38

CHNG 2. TH TRNG TI CHNH

Cc hp ng bo him cng c th coi nh l cc chng khon swap: i nhng

khon tin ng bo him nh k, ly mt khon tin ln nu m tnh hung no xy
ra. Ti sn th nht l mt dng tin nh k, ti sn th hai l mt loi quyn chn c
iu kin: nu iu g xy ra th s c tr bao nhiu tin, v hai ti sn c i
cho nhau trong mt hp ng bo him.
Trn th trng chng khon n, ngoi cc swap li sut, cn c mt loi swap rt ph
bin khc, l CDS (credit default swap). CDS l mt hnh thc bo him cho cc chng
khon n (v d nh cc tri phiu hay cc CDO). Theo hp ng CDS ny, th bn mua
CDS s np tin nh k cho bn bn CDS, v nu nh cc con n ca cc chng khon
n qui nh trong CDS b v n, gi tr ca chng khon n st gim mnh, th bn
bn CDS phi bi thng mt khon tin no cho bn mua CDS trong trng hp .
So vi cc hp ng bo him n thng thng, th CDS c nhng im rt khc bit
nh sau:
- Bn mua CDS khng nht thit phi gi chng khon n ghi trong hp ng CDS.
Khi cc chng khon n mt gi tr, th bn mua CDS nhn c tin t bn bn
CDS, d c l ang gi cc chng khon n hay khng.
- Bn bn CDS khng nht thit phi l cng ty bo him, m c th n thun l
cc nh u t hay u c.
Ni cch khc, cc CDS da trn m hnh bo him n, nhng tr thnh cng c u
c trong tay nhiu ngi. Mt phn ln CDS ang c trn th trng chng khon khng
thc s phc v bo him ci g ht, m ch l tr u c v nh cc gia cc bn vi
nhau.
Thng ch c cc nh u t ln v cc t chc ti chnh tham gia th trng CDS,
bi mi hp ng CDS l ng vi (bo him mt lng) chng khon n c gi tr 10-20
triu USD, v gi phi tr cho mt CDS thng khng di 50 nghn USD mt nm(10) .

2.5

Cc trung gian ti chnh

Cc trung gian ti chnh, tc l cc t chc ti chnh, thng c chia lm 3 loi

nh sau:
1) Cc t chc nhn tin gi, nh cc ngn hng, t chc tn dng, hip hi cho vay
v tit kim.
(10)

Xem chi tit ti: http://en.wikipedia.org/wiki/Credit_default_swap