You are on page 1of 6

DIN N CHNG KHON Th trng pht sinh phi tp trung ti Vit Nam - Thc trng v trin vng pht

trin Saf: Hin nay, Vit Nam ang trin khai xy dng n pht trin th trng phi sinh (TTPS) vi nh hng xy dng v pht trin m hnh TTPS tp trung ph hp vi iu kin thc tin v n bt li th ca quc gia i sau. Tuy nhin, TTPS phi tp trung cng c nhng u im ca n v kinh nghim quc t cho thy nhiu quc gia chn xy dng v pht trin TTPS phi tp trung ri mi tun t tin ln TTPS tp trung. Vy, ngun gc TTPS phi tp trung th no, thc trng v trin vng pht trin th trng ny Vit Nam ra sao? Bi vit di y s cung cp cho c gi vi nt khi qut v TTPS phi tp trung ti Vit Nam thi gian qua cng mt s u im v hn ch ca n. Khnh Nguyn - H Ni Ngun gc ca th trng phi sinh (TTPS) Mc d c coi l mt cng c ti chnh hin i, cc sn phm phi sinh li c lch s pht trin kh lu i. Thm ch, c ti liu cho thy nhng du tch v nhng hp ng phi sinh c tm thy nhng hot ng giao thng trc Cng nguyn. S vn ng v pht trin ca nn kinh t th gii thc y cc hp ng phi sinh hng ha ra i sm nht. Ngun gc hnh thnh ca phi sinh hng ha xut pht t chnh bn cht ca hot ng thng mi. Qu trnh thng mi ny gm 2 bc l ngi mua, ngi bn tha thun gi c ca hng ha v hon tt giao dch khi ngi mua chuyn tin i ly hng. Trong nhiu giao dch, thi gian tha thun gi c v thi gian thanh ton tin hay giao hng l khc nhau bi nhiu l do nh khong cch v a l, kh khn trong giao thng vn ti, do ma v thu hoch Khong 8.000 nm trc Cng nguyn, khi ch vit v ton hc pht trin nc Sumer, nm khu vc sng Tigris v Euphrates ca Trung ng, ngi Sumer dng cc th t trong cc l t thay th ru vang lm hp ng tha thun cung cp mt lng hng ha (nh du bng th t) vo mt ngy nht nh (thi gian ghi trn l t) vi gi c (c o bng lng hng ha khc) c n nh ti ngy tha thun. Nhng giao dch lc tng t nh mt hp ng k hn. Thi k Hy Lp c i, ngi Athen thit lp cc hp ng vn chuyn thng mi nh cc hp ng k hn. Thi Trung c, cc hp ng quy nh vic giao hng trong tng lai vi mc gi c nh ti thi im k hp ng tr nn ph bin. Trong cc giai on ny, TTPS hot ng mt cch n l, cc tha thun vn phi gii quyt trc tip vi nhau, mi bn phi tin tng vo bn khc giao dch. TTPS phi tp trung hnh thnh trn c s . Khi nn kinh t th trng pht trin mnh m, nhu cu v giao dch cc sn phm phi sinh li cng tr ln cp thit hn. Cc giao dch thng mi khng ch n thun trong ni b quc gia m gia cc quc gia v vi nhiu ng tin khc nhau. Ri ro t gi, li sut, kinh t, chnh tr khin nhiu c nhn cng nh doanh nghip c nhu cu bo v gi tr ti sn ca mnh bng cch chuyn mt s ri ro kh kim sot n ni c th chp nhn mc ri ro v qun l c chng. Trc tnh hnh ny, TTPS vi c ch gim thiu ri ro c mt vai tr quan trng. Thng qua vic s dng cc sn phm phi sinh nh hp ng k hn, hp ng tng lai (HTL), quyn chn, hon i cc ri ro kh kim sot c chuyn giao cho cc cng ty dch v ti chnh hoc nh u t chp nhn ri ro. Ngy nay, TTPS th gii c bc tin mnh m, vn ln tr thnh phn khc ln nht ca th trng ti chnh. Tnh n thng 12/2010, tng gi tr danh ngha ca cc hp ng phi sinh cha o hn ln ti 687,25 nghn t USD, ln hn gp 9 ln so vi th trng c phiu cng vi th trng tri phiu ton cu (tham kho th 1). Trong , v c cu, theo s liu thng k ca Ngn hng thanh ton Quc t (BIS), TTPS phi tp trung c quy m ln hn rt nhiu so vi TTPS tp trung, chim khong 87,4 tng gi tr danh ngha TTPS, tng ng vi 610 nghn t USD. Tuy nhng nm gn y, do nh hng ca khng hong ti chnh tin t nm 2008, yu cu chun ha hp ng phi sinh ngy cng gia tng, thc y giao dch trn th

trng tp trung th TTPS phi tp trung vn gi v tr s mt. Nhiu phn khc TTPS phi tp trung vn mnh ra khi bin gii cc quc gia, tip cn n nhiu loi hnh nh u t trn th gii, bi y l th trng cho php to ra nhng hp ng c quy m ln, cc iu khon linh hot v cu trc phc tp. TTPS phi tp trung l yu t c th gip TTPS ni chung thc s mang tnh ton cu.
th 1: Quy m th trng phi sinh, th trng c phiu, th trng tri phiu th gii nm 2010 800000 700000 600000 T USD 500000 400000 300000 200000 100000 0 Th trng phi sinh Th trng c phiu Th trng tri phiu Gi tr danh ngha Gi tr th trng

Ngun: BIS v WFE Thc trng TTPS phi tp trung ti Vit Nam Mc d TTPS th gii c lch s pht trin lu i v hin pht trin ln mt trnh cao nhng ti Vit Nam, TTPS vn c coi l mt th trng rt mi. TTPS tin t v hng ha hnh thnh c mt thi gian nhng cha pht trin. TTPS chng khon cha c quy nh php l hng dn nn cha c php trin khai. Mt thc t l cc ti sn c s l tin t, hng ha, chng khon c qun l bi cc c quan qun l nh nc khc nhau nn TTPS b chia tch theo cc ti sn c s ny. Chng ta cha c mt TTPS thng nht v v c bn cha c mt TTPS tp trung theo ng ngha. Th trng phi sinh tin t TTPS tin t ra i sm nht ti Vit Nam. y l th trng c nhiu bin ng kh lng v cc giao dch tin t lin quan n mi hot ng ca nn kinh t t mua bn hng ha, thanh ton, u t kinh doanh Cc sn phm phi sinh tin t c giao dch trn th trng phi tp trung gia cc ngn hng vi nhau hoc gia cc ngn hng vi cc t chc ti chnh, doanh nghip, c nhn Cc sn phm phi sinh ch yu trn th trng tin t gm c: hp ng k hn, hp ng hon i v cc hp ng quyn chn trn li sut v ngoi t, cha c HTL v cha c th trng tp trung. - i vi cc sn phm phi sinh ngoi t, hp ng k hn v hp ng hon i l cc cng c ti chnh phi sinh xut hin sm nht ti Vit Nam. Cc hp ng k hn c s dng nhiu trn th trng hng ha nhng t c s dng trn th trng lin ngn hng. Trc thng 5/2004, cc giao dch phi sinh ngoi hi b hn ch v ch chim mt t l nh trong khi lng giao dch ca th trng ngoi t lin ngn hng do nhng bt cp v cch xc nh t gi k hn ca Ngn hng Nh nc (NHNN). T gi k hn c xc nh bng cch ly t gi giao ngay cng vi mt bin dao ng gi nht nh. Nhng vic xc nh bin dao ng ny li ph thuc vo k hn ca hp ng, khc bit vi thng l quc t v khng ph hp vi nhng din bin trn th trng. Phi n khi NHNN ban hnh Quyt nh s 648/2004 ngy 28/5/2004 v vic thay i nguyn tc xc nh t gi k hn th nt tht ny mi c g v to

tin php l quan trng cho cc giao dch phi sinh ngoi hi pht trin. Tuy nhin, cho n nay, giao dch phi sinh ngoi hi vn cha c s tng trng ng k. Trong giai on t nm 2007 - 2009, mt sn phm phi sinh thu ht c s quan tm ca th trng l hp ng quyn chn gia ng tin Vit Nam (VND) v ngoi t. Cc doanh nghip xut nhp khu thng xuyn s dng sn phm ny chuyn i ngoi t thnh VND nhm phc v hot ng sn xut kinh doanh. Tuy nhin, vo nm 2009 khi m t gi lin tc tng cao v to ra s chnh lch ln gia t gi trong h thng ngn hng vi t gi trn th trng t do th hp ng quyn chn gia VND v ngoi t c s dng nhm lch trn t gi bng cch giao dch quyn chn thanh ton kiu M cho php cc bn tt ton trc thi im o hn. Do vy, nm 2009, NHNN yu cu dng thc hin nghip v ny. y l tr ngi ln i vi cc ngn hng lm cho doanh s giao dch quyn chn gim st. - i vi cc giao dch phi sinh li sut, hp ng hon i li sut c NHNN cho php p dng t nm 2003 theo Quyt nh s 1133/Q-NHNN ngy 30/9/2003. Tuy nhin, giao dch hon i li sut cho gia hai ng tin l VND v USD c thc hin t trc khi c quy nh ca NHNN. Khi c NHNN cho php, Ngn hng Hng Kng - Thng Hi (HSBC) l ngn hng u tin cung cp gi hon i li sut cho gia VND/USD cho mt cng ty a quc gia ln ti 15 triu USD ti th trng Vit Nam. Chnh hnh ng ca HSBC to nn tng pht trin cho cc giao dch hon i sau ny. Nhiu ngn hng nc ngoi nh Ngn hng ABN Amro, Citibank, Standard Chartered v cc ngn hng trong nc nh Vietcombank, BIDV, Incombank, VIBank cung cp cc hp ng hon i li sut v ngoi t. Tuy nhin, vic p dng cc cng c hon i li sut ca cc ngn hng thng mi (NHTM) Vit Nam vn cn hn ch. T khi cc cng c hon i li sut c gii thiu trn th trng cho n nay, cc cng c hon i li sut v tin t cha nhc nhch c bao nhiu. Theo thng k ca V Chnh sch tin t ca NHNN, trong khong thi gian t nm 2005 n cui nm 2007 mi ch c 40 hp ng hon i li sut v mt s t hp ng phi sinh khng chun khc, trong khi cng khong thi gian ny, cc doanh nghip nc ngoi a mt lng ngoi t khng l u t vo th trng Vit Nam. V sn phm quyn chn li sut, Ngn hng BIDV l ngn hng u tin c php thc hin giao dch quyn chn li sut. Cc giao dch quyn chn li sut c php thc hin i vi nhng khon cho vay v i vay trung hn (di 5 nm) bng USD hoc bng Euro. Sau BIDV l hng lot cc NHTM khc, bao gm c NHTM c phn cng c cho php thc hin nghip v ny. im li nhng mc chnh xut hin cc cng c phi sinh trn th trng tin t Vit Nam cho thy, hin ti cc cng c phi sinh vn cha c doanh nghip v th trng n nhn nh mt cng c khng th thiu trong phng nga ri ro. Theo s liu ca Vin Chin lc Pht trin thuc B K hoch & u t, t l doanh thu t cc sn phm phi sinh trn tng doanh thu ca cc NHTM trong cc nm 2005, 2006 v 2007 ch l 11,7 ; 15,4 v 17,5 trong khi theo bo co ca IMF, TTPS quc t c s tng trng rt mnh, tnh ring u nm 2007 tng 30 , t quy m khong 370 t USD. TTPS tin t vn l nhng giao dch phi tp trung, l t li mt s ngn hng. Nhiu sn phm phi sinh vn cn l th nghim. Th trng phi sinh hng ha Khc vi cc cng c phi sinh tin t, cc cng c phi sinh hng ha v c bn c giao dch trn cc sn giao dch ti mt a im tp trung. Tuy nhin, cc sn giao dch trong nc hin c cha hi t tiu chun l mt S Giao dch hng ha tp trung ng ngha, p ng c cc tiu chun quc t v h thng giao dch, h thng thanh ton, h thng gim nh a phn cc sn phm phi sinh hng ha c nim yt v giao dch (nh HTL c ph (Robusta v Arabica), cao su (RSS3) v thp (HRC) hin c nim yt trn HNX) vn ch dng mc thm d, s tham gia ca cc doanh nghip xut nhp khu v nh u t cn hn ch. Th trng phi sinh chng khon

Th trng chng khon (TTCK) Vit Nam thc s c giai on n r trong nm 2007 v u nm 2008 trc thi k suy gim su, ko di t cui nm 2008 n nay. Trong giai on n r , trc nhu cu u t sinh li qu ln t pha cc nh u t cho rng u t cc c phiu, tri phiu, chng ch qu hin c l cha , mt s loi cng c phi sinh trn chng khon ra i, c giao dch trn th trng phi tp trung, di cc hnh thc khc nhau nhm che y s gim st ca c quan qun l nh nc. Cc chng khon phi sinh c trin khai ti cc cng ty chng khon (CtyCK) ch yu l cc quyn chn da trn ti sn c s l c phiu. Cc CtyCK ng vai tr l ngi bn quyn chn (thng thng l quyn chn mua - call option) cho khch hng, trc tip giao dch vi khch hng v m bo thc hin ngha v theo hp ng. i tng giao dch khng hn ch nhng ch yu tp trung vo nh u t c nhn c gi tr ti sn ln. CtyCK thc hin thu ph quyn chn da trn c s xc nh kh nng xy ra ri ro cao nht thng qua giao dch trn TTCK c s. Chng khon c chn lm ti sn c s c th l c phiu nim yt trn SGDCK hoc c phiu c giao dch trn th trng phi tp trung. Cng trong giai on ny, th trng c phiu phi tp trung cng pht trin kh mnh, trn th trng xut hin nhiu website ng tin v t chc mua bn c phiu phi tp trung nh website http://www.sanotc.com, mt s giao dch phi sinh cng n theo cc website ny. Tuy nhin, khng c mt con s thng k c th no v cc giao dch ny. Phi sinh c phiu tng chng im hi cng vi s suy gim ca TTCK sau nm 2008, nhng n nm 2010, mt s cng c phi sinh mi li c gii thiu. u tin l hot ng giao dch quyn chn ca CtyCK VN Direct gii thiu sn phm hp ng hp tc u t trn 20 c phiu c tnh thanh khon cao trn SGDCK Tp. HCM v SGDCK H Ni. Tham gia hp ng hp tc u t ny, nh u t c th giao dch quyn chn mua hoc quyn chn bn c phiu ty theo s bin ng gi ca th trng c phiu. Nu d on gi c phiu xung, nh u t mua quyn chn bn vi gi xc nh trc v tr ph cho VN Direct. T khi mua quyn chn bn n khi o hn, nu thy gi c phiu gim xung di mc gi tha thun trong hp ng, nh u t c quyn mua c phiu trn th trng v bn li cho VN Direct vi mc gi quy nh trong hp ng. Khi gi c phiu ln, nh u t c quyn khng thc hin hp ng v mt khon ph tr cho CtyCK. Ngc li, khi d on gi c phiu ln th nh u t mua quyn chn mua c phiu mc gi thc hin v tr ph cho CtyCK. Trong thi gian mua quyn chn mua tnh n khi o hn, nu thy gi c phiu ngoi th trng tng, nh u t c quyn yu cu CtyCK phi bn cho mnh s c phiu vi gi quy nh trong hp ng. Thi gian ti thiu cho mt hp ng l 1 thng v ti a l 3 thng. Mc ph trong hp ng s c VN Direct tnh trc l 7 /gi tr hp ng hoc 10 - 12 /3 thng vi khi lng ti thiu l 10.000 c phiu. Trng hp th hai l v vic Cng ty Vng th gii (VTG) gii thiu sn phm u t ch s VTG-VNIndex mang nhiu dng dp ca HTL ch s sau khi Chnh ph c Vn bn s 369/TB-VPCP ngy 30/12/2009 yu cu chm dt kinh doanh vng trn ti khon trong nc di mi hnh thc. VTG-VNIndex cn c trn s bin ng thc tin ca VN Index, khi u t vo sn phm ny, nh u t s t c t sut li nhun bng t sut li nhun ca ch s VN Index trong cng mt khong thi gian. Sn phm VTG-VNIndex c h s nhn l 10.000 ng v c thanh l sau 03 ngy (T+3). Tuy vy, cc hp ng VTG-VNIndex khng mang y cc c trng ca HTL ch s v cha xc nh c gi giao hng trong tng lai, kt qu giao dch cng khng xc nh c v th li/ l ca nh u t. Sau khi trin khai c mt thi gian, cc giao dch phi sinh ny gp phi nhng vng mc v quy nh php l khi Lut hin hnh cha cho php cc giao dch phi sinh c hot ng trn th trng. UBCKNN yu cu VN Direct v VTG ngng cc hot ng lin quan n nhng sn phm trn, buc hai t chc ny phi chm dt hot ng giao dch. Tuy nhin, i vi TTCK, s xut hin ca cc sn phm phi sinh trn th trng phi tp trung nh nu trn khng nh nhu cu ca nh u t vi loi cng c mi.

Trin vng pht trin th trng phi sinh phi tp trung Hin nay, Vit Nam ang trong qu trnh xy dng th trng phi sinh tp trung theo l trnh pht trin, nhm p ng c quy chun v giao dch, thanh ton, khun kh php l y . Tuy nhin, do Vit Nam vn cha c c mt th trng phi sinh tp trung theo ng ngha nn th trng phi sinh phi tp trung c l vn s l ci ch tm n ca khng t nh u t, doanh nghip, c nhn mong mun u t kim li cng nh phng nga ri ro. C ngha l, trong thi gian ti, th trng phi sinh phi tp trung c kh nng vn l mt trong nhng la chn ca nhiu i tng, c bit l th trng phi sinh tin t. Kinh nghim quc t cho thy, mt s loi sn phm phi sinh tin t ph hp vi giao dch trn th trng phi tp trung v mt s sn phm khc ph hp vi vic giao dch trn th trng tp trung, trong , cc cng c phi sinh li sut v ngoi hi c giao dch nhiu nht trn th trng phi sinh phi tp trung. cng l l do m cc nh ch ti chnh ngn hng thng thin v giao dch trn th trng phi tp trung nhiu hn l giao dch chnh thc trn cc S Giao dch (Tham kho th 2). th i tr giao ch anh ngh a ca th trng phi tp trung v S t nh th o ti s n c s n m
Ty USD 450000 400000 350000 300000 250000 200000 150000 100000 50000 0 C phiu v ch s Li sut Ngoi hi 6494 4945 52712 49753 220 OTC TT Tp trung 418678

(Ngun: Ng n hng thanh ton qu c t BIS) Thc t ti Vit Nam cng nh quc t minh chng rng, th trng phi sinh phi tp trung vn c sc ht i vi cc nh u t cng nh cc t chc cung ng dch v trn th trng do nhng u im ni tri ca n. Cc sn phm phi sinh phi tp trung c tnh linh hot trong cc iu khon thit k. Cc bn tham gia giao dch khng phi c gng a cc nhu cu ca mnh vo trong mt ma trn c chun ha, thay vo l to ra cc hp ng p ng c nhu cu ca chnh mnh v khi lng ti sn c s theo tha thun, thi gian o hn theo tha thun, gi thc hin theo tha thun v tin k qu theo tha thun (nu c). Cc bn tham gia giao dch c th s dng mt vi t chc trung gian tm kim i tc hoc i tc c th chnh l t chc trung gian. Cc bn c th t lu gi ti liu v hp ng, t dn xp v vic mua bn, thanh ton v chuyn giao. Theo c ch nh vy th khng cn thit phi c cc t chc lm c s h tng gia tng cc chi ph trong giao dch. ng trn gc kinh t, vic pht trin h tng c s cho th trng phi sinh phi tp trung i hi t hn so vi pht trin h tng c s cho th trng phi sinh tp trung nn tit kim c chi ph u t. Hin ti, th trng phi sinh phi tp trung (phi sinh tin t) c v nh vn ang chim u th hn so vi th trng phi sinh tp trung (phi sinh hng ha trn S Giao dch hng ha) ti Vit Nam. Tt nhin, vic pht trin th trng phi sinh phi tp trung cn c t trong khun kh php l y v c gim st cht ch trnh to ra nhng v th trng. Tuy nhin, nhn v lu di, vic xy dng v pht trin th trng phi sinh tp trung ph hp vi chun quc t, a cc cng c phi sinh trn cc ti sn c s khc nhau vo giao dch

trn mt h thng thng nht l vic cn thit v tt yu trong mt nn ti chnh hin i v hi nhp. Khi nhu cu giao dch chng khon phi sinh pht trin gp nhiu ln, th trng phi sinh tp trung s ng vai tr nh mt hn tng lp i ci h ngn cch gia cung/cu trn th trng. H thng h tng c s ca th trng phi sinh tp trung vi chc nng ca n s gip cho vic giao dch cng nh thanh ton c nhanh gn, an ton m hiu qu. Theo , nh u t trnh c ri ro thanh ton (settlement risk) cng nh ri ro chuyn giao (performance risk) do c bo m bi h thng k qu, h thng cc t chc trung gian v h thng thanh ton theo m hnh b tr trung tm (CCP - Central Counter Party). Nn ti chnh s trnh c nhng ri ro v h thng khi cc t chc ti chnh mt kh nng thanh ton do ng sau bo lnh cho cc giao dch phi sinh. i vi nhng nh u t nh l, s tham gia ca c quan qun l trong vai tr qun l, gim st s gip bo v nh u t cng nh em li li ch trc tip cho h trong vic m bo th trng hot ng cng bng v minh bch. c bit, cuc khng hong ti chnh ton cu nm 2008 c nhng tc ng mnh m ti nhn thc ca cng chng u t trn th trng ti chnh khi m mt trong nhng nguyn nhn gy nn khng hong l do s yu km trong qun l th trng phi sinh phi tp trung. Chnh s phc tp v thiu minh bch trong qun l th trng phi sinh phi tp trung gy nn nhng ri ro vt qu kh nng phng v./. Ti liu tham kho: 1. Randall Dodd, Derivatives Study Center (2002), The Structure of OTC Derivatives markets; 2. Dick K.Nanto, Coordinator, Congressional Research Service (October, 2009), The Global Financial Crisis: Analysis and Policy Implications; 3. Phng phn tch v d bo th trng, Trung tm Nghin cu khoa hc v o to chng khon, UBCKNN, Bo co kho st nhanh cc loi hnh chng khon phi sinh v sn phm giao dch mi TTCK Vit Nam; 4. K yu hi tho khoa hc thng 10/2011: Th trng phi sinh hng ha: Thc trng v nh hng, Trng o to pht trin ngun nhn lc, Ngn hng TMCP Cng thng Vit Nam; 5. TS. o L Minh (2009), Gio trnh nhng vn c bn v chng khon v TTCK, Nxb Vn ha - Thng tin.

You might also like