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Hng dn hc
hc tt bi ny, sinh vin cn tham kho cc phng php hc sau:
Hc ng lch trnh ca mn hc theo tun, lm cc bi luyn tp y v tham gia
tho lun trn din n.
c ti liu hng dn:
GS.TS Nguyn Vn Nam & PGS.TS Vng Trng Ngha, Gio trnh th trng
chng khon, NXB Ti chnh, 2002.
Trn ng Khm, Th trng chng khon Phn tch c bn, NXB H Kinh t
Quc dn, 2009.
Sinh vin lm vic theo nhm v trao i vi ging vin trc tip ti lp hc hoc qua email.
Trang Web mn hc.
Ni dung
H thng ng k, lu k v thanh ton b tr chng khon.
H thng thng tin trn th trng chng khon.
Mc tiu
Kt thc bi 6, sinh vin cn nm r nhng ni dung sau:
Hiu c cc vn c bn v: khi nim, vai tr ca h thng lu k chng khon;
m hnh t chc v chc nng ca trung tm lu k chng khon;
Hiu c cc vn lin quan ti hot ng ng k, lu k v thanh ton b tr chng;
Hiu c cc vn c bn v h thng thng tin nh: vai tr, c im v cc
ngun thng tin;
Nm r cc quy nh ca php lut v cng b thng tin.
TXNHCK01_Bai6_v1.0014109222 83
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
84 TXNHCK01_Bai6_v1.0014109222
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
6.1.1.3. Vai tr
H thng lu k, ng k v thanh ton b tr chng khon c vai tr ht sc quan
trng i vi hot ng ca th trng chng khon, c th:
Th nht, thanh ton cc giao dch chng khon, m bo cho cc giao dch
chng khon c hon tt.
Khi giao dch chng khon c thc hin, cn c s thanh ton chuyn giao
c quyn s hu chng khon v thanh ton c tin gia cc bn tham gia
giao dch. Nh hot ng thanh ton, ngi mua chng khon nhn c chng
khon v ngi bn chng khon nhn c tin. Nhim v ca h thng l sau
mi giao dch, xc nh c bn giao chng khon v bn nhn chng khon,
bn tr tin v bn nhn tin, khi lng chng khon giao dch v tng s tin
thanh ton.
Th hai, gip cho vic qun l th trng chng khon.
Nh nm c cc thng tin v ngi s hu chng khon thng qua vic ng k
chng khon, cc nh qun l bit c t l nm gi chng khon ca nhng
ngi s hu chng khon, kp thi a ra cc quyt nh x l khi t l s hu ca
mt s i tng vt qu mc quy nh ca php lut chng khon hin hnh.
Qua h thng ny, cc nh qun l cng nh cc nh u t bit c nhng thng
tin v cc chng khon b mt cp hay khng cn gi tr lu hnh. ng thi, h
thng cng a ra nhng quy nh i vi cc i tng tham gia nhm m bo
s thng nht gia cc thnh vin tham gia h thng, gp phn n nh th trng.
TXNHCK01_Bai6_v1.0014109222 85
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
86 TXNHCK01_Bai6_v1.0014109222
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
TXNHCK01_Bai6_v1.0014109222 87
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
88 TXNHCK01_Bai6_v1.0014109222
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
Qun l vic nhp, xut v bo qun an ton chng ch chng khon ti kho chng
ch chng khon.
TXNHCK01_Bai6_v1.0014109222 89
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
6.1.3.3. Ti khon lu k
Ti khon lu k chng khon l ti khon dng
hch ton vic gi, rt hoc chuyn nhng chng
khon; hch ton vic giao v nhn chng khon. Ti
khon lu k chng khon gm c:
Ti khon chng khon giao dch: dng phn
nh chng khon hin c ca khch hng. S d
trn ti khon ny l s lng chng khon m
khch hng c php giao dch.
Ti khon chng khon cm c: dng hch ton cc chng khon b cm c.
S lng chng khon nm trong ti khon ny khch hng khng c php giao dch.
Ti khon chng khon ch nim yt: dng hch ton cc chng khon ch
nim yt nhng vn c php lu k ti TTLK. Cc chng khon ny vn c
thc hin quyn nhng khng c php giao dch mua bn.
Ti khon chng khon ch rt: dng hch ton cc chng khon khch hng
c nhu cu rt ra nhng ang trong thi gian ch rt.
Ti khon thanh ton b tr chng khon giao dch: dng hch ton vic
giao v nhn chng khon theo chng t thanh ton chng khon.
Ti khon tm ngng giao dch: dng phn nh cc chng khon b kim sot
hoc khng cn b kim sot na nhng ang ngng giao dch xc nh li gi
tham chiu ca chng khon .
Ti khon tm gi: dng hch ton s chng khon nhn c t vic s
dng qu h tr thanh ton.
90 TXNHCK01_Bai6_v1.0014109222
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
Hp ng
Khch hng TVLK TTLKCK
Lu k
Ti lu k
Hch ton
Hch ton
Rt chng khon
o Khi khch hng mun rt chng khon th qu trnh rt chng khon cng
tng t nhng ngc vi qu trnh gi chng khon.
o i vi nhng chng khon trong thi gian ch rt s c hch ton vo ti
khon chng khon ch rt tin theo di v i chiu. Nhng chng khon
ny s khng c giao dch, chuyn nhng nhng vn c thc hin quyn
v phi tr ph lu k.
TXNHCK01_Bai6_v1.0014109222 91
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
Cm c chng khon
c hiu n gin l hnh thc bo m ngha v
theo bn cm c giao cho bn nhn cm c ti
sn ca mnh qun l, lm vt bo m ngha v
dn s, thng mi hay khon vay.
o Ch th tham gia giao dch cm c chng khon:
Bn cm c: l ngi s hu chng khon
hp php, c nhu cu vay mt khon tin
trong mt thi gian nht nh v nht tr s dng chng khon thuc s hu
ca mnh m bo thc hin ngha v tr n.
Bn nhn cm c: l bn cho vay tin, c nhu cu cho vay, p ng c
cc qui nh php lut v cho vay vn v ng chp nhn chng khon
lm vt m bo ngha v tr n.
T chc trung gian: l cc cng ty chng khon, TVLK, TTLK hay SGD c
vai tr qun l cc hot ng giao dch cm c nhm bo v quyn li cho
c bn nhn cm c v bn cm c, c th: s ng ra qun l, gim st cc
ti khon chng khon cm c; thc hin vic nhn, chuyn chng khon
cm c theo lnh ca bn nhn cm c hoc bn cm c.
o i tng trong giao dch cm c chng khon: l vt m bo thc hin
ngha v tr n, chng khon l mt i tng trng tm trong mi giao dch
cm c chng khon.
bo v quyn li ca cc bn tham gia, lut v cm c chng khon t ra
cc qui nh v chng khon s dng trong giao dch cm c, l:
92 TXNHCK01_Bai6_v1.0014109222
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
TXNHCK01_Bai6_v1.0014109222 93
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
94 TXNHCK01_Bai6_v1.0014109222
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
TXNHCK01_Bai6_v1.0014109222 95
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
Cn thit phi chp nhn hiu lc php l ca hnh thc chuyn khon ghi
s v mt mi trng tp trung ho chng khon phi c thit lp v
kim sot mc cao.
Phi thnh lp mt i tc thanh ton trung tm trn c s hot ng ca
TTLK, BT.
Cc hn ch v php lut cng nh vic thit lp mt c ch kim sot ri
ro hiu qu cng cn gii quyt c th cho php san s ri ro v ngha v
ca cc thnh vin trong quan h vi i tc thanh ton trung tm.
Phng thc thanh ton theo tng giao dch
L phng thc thanh ton theo kt qu ca tng giao dch v cc ngha v thanh
ton tin cui cng c thc hin ngay sau khi cc bn kh nng thanh ton.
Vi phng thc ny, cc khon thanh ton c thc hin ring l i vi nhng
giao dch ngay khi h thng m bo vic kim tra v kh nng thanh ton ca
cc bn tham gia giao dch i vi khon thanh ton v khng thng qua vic thc
hin b tr chng khon.
o iu kin p dng:
Ht hng phi c trang b cc mng in
t kt ni gia h thng thanh ton ca cc
Ngn hng thanh ton (NHTT) vi nhau v
vi NHTT trung tm.
m bo s tin phi tr (kh nng thanh
ton) cho giao dch chng khon.
o u im:
Kh nng hn ch ri ro trong h thng
thanh ton.
Cho php cc nh u t quay vng vn nhanh.
C th p dng c tnh thanh ton tin tc thi ng thi vi vic chuyn
giao chng khon trong cc giao dch.
o Nhc im:
Cc ngn hng thnh vin phi m bo s d tin gi ca ngn hng
c m ti ngn hng ch nh thanh ton trong sut qu trnh thc hin
thanh ton (p ng yu cu v tnh thanh khon i vi cc khon thanh
ton tc thi).
i hi phi c h thng thanh ton lin ngn hng rt pht trin trong
s hin i ho k thut in t, tin hc cho php kt ni linh hot v chnh
xc gia cc NHTT.
96 TXNHCK01_Bai6_v1.0014109222
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
khng ch n vic xy dng, pht trin mt h thng thng tin chng khon y
v nhanh nhy, nhm phc v tt nht cho cng tc iu hnh, qun l th trng,
phc v thng tin cho cng chng u t, cho vic nghin cu hc tp v o to pht
trin ngun nhn lc cho th trng chng khon Vit Nam.
Mt trong nhng nguyn tc hot ng ca th trng chng khon l nguyn tc
cng khai, trong cng khai thng tin l vn ht sc quan trng. Mi ngi u
t u c quyn bnh ng trong vic c cung cp thng tin v th trng.
H thng thng tin ca th trng chng khon l nhng ch tiu, t liu phn nh bc
tranh ca th trng chng khon v tnh hnh kinh t, chnh tr, x hi lin quan ti
nhng thi im hoc cc thi k khc nhau.
6.2.1.1. Vai tr
H thng thng tin th trng rt cn cho mi i tng tham gia th trng:
i vi nh u t: l iu kin cn thnh cng trong u t chng khon; l
mn n tinh thn khng th thiu c.
i vi ngi kinh doanh nh cng ty chng khon, th h thng thng tin s l c
s xy dng k hoch kinh doanh, k hoch pht trin cng ty.
i vi c quan qun l nh y ban chng khon Nh nc, th trng giao dch
chng khon: h thng thng tin l c s iu hnh v qun l m bo th
trng cng bng, cng khai v hiu qu, l c s hon thin quy trnh, quy ch.
Thng tin c cng b trn th trng c c im: phong ph, a dng; Nhanh
nhy; Cng khai - Cng bng v in t ha Cng ngh thng tin.
Cc thng tin c cng b trn th trng u phi p ng cc yu cu v: Tnh
chnh xc; Tnh y ; Tnh kp thi v Tnh d tip cn.
6.2.2.1. Thng tin t T chc nim yt, S giao dch, t chc kinh doanh v dch v
chng khon
Thng tin t t chc nim yt
Chng khon l mt dng ti sn ti chnh (khc
vi ti sn thc) c nim yt giao dch trn dch
trn th trng chng khon bi chnh t chc pht
hnh. Ngoi yu t quan h cung cu, gi chng
khon c hnh thnh da trn sc kho ca
chnh cng ty. Do vy, cc thng tin lin quan n
t chc pht hnh u tc ng tc thi ln gi
chng khon ca chnh t chc v trong nhng chng mc nht nh c th tc
ng ln ton b th trng. Trn th trng chng khon, vn cng b thng
tin cng ty (corporate disclosure) c xem l yu t quan trng hng u trong h
thng thng ca th trng, bo m cho th trng hot ng cng bng, cng
khai v hiu qu, bo v quyn v li ch hp php ca nh u t.
TXNHCK01_Bai6_v1.0014109222 97
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
Ni dung thng tin lin quan n t chc pht hnh bao gm cc thng tin trc
khi pht hnh, sau khi pht hnh chng khon ra cng chng v sau khi chng
khon c nim yt giao dch trn th trng tp trung. Cc thng tin bao gm:
o Bn co bch (prospectus): l bn thng co ca t chc pht hnh khi thc
hin pht hnh chng khon ra cng chng, nhm gip cho nh u t hiu r
v tnh hnh hot ng kinh doanh, ti chnh v cc thng tin khc v mc
tiu pht hnh chng khon ca t chc pht hnh.
o Thng tin nh k: l nhng thng tin do t chc nim yt cng b vo nhng
thi im theo quy nh ca c quan qun l, nh hng nm, bn nin, hng
qu, hng thng. Ni dung thng tin lin quan n cc bo co ti chnh, kt
qu hot ng kinh doanh; bo co lu chuyn tin t Cc bo co thng
nin phi c kin ca t chc kim ton c lp c y ban chng khon
(UBCK) chp thun.
o Thng tin bt thng: l nhng thng tin c t chc nim yt cng b ngay
sau khi xy ra cc s kin quan trng, lm nh hng n gi chng khon
hoc li ch ca ngi u t. Thng thng cc thng tin ny c cng b
trong vng 24h sau khi xy ra s kin, hoc sau 3 ngy. Ni dung cc thng tin
bt thng do c quan qun l quy nh.
o Thng tin theo yu cu: l vic cng b thng tin khi UBCK hoc S giao dch
chng khon yu cu cn phi cng b thng do c nhng du hiu bt thng,
hoc tin n trn th trng c tc ng n gi chng khon.
Thng tin t S giao dch chng khon (SGDCK)
y l cc thng tin t c quan qun l v vn
hnh tht rng, c cng b cp nht trn h
thng thng tin ca SGDCK (bng hin th in t;
thit b u cui; bn tin th trng; mng Internet,
Website). Ni dung thng tin do SGDCK cng
b bao gm:
o Thng tin t nh qun l th trng
H thng cc vn bn, chnh sch ban hnh
mi; thay i, b sung, hu b;
nh ch giao dch hoc cho php giao dch tr li cc chng khon;
Cng b ngy giao dch khng c hng c tc, li v cc quyn km theo;
Cc chng khon thuc din b kim sot, cnh bo;
Hu b nim yt hoc cho nim yt li;
nh ch thnh vin hoc cho php thnh vin hot ng tr li.
o Thng tin v tnh hnh th trng (giao dch ca 5 c phiu hng u; giao
ng gi c phiu hng ngy; c phiu t mc gi trn, sn).
o Thng tin v din bin th trng
Thng tin v giao dch trn th trng (gi m ca, ng ca; gi cao nht
v thp nht trong ngy giao dch; khi lng giao dch; gi tr giao dch;
giao dch l ln; giao dch mua bn li c phiu ca t chc nim yt).
98 TXNHCK01_Bai6_v1.0014109222
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
Thng tin v lnh giao dch (gi cho mua, cho bn tt nht; quy m t
lnh; s lng lnh mua, hoc bn).
Thng tin v ch s gi (ch s gi c phiu tng hp; bnh qun gi c
phiu; ch s gi tri phiu).
o Thng tin v tnh hnh ca cc t chc nim yt.
o Thng tin v cc nh u t (giao dch l ln; giao dch thu tm cng ty; giao
dch u thu mua c phiu).
o Thng tin v hot ng ca cng ty chng khon thnh vin.
o Thng tin t cc t chc kinh doanh, dch v chng khon: Bao gm cc thng
tin v chnh cc t chc kinh doanh, dch v chng khon (bo co ti chnh;
hot ng kinh doanh; lu chuyn tin t) v cc thng tin lin quan n tnh
hnh th trng v nh u t (s ti khon giao dch; t l k qu; giao dch
bo chng; bo lnh pht hnh, t vn).
TXNHCK01_Bai6_v1.0014109222 99
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
1.4. Phng tin cng b thng tin ca TTLKCK: trang thng tin in t ca
TTLKCK;
1.5. Phng tin thng tin i chng khc theo quy nh ca php lut.
2. Cc ti liu, bo co gi cho UBCKNN, SGDCK c th hin di hnh thc vn
bn v hnh thc d liu in t c s dng ch k s theo hng dn ca UBCKNN,
SGDCK.
Trng hp UBCKNN, SGDCK trin khai h thng tip nhn bo co v cng b
thng tin thng qua cng trc tuyn, hnh thc cng b thng tin ca cc i tng
cng b thng tin quy nh ti iu 1 Thng t ny c thc hin theo hng dn
ca UBCKNN, SGDCK.
3. Cng ty i chng phi lp trang thng tin in t trong vng su (06) thng k
t ngy tr thnh cng ty i chng; cng ty chng khon, cng ty qun l qu phi
lp trang thng tin in t trong vng su (06) thng k t ngy c cp php v
chnh thc hot ng; t chc pht hnh tri phiu ra cng chng phi lp trang
thng tin in t trc khi thc hin cho bn tri phiu ra cng chng. Trang
thng tin in t phi c chuyn mc ring v quan h c ng (nh u t), trong
phi cng b iu l cng ty, Quy ch qun tr ni b (nu c), Bn co bch
(nu c) v cc thng tin phi cng b nh k, bt thng v theo yu cu quy nh
ti Thng t ny. Cc i tng cng b thng tin phi thng bo vi UBCKNN,
SGDCK v cng khai v a ch trang thng tin in t v mi thay i lin quan
n a ch ny trong thi hn ba (03) ngy lm vic k t ngy hon tt vic lp
trang thng tin in t hoc ngy thay i v a ch trang thng tin in t ny.
100 TXNHCK01_Bai6_v1.0014109222
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
Tm lc cui bi
Chc nng, vai tr v m hnh ca trung tm lu k chng khon.
Cc loi hnh ng k chng khon, mc ch ng k chng khon v vn thc hin
quyn i vi chng khon.
Cc hnh thc lu k chng khon, ti khon lu k chng khon, nguyn tc qun l ti
khon lu k chng khon v cc dch v lin quan ti m ti khon lu k chng khon.
Cc phng thc b tr, nguyn tc v cc hnh thc thanh ton b tr.
Khi nim, vai tr ca h thng thng tin trn TTCK.
c im v yu cu ca thng tin trn TTCK.
Cc quy nh lin quan ti cng b thng tin trn TTCK Vit Nam.
TXNHCK01_Bai6_v1.0014109222 101
Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon
Cu hi n tp
1. Phn tch vai tr ca h thng lu k, ng k, thanh ton v b tr chng khon.
2. Trnh by cc hnh thc lu k chng khon.
3. Dch v lin quan ti m ti khon lu k gm nhng dch v no?
4. Trnh by phng thc b tr chng khon.
5. Trnh by cc hnh thc thanh ton b tr chng khon.
6. Phn tch vai tr ca h thng thng tin trn th trng chng khon.
7. Trnh by cc ngun thng tin trn th trng chng khon.
102 TXNHCK01_Bai6_v1.0014109222