TRNG I HC TI CHNH MARKETING

Nhm 1 12DPF -Ti chnh cng

TH TRNG
CHNG KHON

Danh sch nhm 1 :

Danh sch nhm 1 :
1. Trn Th Cherry
2. L Th H Phng
3. Trnh Vn Duy
4. Nguyn Quc Dng
5. V Hiu
6. Nguyn Phm Ny Ny
7. Nguyn ng Quang
8. Trn Th Thanh Nhn
9. Nguyn Th Thu Thay
10. Bi Th Ngc Ti

Click
b t
u

TH
TRNG
CHNG

KHON

OTC

 I.TH TRNG CHNG KHON OTC L G?

1.Khi nim
Th trng OTC hay cn gi l th trng
phi tp trung c vit tt theo cm t
ting Anh l Over the Counter, l th
trng trao i mua bn chng khon nh
sn giao dch chng khon nhng ch
khc iu l nhng chng khon khng
nim yt v khng tp trung vo 1 a
im giao ch nh th trng sn giao
dch, m da vo mt h thng vn hnh
theo c ch cho gi cnh tranh v
thng lng thng qua s tr gip ca
cc phng tin thng tin

2.Mt s c trng c bn

Nh u t v t chc ca cc nh u t
Vic tham gia th trng OTC rt n gin. Tuy nhin,
hot ng ca cc nh u t trn th trng khng
phi l c lp, m thng lp thnh cc nhm, hi,
din n trao i thng tin vi nhau.

Hng ho ca th trng
L cc loi c phiu ca cc doanh nghip c phn, c
trin vng pht trin, chun b nim yt trn th trng
giao dch tp trung hoc c nhng li th thng mi
ring bit.

3.Thu thp thng tin:

mua chng khon trn th trng OTC, Nh u T

thng tm kim thng tin t cc ngun nh:

Thng tin t cc bo co ti chnh

Thu thp thng tin qua cc c quan chc nng
Thu thp thng tin t cc phng tin thng tin
i chng
Thu thp thng tin t cc ngun khc

Quy trnh mi gii trn th trng phi tp trung

ca cc nh mi gii :
Bc Tm kim khch hng v thu thp thng tin
1
Bc K cc hp ng mua bn vi khch hng
2
Bc Thng lng so khp cc lnh mua bn
3
Bc Chuyn nhng chng khon
4
Bc
5

Thanh ton cc khon ph mi gii dch v, hon tr tin t cc nu vi

phm hp ng

Bc Lu gi cc h s v giy t c lin quan

6

4. Cch thc mua bn, giao dch

S dng dch v mi gii ca cc cng ty chng

khon
Qua nhng li cho bn hoc mua trn mng
v ngi quen
Qua nhng broker hnh ngh t do
Giao dch thng qua chnh cng ty pht hnh
chng khon cc bn ang mua/bn

5. Phn loi c phiu OTC

C
phiu
y thc

C phiu
trc tip

6. Vai tr ca th trng OTC

H tr v thc y th trng chng khon tp trung

pht trin
To th trng cho cc chng khon ca cc cng ty
va v nh, cc chng khon cha iu kin
nim yt
Hn ch, thu hp th trng t do, gp phn m
bo s n nh v lnh mnh ca th trng chng
khon
To mi trng u t linh hot, thun li cho cc
nh u t

NHNG
I RO

CHNG
KHON OTC
TRN TH
TRNG

L G ?

7. Ri ro trn th trng chng khon OTC

7.1. Nhng ri ro
1. Tranh chp hay thit hi v quyn mua c phiu mi tng vn
2. Tranh chp hay thit hi v c tc
3. Ri ro trong mua bn c phiu cha c chuyn nhng
4. Ri ro trong mua bn c phiu thi im pht hnh
5. Ri ro trong mua bn c phiu khi bin ng gi
6. Ri ro trong giao dch nhn chuyn nhng quyn mua
7. Ri ro v mt thng tin.
8. Ri ro do tnh thanh khon thp

1. Tranh chp
hay thit hi v
quyn mua c
phiu mi tng
vn

2. Tranh chp
hay thit hi v
c tc

3. Ri ro trong
mua bn c
phiu cha
c chuyn
nhng

4. Ri ro trong
mua bn c
phiu thi
im pht hnh

5. Ri ro trong
mua bn c
phiu khi bin
ng gi

6. Ri ro trong
giao dch nhn
chuyn nhng
quyn mua

7. Ri ro v mt
thng tin

8. Ri ro do
tnh thanh
khon thp

7.2. Bin php khc phc ri ro:

8. Mt s th trng OTC trn th gii

TH

TRNG

OTC

VIT NAM

II. Th trng OTC Vit Nam

1. Gii thiu
Theo ng Bi Nguyn Hon, Trng i din y ban Chng
khon Nh nc ti Tp.HCM, Vit Nam cha c OTC ng
ngha. Cc hot ng giao dch ca nhng c phiu trn th
trng giao dch chng khon cha iu kin nim yt ln
sn lu nay m mi ngi thng gi l c phiu OTC thc
cht mi ch l cc hot ng ca hnh thc th trng giao
dch t do, ni mua bn c phiu di hnh thc trao tay, gi
theo tn quc t l th trng xm ( grey market ).

2. Nguyn nhn:
Thao tng gi, khng c bin gi, gi b thi phng ln hn
gi tr thc ca CP nhiu ln,nm ngoi tm kim sot ca c
quan qun l.
Tung tin n sai lch, mua bn ni gin kim li, kinh doanh
chng khon trn thu
Cc cng ty c phn pht hnh c phiu v t i v ra cng
chng, pht hnh CP gi,..
Nhng hot ng chuyn nhng din ra mt cch t pht v
hon ton b th ni, ch yu qua c nn tim n nhiu ri ro
i vi nh u t.
Giao dch chng khon t pht theo kiu trao tay, khng c
lu k khng c thanh ton tp trung, khng theo 1 khung
php l no, khng c cc c quan chc nng theo di, kim
tra, ch ti.

i vi nh u t :
o Vic thu thp thng tin v doanh nghip cn gp nhiu kh
khn, ngun thng tin cn ri rc v tnh chnh xc l cha
cao.
o Kh nng phn tch thng tin ca cc nh u t Vit Nam
l cn hn ch, theo tm l by n, d b thao tng.
o Tin hnh giao dch ti cc t im nh qun c ph, qun
internet, qua cc trang web nh sanotc.com, otc24h.com,
qua h thng c mi hnh ngh t do

3. Gii php th trng UPCOM

3.1. Chun b :
Ngy 20/11/2008 B Ti chnh ban hnh quyt nh 108/2008/QBTC quy nh v Quy ch t chc v qun l giao dch chng khon
cng ty i chng cha nim yt ti TTGDCK H Ni (Upcom trc
thuc HASTC) vi nh hng l thu hp th trng t do, tr thnh
sn giao dch OTC, c t chc hin i u tin Vit Nam
Ngy 23/6/2009, BTC ban hnh Thng t sa i b sung quy ch
trn. Theo cho php thnh vin c ng k nghip v t doanh c
php mua v bn cng mt loi CP trong mt ngy giao dch nhm
thc hin vai tr ngi to lp t trng. Ch s CK ca sn Upcom s
l Upcom Index, c cch tnh ging nh HNX- Index theo gi ng
ca cui ngy

3.2. Ra i
Ngy 24/6/2009 sn Upcom chnh thc i vo giao dch ngy
u tin sau thi gian di ch i ca gii u t

3.3. Hot ng

4. Hng dn giao dch UPCOM

5. u nhc im:
5.1. u im:

Vi nh nc v c quan qun l
Thu hp th trng t do, m rng th trng chnh thc: cc cng ty khi ln
sn Upcom th cc chng khon c giao dch chnh thc, gim dn giao
dch chng khon ch en.
To iu kin d dng hn cho vic qun l: vi vic cc cng ty i chng
u phi lu k ti TTLKCK nh u t giao dch thng qua ti khon m
ti CTCK, kt qu cc giao dch bo co v HNX xc nhn thanh ton
qua trung tm lu k, nm bt c thng tin v c th qun l tt hn.
Tng thm ngun thu t thu.
Tng tnh thanh khon ca TT :
CP ca cc CTDC tham gia th trng UPCOM,
c cng chng bit n nhiu hn, tng
giao dch, tng tnh thanh khon.

Vi nh u t
Tit kim thi gian chi ph.
Tm kim c thng tin minh bch v d dng: trong th trng t do,
cc thng tin thng thiu chnh xc, nhng UPCOM cc cng ty phi
thng xuyn bo co tnh hnh sc khe ca doanh nghip, cng khai
thng tin mt cch r rng minh bch.
c k qu mua chng khon: khi t lnh mua chng khon nh
u t thc hin k qu tin giao dch theo mc tha thun vi thnh
vin v phi m bo kh nng thanh ton giao dch ng thi hn quy
nh y l hnh thc khng cn 100% tin m vn mua c chng
khon.
Gim thiu c ri ro: khi thng tin minh bch, r rng th trng c
tnh lng cao th nh u t s ri ro hn
Tnh thanh khon cao.
Nh u t c th giao dch t xa

Vi cc doanh nghip
Nng cao kh nng huy ng vn ca DN: khi thng tin v gi minh bch
giao dch l xc thc, uy tn tng, tip cn c cc ngun vn di hn,
hoc cc ngn hng tin tng c th cho doanh nghip vay tin.
Cc DN khng iu kin nim yt c th pht hnh chng khon CK
n cng chng.
L bc m cho cc DN c nh chuyn ln nim yt trn sn nim
yt: lm quen vi vic cng b thng tin r rang, minh bch trn cc
phng tin thng tin.
Tnh minh bch cho DN, qung b thng hiu: tham gia th trng
Upcom ngha l doanh nghip gi gm c phiu ca mnh vo mt
sn u c y khun kh, quy nh, gip c phiu thanh khon tt
hn, gi tr thng hiu ca DN c nng cao hn.
Th tc ng k nhanh chng hn sn nim yt.
To iu kin cho cc cng ty CK pht trin :
trong Upcom cc cng ty chng khon vi vai tr
l nh to lp th trng, ng thi
cng l nh u t, nh mi gii.

5.2. Nhc im
Hng ha n iu, thanh khon km
Cha c s quan tm ca nhiu DN, NT
Th trng thiu s tham gia ca cc c phiu vua
Nhiu nh u t lm vo tnh trng khng th mua c CP trn
Upcom
Cha tm thy vai tr ca nh to lp TT
Bin b qun l l 10% trong khi sn HASTC l 7%, HOSE l 5% th
trng t do khng gii hn v bin , gim tnh hp dn ca th
trng Upcom.
Ch ti x pht khng hp l.

CM N
C V CC BN
CH THEO DI !