I. 1.

Khi qut v h thng thanh ton b tr Khi nim

H thng thanh ton b tr l mt b phn cu thnh ca th trng chng khon, m nhn chc nng b tr v thanh ton cho cc giao dch c thc hin trn th trng. Chng ta th xem xt cng vic ca mt nh u t t khu m ti khon, gi tin v lu k chng khon, n khu t lnh v lnh c thc hin s c ngha g nu giao dch khng c thanh ton ? Hay ni cch khc, khi nh u t mun mua chng khon, tr tin nhng khng nhn c chng khon, hoc ngc li khi mun bn chng khon: anh ta giao chng khon m khng nhn c tin th vic u t vo th trng chng khon c hiu qu hay khng ? gii quyt c vn trn, chng ta cn phi c mt h thng thanh ton b tr m nhim vic hon tt cng on ca giao dch chng khon. Nh chng ta c th thy, cng on ny gm hai bc chnh: b tr v thanh ton. B tr l vic da trn kt qu giao dch tnh ton theo mt s phng php nht nh nhm a ra c s lng chng khon v tin m cc bn tham gia vo giao dch s c nhn v phi tr. Cn thanh ton chnh l vic giao nhn chng khon v tin. Tuy nhin, cng nh cc bt k mt h thng hay t chc no khc, h thng thanh ton b tr hot ng theo mt s nguyn tc nht nh. 2. Cc nguyn tc thanh ton b tr

Thc hin b tr theo kt qu giao dch. Nguyn tc ny nu c qua c v nh l tha hoc tt nhin. Nhng nu chng ta nhn nhn vn theo hng khc l m bo tnh cng bng, trung thc trong hot ng chng khon th s thy nguyn tc ny l cn thit. Thc hin thanh ton theo kt qu b tr. Nguyn tc ny cng c ngha tng t nh nguyn tc trn. m bo vic giao chng khon ng thi vi vic thanh ton tin. Nguyn tc ny cng th hin s cng bng cng nh gp phn gim ri ro trong hot ng thanh ton: khi mun nhn tin th phi giao chng khon v ngc li khi mun nhn chng khon th phi thanh ton tin. 3. 3.1 Phng thc b tr Phng thc thanh ton tng giao dch

L vic thanh ton theo tng giao dch pht sinh. Phng thc giao dch ny thng c p dng trong mt s giao dch c bit hoc trong giao dch thng

mi truyn thng. Nu khi lng giao dch ln v c nhiu thnh vin lu k tham gia th s dng phng thc ny khng c hiu qu. V d: Di y l s minh ho phng thc thanh ton tng giao dch.

Kt qu giao dch A mua ca B 600 A bn cho B 200 A mua ca C 300 A bn cho C 200 C mua ca D 400 C bn cho D 800

Thanh ton tng giao dch

Thanh ton A nhn 600 t B B giao 600 cho A A giao cho B 200 B nhn 200 t A A nhn 300 t C C giao 300 cho A A giao 200 cho C C nhn 200 t A C nhn 400 t D D giao cho C 400 C giao cho D 800 D nhn 800 t C

Khng cn phi phn tch thm, chng ta cng thy r rng phng thc ny to ra rt nhiu giao dch chuyn khon. iu ng ngha vi vic tng chi ph v ri ro trong thanh ton. 3.2 Phng thc b tr song phng

L vic tnh ton s lng thun tin v tng loi chng khon phi thanh ton gia cc cp i tc giao dch. Phng thc b tr ny trc y hay c s dng do s lng giao dch, chng khon v thnh vin lu k cn nh. Hin nay, trong mt s trng hp giao dch tho thun cc th trng vn s dng phng thc ny. V d: Di y l s minh ho phng thc b tr song phng. Lu : cc i tc giao dch 1 loi chng khon.

Kt qu giao dch A mua ca B 600 A bn cho B 200 A mua ca C 300 A bn cho C 200 C mua ca D 400 C bn cho D 800

B tr Thc hin b tr Song phng

Thanh ton A nhn 400 t B B giao 400 cho A A nhn 100 t C C giao 100 cho A C giao 400 cho D D nhn 400 t C

Vic b tr tin cng thc hin tng t nh i vi chng khon, c ngha l s tnh ton xem: A s phi tr cho B bao nhiu tin, C nhn c t A bao nhiu tin... Nu so snh vi phng thc thanh ton tng giao dch, th phng thc ny u vit hn v gim c s ln v s lng chuyn khon. 3.3 Phng thc b tr a phng

L vic tnh ton s lng thun tin v tng loi chng khon m mi thnh vin lu k phi thanh ton. Phng thc b tr ny c p dng ph bin nht hin nay do tnh u vit ca n: gim ti a s lun chuyn tin v chng khon, do tit kim c chi ph v gim thiu ri ro trong thanh ton. V d: Di y l s minh ho phng thc b tr a phng. Lu : thc hin b tr i vi tng loi chng khon, cc chng khon khc cng p dng tng t.

B tr Kt qu giao dch A mua ca B 600 A bn cho B 200 A mua ca C 300 A bn cho C 200 C mua ca D 400 C bn cho D 800

Thanh ton A nhn 500 B giao 400 C giao 500 D nhn 400

Thc hin b tr a phng

Vic b tr tin cng thc hin tng t nh i vi chng khon, c ngha l s tnh ton xem: A s phi tr bao nhiu tin, B c nhn bao nhiu tin... Qua 2 v d trn y, chng ta c th thy r s khc bit ca 2 phng thc b tr: phng thc b tr a phng khng quan tm n vic A phi tr tin cho i tc B hay C, B phi giao chng khon cho i tc no... m ch tnh n khi lng chng khon v tin m cc i tc phi giao hoc c nhn. Do , Trung tm giao dch chng khon s ng vai tr l i tc thanh ton trung gian. C th, khi cc thnh vin lu k phi giao chng khon v tin th s chuyn chng khon v tin vo ti khon thanh ton b tr ca Trung tm giao dch chng khon. Sau , Trung tm s phn b chng khon v tin v ti khon ca thnh vin lu k c nhn chng khon v tin. S minh ho cc bc chuyn khon:

Bn giao B giao 400 C giao 500 4. 4.1 Phng thc thanh ton Thanh ton tin

TTGDCK 900

Bn nhn A nhn 500 D nhn 400

Vic thanh ton tin i vi cc giao dch chng khon c thc hin thng qua h thng ngn hng di hnh thc thanh ton bng sc hoc chuyn khon. Hnh thc thanh ton bng tin mt ch xut hin nhng th trng c h thng ngn hng km pht trin hoc c p dng i vi cc giao dch mua bn c gi tr rt nh nh tr tin i taxi, mua v tu in ngm, mua thc n nhanh..., cn i vi nhng giao dch c gi tr ln hn s c thanh ton bng th tn dng, bng sc hoc chuyn khon. c bit l vic thanh ton tin cho cc giao dch chng khon hin nay lun lun c thc hin bng cc hnh thc phi tin mt. 4.2 Thanh ton chng khon

Chuyn giao chng ch vt cht: l vic ngi bn chng khon giao chng ch chng khon vt cht cho ngi mua. Phng thc thanh ton ny xut hin t rt lu khi th trng chng khon mi ra i. Cng vi s pht trin ca th trng chng khon, ngi ta ngy cng thy phng thc thanh ton ny khng thun tin v km hiu qu. Chng ta th lm mt php tnh nh sau y minh ho: Trn th trng c 10.000 ngi u t tham gia vo mua bn chng khon. Khi n ngy thanh ton, 10.000 ngi u t phi hn gp nhau ti mt a im giao chng khon v tin. Nh vy, chi ph i li cho 10.000 ngi u t l rt tn km, hn na vic vn chuyn chng ch chng khon cng nh tin mt va bt tin va khng an ton. Chuyn khon thng qua bt ton ghi s: tt c chng khon c lu k tp trung v ghi s ti trung tm lu k thng qua cc thnh vin lu k l cng ty chng khon v ngn hng lu k. Khi pht sinh nghip v thanh ton, cc bn c lin quan ch cn ra lnh cho trung tm lu k thc hin bt ton chuyn khon. Phng thc thanh ton ny r rng hiu qu hn nhiu so vi phng thc chuyn giao chng ch vt cht.

B tr chng khon v tin

Nu ng k v lu k chng khon l khu h tr trc giao dch chng khon, th b tr chng khon v tin l khu h tr sau giao dch chng khon. Sau khi chng khon nim yt c a vo ng k, lu k tp trung ti TTLKCK, chng s c php giao dch trn TTCK. Tuy nhin, sau khi giao dch trn th trng c thc hin ( c xc nhn), th cc bn tham gia giao dch cn phi nhn c ti sn ca mnh: bn bn nhn c tin, bn mua nhn c chng khon. B tr chng khon v tin l khu tip theo sau giao dch, thc hin vic x l thng tin v cc giao dch chng khon, tnh ton li nhm xc nh s tin v chng khon rng cui cng m cc i tc tham gia giao dch phi c ngha v thanh ton sau khi giao dch c thc hin. Trong hot ng b tr, phng thc b tr cng l mt vn cn quan tm. Phng thc b tr cho cc giao dch chng khon c quyt nh bi phng thc giao dch trn TTCK. Nu phng thc giao dch l a phng (nhiu bn mua vi nhiu bn bn), in hnh c th thy l i vi cc giao dch khp lnh c phiu, th phng thc b tr chng khon v tin s l b tr a phng. Nu phng thc giao dch l song phng (mt bn mua vi mt bn bn), in hnh c th thy l i vi cc giao dch tha thun, th phng thc b tr cng s l b tr song phng. Thanh ton chng khon v tin Thanh ton chng khon v tin cng l dch v h tr sau giao dch chng khon, l hot ng cui cng hon tt cc giao dch chng khon, theo cc bn tham gia giao dch s thc hin ngha v ca mnh: bn phi tr chng khon thc hin giao chng khon, bn phi tr tin thc hin vic chuyn tin, ln lt trn c s kt qu b tr chng khon v tin c a ra trn. gim ri ro cho cc i tc tham gia giao dch, vic thanh ton chng khon v tin lun phi m bo nguyn tc giao chng khon ng thi vi vic thanh ton tin, hay cn gi l nguyn tc DVP (Delivery versus Payment). Thi hn ca vic thanh ton c quyt nh bi chu k thanh ton. Ty thuc vo iu kin ca tng nc m chu k thanh ton p dng c th l T+1; T+2 hay T+3, Trong hot ng thanh ton chng khon v tin, phng thc thanh ton cng l mi quan tm ca cc bn tham gia giao dch. Phng thc thanh ton c quyt nh bi phng thc b tr, do thanh ton lun c thc hin trn c s ca kt qu b tr. Chnh v vy, nu phng thc b tr l a phng th phng thc thanh ton cng l thanh ton a phng v tng t, phng thc b tr l song phng th phng thc thanh ton cng s l thanh ton song phng

TRNH T THANH TON B TR A PHNG I VI TRI PHIU (T+1) 1. Ngy T:

1.1. Sau khi kt thc phin giao dch, VSD nhn kt qu giao dch t S giao dch chng khon (SGDCK) v thc hin kim tra thng tin s hu chng khon ca khch hng TVLK. 1.2. VSD lp v gi cho thnh vin: Thng bo tng hp kt qu giao dch (Mu 01/PL-TTBT);Thng bo ti khon thiu s d chng khon thanh ton (Mu 01B/PL-TTBT) v Thng bo cp nht thng tin ngi u t (Mu 01C/PL-TTBT). 1.3. Thnh vin i chiu cc giao dch ca mnh, ghi nhn cc sai st (nu c) thng bo cho VSD. Trng hp pht hin li sau giao dch, Thnh vin phi lp h s ngh sa li theo quy nh ti iu 7 Quy ch ny. Trng hp thiu chng khon giao, Thnh vin phi i vay, nhn h tr chng khon theo quy nh ti iu 15, Quy ch ny. 1.4. T 14h30 - 15h30: VSD lp cc thng bo thanh ton b tr a phng. 1.5. T 15h30 16h00: VSD thc hin: 1.5.1. Gi cho thnh vin Thng bo kt qu b tr a phng v thanh ton tin theo thnh vin (Mu 02/PL-TTBT) v Thng bo kt qu b tr a phng v thanh ton chng khon theo thnh vin (Mu 03/PLTTBT) (01 lin). 1.5.2. Gi cho NHTT Thng bo kt qu tng hp b tr a phng v thanh ton tin (Mu 04/PL-TTBT) (01 lin) 1.6. T 16h00 16h30: - Kt xut s liu thanh ton giao dch cho NHTT di dng file thng qua ng truyn gia VSD v NHTT. Sau khi chuyn file kt xut, VSD xc nhn kt qu chuyn file vi NHTT. 2. Ngy T+1 (Ngy thanh ton) 2.1. T 08h00 11h00: - Chm nht n 08h30: cc Thnh vin gi Thng bo xc nhn kt qu giao dch cho VSD (Mu 02/TTBT) v h s ngh sa li cho VSD (nu c). Nu VSD khng nhn c Thng bo xc nhn kt qu giao dch ca Thnh vin th cc giao dch mc nhin c coi nh chnh xc v c xc nhn.

- Thnh vin chuyn tin vo Ti khon tin gi thanh ton b tr giao dch chng khon ti NHTT (TK TG TTBT) theo kt qu b tr trn cc chng t thanh ton do VSD cung cp. - Trng hp c li sau giao dch, VSD gi Thng bo sa li giao dch chng khon cho Thnh vin lin quan v SGDCK. - Sau 09h00:VSD thc hin + Sa li theo quy nh ti iu 7, Quy ch ny. + i vi cc thnh vin thiu chng khon, khch hng bn chng khon khi khng chng khon trn ti khon giao dch v/hoc khng c thng tin ti khon khch hng, VSD gi Thng bo hu thanh ton giao dch chng khon cho Thnh vin lin quan, SGDCK v thc hin hu thanh ton giao dch theo quy nh iu 20 Quy ch ny. - Chuyn cc thng bo thanh ton b tr iu chnh cho cc Thnh vin lin quan v NHTT. - Lp v lu Bo co kt qu tng hp b tr a phng v thanh ton chng khon (Mu 05/PL-TTBT) 2.3. T 11h00 11h30: 2.3.1. NHTT thc hin kim tra s d tin trn TK TG TTBT (m bo thanh ton cc giao dch chng khon theo thng bo ca VSD) v gi cho VSD Bo co s d TK TG TTBT. 2.3.2. i vi cc thnh vin mt kh nng thanh ton tin, NHTT thc hin pht vay theo yu cu ca VSD theo quy nh ti iu 11 v iu 12 Quy ch ny m bo kh nng thanh ton. 2.4. T 13h00 14h00: 2.4.1. Cn c vo cc chng t thanh ton, NHTT t ng trch chuyn s tin phi tr t TK TG TTBT (ti khon mi gii v/hoc t doanh) vo Ti khon tin thanh ton b tr rng ca thnh vin (TK TTBT TV). 2.4.2. Cn c vo cc chng t thanh ton, VSD t ng trch chuyn s chng khon phi giao t TK CK ch thanh ton TV (ti khon mi gii v/hoc t doanh) vo Ti khon thanh ton b tr chng khon giao dch ca thnh vin m ti VSD (TKCK TTBT TV). 2.4.3. NHTT gi bng file v vn bn cho VSD Bo co kt qu chuyn tin thanh ton b tr a phng - t TK TG TTBT sang TK TTBT TV (Mu 06A/PL-TTBT).

2.4.4. VSD kim tra kt qu chuyn khon tin ca NHTT v yu cu chnh sa nu thy khng khp vi chng t thanh ton. 2.5. T 14h00 14h30: 2.5.1. Cn c vo chng t thanh ton, NHTT chuyn tin (tng thun phi tr) t TK TTBT TV sang Ti khon thanh ton b tr ca VSD m ti NHTT (TK TG TTBT VSD). 2.5.2. NHTT gi bng file v vn bn cho VSD Bo co kt qu chuyn tin thanh ton b tr a phng t TK TTBT TV sang TK TG TTBT VSD (Mu 06B/PL-TTBT). 2.5.3. Cn c bo co kt qu chuyn tin ca NHTT, VSD thc hin chuyn chng khon (tng thun phi tr) t TKCK TTBT TV phi giao sang Ti khon thanh ton b tr chng khon ca VSD (TKCK TTBT VSD). 2.5.4. VSD v NHTT kim tra v i chiu s d trn TKCK TTBT VSD v TK TG TTBT VSD so vi cc chng t thanh ton. 2.6. T 14h30 - 14h45: 2.6.1. Cn c vo chng t thanh ton, NHTT t ng chuyn tin (tng thun c nhn) t TK TG TTBT VSD sang TK TTBT TV ca cc thnh vin c nhn. 2.6.2. NHTT gi bng file v vn bn cho VSD Bo co kt qu chuyn tin thanh ton b tr a phng - t TK TG TTBT VSD sang TK TTBT TV (Mu 06C/PL-TTBT). 2.6.3. Cn c bo co kt qu chuyn tin ca NHTT, VSD chuyn chng khon (tng thun c nhn) t TKCK TTBT VSD vo cc TKCK TTBT TV ca thnh vin c nhn. 2.7. T 14h45 15h00: 2.7.1. Cn c theo cc chng t thanh ton, NHTT t ng phn b s tin tng ng t TK TTBT TV vo cc TK TG TTBT (ti khon mi gii v/hoc t doanh) ti NHTT. 2.7.2. NHTT gi bng file v vn bn cho VSD Bo co kt qu chuyn tin thanh ton b tr a phng t TK TTBT TV sang TK TG TTBT (Mu 06D/PL-TTBT) v Bo co tng hp kt qu thanh ton b tr tin (Mu 06E/PL-TTBT).

2.7.3. Cn c bo co kt qu chuyn tin ca NHTT, VSD phn b s chng khon tng ng t TKCK TTBT TV vo TKCK GD TV (ti khon t doanh hoc mi gii)