Chứng khoán phái sinh ở Việt Nam

STOCK MARKET
DERIVATIVES MARKET
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IN VIETNAM
Group 2
Nguyen Vina Nhat Ha Le Thi Minh Anh Hoang Minh Ngoc

Truong Huyen Trang Bui Thao Linh
CONTENTS
Overview
about derivatives
01 - Definition and example

- Types of derivatives
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- The differences among

3 main types
Derivatives market
in Vietnam
02 - The history of derivatives

market in Vietnam
- Derivatives market in Vietnam
2019
“
When it comes to stock market,
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what do you think of immediately?

“
01 Overview about derivatives
DEFINITION
In brief, it is a financial security, a contract between two or more parties whose value is based on an
agreed-upon underlying financial assets.
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Stocks Bonds Commodities
Currency Interest rates Market Indexes

Example
Singapore dollar Purchase shares of a Vietnam Exchange-rate risk the threat that the value of the
company through a Vietnam SD will increase in relation to the VND
exchange using VND
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vn đ
a Singaporean investor The investor is exposed to exchange-rate If the value of the SD rises, any profits the investor
risk while holding that stock realizes upon selling the stock become less valuable
when they are converted into SD.
THREE MAIN TYPES OF DERIVATIVES
Future contracts
Future contracts are agreements to buy or sell underlying instrument for a specific price on a future
date. The parties involved in the futures transaction are obligated to fulfill a commitment to buy or sell
the underlying asset.
How Future contracts work

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Profit from Market price of

selling contract underlying asset
1
price
Price of underlying asset

in futures contract
Loss from selling
contract
time
Future contracts
For example
It's January and you enter into a futures contract to
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purchase 100 shares of IBM stock at 50.000VND/share on

April 1. The contract has a price of 5.000.000VND. But if
the market value of the stock goes up before April 1, you
can sell the contract early for a profit.
Let's say the price of IBM stock rises to 54.000VND/
share on March 1. If you sell the contract for 100 shares,
you'll fetch a price of 5.400.000VND, and make a
400.000 profit.
2
Forward contract
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Forward contracts
Forward contracts are agreements between two parties to
buy or sell underlying assets at specified date, at agreed
rate in future.
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A forward contract for currency can eliminate these risks by setting a specific price that you'll agree to pay in the
future.
For example
You might agree to buy a forward contract wherein you will trade 15.000.000VND three months from now at an
exchange rate of 15.000vnd per singapore dollar, obtaining 1,000 SD when the forward contract comes due.
Between now and then, the exchange rate in the open market can fluctuate, but it won't change your arrangement under
the forward contract. When the time comes, you can settle up by doing the currency exchange.
Option contracts
An Option contract gives the right but
not an obligation to buy/sell the 感谢您下载包图网平台上提供的 PPT 作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！
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underlying assets.
A trader may expect Company XYZ's stock price to go up to
90.000VND in the next month.
. The trader sees that he can buy an options contract of
Company XYZ at 4.500VND with a strike price of
75.000VND/ per share.
. The trader must pay the cost of the option (4.500 X 100
shares = 450.000)
. The stock price begins to rise as expected and stabilizes at
100.000VND 感谢您下载包图网平台上提供的 PPT 作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！
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. Prior to the expiry date on the options contract, the trader

executes the call option and buys the 100 shares of Company
XYZ at 75.000, the strike price on his options contract. He
pays 7.500.000 VND for the stock.
. The trader can then sell his new stock on the market for
10.000.000VND, making 2.050.000 VND profit (2.500.000
VND minus 450.000 VND for the options contract).
THE DIFFERENCES AMONG THREE MAIN
TYPES
CHARACTERISTICS FUTURES CONTRACT FORWARDS CONTRACT OPTIONS CONTRACT
Standardized contract/
Structure Standardized contract Customized contract
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Customized contract
Counterparty Risk Low High Low/High
Customized/depends on the Depends on the contract

Contract size Standardized/Fixed
contract term term
Regulation Stock exchange Self regulated (OTC) Stock exchange
Collateral Initial margin required Not required Not required
Settlement On daily basis On maturity date Based on the option type

02 Derivatives market in Vietnam
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only 17 years
after the opening
of the primary market
DERIVATIVES MARKET IN VIETNAM
10.08.2017
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The fifth country in ASEAN, along with Singapore, Malaysia,

Indonesia and Thailand, and the 42nd country in the world to have
a derivatives market.
two main derivative products – stock index and government bond
futures
The market operates with seven derivatives, of which four are

futures contracts of VN30 stocks
AUGUST 10, 2017 - 2019

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The Vietnamese derivatives market has proved its role as a risk

prevention tool more than 36 million contracts reached on the
market
the VN30-Index reached an average of nearly 100,000 contracts

per session
JULY, 2019
78,445 derivative trading accounts had been

opened
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The HNX studies to develop the VNX200 Index

futures contracts.
The HNX coordinates with relevant agencies to
develop a legal framework for new products
.
THANK YOU
ibaotu.com
Group 2

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STOCK MARKET

Nguyen Vina Nhat Ha Le Thi Minh Anh Hoang Minh Ngoc

01 - Definition and example

- The differences among

02 - The history of derivatives

what do you think of immediately?

感谢您下载包图网平台上提供的 PPT 作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！

Stocks Bonds Commodities

Currency Interest rates Market Indexes

感谢您下载包图网平台上提供的 PPT 作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！

How Future contracts work

Profit from Market price of

Price of underlying asset

purchase 100 shares of IBM stock at 50.000VND/share on

感谢您下载包图网平台上提供的 PPT 作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！

. Prior to the expiry date on the options contract, the trader

CHARACTERISTICS FUTURES CONTRACT FORWARDS CONTRACT OPTIONS CONTRACT

Counterparty Risk Low High Low/High

Customized/depends on the Depends on the contract

Regulation Stock exchange Self regulated (OTC) Stock exchange

Collateral Initial margin required Not required Not required

Settlement On daily basis On maturity date Based on the option type

感谢您下载包图网平台上提供的 PPT 作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！

The fifth country in ASEAN, along with Singapore, Malaysia,

The market operates with seven derivatives, of which four are

AUGUST 10, 2017 - 2019

The Vietnamese derivatives market has proved its role as a risk

the VN30-Index reached an average of nearly 100,000 contracts

78,445 derivative trading accounts had been

The HNX studies to develop the VNX200 Index

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