 100 im ln 571,04 im trong phin giao dch th 137 ngy

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25/06/2001, vi tng khi lng khp lnh l 2,681 triu c phiu, t gi tr 23,571 t ng, nh du nh im ca t st nng ln th nht trn th trng. Tuy nhin ngay sau , s phn khch ca nh u t nhanh chng chuyn thnh ni m nh kinh hong khi ch s VN-Index bt u tut dc khng phanh trong sut giai on t thng 07/2001 n thng 10/2001, bt u thi k m m ca th trng chng khon Vit Nam trong mt thi gian di t thng 11/2001 cho n thng 10/2005. Trong giai on ny, mc nh du s khng hong c th hin trong phin giao dch th 652 ngy 24/10/2003 vi tng gi tr giao dch trn th trng ch cn 1,782 t ng. Vo nhng thng u nm 2006, th trng chng khon Vit Nam chuyn mnh tng tr li, VN-Index t hn 300 im cui nm 2005 tng lin tc n 623,69 im phin giao dch 1276 ngy 25/04/2006, nh im ca t st th hai cn cao hn t st th nht vi nhiu chuyn bin tch cc ca th trng. Tng khi lng c phiu c giao dch trong phin ny l 37,767 triu c phiu, tng ng 314,238 t ng. VN-Index sau cng nhanh chng h nhit v ch cn 399 im vo ngy 01/08/2006 lm chao o cc nh u t trong v ngoi nc. Sau s kin Vit Nam chnh thc l thnh vin th 150 ca t chc Thng mi Th gii (WTO) vo thng 11/2006 tc ng mnh m ln th trng chng khon. Mt ln sng u t mi ca cc nh u t nc ngoi t vo th trng chng khon Vit Nam v cng vi s phn khch qu mc ca nh u t trong nc y ch s VN-Index ln mc k lc mi l trn 1.000 im. nh im ca t st th ba l phin giao dch th 1495 ngy 12/03/2007 vi VN-Index t 1.170,67 im, khi lng c phiu giao dch trong phin ny l 13,34 triu c phiu, tng ng vi gi tr l 1.180,99 t ng Tip tc ip khc thng trm, VN-Index sau cng ln xung xoay quanh ngng 1.000 im, vo nhng ngy u thng 07/2007 sau khi cc t chc ti chnh ln nh Merrill Lynch v HSBC a ra nhng bo co khng my lc quan v th trng chng khon Vit Nam tc ng n tm l ca nh u t,

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y ch s VN-Index tip tc gim mnh v xung thp nht l 883,9 im vo ngy 06/08/2007 phin giao dch th 1596. S lng cc nh u t mi tham gia th trng ngy cng ng, tnh n cui thng 12- 2006, c trn 120.000 ti khon giao dch chng khon c m, trong gn 2.000 ti khon ca nh u t nc ngoi. S lng cc nh u t c t chc cng tng ln ng k, hin c 35 qu u t ang hot ng ti Vit Nam, trong 23 qu u t nc ngoi v 12 qu u t trong nc. Ngoi ra, cn c gn 50 t chc u t theo hnh thc u thc qua cng ty chng khon. H thng cc t chc trung gian trn TTCK hnh thnh v pht trin nhanh chng. Tnh n nay, trn th trng c 55 cng ty chng khon, tng mnh hng nm, vn iu l bnh qun t 77 t ng/cng ty. Ngoi ra, cn c s tham gia ca 18 cng ty qun l qu, 41 t chc tham gia hot ng lu k chng khon, 6 ngn hng lu k. S ra i ca Lut Chng khon (c hiu lc t ngy 01-01-2007) to khung php l cao cho TTCK pht trin v vic thnh lp S giao dch chng khon TP.HCM gp phn thc y kh nng hi nhp vo th trng ti chnh quc t ca TTCK Vit Nam. 2.1.2 M hnh t chc sn giao dch chng khon ti S giao dch chng khon thnh ph H Ch Minh hin ti S giao dch chng khon Thnh ph H Ch Minh ra i trn c s chuyn t Trung tm giao dch chng khon Thnh ph H Ch Minh vo ngy 10/08/2007, l mt th trng chnh thc, tp trung, l ni din ra cc hot ng mua bn cc loi chng khon. Hot ng da trn cc nguyn tc trung gian, u gi v nguyn tc cng khai. Hot ng ca trung tm t th Hai n th Su hng tun. Phng thc khp lnh kt hp gia khp lnh nh k ( xc nh gi m ca v ng ca) v khp lnh lin tc. p dng bin giao ng gi chng khon trong qu trnh giao

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dch, vi bin cho php l +/- 5% so vi gi ng ca ngy hm trc. M hnh t chc sn giao dch chng khon c th khi qut bng s sau: Hnh 2.2: M hnh t chc giao dch chng khon ti S giao dch chng khon Thnh ph H Ch Minh
Ngi bn Ngi mua 7b 1b

1a

7a

Cty chng khon

Cty chng khon

6a

2a

2b

6b

Nhn vin cc cng ty chng khon ti sn giao dch

Nhn vin cc cng ty chng khon ti sn giao dch

3a
H thng khp lnh

3b

5a 4
Bn in

5b

Trung tm thanh ton b tr chng khon

Trong : 1a, 1b: Nh u t t lnh bn, lnh mua ti cc cng ty chng khon. 2a, 2b: Cng ty chng khon a lnh vo sn cho nhn vin cng ty chng khon ti sn. 3a, 3b: i din ca cc cng ty chng khon ti sn nhp lnh vo h thng. 4 sn. : H thng tng hp lnh v a ra kt qu giao dch 5a, 5b: Thng bo kt qu cho nhn vin ca cc cng ty chng khon ti

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6a, 6b: Nhn vin ti sn thng bo kt qu cho cng ty chng khon ca mnh. 7a, 7b: Cng ty chng khon thng bo n khch hng. 2.2 CC YU T RI RO TRN TH TRNG CHNG KHON VIT NAM 2.2.1 Tm l v trnh ca cng chng u t Cc t st gi cui nm 2006 v ko di cho n u nm 2007 cho thy phn no tnh hp dn ca mt th trng non tr v to ra mt ln sng u t n u vo th trng chng khon Vit Nam. Nhng nh u t tin phong c cng lm bt ln th trng trong giai on u hu nh tho ngh, gm nhng ngi v t chc trong v ngoi nc c kinh nghim, c tim lc ti chnh v nhy bn, c mc tiu v chin lc r rng v ch ng, c mc tiu l u t di hn. Tuy nhin trong qu trnh xy dng v ti c cu cho danh mc u t ca mnh h v tnh to ra tnh trng cnh tranh mua, v lm cho th trng bt u nng ln Nh l qui lut, th trng si ng v gi tng lin tc y nhanh chng cun ht nhng nh u t mi, l i b phn cng chng ang nm gi s vn nhn ri kh ln, km theo l vic th trng bt ng sn ng bng sut thi gian di, mun th thch thi vn trn th trng chng khon c mc li nhun hp dn, tham gia d dng. Tm l u t theo s ng ni bt trn th trng chng khon th c im ny bc l r nht trong nhm cng chng nh th ny. Khng chp nhn vic thua l trong ngn hn, cng vi vic mua bn n thun ch da vo cm tnh v xu hng th trng, iu tt yu s xy ra khi th trng o chiu l s c mt ln sng bn tho c phiu, l nguyn nhn chnh gy ra xu th t gim gi trn th trng, nh hng n s pht trin bn vng ca th trng chng khon. Theo nhn nh ca cc chuyn gia, trong s hn 200.000 ti khon m ti cc cng ty chng khon hin nay, c l khng qu 1/5 s ngi c kin thc v hiu bit su sc v th trng chng khon, do nh hng ca tm l by n ln s bin ng d di ca ch s VN-Index l rt ln. Theo bo co ngy

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05/07/2007 ca Merill Lynch th ch s VN-Index tng 85% trong hai nm 20042005, tip tc tng 145% trong nm 2006 v tng 35% trong 7 thng u nm 2007 nhng tnh ring 3 thng u nm 2007 li tng ti 55%. Nh vy, iu ny cho thy th trng chng khon Vit Nam ang bc vo giai on iu chnh v ri ro cho nh u t trong giai on ny l rt ln. i vi nh u t thiu kinh nghim v trnh , dng nh cch mua bn chng khon thin v mua cao v bn thp thng qua vic mua nhanh ch gi ln l bn nhanh v s gi cn gim. nhm u t ny, kh nng phn tch tnh hnh ti chnh, nh gi cc ch s hot ng ca doanh nghip cn rt hn ch, a n nhng lnh giao dch ca h v tnh lm cho th trng chao o, tuy trong thi gian ngn nhng cng phn no lm mt phng hng ca cc nh u t c v to ra tm l e d cho cc nh u t mi mun tham gia vo th trng. Vic nghin cu, nh gi gi tr c phiu i hi nhng kin thc nht nh v u t ng mc. Vi kh nng hn ch ca mt s nh u t khi tham gia vo th trng hng ha bc cao ny, dn n vic u t t theo xu hng th trng, kt qu tt yu l gnh ly thua l. 2.2.2 Ri ro t cc quy nh v cht lng dch v ca cc sn, trung tm giao dch v cng ty chng khon V yu cu c th i hi bt buc phi thng qua cc t chc trung gian, mi gii trong kinh doanh chng khon, nn cc nh u t chng khon c th phi chu nhng ri ro lin quan n cc quy nh, quy trnh nghip v v cht lng dch v ca cc t chc trung gian ny, in hnh l cc ri ro lin quan n vic t chc khp lnh v phn l giao dch c phiu trn th trng chng khon c t chc. - Hnh thc khp lnh nh k gy ri ro cho nh u t v h khng th hy ngang lnh t mua, bn trc khi kt thc phin khp lnh, bt chp nhng bin ng mi bt li trn th trng cho h, nu h khng mun chu pht v s thay i quyt nh ny. Khp lnh nh k cng c th gy ri ro cho nh u t v d gy tnh trng cung cu o trn th trng v c tnh trng nghn mch, qu ti

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hoc phn bit i x theo kiu b ri nh u t nh cc sn, trung tm v cng ty chng khon. Tuy vy, vic khp lnh nh k c th to c hi nh u t gim bt thit hi khi hy lnh t sau khi khp lnh i vi cc chng khon cn d cha x l ht trong phin giao dch gn nht m h tham d. - Khp lnh lin tc l giao dch trn c s khp lin tc cc lnh mua bn chng khon ngay khi lnh c nhp vo h thng giao dch, khng phi ch n thi im nh k nh kiu khp lnh nh k. Trong nguyn tc x l khp lnh lin tc ny th quyn u tin lun dnh cho cc lnh mua c mc gi cao hn v cc lnh bn c mc gi thp hn. Trng hp cc lnh mua v bn c ng mc gi th quyn u tin s dnh cho lnh nhp vo h thng giao dch trc. Vic t chc khp lnh lin tc cho php cc nh u t t lnh thn trng, chnh xc hn, c gii quyt nhu cu mua bn nhiu hn, nhanh chng, bnh ng hn v gim thiu tnh trng cung cu o trn th trng chng khon. Bn cnh nhng u im trn, vic khp lnh lin tc c th gy ri ro cho nh u t theo 2 cch: hoc ri ro v lnh mua bn ca h b nhp vo h thng chm hn so vi cc nh u t khc c lnh tng t nn khng thc hin c sm hoc ht cc lnh t (thc t Thnh ph H Ch Minh khi khp lnh nh k thng ch khp c khong 60% s lnh c nhp vo h thng); hoc ri ro v h buc phi mua bn bng ht cc chng khon t lnh theo mc gi th trng thi im hin hnh cao (khi mua vo) hoc thp hn (khi bn ra) so vi mc lnh t. S d c s ri ro ny l v trong quy trnh khp lnh lin tc s dng loi lnh th trng gi tt l MP. Lnh ny c ngha l lnh mua ti mc gi thp nht (sn) hoc lnh bn ti mc gi cao nht (trn) trn th trng. Nu sau khi so khp lnh theo nguyn tc trn m khi lng t lnh ca lnh MP vn cha thc hin ht, th MP s c xem l lnh bn ti mc gi thp hn tip theo hin hnh trn th trng. Do thc hin nguyn tc u tin khi khp lnh l: bn mc gi thp, mua mc gi cao, nn thit hi cho nh u t t lnh bn s cng ln nu gi bn c ngy mt gim trong qu trnh khp lnh ny v lnh mua s

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khp s lng bn vi bt k gi no cho n khi s lng. Khi , nh u t d b lm vo tnh trng mua vo gi trn v bn ra gi sn. Trong khp lnh lin tc, hiu lc lnh ca nh u t trong nc c tnh t khi lnh c nhp vo h thng cho n khi kt thc ngy giao dch, hoc b hy b. Ring i vi nh u t nc ngoi, nu lnh mua nhp vo h thng khng c khp, hoc ch c khp mt phn vo thi im, th s b hy, sau nh u t mun mua th phi tip tc t lnh tr li. Cc nh u t nh l trn th trng chng khon cn c th phi i din vi cc ri ro gn vi s iu chnh quy nh v s lng giao dch c phiu thc hin, c th t mc 10 c phiu trc y, nng ln ti thiu 100 c phiu mi l giao dch trong qu trnh khp lnh lin tc Thnh ph H Ch Minh. Cc ri ro i vi nh u t nh l s c th gm: - Khng th x nh cc khon u t nh trc, v b ht trng vo mt gi. - Khng c c hi mua cc hng - chng khon tt v chng ch c giao dch theo l ln. - Chu thit hi do phi l ngi bn l, mua l vi gi thp hn (ti 10%) so vi cc nh u t c s lng c phiu l quy nh, trong khi h cng khng c c hi mua l thm c phiu (gi s c 90) lm trn 100 c phiu cho l theo quy nh. - Chu nhiu cnh phn bit i x khc khi th hng cc dch v chng khon nu vn mun l ngi trc tip u t, khng mun thng qua cc qu u t i chng, qu tn thc v cc cng ty chng khon 2.2.3 Thng tin th trng thiu minh bch Ra i cch y trn 200 nm, bt chp nhng thng trm ca cc ngnh, ngh, sn phm kinh doanh khc, kinh doanh chng khon ngy cng tr thnh mt b phn khng th thiu c ca nn kinh t hin i vi c trng c bn l kinh t thng tin. Him c hot ng kinh doanh no m s thnh bi ca nh u t li gn b mt thit, thm ch ph thuc vo s a dng, h thng, ton din, cp nht

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v chnh xc cc thng tin c lin quan trc tip v gin tip nh u t chng khon. Nh u t chng khon lun lun tm kim mi thng tin, k c nhng tin n. Trong s h, ai l ngi nm c nhiu, nhanh, chnh xc thng tin, ngi s d dng chin thng v chim th thng phong, gim thiu nhng ri ro cht ngi do m m thng tin. Kh nng lng nghe, phn tch c v cc chiu thc v c ngh thut tung tin n, gy nhiu trn th trng chng khon ca cc i gia kinh doanh chng khon, hay ca bn thn cc cng ty, t chc pht hnh chng khon, l bin php c hiu nh u t t bo v mnh, trnh nhng cm by v ri ro gn vi cc loi thng tin m o trn th trng c th ny. Mt bo co ti chnh hoc co bch cha c kim ton, thm nh bi cc t chc c lp, chuyn nghip, c uy tn v trnh chuyn mn cao; mt thng tin n chm hoc b ct xn khng y , khng chnh xc v hot ng kinh doanh ca cng ty pht hnh c phiu, v mi trng php l v v cc nh u t khc trn cng sn chi, hoc n gin l v tnh hnh thi tit hay dch bnh no u c th tr thnh u mi trc tip gy ra cc thit hi khn lng cho nh u t chng khon. Nhn nh t pha cc cng ty chng khon, t trc n nay hu ht cc cng ty ny ch nhn thng tin nh hng th trng hoc cc thng tin v cc cng ty nim yt t trung tm chng khon di dng th. Bn thn cng ty mun x l thm nhng khng dm v s khin trch. Thc t, khng c cng ty chng khon no dm phn tch nhng ri ro hoc li nhun km ca doanh nghip c c phiu nim yt. Do vy, nh u t phi t phn tch, nhn nh, ra quyt nh u t v vai tr t vn ca cc cng ty chng khon b trit tiu. Mc khc, gii u t cho rng, bo co hng thng theo yu cu ca y ban Chng khon khng c ngha do mc sai s ca cc ch tiu tm tnh, ngay c bn co bch hoc bo co ti chnh ca cc cng ty nim yt cng khng r rng v thng khng phn nh ng thc cht hot ng ca cng ty hin nay.

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2.2.4 Th thut lm gi ca gii u c Th trng chng khon gn y xut hin tnh trng lm gi v to ra cung cu gi to thao tng gi trn th trng khin nhiu nh u t hoan mang. Th trng chng khon Vit Nam cn non tr c th v nh mnh t mu m cho gii u c chng khon kim li da vo s km hiu bit v tm l by n ca nh u t trong nc. Sau y l nhng th thut thng s dng: Mua gi trn to tm l hng phn: Khi mun bn mt loi c phiu no vi gi trn, cc nh u c ch cn t mt lnh mua gi trn vi khi lng kh ln, nhng sau hy lnh. Cc nh u t khc trn sn s sp by khi nh u c ny dng ti khon khc (trong h thng ti khon ca mnh) bn ra dn c phiu ny cho n khi no t c li nhun mong mun. Bn gi sn to tm l hong lon: y l cch m nh u c thng s dng khi h mun mua c phiu no gi sn, ch cn t lnh bn c phiu ny gi sn vi khi lng ln, c th a lnh vo cui phin hay hy lnh, ng thi dng ti khon khc mua li s c phiu ca chnh mnh va bn v mua thm c phiu ca cc nh u t khc bn mc gi r hn. Ri inh che gi mua tht: l th thut mua c gi tt nu khng mun mua gi trn. Bng cch t 3 lnh 3 mc gi mua cao nht, mi lnh ch mua mt vi l v khi cc lnh mua khc b che khut, v bng in t ch cho php hin 3 mc gi mua cao nht. Pha sau nhng thng s gi trn bng in t l cc giao dch thc s ca nhng nh u c th trng. Ri inh che gi bn tht: Ngc li, cc nh u c s t 3 lnh bn 3 mc gi sn thp nht v lm cho cc lnh bn khc b che khut hon ton, t c th bn c gi tt, nu khng mun bn gi sn. 2.2.5 H thng qun l, gim st th trng cha hiu qu Th trng chng khon Vit Nam hin nay chu s iu chnh bi Lut chng khon s 70/2006/QH ngy 29/06/2006 v c hiu lc ngy 01/01/2007, ngh

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nh 17/2007/N-CP ngy 19/01/2007 qui nh chi tit thi hnh mt s iu ca Lut chng khon, ngh nh 36/2007/N-CP ngy 08/03/2007 v x pht vi phm hnh chnh trong lnh vc chng khon v th trng chng khon cng vi mt h thng cc thng t, qui ch hng dn ca B Ti chnh. Lut chng khon ra i, cng vi cc vn bn hng dn lut chng khon l mt bc tin quan trng ca th trng chng khon Vit Nam. Tuy nhin s pht trin ca th trng chng khon hin nay ang t ra mt s vn phi x l nh: gi mt s c phiu tng lin tc mc cao; cht lng dch v ca cc t chc ti chnh trung gian, hot ng t vn, gim st, nh gi c phn nim yt, cht lng v qun l thng tin cn hn ch; cc quy nh v qun l, kim sot th trng m bo pht trin bn vng cn thiu v cha ng b; s ch ng ca cc b, ngnh chc nng cng nh s phi hp lin ngnh thc hin qun l, kim sot th trng chng khon cha tht tt; nng lc qun l gim st th trng ca U ban Chng khon cn yu. iu ny tt yu dn n mt s tiu cc trn th trng chng khon trong thi gian va qua nh: tnh trng lm gi, to nhu cung cu gi to, cung cp thng tin sai s tht, m thng tin, mua bn ni gin, khng tun th qui trnh t lnh cc cng ty chng khon lm tng nguy c lng on th trng v lm thit hi rt ln cho nh u t, m c bit l nh u t nh l. Trong thi gian va qua c nhng tnh trng c mt khi lng mua bn rt ln t cc t chc c tim lc mnh v ti chnh, gy ra nhng cn chao o gi c, nhng nhng nh qun l khng kh nng hoc khng c cng c pht hin. iu ny chng t rng, khi lng tin v c phiu c mua bn khng nm trong mt, hai ti khon m nm trong nhiu ti khon ny c th cng hot ng trong mt phin giao dch. Tnh trng mt c nhn c th m nhiu ti khon giao dch ti cc cng ty chng khon khc nhau l ph bin nhng c quan qun l li cha c kim sot c vn ny. Bn cnh , rt kh xc nh u l hnh vi mua bn thng thng, u l hnh vi mua bn gi to, vi phm lut trn th trng chng khon. Vic xc nh

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cc hnh vi thao tng gi trn th trng rt phc tp, ngay c cc nc c th trng pht trin. Do vy mun Lut Chng khon c kh nng thc thi cao th cn phi quan tm nhiu n vic o to chuyn mn cho i ng qun l, thanh tra, gim st. 2.2.6 Ri ro t cc chn ng th trng trong v ngoi nc Cc nh u t chng khon (nht l cc nh u t nh, l) c th phi gnh chu nhiu ri ro lin quan n cc chn ng th trng trong nc hoc nc ngoi, bi: Cc tro lu mua, bn chng khon theo tm l m ng, y cm tnh v xc cm, lm ph v cc quy lut vn ng bnh thng ca th trng. Cc hot ng u c, tung tin n tht thit, gy nhiu thng tin v t nh bng, thi gi hoc thm ch la o v thng ng c t chc ca mt s nh u t chuyn nghip c tim lc ti chnh v sc mnh khc to nn ng thi thng, trm ca th trng trc li. Cc chn ng th trng khc t nc ngoi (cuc khng hong ti chnh tin t nhng nm cui thp k 80 ca th k XX chu l mt th d in hnh). Ngoi ra, cc nh u t cn chu cc ri ro lin quan n ng thi chnh sch ca Chnh ph, chng hn nh: chnh sch 2 gi trong pht hnh c phiu (gim gi t 20-40% cho cc nh u t chin lc hoc cn b, cng nhn vin ca cng ty c phn ha ln u); nhng thay i trong chnh sch t gi, lm pht, t l nm gi c phn trong cng ty c phn ca cc nh u t chin lc, cc nh u t nc ngoi; chnh sch xut nhp khu, c quyn hoc cc quan h quc t song phng - a phng v.v.. Cui cng, ri ro ln nht v cng l ngun ci ca mi ri ro trong u t chng khon l sai lm do thiu hiu bit, thiu k nng tng hp, phn tch v phn ng th trng mt cch nhy bn, chnh xc ca bn thn nh u t vnh vin qua ri nhng c hi ngn ngi v cc o tng v kinh doanh chng

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khon tht d chu v hp dn: mua chng khon vo, p chiu, i gi ln mt chiu ri khi cn tin th bn ra. S pht trin ca kinh t thng tin, kinh t tri thc i hi v cho php phi tri thc ha cc hot ng kinh doanh, trong c kinh doanh chng khon, u t chng khon thc s ch nc, li nh. 2.3 S CN THIT CA VIC P DNG QUYN CHN CHNG KHON VO GIAO DCH TRN TH TRNG CHNG KHON VIT NAM 2.3.1 To ra cng c bo v nh u t Th trng chng khon Vit Nam giai on gn y c nhiu s bin ng ln, tc tng trng kh nhanh, gi chng khon tng gim t bin, th trng lc th nng, lc th lnh bt thng v c cc nh qun l nh gi c tim n ri ro rt cao cho cc nh u t, m c bit l cc nh u t c nhn nh l, do nhu cu v quyn chn cng tr nn cp bch. Nu c cng c quyn chn chng khon th nh u t s khng b hong lon khi th trng o chiu v h mua bo him v gi. 2.3.2 a dng ha c hi kinh doanh cho cc nh u t ti chnh trong v ngoi nc Th trng chng khon Vit Nam gn y pht trin rt nhanh c v lng ln v cht nhng xt v qui m th vn cn nh so vi cc nc trong khu vc v th gii. Vic cho ra i cc sn phm phi sinh chng khon s c ngha thit thc cho xu hng gia tng s lng v cht lng hng ha, a dng ha cc loi hng ha trn th trng chng khon, cng ng ngha vi vic gia tng cc c hi u t trn th trng chng khon Vit Nam. Vic pht trin quyn chn chng khon s to thm cho th trng mt tng lp u t mi, k c nhng nh u t vn t cng c th mua quyn chn. Thay v phi b ra mt khon tin ln u t c phiu, sau i gi c phiu tng cao ri bn hng chnh lch th vic u t vo quyn chn ch b ra mt khon tin nh tr ph quyn chn nhng c th c mt hp ng quyn chn vi s

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lng c phiu rt ln v nu xu hng th trng din bin thun li th cng c th kim c mt khon chnh lch ln t hp ng ny. Quyn chn chng khon rt ph hp vi nhng ngi c c thu nhp khim tn, thn trng vi ri ro, vn u t ban u tng i t. Tim nng pht trin quyn chn trn th trng chng khon Vit Nam l rt ln v ph hp vi phn ln nh u t nh trong nc hin nay. 2.3.3 Thc y s pht trin ca th trng chng khon Th trng quyn chn chng khon pht trin da trn s pht trin ca th trng chng khon, nhng khi th trng quyn chn pht trin s tc ng ngc li th trng chng khon. K vng gim thiu ri ro v tm kim li nhun thng qua cc hp ng quyn chn chc chn thu ht thm nhiu nh u t v lm gia tng mc cu v chng khon, hon thin c cu hng ha, giao dch, lm tin cho s pht trin th trng chng khon Vit Nam trong tng lai. u t vo th trng chng khon vn cha nhiu ri ro, khi m quyn chn pht trin nh u t chng khon s bt u nhn thc v p dng chin lc phng nga bng quyn chn, dn tr nn khn ngoan v mnh dn vn u t vo chng khon, v hnh chung thc y th trng chng khon pht trin 2.3.4 Thu ht dng vn u t gin tip nc ngoi vo Vit Nam K t thng 11/2006 cng vi s kin Vit Nam gia nhp WTO, gii u t ti chnh quc t nhn nhn TTCK Vit Nam l mt th trng mi ni nhiu tim nng trong trung di hn v tnh thanh khon ngy cng c ci thin. Hin c khong 4.400 nh u t nc ngoi tham gia u t trn TTCK Vit Nam trong c mt s nh ch ti chnh quc t ln nh: JP Morgan; Merryll Lynch, Citigroup Global Group, HSBCv hin ang nm gi khong 25-30% s lng c phiu ca cc cng ty nim yt. Ti thi im hin nay c khong 206 t chc nc ngoi ng k tham gia th trng vi lng vn u t khong 5 t USD.

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Hnh 2.3: Giao dch mua bn chng khon ca cc nh u t nc ngoi t thng 11/2006 n thng 06/2007

Ngun: Bo co th trng qu 2/2007 ca VCBS K t thi im Vit Nam gia nhp WTO vo thng 11/2006, cc nh u t nc ngoi tch cc mua vo i vi cc c phiu nim yt trn th trng. C th thy ti cc thi im t thng 11 nm 2006 n thng 2 nm 2007, nh u t nc ngoi tng mnh mua vo vi cc c phiu trn th trng, gp phn y th trng tng trng mnh trong giai on t thng 11/2006 n thng 3 nm 2007. Ti mc nh ca th trng thng 3 nm 2007, cc nh u t nc ngoi thc hin bn ra nhiu hn mua, hin thc ho li nhun. Trong giai on suy thoi t thng 4 n thng 7 nm 2007, cc nh u t nc ngoi vn tip tc mua vo, vi gi tr mua cao hn bn. Tuy nhin, hin nay nhiu c phiu blue chips trn sn TP. HCM ht room, nn cc nh u t nc ngoi khng th mua vo cc c phiu ny, do lng mua ca cc nh u t nc ngoi gim.

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Bng 2.1 Gi tr giao dch ca nh u t nc ngoi n v (USD) Tng gi tr 12 thng (t thng 6/2006-6/2007) Trung bnh thng Mua 2.236.288.988 186.357.416 Bn 1.145.513.419 95.459.452 Chnh lch mua bn 1.090.775.570 90.897.964

Ngun: Trung tm Giao dch chng khon TP.HCM Trong vng 12 thng qua, cc nh u t nc ngoi b ra hn 2,2 t USD mua cc loi c phiu trn th trng nim yt HoSTC v thc hin bn ra 1,1 t USD, chnh lch mua bn l 1,09 t USD. Trung bnh mt thng cc nh u t nc ngoi mua vo 186 triu USD, v bn ra 95 triu USD. Giao dch mua bn ca nh u t nc ngoi bnh qun chim 28% gi tr giao dch th trng trong 12 thng qua. C th ni, cc nh u t nc ngoi vi kin thc v kinh nghim c vi tr rt quan trng, thc y s tng trng ca th trng trong sut thi gian qua. Hnh 2.4

Ngun : Bo co th trng qu 2/2007 ca VCBS

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Trong thi gian qua, cc qu u t nc ngoi lin tc huy ng thm vn u t vo th trng Vit Nam. Hot ng ca cc qu u t nc ngoi rt a dng, cc lnh vc c cc qu u t nc ngoi u t l th trng chng khon, cc cng ty OTC, bt ng sn, cc cng ty t nhn v tham gia cc t u gi IPO cc doanh nghip nh nc c phn ha. i vi cc cng ty nim yt, cc nh u t nc ngoi lin tc mua vo cc c phiu mnh v vn cn room. Trong sut giai on th trng gim va qua, cc c phiu PVD, VNM, DHG, IMP, DMC, KDC, NKD, TAC vn c cc nh u t nc ngoi mua vo lin tc, cc c phiu nhm cng ty Kinh , c phiu dc vn lin tc ln gi trong thng 6 v thng 7 va qua. Lng vn ca cc qu u t nc ngoi huy ng u t vo th trng Vit nam vo khong 5 t USD, y l mt s tin rt ln v dnh cho cc t IPO cc doanh nghip ln ti Vit Nam. Tuy nhin, hin c kh nhiu c phiu nim yt ti sn TP. HCM c room dnh cho nh u t nc ngoi ht nh AGF, BMP, SAM, TAY (u 49%), STB (30% - ngnh ngn hng ch c 30%) hoc sp ht room nh BT6 (48,96%), CII (48,98%), SJS (44,98%),VNM (46,26%). Do , cc qu u t nc ngoi khng th gii ngn vo Blue chips ny. Sc p gii ngn vi cc qu nc ngoi l rt ln v cc qu u t ang mong ch ng thi m ca hn na th trng t Chnh ph Vit nam. Nh vy, trong thi gian ti cng vi l trnh hi nhp ca nn kinh t, Chnh ph cn xem xt vi nhng lnh vc nc ngoi c php u t 100% vn c th nng t l s hu ca nh u t nc ngoi ti cc cng ty nim yt ln hn 49%. Vic m room vi cc cng ty nim yt s c tc dng khi thng dng vn FII t nc ngoi, thc y th trng chng khon pht trin cng nh nng cao hiu qu hot ng ca cc cng ty nim yt. 2.3.5 Nng cao tnh cnh tranh ca th trng chng khon Vit Nam Mt trong nhng ng thi trc mt cn lm l Vit Nam phi a th trng chng khon tr thnh mt th trng c tnh cnh tranh cao v cng bng. thc hin c yu cu ny cn thit phi a th trng chng khon vo xu

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th hi nhp. Trong xu th hi nhp quc t, vic xy dng th trng cc cng c phi sinh m trong quyn chn chng khon l vic ht sc cn thit. Tuy nhin vi qui m th trng cn nh nh hin nay, vic a vo giao dch cc chng khon phi sinh s lm nng cao tnh cnh tranh ca th trng, a dng ha sn phm, s tng cung, kch cu cho th trng, lm cho th trng tr nn si ng thu ht cc nh u t trong v ngoi nc tng bc a th trng chng khon Vit Nam ha mnh vo dng chy ca th trng ti chnh trong khu vc ng Nam ni ring v Chu ni chung Trong 2 nm tr li y, th trng chng khon Vit Nam pht trin kh nhanh, c cc chuyn gi nh gi l mt trong nhng th trng chng khon pht trin nhanh nht th gii, c s quan tm rt ln ca cc nh u t trong v ngoi nc, gp phn quan trng cho vic huy ng vn pht trin nn kinh t t nc. Tuy nhin, xt v qui m th th trng chng khon nc ta vn cn nh b so vi cc nc trong khu vc v th gii. Qu trnh pht trin ca th trng chng khon cng tri qua nhiu giai on thng trm v tim n nhng ri ro rt ln cho nh u t m c bit l nh u t nh l. V vy, y l lc chng ta cn phi trin khai cc cng c ti chnh phi sinh ni chung m trong quyn chn chng khon ni ring vo giao dch trn th trng chng khon Vit Nam nhm mc ch to ra cng c bo v nh u t trc s thay i bt thng ca th trng, ng thi cng gp phn a dng ha sn phm, a dng ha hnh thc u t, nng cao tnh cnh tranh ca th trng chng khon trong qu trnh hi nhp.

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Chng 3

KH NNG P DNG QUYN CHN CHO TH TRNG CHNG KHON VIT NAM
3.1 NH HNG PHT TRIN TH TRNG QUYN CHN VIT NAM TRONG NHNG NM TI 3.1.1 nh hng pht trin th trng chng khon Vit Nam trong nhng nm ti Th trng vn Vit Nam ang giai on u ca s pht trin, th ch v cu trc th trng ang tng bc hon thin, quy m th trng ang tng nhanh, c bit trong thi gian va qua. n nay, th trng vn Vit Nam bc u thit lp c h thng th trng c t chc ca Nh nc, bao gm y cc yu t: c ch vn hnh, c quan qun l, h tng th trng, h thng cc t chc pht hnh, cc nh u t, cc trung tm hot ng trn th trng. V c bn, th trng c qun l theo lut php, trn nguyn tc cng bng, cng khai, bo v li ch hp php ca nh u t. Quy m tuy cn nh, nhng tc pht trin ca th trng t mc kh nhanh, ch tnh n ht nm 2006, tng lng vn huy ng cho u t pht trin thng qua hnh thc pht hnh tri phiu t 109.000 t ng cc loi; c gn 200 DNNN c phn ho t chc u gi cng khai qua trung tm giao dch chng khon vi tng gi tr t gn 13.000 t ng. V giao dch chng khon, n nay c 200 cng ty thc hin nim yt ti hai trung tm giao dch H Ni v TP H Ch Minh, tng gi tr vn ho t khong 22,7% GDP nm 2006, tng xp x 20 ln so vi thi k cui nm 2005; c trn 400 loi tri phiu c nim yt vi tng gi tr t khong 70.000 t ng, chim 7,7% GDP. H thng nh ch trung gian ti chnh c thit lp, ngoi s cc ngn hng thng mi, cc t chc ti chnh, k ton, kim ton tham gia cung cp dch v trn th trng, th s lng cc cng ty chng khon, cng ty qun l qu tng mnh; nh u t c trong v ngoi nc cng tng rt nhanh. Theo thng

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k, hin ti c 55 cng ty chng khon, 18 cng ty qun l qu u t chng khon c cp php hot ng vi tng s vn iu l ln ti 4.335 t ng. S cng ty cung cp dch v k ton, kim ton ln ti 120 n v, vi trn 1000 ngi c cp chng ch kim ton vin hnh ngh. Mt trong nhng mc tiu ca n pht trin th trng vn Vit Nam n 2020 do B Ti chnh xut, va c Th tng ph duyt l th trng vn s chim khong 70% GDP. n cng t ra mc tiu n nm 2010, tng gi tr vn ha th trng phi t 50% GDP. Trong n ca B Ti chnh cng a ra mc tiu huy ng vn cho u t pht trin qua th trng vn t khong 16% GDP v mc tiu ny s tng gn gp i vo nm 2020, khong 30% GDP. n ht thng 6/2007, tng gi tr vn ha th trng c phiu nim yt t khong 300.000 t ng (20 t USD), chim khong 31% GDP so vi tng gi tr vn ha cui nm 2006 l 14 t USD, chim khong 22,7% GDP. Trong khi , vn ha ca th trng tri phiu bng 8% GDP. Nh vy, tng gi tr vn ha th trng chng khon t gn 40% GDP. Nm 2010, Chnh ph t mc tiu huy ng ngun vn gn 140 t USD, trong c khong 65% vn trong nc, cn li l vn nc ngoi. Th trng vn vi th trng chng khon l trng tm s l knh huy ng ln thc hin mc tiu. Theo nh gi ca B Ti chnh, trong thi gian qua, mc d th trng pht trin kh nhanh, nhng quy m th trng vn cn nh, cht lng cha cao, hng ho km a dng; tnh cng khai, minh bch ca th trng cn hn ch; s lng cc nh u t chuyn nghip cha nhiu. Cng tc qun l, gim st cn nhiu bt cp trn c phng din iu hnh v m v gim st th trng, thiu h thng kim sot ri do cho th trng; nng lc cng ch thc thi ca c quan qun l gim st i vi cc hot ng trn th trng va thiu, va yu. Mt trong nhng hn ch khc l lng vn cng nh cc giao dch trn th trng t do ang chim phn ln, trong khi cc yu cu cng khai, minh bch rt hn ch phn no tc ng tiu cc n th trng c t chc, thm ch cn tim n l do bt n nh cho c h thng ti chnh. Mt khc, trong thi gian va qua, nht l giai on

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t cui nm 2006 n thng 3/2007, tnh trng nh nh u t chng khon, u t theo phong tro trong khi ngun cung hng ho cha p ng to ra hiu ng mt cn i cung - cu, lm cho gi chng khon b y ln cao, thm ch vt khi gi tr thc ca doanh nghip; th trng c t chc v c t do c lc nng - lnh bt thng Theo th trng Trn Vn T, hin ti B Ti chnh a ra nm nhm mc tiu ch yu m bo mc tiu pht trin th trng vn n nm 2010 v nh hng 2020. Th nht, pht trin v s lng, nng cao cht lng, a dng ho cc loi hng ho p ng nhu cu ca th trng. lm c vic , Chnh ph cng nh cc B, ngnh cn y nhanh tc c phn ho cc doanh nghip, cc tng cng ty, ngn hng thng mi nh nc, gn vic c phn ho DNNN vi vic nim yt trn th trng chng khon. Thc y cc doanh nghip c phn ho c iu kin phi thc hin nim yt, ng thi cn xem xt bn bt phn vn nh nc ti cc cng ty c phn khng thuc din Nh nc nm gi c phn chi phi. i lin vi cc bin php , cn a dng ho cc loi hnh tri phiu trn th trng, bao gm: tri phiu Chnh ph, tri phiu th, tri phiu doanh nghip, pht trin cc sn phm chng khon nh: quyn chn mua, chn bn chng khon, hp ng tng lai, hp ng k hn, cc sn phm lin kt, cc sn phm t chng khon ho ti sn v cc khon n. Th hai l hin i ho th trng vn, hon chnh v cu trc, qun l, gim st bi nh nc, to ra kh nng lin kt vi cc th trng khu vc v quc t. Th ba, pht trin cc nh ch trung gian v dch v th trng, thc y vic tng s lng, nng cao cht lng hot ng v nng lc ti chnh ca cc cng ty chng khon, cng ty qun l qu, cc cng ty u t chng khon; a dng ho cc loi hnh dch v cung cp trn th trng, nng cao tnh chuyn nghip, cht lng cc dch v. ng thi, cc c quan hu quan cng s nghin cu thnh lp cc t chc nh mc tn nhim ti Vit Nam, cho php cc t chc nh mc tn

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nhim c uy tn ca nc ngoi c thc hin hot ng nh gi, nh mc tn nhim ti Vit Nam. Th t, tp trung khuyn khch cc nh ch u t chuyn nghip nh: ngn hng, cc t chc ti chnh, bo him cng tham gia u t trn th trng; thu ht ngun vn dn c u t thng qua cc qu; khuyn khch vic thnh lp cc qu u t nc ngoi u t di hn vo th trng trong nc. Th nm l hon thin h thng khun kh php l thng nht, ng b, p ng yu cu qun l, gim st v hi nhp vi th trng vn khu vc, quc t. i lin vi , tng bc s p dng cc tiu chun gim st th trng theo thng l quc t; tng cng vic thanh kim tra, gim st tun th php lut ca cc thnh vin; tng cng nng lc gim st, cng ch thc thi ca cc c quan gim st th trng. V pha Nh nc cng s thc hin vic cng c b my, nng cao nng lc ca c quan qun l, gim st vi th trng vn v s nghin cu thnh lp c quan gim st dch v ti chnh c lp thng nht gim st i vi cc hot ng dch v ti chnh. c bit, s nghin cu bin php qun l vn cht ch trong nhng trng hp cn thit trn nguyn tc c th ch ho, cng b cng khai cho nh u t v s ch c p dng khi c nhng nguy c nh hng an ninh ca h thng ti chnh, m bo cho th trng vn Vit Nam ni chung v th trng chng khon ni ring tng bc i vo qu o pht trin n nh, hn ch c nhng tc ng ln do yu t u c hay lng lon th trng ca cc nh ch ti chnh ln. 3.1.2 Kh khn v thch thc trong vic p dng quyn chn chng khon vo giao dch trn th trng chng khon Vit Nam Trong l trnh cam kt m ca th trng ti chnh ni chung v th trng chng khon ni ring theo tin trnh m phn gia nhp T chc Thng mi Th gii (WTO) th vic m ca th trng l mt bc i bt buc. Vic chp nhn cc nh u t nc ngoi tham gia vo th trng chng khon thc y th trng chng khon pht trin rt mnh m trong thi gian va qua nhng cng ng ngha vi vic chp nhn ri ro gia tng. c th hn ch bt nhng ri cho cc nh u

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t c trong ln ngoi nc khi tham gia vo th trng ti chnh vn rt d v ny, xy dng quyn chn cho th trng chng khon Vit Nam l mt gii php. Tuy nhin, i vi Vit Nam hin nay qu trnh xy dng cc cng c phi sinh s gp khng t kh khn v thch thc. 3.1.2.1 Khung php l cha hon chnh Lut chng khon ra i v c hiu lc t ngy 01/01/2007 c s ng gp tch cc cho s pht trin ca th trng chng khon trong thi gian va qua v th hin quyt tm ca Chnh ph cho vic pht trin v n nh ca th trng chng khon. Vn lin quan n chng khon phi sinh th trong Lut cng mi ch cp n nhng cha c s bao qut ton b hot ng ca lnh vc ny. Mt khc, n thi im hin nay th vn cha c vn bn no di lut cp hng ho phi sinh trn th trng chng khon. Thm vo , cc chun mc k ton v kim ton Vit Nam vn ang trong qu trnh iu chnh, sa i cho ph hp vi tiu chun quc t, tuy nhin vn cha c cp n cch hch ton cc cng c phi sinh ny. 3.1.2.2 H tng k thut cha p ng c nhu cu hin ti Th trng chng khon Vit Nam mi ra i hn 7 nm, xt v qui m v b dy lch s r rng khng th snh kp vi cc nc pht trin. Tuy c p dng nhng cng ngh tin tin, hin i trong giao dch chng khon nh giao dch qua in thoi, internet, ...nhng h tng k thut nhn chung cha p ng c nhu cu ca a s nh u t. Tnh trng nghn mch thng xuyn xy ra, mt s trang web giao dch trc tuyn thng xuyn b qu ti vo gi giao dch cao im. Cha c s u t ng b v cng ngh thng tin gia S giao dch chng khon v cc cng ty chng khon thnh vin iu ny tt yu dn n nhng trc trc v mt k thut trong qu trnh kt ni. Sn giao dch khng nhn lnh trc tip t cc cng ty chng khon m phi qua thnh vin i din trn sn nhp lnh vo h thng, nhng s lng nhn vin nhp lnh i din ca mi cng ty chng khon rt t dn n tnh trng qu ti cho nhn vin nhp lnh v lnh giao dch

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chng khon khng nhp ht vo sn giao dch xy ra thng xuyn v iu ny lm thit hi rt ln cho cc nh u t. 3.1.2.3 Nhn thc v trnh ca nh u t trong nc Nu nh t nm 2005 tr v trc, cc nh u t chng khon Vit Nam ch yu l cc nh u t chuyn nghip, c t chc hoc nhng sinh vin, cng chc ng nhim, cn b v nh kinh doanh c kin thc, thng tin v th trng chng khon, th trong thi gian na cui nm 2006 tr li y, c cu cc nh u t t nhn c s thay i, m rng ng k. i ng cc nh u t chng khon bao gm c nhng ngi bun bn nh, cng chc v hu, gio vin, b i, thm ch c nng dn, trong c nhiu ngi cha h c ht mt ti liu l thuyt, mt bn tin chng khon, hoc tham gia mt lp bi dng kin thc th trng chng khon ngn hn no Hin tng gia tng cc nh u t t nhn khng chuyn hoc thiu chuyn nghip nh nu trn l bnh thng v tt yu, dn hnh thnh mt i ng ng o hn cc nh u t chuyn nghip. S gia tng xut pht t ch: th trng chng khon ca Vit Nam mi chnh thc c thnh lp v hot ng trong vi nm gn y. Th trng chng khon ang cn l mi m khng ch vi cc nh u t, m cn c vi bn thn cc nh qun l, cng nh cc nh t chc loi hnh th trng ny. Thm vo , s pht trin ca th trng chng khon va i hi, va cho php cc nh u t t nhn khng chuyn tham gia rng ri v thun li vo hot ng kinh doanh chng khon, khng phn bit h l ai, c vn nhiu hay t. Mc tham gia rng ri ca cng chng u t chnh l mt trong nhng thc o s thnh cng trong pht trin th trng chng khon ca mt nc. S ni lng vic tham gia ca cc nh u t chuyn nghip nc ngoi vo th trng chng khon Vit Nam , ang v s cng kch thch cc nh u t t nhn khng chuyn nghip thm ng lc v ch da nhp cuc chi ny, bi h c th u t kiu n theo, bt chc, hoc thng qua cng ty tn thc do cc nh u t chuyn nghip nc ngoi qun l.

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Khi t l cc nh u t t nhn thiu chuyn nghip t ti mc no trong tng giao dch trn th trng chng khon s c kh nng to ra nhng tim n bt n, thm ch dn n v trong hot ng ca th trng chng khon. Bi l, nhng phn on v phn ng ca h thng nng v cm tnh v tm l m ng, da trn cc mc tiu kinh doanh ngn hn, thm ch mang m tnh u c. Ch cn mt tin n kiu r tai, hoc trc mt hot ng mua bn chng khon ca mt i gia no m h ngm theo di bt chc, cng khin cc phn ng mua - bn chng khon ca h tr nn gia tng t bin, mt th trng m c nhiu nh u t khng chuyn rt d b cc nh u t chuyn nghip thao tng, t lm hn lon cc hot ng trn th trng chng khon v c th lm ly lan sang cc th trng v hot ng kinh t - x hi khc. n lc , ri ro m cc nh u t t nhn gnh chu s khng ch l ri ro do rt gi chng khon do bin ng ca tnh trng sc khe ca cc doanh nghip pht hnh chng khon m h nm gi, m cn l nhng thit hi t s thiu hiu bit v phn ng khng ph hp vi th trng ca mnh. 3.1.2.4 S phc tp trong khu t chc R rng quyn chn chng khon l mt sn phm ti chnh cao cp, cho nn vic xy dng v pht trin th trng giao dch cc sn phm ti chnh ny hon ton khng phi l iu n gin, nht l i vi mt th trng chng khon c qui m cn nh b v cha mang tnh chuyn nghip cao nh th trng chng khon Vit Nam, khi m cc nh u t khng chuyn nghip khng quen vi vic bn cao, mua thp. 3.1.3 Thun li trong vic p dng quyn chn chng khon vo giao dch trn th trng chng khon Vit Nam Ngoi nhng kh khn c nu ra trn th vic p dng quyn chn chng khon cng c nhiu thun li nh sau: 3.1.3.1 Tim nng pht trin ca th trng chng khon rt ln Theo nhn nh ca gii chuyn mn, th trng ti chnh Vit Nam l mt trong nhng th trng pht trin nhanh nht th gii trong nhng nm gn y. c

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bit trong nm 2006, th trng vn v ti chnh Vit Nam t c tc tng trng cao vt bc v nhanh chng tr thnh a im u t hp dn trong con mt ca cc t chc, nh u t nc ngoi. Theo ng Sammy Ho, Gim c Euro Events, n v chuyn t chc cc hi ngh h tr pht trin th trng vn uy tn trn th gii, nhn nh th trng ti chnh Vit Nam ang c bc chuyn bin mi v y cng chnh l l do khin Euro Events t chc mt hi ngh v pht trin th trng vn v ti chnh quy m ln ti Vit Nam vo cui nm qua. Vic Chnh ph Vit Nam quyt tm hon thnh tin trnh chuyn i s hu doanh nghip Nh nc s m ra c hi cho nh u t nc ngoi tm c th trng u t. Song song , vic Vit Nam gia nhp T chc Thng mi Th gii cng to iu kin nn kinh t Vit Nam hp th ht ngun vn u t gin tip v l c hi cc doanh nghip Vit Nam u t, thu ht vn trn th trng th gii. Vic u t theo danh mc thng qua th trng chng khon, th trng vn, c bit s tham d ca cc nh u t nc ngoi lun l nhng xung lc mnh cho pht trin v tng trng ti cc nc ang pht trin Theo cc chuyn gia, hin ti, tim nng tng trng ca nhiu doanh nghip Vit Nam l rt ln, bi xut pht im ca doanh nghip Vit Nam so vi cc doanh nghip nc ngoi cn thp. ng Sammy Ho cho rng chnh iu ny c bit hp dn nh u t nc ngoi. Bn cnh , vic nhiu doanh nghip ang nim yt ti th trng chng khon Vit Nam chun b nim yt th trng chng khon nc ngoi, cng vi tc pht trin vt bc ca th trng chng khon Vit Nam trong hn mt nm qua khin cc nh u t nc ngoi thm quan tm u t vo c phiu ca doanh nghip Vit Nam. Ngoi ra Chnh ph ang y mnh c phn ha doanh nghip Nh nc, gn vi vic nim yt trn th trng chng khon, nhm tng cng kh nng huy ng vn v to tin pht trin th trng chng khon. Theo th trng B Ti chnh Trn Xun H, quyt tm pht trin mi ngun lc ca Chnh ph c th hin rt r qua vic a dng s hu, ch trng pht trin kinh t t nhn v tin

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hnh c phn ha mt cch mnh m. ng H cho bit trong nm nay Vit Nam s tip tc c phn ha 4 ngn hng thng mi ln ca Nh nc cng 71 tp on v Tng cng ty ln. Bn cnh , cng tc phn cp qun l ti chnh cng s c thc hin mnh m v trit hn. 3.1.3.2 thc v ri ro chng khon ca nh u t Vit Nam rt cao Th trng chng khon t khi c hnh thnh cho n nm 2005 c s th ca nh u t trong nc, t c cng chng quan tm bi v h thc c rng c ri ro rt ln khi tham gia giao dch chng khon. Trong thi gian gn y h tham gia t khng phi v h khng cn thc c ri ro m ti v b cun ht t li nhun khng l t u t chng khon mang li v h bt chp tt c ri ro m chp nhn u t. Quyn chn chng khon ra i l cng c phng nga ri ro hu hiu v nu c ph bin rng ri n cng chng th chc chn rng nhng nh u t ny s s dng nhm bo v quyn li cho mnh, h s yn tm hn trong u t chng khon. C nh vy th trng chng khon mi ngy cng thu ht c nhiu nh u t hn m c bit l nhng nh u t c nhn trong nc, ngy cng thu ht c nhiu ngun vn hn cho s pht trin kinh t ca t nc. 3.1.3.3 C s nh hng t cc c quan qun l nh nc Th trng chng khon s l mt knh huy ng vn ln cho s pht trin kinh t ca t nc v vy c cc nh qun l nh nc rt quan tm. Mi y, Chnh ph va ph duyt n pht trin th trng vn Vit Nam n nm 2010 v tm nhn n nm 2020 theo quyt nh s 128/2007/Q-TTg ngy 20/08/2007. Theo quyt nh ny a ra mc tiu pht trin nhanh, ng b, vng chc th trng vn Vit Nam, trong th trng chng khon ng vai tr ch o; tng bc a th trng vn tr thnh mt cu thnh quan trng ca th trng ti chnh, gp phn c lc trong vic huy ng vn cho u t pht trin v ci cch nn kinh t; m bo tnh cng khai, minh bch, duy tr trt t, an ton, hiu qu, tng cng qun l, gim st th trng; bo v quyn v li ch hp php ca ngi u t; tng bc nng cao kh nng cnh tranh v ch ng hi nhp th

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trng ti chnh quc t. Phn u n nm 2020, th trng vn Vit Nam pht trin tng ng th trng cc nc trong khu vc. Phn u n nm 2010 gi tr vn ho th trng chng khon t 50% GDP v n nm 2020 t 70% GDP. Trong n pht trin th trng chng khon Vit Nam cng cp n vic a dng ho cc sn phm trn th trng chng khon, trong c cc sn phm phi sinh nh hp ng tng lai, hp ng k hn v quyn chn chng khon. Cc c quan chc nng s sm hon thin th ch hot ng ca th trng chng khon, tng bc m rng s tham gia ca cc nh u t nc ngoi vo th trng chng khon Vit Nam theo cam kt hi nhp, to iu kin cho cc doanh nghip Vit Nam, trc mt l cc doanh nghip ln, tham gia vo th trng vn quc t. Di gc c quan qun l th trng, B Ti chnh v y ban Chng khon Nh nc s tip tc cc bin php pht trin bn vng th trng vn, th trng chng khon to mt mi trng an ton, cng khai, minh bch v hiu qu cho u t v bo v cc nh u t, ng Nguyn oan Hng, Ph Ch tch y ban Chng khon Nh nc khng nh. 3.1.3.4 Kinh nghim t vic ng dng quyn chn trong giao dch ngoi t v vng Vit Nam Ti Vit Nam, quyn chn mi bt u p dng t ngy 12/02/2003 Ngn hng thng mi c phn Xut nhp khu Vit Nam (Eximbank) nhng ch l quyn chn ngoi t. Sau , bn ngn hng khc trong nc v hai ngn hng nc ngoi cng p dng sn phm ny l Ngn hng u t v Pht trin Vit Nam (BIDV) ngy 20/05/2003; Ngn hng Nng nghip v Pht trin Nng thn Vit Nam (Agribank) ngy 01/08/2003; Ngn hng Ngoi thng Vit Nam (Vietconbank) ngy 19/09/2003; Ngn hng Cng thng Vit Nam (ICB) ngy 25/10/2003; ngn hng Citibank ngy 09/07/2003; v ngn hng Hongkong Shanghai Banking Corp. (HSBC) Chi nhnh Thnh ph H Ch Minh ngy 25/10/2003.

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n nm 2004 th quyn chn vng, quyn chn li sut c trin khai, nm 2005 th quyn chn ng Vit Nam c p dng. Ngoi ra, Ngn hng K thng Vit Nam (Techcombank) cn p dng c quyn chn cho nng sn nh c ph, ca cao, ng, bng vi, ...Vic ng dng cc loi hnh quyn chn trn nh u t Vit Nam bt u lm quen vi vic s dng quyn chn. y l tin quan trng cho s ra i v pht trin ca mt th trng quyn chn chng khon trong tng lai. 3.1.4 nh gi kh nng p ng nhng yu cu c bn cho vic pht trin quyn chn chng khon trong giao dch ti Vit Nam y l thi im chn mui trin khai quyn chn chng khon v tha mn nhng iu kin sau: - Tc pht trin ca th trng chng khon Vit Nam trong thi gian va qua kh nhanh, gi c chng khon tng gim t bin, th trng lc nng lnh tht thng, do nhu cu bo v ri ro bng quyn chn chng khon cng tr nn cp bch. - Tnh thanh khon trn th trng chng khon ngy cng cao, hng ha tng mnh c v s lng ln cht lng, xut hin nhiu cng ty c phn i chng ln, sp ti y s tin hnh c phn ha gn kt nim yt trn th trng chng khon cc cng ty hng u, cc tng cng ty ln nh: cc ngn hng quc doanh (Vietcombank, BIDV, Incombank), tng cng ty Bu chnh Vin thng (Vinaphone, Mobifone), tp on du kh Petrolimex ... - C s tham gia ca cc nh u t nc ngoi c t chc ln c nhn, nh u t trong nc cng rt quan tm n th trng chng khon Vit Nam, theo s liu ca y ban Chng khon n ht thng 06/2007 c trn 200.000 ti khon c m, trong c khong 5.568 ti khon giao dch ca nh u t nc ngoi (5.353 ti khon ca c nhn v 215 ti khon ca t chc), tng 7 ln so vi nm 2005 v 1,5 ln so vi nm 2006. Hin c khong 260 qu nh u t nc ngoi u t vo th trng chng khon Vit Nam vi tng gi tr danh mc u t c

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tnh khong 5 t USD. Ring s ti khon c nhn ca cc nh u t Nht chim hn 70% trong tng s ti khon c nhn ca nh u t nc ngoi. T nhng nh gi v nhn nh trn, chng t th trng chng khon Vit Nam ln c th a quyn chn vo giao dch. 3.2 M HNH T CHC GIAO DCH QUYN CHN VIT NAM M HNH D KIN Trn c s nghin cu m hnh th trng quyn chn ca CBOE, TSE v m hnh t chc sn giao dch chng khon ca S giao dch chng khon thnh ph H Ch Minh, chng ta c th xut xy dng mt m hnh quyn chn chng khon ban u cho th trng chng khon Vit Nam trn c s nn tng hin ti. 3.3.1 Mi trng giao dch Mi trng cho hot ng giao dch ca cng c cp cao ny phi c thc hin trn mt qui trnh giao dch t ng, c vi tnh ha t khu nhn lnh, x l lnh, khp lnh v bo co kt qu. Tt c cc lnh giao dch phi c chuyn trc tip t cc cng ty chng khon vo sn giao dch quyn chn m khng thng qua i in cng ty chng khon ti sn, iu ny s trnh c trng hp b qu ti cho nhn vin nhp lnh ti sn nh hin nay v khng mt nhiu thi gian trong qu trnh chuyn lnh. lm c iu ny cc cng ty chng khon m bo trang b tt c s vt cht, mi trng k thut hin i, c chng trnh phn mm kim tra, kim sot tt khu nhp lnh. 3.2.2 Nh to lp th trng, nh mi gii Vi qui m th trng chng khon cn nh, nu bc u p dng giao dch quyn chn chng khon th cc cng ty chng khon c th va m nhn vai tr nh mi gii ca cc nh u t quyn chn va ng vai tr l ngi to lp th trng. Trong gii hn chc nng ca mnh, cc cng ty chng khon c th t kinh doanh quyn chn nhm to ngun cung cu quyn chn cho th trng phong ph, a dng, to thm thu nhp cho cc cng ty chng khon v y cng l cch phng nga ri ro cho danh mc t kinh doanh chng khon ca cc cng ty ny.

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trnh ri ro cho cc cng ty chng khon cng nh nh u t, c quan qun l th trng cn qui nh tng gi tr ca tt c cc hp ng quyn chn m mi cng ty c th t kinh doanh trn c s phn trm ca vn iu l. 3.2.3 M hnh t chc v phng thc giao dch Th trng chng khon Vit Nam mi ra i vi qui m cn hn ch v trong giai on th nghim quyn chn chng khon v vy sn giao dch quyn chn nn kt hp chung vi sn giao dch c phiu, vi phng thc giao dch cn c n gin ho cc th tc nhm to iu kin thun li cho cc nh u t khi tham gia giao dch quyn chn. M hnh giao dch quyn chn d kin c th pht ho bng s sau: Hnh 3.1 M hnh t chc giao dch quyn chn d kin cho Vit Nam
Nh u t (bn mua) Nh u t (bn bn)

Cng ty chng khon

S giao dch chng khon

Cng ty chng khon

Kt qu giao dch

Bn in

Trung tm lu k, thanh ton b tr

Cng ging nh giao dch mua bn chng khon, nh u phi m mt ti khon giao dch quyn chn ti mt cng ty chng khon v trc khi giao dch nh u t phi k qu tng ng, sau ra ch th cho cng ty chng khon tin hnh thc hin mua hoc bn mt quyn chn c th vi mt mc gi c th hay gi yt trn sn. Cng ty chng khon sau khi nhn c lnh ca nh u t tin hnh kim tra, i chiu vi s d ti khon ca nh u t v nu ph hp vi cc iu kin

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qui nh th nhp lnh vo S giao dch chng khon. Qu trnh ny c th tin hnh thng qua giao dch ti quy ca cc cng ty chng khon, hoc thng qua in thoi hoc giao dch trc tip bng Internet ging nh giao dch mua bn chng khon hin nay. Kt qu giao dch s c thng bo v trung tm lu k - thanh ton b tr v cng ty chng khon cc cng ty ny thng bo cho ngi mua hay bn quyn chn chng khon tng ng. Cc nh u t s k gi ph quyn chn cho cc cng ty chng khon. Sau , cng ty chng khon bn ngi mua v bn s k gi ph quyn chn v tin k qu cho trung tm lu k - thanh ton b tr. n ngy o hn ca hp ng quyn chn, nu ngi mua quyn quyt nh thc hin hp ng th nh u t s thng bo cho cng ty chng khon v tin hnh cc th tc cn thit nh np tin hay giao chng khon tng ng vi hp ng quyn chn. Cng ty chng khon s thng bo ngay cho trung tm lu k thanh ton b tr thc hin cc giao dch thng qua ti khon ca cng ty chng khon m ti trung tm lu k thanh ton b tr. 3.2.4 Ph giao dch, ph thanh ton v hoa hng Ph giao dch v ph thanh ton c vai tr rt quan trng trong vic khuyn khch cc nh u t tham gia giao dch quyn chn chng khon. Khon ph ny tr cho cc cng ty mi gii chng khon c tnh da trn mt gi tr c nh ti thiu v theo t l phn trm trn tng gi tr ca mi hp ng quyn chn. Mc ph ti thiu c nh do sn giao dch, trung tm lu k thanh ton b tr n nh, cn t l phn trm trn mi hp ng quyn chn do cc cng ty chng khon qui nh nhm to s cnh tranh gia cc cng ty chng khon v khon ph ny xem nh l hoa hng mi gii giao dch ca cc cng ty chng khon. i vi cc cng ty chng khon thc hin chc nng nh to lp th trng, s phi np ph cho S giao dch chng khon cn c vo tng hp ng giao dch. Nu cc hp ng quyn chn c thc hin th nh u t phi tr thm mt khon hoa hng cho vic mua bn c phiu. i vi cc quyn chn khng thc hin khi o hn th khng phi tr khon ph hoa hng ny.

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3.2.5 C ch qun l, gim st Qun l v gim st l mt khu kh quan trng trong vic t chc hot ng ca sn giao dch quyn chn chng khon, n quyt nh cho s thnh cng ca sn giao dch quyn chn, bo v quyn li hp php ca nh u t. Vit Nam S giao dch chng khon, y ban Chng khon Nh nc phi thit lp cc qui nh v qui trnh p dng cho tt c cc thnh vin tham gia giao dch quyn chn chng khon trn c s ca Lut chng khon v cc nh hng ca nh nc v pht trin th trng chng khon n nm 2020. Cc b phn ca c ch qun l v gim st c th bao gm: B phn gim st th trng: trc thuc S giao dch chng khon, c nhim v theo di v pht hin cc giao dch bt thng, kp thi ngn chn nhng vi phm hoc bo co ln b phn thanh tra, kim tra tip tc c bin php thch hp B phn thanh tra, kim tra: l mt b phn c lp vi S giao dch chng khon, c nhim v thanh tra, kim tra nhng giao dch bt thng, cc hnh vi thao tng th trng, thao tng gi c, lng on th trng da trn nhng thng tin c cung cp t b phn gim st th trng hoc cng c th da trn nhng du hiu nghi vn c pht hin bng nhng nghip v ring ca mnh. B phn ny c quyn gim st tt c cc hot ng t S giao dch chng khon, cc cng ty chng khon, n cc nh u t. B phn gim st thng tin th trng: b phn trc thuc S giao dch chng khon, c nhim v gim st tt c cc thng tin c cng b lin quan n giao dch quyn chn, kim tra tnh xc thc, tnh kp thi ca ngun thng tin c cng b v c trch nhim cung cp nhng thng tin lin quan n kt qu giao dch quyn chn trn sn ra bn ngoi. B phn x l vi phm: b phn ny cn c vo nhng bo co vi phm c gi ti t cc b phn trn m tin hnh x l theo Lut chng khon, nhng qui nh ca y ban chng khon Nh nc v ni qui ca

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S giao dch chng khon. Sau bo co kt qu cho y ban chng khon Nh nc, cng c th a ra nhng kin, kin ngh ph hp y ban ny xem xt v c th sa i, b sung nhng vn mi pht sinh vo Lut chng khon hay cc vn bn di lut cho ph hp vi s pht trin ca th trng hin ti. 3.3 MT S XUT LM TNG KH NNG P DNG QUYN CHN CHNG KHON TRN TH TRNG CHNG KHON VIT NAM 3.3.1 y mnh cng tc tuyn truyn to nhn thc cho cng chng v cng c quyn chn chng khon. Mt trong nhng nguyn nhn ch yu dn n tnh trng th trng giao dch cc sn phm phi sinh ni chung v quyn chn ni ring ti nc ta cha pht trin nh k vng v vn cn trong qu trnh khi ng th trng l do chng cn qu mi m v xa l i vi cng chng. Chng ta cha nhn thc ht vai tr rt quan trng ca cng c ti chnh phi sinh l bo v nh u t trc s thay i ca gi c trong tng lai. Mt s ngi li cho rng n d sinh ra giao dch bong bng khng cn thit. Nu chng ta mun thnh cng khi trin khai quyn chn chng khon trong thi gian sp ti th bin php u tin l phi y mnh hn na cng tc tuyn truyn, gii thiu quyn chn chng khon cng nh nhng vai tr, cng dng hu ch ca n n vi cng chng nhm xa b nhng e ngi ca mi ngi khi tip cn vi cng c ny, lm cho h thy c s cn thit phi s dng cng c ny t bo v ri ro trc s bin i tht thng ca th trng chng khon Vit Nam hin nay. Cn phi o to, ph cp kin thc cho cng chng di cc hnh thc khc nhau, cng chng u t, cc doanh nghip hiu c cc ni dung ca cng c ny, cc nghip v lin quan, thm ch cn trang b cc kin thc v u t, v ri ro v bin php phng nga cng nh kh nng phn tch d bo tnh hnh bin ng ca th trng chng khon V pha cc nh hoch nh chnh sch trong thi gian va qua cng cha nhn thc chnh xc v y v vai tr v tin ch ca cc cng c ti chnh phi

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sinh ni chung v quyn chn chng khon ni ring. Rt nhiu nh hoch nh chnh sch cho rng th trng ti chnh phi sinh phc v t lc cho hot ng u c v c bc. Pht trin th trng ti chnh phi sinh d dn n tiu cc, gy xo trn, v bt n cho nn kinh t. Tht ra, quan im nh vy cng cha hn sai nhng cha hn ng, v n mang tnh phin din v cha nhn thy ht c tnh hai mt ca vn . V cng c ti chnh phi sinh cha pht trin Vit Nam nn rt nhiu ngi cha nhn thc ht cng dng ca n, t , dn n hiu v s dng sai cng dng v sm qui kt cc cng c ti chnh phi sinh ch phc v cho u c. Tht ra cc cng c ti chnh phi sinh c th s dng cho c hai mc ch u c v phng nga ri ro. Vic s dng n nh th no v vo mc ch g ph thuc vo thi ca ngi s dng i vi ri ro, hn na nu th trng ti chnh hiu qu th ai mun u c lng on th trng cng khng th lm c. Do vy, cc nh hoch nh chnh sch cng khng nn lo ngi qu ng v u c. Trong thi gian ti, cc nh hoch nh chnh sch cn sm v mnh dn cho php v khuyn khch pht trin quyn chn chng khon ni ring v th trng ti chnh phi sinh ni chung da trn s pht trin ng b ca tt c th trng c s bao gm th trng hng ha, th trng chng khon v th trng ngoi hi. Mt khc, r sot li tt c cc vn bn php l b sung, sa i, ban hnh thm nhm to ra khung php l vng chc cho vic qun l th trng ny, sao cho tt c cc bn tham gia giao dch trn th trng u c bnh ng, khng ai c th li dng s km hiu qu ca th trng chin thng ngi khc. Lm c iu ny s thu ht c nhiu nh u t tham gia giao dch. Ngc li, s tham gia ngy cng nhiu ca nh u t gp phn lm cho th trng tr nn dy v hon ho hn, t gp phn lm cho th trng hot ng tr nn hiu qu hn. 3.3.2 Xy dng v hon thin khung php l Trong thi gian va qua th trng chng khon Vit Nam pht trin kh nhanh v pht sinh mt s vn mi vt ra khi s iu chnh ca khung php l hin ti, nhng khung php l vn cha kp sa i b sung cho ph hp vi s pht trin ca th trng. th trng chng khon pht trin tt th yu cu cp

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thit l phi xy dng khung php l hon chnh v ng b vi h thng cc vn bn php quy y , r rng, iu chnh cc mt hot ng ca th trng chng khon gip cho th trng hot ng an ton, bo v c quyn v li ch hp php cho cc ch th tham gia th trng. to iu kin thun li cho cng c quyn chn chng khon ra i th trc ht Chnh ph, B Ti chnh, y ban chng khon Nh nc, cng vi cc c quan qun l th trng chng khon phi tin hnh son tho h thng vn bn qui phm iu chnh nhng hot ng ny. Trc tin c th ban hnh nhng vn bn di lut tm thi iu chnh hot ng mua bn quyn chn chng khon, nhng v lu di phi ban hnh cho c vn bn c tnh php l cao nht l Lut cc cng c phi sinh trong c mt phn iu chnh lnh vc mua bn quyn chn ni chung v quyn chn chng khon ni ring. Khung php l phi ch trng n cc vn c bn sau: Nhng iu khon rng buc ca cc hp ng quyn chn chng khon. a ra cc iu kin i vi chng khon c s c chn giao dch quyn chn. Qui nh v gii hn gi v s lng hp ng quyn chn m nhm trnh hin tng thao tng gi c, thao tng th trng. Yu cu vn, mc k qu v ti sn th chp trnh tnh trng la o, mt kh nng thanh ton. Yu cu v cng b thng tin lin quan mt cch cng khai, minh bch, chun xc v kp thi trn th trng. B sung nhng vn lin quan n th trng chng khon, cc cng c ti chnh phi sinh v nhng vn mi pht sinh vo mt s b lut c lin quan nh Lut hnh s, Lut dn s, Lut chng khon, nhm to hnh lang php l y iu chnh hot ng ca lnh vc ny. Ngoi nhng u im, hp ng quyn chn cn c nhng mt tri nht nh v c th c s dng cho cc mc ch bt chnh nh trn thu, lm sai lch cc bo co ti chnh, lun lch n trnh nhng qui nh v k ton hoc cc qui ch

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v gim st ti chnh ca Chnh ph. V vy, B Ti chnh v cc c quan chc nng cn sm kin ton cc chun mc k ton, ban hnh cc qui nh, hng dn v cch hch ton k ton lin quan n giao dch ca sn phm phi sinh. Trong hng dn cch ghi nhn khon ph giao dch hp ng quyn chn, xc nh thi im kt chuyn li l khon ph ny, cch ghi nhn li l khi quyn chn o hn v.v thng nht cch hch ton v trnh nhng hnh vi tiu cc nh thi phng hay che giu s liu lin quan n cc sn phm phi sinh trn bo co ti chnh. 3.3.3 Sm hnh thnh sn giao dch cc cng c ti chnh phi sinh cc nc pht trin nh M, Anh, c, Nht v Singapore u c sn giao dch cc cng c ti chnh phi sinh tp trung, cng tn ti song song vi sn giao dch khng tp trung thng qua th trng OTC. Thi gian qua giao dch ti chnh phi sinh Vit Nam, ch yu l giao dch phi sinh trn th trng ngoi hi u c thc hin trn th trng phi tp trung, da trn s tha thun gia khch hng v ngn hng thng mi. Vic giao dch phi tp trung nh th ny c nhiu nhc im v lm hn ch nhu cu giao dch ca khch hng, th hin ch: Do khng c th trng tp trung nn chi ph tm kim thng tin v tm kim khch hng thng cao nhng khch hng giao dch li khng nhiu. Kt qu l chi ph giao dch thng cao khin khch hng khng c ng c giao dch. Do khng c th trng tp trung c qun l v iu hnh chuyn nghip bi mt t chc trung gian, tt c cc giao dch phi sinh u thng qua thng lng trc tip gia khch hng v ngn hng. Trong cuc thng lng trc tip ny, khch hng rt e ngi v cho rng h khng mnh v kin thc, chuyn mn, kinh nghim, thng tin v k c qui nh php l c th thng lng giao dch bnh ng vi ngn hng. Do khng c th trng tp trung hot ng nh l mt th trng th cp pht trin mnh nn tnh thanh khon ca cc cng c ti chnh phi

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sinh thp. Khch hng e ngi khi mua cng c phi sinh v rt kh thanh l khi cn. C th cn nhiu l do na cho thy s hn ch nhu cu giao dch do thiu mt th trng hay mt sn giao dch ti chnh phi sinh. Nhng ch vi nhng hn ch cn bn nh va nu trn cng cho thy thi gian ti cc nh hoch nh chnh sch cn mnh dn v sm xc tin vic hnh thnh th trng giao dch cng c ti chnh phi sinh tp trung bn cnh th trng phi tp trung hin c. C nh vy th khi hp ng quyn chn chng khon ra i s d dng c cng chng n nhn. 3.3.4 Xy dng nhng nh giao dch quyn chn chuyn nghip tin phong quyn chn chng khon sm a vo giao dch trn th trng chng khon Vit Nam, trc tin cn xy dng cc nh giao dch chuyn nghip tin phong. Nhng nh u t ny s l nhng ngi i u trong vic p ng cung cu quyn chn trn th trng, l cu ni trc tip gia ngi bn v ngi mua quyn chn, cng ng thi l nh kinh doanh quyn chn chuyn nghip trn c th trng chnh thc ln th trng OTC. Nhng nh giao dch chuyn nghip ny c th l: Cc cng ty c lp Cc cng ty chng khon Cc ngn hng thng mi H s lp ra cc hp ng quyn chn, cho gi bn, cho gi mua cc loi quyn chn v thc hin cc giao dch cho bn, cho mua quyn chn ca khch hng. 3.3.5 Tin trnh xy dng v p dng quyn chn chng khon ti Vit Nam Th trng chng khon Vit Nam ngy cng pht trin ph hp vi xu th m ca v hi nhp ca th gii. Qu trnh m ca th trng chng khon cng c thc hin dn dn theo l trnh cam kt khi m phn gia nhp t chc Thng mi Th gii. V vy, vic nghin cu v p dng quyn chn chng khon vo giao dch trn th trng chng khon Vit Nam cng thc hin theo l trnh

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trn. Tuy nhin, ty theo s ln mnh ca th trng m c bc i thch hp. 3.3.5.1 Giai on t nay n nm 2011 y l giai on m th trng chng khon Vit Nam cn phi xy dng nhng tin , nn tng vng chc chun b m ca th trng theo l trnh cam kt khi m phn gia nhp WTO. Theo nh phn tch trong phn 3.1.4, th trng chng khon Vit Nam ln a cng c quyn chn chng khon vo giao dch ngay. Trong giai on ny, trc tin nn p dng th im quyn chn mua v quyn chn bn c phiu theo kiu Chu u. Trc khi p dng quyn chn vo giao dch ta phi tin hnh cc cng vic thit yu sau: Xy dng c s php l, xy dng qui trnh nghip v v sn giao dch a cng c quyn chn vo giao dch trn th trng chng khon Vit Nam. Xy dng danh mc nhng c phiu iu kin c th lm ti sn c s cho giao dch quyn chn trn c s nh gi nng lc v vn, qui m hot ng, tnh thanh khon ca chng khon trn th trng hin ti. Xy dng t l k qu ti thiu trn mi hp ng quyn chn. T l k qu ph hp s khuyn khch nh u t tham gia giao dch quyn chn, ng thi hn ch ri ro cho ngi s hu quyn chn. T l ny ph hp cho TTCK Vit Nam l khong 30% gi tr ca hp ng nh gi, la chn v cho php nhng cng ty chng khon tim lc ti chnh c t kinh doanh quyn chn chng khon, xy dng mc ti a trn vn iu l m mt cng ty chng khon c th t kinh doanh sn phm ny. 3.3.5.2 Giai on sau nm 2011 K t thi im ny, lnh vc ti chnh c nhiu thay i v phi m ca th trng theo cam kt. y l giai on rt kh khn i vi cc nh cung cp sn phm, dch v ti chnh trong nc v phi cnh tranh vi cc t chc nc ngoi c tim lc ti chnh mnh, c nhiu kinh nghim, c cng ngh tin tin hin i. Tuy

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nhin, giai on ny cng mang lai nhiu c hi mi cho s pht trin ca lnh vc ti chnh ni chung v th trng chng khon Vit Nam ni ring. Trong giai on ny, bn cnh vic giao dch quyn chn c phiu th c th trin khai thm quyn chn ch s chng khon. Ch s chng khon c th l ch s VN-Index hoc mt ch s khc m chng ta t xy dng da trn nhng c phiu hng u trn th trng chng khon Vit Nam. Lc ny, ty thuc vo s ln mnh ca th trng quyn chn v kh nng p ng nhng yu cu c bn v h tng k thut cng nh c s lut php m c th m rng thm loi quyn chn chng khon theo kiu M. Tm li, s pht trin nhanh ca th trng chng khon Vit Nam trong nhng nm gn y p ng nhng yu cu c bn cho vic trin khai quyn chn chng khon. to iu kin thun li cho s ra i ca sn phm ti chnh cao cp ny th cng tc chun b l iu kin tin quyt, m trc mt l phi nghin cu cc m hnh ca nc ngoi xy dng mt m hnh ph hp vi iu kin hin ti ca Vit Nam. Vic nghin cu v ng dng quyn chn vo giao dch trn th trng chng khon Vit Nam c nhng thun li v kh khn nht nh. Song vi quyt tm v n lc ca Chnh ph, quyn chn chng khon s sm c a vo s dng.

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KT LUN
Qua qu trnh xem xt, nh gi tnh hnh hin ti ca th trng chng khon Vit Nam v cc nc, cho thy rng y l thi im chn mui trin khai quyn chn chng khon vo giao dch trn th trng chng khon Vit Nam. Vic trin khai sn phm phi sinh ny khng nhng to ra cng c bo v cc nh u t trc nhng ri ro trn th trng m cn to ra mt mi trng u t mi, mt sn chi mi cho cc nh u t, gp phn nng cao nng lc cnh tranh ca th trng chng khon Vit Nam trong qu trnh hi nhp. chun b cho s ra i ca sn phm ti chnh cao cp ny, trc ht Chnh ph, U Ban Chng khon Nh nc cng vi B Ti Chnh v cc c quan qun l cn phi tin hnh xy dng y c s vt cht, h tng k thut, v.v m c th l phi tp trung vo cc vn c bn sau: Hon thin khung php l cho hot ng giao dch chng khon v cc sn phm chng khon phi sinh. y mnh cng tc nghin cu v ng dng cc m hnh t chc sn giao dch quyn chn nc ngoi vo Vit Nam cho ph hp vi tnh hnh hin ti. Tuyn truyn, ph bin v o to v quyn chn chng khon nhm nng cao kin thc v s hiu bit cho cng chng. Sm hnh thnh sn giao dch chnh thc cc sn phm ti chnh phi sinh Vit Nam. Xy dng nhng nh giao dch quyn chn chuyn nghip tin phong cho th trng quyn chn Vit Nam. Sau cng, do c s gii hn v thi gian nghin cu, trnh , kinh nghim thc tin cn hn ch nn Lun vn cng khng th trnh khi nhng khim khuyt v sai st. Tc gi rt mong nhn c s thng cm v s ng gp ca Qu Thy C v bn c. TP. H Ch Minh, thng 9 nm 2007

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