Chuong 1 - TGHD-NVGDHD

THANH TON QUC T
08/02/16
Ging vin: Nng Th Nh Mai
Ths. Nng Th Nh Mai Khoa Thng Mi 0966.77.88.65 nongthinhumai@yahoo.com
NI DUNG CC CHNG
Chng 1: T gi hi oi v mt s nghip v giao

dch trn th trng hi oi
Chng 2: Cn cn thanh ton quc t
Chng 3: Cc phng tin thanh ton QT
Chng 4: Cc phng thc thanh ton QT
Chng 5: B chng t trong thanh ton QT
08/02/16
TI LIU HC TP
* BT BUC:
Tp bi ging do ging vin cung cp
Thanh ton quc t - Trn Hong Ngn, NXB Thng
k, 2012
* THAM KHO:
Lut cng c chuyn nhng
Nghip v Hi oi v Thanh ton quc t, L Vn
T, NXB Thng k
Thanh ton quc t trong ngoi thng, inh Xun
Trnh, NXB Gio dc
UCP 600, URC 522, URR 525, eUCP, ISBP 681
08/02/16
CHNG 1
T GI HI OI V
MT S NGHIP V GIAO DCH
TRN TH TRNG HI OI
08/02/16
Hiu c nhng kin thc c bn v th trng tin

t, th trng ngoi hi, v t gi hi oi, cc yu t
nh hng n t gi, cc phng php iu chnh t
gi.
Vn dng tnh ton t gi cho gia cc ng tin.
Hiu, vn dng v phn tch mt s nghip v kinh
doanh ngoi hi vo m bo ri ro t gi cho doanh
nghip khi tham gia cc thng v XNK.
08/02/16
MC TIU CA CHNG
A. T GI HI OI (TGH)
1.1 T gi hi oi
1.2 C s xc nh TGH
1.3 Cc phng php yt gi
1.4 Mt s quy c trong giao dch hi oi
1.5 Cc loi t gi thng dng
1.6 Cch tnh t gi bng phng php tnh cho
1.7 Cc nhn t nh hng n t gi
1.8 Cc bin php iu chnh t gi ch yu
NI DUNG NGHIN CU
08/02/16
B. MT S NGHIP V GIAO DCH TRN TH

TRNG HI OI
1.9 Khi qut th trng hi oi
1.10 Nghip v giao dch hi oi giao ngay (Spot)
1.11 Nghip v giao dch hi oi k hn (Forward)
1.12 Nghip v quyn chn ngoi hi (Options)
1.13 Nghip v kinh doanh chnh lch t gi (Arbitrage)
1.14 Nghip v giao dch hi oi giao sau (Futures)
1.15 Nghip v giao dch hon i tin t (SWAP)
NI DUNG NGHIN CU
08/02/16
1.1 T gi hi oi (TGH)
A. T GI HI OI
Gi c ca mt n v tin t ny th hin bng
mt s n v tin t nc kia c gi l t
gi hi oi
[inh Xun Trnh, (2006), Gio trnh thanh ton quc
t, Nh xut bn lao ng x hi, trang 47-48]
V D: T gi gia USD v VND, vit l USD/VND
S lng VND cn thit mua 1 USD
08/02/16
1.1 T gi hi oi (TGH)
A. T GI HI OI
Theo Lut Ngn hng Nh nc 2010:

T gi hi oi ca ng Vit Nam l gi ca
mt n v tin t nc ngoi tnh bng n
v tin t ca Vit Nam.
08/02/16
BNG T GI CC NGOI T NGY

28/1/2015
M NT
Mua
Tn ngoi t
Tin mt
Bn ra
Chuyn khon
16,965.73
17,118.03
16,940.91
17,094.76
17,317.35
SWISS FRANCE
23,360.18
23,524.85
23,736.04
DKK
DANISH KRONE
3,209.26
3,310.11
EUR
EURO
24,071.43
24,143.86
24,360.61
GBP
BRITISH POUND
32,022.74
32,248.48
32,537.98
INR
INDIAN RUPEE
340.69
354.93
JPY
JAPANESE YEN
178.54
180.34
181.96
KRW
SOUTH KOREAN WON
17.97
21.98
KWD
KUWAITI DINAR
71,398.45
73,641.99
MYR
MALAYSIAN RINGGIT
5,884.50
5,961.13
RUB
RUSSIAN RUBLE
286.24
350.17
SGD
SINGAPORE DOLLAR
15,560.46
15,670.15
15,937.82
THB
THAI BAHT
643.00
643.00
669.87
USD
US DOLLAR
21,320.00
21,320.00
21,380
AUD
AUST.DOLLAR
CAD
CANADIAN DOLLAR
CHF
08/02/16
16,863.94
10
Ngun: vcb.com.vn
1.2 C s xc nh t gi
A. T GI HI
1.2.1 Trc thng 12/1971
Ch bn v vng
08/02/16
OI
Ngang gi vng
11
A. T GI
HI
OI
Ch TGH c nh c xy
Ch Bretton Woods
dng quanh ng USD gn

vi vng
(35 USD = 1 ounce vng)
08/02/16
12
1.2 C s xc nh t gi
A. T
GI
1.2.2 Sau thng
12/1971
T gi th ni t do
HI OI
Do cung cu quyt nh
V d: Ti TT Hoa k:
08/02/16
VT: Triu
GBP/USD
Cu
Cung
4
3,5
2,5
2
1,5
1
10
20
30
40
60
70
70
60
50
40
20
10
13
1.2 C s xc nh t gi
A. T
GI
1.2.2 Sau thng
12/1971
TG th ni c qun l
HI OI
TG th ni + can thip ca CP
V d: ti thi im t trn TT Hng Kng

USD/HKD
Cu
Cung
4.9610
600
100
4.9620
450
200
4.9630
400
250
4.9640
300
300
4.9650
250
350
08/02/16
14
4.9660
150
450

1.3.1 Yt gi
tipGI HI
A.trcT
OI
1 ngoi t = X bn t
V d: ti th trng Vit Nam:

1USD = 20,860 VND
08/02/16
1EUR = 27,723.19 VND
15

A.ginT
1.3.2 Yt gi
tipGI HI
OI
1 bn t = X ngoi t
V d: Ti Anh t gi c yt nh sau:
1 GBP = 33,274.54 VND
08/02/16
1 GBP = 1.5895 USD
16

1.4.1 Cch vit t gi
T chc Tiu chun Quc t (gi tt l ISO) qui nh:
tn n v tin t ca mt quc gia c vit bng 3
k t:
+ Hai k t u l tn quc gia,
+ K t th ba l tn ng tin
V d: Tn n v tin t ca M l USD
- Hai k t u US vit tt ca The United State
- K t sau cng (D) vit tt tn ca dollar
A. T GI HI OI
08/02/16
17

T
1.4.1 Cch A.
vit t
gi GI HI OI
T gi c nim yt theo quy cch:
ng tin yt gi ng trc
ng tin nh gi ng sau
V d:
1 USD = 20,860 VND hay c th vit ngn gn
USD/VND = 20,860
08/02/16
18

T
1.4.2 Cch A.
c t
gi GI HI OI
+ Ly tn th ca cc nc cng nghip pht
trin hay tn thnh ph l trung tm thng mi
ca nc thay cho tn tin t ca nc v
tr ng tin nh gi
V d:
1 USD = 84.27 JPY la Tokyo 84.27
1 USD = 30.58 THB la Bangkok 30.58
08/02/16
19

T
1.4.2 Cch A.
c t
gi GI HI OI
+ c nhng s thng bin ng s cui
V d: USD/SGD = 1.7642/50
Hai s thp phn u c l s(figure), hai s thp
phn k tip c l im (point)
la, sin ga po bng mt n v tin t, by mi
su s, bn mi hai im n nm mi im
08/02/16
20

T GI HI OI
1.4.3 Yt giA.
2 chiu
ASK
BID
(CALL) (PUT)
USD/VND = 20,800
Mua USD
Bn VND
08/02/16
20,860
Bn USD
Mua VND
21

A.2 chiu
T GI HI OI
1.4.3 Yt gi
T gi nghch o
1
T gi B/A = ----------T gi A/B
V d:
1
EUR/USD = ----------USD/EUR
08/02/16
1
T gi A/B = ----------T gi B/A
EUR/USD=1.1377
USD/EUR = 1/1.1377
= 0.8789
22
1.5 Cc loi t gi thng dng

GI
HI
1.5.1 PhnA.
loi T
theo cch
qun
l caOI
NHTW
NHNN
T gi chnh thc
08/02/16
Q 64/1999/NHNN7
ngy 25/02/99
T gi giao dch bnh

qun trn th trng ngoi
t Lin NH
23
1.5.2 Phn loi theo nghip v kinh doanh ca NHTM
A. T GI HI OI
T gi bn
T gi mua
T gi tin mt
T gi chuyn khon
08/02/16
24
TG tin mt v chuyn khon, TG mua v TG bn

vo ngy 9/8/2014
M ngoi
t
Tn ngoi t
Mua vo
Tin mt
Chuyn
khon
Bn ra
CAD
CANADIAN
DOLLAR
19,637.63
19,174.13
19,756.17
19,348.26
19,933.66
19,600.33
CHF
DKK
EUR
SWISS FRANCE 22,458.64

DANISH KRONE 27,244.97
EURO
BRITISH POUND 33,995.52
21,180.00
US DOLLAR
22,616.96
22,911.61
3,631.48
27,326.95
34,235.17
21,180.00
3,745.61
27,572.45
34,542.73
25
21,260.00
AUD
AUST, DOLLAR
GBP
08/02/16
USD
Ths. Nng Th Nh Mai Khoa Thng Mi 0966.77.88.65 Ngun:

nongthinhumai@yahoo.com
vcb.com.vn
1.5.3 Phn loi theo thi im giao dch
A. T GI HI OI
T gi ng ca
T gi m ca
08/02/16
26
1.5.3 Cc loi t gi khc
A. T GI HI OI
T gi th hi
T gi in hi
T gi xut khu
T gi nhp khu
08/02/16
S so snh gia gi vn hng bn bng

ni t trn sn tu vi ngoi t thu
c tnh theo gi FOB (free on board)
S so snh gia gi bn hng NK ti
cng VN bng ni t so vi s lng
ngoi t chi tr tnh theo gi CIF
27
1.6 Cch tnh TG bng phng php tnh cho
A. T GI HI OI
1. T gi cho gia hai ng tin yt gi
2. T gi cho gia hai ng tin nh gi
3.TG cho gia mt ng tin yt gi v mt ng tin nh gi
08/02/16
28
A. T GI HI OI
Bit GBP/USD
AUD/USD
Tnh GBP/AUD?
08/02/16
29
Cng thc chung:

Ta c: t gi
A/C = m1 b1
B/C = m2 b2
T gi cho A/B =
A/C
B/C
* T gi mua (BID) A/B =
m1
b2
* T gi bn (ASK) A/B =
08/02/16
b1
m2
30

V d:
GBP/USD = 1.5682 1.5951

AUD/USD = 1.0522 1.0775
Hi GBP/AUD = ?
Gii:
Cng thc
1.5682
= 1.4554
BID GBP/AUD =
BID A/B =
m1
1.0775
b2
ASK A/B =
08/02/16
b1
m2
1.5951
ASK GBP/AUD =
1.0522
= 1.5160
31
A. T GI HI OI
Bit USD/ JPY
USD/ VND
Tnh JPY/ VND?
08/02/16
32
Cng thc:
Ta c t gi: C/A = m1 b1
T gi cho A/B =
vi BID A/B =
C/B = m2 b2
C/B
C/A
m2
b1
08/02/16
ASK A/B =
b2
m1
33
V d 1:
USD/JPY = 78.40 78.60

USD/VND = 20,800 20,860
Hi JPY/VND = ?
Cng thc:
vi BID A/B =
ASK A/B =
08/02/16
Gii
20,800
BID JPY/VND =
= 264.63
78.60
m2
b1
b2
m1
ASK JPY/VND =
20,860
78.40
= 266.07
34
V d 2:
Nh NK Vit Nam phi thanh ton mt ho n
tin
hng cho cng ty Thu S bng CHF.
Hi Ngn hng p dng t gi bn ng CHF
cho
nh NK nh th no?
bit TG trn th trng l:
USD/CHF = 0.9040 - 0.9267
08/02/16
35
3. T gi cho gia mt ng tin yt gi v

mt ng tin nh gi
A. T GI HI OI
Bit GBP/ USD
USD/ VND
Tnh GBP/ VND?
08/02/16
36
3. T gi cho gia mt ng tin

yt gi v mt ng tin nh gi
Ta c t gi
A/C = m1 b1
C/B = m2 b2
TG cho A/B = A/C x C/B
vi BID A/B = m1 x m2
vi ASK A/B = b1 x b2
08/02/16
37
3. T gi cho gia mt ng tin

yt gi v mt ng tin nh gi
Cng thc
V d:
vi BID
A/B = m1 x m2 GBP/USD = 1.5682 1.5951
vi ASK
A/B = b1 x b2 USD/VND = 20,800 20,860
Hi GBP/VND = ?
Gii
BID GBP/VND = GBP/USD x USD/VND
= 1.5682 x 20,800 = 32,619
ASK GBP/VND = 1.5951 x 20,860 = 33,274
08/02/16
38
1.7 Cc nhn t nh hng ch yu n t gi
A. T GI HI OI
Lm pht
Nhiu yu t khc
S can thip iu tit

ca NHTW
Li sut gia ng ni t
v ngoi t
Cung v cu ngoi hi
trn th trng
08/02/16
39
A. T GI HI OI
Lm pht
Lm pht B > A th t gi
c xu hng
B
tng dn v ngc li
08/02/16
40
A. T GI HI OI
Li sut gia ng ni t
v ngoi t
LS trong nc > li sut nc ngoi:

vn nc ngoi chy vo th trng vn ni a
cung ngoi hi tng, cu ngoi hi gim i
t gi hi oi s gim xung
08/02/16
41
A. T GI HI OI
Cung v cu ngoi hi
trn th trng
ph
thuc
Tng cung ngoi hi TGH gim

Tng cu ngoi hi TGH tng
- Tnh hnh thm ht/ thng d Cn cn thanh ton quc t

- Thu nhp thc t
- Nhu cu ngoi hi bt thng
08/02/16
42
A. T
GI
HI
OI
S can
thip iu
tit
ca NHTW
Mua vo ngoi t
Qu
d tr
bnh n
hi oi
Hn ch mc mt
gi ca ngoi t, tng
gi ca ng bn t bn ra ngoi t
08/02/16
ngn chn s tng

gi ca ngoi t, mt
gi ca ni t
43
A. T GI HI OI
Nhiu yu t khc
S kin kinh t
Chnh sch
tin t
Cng b
cc ch s
Chnh tr
Thin tai
X hi
08/02/16
Tm l
Chin tranh
44

A.ca
T
HI
OI
ngha
vicGI
iu chnh
t gi
Gim n mc thp nht tc ng tiu cc
ca cc th trng ti chnh quc t
Khuyn khch xut khu,
kim sot nhp khu
Cn i hi ha cung cu ngoi t,
gp phn n nh kinh t v m,
kim ch lm pht
08/02/16
45
A. T GI HI OI
Thay i li sut
Qu d tr bnh n hi oi
Chnh sch th trng m
Ph gi/ nng gi tin t

08/02/16
46
Thay i li sut
A. T GI HI OI
LS ti chit khu
LS ti cp vn
LS c bn
LS trn th trng m
* TGH : LS
LS th trng
vn ngn hn trn th trng TG s chy vo trong
TGH
nc
08/02/16
47
Cc ln tng li sut ti cp vn, LS c bn v

ti chit khu t 2011 n 5/2013:
A. T GI HI OI
Li sut ti cp
vn
(Refinancing
Rate)
Li sut ti chit
khu
(Discount rate)
LS c bn (Base
interest rate)
Li sut th trng
m (Open Market
Operations Interest
Rate)
01/04/2011
13%
12%
9%
13%
01/05/2011
14%
13%
9%
14%
10/10/2011
15%
13%
9%
16%
13/3/2012
14%
12%
9%
15%
11/4/2012
13%
11%
9%
14%
28/5/2012
12%
10%
9%
13%
11/6/2012
11%
9%
9%
12%
01/7/2012
10%
8%
9%
11%
24/12/2012
9%
7%
9%
10%
26/3/2013
8%
6%
9%
9%
13/5//2013
7%
5%
9%
8%
Ngy p
dng
08/02/16
48
Ths. 18/3//2014
Nng Th Nh Mai
Khoa Thng4,5%
Mi 0966.77.88.65
6% nongthinhumai@yahoo.com
5,5%
6,5%
Ngoi t tin mt, s d ngoi t

trn ti khon tin gi nc ngoi
A. T GI HI OI
Hi phiu v cc giy nhn n
ca nc ngoi bng ngoi t
Qu
d tr
bnh n
hi oi
Cc chng khon n do Chnh ph,

ngn hng nc ngoi pht hnh
Vng tiu chun quc t
Cc loi ngoi hi khc.

08/02/16
49
Vng tiu chun quc t
A. T GI HI OI
08/02/16
50
Chnh sch th trng m
A. T GI HI OI
Nghip v th trng m l vic Ngn hng Nh nc thc
hin mua, bn ngn hn cc loi giy t c gi vi cc
t chc tn dng thng qua hnh thc u thu.
08/02/16
51
Giy t c gi nh:
Tn phiu NHNN
Tri phiu Chnh ph : tn phiu kho bc, cng tri XD
t quc
Tri phiu c chnh ph bo lnh
Tri phiu Chnh quyn a phng do UBND TP.H
Ni v UBND TP.HCM pht hnh
u thu:
* u thu khi lng
* u thu li sut
A. T GI HI OI
08/02/16
52
Tc ng ca th trng m:
A. T GI HI OI
* Khi TGH tng, mun lm cho TGH gim xung,

NHTW bn ra giy t c gi lng tin Ngn hng
thng mi nm gi gim i TGH gim.
* Ngc li khi NHTW mua vo giy t c gi TGH
s tng ln
08/02/16
53
Ph gi/ nng gi tin t
A. T GI HI OI
Ph gi tin t
08/02/16
Nng gi tin t
54
Ph gi
tinHI
t
A. T
GI
OI
nh ngha:
Ph gi tin t l vic gim thp sc mua ca ng tin
quc gia so vi ngoi t, thp hn sc mua thc t ca n
V d:
Trc 12/1971: GBP/USD = 2.4
1 USD = 0.416 GBP
Sau 12/1971: GBP/USD = 2.605 (USD ph gi 7.87%)
1 USD = 0.383 GBP
08/02/16
55
Ph gi
tinHI
t
A. T
GI
OI
Tc dng:
* XK (HH)
NK (HH)
NK (vn)
XK (vn)
Khuyn khch du lch vo trong nc b ph gi
V d: 11/1967, Anh ph gi 14.3%
1968, CCTM Anh thng d 12tr GBP.
08/02/16
56
giHI
tin t OI
A. TNng
GI
nh ngha:
Nng gi tin t l vic nng cao sc mua ca tin ni t
so vi ngoi t, cao hn sc mua thc t ca n
VD: Trc 10/1969: USD/DEM = 4

Sau 10/1969: USD/DEM = 3.63
Tc dng: ngc vi ph gi tin t

08/02/16
57
giHI
tin t OI
A. TNng
GI
Nguyn nhn nng gi:
1. Do p lc cc nc khc
VD: Trng hp Mc c vo nm 1969
2. Nhng nc c nn kinh t pht trin qu nng mun
lm ngui nn kinh t trnh khng hong
3. Xy dng mt nn kinh t ca mnh trong lng cc
nc khc
08/02/16
58
Cu hi n tp
1.
2.
3.
4.
A. T GI HI OI
Phn bit tng cp khi nim sau: Yt gi trc tip

v yt gi gin tip, ng tin yt gi v ng tin
nh gi, TG mua v TG bn.
Cc loi TGH?
Cc phng php tnh TG cho v tc dng.
Nhng nhn t no nh hng n t gi v nu ra
nhng bin php iu chnh t gi ch yu?
08/02/16
59
Bi tp thc hnh
GI
HI
OI
Bi 1: BngA.
diT
y
cho mt
s TG,
hy in vo
ch trng bng nhng TG cho thch hp, tnh ton
c t nhng TG cho:
08/02/16
60
T gi
Mua
Bn
USD/VND
15,730
15,761
GBP/USD
1.8421
1.8426
EUR/USD
1.2815
1.2818
AUD/USD
0.7481
0.7486
USD/JPY
106.68
106.73
GBP/VND
EUR/VND*
AUD/VND
JPY/VND*
GBP/AUD*
EUR/JPY
AUD/JPY
AUD/EUR
Ths. Nng
Th Nh Mai Khoa Thng Mi 0966.77.88.65 nongthinhumai@yahoo.com
A. T GI HI OI
08/02/16
61
Bi 2: Gi s NH khng thu ph giao dch ca khch

A.bnT
GI
hng khi mua
ngoi
t m HI
s dngOI
chnh lch gia
gi bn v gi mua b p chi ph, hy xc nh mc
ph giao dch (%) t chnh lch TG lit k di y v
in kt qu vo ct k bn
Yt gi
Ph giao dch (%)
USD/VND : 16,078 16,086
GBP/USD : 1.8421 1.8496
EUR/USD : 1.3815 1.3898
AUD/USD : 0.7481 0.7506
USD/JPY : 106.68 107.23
08/02/16
62
Bi 3: Gi s trn th trng QT c TG USD/JPY:
A.
T
GI
HI
OI
83.89 00 v th trng VN c TG USD/VND:
20,825 20,865. khng c c hi cho cc nh

kinh doanh chnh lch gi khai thc kim li nhun
phi ri ro, NHTM VN phi nn nim yt TG
JPY/VND l bao nhiu?
08/02/16
63
Khi nim:
Th trng hi oi l th trng quc t, l ni xy ra vic
. MT
S
NGHIP
V GIAO DCH
mua B
bn,
trao i
ngoi
hi
TRN TH TRNG HI OI
08/02/16
64
c im:
-
Hot ng 24/24
. MT
MangBtnh
quc S
t NGHIP V GIAO DCH
TRN
TH
HI
Gi c
xc nh
trnTRNG
quan h cung
cu OI
Giao dch khi lng ln
Giao dch mua bn cc loi ngoi t t do chuyn i:
USD, EUR, JPY, CHF, GBP
V hnh
08/02/16
65
c im:
-
Giao dch mua bn cc loi ngoi t t do chuyn i:

USD,BEUR,
JPY,S
CHF,
GBP V GIAO DCH
. MT
NGHIP
TRN TH TRNG HI OI
08/02/16
66
Chc nng:
Gip khch hng thc hin cc
giao dch TMQT
Gip chu chuyn vn t bn
gia cc quc gia c hiu qu.
Gi tr i ngoi ca tin t c
xc nh mt cch khch quan
Bo him cho cc khon thu XK,

cc khon thanh ton NK
Cng c NHTW nm bt c
thng tin v th trng
08/02/16
To iu kin hi nhp vi
th trng ti chnh quc t
67
Cc loi th trng hi oi:
Theo qu trnh hnh thnh v pht trin
H thng hi
oi Anh
M
08/02/16
H thng
hi oi
Chu u
68
Theo tnh cht hot ng ca th trng
Th trng
hi oi giao
ngay
08/02/16
Th trng
tin gi
69

Theo nghip v kinh doanh
Th trng
giao ngay
08/02/16
Th trng
quyn chn
Th trng
c k hn
70

Theo phm vi hot ng ca th trng
Th trng
tin t QT
08/02/16
Th trng
tin t khu
vc
71
KHI NIM:
NGHIP V GIAO DCH HI OI
GIAO NGAY (SPOT)
Nghip v Spot l nghip v mua hay bn ngoi t m vic
chuyn giao ngoi t c thc hin ngay hoc chm
nht l trong hai ngy lm vic k t khi tha thun hp
ng mua bn. Nghip v ny thc hin trn c s t gi
giao ngay (spot rate), tc l t gi c xc nh v c
gi tr ti thi im giao dch.
08/02/16
72
Trng hp s dng nghip v giao dch giao ngay:

GIAO NGAY (SPOT)
C nhn, nh xut khu, nhp khu
c nhu cu mua bn ngoi t ngay
08/02/16
73
Cch thc thc hin nghip v giao dch giao ngay:

Khi nh NK VN cn 1 triu USD chi tr cho nh XK M
B1: Nh NK lin h vi 1 NH A (NH NK)
GIAO NGAY (SPOT)
B2: NH NK yu cu bn NK xc nh ti khon ca ngi NK
ghi n bng VND v ngi XK ghi c 1 triu USD
B3: NH NK v bn NK tha thun cc vn lin quan n t
gi v cch thc thanh ton.
B4: NH NK s k kt hp ng bn ngoi t vi bn NK
B5: NH NK s lin h vi NH i l M yu cu trch tr t
TK nostro thc hin thanh ton
08/02/16
74
u im v nhc im ca giao dch hi oi giao

ngayNGHIP
:
V GIAO DCH HI OI
* u im:
cungNGAY
cp giao
dch tht cho
GIAO
(SPOT)
- Nh xut khu c nhu cu bn ngoi t ngay
- Nh nhp khu c nhu cu mua ngoi t ngay
* Nhc im: khng cung cp c giao dch trong
trng hp ngi mua v ngi bn c nhu cu nhng
thi im giao dch trong tng lai
08/02/16
75
Khi nim:

K HN (FORWARD)
Mt giao dch hi oi c k hn l mt giao dch hai bn

cam kt s mua, bn vi nhau mt lng ngoi t theo
mt mc t gi xc nh v vic thanh ton s c thc
hin vo thi im xc nh trong tng lai.
08/02/16
76
Trng hp s dng nghip v giao dch k hn:

K HN (FORWARD)
Phng nga ri ro
ngoi hi
V d: Mt cng ty XK c hp ng XK tr gi 200,000 USD

vi thi hn thanh ton l 3 thng sau . Bit TG hin ti
USD/VND l 20,000. Nu sau 3 thng TG USD/VND gim gi,
th cng ty s gp ri ro g?
08/02/16
77
Cch tnh t gi k hn:

1+n.rB
Fn=
Fs
x
K HN (FORWARD)
1+n.rA
Fn: l t gi k hn ca ng tin A so vi ng tin B

(A/B)
Fs :l t gi giao ngay (A/B)
n : Thi gian, thi hn tha thun (ngy, thng, nm)
rA l li sut ng tin A (ng tin yt gi)
rB: :l li sut ng tin, B (ng tin nh gi)
08/02/16
78
Cch tnh t gi k hn:

K thc
HN
Cng
gn(FORWARD)
ng v n gin hn
Fn = Fs +Fs x n x (rB - rA)
08/02/16
79
Cch tnh t gi k hn:

TK
giHN
mua c(FORWARD)
k hn:
Fm = Sm +
Sm [LSTG(B) LSCV(A)] n
100 x 360
08/02/16
80
Cch tnh t gi k hn:

TK
giHN
bn c(FORWARD)
k hn:
Fb = Sb +
Sb [LSCV(B) LSTG(A)] n
100 x 360
08/02/16
81
Bi tp:
V GIAO
DCH
OI
Mt nhNGHIP
xut khu mun
bn 2 triu
JPYHI
ly VND
theo hp
HN
(FORWARD)
ngK
k hn
3 thng
vi mt ngn hng. Cng ty s
nhn c bao nhiu VND trong 3 thng ti?
Bit t gi giao ngay USD/JPY = 78.40 78.60
ca USD/VND = 20,850 20,885
Li sut JPY : tin gi 2%; cho vay 3%/nm , v VND :
7.5% ; 8.5%/nm
08/02/16
82
Cch thc thc hin nghip v giao dch hi oi k hn:

Khp
HN
(FORWARD)
NH tng
nhng
thng tin cn thit xc nh TG k
hn
Vo ngy tha thun, da vo thng tin t gi v li sut
tng hp, NH xc nh v cho bn t gi k hn cho KH,
Nu NH v KH ng giao dch th k hp ng giao dch
k hn
Vo ngy o hn 2 bn s thc hin chuyn giao ngoi t
08/02/16
83
V d:

K HN
(FORWARD)
Ngy 4/4/2012,
cng ty
Lotus lin h ngn hng XNZ bn
100,000 EUR k hn 3 thng.

p ng nhu cu giao dch ca cng ty Lotus, XNZ s cho
t gi k hn 3 thng. Trnh by ton b cch thc thc hin
giao dch?
08/02/16
84
Gii:
NH XNZ xc
nh thng
tin GIAO
cn thit DCH
xc nh
t gi
k hn bao
NGHIP
V
HI
OI
gm : K HN (FORWARD)
* T gi giao ngay USD/VND : 20,780 20,850
* T gi giao ngay EUR/USD : 1.3200 1.3212
* Li sut k hn 3 thng ca VND v EUR nh sau :
K hn
3 thng
08/02/16
EUR (%/nm)
VND(%/nm)
Tin gi Cho vay Tin gi

2.40
4.2
11
Cho vay
17
85
Vo ngy tha thun

NGHIP
V GIAO DCH HI OI
+ T gi mua
giao ngay
HN (FORWARD)
EUR/VNDK
= EUR/USD
x USD/VND = 1.3200 x 20,780
=27,430
+ XNZ cho t gi mua EUR/VND k hn 3 thng nh sau :
Sm[LSTG.VND LSCV.EUR] n
Fm = Sm +
= 27,896
100 x 360
=> K hp ng k hn 3 thng nu 2 bn ng giao dch

08/02/16
86
Vo ngy o hn:

HN
(FORWARD)
+ Cng tyK
Lotus
giao cho
XNZ 100,000 EUR
+ Ngn hng thanh ton cho cng ty Lotus 100,000 EUR x
27,896 = 2,789,600,000 VND
08/02/16
87
u, nhc im:
* u im:
K
HN
(FORWARD)
- Tha mn
c
nhu cu
mua bn ngoi t ca khch hng m
vic chuyn giao c thc hin trong tng lai.
* Nhc im:
- Giao dch k hn l giao dch bt buc nn khi n ngy o
hn d bt li hai bn vn phi thc hin hp ng
- Khng p ng c nhu cu trong hi n ti
08/02/16
88
NGHIP V QUYN CHN NGOI HI

(OPTIONS)
08/02/16
89
Khi nim:
Bn mua quyn
C quyn,
nhng
Khng ngha
v (khngbt
buc )
phi mua/bn
08/02/16
Hp ng quyn
chn
Bn bn quyn
Mt lng ngoi t
xc nh
mt mc t gi xc nh
trong mt khong thi gian
tha thun trc
C ngha v
(Bt buc)
phi bn/mua
90
Ngi
mua
Ngi
mua
quyn:
holder
08/02/16
Ti sn
Ngi c s:
bn ngoi t
nh
quyn
(writer) EUR,
USD,
CHF,
CAD,
OPTION
Ngi
bn
HP NG
QUYN CHN
Gi (ph)
ca hp
ng
mua bn
quyn
chn:
Premium
T gi
thc
hin:
exercise
or strike
rate
T
gi
giao
ngay:
spot
rate
Thi hn
tha
thun/
thi hn
ca hp
ng:
maturity.
91
Cc
loi
quyn chn
NGHIP
V
QUYN
CHN NGOI HI
(OPTIONS)
Quyn chn mua
(Call option)
08/02/16
Quyn chn bn
(Put option)
92
NGHIP V
QUYN
Kiu
quyn CHN NGOI HI
(OPTIONS)
Chu u
08/02/16
93
Trng hp s dng nghip v quyn chn:

(OPTIONS)
Khch hng c
nhu cu u c
Bo him t gi
08/02/16
94
V d khch hng c nhu cu u c:

Hin ti, t gi EUR/USD l 1.3200 1.3212.
(OPTIONS)
KH A d on 3 thng na EUR ln gi.
KH A c th u c bng cch mua 200,000 EUR gi
3 thng sau khi EUR ln gi bn li kim li. Tuy
nhin y l mt s tin ln m A khng thc hin c.
KH A lm g thc hin c mun u c?
08/02/16
95
KH A lin h NH mua 1 hp ng quyn chn mua

NGHIP
vi iu
khon: V QUYN CHN NGOI HI
(OPTIONS)
- Ngi bn quyn: Ngn hng XNZ

- Ngi mua quyn: A
- Loi quyn: chn mua (call)
- Kiu quyn: M
08/02/16
96
- S lng ngoi t: 200.000 EUR

V QUYN CHN NGOI HI
- T giNGHIP
thc hin: 1.3250
(OPTIONS)
- Thi hn hiu lc ca quyn chn: 90 ngy
- Ph quyn mua: 0.02 USD cho mi EUR
* Nhng vn cn quan tm i vi KH A:
im ha vn ca A l 1.3250 + 0.02 = 1.3450
Vo mt thi im bt k sau , nu:
08/02/16
97
TG ti thi im trong tng

lai
EUR
>
USD
1.3450
< HV=1.3450
(1 EUR = 1.3350 USD)
* > HV=1.3450
1.3450
1.3750 USD)
(1 EUR =1.3750
Thc hin H
Khng
thc hin
H
L 2,000 USD
=(
)x
200,000
L 4,000
USD (ph
mua
quyn)
Li 6,000 USD
=(
)x200,000
L 4,000
EUR * < TGh = 1.3250 L 6.000 USD USD (ph
= (1.3150
<
mua
1 EUR = 1.3150 USD 1.3450) x 200,000
quyn)
USD
08/02/16
98
i vi ngi mua quyn chn

mua
iu kin
TGm > HV
Quyn
chn mua
Ch thch
Li nhun
= TGm HV
TGm < TGh
Khng
HV > TGm TGh
C hoc
Khng
= TGm - TGh F : l
chnh lch gia gi th
trng so vi gi mua
theo hp ng v ph
mua quyn chn).
TGm : T gi th trng ti thi im thc hin quyn

chn
TGh: T gi thc hin theo hp ng
08/02/16
F : Ph mua quyn chn.
99
V d khch hng c nhu cu u c (mua quyn chn bn

put option):
Hin (OPTIONS)
ti, t gi EUR/USD l 1.3200 1.3212.
KH A d on 3 thng na EUR gim gi.
KH A lin h NH mua 1 hp ng quyn chn bn vi iu
khon:
- Ngi bn quyn: Ngn hng XNZ
- Ngi mua quyn: A
- Loi quyn: chn bn (put)
- Kiu quyn: M
08/02/16
100
- S lng
ngoi t:
200,000
EUR CHN NGOI HI
NGHIP
V
QUYN
- T gi(OPTIONS)
thc hin: 1.3250
- Thi hn hiu lc ca quyn chn: 90 ngy
- Ph quyn mua: 0.02 USD cho mi EUR
im ha vn ca A l 1.3250 0.02 = 1.3050
Vo mt thi im bt k sau , nu:
08/02/16
101
TG ti thi im trong tng

lai
* > HV=1.3050
EUR
<
USD
1 EUR = 1.3150 USD
* < HV=1.3050
1 EUR = 1.290 USD
EUR
>
USD
08/02/16
* > TGh = 1.3250

1 EUR = 1.3350 USD
Thc hin H
Khng
thc hin
H
L 2,000 USD
= (1.3050
1.3150) x
200,000
L 4,000
USD (ph
mua
quyn)
Li 3,000 USD
= (1.30501.290)x200,000
L 4,000
L 6,000 USD
USD (ph
= (1.3050
mua
1.3350) x 200,000 quyn)
102
i vi ngi mua quyn chn

bn
iu kin
TGm < HV
Quyn
chn bn
Ch thch
Li nhun
= HV - TGm
TGm > TGh
Khng
HV < TGm TGh
C hoc
Khng
= TGh F - TGm : l
chnh lch gia gi
bn theo hp ng so
vi gi th trng v
ph mua quyn chn).
TGm : T gi th trng ti thi im thc hin quyn

chn
TGh: T gi thc hin theo hp ng
08/02/16
F : Ph mua quyn chn.
103
Mua Call Option

Hng thay i ca gi
Kt qu
Tng mnh
Ti a ha li nhun
Tng nh
Ti thiu ha thua l
Khng giao ng
L c hn phn ph Option
Gim nh
Gim mnh
Mua Put Option

Hng thay i ca gi
Kt qu
Tng mnh
Tng nh
Khng giao ng
Gim nh
Ti thiu ha thua l
Gim mnh
Ti a ha li nhun
08/02/16
104
Bn Call Option
Kt qu
Hng thay i ca gi
Tng mnh
L v hn
Tng nh
Ti thiu ha mc l
Khng giao ng
Li c hn phn ph Option
Gim nh
Gim mnh
Bn Put
Put Option
Kt qu
Hng thay i ca gi
Tng mnh
Tng nh
Khng giao ng
Gim nh
Ti thiu ha mc l
Gim mnh
L v hn
08/02/16
105
Bo him t gi
(OPTIONS)
KH c hp ng
NK
08/02/16
Mua Put
Option
KH c hp ng
XK
Mua Call
Option
106
* Cch thc thc hin nghip v quyn chn

Pht sinh
nhu cu mua H Quyn chn
(OPTIONS)
Lin h Ngn hng

KH v NH tha thun loi QC, t gi
thc hin
C nhu cu thc hin H => Gi giy
ngh thc hin hp ng cho ngn hng
08/02/16
107
Khng bt buc thc hin hp ng

khi o hn
(OPTIONS)
U
IM
-Bo
him dng vn
-C
08/02/16
c hi u t vi chi ph hu hn,
li nhun khng gii hn
108
NGHIP V KINH DOANH CHNH

Khi nim:
LCH
T
GI
(ARBITRAGE)
Arbitrage l mt loi nghip v hi oi nhm s
dng mc chnh lch t gi gia cc th trng hi oi
thu li nhun.
Two point Arbitrage.

Three point Arbitrage hay Triangular
08/02/16
109
Cc trng hp s dng nghip v kinh doanh chnh lch t

gi: NGHIP V KINH DOANH CHNH
- Kinh doanh
chnh
t gi
kim li nhun.
LCH
Tlch
Gi
(ARBITRAGE)
V d: Gi s ta c cc t gi sau:
GBP/USD = 1.9809/39 Newyork
USD/AUD = 1.6097/17 Sydney
GBP/AUD = 3.1650/70 London
khai thc c hi kinh doanh chnh lch t gi, nh kinh doanh
Newyork s thc hin cc giao dch nh th no nu anh ta c
1,000,000 USD?
08/02/16
110
Cc trng hp s dng nghip v kinh doanh chnh lch t

gi: NGHIP V KINH DOANH CHNH
- c ng
dng trong
LCH
T thanh
Gi ton
(ARBITRAGE)
V d: Cng ty ca Hng Kng trong mt ngy nhn thng bo
c thanh ton khon tin tr gi 50,000 GBP v 3,500,000
SEK, ng thi cng ty phi chi tr 45,000 EUR v 1,000,000
CHF. Hy ng dng Arbitrages thanh ton v xc nh thay
i gi tr ti khon trong ngy giao dch ca cng ty. Bit TG
trn th trng nh sau:
GBP/EUR: 1.4388 1.4528
SEK/CHF: 0.1797 0.1849
GBP/CHF: 2.4021 2.4240
HKD/CHF: 0.1521 0.1531
08/02/16
111
Bc 1: Bn GBP/EUR theo t gi mua 1.4388

Bc
2 : Bn
theo t gi mua 2.4021
LCH
TGBP/CHF
Gi (ARBITRAGE)
Bc 3 : Bn SEK/CHF theo t gi mua 0.1797
Bc 4 : Bn HKD thanh ton cho s CHF
cn li
Gi tr ti khon trong ngy giao dch :
- 2,143,808.229 HKD
08/02/16
112
Cch thc thc hin nghip v Arbitrage

1.

LCH
T
Gi
(ARBITRAGE)
Arbitrages gin n (2 th trng)
* Bc 1: Chuyn t gi yt gi theo 1 th trng

* Bc 2: Xc nh chiu mua bn
iu kin : TGb (th trng X)< TGm (th trng Y)
=>c c hi Acbit
08/02/16
113
Cch thc
thc hin
nghipCHNH
v Arbitrage
NGHIP
V KINH
DOANH
LCH T Gi
(ARBITRAGE)
Arbitrages gin
n (2 th trng)
V d:
Ta c cc t gi sau:
* Bc 1: Chuyn t gi yt gi theo 1 TT Ti TpHCM:
* Bc 2: Xc nh chiu mua bn
USD/VND: 20,100 20,180
iu kin : TGb (th trng X)< TGm (th AUD/VND: 21,275 21,529
trng Y)
Ti Sydney:
=>c c hi Acbit
USD/AUD: 1.6097 1.6117
Hy xc nh chiu mua bn
V li nhun thu c nu
nh
08/02/16
114
u tc
100tr VND?
Ths. Nng Th Nh Mai Khoa Thng Mi 0966.77.88.65
Cch thc thc hin nghip v Arbitrage

1.

LCH
T
GI
(ARBITRAGE)
Arbitrages phc tp (3 th trng tr ln)
Bc 1: La chn phng n kinh doanh: Tm c hi

Bc 2: Tin hnh mua v bn cc ng tin theo phng n
kinh doanh chn thu c li nhun Arbitrages
08/02/16
115
Arbitrages phc tp (3 th trng tr ln)

V d:
LCH
T
Gi
(ARBITRAGE)
Gi s ta c cc t gi sau:
GBP/USD = 1.9809/39 Newyork
USD/AUD = 1.6097/17 Sydney*
GBP/AUD = 3.1650/70 London
Hy khai thc c hi kinh doanh chnh lch t gi nu nh
u t Newyork c 1,000,000 USD?
08/02/16
116
Khi nim

GIAO
SAU
(FUTURES)
Nghip v ngoi hi giao sau (future): l nghip v tin hnh
mt tha thun mua bn mt s lng ngoi t bit theo
t gi c nh ti thi im hp ng c hiu lc, vic
chuyn giao ngoi t c thc hin vo mt ngy trong
tng lai
08/02/16
117
Thnh phn tham gia giao dch trn th trng giao sau
bao gm:
GIAO SAU (FUTURES)
- Nh kinh doanh sn giao dch (Floor traders)

- Nh mi gii sn giao dch (floor brokers)
08/02/16
118
Cc trng hp s dng nghip v giao dch giao sau

GIAO SAU (FUTURES)
Mc ch u c
Phng nga
ri ro t gi
08/02/16
119
Mc ch u c
NGHIP
Nu cho
rng: V GIAO DCH HI OI
GIAO SAU (FUTURES)
+ Ngoi t s ln gi mua hp ng giao sau
ngoi t
+ Ngoi t s xung gi bn hp ng giao
sau ngoi t
08/02/16
120
Mc ch u c
V d: Nh u c d bo vi ngy ti EUR ln gi so vi USD.
Do , sng th 2, NC mua H giao sau tr gi 200,000 EUR
GIAO SAU
vi TG EUR/USD
= 0.76.(FUTURES)
H n hn vo chiu th 4. Nh u
t k qu 2,565 USD.
Thi im
u ngy th 2
Cui ngy th 2
T gi
0.76
TK k qu
N/ C
S d
2,565
200,000 EUR x (0.765-0.76) =
0.765
3,565
1,000 USD
Cui ngy th 3
200,000 EUR x (0.7623-0.765)
0.7623
2,965
= -600 USD
Cui
ngy th 4
200,000 EUR x (0.75-0.7623)
08/02/16
0.75
505 121
= -2,460 USD
Ths. Nng Th Nh Mai Khoa Thng Mi 0966.77.88.65
So snh hp ng Forward v hp ng Futures
NGHIP
V
GIAO
HI
OI
Hp
ng
k hnDCHHp
ng
giao sau
GIAOMt
SAU
(FUTURES)
1. Loi hp
tha
thun gia c s giao dch tiu
ng
ngi mua v ngi chun ha nhng chi tit

bn. iu khon tha trong hp ng.
thun rt linh ng,
2. Thi hn
Cc bn tham gia hp Ch c mt vi thi hn

ng c th la chn bt nht nh do s giao
k thi hn no, nhng dch qui c sn.
thng l bi s ca 30
ngy.
08/02/16
122

Hp ng k hn
GIAO SAU
(FUTURES) Hp ng giao sau
3. Tr gi hp
ng
Ni chung rt ln, Nh thu ht

trung bnh > 1 triu nhiu ngi tham gia.
USD/ hp ng (theo
mc th gii).
4. Tha thun Khch hng phi duy

an ton
tr s d ti thiu
ngn hng bo
m cho hp ng.
08/02/16
Tt c cc nh giao
dch phi duy tr tin
k qy theo t l % tr
gi hp ng.
123
NGHIP
V
GIAO
HI
OI
Hp
ng
k hnDCHHp
ng
giao sau
GIAOKhng
SAUthanh
(FUTURES)
5. Thanh ton
ton tin t Thanh ton hng ngy
tin t
trc ngy hp ng n bng cch trch ti khon

hn
ca bn thua v ghi c
vo ti khon bn c.
6. Thanh ton
sau cng
Trn 90% hp ng Cha ti 2% hp ng

c thanh ton khi n c thanh ton khi n
hn
hn giao hng, thng
thng qua o hp ng.
08/02/16
124

7. Ri ro
Hp ng
hn DCHHp
ng
giao sau
NGHIP
V k
GIAO
HI
OI
Bi v khng
ton hng Nh thanh ton hng
GIAO
SAUthanh
(FUTURES)
ngy nn ri ro rt ln c th
xy ra nu nh mt bn tham
gia hp ng tht bi trong
vic thc hin hp ng,
8. Yt gi
08/02/16
ngy thng qua phng

giao han nn t ri ro.
Tuy nhin ri ro cng c
th xy ra gia mi gii
v khch hng.
Yt gi mua v gi bn vi mt Chnh lch gi mua v

mc chnh lch gia gi gi bn c nim yt
mua v gi bn.
sn giao dch.
125

Hp ng k hn Hp ng giao sau
GIAO SAU (FUTURES)
9. Hng ha
giao dch
Tt c cc hng ha. C th s giao dch

ch gii hn trong
mt s loi hng ha
no thi.
10. Gi c
Gi c c kha
cht trong sut thi
hn hp ng.
08/02/16
Gi c thay i hng
ngy.
126
NGHIP
V
GIAO
HIgiao
OI
Hp
ng
k hnDCH
Hp ng
sau
GIAO
(FUTURES)
11. Hoa
hng SAU
Trn c
s chnh Khch hng chi tr
lch gia gi bn v hoa hng cho mi
gi mua.
gii. Mi gii v
nh
giao
dch
(speculators) tr ph
cho s giao dch
12. Qui ch
08/02/16
Cc bn tham gia t c qui nh bi

tha thun.
s giao dch.
127
Cch thc thc hin nghip v

giao dch hi oi giao sau
SGD
08/02/16
128
u nhc im ca nghip v giao dch hi oi giao sau

* u im:
GIAO SAU (FUTURES)
-Sn sng cung cp nhng hp ng c gi tr nh.
-C th sang nhng li hp ng bt k thi im no trc

khi hp ng ht hn.
08/02/16
129
u nhc im ca nghip v giao dch hi oi giao sau

Nhc im:
GIAO SAU (FUTURES)

- Tuy nhin, khc vi hp ng c k hn, hp ng giao sau
ch sn sng cung cp i vi mt vi loi ngoi t v
mt vi ngy thanh ton trong nm m thi.
- L hp ng bt buc phi thc hin khi n hn ch khng
cho ngi ta quyn c chn nh trong hp ng quyn
chn
08/02/16
130
Khi nim:
NGHIP V GIAO DCH HON I

NGOI
T
(SWAP)
Swap l giao dch ng thi mua v bn cng mt lng
ngoi t (ch c hai ng tin c s dng trong giao
dch), trong k hn thanh ton ca hai giao dch l
khc nhau v t gi ca hai giao dch c xc nh ti
thi im k kt hp ng
08/02/16
131
V d 1: Hongkong Bank dng HKD mua USD ca NH khc theo

TG giao
ngay, ngV
thi GIAO
bn li sDCH
USD cho
NH theo
NGHIP
HON
ITG c
k hn thu HKD. Chnh lch gia TG giao ngay v TG c k
T (SWAP)
hn giNGOI
l mc SWAP.
V d 2 : NH A k hp ng vi NH B mua 10 triu GBP bng
USD. Sau NH A s cho vay 10 triu GBP trong k hn 3
thng.
Cho bit: TG giao ngay GBP/USD = 1.6125-30, li sut GBP:
3.25% /nm 4.50%/nm, li sut USD : 4.75% nm 4.8%
nm.
Hi thc hin xong nghip v Swap NH A s thu c bao nhiu tin
li?
08/02/16
132
Cc trng hp s dng nghip v giao dch hon i tin t

NGHIP V GIAO
I
TnDCH
dng uHON
th tng
i
NGOI T (SWAP)
A, H thp chi ph vay vn
trong vay vn
Phng nga ri ro
Khai thc s khc bit v quy
nh v thu kha
08/02/16
Pht trin th trng mi
133
Cc trng hp s dng nghip v giao dch hon i tin t

NGOI T (SWAP)
B, Phng nga ri ro
08/02/16
134
Cch thc thc hin nghip v giao dch hon i tin t

NGHIP
Vdch
GIAO
Quy trnh thc
hin giao
hon DCH
i tin HON
hnh nhI
sau:
NGOI
T
(SWAP)
- Khch hng c nhu cu thc hin giao dch SWAP lin h
vi ngn hng, c th l phng kinh doanh tin t.
- Cn c vo cung cu mua mua bn ngoi t, phng kinh
doanh tin t s cho gi v k hn c th cho khch hng.
- Nu khch hng ng gi c th hai bn s k hp ng
hon i.
08/02/16
135
u nhc im

NGOI
T
(SWAP)
* u im:
-
Khc phc c nhc im ca giao ngay v k hn.
- i vi ngn hng: p ng nhu cu ca khch hng v kim

c li nhun t chnh lch gi mua v bn ngoi t.
08/02/16
136
u nhc im

NGOI
T
(SWAP)
* Nhc im:
-
Hp ng SWAP l hp ng bt buc.
Giao dch SWAP ch quan tm n t gi hai thi im
08/02/16
137
1.
2.
3.
4.
CuB.
hiMT
n tp S NGHIP V GIAO DCH
ThTRN
no l nghip
v TRNG
hi oi giao ngay?
GD OI
hi oi giao
TH
HI
ngay c s dng tha mn nhu cu GD ngoi t ca KH
trong nhng trng hp no?
Phn tch v nu mt hn ch ca GD hi oi giao ngay? Lm
th no khc phc nhng hn ch ?
Th no l nghip v hi oi c k hn? KH v NH s dng
hp ng c k hn vo mc ch g? Nhng li ch m KH v
NH c c khi hai bn thc hin giao dch ngoi t k hn?
GD c k hn c nhng hn ch g? Lm th no khc phc
nhng hn ch ?
08/02/16
138
B.
MT
S
NGHIP
V
GIAO
DCH
Bi tp thc hnh
TRN TH TRNG HI OI
Bi 1-NV K hn: Gi s ta c thng tin trn th trng
tin t v th trng ngoi hi nh sau:
T gi:
Mua
GBP/USD
1.7245
EUR/USD
1.3128
USD/JPY
111.12
USD/CHF
1.1184
USD/VND
16,068
08/02/16
Bn
1.7295
1.3188
111.92
1.1254
16,078
139
Li sut
B.(%/nm):
MT S NGHIP V GIAO DCH
K hn
1 thng
3 thng
6 thng
TRN
TH
TRNG
HIGi
OI
Gi
Vay
Gi
Vay
Vay
GBP
3.25
4.25
3.45
4.45
3.65
4.65
EUR
3.35
4.35
3.55
4.55
3.75
4.75
USD
3.38
4.48
3.48
4.58
3.68
4.78
JPY
3.00
4.10
3.10
4.20
3.20
4.30
CHF
3.45
4.25
3.50
4.15
3.60
4.20
VND
7.20
9.60
7.80
10.20
8.40
10.80
Da vo nhng thng tin trn hy xc nh v nim yt TG mua v
bn ngoi t k hn cho khch hng i vi tt c cc loi ngoi t
trn theo ba loi k hn nu trn
08/02/16
140
Bi 2-NV
i:S
Thng
tin v TG vV
li sut
ti NH ABC
B. Hon
MT
NGHIP
GIAO
DCH
c trnh by nh sau :
TRN TH
TRNG HI
OI
15,930
15,961
TG USD/VND
Li sut USD
Li sut VND
3.55%/ nm
0.65%/ thng
4.55%/ nm
0.85%/ thng
Gi s bn l nhn vin kinh doanh ngoi t, hy trnh cc giao

dch din ra gia NH v cng ty Hng Long khi cng ty thc
hin hp ng hon i ngoi t tr gi 86,000 USD k hn 3
thng vi NH, trong hai trng hp:
a. Cng ty bn giao ngay v mua k hn
b. Cng ty mua giao ngay v bn k hn
08/02/16
141
B.
MT
S
NGHIP
V
GIAO
DCH
Bi 3-NV Quyn chn: NH ABC cung cp thng tin v
TRN
TH
TRNG
OI
giao
dch quyn
chn
da trn TG HI
USD/VND
nh sau:
Ni dung hp ng
Tr gi
Quyn chn mua Quyn chn bn

100,000 USD
100,000 USD
TG thc hin (USD/VND)
20,840
20,830
Thi hn
2 thng
2 thng
30 VND
20 VND
Kiu quyn
Ph mua quyn tnh trn mi USD
08/02/16
142
Bi 3 (tt)
B. MT S NGHIP V GIAO DCH
Ngy 05/7, c hai KH giao dch. KH X mua mt quyn chn
TRN
TH
TRNG
HI
OI
mua v KH Y mua mt quyn chn bn.
a. Da vo thng tin quyn chn cho cho KH trn y, bn hy
xc nh v thu ph bn quyn chn cho KH X v Y l bao
nhiu?
b. Xc nh xem TG thay i n mc no trn th trng th
KH X v Y c th thc hin quyn chn?
c. Gi s vo ngy 20/07 TG USD/VND l 20,865, KH X v Y
c th lm g vi quyn chn ca mnh?
d. Gi s vo ngy n hn TG USD/VND l 20,890, KH X v
Y c th lm g vi quyn chn ca mnh?
08/02/16
143
Bi 4 NV
giao sau:S NGHIP V GIAO DCH
B. MT
Gi s TRN
mt th trng
giao sau hotHI
ng OI
VN. Ngy
TH TRNG
02/01/2012 cng ty A mua trong khi cng ty B bn mt
hp ng giao sau tr gi 50,000 USD vi TG tha thun
l 20,730 VND/USD. Tnh hnh TG trn th trng c
trnh by nh di y. Hy trnh by cc giao dch thanh
ton xy ra hng ngy ca hai cng ty ti phng giao hon
v cho bit s d TK ca hai cng ty cui ngy 08/01. Gi
s rng phng giao hon yu cu cc cng ty tham gia
phi duy tr mt mc k qu ln u 2 triu ng v duy
tr mc ti thiu l 1.5 triu.
08/02/16
144
MT
S NGHIP V GIAO DCH
Bi 4 B.
NV
giao sau:
TRN
TH TRNGTHI
Thi im
gi OI
u ngy 02/01
Cui ngy 02/01
Cui ngy 03/01
Cui ngy 04/01
Cui ngy 05/01
Cui ngy 06/01
Cui ngy 07/01
Cui ngy 08/01
08/02/16
20,730
20,740
20,755
20,775
20,770
20,750
20,790
20,775
145
MT
S NGHIP V GIAO DCH
Bi 5 B.
NV
Arbitrage:
NgnTRN
hng A yt
t gi
GBP/ USD: HI
1.52 1.54
TH
TRNG
OI
Ngn hng B yt t gi GBP/USD: 1.51 1.52
Nu nh kinh doanh c $100,000 u t, nh kinh doanh
lm g tn dng li th arbitrage a phng v li
nhun ng ta kim c l bao nhiu?
Bi 6 NV Arbitrage:
National Bank yt TG EUR/USD l $1.15 - $1.17.
City Bank yt TG EUR/ USD l $1.10 - $1.14.
Nu bn c $1,000,000 u t, li nhun bn kim c
t arbitrage l bao nhiu?
08/02/16
146
MT
S NGHIP V GIAO DCH
Bi 7 B.
NV
Arbitrage:
NH A
c: GBP/USDHI
= 1.50OI
TRNTi
TH
TRNG
Ti NH B c: CHF/USD = 0.75
Ti NH C c: GBP/CHF = 2.02
Nu bn c $100,000 u t, bn lm g tn dng li
th ca arbitrage 3 bn v li nhun bn kim c l
bao nhiu? (gi s gi mua v gi bn bng nhau)
08/02/16
147

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THANH TON QUC T

Ging vin: Nng Th Nh Mai

Ths. Nng Th Nh Mai Khoa Thng Mi 0966.77.88.65 nongthinhumai@yahoo.com

Chng 1: T gi hi oi v mt s nghip v giao

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Hiu c nhng kin thc c bn v th trng tin

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B. MT S NGHIP V GIAO DCH TRN TH

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Ths. Nng Th Nh Mai Khoa Thng Mi 0966.77.88.65 nongthinhumai@yahoo.com

Theo Lut Ngn hng Nh nc 2010:

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BNG T GI CC NGOI T NGY

SOUTH KOREAN WON

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dng quanh ng USD gn

(35 USD = 1 ounce vng)

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V d: ti thi im t trn TT Hng Kng

1.3 Cc phng php yt gi

V d: ti th trng Vit Nam:

1EUR = 27,723.19 VND

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1.3 Cc phng php yt gi

1 GBP = 1.5895 USD

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1.4 Mt s quy c trong giao dch hi oi

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1.4 Mt s quy c trong giao dch hi oi

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1.4 Mt s quy c trong giao dch hi oi

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1.4 Mt s quy c trong giao dch hi oi

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1.4 Mt s quy c trong giao dch hi oi

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1.4 Mt s quy c trong giao dch hi oi

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1.5 Cc loi t gi thng dng

T gi giao dch bnh

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1.5.2 Phn loi theo nghip v kinh doanh ca NHTM

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TG tin mt v chuyn khon, TG mua v TG bn

SWISS FRANCE 22,458.64

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1.5.3 Phn loi theo thi im giao dch

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1.5.3 Cc loi t gi khc

S so snh gia gi vn hng bn bng

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1.6 Cch tnh TG bng phng php tnh cho

1. T gi cho gia hai ng tin yt gi

2. T gi cho gia hai ng tin nh gi

3.TG cho gia mt ng tin yt gi v mt ng tin nh gi

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1. T gi cho gia hai ng tin yt gi

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1. T gi cho gia hai ng tin yt gi