Chng 5:

TH TRNG NGOI HI
Tng quan v th trng ti chnh quc t
Th trng ngoi hi
Cc nghip v kinh doanh trn th trng ngoi hi
Cc nghip v phi sinh ngoi hi
Th trng ngoi hi ca cc nc ang pht trin
Qun l hot ng ca th trng ngoi hi
Cu hi nghin cu, tho lun v bi tp
Chng 5:
TH TRNG TI NGOI HI
Tng quan v th trng ti chnh quc t

Khi nim v vai tr ca th trng ti chnh quc t
Cc ch th tham gia vo hot ng ca th trng
ti chnh quc t
Cu trc ca th trng ti chnh quc t
Chng 5:
TH TRNG NGOI HI
Khi nim v th trng ti chnh quc t

Nhng ni din ra cc hot ng mua v bn vn
ca ngi c tr v khng c tr

Nhng ni din ra cc hot ng mua bn vn
gia cc ch th thuc cc nn kinh t khc nhau
vi nhau v vi cc t chc ti chnh quc t

Nhng ni din ra s giao lu ca cc lung vn
trn phm vi quc t
Chng 5:
TH TRNG NGOI HI
Vai tr ca th trng ti chnh quc t

L knh rt quan trng giao lu v p ng nhu cu
khc nhau v vn i vi tt c cc ch th ca
nc pht trin v cc nc ang pht trin
Tc ng n lng vn u t ca cc nc tham
gia, do vy tc ng n nhp tng trng kinh
t ca mi nc v nn kinh t th gii
iu tit s dng v nng cao hiu qu cc ngun
lc ti chnh
Thc y hi nhp quc t v ton cu ho
Chng 5:
TH TRNG NGOI HI
Cc ch th tham gia

Cc ch th ca nn kinh t ca cc nc bao
gm:
Chnh ph,
Cc doanh nghip: Cc cng ty a quc gia
(MNCs)
Cc trung gian ti chnh
Cc c nhn
Cc t chc quc t: IMF, WB, ADB, v.v
Cc t chc x hi, v.v
Chng 5:
TH TRNG NGOI HI
Cu trc ca th trng ti chnh quc t

Th trng tin t quc t - Th trng ngoi hi:
Nhng ni chuyn giao nhng khon vn c thi
hn ngn, thanh khon cao p ng nhu cu v kh
nng thanh ton
Th trng vn quc t - Th trng tri phiu v
c phiu quc t: p ng nhu cu u t quc t
ca cc ch th khc nhau
Chng 5:
TH TRNG NGOI HI
Cu trc ca th trng ti chnh quc t

Th trng ngoi hi - c trng ca th trng tin t
quc t
Th trng c phiu - c trng ca th trng u t
quc t
Lu v phm vi nghin cu:
- Nhng hot ng tn dng ngn hn ca cc doanh nghip
xut nhp khu cng nh ca ngn hng
- Mt s hot ng tn dng di hn (cc d n pht trin v
vay n ca chnh ph, v.v)
Chng 5:
TH TRNG NGOI HI
Th trng ngoi hi
Khi nim v trng ngoi hi
Vai tr ca th trng ngoi hi
Cu trc ca th trng ngoi hi
Cc ch th tham gia vo hot ng ca th trng
ngoi hi
Hot ng v cc nghip v kinh doanh trn th
trng ngoi hi
Qun l hot ng ca th trng ngoi hi
Chng 5:
TH TRNG NGOI HI
Khi nim v trng ngoi hi

Ngoi t v ngoi hi
Khi nim v th trng ngoi hi: L ni din ra
cc hot ng mua v bn ngoi t v vn bng
ngoi t
Bn cht ca th trng ngoi hi l th trng
tin t quc t

Chng 5:
TH TRNG NGOI HI
Vai tr ca th trng ngoi hi

C st cung v cu v ngoi t, tho mn nhu cu
khc nhau v ngoi t p ng nhu cu v kh
nng thanh ton, hn ch ri ro trong cc hot
ng kinh doanh ngoi t v bng ngoi t
C s hnh thnh v iu tit t gi
Cng c iu tit s di chuyn ca cc lung vn
ngn hn bng ngoi t

Chng 5:
TH TRNG NGOI HI
Cc ch th tham gia
hot ng ca th trng ngoi hi

Cc i tng khch hng
Cc trung gian ti chnh: Cc sn giao dch, cc
ngn hng thng mi v th ch trung gian ti
chnh khc
Cc c quan qun l ca nh nc
Cc nh mi gii t do
Cc nh u c ngoi t
Chng 5:
TH TRNG NGOI HI
Cu trc ca th trng ngoi hi

Cn c vo s can thip ca Nh nc: Th trng
chnh thc v th trng khng chnh thc cc sn
giao dch, th trng lin ngn hng v th trng
v hnh
Cn c vo tnh cht giao dch: Th trng giao
ngay (Spot transactions) v th trng phi sinh
(Derivatives markets).

Chng 5:
TH TRNG NGOI HI
Hot ng v cc nghip v kinh doanh trn
th trng ngoi hi giao ngay
Hot ng ca th trng ngoi hi
1. c trng hot ng ca th trng ngoi hi
2. Mt s quy nh v hot ng ca th trng ngoi hi
Cc nghip v kinh doanh trn th trng ngoi
hi
1. Cc giao dch giao ngay (Spot transactions)
2. Cc nghip v phi sinh ngoi hi (Derivatives).
Chng 5:
TH TRNG NGOI HI
Cc nghip v trn th trng giao ngay
c trng ca cc nghip v mua bn giao ngay
Cc nghip v trn th trng giao ngay
1. Nghip v mua bn giao ngay
2. Nghip v mua bn khng
3. Nghip v Ac-bit (Arbitrages)
4. Nghip v kinh doanh khc
Chng 5:
TH TRNG NGOI HI
Cc nghip v phi sinh ngoi hi

1. Nghip v mua bn theo hp ng k hn
(Forwards contracts)
2. Nghip v mua bn theo hp ng tng lai
(Futures contracts)
3. Nghip v hon i ngoi t (Swaps)
4. Nghip v mua bn theo hp ng quyn chn
(Options).
Chng 5:
TH TRNG NGOI HI
Th trng tin t chu u
Th trng tin t chu u (European Currencies):
Thc cht l th trng ngoi hi song bao gm c
hot ng tin gi v cho vay, do vy hnh thnh c
ch to tin
C s hnh thnh v pht trin: s hnh thnh cc
ngn hng Eurobanks v European Dollars
Nhng c trng c bn:
Lun gn vi cc trung tm ti chnh ln
Li sut th ni v c s quan trng nht l li sut LIBOR
Hot ng vi nhng li th c bit ca cc Eurobanks
Chng 5:
TH TRNG NGOI HI
Th trng ngoi hi ca cc nc ang pht trin

c trng chung v th trng ngoi hi ca cc
nc ang pht trin
Mt s th trng ngoi hi mi ni
Th trng ngoi hi Trung Quc
Th trng ngoi hi CHLB Nga
Th trng ngoi hi Vit Nam
Chng 5:
TH TRNG NGOI HI
Chng 5:
TH TRNG NGOI HI
Qun l hot ng ca th trng ngoi hi

Mc ch qun l
C quan qun l
i tng qun l
Phng thc qun l

Chng 5:
TH TRNG NGOI HI
Cu hi nghin cu, tho lun v bi tp

1. Th trng ngoi hi: Khi nim, cu trc, vai tr v cc ch
th tham gia
2. Cc nghip v mua bn giao ngay v cc nghip v phi sinh
ngoi hi. ngha ca vn nghin cu i vi vic qun
l th trng ngoi hi Vit Nam
3. Hot ng kinh doanh ngoi t ca cc ngn hng thng
mi Vit Nam
4. Qun l hot ng ca cc th trng ngoi hi mi ni trn
th gii v Vit Nam
5. Bi tp v thc hin cc nghip v kinh doanh ngoi t

II/ Nghip v Acbit giao ngay
1/ Tm c hi Acbit
a/ Gin n (trn 2 th trng)
b/ Phc tp (trn t nht 3 th trng)
2/ ng dng Acbit trong thanh ton xc
nh ti khon sau giao dch: vic p dng
hnh thc thanh ton ly ngoi t thanh
ton cho ngoi t khi khch hng c cc
khon thu chi bng ngoi t.
1/Tm c hi Acbit
a/ Acbit gin n:
Bc 1: Chuyn t gi yt gi theo mt
th trng.
Bc 2: Xc nh chiu mua bn
iu kin:
Db (th trng X)<Dm (th trng Y)
=>c c hi Acbit
a/ Acbit gin n
V d:
Ti A: GBP/USD = 2.0315/55
GBP/EUR = 1.4388/28
Ti B: USD/GBP = 0.4870/10
USD/EUR = 0.7072/16
Tm c hi Acbit vi cc cp ng tin:
GBP/USD; GBP/EUR; USD/EUR
Cp ng tin GBP/USD
cohoiAcbit taiB USD DmGBP taiA USD DbGBP
USD GBP TaiB
USD GBP TaiA



0366 , 2 ) ( / 0355 , 2 ) ( /
0533 , 2 / 0366 , 2
4870 , 0
1
4910 , 0
1
/ :
55 / 0315 , 2 / :
b/Acbit phc tp
Vi s vn ban u, sau khi nghe thng tin
t gi trn cc th trng, tin hnh mua
bn ngoi t c sn
Bc 1: La chn cc phng n kinh
doanh
Bc 2: Tin hnh mua bn cc ng tin
tm kim li nhun Acbit
b/ Acbit phc tp
V d
Ti th trng 1: EUR/USD = 1,4052/40
Ti th trng 2: USD/CHF = 1,1807/74
Ti th trng 3: EUR/CHF = 1,6375/49
ng X c s vn ban u l 150.000 EUR.
Hy thc hin kinh doanh cho ng X v tm
li nhun Acbit cho cc giao dch. Gi s
loi tr mi yu t chi ph.
Bc 1: Cc phng n kinh doanh
Phng n 1:
Bn EUR/USD(TT1) ->Bn USD/CHF(TT2)
->Bn CHF/EUR(TT3)
Phng n 2:
Bn EUR/CHF(TT3) ->Bn CHF/USD(TT2)
->Bn USD/EUR(TT1)
Phng n 1:
Bn EUR/USD theo Dm = 1,4052
=>s USD mua c:150.000 * 1,4052 = 210.780 USD

Bn USD/CHF theo Dm =1 ,1807
=>s CHF mua c: 210.780 * 1,1807 = 248.867,946 CHF

Bn CHF/EUR theo
DmCHF/EUR = 1/DbEUR/CHF = 1 /1,6449 = 0,6079
=> s EUR mua c 248.867,946 * 0.6079 =
151.296,7025 EUR

Li nhun Acbit: 151.296,7025 150.000 = 1.296,7025
2/ ng dng Acbit trong thanh ton
V d 3:Mt cng ty ca Hng Kng (HKD) trong cng mt
ngy nhn c thng bo h c thanh ton khon tin hng
tr gi 50.000 GBP v 3.500.000 SEK ng thi h phi chi tr
45.000 EUR v 1.000.000 CHF. Hy ng dng Acbit trong
thanh ton v xc nh ti khon ca cng ty sau giao dch.
Thng tin trn th trng:
GBP/EUR =1,4388/1,4528 GBP/CHF = 2,4021/2,4240
SEK/CHF = 0,1797/49 HKD/CHF = 0,1521/0,1531

B1:Bn GBP/EUR theo Dm = 1,4388
=>s GBP cn bn l:45.000/1,4388=31.276,0633 GBP
=>s GBP cn l: 50.000 31.276,0633=18.723,9367

B2:Bn GBP/CHF theo Dm=2,4021
=>s CHF c thanh ton:18.723,9367*2,4021=44.976,7683
=>s CHF cn:1.000.000-44.976,7683=955.023,2317

B3:Bn SEK/CHF theo Dm=0,1797
=>s CHF c thanh ton l:3.500.000*0,1797=628.950
=>s CHF cn:955.023,2317-628.950=326.073,2317

B4:Bn HKD thanh ton cho s CHF cn li theo
Dm=0,1521
=>s HKD cn bn: 326.073,2317/0,1521=2.143.808,229 HKD
III/ Nghip v k hn
1/ Tnh t gi k hn
2/ Kinh doanh k hn
Cng thc


mxN T
xN m T b T Dbx
Db Dbkh
1 000 . 36
) 1 2 (

bxN T
xN b T m T Dmx
Dm Dmkh
1 000 . 36
) 1 2 (

Cch yt gi k hn
Thng bo trc tip t gi k hn
Yt gi theo kiu Swap (cng b theo im)
T gi k hn = T gi giao ngay im k hn
- Nu im gi bnim gi mua:
T gi k hn = t gi giao ngay + im k hn
- Nu im gi bn<im gi mua:
T gi k hn = t gi giao ngay - im k hn
Lu
Th trng Anh:
- 1 nm tnh 365 ngy => trong cng thc:
mu s l 36500
- Chuyn ton b li sut cc ng tin khc
v 365 ngy
Th trng thng thng
- 1 nm tnh 360 ngy
- Chuyn li sut ng GBP v 360 ngy
2/ Kinh doanh k hn
V d:
Trn th trng thng bo
T gi giao ngay: USD/CHF = 1,5642/42
T gi k hn 3 thng
USD/CHF = 1,577/1,5887
Li sut th trng 3 thng (theo nm).
USD:4
1/8

4
1/2
CHF: 7 7
1/2
Ph ph NH: 1/8
ng X c s vn ban u l 1.500.000 CHF, hy thc
hin kinh doanh k hn cho ng X.
B1: Mua USD/CHF theo Db giao ngay=1,5742
=>s USD mua c:1.500.000/1,5742=952.864,9473

B2: Gi USD trn th trng tin t 3 thng theo li sut:
4
1/8
- 1/8=4(%/nm)
=>s USD c gc v li sau 3 thng:
952.864,9473*(1+90*4/36000)=962.393,5968

B3: K hp ng k hn bn USD/CHF 3 thng theo
Dmkh =1,577
=>s CHF nhn c sau 3 thng:
962.393,5968*1,5887=1.528.954,707 CHF
S CHF ban u nu em gi ngn hng, sau 3 thng thu
c: 1.500.000*(1+6,875*90/36.000)=1.525.781,25

=>li nhun thu c:
1.528.954,707 1.525.781,25=3.173,457 CHF
IV/ ng dng Acbit trong thanh ton k
hn
- Thc hin giao dch cho cng ty theo t
gi k hn
- Cc trng hp xy ra:
1/ Khng tnh pht sinh qua s d ti khon
2/ Tnh pht sinh qua s d ti khon
3/ ng trc ngoi t b p ri ro li sut
ng dng Acbit trong thanh ton
k hn
Mt cng ty ca Hng Kng(HKD) trong ngy 11.2 nhn c
thng bo sau:
- Trong cng ngy h c thanh ton khon tin hng tr gi
50.000 GBP v 3.500.000 SEK ng thi h phi chi tr 45.000
EUR v 1.000.000 CHF
- 3 thng sau h nhn c 30.000 EUR v phi chi tr 15.000
GBP.
Hy ng dng Acbit trong thanh ton v d bo ti khon trong
3 thng ti cho cng ty (gi thit mi s d khng sinh li
Thng tin th trng:
GBP/EUR =1,4388/1,4528 GBP/CHF = 2,4021/2,4240
SEK/CHF = 0,1797/49 EUR/HKD = 10,8924/10,9705
Li sut th trng 3 thng:
GBP: 9
1/8
- 9
1/4
; EUR: 4 4
1/2
; HKD: 8
3/8
8
5/8
B1: Ti thi im giao ngay ngy 11/2
thc hin giao dch cho cng ty. Tng t
v d phn Acbit giao ngay. Kt thc bc
1, tnh c s HKD cng ty phi bn l
2.143.808,229 HKD
B2: Thc hin giao dch cho cng ty theo
t gi k hn: t ngy 11/2 n 11/5: 89
ngy.
Bc 2
Cng ty bn 3t EUR/GBP:



(T2mGBP=9,125*360/365=9 ; T1bEUR=4,5)

=>S EUR chi thanh ton cho GBP l 15000/0,6958=21.557,9189
=>s EUR cn d:30.000-21.557,9189=8.442,0811
Cng ty bn 3tEUR/HKD:


=>s HKD mua c:8.442,0811*10,9955=92.824,9027



6958 , 0
89 * 5 , 4 000 . 36
89 ) 5 , 4 9 ( 6883 , 0
6883 , 0
89 * T1b 36.000
T1b)89 - Dm(T2m
Dm R/GBP 3

tEU Dm
9955 , 10
89 * 5 , 4 000 . 36
89 ) 5 , 4 375 , 8 ( 8924 , 10
8924 , 10
89 * T1b 36.000
T1b)89 - Dm(T2m
Dm R/GBP 3

tEU Dm
Trng hp 1: khng tnh pht sinh
qua s d ti khon
Ly kt qu bc 1 cng kt qu
bc 2
Trng hp 2:Tnh pht sinh qua s
d ti khon
a/ Kt thc bc 1: ti khon ca cng ty l m: cng
ty phi vay ni t trn th trng tin t thanh
ton cho i tc=>tnh c gc v li phi tr sau N
ngy.
Ly kt qu bc 2 tr i tng gc v li phi
tr

b/Kt thc bc 1, ti khon ca cng ty d tha
=> cng ty gi trn th trng tin t =>tnh c gc
v li nhn sau N ngy.
Ly kt qu bc 2 cng vi tng gc v li
nhn

Trng hp 3: ng trc ngoi t b
p ri ro
p dng vi cc khon thu c k hn.

Bn k hn ngoi t thu c v xin ng trc s tin s
dng ngay p ng nhu cu vn trong kinh doanh cng nh
phng nga c ri ro khi ngoi t c kh nng gim gi.

Cng thc: CE: s tin xin ng trc
C : s tin s nhn c trong tng lai
T : Li sut p dng (li sut vay)
N: s ngy ca k hn


)
TN 36.000
TN
- (1 * C CE

Nghip v Swap
Tnh hung 1: Khch hng ang d
tha mt lng ngoi t v cn mt
lng c nh ngoi t khc

Tnh hung 2: Khch hng ang d
tha mt lng c nh ngoi t v
cn mt lng ngoi t khc
Tnh hung 1: Khch hng cn mt
lng c nh ngoi t
V d: Cng ty X cn 1.000.000 GBP trong 60
ngy, h tm d tha USD. Thc hin giao
dch Swap cho cng ty.
Thng tin th trng:
GBP/USD = 2,0345/15
Li sut 2 thng
GBP: 9 9
1/8
; USD: 4 4
1/4

Tnh hung 1
- Bc 1: Ti J+2, cng ty nhn t i tc
1.000.000 GBP.
Cng ty trao USD theo DbGBP/USD = 2,0415
s USD trao l:
1.000.000*2,0415 = 2.041.500
- Bc 2: Ti J+2+60, cng ty tr
1.000.000 GBP cho i tc v nhn li USD
theo Dswap
Tnh hung 1



Dm = 2,0345; Db = 2,0415
T1b(GBP) = 9,125 * 360 / 365 = 9
T2m(USD) = 4




S USD cng ty nhn li:
1.000.000 * 2,0247 = 2.024.700 USD

60 * 1 000 . 36
60 ) 1 2 (
/
b T
b T m T Dm
Db USD DswapGBP

0247 , 2
60 * 9 36000
60 ) 9 4 ( 0345 , 2
0415 , 2

Dswap
Tnh hung 2: Khch hng c d mt
lng c nh ngoi t
V d: Cng ty X c tm d
1.000.000 GBP trong thi gian 60
ngy, h cn s dng USD. Thc
hin giao dch Swap GBP/USD cho
cng ty
Tnh hung 2
- Bc 1: Ti J+2, cng ty trao cho i tc
1.000.000 GBP.
Cng ty nhn USD theo DmGBP/USD=2,0345
s USD nhn 1.000.000*2,0345 = 2.034.500
- Bc 2: Ti J+2+60 cng ty nhn li
1.000.000 GBP t i tc ng thi tr li
USD theo Dswap
Tnh hung 2



Dm = 2,0345; Db = 2,0415
T1m(GBP) = 9 * 360 / 365 = 8,8767
T2b (USD) = 4,25





S USD cng ty phi tr:
1.000.000 * 2,0189 = 2.018.900 USD

60 * 1 000 . 36
60 ) 1 2 (
/
m T
m T b T Db
Dm USD DswapGBP

0189 , 2
60 * 8767 , 8 36000
60 ) 8767 , 8 25 , 4 ( 0415 , 2
0345 , 2

Dswap