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Qun l th trng OTC ca Vit Nam!

Mc lc.
A. Vi nt v OTC .............................................
1. OTC l g? ...................................................................................... 2. Vic hnh thnh v pht trin ......................................................... 3. c im ca OTC & phng thc giao dch (cc loi hng ha) a) c im ca OTC ..................................................................... b) Phng thc giao dch

B. Qun l OTC .................................................

I. Th Gii (Khang)........................................................................... II. Vit Nam ...................................................................................... 1. Thc trng qun l OTC ti Vit nam ........................................ 2. Phng cch giao dch trn th trng OTC VN ....................... 3. Cc chnh sch ca NN............................................................... 4. Nhng kh khn, ri ro ca nh u t trn th trng OTC ..... 5. Mt s gc khut trn th trng OTC ....................................... 6. im khc bit gia OTC so vi TT chnh thc & TT ch en III. Hng i & Gii php

C. Kt lun.......................................................... D. Ti liu tham kho ........................................ E. Nhm thc hin ..............................................

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Qun l th trng OTC ca Vit Nam!

A. Vi nt v OTC
1. OTC l g (ni s v quy m th trng) Th trng OTC( Over The Counter - Th trng giao dch qua quy) hay cn gi l th trng phi tp trung, l th trng c t chc khng da vo mt mt bng giao dch c nh nh th trng sn giao dch (th trng giao dch tp trung), 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. Th trng OTC khng c mt khng gian giao dch tp trung. Th trng ny thng c cc cng ty chng khon (CTCK) cng nhau duy tr, vic giao dch v thng tin c da vo h thng in thoi v Internet vi s tr gip ca cc thit b u cui. Tnh thanh khon ca cc loi chng khon trn th trng OTC thng thp hn th trng giao dch tp trung, cha ng nhiu ri ro hn, song cng c th em li nhiu li nhun hn. 2. Vic hnh thnh v pht trin Th trng OTC - Th trng chng khon phi tp trung: l th trng chng khon xut hin sm nht ca s pht trin v hnh thnh th trng chng khon v l b phn hu c ca th trng chng khon. Giai on u ca s hnh thnh v pht trin ca th trng chng khon; vic mua, bn chng khon ch yu c thc hin thng qua cc quy ca ngn hng, cc cng ty chng khon. Phng thc giao dch ch yu l mua bn trc tip th cng, thng lng gi. Khi Th trng chng khon pht trin, hot ng ca th trng c thc hin bi mt mng li cc nh mi gii v t doanh chng khon mua bn vi nhau v vi cc nh u t cc a im phn tn khc nhau m khng c trung tm giao dch. Cc loi chng khon giao dch trn th trng ny l chng khon cha nim yt, ch yu l ca doanh nghip nh v va. Vic giao dch c thc hin thng qua mng in thoi, internet; gi c chng khon giao dch c xc nh da trn c s tha thun, thng lng. Chnh v vy, thc cht Th trng chng khon phi tp trung l Th trng giao dch ngoi quy (OTC - over the counter market) theo ngha en ca n. Th trng chng khon phi tp trung c t di s qun l, iu hnh ca cc t chc do php lut quy nh v chu s qun l ca nh nc. Vi s pht trin ca k thut tin hc, Th trng chng khon phi tp trung pht trin rt nhanh chng tr thnh mt loi hnh chng khon hin i. Th trng chng khon phi tp trung - OTC (khc vi th trng chng khon ch en) l mt th trng chng khon c t chc cht ch bi cc t chc theo quy nh ca php lut v chu s qun l ca Nh nc.
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Qun l th trng OTC ca Vit Nam!

Trn th trng OTC, chng khon c giao dch l chng khon cha nim yt S Giao dch Chng khon; vic giao dch c thc hin bi mt mng li cc nh mi gii, t doanh chng khon v nh to lp th trng lin kt vi nhau v lin kt vi trung tm qun l thng qua mng dch v vin thng d liu din rng; c ch xc lp gi ch yu l da trn c s thng lng gi. 3. c im ca OTC & phng thc giao dch a) c im ca OTC Tu theo tng iu kin kinh t x hi cua mi quc gia ma thi trng OTC cung co nhng c im ring ph hp vi c th cua quc gia. Hnh thc t chc: v c bn th trng OTC khng c a im giao dch tp trung gia bn mua v bn bn nh i vi th trng chng khon tp trung (S Giao dch Chng khon). Tuy nhin, v k thut tin hc pht trin v vic s dng mng thng tin d liu trn din rng lm cho vic giao dch trn th trng OTC c tnh tp trung cao hn. Hng ho ca th trng OTC: chnh l cc loi chng khon c php pht hnh v cha iu kin nim yt trn s giao dch (SGD), ch yu l chng khon ca cc cng ty va v nh, cng ty cng ngh cao, cng ty mi thnh lp nhng c tim nng pht trin v.vChnh v th, chng khon trn th trng ny c ri ro cao hn so vi chng khon trn S Giao dch Chng khon. Ngoi nhng ri ro trong u t chng khon ni chung th u t trn OTC cn c mt s ri ro khc nh tnh thanh khon km, ngi mua v ngi bn kh gp nhau v thng tin cng khai khng minh bch, cn mp m. - Ri ro v tnh thanh khon: c nhiu thi im th trng OTC b ng bng, nhiu nh u t chp nhn bn l c phiu OTC m khng th bn c. Trong khi , thng thng bn c th d dng bn c chng khon nim yt nu chp nhn mt mc gi r. - Ri ro v thng tin: thng tin hn ch v doanh nghip v tnh cht khng minh bch trong thng tin cng l mt im rt hn ch i vi c phiu OTC. Tiu chun chng khon c giao dch trn th trng OTC thp hn, linh hot hn so vi tiu chun nim yt S Giao dch Chng khon. Th trng chng khon phi tp trung hin i l th trng c t chc cht ch, s dng h thng mng tin hc din rng lin kt vi tt c cc i tng tham gia th trng. C ch xc lp gi trn th trng OTC: ch yu da trn c s thng lng, tha thun gi gia bn mua v bn bn. H thng cc nh to lp th trng. C ch thanh ton trn th trng OTC l linh hot, a dng hn so vi phng thc thanh ton b tr a phng thng nht S Giao dch Chng khon.
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Qun l th trng OTC ca Vit Nam!

Qun l th trng OTC c thc hin theo hai cp: cp qun l nh nc v cp t qun. Th trng OTC vn ng nh mt c ch to gi v duy tr hot ng gi l mng li lin cng ty. Cc nh to gi trong t chc s cnh tranh gia h vi nhau, lin tc a ra gi rao mua v gi cho bn. Gi th trng c tham kho t mng li ny, giao dch s c gt li bng thng lng gia bn mua v bn bn.

b) Phng thc giao dch C 3 phng thc giao dch ch yu: phng thc giao dch gin n, giao dch bo gi trung tm, giao dch c s tham gia ca nh to lp th trng: Phng thc giao dch gin n: Khch hng m ti khon ti cng ty chng khon, khi mun thc hin giao dch mua bn CK, khch hng t lnh ti cng ty CK, y xy ra 2 trng hp: -Nu cng ty CK l nh t doanh c loi CK khch hng mun mua th b phn giao dch s trc tip thng lng vi khch -Nu khng, b phn giao dch qua h thng mng s tm v lin h vi cng ty l nh t doanh CK c gi tt nht thng lng, tha thun gi. Khi giao dch c thc hin b phn giao dch chuyn phiu lnh ti b phn thanh ton ca cng ty v thng bo cho khch hng Tt c giao dch c thc hin ti cng ty CK phi lp tc chuyn bo co kt qu ti phng qun l kinh doanh CK ca t chc qun l th trng OTC. Phng thc giao dch bo gi trung tm: Khch hng m ti khon v t lnh giao dch cng ty CK. Cng ty CK sau s gi bo gi vo h thng bo gi trung tm. H thng bo gi trung tm thng l mt mng in t din rng kt ni tt c cc thnh vin h thng. Trong thi gian giao dch cc cng ty CK thnh vin gi cc bo gi mt chiu bao gm gi & khi lng cho mua hay cho bn cho khch hng hoc chnh cng ty. Lnh c thc hin theo hnh thc khp lnh t ng hoc 2 cng ty CK tha thun trc tip vi nhau. Phng thc giao dch c s tham gia ca nh to lp th trng: Cc nh to lp th trng thng xuyn yt gi 2 chiu (gi hi mua v gi cho bn) i vi cc loi CK m h ng k lm nh to th trng vo h thng yt gi. Khch hng m ti khon v t lnh giao dch ti cng ty CK m h la chn. Cng ty CK lc ny ch gi vai tr l nh mi gii, s xem xt h thng yt gi v t lnh giao dch vi nh to lp th trng c mc gi yt tt nht. Nh to th trng sau khi nhn c lnh giao dch s xem xt: - Nu c th thc hin giao dch s khng nh ngay vi nh mi gii. ng thi bo co kt qu vi trung tm & iu chnh li gi yt.

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Qun l th trng OTC ca Vit Nam!

Nu lnh giao dch cha th khp, nh to th trng s lu li cho n khi c lnh ph hp s thc hin giao dch.
-

B. Qun l OTC
I. Th Gii 1. M Gi chung l TTCK M nhng trong c rt nhiu th trng, th trng New York Stock Exchange bao gm Main Board ca n v NYSE ARCA, ri c American Stock Exchange l mt th trng lu i th nh ca M. Th trng NASDAQ cng c rt nhiu ngi Vit Nam bit n, bao gm Global Select, Global, Capital. Ngoi ra cn c th trng Over The Counter Bulletin Board (OTCBB), Pink Sheets trong Pink Sheets cng chia ra OTC, Grey Market Cc th trng vng nh l Pacific Stock Exchange, Chicago Stock Exchangeni chung cng rt a dng. Nm th trng chng khon chnh ti M:

Th trng

Khi lng giao dch hng ngy (n v: c phiu) 3 t 2,3 t 64 triu 1,4 t 2 t

Gi tr giao dch hng ngy (n v: USD) 86,7 t 50 t 2 t 176 triu 245 triu

S cng ty (tnh n thng 6/2007) 2780 3180 818 3248 4773

Cng ty quc t (tnh n thng 6/2007) 447 328 N/A 160 N/A

NYSE NASDAQ AMEX OTCBB Pink Sheets

*Th trng Nasdaq NASDAQ(National Association of Securities Dealers Automated Quotation System ). Mc d Nasdaq hot ng gn ging vi cch t chc ca th trng

Th Trng Chng Khon

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Qun l th trng OTC ca Vit Nam!

OTC nhng ngi ta khng xem Nasdaq l th trng OTC v Nasdaq bin tng thnh 1 s giao dch vi cc iu kin nim yt kht khe. *Th trng OTC Pink Sheet. L mt h thng in t - n phm hng ngy ca Cc bo gi quc gia (National Quotation Bureau) v gi mua v bn ca c phn OTC, bao gm c danh sch nhng Ngi to lp th trng Cc cng ty c nim yt tn trn Pink Sheets l cc cng ty rt nh v c phn ca cc cng ty ny rt t khi c giao dch. Hu ht cc cng ty kiu ny khng th p ng c yu cu ti thiu c giao dch trn th trng Chng khon quc gia, v d nh sn giao dch Chng khon New York hay th trng Chng khon Nasdaq. Hu ht cc cng ty ny khng np cc bo co ti chnh nh k cho SEC v vy rt kh c th to tin cy i vi cc nh u t. Vic mua c c phiu ca cc cng ty nim yt trn Pink Sheets rt kh. Rt nhiu c phn ca cc cng ty Pink Sheets ch c ng k bn mt bang no , v vy mun mua c c phiu loi ny i khi cn c mt vi th thut. *Th trng OTC-Bulletin Board Cng ging nh Pink Sheets OTC-BB dnh cho cc cng ty khng iu kin nim yt trn sn giao dch hay Nasdaq. Hot ng theo c ch to lp th trng qua mng bo gi trung tm vi trn 230MM. S lng c phiu yt gi 230. c pht trin bi Hip hi bun bn Chng khon quc gia (NASD) v c thng qua bi SEC vo nm 1990, cung cp nhng d liu thng xuyn v cp nht hn v gi c phn trong nc, v c cp nht 2 ln mt ngy v gi c phn ca cc cng ty nc ngoi. H thng c thit k vi mc ch lm thun li ho thng mi v cung cp s gim st cht ch hn rt nhiu gi ca cc c phn trc kia thng c cp nht ngy mt ln trn h thng Pink Sheets, a ra bi Cc Bo gi quc gia- National Quotation Bureau. * S khc bit gia 2 thj trng OTC chnh ca M l Pink sheets v OTC-BB Nhng cng ty nim yt trn Pink Sheets khng cn cung cp bt k thng tin no cho U ban chng khon quc gia M (SEC), v thng tin v cng ty c in v pht hnh trn giy hng. trnh vic phi cung cp h s cho SEC th mt s cng ty ln bn ngoi mun xm nhp vo th trng M thng qua Pink Sheets, nh l Nestle S.A

II. Vit Nam

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Qun l th trng OTC ca Vit Nam!

1. Thc trng qun l OTC ti Vit Nam Hin nay ti Vit Nam cha c mt th trng OTC ng ngha v tiu chun nh trn th gii c. Thc trang TTCK OTC tai Vit Nam hin nay hoat ng rt phc tap v khng co t chc.Thc cht thi trng nay la thi trng mua ban t do vi vy TT OTC tai Vit Nam mang y yu t rui ro va tiu cc: * Khng co thng tin r rang v hoat ng kinh doanh cua cng ty phat hanh CP * Cac cng ty c phn phat hanh c phiu v ti va ra cng chung, Phat hanh CP gi,.. * Khng c bin gi, thi phng ln hn gi tri thc cua CP nhiu ln * Khng c cc c quan chc nng theo di, kim tra, ch ti. Hin nay, Vit Nam a c hn 33.000 cng ty uc thnh lp, c phn ha v d bo con s ny s cn tng thm 1.500 doanh nghip c phn ha t nay cho n nm 2010. Tuy nhin, mi ch c 162 cng ty nim yt trn S giao dch Chng khon thnh ph H Ch Minh v 164 cng ty nim yt ti Trung tm giao dch Chng khon H Ni, s cn li giao dch lang thang trn th trung t do. Hin nay cha c mt thng k chnh thc v quy m v khi lung giao dch hng ngy trn th trung ny. Theo nh gi ca Ngn hng Hng Kng Thng Hi (HSBC), uc tnh gi tr vn ha trn th trung cha nim yt ln ti 5 n 6 t USD, ln gp i th trung nim yt. Nh vy quy m th trng ny Vit Nam l rt ln, song n li ang hot ng mt cch bt nho v khng c kim sot. c s ng nhn kh nhiu ngi trong x hi, k c ngi c quan qun l v mt s phng tin thng tin i chng, v th trng OTC khi cp n cc giao dch mua bn c phiu bn ngoi sn giao dch chng khon chnh thc hin nay. l vn Vit Nam c hay cha th trng OTC? C th khng nh rng hin trong nc cha hnh thnh th trng OTC m ch d kin t chc th trng ny trong thi gian ti. Th trng hin nay m nhiu ngi vn lm l OTC thc cht l th trng xm grey market- th trng t do - ni mua bn c phiu trao tay. Giao dch th trng ny thng l qun c ph, chng hn TP.HCM, trc y thng tp hp cc qun c ph quanh Cng trng H Con Ra v hin nay c thm cc qun c ph chung quanh khu vc ngn hng, cng ty chng khon trn ng Nguyn Cng Tr, qun 1, TPHCM... S d gi th trng xm v tnh cht ri ro trn th trng kh cao, mc an ton trong giao dch thp (do c phiu gi, giao dch tin mt ln thng qua nh mi gii t do...), khch hng cn b ri ro v gi do khng c thng tin th trng ti thi im giao dch. Trong khi , ng ngha ca th trng OTC, tc th trng giao dch phi tp trung, l th trng giao dch mua bn c phiu cha iu kin nim yt trn th trng giao dch tp trung hin nay nhng vn c t chc quy c, c
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Qun l th trng OTC ca Vit Nam!

s gim st, qun l ca cc c quan chc nng. Hin ti c cc quy nh v cng ty c phn i chng v cc cng ty ny chu s chi phi bi Lut Chng khon cng nh chu s qun l ca y ban Chng khon Nh nc. Mt khc, trn th trng OTC Vit Nam, cc giao dch din ra ri rc, khng c s lin kt. Khng c bt c ai gim st hay chu trch nhim. Hay ni mt cch khc l hin ti cha c nhng nh t chc th trng. Ni chung, vic mua bn, giao dch chng khon trn th trng phi chnh thc thng din ra xung quanh nhng ngi bit r v doanh nghip . Trng hp nhng nh u t mi tham gia vo l rt hn ch. y cng chnh l mt trong nhng nguyn nhn chnh lm cho th trng OTC Vit Nam km si ng. T l u t vo c phiu chim mt phn rt nh so vi t l tin gi ti cc t chc ti chnh. Phng thc giao dch c phiu trao tay trn th trng Vit Nam hin nay cha ng rt nhiu ri ro, bi v cc cuc giao dch mua bn c phiu khng b l thuc vo mt nguyn tc no nn hot ng giao dch chu nhiu tc ng ca ngun thng tin. Trong khi y, ngun thng tin trn th trng OTC Vit Nam lun b nhiu, hu ht cc thng tin l thng tin hnh lang v c rt nhiu tin n, tin thi, v th gi c phiu b ngun thng tin chi phi. Hng ngy, ch cn xut hin thng tin xu v tnh hnh hot ng ca cng ty lp tc gi c phiu ca cng ty y trn th trng OTC s gim ngay, ngc li vi nhng ngun thng tin tt gi c phiu s c y ln rt cao, cao hn hn gi tr thc ca c phiu. Vi ngun thng tin khng r rng, gi c phiu OTC bin ng lin tc s nh hng n quyt nh ca cc nh u t. Ngi mua v bn d dng i khi nm c ngun thng tin. Khng ch vy, cc nh u t c phiu OTC li phi chu rt nhiu thit thi v khng r cc thng tin v cc doanh nghip. Vi kiu hot ng ng ca th trng c phiu OTC ti Vit Nam hin nay, khng ch c t l kt qu giao dch thnh cng khng c m bo, m nh u t cn c th b la bng nhiu hnh thc khc nhau nh lm c phiu gi, tung tin lm gi Phn ng nh u t c nhn hin nay tham gia th trng nh vo kinh nghim truyn ming, cha c s chun b k cng v kin thc chng khon. Kiu u t ny s khng cn hp thi khi quy m th trng ngy cng ln. Con ng n vi TTCK ca h phn ln l thng qua bn b, hoc n cc Cng ty Chng khon t tm hiu v u t. a s nh u t c nhn trao i vi nhau l "chi" chng khon, ch khng phi u t chng khon. Cch tip cn ny phn nh s thiu chun b khi tham gia vo sn chi ti chnh bc cao ca nn kinh t ny. Giao dch trn th trng OTC hin ang rt tha tht. Gi c lon x. Gi tham kho CP th trng OTC ng trn cc cc trang web thng c s chnh lch, i khi chnh lch kh cao. Mc gi cho mua, cho bn ca NT b bin i rt nhiu sau khi qua tay c. Cc hot ng lm gi ca c hin ang lm cho gi trn OTC lon x hn, giao dch ngy mt b tc hn. Cc giao
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Qun l th trng OTC ca Vit Nam!

dch trn OTC ngy cng lm vo ci vng lun qun: nh u t e ngi ri ro v gi, ri ro thanh khon khin cho giao dch ngy mt tha hn. Giao dch cng tha th nhng ri ro ny cng cao hn. 2. Phng cch giao dch trn th trng OTC VN 2.1. S dng dch v mi gii ca cc cng ty chng khon Mi gii l mt trong bn nghip v kinh doanh m cng ty chng khon c php lut cho php thc hin. Cc cng ty chng khon ny c mt i ng mi gii chuyn nghip, c o to k cng v c chng ch hnh ngh do y ban Chng khon Nh nc cp. H thc hin vic nhn lnh ca nh u t, tha thun tm ngun cung hoc cu ph hp v thc hin vic chuyn quyn s hu chng khon cho khch hng (thng qua dch v lu k v thanh ton b tr ca trung tm giao dch chng khon). Thng qua dch v mi gii ca cng ty chng khon l hnh thc giao dch an ton v quyn li ca nh u t c php lut bo v cht ch. Tuy nhin do s lng cng ty c phn th nhiu nhng s cng ty ng k tr thnh cng ty i chng th cn hn ch do nhng cng ty ny lo ngi v vic thc hin nhng ngha v ca cng ty i chng theo quy nh ca php lut nn s c phiu c th mua bn thng qua mi gii ca cng ty chng khon cha thc s phong ph. ng thi, nhiu nh u t t tin khng cn c hi len chn vo cc sn chng khon sau s kin mt s cng ty chng khon ln khng chp nhn cc nh u t "ngho". Mc d vy, nhu cu v c phn ca rt nhiu cng ty khng phi cng ty i chng li kh ln v s lng nhng cng ty ny th v cng nhiu nn dn ti s hnh thnh ca th trng xm mua bn nhng c phiu ny. 2.2. Qua nhng li cho bn hoc mua trn mng v ngi quen Hnh thc ny kh ph bin hin nay v c bit c a chung bi nhng nh u t tr, cng chc nh nc, nhn vin ca cc cng ty. Rt nhiu trang web chuyn v chng khon v mt s t bo in t u ng tin rao vt, mua bn chng khon OTC nh cc trang ca chnh cc cng ty chng khon, nh: ANS, ABCS, BVSC,... hoc cc trang chuyn v giao dch OTC; nh: SanOTC.com, OTC24h Website cho php ngi ng nhp a ra cc lnh mua v bn, sau thng k a ra nhng lnh ph hp khch hng la chn. Trn cc website c a ra bng m OTC ca cc cng ty v mnh gi c phiu, tri phiu ca cng ty v c nhng thng k v mc gi ca nhng c phiu khch hng c thm cc thng tin trc khi a ra quyt nh u t v h tr khch hng tm hiu v th trng chng khon thng qua cc phn tch th trng OTC. V quan trng hn c l danh sch cc c phiu OTC c cho mua, cho bn ti hu ht cc sn mng u di gp vi ln danh mc gn 200 doanh nghip nim yt trn sn. Gi trn cc trang web ny ch l gi mang tnh cht tham kho thng qua gi trn, gi sn v gi trung bnh, khng phi l gi tr thc ca chng khon c rao bn hoc mua trn th trng OTC. Thc t do vic tham gia vo nhng trang web ny tng i d dng, v
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PD University

Qun l th trng OTC ca Vit Nam!

xc thc ca tin rao khng c kim tra, khng ni no chu trch nhim v nhng thng bo nn rt nhiu ngi ng nhng tin rao khng ng s tht, gy ra sc p gi to v cung hoc cu lm gi theo hng c li cho mnh. Hnh thc giao dch y ch yu l trao tay. Sau khi khp lnh ng mua bn trn mng, th qu trnh sau din ra rt n gin v d dng. Nu l chng khon c lu k th ngi mua hay ngi bn thng s n tr s chnh ca cng ty ng k chuyn i s hu. Tho thun xong ngi mua v ngi bn n mt chi nhnh ca cng ty pht hnh chng khon v in vo mu phiu (form) chuyn nhng, sau np ph chuyn nhng (khong 0.03%) l 2 tun sau ngi mua c th c giy chng nhn s hu c phn. Rt nhiu trng hp nu chng khon khng c lu k, ngi bn ch vic trao cho ngi mua mt giy chng nhn s hu. Sau vi c in thoi l bn mua cm tin n gp ngi bn (ti nh, qun c ph, c quan...), kim tra s s chng khon, vit cho nhau t cam kt chuyn nhng quyn cho ngi mua. Phn ln cc giao dch ch din ra trong vng 30 pht, nu quen nhau ch 10 pht. 2.3. Qua nhng broker hnh ngh t do Broker trn trung tm chng khon chnh thc c o to k cng v c chng ch hnh ngh do y ban Chng khon Nh nc cp, nhng tr thnh broker trn th trng OTC th kh d dng. Ch sau vi v mua bn chng khon l c ngi gi in n nh xem c nhu cu mua/bn th mch bo v cng chia hoa hng th ngi ta. Cc broker ang hot ng hin nay u l nhng tay nghip d c ngh nghip khc nhau. Sc so v nhanh nhy nht l nhng nhn vin lm vic trong cc t chc ti chnh. Tuy nhin cng c rt nhiu nh mi gii l nhng ngi tho kinh doanh trong nhng lnh vc khc nhau, c kin thc v kinh t.... c ngun hng sn sng cung cp cho nh u t, nhng ngi mi gii i khp ni sn c phiu ca nhng cng ty c phn v th tc l ngi bn lm giy chuyn nhng cho ngi mi gii bng hp ng chuyn nhng nhng phn ngi mua l b trng, cng ty pht hnh s xc nhn vo hp ng ny chp nhn ngi mua l c ng mi ca cng ty (mc d cha bit ch danh ngi mua). Sau khi tm c ngi mua, ngi mi gii ch in tn nh u t vo phn cn trng. Thng thng ngi mi gii c phiu trn th trng OTC hng chnh lch gi. Hot ng ca nhng ngi mi gii t do ny cng da trn nguyn tc khp lnh gia ngi mua v ngi bn. Tuy nhin trong trng hp, cc lnh mua khng mua ht so vi nhu cu bn, th tm thi ngi mi gii mua s c phiu nu ngi mi gii d on gi c phiu ang ln. Cn khi d bo gi c phiu c chiu hng xung th ngi mi gii phi khp lnh mua v lnh bn tng l c phiu. Nhn chung nguyn tc ca ngi mi gii l mua cao, bn cao, mua thp bn thp. Trong trng hp gp c l c phiu m ngi bn ang cn tin, bn gp, gi h, nhng cha khp c lnh mua, th

Th Trng Chng Khon

23

Nhm IV - 507401

PD University

Qun l th trng OTC ca Vit Nam!

ngi mi gii cng mua vo v khi gp khch sn sng mua vi gi cao th bn ra. Cng ging nh bt k th trng no, th trng OTC khng th thiu cc nh mi gii. Hot ng ca h thc y th trng OTC pht trin, cc giao dch si ng hn. Nu khng c h, nhu cu mua/bn chng khon khng d dng gp nhau v do tnh thanh khon ca cc chng khon cng b hn ch nht nh. Thc t thi gian qua t khi k mua, ngi bn giao dch c vi nhau qua thng tin trn mng. Cc cuc giao dch thnh cng phn ln l nh broker do cc broker nm bt c nhiu thng tin, bit nhiu khch hng cng nh c nhiu mi quan h nn gip qu trnh thc hin lm cc th tc thanh ton, chuyn nhng chng khon kh d dng. So vi hnh thc t tm n nhau qua mng th nh u t phi mt thm ph cho broker v ph ny cng kh cao. 2.4. Giao dch thng qua chnh cng ty pht hnh chng khon cc bn ang mua/bn Trong s nhng nh mi gii trn th trng OTC cng d dng bt gp chnh cc cn b Vn phng Hi ng qun tr ca mt s Ngn hng thng mi c phn, Cng ty c phn... ni lm th tc chuyn nhng c phiu ca doanh nghip do ang hnh thnh xu hng l mua chng khon ca t chc no th nh chnh nhng ngi t chc mi gii. H c nhiu mi hng, pht gi kh hp l v c trch nhim hn trong vic m bo tnh hp php, hp l chng khon. V vy, i khi c nhng loi chng khon ang rt "nng" trn th trng m li khng thy giao dch trn ch mng nh c phiu ca VPBank, Habubank trong thi gian qua. Thm ch c nhng cng ty pht hnh mun bo v quyn li ca nh u t ng ra lm trung gian mua bn v thc hin chuyn nhng quyn s hu cho khch hng, v d nh cng ty chng khon Bo Vit. Thc ra y l mt hnh thc bin th ca hnh thc giao dch thng qua cc mi gii nhng ci khc nhau l ch, theo quy nh ca UBCK th hot ng ny ca cc cng ty pht hnh chng khon khng c thu ph dch v t cc nh u t, chnh v vy, hnh thc ny s khng tn nhiu chi ph nh giao dch thng qua cc mi gii t do. Th tc chuyn nhng cng ht sc cht ch vi vic xut trnh s h khu, chng minh th, ch k gc... C phiu ca cc cng ty cha nim yt giao dch OTC cng hu ht c ghi r cc giao dch chuyn nhng ch c gi tr khi lm th tc qua vn phng hi ng qun tr ca doanh nghip . V vy, y l hnh thc giao dch c gi tr. Tuy nhin, cc nh u t chng khon s khng c c hi tip cn vi cc ngun thng tin a chiu v hnh thc ny ch cung cp thng tin ca cng ty pht hnh chng khon ch khng cho bit thng tin ca cc cng ty khc cng vi cc thng tin v bin ng th trng OTC, nh vy cc nh u t khi s dng hnh thc ny s gp phi tnh trng thng tin khng i xng.

Th Trng Chng Khon

23

Nhm IV - 507401

PD University

Qun l th trng OTC ca Vit Nam!

3. Cc chnh sch ca NN UBCK Nh nc rt ch trng ti vn cng b thng tin v yu cu cc t chc tham gia nghim chnh chp hnh. UBCK Nh nc cng cnh co, x pht di vi mt s Cng ty vi phm li trn Cng chng vn cho rng OTC l th trng c qu nhiu ri ro, thm ch c th xy ra nhng la o, trc li. V th, d mun hay khng th vic lnh mnh v minh bch ha th trng ny l iu cn thit. Gii p bc xc ny, lnh o U ban Chng khon Nh nc cho bit: hin c quan ny ang xy dng d tho mt s vn bn trnh ln B Ti chnh, Chnh ph xem xt ban hnh. H thng vn bn ny chnh l hnh lang php l nhm thc hin chc nng gim st, qun l v quan trng nht l lm lnh mnh ho - minh bch ho th trng OTC. Pht hnh ring l s phi bo co V lu di, U ban Chng khon Nh nc s hng ti v ban hnh mt ngh nh ca Chnh ph v pht hnh ring l v qun l th trng OTC. Quan chc ny cng cho hay: Trc mt d kin Chnh ph s c quyt nh v ch th, nhm qun l cht ch ngay t khu u tin nhm "a hng" vo th trng OTC qua vic pht hnh c phiu ring l. Theo , cng ty pht hnh c phiu loi ny phi chu s gim st ca c quan chc nng; trong c vic cng b thng tin mt mc nht nh. Trch nhim ny trc ht s giao cho c quan ch qun ca doanh nghip pht hnh. V d: Cc cng ty chng khon, cng ty bo him khi pht hnh c phiu ring l (cha quy nh iu chnh theo Lut Chng khon) th phi ng k, bo co vi U ban Chng khon Nh nc, B Ti chnh; Cc ngn hng pht hnh ring l th phi bo co, ng k, xin php Ngn hng Nh nc... Cn cc cng ty khc khng thuc s qun l theo ngnh dc th phi bo co, ng k vi s k hoch - u t v y ban nhn dn tnh, thnh ph trc tip cp php thnh lp v qun l. Tt nhin, th tc ng k hay bo co s c thc hin n gin. Phn cp qun l Cng theo lnh o U ban Chng khon Nh nc th vic qun l th trng OTC nh th no hn ch ri ro, pht trin th trng mi l vn ct yu. Cc chuyn gia cng nhn nh: Th trng OTC hin nay l s pht trin khch quan v tt yu; p ng nhu cu khng nh cho nhu cu, cho doanh nghip v gii quyt cc vn m th trng chnh thc cha th gii quyt c. T nhn nh ny, cc chuyn gia cho rng cn c mt t chc, c quan qun l xy dng c s d liu thng tin chung trn ton quc. C s d liu ny bao gm thng tin ca cc cng ty cha nim yt c phiu; i tng cha phi l cng ty i chng...
Th Trng Chng Khon Nhm IV - 507401

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Qun l th trng OTC ca Vit Nam!

T s c c ch cng khai ho thng tin, cng nh s bt buc cc i tng ny thc hin cc ngha v theo Lut Chng khon hin hnh. Qua ngoi vic kim sot v hn ch ri ro, c quan ny cng c c c ch phi hp vi cc c quan nhm ngn chn, x l cc hnh vi la o, gian ln... trn th trng c chnh thc v khng chnh thc. Mt im quan trng na l vn qun l trong giao dch mua bn trn th trng OTC. T trc ti nay, giao dch ny thng l tho thun gia ngi bn v ngi mua; nhng ti y, cc doanh nghip pht hnh c phiu s thc hin ng k h s cng ty i chng vi U ban Chng khon Nh nc v phi lu k c phiu ti trung tm lu k. Vic mua - bn th trng OTC vn hot ng bnh thng, song im mi qun l l nh u t phi m ti khon ti cc cng ty chng khon; cc cng ty chng khon s lm u mi chuyn kt qu giao dch v Trung tm Giao dch Chng khon H Ni, trung tm lu k c quan ny thc hin b tr v lm th tc chuyn tn, hp thc ho vic mua bn... c bit, hin B Ti chnh, U ban Chng khon Nh nc trao i vi cc tnh, thnh v nhn c s ng thun. Vi s phn cp ny, lnh o U ban Chng khon Nh nc k vng th trng OTC s hot ng minh bch, p ng tt hn a dng nhu cu ca th trng hin ti. V d c th: Phng n t chc v qun l giao dch chng khon ca cng ty i chng cha nim yt ti Trung tm GDCK H Ni chnh thc c ban hnh theo Quyt nh s 3567/Q-BTC do Th trng B Ti chnh Trn Xun H k ngy 8/11/2007. Nhng th trng GDCK cng ty i chng cha nim yt (vit tt l UPCoM) vn cha th m sm nh d kin. Theo Quy ch, bin giao dch c phiu 10% c th thay i ty theo tnh hnh th trng, ring vi tri phiu khng p dng bin . thi gian giao dch cho th trng ny t 10 - 15 gi cc ngy lm vic trong tun (ngh gia phin t 11 gi 30 - 13 gi 30). Sn giao dch UPCoM cha m ca c do cn phi ch quyt nh ca Th tng Chnh ph quy nh v t l s hu ca nh u t nc ngoi khi tham gia giao dch mua bn CP trn sn UPCoM. Hin Trung tm GDCK H Ni a ra nhiu mc s hu khc nhau t 30% n 40% v cao nht l 49% nh i vi CP cc cng ty trn sn nim yt chnh thc. Ti Vit Nam, do cha c s qun l cht ch nn trong nhng giai on th trng pht trin nng, c khng t nh u t bn c nhng c phiu m h cha c, thm ch l khng c. B Ti chnh ang trin khai xy dng n Qun l giao dch trn th trng OTC theo hng tt c cc loi c phiu mun mua bn phi qua Trung tm Lu k. Cn phi xy dng c mt vn bn

Th Trng Chng Khon

23

Nhm IV - 507401

PD University

Qun l th trng OTC ca Vit Nam!

php l cao hn di dng ngh nh ca Chnh ph v vic tng cng qun l th trng OTC v pht hnh tri phiu ring l 4. Nhng kh khn, ri ro ca nh u t trn th trng OTC -Mt l, tranh chp hay thit hi v quyn mua c phiu (CP) mi tng vn. Mt trong nhng k vng ln nht v li ch ca ngi mua CP l quyn mua CP pht hnh tng vn. y l mt khon li ln ca ngi s hu CP. Tuy nhin, thng thng trc khi pht hnh CP tng vn, cng ty tin hnh cht danh sch c ng. Ti thi im , nhng ai s hu CP nm trong danh sch c ng ca cng ty s c mua thm CP mi. Vi nhng ngi mua CP trong giai on giao thi hoc khi danh sch c ng c cht, nu khng bit th d tin thanh ton cho ngi bn, CP nm gi, nhng cha lm xong th tc chuyn nhng, ngi mua vn mt quyn mua, quyn mua CP mi vn thuc v ngi bn. Nh vy, NT trn th trng OTC cn ch , phi lun lun tha thun bng hp ng chuyn nhng vi ngi bn, ghi r quyn li mua CP mi tng vn thuc v ai. Loi ri ro ny ph bin nht trn th trng OTC. -Hai l, tranh chp hay thit hi v c tc. C tc c chia cho c ng da trn s lng c phn h ang nm gi. Thng thng, cng ty chia c tc sau khi kt thc nm ti chnh, mt s cng ty tm ng c tc sau 6 thng. Ri ro giao dch CP ch, khi mua CP, ngi mua khng nm bt c thng tin, khng tha thun r rng trong hp ng chuyn nhng. Do , cng tng t nh trng hp trn, ngi mua mc d nm gi CP, nhng khng c nhn c tc. -Ba l, ri ro trong mua bn CP cha c chuyn nhng. C nhng CP theo quy nh ni b ca cng ty, sau 1 nm mi c chuyn nhng, nhng nhiu NT khng nm c thng tin nn mua. V trong thi hn 1 nm , cc quyn li nh mua thm CP tng vn, nhn c tc vn thuc v ngi ng tn s hu CP (ngi bn), cn ngi b tin ra mua th b chim ot quyn li. -Bn l, ri ro trong giao dch nhn chuyn nhng quyn mua. Trong cc t pht hnh thm CP mi tng vn, c ng hin hu, c ng chin lc hay CBCNV c quyn mua CP. Khi , nhiu ngi do khng huy ng c tin hoc v nhiu l do khc bn quyn mua CP. Gi bn quyn mua thng thp hn gi th trng thi im . NT mi thy gi thp, hp dn thng chp nhn mua. Nhng t khi np tin mua CP cho n khi nhn c CP l khong thi gian kh di, nn n khi nhn c CP th CP vn ng tn ch s hu l ngi bn. Khi , nu gi CP ng yn, gim hay ngi bn nghim tc, ng n th vic lm th tc chuyn nhng khng vn g. Ngc li, gp phi ngi khng trng ch tn th d dng b nh tho v ha hn tr li s tin trc kia nhn, km vi li sut ngn hng.
Th Trng Chng Khon 23 Nhm IV - 507401

PD University

Qun l th trng OTC ca Vit Nam!

*Mt vn quan trng l NT cn trang b kin thc v phn tch v nh gi CP trc khi ra quyt nh u t, h cng cn phi tnh to hn i vi cc tin n, trnh b cun theo cn lc mua - bn ri cui cng c th s b thua thit. 5. Mt s gc khut trn th trng OTC S si ng ca th trng chng khon, s m rng ca cc ngn hng, cc cng ty chng khon cho thy dng nh iu d on ang xy ra. Tuy nhin, nu nhn chi tit hn nhng thay i lin quan n bn thnh t c bn ca h thng ti chnh gm: cc th trng ti chnh, cc t chc ti chnh,cc cng c ti chnh v c s h tng ti chnh, nht l h tng mm, c th thy c nhiu gc khut ca bc tranh. Th trng ti chnh tng trng t bin v lng i vi th trng c phiu, nu khng c g thay i, kt thc nm 2007, gi tr th trng ca gn 250 doanh nghip nim yt trn hai sn giao dch s vo khong 470.000 t ng, gp hn hai ln nm 2006 v bng 41% GDP. Nu tnh thm Vietcombank vi gi c phiu bng mc gi khi im khi IPO, cng vi Bo Vit v Cng ty Ti chnh Du kh, nhng doanh nghip s nim yt c phiu trong mt tng lai gn, s c con s gp ba ln nm 2006 v bng 60% GDP, cao hn mc tiu pht trin th trng chng khon Vit Nam n nm 2010. khu vc ngn hng, tn dng cng c s t bin vi tc tng trng c th ln n 40%. Mt lng tin gn 300.000 t ng c a vo nn kinh t, cao hn rt nhiu ngun vn c cung ng qua knh chng khon v tr thnh nm cc t chc tn dng cho vay nhiu nht t trc n nay a tng d n tn dng cho nn kinh t xp x 1 triu t ng, bng 90% GDP. Trn th trng tri phiu, s khi sc ca nhng phin giao dch u nm khng gip th trng m ln khi m tnh trng hng lin tc xy ra giai on cui nm v nhiu t chc pht hnh phi tr hon k hoch ca mnh. Thm vo , 2007 c l li l mt nm khng thnh cng i vi ngnh bo him. Nh vy, tnh ton s b, n cui nm 2007, d n cho vay ca cc ngn hng v gi tr th trng ca cc doanh nghip nim yt bng 1,5 GDP, mt mc tim cn kh gn so vi Thi Lan v Hn Quc. Tuy nhin, s n ra ca th trng ti chnh ang b lch v pha tn dng ngn hng v c phiu, trong khi tri phiu v bo him vn cha th ct cnh. Cc t chc ti chnh m rng qu mc v xut hin yu t khng lnh mnh Tr thi ca cc hp tc x tn dng, cha bao gi Vit Nam li c nhiu cc t chc ti chnh nh hin nay vi hn 80 ngn hng (trong nc v nc
Th Trng Chng Khon Nhm IV - 507401

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PD University

Qun l th trng OTC ca Vit Nam!

ngoi), trn 100 cng ty chng khon (k c nhng h s np, ang ch cp php). Mt con s qu ln so vi nn kinh t 72 t la v cha n 250 cng ty nim yt, nhng con s cha bng phn na Thi Lan trc khng hong nm 1997. Bn cnh , vic cc t chc ti chnh ua nhau m rng mng li (nhiu ngi ni rng ngn hng ang nhiu hn khch hng) v xu hng thnh lp ngn hng trc thuc cc tp on cng l iu ng bo ng. S m rng qu nng nu trn t ra thch thc rt ln v ngun lc cng nh qun l ri ro. S cnh tranh khng lnh mnh xut hin. Nhng din bin bt thng ca li sut l mt du hiu. Trong ba qu u nm, cho d cc ngn hng tha tin ng v li sut ngoi t trn th gii gim nhng li sut trong nc (c tin ng v ngoi t) khng nhng khng i xung m cn c chiu hng ngc li vi nguyn nhn l do cc chi nhnh ngn hng mi c thnh lp cn phi c ngun vn, kiu g cng phi gi, thm ch tng li sut thu ht khch hng. Nhng hin tng tng t xy ra cc nc ng trc khng hong nm 1997 v iu g phi n n. Thi Lan hin ch cn 17 ngn hng trong nc, 17 chi nhnh ngn hng nc ngoi v 39 cng ty chng khon v Hn Quc cn khim tn hn, trong khi quy m th trng ti chnh cng nh nn kinh t ca h ln hn Vit Nam rt nhiu. Mt iu ng quan tm khc l s nhm ln gia mc tiu c nhng t chc ti chnh mnh lm nn tng cho mt h thng ti chnh pht trin v vic bn c phn c gi cao. Din tin qu trnh IPO ca Bo Vit v Vietcombank cng nh vic dn tin c phn ha mt s doanh nghip Nh nc cho thy c v nh mc tiu th hai c quan tm hn. Cng c ti chnh khng c nhiu tin trin Trong khi th trng v cc t chc ti chnh c ln ln tng ngy th ngoi tn dng tiu dng c cc ngn hng y mnh, trong nm khng c nhiu loi hnh sn phm ti chnh c trin khai. T hi hn l vic li dng khch hng cha hiu r v cch tnh ton li sut v s khng r rng ca cc quy nh m mt s t chc ti chnh ang cho vay tiu dng vi mt li sut ct c vi in hnh l cch tnh li sut phng (flat rate). Con s khch hng c cung cp ch l 10%, nhng con s phi tr thc t trn 18% mt nm. Mt s chnh sch c th lm tnh trng bong bng trm trng hn Vic nng ln ca th trng chng khon, bt ng sn trong thi gian qua ch yu l do yu t k vng qu mc, do u c nhiu hn l thc lc ca cc doanh nghip cng nh nhu cu thc t. iu ny s tc ng khng tt n mc tiu n nh v pht trin kinh t di hn. V nguyn tc, Chnh ph l ngi c thng tin v ngun lc nh gi c tnh trng thc t cng nh bn cht vn a ra nhng chnh sch
Th Trng Chng Khon Nhm IV - 507401

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Qun l th trng OTC ca Vit Nam!

iu chnh. Tuy nhin, nhn mt s quyt sch trong thi gian qua c v nh iu ngc li xy ra khi m tnh trng bong bng gi c ngy mt trm trng hn. Ngoi nhng lng tng trong iu hnh chnh sch tin t, k c gii php chng lm pht, vic tr hon c phn ha cng nh bn nh git c phiu ca cc doanh nghip Nh nc ra bn ngoi vi nhng mc gi qu cao v vic khng cho cc doanh nghip kinh doanh bt ng sn nhn tin ng trc ca ngi mua lm cho s mt cn bng cung cu gia tng, kch thch cc hot ng u c hn l u t di hn. iu ny to ra ri ro rt ln v nhng nh u t thc s kh c th tham gia m ch l nhng ng tin nng (hot money) ca cc nh u c c vo to ra bong bng th trng ri h rt i li hu qu cho nn kinh t. 6. im khc bit gia OTC so vi TT chnh thc & TT ch en a) So vi th trng ch en Th trng chng khon phi tp trung - OTC l mt th trng chng khon c t chc cht ch bi cc t chc theo quy nh ca php lut v chu s qun l ca Nh nc. Trn th trng OTC, chng khon c giao dch l chng khon cha nim yt S Giao dch Chng khon; vic giao dch c thc hin bi mt mng li cc nh mi gii, t doanh chng khon v nh to lp th trng lin kt vi nhau v lin kt vi trung tm qun l thng qua mng dch v vin thng d liu din rng; c ch xc lp gi ch yu l da trn c s thng lng gi. Vit Nam, nhiu nh u t hay hiu lm th trng OTC l th trng ch en. Th trng ch en khng c s qun l ca nh nc, nn ri ro rt cao. b) So vi th trng chnh thc Th trng tp trung -Vic giao dch mua bn chng khon c thc hin ti mt a im tp trung gi l sn giao dch. Th trng phi tp trung -Khng c a im giao dch chnh thc, cc giao dch c kt ni qua mng my tnh din rng gia cc cng ty chng khon v trung tm qun l h thng. -Giao dch nhng loi chng khon

-Giao dch nhng loi chng khon

Th Trng Chng Khon

23

Nhm IV - 507401

PD University

Qun l th trng OTC ca Vit Nam!

c nim yt trn sn giao dch chng khon.

khng c nim yt trn sn giao dch chng khon. cc loi c phiu ca cc DN 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. -Gi c xc lp thng qua vic thng lng gia bn mua v bn bn. -C s can thip ca UBCKNN.

-Gi c xc lp qua phng thc u gi. -iu hnh bi S giao dch chng khon v c s can thip ca UBCKNN.

-S lng nh to gi cho 1 chng -Mi chng khon ch c 1 chuyn khon khng hn ch v ti thiu l 2. gia to gi. Nh to gi trn th Nh to gi gi l cc nh bun chng trng gi l cc chuyn gia trn sn. khon tham gia cung cp gi rao mua v cho bn lin tc cho 1 loi chng khon c th no . -Mc ri ro cao, tin cy thp. -Mc ri ro t, c cc quy nh ca php lut bo v v c s t vn ca cc cng ty chng khon . -Thng tin m o v khng minh bch, -Thng tin minh bch, r rng, to d c phiu cha c c quan chc nng dng khi cn truy cp. C phiu thm nh v tnh php l c c quan chc nng thm nh v tnh php l -Kn chng khon giao dch. -Kn chng khon giao dch. -Tnh thanh khon thp. -Tnh thanh khon cao. -Nh u t nghip d thng thch sn -Sn giao dch thng dnh cho gii OTC hn. u t chuyn nghip. -Nh u t c php mua v bn -Nh u t khng c php mua cng mt loi c phiu trong cng mt v bn cng mt loi c phiu trong ngy giao dch. cng mt ngy giao dch. -Th tc giao dch n gin, nhanh -Th tc giao dch phc tp, mt chng.
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Qun l th trng OTC ca Vit Nam!

nhiu thi gian hn. - NT tham gia c lp. - Vic tham gia th trng OTC rt n gin. NT thng lp thnh cc nhm, hi, din n trao i thng tin vi nhau.

III. Hng i & Gii php D n cha nhiu ri ro nhng sc sng mnh lit ca nhng ch c phiu OTC t pht l khng th ph nhn c. Trong khi , mt sn giao dch chnh thc cho OTC ti Trung tm Giao dch Chng khon H Ni - d kin thng 6/2009 s i vo hot ng - li khng nhn c s hng ng nhit tnh ca cc doanh nghip cng nh gii u t. Lm th no qun l nhng giao dch OTC, m bo s minh bch v an ton cho th trng? l vn ang lm au u cc nh qun l th trng. Ti cc sn giao dch OTC hin nay, bn cnh tnh u vit nh: phng thc giao dch linh hot, th tim n ri ro rt ln, nh vic ngi tham gia khng kim chng c thng tin, v cuc chi ch da trn nim tin l chnh. Giao dch OTC ti cng ty chng khon Trc nhu cu gia tng t bin, gn y, mt s cng ty chng khon t ra kh mnh dn trong vic pht trin dch v OTC. So vi cc phng mi gii OTC phn nhiu cc cng ty chng khon (ch yu chuyn lm dch v qun l s c ng cho cc cng ty i chng), mt s cng ty chng khon khc t chc thnh sn giao dch OTC ngay ti tr s vi y trang thit b cn c nh bng in t, lnh mua lnh bn.... Gn y nht, Cng ty Chng khon Ph Wall cng b khai trng sn giao dch OTC nhm gip cho ngi mua v ngi bn c th tm n nhau mt cch nhanh chng hn, qua , khc phc vic ri ro trong thanh ton khi cc u t thc hin mua bn khng qua t chc trung gian chuyn nghip. i vi vic t chc giao dch c phiu cha nim yt nh th ny, trc , y ban Chng khon c cng vn yu cu mt cng ty chng khon phi tm dng. Lnh o cao nht ca y ban Chng khon cng khng nh, trong Lut Chng khon c quy nh, ch c S v Trung tm giao dch chng khon c m th trng giao dch. Do , vic m sn giao dch OTC ca cc cng ty chng khon l khng ng php l. Chng ti s c yu cu bo co v c kim tra, chc chn phi chn chnh theo ng khun kh php l. V bt k mt giao dch no m khng c bo co, khng c gim st, khng c tiu ch lut php iu chnh, khng c c quan qun l th s dn ti ri ro, ng V Bng, Ch tch y ban Chng khon nhn mnh.

Th Trng Chng Khon

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Nhm IV - 507401

PD University

Qun l th trng OTC ca Vit Nam!

ng Bng cng cho rng, mc d vic giao dch c phiu OTC qua cng ty chng khon c th khin nh u t thch hn nhng nu khng c quy nh c th s dn n hu qu, chng hn nh chuyn lm gi... Ri ro ny khng ch n vi nh u t m cn i vi c cng ty chng khon. Nhu cu giao dch OTC l c thc v cc chuyn gia chng khon cho rng, khi xy dng vn bn quy nh cm cc cng ty chng khon t chc th trng OTC, cc nh lm lut cng cha lng ht c din bin thc t hin nay. T chuyn qun l n chuyn t chc giao dch khng cch nhau xa v dn dn n hnh thnh th trng. Gii php UpCOM Ngun hng c xem l tim nng nht cho th trng giao dch c phiu ca cng ty i chng cha nim yt (UpCOM) hin nay l cc c phiu ang giao dch trn th trng t do m cng ty chng khan ang qun l s c ng. Bn cnh phi k n mt ngun hng cng khng km phn di do, l nhng doanh nghip hot ng trong lnh vc ngn hng, ti chnh, chng khon nh ngn hng, cng ty chng khon, cng ty bo him. Hin nay, h tr cho vic to hng cho UpCOM, sp ti y ban Chng khon cng s c cng vn yu cu cc cng ty chng khon bo co danh sch cc cng ty c phn ang y quyn qun l s c ng. Tuy nhin, vi nhng quy nh kh cht ch v nhng iu kin giao dch khng khc my so vi th trng nim yt, hng ha cho th trng UpCOM ti Trung tm Giao dch Chng khon H Ni s kh di do ngay t u v nh vy UpCOM cng s kh t c k vng ban u l thu hp th trng OTC, bi khng nhng nhiu doanh nghip s ngi tham gia m s cn c mt s khng t doanh nghip khc khng iu kin tham gia c. Vy nu doanh nghip iu kin c bt buc phi vo UpCOM? i din y ban Chng khon, ng Nguyn Sn - Trng ban Pht trin th trng, cho rng c th bt buc cc doanh nghip vo UpCOM c bi Lut Chng khon quy nh cc cng ty c phn phi ng k i chng vi y ban Chng khon. V B Ti chnh cng quy nh l, trong vng 6 thng phi ng k lu k ti Trung tm Lu k v khi ng k lu k ti Trung tm Lu k th c phiu khng th giao dch ti sn OTC c v mi chuyn nhng quyn s hu u phi thc hin qua Trung tm Lu k. Khi lu k nh vy khng th c chuyn mua phi c phiu gi, hoc c phiu khng c, v cng khng th mua bn c phiu m cha pht hnh c. Mi giao dch u phi thng qua ti khon. Ngay c khi th trng UpCOM c vn hnh th cc chuyn gia chng khon khng nh rng cng khng th xa ht c nhng ch giao dch c phiu hin nay.

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Qun l th trng OTC ca Vit Nam!

Bi l, hin nay kh ng cc cng ty c phn i chng d cha tham gia nim yt hoc cha ng k giao dch vo UpCOM (c th do cha mun hoc cha iu kin) nhng u c nhu cu v y thc, qun l s c ng ti cng ty chng khon v khi c nhu cu mua bn th u nh cng ty chng khon chuyn quyn s hu. Khi UpCOM cha th gom ht c 1.000 cng ty i chng vo ngay c, cho d nng lc h thng hon ton p ng v nhu cu thc t cng ty l hon ton c thc, th hin nay, y ban Chng khon li tip tc nghin cu mt n v t chc th trng di chun UpCOM. i din y ban Chng khon gii thch rng, thc t vn c mt b phn khng nh cc cng ty c phn khng phi l cng ty i chng, nhng h khng phi khng c nhu cu giao dch. Chng hn, vn ca mt cng ty A l 200 t ng, nhng h ch c 90 c ng, h c nhu cu giao dch th cng phi c ch chuyn nhng, ngoi tr nhng rng buc khc nh c ng sng lp. Cha bit c quan qun l s nh hng UpCOM di chun sp ti nh th no, nhng c mt iu khng th khc c l nu t chc th trng khng linh hot, c ch giao dch khng hp dn th khng ch doanh nghip m c gii u t d c mun tham gia cng s rt ngi ngn.

C. Kt lun
Vic pht trin th trng OTC l mt iu tt yu xy ra i vi mt nn kinh t th trng v m ca. y l kinh huy ng vn hu hiu v s lng vn huy ng c ln hn rt nhiu ln so vi th trng chnh thc. Vic quan tm chm sc, to hnh lang php l pht trin ca chnh ph l iu tt yu s xy ra. iu kin pht trin th trng OTC Vit Nam Th trng OTC hay bt k nn kinh t th trng no lun tn ti mt cch khch quan. Tuy nhin, vn t ra i vi th trng OTC Vit Nam l vi nhng nn tng nh trn, vic pht trin th trng OTC cng vi th trng chnh thc tr thnh mt knh giao dch chnh cho nn kinh t l iu ht sc. th trng ny pht trin, nhng vn sau cn c xem xt to ra mt nn tng cho th trng pht trin. *u im ca vic giao dch chng khon OTC qua sn: Sn giao dch UPCoM s l ni giao dch kh ln nu i vo hot ng. Hin nay c hn 1.000 cng ty ng k l cng ty i chng vi y ban Chng

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Qun l th trng OTC ca Vit Nam!

khon Nh nc (trong tng s khong 4.000 cng ty i chng) trong khi s lng cng ty nim yt ti hai sn chnh thc cha n 400 cng ty. Li ch ca cng ty i chng cha nim yt khi tham gia vo th trng giao dch chng khon cng ty i chng cha nim yt l rt ln. Mt mt n to tnh thanh khon cho chng khon ng k giao dch, mt khc gip tng hiu qu trong huy ng vn, qung b hnh nh cho cng ty, nng cao hiu qu sn xut kinh doanh, hot ng qun tr cng ty . V pha nh u t khi tham gia giao dch trn UPCoM s gim thiu c ri ro do th trng c qun l mt cch c t chc trn c s cc quy nh php l r rng. Khi tham gia trn sn, cc cng ty i chng buc phi nng cao tnh minh bch, giao dch c phiu trn th trng c cng khai s gip nh u t gim thiu ri ro do thng tin bt cn xng. Mt khc giao dch trn sn s rt thun tin cho nh u t do tnh thanh khon ca th trng c nng cao, y c nh gi l li ch to ln nht ca vic giao dch trn sn. Hot ng chuyn nhng, thanh ton b tr c thc hin t ng thng qua cc cng ty chng khon thnh vin v trung tm lu k chng khon, vi h thng cng ty chng khon dy c nh hin nay. th r rng giao dch trn sn s mang li rt nhiu thun li cho cc nh u t nh l.

D. Ti liu tham kho

E. Nhm Thc Hin

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Qun l th trng OTC ca Vit Nam!

1. Trn Vn Khang 2. L Th Thy Linh 3. Nguyn Vn Huy 4. Chu Qu Lm 5. Nguyn Qu Kin 6. L Th Hng Linh 7. Trng Ngc L 8. Nguyn Th Lin

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