TI: BNH LUN V HOT NG MI GII TRONG CC CNG TY CHNG KHON HIN NAY.

BI LM Nhng kt qu tch cc Qua hn 10 nm hot ng th trng chng khon(TTCK) Vit Nam c nhng bc pht trin, trong hot ng mi gii ca cc cng ty chng khon(CTCK) d tng bc song hnh vi hot ng giao dch trn th trng. i vi nhiu CTCK, vic xp hng th phn mi gii c ngha ln. CTCK c nhiu khch hng, doanh s ln (tc l cng thu c nhiu ph mi gii) th th phn ln. Trn S giao dch chng khon thnh ph H Ch Minh(HOSE), cc CTCK ang dn u v th phn: SSI gi v tr s 1 vi 11,74% th phn mi gii. y l mt mc kh cao so vi mc 11,61% m SSI t c trong qu 4/2010 v cao hn hn mc 9,37% m TLS t c khi v tr s 1 trong qu I/2010. Vi 8,58% th phn, TLS xung th 2. HSC th 3 vi 6,38% th phn, gim mnh so vi mc 8,71% th phn m HSC t c trong qu IV/2010. thu ht nh u t(NT), cc CTCK u t kh tt c s vt cht cho hot ng mi gii nh xy dng h thng sn giao dch rng ri vi y cc thit b cng b thng tin nh bng giao dch in t, bng cng b thng tin, xy dng website gip ngi u t tip cn thng tin mi lc mi ni. Ngoi ra, cc CTCK thc hin mt s chnh sch nhm thu ht ngi u t n vi cng ty, nh cung cp dch v t vn u t min ph, a dng cc hnh thc nhn lnh giao dch (qua in thoi, fax ..), p dng chnh sch thu ph linh hot theo hng khuyn khch giao dch (gim ph mi gii cho khch hng c gi tr giao dch ln theo tng lnh hoc theo cng dn nh k theo khong thi gian ), kt hp vi cc ngn hng thng mi cung cp thm mt s dch v ph tr cho khch hng (cm c chng khon, ng trc tin bn chng khon). Nh , s lng ngi u t n m ti khon giao dch ti cc CTCK v gi tr giao dch chng khon trong thi gian qua khng ngng tng ln. y ban Chng khon Nh nc cho bit, kt thc nm 2010, s lng ti khon giao dch chng khon t cn s 1 triu. Theo y ban Chng khon, tnh n cui nm 2010,

mng li, quy m hot ng ca CTCK ngy cng c m rng vi 133 chi nhnh v 80 phng giao dch (so vi cui nm 2009 l 80 chi nhnh, 42 phng giao dch) ang hot ng tp trung nhiu tnh, thnh ph ln nh H Ni, Tp.HCM, Nng, Hu, Nha Trang, Cn Th, Hi Phng, Thanh Ha. Cng vi s pht trin mng li hot ng, s lng ti khon giao dch ti cc CTCK cng tng mnh vi tng s trn 1.000.000 ti khon, tng 1,2 ln so vi nm 2009. Cng theo s liu ca y ban Chng khon, tng vn iu l ca cc CTCK l 33.341 t ng, tng 1,3 ln so vi nm 2009. Nm 2010, tng doanh thu ca cc CTCK nm 2010 t trn 10.000 t ng trn c bn mng nghip v l mi gii, t doanh, bo lnh pht hnh, t vn u t.(Ngun: NDHMoney). Nhng mt hn ch * V pha CTCK: hot ng mi gii tuy c hiu l thc hin theo lnh ca khch hng nhng chnh tnh trng gii hn v nng lc v kinh nghim ca i ng nhn vin hot ng mi gii khin nghip v ny cha tht s p ng c s mong i ca khch hng. Cht lng t vn u t trc tip ca CTCK i km vi hot ng mi gii cha tht s thuyt phc cc NT giao dch thng xuyn v tng doanh s giao dch, bi v h vn cha thy c li ch thit thc v tnh hiu qu cao ca hot ng ny . * V pha nh u t: Cng tc qung b tuyn truyn v TTCK hot ng cha ng b, cha ng tm nn cha sc thuyt phc vn ng ngi dn tham gia TTCK. Cha thay i c thi quen tp qun u t ca ngi dn VN. H vn nhn TTCK vi mt v e ngi v xa l. Vn a kin thc TTCK qung b su rng vo cc tng lp dn chng vn cha lm c. Trong lc mt s nh u t tng tip cn vi TTCK th cng ch coi vic u t vo TTCK l mt th nghim, cha tht s tin tng vo tnh hiu qu ca th trng. Do , vn nhn thc ca ngi dn l mt hn ch ln nht i vi hot ng ca TTCK hin nay v nh hng trc tip n hot ng mi gii ca cc cng ty chng khon . * V pha th trng: Th nht: l v phng thc khp lnh. Vic p dng h thng khp lnh nh k rt tt cho cc nh u t trong giai on u tham gia th trng, cn b ng. Tuy nhin, phng thc khp lnh ny cng hn ch nh u t t lnh mt khi th trng giao dch

yu, v h c th tnh ton c lng cung v cu hin ti cn c vo khi lng khp lnh d kin. Vic lm ny s c nh hng rt ln cho cc phin giao dch tip theo hoc su xa hn na l to cung cu gi to cho th trng. Th hai: l v h thng giao dch ti trung tm. H thng giao dch hin ti c p dng ti Trung tm giao dch ch c th qun l ti a 4.000 loi chng khon, x l ti a 300.000 lnh trong mt phin giao dch v kt ni vi khong 30 cng ty chng khon. Tuy nhin hn ch ln nht ca h thng giao dch ny l do h thng giao dch ca Thi Lan cung cp ch c mt s tnh nng nht nh, v lu di khng th p ng c nhng yu cu pht trin ca th trng ni chung v ca cc cng ty chng khon ni ring. c bit l khi trin khai cc gii php mang tnh k thut cho th trng. Th ba: l v h thng thanh ton b tr. H thng ny vn cn nhiu cng on thc hin th cng nh khu nhp d liu vo, khu chuyn chng t thanh ton cho cc cng ty chng khon. Do vy khi khi lng giao dch tng ln s d xy ra sai st, cp nht khng kp thi lm nh hng n cc giao dch ca nh u t. Mt s gii php M rng giao dch qua mng Internet . Vi s pht trin ca cng ngh thng tin hin i, cc cng ty hon ton c th trin khai hot ng ny. trin khai giao dch qua mng ngy cng pht trin, thu ht nhiu nh u t cn phi: - C mt vn bn php qui qui nh c th v hnh thc giao dch ny. Kinh nghim Trung Quc cho thy khi cc cng ty chng khon bt u trin khai nghip v giao dch chng khon qua mng th c quan qun l TTCK dch v mi gii chng khon trn mng Internet (nm 2000). Ni dung chnh ca vn bn qui nh v hnh thc dch v, phng thc vn hnh khi tham gia giao dch trn mng Internet. Vn bn ngay lp tc kch thch cc nh u t v cc Cng ty chng khon s dng h tr giao dch qua mng. Ch mt nm sau hn 60% cc Cng ty chng khon ti th trng Trung Quc ng k tham gia v t cch kinh doanh dch v ny. Hin ti Trung Quc c gn 120 Cng ty chng khon. - Giao dch chng khon qua mng chc chn s c a chung trong tng lai v y s l mt cch thc cc Cng ty chng khon c th cnh tranh

v dch v mi gii. Phng thc ny cng s gip thu ht ngy cng c nhiu nh u t nc ngoi tham gia vo hot ng ca th trng. Xy dng m hnh hot ng mi gii trn c s m rng thm mt cp cho cc nh mi gii. M hnh ny s tng t nh m hnh t chc i l ca cc Cng ty bo him. Vi m hnh mi ny, c thm s xut hin ca mi gii i l - mi gii ph (Sub-brokers). Nh u t lc ny s c 2 knh t lnh l thng qua mi gii i l hoc thng qua mi gii ti cng ty. Cc nh mi gii i l hay mi gii ph s l nhng ngi trc tip i gii thiu hot ng giao dch chng khon, tm kim khch hng mi cho cc cng ty. H l nhng ngi nm bt cc thng tin ca nh u t chnh xc, kh nng tip cn cc nh u t cao hn mi gii ti Cng ty. Thit lp cc phng giao dch, i l nhn lnh trn c s tn dng li th ca chnh ngn hng m. Trong s 13 Cng ty chng khon hot ng trn th trng c 8/13 Cng ty chim hn 60% l cc Cng ty c thnh lp t cc Ngn hng. im li th cho cc Cng ty ny l hot ng ca cc chi nhnh, cc qu tit kim khp cc tnh, thnh ph trong c nc. Tn dng li th ny trong vic m cc chi nhnh Cng ty, i l giao dch, i l nhn lnh da trn c s cc phng giao dch, qu tit kim hin c ca Ngn hng m s thu ht cc Cng ty chng khon ni ring v th trng ni chung mt lng rt ln cc nh u t giao dch tim nng trn khp c nc, khng ch tp trung 2 thnh ph ln nh hin nay. Mt khc, cc Cng ty chng khon c th tn dng h thng ng truyn ni b ca ngn hng m trong vic chuyn v nhn lnh. Bng cch ny s gip cng ty tit kim c chi ph pht sinh. Nng cao hn na cht lng hot ng ca cc dch v h tr hot ng mi gii chng khon. Hot ng t vn hiu qu s h tr c lc cho hot ng mi gii v n cho nh u t thy c tnh li ch v hiu qu ca vic u t vo chng khon. Vic tng s lng ti khon ca cc nh u t cng nh vic ra lnh mua bn thng xuyn s lm pht trin c v cht ln lng ca mi gii chng khon. Mun vy, cng tc o to nng cao nng lc cho nhn vin tc nghip l rt cn thit. Ngoi ra c th pht trin thm cc dch v h tr khc nh hnh thc ng trc tin bn chng khon, cho vay cm c chng khon, cho vay bo chng, cho vay th chp bt ng sn m thc cht l hot ng tn dng, cc Cng ty chng khon c th kt hp

cht ch vi cc ngn hng trong qu trnh thc hin cc nghip v ny theo hng nhanh gn v th tc, cht ch v php l, gn nh v nhanh chng cho nh u t s khin cho nh u t kp thi quay nhanh vng vn ca mnh, gp phn tng cao doanh s giao dch. Xy dng chnh sch ph v l ph cho nh u t mang tnh cnh tranh lnh mnh. Da trn thc tin th trng v kh nng cnh tranh gia cc Cng ty, cn xy dng chnh sch thu ph hot ng mi gii theo hng: - Mc ph ti thiu: Dng hn ch cc giao dch nh v khng kinh t, mc ph ny l cch tt nht t chi vic thc hin giao dch nh. - Mc ph theo t l giao dch: trnh s ng nht v mc ph gia nh u t ln v nh u t nh. Chnh sch thu ph ny rt hiu qu trong trng hp ta cn khuyn khch giao dch trong giai on u pht trin nghip v mi gii. Khi nghip v pht trin th c th thu theo mc c nh. - Mc ph ti a: Cn thit khuyn khch cc giao dch ln, mc ph ny c th p dng cho cc nh ch ti chnh chuyn nghip: Ngn hng, bo him, Cng ty qun l qu Ci tin h thng giao dch ti Trung tm giao dch chng khon: Tin ti phng thc khp lnh lin tc, hin i ho h thng giao dch, h thng thanh ton b tr s hn ch ti a nhng sai st trong giao dch, rt ngn thi gian thanh ton. Bin php ny cng chng li hot ng u c, lm gi, cng c lng tin cho cc nh u t vo mt th trng cng bng v hiu qu. Cc bin php ny cng phi c thc hin ng b vi cc bin php pht trin TTCK ni chung nh hon thin khung php l, tng cung cu chng khon th mi c th to ra nhng bc t ph trn TTCK, trong vic hon thin hot ng mi gii chng khon ng gp mt vai tr quan trng Hot ng ca TTCK trc ht cn nhng ngi mi gii trung gian, l cc CTCKmt nh ch ti chnh c nghip v chuyn mn, i ng nhn vin lnh ngh v b my t chc ph hp thc hin vai tr trung gian mua bn chng khon. CTCK l tc nhn quan trng thc y s pht trin ca nn kinh t ni chung v ca TTCK ni ring.