0

I HC KINH T THNH PH H CH MINH

----------




BI TIU LUN
NGHIP V TH TRNG M

Ging vin hng dn: Ths. Nguyn Quc Anh
Lp: NH1CLC K37
Nhm 4A
Nguyn Th An Bnh
Dng Tiu Qun
L Phm Lan Anh
Nguyn Xun Anh

1




Mc lc
Li m u ................................................................................................................................... 3
Chng 1 Mt s vn c bn v nghip v th trng m .............................................. 5
1. Tng quan nghip v th trng m ................................................................................. 5
1.1 Lch s hnh thnh .......................................................................................................... 5
1.2 Nhng khi nim c bn................................................................................................ 5
1.2.1 Khi nim chung v th trng m....................................................................... 5
1.2.2 Khi nim giy t c gi ........................................................................................ 6
2. C ch tc ng ca nghip v th trng m ................................................................ 6
2.1 V mt lng - Tc ng vo d tr ca h thng ngn hng ................................ 6
2.2 V mt gi Tc ng qua li sut ............................................................................ 6
3. Vai tr ca nghip v th trng m ................................................................................ 7
3.1 i vi ngn hng trung ng .................................................................................... 7
3.2 i vi nn kinh t ....................................................................................................... 8
3.3 i vi cc thnh vin tham gia th trng m ........................................................ 8
Chng 2 Thc trng hot ng nghi p v th trng m ca Vit Nam.................... 9
1. Lch s hnh thnh............................................................................................................... 9
2. Khung php l ..................................................................................................................... 9
3. Cch thc vn hnh............................................................................................................. 9
3.1 T chc .......................................................................................................................... 9
3.2 Thnh vin tham gia .................................................................................................. 10
3.3 Cc loi hng ha giao dch ...................................................................................... 11
3.4 Phng thc ................................................................................................................ 12
3.5 Phng thc u thu ................................................................................................ 13
3.6 Khi lng giao dch.................................................................................................. 16
3.7 Cng ngh k thut trong giao dch .......................................................................... 17
2


Chng 3 Lin h th trng m cc nc......................................................................... 19
1. Th trng m M............................................................................................................. 19
1.1 Lch s hnh thnh ...................................................................................................... 19
1.2 C quan iu hnh ...................................................................................................... 20
1.3 Thnh vin tham gia ................................................................................................... 20
1.4 Hng ha ...................................................................................................................... 21
2. Th trng m Hn Quc ................................................................................................. 23
2.1 Lch s hnh thnh ...................................................................................................... 23
2.2 C quan iu hnh ...................................................................................................... 23
2.3 Hng ha ...................................................................................................................... 23
2.4 Hnh thc giao dch .................................................................................................... 24
Chng 4 So snh nghi p v th trng m vi cc nc, bi hc kinh nghi m,
xut .............................................................................................................................................. 26
1. So snh................................................................................................................................ 26
2. Nhn xt ............................................................................................................................. 27
2.1 Thnh tu t c..................................................................................................... 27
2.2 Hn ch ........................................................................................................................ 28
3. xut................................................................................................................................ 29
Kt lun....................................................................................................................................... 32
Ti liu tham kho.................................................................................................................... 34
Cu hi gp ............................................................................................................................. 35






3


Li m u
Nu ly hnh nh nn kinh t ca mt quc gia l con tu th NHTW ng vai tr
rt quan trng nh mt v thuyn trng . Theo nh mi ngi u mong mun con tu
kinh t c th di chuyn thun bum xui mi, nhng i dng bao la khng phi lc
no cng tnh lng m lun cha ng nhiu sng gi, i hi chin lc ng n ca v
thuyn trng. Nhm mc tiu a con tu kinh t c th vt qua mi kh khn v tin
xa hn, thuyn trng s s dng n cc cng c h cho mnh nh l ti cp vn, li
sut, t gi hi oi, d tr bt buc, nghip v th trng m.
Tuy Vit Nam nghip v th trng m ch c p dng t ngy 12/07/2000
mun hn so vi cc nc pht trin khc hng thp k, nhng khng ngng hon
thin tr thnh cng c hu hiu ca NHNN. Nm 2008 trong cn bo khng hong th
gii v lm pht va qua, con tu kinh t Vit Nam khng b nhn chm m c th vt
ln tin ti nh vo vai tr rt ln ca th trng m. Bn cnh nhng vai tr tch cc
OMO Vit Nam vn cn iu hn ch nh s lng cc t chc tn dng tham gia t,
doanh s giao dch nh, cc quy nh v quy trnh, x l thng tin cn cha hon thin
V vy, nhu cu hc hi v tm hiu v nghip v th trng m l rt quan trng
v cn thit c bit i vi sinh vin khi ngnh Ngn Hng. Nhn thc c iu d,
nhm la chn Th trng m lm ti nghin cu, vi mong mun nm vng
nhng kin thc v nghip v th trng m khng ch Vit Nam m cn hc hi
nghin cu thm OMO ca nhng nc pht trin.
Mc ch phm vi nghin cu
Mc ch nghin cu: H thng ha nhng kin thc c bn v nghip v th
trng m ca NHTW. Tm hiu v nghip v th trng m ca NHTW Vit
Nam v cc nn kinh t ln trn th gii M, Hn Quc.T rt ra nhn xt v
xut nhm gp phn hon thin OMO Vit Nam.
i tng nghin cu: Nghip v th trng m ca NHTW bao gm cc khi
nim c bn, c ch tc ng, vn hnh v thc trng hin nay.
4


Phm vi nghin cu : Thc trng nghip v th trng m ca NHNN trong giai
on t nm 2000 cho n nay.
Kt cu bi tiu lun:
Ngoi phn m u, kt lun v danh mc cc ti liu tham kho, lun vn bao gm 4
chng:
Chng 1. Mt s vn c bn v nghip v th trng m ca Ngn hng trung
ng
Chng 2. Thc trng hot ng nghip v th trng m ca Ngn hng Nh
nc Vit Nam.
Chng 3. Lin h th trng m cc nc
Chng 4. So snh nghip v th trng m NHTW cc nc, hc hi bi hc
kinh nghim v a ra xut.











5


Chng 1
Tng quan nghip v th trng m ca Ngn hng Trung ng
1. Tng quan nghip v th trng m.
1.1 Lch s hnh thnh
Nghip v th trng m c lch s hnh thnh lu i hn mt trm nm v bt ngun u
tin Ngn hng Anh (BoE) vo nhng nm 30 ca th k 19. giai on ny li sut chit
khu ang l mt cng c c lc cho NHTW cc nc kim sot cung tin t tuy nhin vn
tn ti nhiu hn ch. Do BoE phi tm kim mt cng c mi hiu qu hn v cng t y
nghip v th trng m c hnh thnh v chc nng s khai nht l h tr cho cng c li
sut chit khu. C ch ban u ca nghip v th trng m rt n gin nhm lm tng li
sut trn th trng:
- Bn chng khon chnh ph ng thi ha mua li n vo mt ngy xc n trong tng
lai. Phng thc ny sau ny pht trin thnh giao dch mua hoc bn c k hn (giao dch c
hon li-repo)
- Vay trn th trng c m bo bng chng khon Chnh ph.
- Bn hn cc chng khon chnh ph cng l tin thn ca giao dch mua bn hn (giao
dch khng hon li).
- Vay trc tip t cc ngn hng thng mi.
1.2 Nhng khi nim c bn
1.2.1 Khi nim chung nht v th trng m:
Th trng m l ni din ra cc hot ng giao dch, mua bn ngn hn cc chng t c gi
ca NHTW vi cc NHTM, thng qua NHTW tc ng n khi cung ng tin thc
hin mc tiu ca chnh sch tin t trong tng giai on c th .
Hin nay nghip v th trng m l cng c ph bin v quan trng ca hu ht cc quc gia
hnh thnh nn s khc nhau v hng ha cng nh cch thc giao dch Mi quc gia s c
nhng qui nh ring v nghip v th trng m ph hp vi c im th ch cng nh nn
kinh t ca quc gia . V d th trng m ca Ngn hng Nht Bn (BoJ) ch giao dch cc
6


chng khon n ngn hn v ch cc TCTD mi c php tham gia. Ngc li M, Hn
Quc, Vit Nam cho php giao dch c chng khon di hn.
Vit Nam theo lut s 46/2010/QH12 iu 15 ghi r:
NHTW thc hin nghip v th trng m thng qua vic mua bn cc chng t c gi vi
cc t chc tn dng v NHNN qui nh cc chng t c gi c php giao dch thng qua th
trng m.
1.2.2 Khi nim giy t c gi
Theo iu 8 Lut s 46/2010/QH12 Lut Ngn Hng Nh Nc Vit Nam
Giy t c gi l bng chng xc nhn ngha v tr n gia t chc pht hnh giy t c gi
vi ngi s hu giy t c gi trong mt thi hn nht nh, iu kin tr li v cc iu kin
khc.
2. C ch tc ng ca nghip v th trng m
Thng qua hot ng mua, bn cc GTCG trn th trng m, NHTW c th thc hin mc
tiu CSTT ca mnh theo c ch sau:
2.1 V mt lng - Tc ng vo d tr ca h thng ngn hng (c s tin t)
Hnh vi mua bn cc GTCG trn th trng m ca NHTW c kh nng tc ng ngay lp tc
n tnh trng d tr ca cc NHTM thng qua nh hng n tin gi ca cc ngn hng ti
NHTW (nu cc NHTM l i tc tham gia OMO) v tin gi ca khch hng ti h thng
ngn hng (nu cc khch hng l i tc tham gia OMO).




Khi NHTW bn cc chng t c gi, lc ny cc NHTM s l ngi mua vo. Nn cc NHTM
s s dng qu d tr ca mnh, lm d tr NH gim, iu ny tc ng n khi lng tn
dng t lm cung tin gim.
2.2 V mt gi - Tc ng thng qua li sut
Hnh vi mua bn GTCG ca NHTW trn th trng m c th nh hng gin tip n mc
li sut th trng thng qua 2 con ng sau:
7



Th nht: NHTW bn chng t c gi trn th trng m cho cc NHTM lm gim d tr
ca NH v tc ng ko theo cung ca qu cho vay gim. Khi cc NH phi hn ch cho vay
bng cch tng li sut v li sut th trng tng. Theo l thuyt khi li sut tng u t phi
gim xung do chi ph s dng vn tng.
Th hai: Khi NHTW bn tn phiu kho bc trn th trng m s lm tng cung CTCG trn
th trng, t lm gim gi ca CTCG. Hng ha CTCG lc ny tr nn hp dn hn v t
sut sinh li tng dn n s chuyn dch vn u t sang CTCG. Khi cung tn dng tr nn
khan him y li sut tng v u t cng gim.
3. Vai tr ca nghip v th trng m
3.1 i vi ngn hng trung ng
OMO l cng c CSTT gin tip quan trng nht ti nhiu quc gia lm thay i cung -
cu tin t dn n thay i li sut trn th trng tin t. Nh vy, OMO to iu kin
cho NHTW hn ch s dng cc cng c mang tnh trc tip trong iu hnh CSTT nhng
vn mang li hiu qu tch cc.
Bn cnh mc ch iu tit vn kh dng ca h thng ngn hng, thng qua mua bn
GTCG trn th trng m, NHTW cn cp tn hiu cho th trng v nh hng iu hnh
CSTT trong tng lai l ni lng hay tht cht,qua NHTW c th hn ch nhng bin
ng ca li sut th trng.
OMO l mt cng c CSTT c tnh ch ng cao. OMO do NHTW ch ng khi
xng, NHTW c th ch ng thc hin OMO theo nh k hoc vo cc thi im cn
thit. OMO c th c thc hin linh hot xt trn gc v khi lng cng nh thi
gian giao dch. NHTW c th thc hin OMO quy m ln/nh (khi lng mua bn
8


GTCG ln/nh) vi thi hn di/ngn tu theo quyt nh mua/bn GTCG c th hn ch
phn no mun ch quan ca NHTM.
3.2 i vi nn kinh t
Thng qua vic pht hnh, mua bn GTCG trn th trng m, cc ch th ca th trng
m lm tng thm tnh thanh khon cho cc GTCG ny. iu ny gp phn thc y th
trng ti chnh pht trin. S pht trin ca th trng m tc ng mnh n s hon thin
v pht trin ca th trng lin ngn hng.
Mt khc, hin nay Vit Nam ang trong qu trnh m ca v hi nhp vo nn kinh t
th gii.. Ti cc quc gia pht trin hay cc quc gia trong khu vc ng Nam u s
dng OMO trong iu hnh CSTT t c cc mc tiu kinh t v m. Chnh v vy,
vic s dng OMO l mt iu kin cn thit hi nhp nn kinh t vo khu vc v th
gii.
3.3 i vi cc thnh vin tham gia th trng m
p ng hot ng qun l v s dng vn kh dng cn phi ch ng v linh hot hn
v quan trng nht khng gy ch tc trong thanh ton cng nh p ng nhu cu tng
trng tn dng. Khi cn thit, cc ngn hng c th bn li cc GTCG ny trn th trng
m gii quyt kh khn v ngun vn.
Vi tnh trng d tha vn trong cc NHTM hin nay nghip v th trng m ang l
knh u t hiu qu nht .
Ngoi ra, OMO gp phn a dng ho cc nghip v kinh doanh ca cc TCTD, khng
ch n thun thc hin cc nghip v kinh doanh truyn thng nh cho vay, bo lnh, dch
v m cn s dng mt ngun vn nht nh thc hin nghip v kinh doanh mi l
mua bn cc GTCG. OMO cng thc y cc mi quan h mang tnh kinh doanh gia cc
thnh vin tham gia th trng.
OMO do cc ngn hng t nguyn tham gia thc hin theo cc nguyn tc th trng,
khng mang tnh cht bt buc v li sut trn th trng m cng mang tnh cht th trng
ch khng b p t nh trong cng c chit khu GTCG ca NHTW. iu ny to iu
kin cho cc TCTD ch ng hn trong vic phi hp vi NHNN nhm thc hin mc tiu
chnh sch tin t.
9


Chng 2
Thc trng hot ng nghip v th trng m
ca Ngn hng Nh nc Vit Nam
1. Lch s hnh thnh
Khi t nc bc vo giai on mi, ph hp vi nhu cu pht trin ca nn kinh t,
cng nh nhng thng l quc t, Nh nc ta chnh thc vn hnh th trng m
ngy 12/07/2000 bi quyt nh s 85/2000/Q NHNN14 ngy 9/3/2000. y l bc
tin v cng quan trng, nh du s chuyn bin tch cc trong chnh sch tin t nc
ta, t iu hnh trc tip sang iu hnh gin tip. Qua , Ngn hng nh nc c th
qun l nn kinh t linh ng hn, gip cc t chc tn dng s dng vn c hiu qu.
T khi thnh lp , Nghip v th trng m nc ta c nhng bc tin ng k
trong c chnh sch ln hot ng.
2. Khung php l
ngy cng hon thin cch thc vn hnh nghip v th trng m, Ngn hng Nh
nc khng ngng i mi, ci thin khung php l. nh du l s ban hnh quyt
nh 01/2007/Q NHNN v quyt nh sa i b sunh 27/2008/Q NHNN. Hn
th, trong giai on ny, chng ta ang d tho mt quyt nh mi v Th trng m
cch vn hnh ngy cng trn chu, minh bch v hiu qu hn.
3. Cch thc vn hnh
3.1 T chc
Ngn hng Nh nc thnh lp Ban iu hnh nghip v th trng m do mt Ph
Thng c lm Trng ban v cc thnh vin l i din ca cc n v c lin quan
thuc Ngn hng Nh nc (V Tn dng, V Chnh sch tin t, S Giao dch, V K
ton ti chnh, Cc Cng ngh tin hc Ngn hng).
Ban iu hnh nghip v th trng m c thm quyn quyt nh cc ni dung:
10


- Khi lng cc loi giy t c gi cn mua hoc bn tnh theo gi thanh ton gi a
Ngn hng Nh nc vi t chc tn dng;
- Quyt nh thng bo hoc khng thng bo khi lng giy t c gi Ngn hng Nh
nc cn mua hoc bn trc mi phin u thu;
- Cc loi giy t c gi cn mua, bn;
- T l giao dch ca cc loi giy t c gi;
- Phng thc u thu;
- Phng thc xt thu (Trng hp u thu li sut)
- Thi hn ca giao dch mua, bn;
- Li sut mua hoc bn.
Thi gian, cch thc xem xt v quyt nh cc ni dung ch yu trong phin giao dch
nghip v th trng m do Trng ban hoc ngi c Trng ban u quyn quyt
nh.
Ban iu hnh nghip v th trng m s thng bo cho S Giao dch Ngn hng Nh
nc cc ni dung m Ban iu hnh nghip v th trng m quyt nh v phin
giao dch S Giao dch thng bo cho cc thnh vin.
3.2 Thnh vin tham gia th trng m
Cc thnh vin tham gia vo th trng m bao gm Ngn hng trung ng, cc ngn
hng v t chc phi ngn hng. Khi mi hnh thnh, vo thng 7/2000, ban u OMO c
21 t chc tn dng tham gia. S lng thnh vin OMO tng dn qua cc nm, nhng
vi tc chm, ch1-2 thnh vin mi nm. n ngy 31/12/2005 c 30 T chc tn
dng c cng nhn l thnh vin tham gia OMO, nm 2006 v 2007, con s ny tng
ln v duy tr mc 35 thnh vin. Nm 2008, slng thnh vin tham gia OMO l 56
thnh vin, tng thm 21 thnh vin v tng 27,3% so vi nm 2007, n 31/3/2009
11


c 58 thnh vin. L do c vic tng mnh nh vy l cc t chc tn dng nhn thc
y hn v tm quan trng ca knh cung ng vn thng qua OMO ca Ngn hng
nh nc trong iu kin chnh sch tin t c iu hnh tht cht trong na u nm
2008. S lng thnh vin tham gia cha ng, ch yu tp trung vo mt s ngn hng
thng mi (NHTM) Nh nc v NHTM c phn ln, do lng nm gi giy t c
gi cn t, khi lng giao dch cha nhiu. Tuy nhin, trong cc phin giao dch, bn
cnh cc thnh vin l Ngn hng thng mi Nh nc th s thnh vin l cc Ngn
hng thng mi c phn v ngn hng lin doanh, ngn hng nc ngoi tng mnh. T
nm 2010 n nay, cn c s tham gia ca cc thnh vin thuc khi ngn hng
lin doanh, ngn hng nc ngoi th hin s tng trng khng ngng v c s lng v
cht lng ca thnh vin tham gia th trng m Vit Nam
3.3 Cc loi hng ha giao dch:
Tn phiu Ngn hng Nh nc. Tn phiu Ngn hng Nh nc l loi giy t c
gi ngn hn do Ngn hng nh nc pht hnh lm cng c cho OMO. Hin
nay l loi giy t c gi c giao dch chnh trn th trng m Vit Nam.
Vic s dng tn phiu ngn hng nh nc lm hng ho trn th trng m c
mt s u im nh tng cng tnh c lp ca Ngn hng Nh nc trong vic
thc thi chnh sch tin t v l cng c linh hot cho vic qun l vn kh dng
o Tuy nhin, vic pht hnh tn phiu Ngn hng Nh nc thc thi chnh
sch tin t s lm cho chi ph hot ng ca Ngn hng Nh nc tng ln,
mc d Ngn hng Nh nc hot ng khng v mc tiu li nhun. Vic
s dng tn phiu Ngn hng Nh nc i hi phi c s phi hp nht
nh vi B Ti chnh. Khi Ngn hng Nh nc v B Ti chnh ng thi
pht hnh tn phiu Ngn hng Nh nc v tn phiu kho bc, nu li sut
chnh lch th cc i tc trn th trng m s tp trung mua loi tn phiu
c li sut cao hn. Khi s c s phn khc gia th trng tn phiu kho
bc v th trng tn phiu Ngn hng Nh nc, lm cho mc ch pht
12


hnh cc giy t c gi ny khng t c v c th lm gim hiu qu tc
ng ca 2 loi hng ho ny
Tri phiu Chnh ph, bao gm: Tn phiu Kho bc; Tri phiu Kho bc; Tri
phiu cng trnh Trung ng; Cng tri xy dng T quc; Tri phiu Chnh ph
do Ngn hng Pht trin Vit Nam (trc y l Qu H tr pht trin) c Th
tng Chnh ph ch nh pht hnh.
Tri phiu c Chnh ph bo lnh, bao gm: Tri phiu do Ngn hng Pht trin
Vit Nam v Ngn hng Chnh sch x hi pht hnh v tri phiu ca cng ty
Qun l ti sn quc gia ( VAMC) c Chnh ph bo lnh thanh ton 100% gi
tr gc, li khi n hn.
Tri phiu Chnh quyn a phng do y ban nhn dn thnh ph H Ni v y
ban nhn dn thnh ph H Ch Minh pht hnh.
Ring i vi giao dch mua c k hn. Ngn hng Nh nc ch giao dch i
vi: Cng tri xy dng T quc; Tri phiu do Ngn hng Pht trin Vit Namv
Ngn hng Chnh sch x hi pht hnh c Chnh ph bo lnh thanh ton
100% gi tr gc, li khi n hn; Tri phiu Chnh quyn a phng do y ban
nhn dn thnh ph H Ni v y ban nhn dn thnh ph H Ch Minh pht
hnh.
3.4 Phng thc:
Giao dch khng hon li (mua bn hn)
Giao dch khng hon li l cc giao dch mua bn giy t c gi ca Ngn hng Nh
nc theo phng thc mua t, bn on trn c s gi th trng. Theo phng thc
ny, quyn s hu ca giy t c gi l i tng giao dch c chuyn sang cho Ngn
hng Nh nc hoc ngc li cho cc thnh vin tham gia giao dch. Do vy tc ng
ca giao dch ny i vi d tr ngn hng thng l di hn.


13


Giao dch mua hoc bn c thi hn ( REPO)
Phng thc giao dch ny thng c s dng cho mc ch giao dch tm thi thng
qua cc hp ng mua li (Repos) hoc hp ng mua li o ngc. Repos c s
dng khi Ngn hng Nh nc thc hin mua giy t c gi vi tho thun l sau mt
thi gian ngn trong tng lai ngi bn s mua li cc giy t c gi . Repos o
ngc c s dng khi Ngn hng Nh nc thc hin bn giy t c gi vi tho thun
ngi mua s bn li vo mt ngy xc nh trong tng lai. Thng thng, Repos v
Repos o ngc c s dng trong mt khong thi gian ngn vi mc ch iu tit
vn kh dng ca cc ngn hng thng mi mt cch linh hot. Giao dch theo hp ng
Repos thc cht l mt khon cho vay ca Ngn hng Nh nc c bo m bng cc
giy t c gi c tnh th trng cao.
Cc giao dch mua bn c k hn c s dng ch yu trong OMO do cc l do: y l
cng c c hiu qu nht b p hoc trit tiu nhng nh hng khng d tnh trc
n d tr ngn hng, Chi ph giao dch thp hn cc giao dch mua bn hn, Thch hp
trong trng hp cc nh hng ca chnh sch tin t khng hon ho dn n phi s
dng cc gii php khc phc, Lm gim bt thi gian thng bo, do m gim bt
bin ng ca th trng trc cc quyt nh hng ngy ca Ngn hng Trung ng
3.5 Phng thc u thu
u thu theo phng thc li sut
Theo phng thc u thu li sut th cc thnh vin tham gia t ng k s tin ng vi
mi mc li sut do t mnh la chn.
Trng hp Ngn hng Nh nc cn cung ng tin thm vo lu thng thng qua vic
mua giy t c gi, cc n d thu c sp xp theo th t v c phn b theo cc
mc li sut t cao xung thp. Ngha l nhng n d thu ng vi li sut cao s c
u tin phn b trc cho n khi khi lng phn phi c s dng ht. Nu ti mc
14


li sut thp nht c chp nhn, khi lng ng k d thu ln hn khi lng c
phn phi th qu trnh phn b nh sau:
Gi:
A: l khi lng NHTW cho mua/cho bn
rt : l mc li sut th t c ng k
b(rt)i l khi lng t thu ca thnh vin th i ng vi mc li sut rt
b(rt) l tng khi lng t thu ca cc thnh vin ng vi mc li sut rt
rm l mc li sut cui cng c chp nhn.
i vi trng hp Ngn hng Nh nc u thu bm thm vn kh dng cho h
thng ngn hng th: r
1
r
t
r
m

k(rm) l t l % trng thu c phn b ti mc li sut cui cng

k(r
m
) =
A -
1
1
( )
m
t
t
b r

B(r
m
)

Trn c s xc nh c t l k(rm), khi lng trng thu ca thnh vin th i (Wi) ti
mc li sut rm c xc nh nh sau:
W(rm) = k(rm) x b(rm)
Trng hp NHTW cn ht tin t lu thng v thng qua vic bn giy t c gi th cc
quy trnh din ra ngc li.
Trn th gii c hai phng thc u thu li sut l u thu theo kiu M v u thu
theo kiu H Lan. Nu u thu theo kiu M th tt c cc mc li sut ng k trong
15


phm vi t thu u thc hin theo ng mc li sut ng k. Nu u thu theo
kiu H Lan th tt c lng t thu c xc nh cng mc li sut t thu.
u thu khi lng
u thu khi lng l phng thc u thu vi li sut c Ngn hng Nh nc
cng b trc. Ngn hng Nh nc cng b khi lng tin cn mua hoc cn bn bng
phng thc u thu v n nh mc li sut thc hin. Ngn hng Nh nc cng b
iu kin t thu cc thnh vin ng k s tin d thu trn c s chp thun mc
li sut xc nh trc. Sau khi m thu Ngn hng Nh nc s xc nh t l gi tr
t thu v phn b cho tng t chc tham gia t thu.
Vic phn b thu c tin hnh thc hin nh sau: Trc ht ton b s lng ng k
d thu c cng li vi nhau. Nu tng khi lng t thu nh hn hoc bng khi
lng Ngn hng Nh nc cho mua/cho bn th ton b cc n d thu u c
phn b theo khi lng t thu. Nu tng khi lng t thu ln hn khi lng Ngn
hng Nh nc cho mua/cho bn th khi lng trng thu ca tng thnh vin c
phn b t l thun vi khi lng t thu ca thnh vin . Cc n d thu s c
phn b nh sau:
T l % phn b thu: k = A/
1
n
i
i
b

trong :
A: l khi lng Ngn hng Nh nc cho mua/cho bn
n: l tng s thnh vin tham gia d thu
bi l khi lng t thu ca thnh vin th i
k l t l phn b thu
Trn c s xc nh c t l k, khi lng trng thu ca thnh vin th i (Wi) c
xc nh nh sau:
16


Wi = k x bi
Thi gian qua, nhm n nh th trng v cnh tranh lnh mnh gia cc thnh vin
trong cc phin u thu, NHNN s dng phng php u thu khi lng
xt thu. Qua , to iu kin cho tt c cc thnh vin d thu u trng thu, c tin
h tr thanh khon
C ch, quy trnh nghip v ngy cng hon thin: quy trnh thanh ton c rt ngn, t
thanh ton sau 2 ngy k t nm 2000, rt xung cn 1 ngy vo nm 2001, v t nm
2002 n nay thanh ton ngay trong ngy thc hin giao dch. nh k giao dch cng
c rt ngn, t 10 ngy/phin nm 2000 xung cn 1 phin/tun vo nm 2001, 2
phin/tun vo nm 2002, 3 phin/tun t thng 11/2004, n nay NHNN thc hin theo
nh k hng ngy.
3.6 Khi lng giao dch
Khi lng giao dch nghip v th trng m tng mnh qua cc nm. Nm 2008,
NHNN thc hin 401 phin u thu, tng 46 phin so vi nm 2007. Tng doanh s
giao dch nm 2008 l 1.036 nghn t ng, tng 618 nghn t ng so vi nm 2007.
Nm 2011, p ng nhu cu vn cho cc t chc tn dng trong iu kin gp kh
khn v thanh khon, NHNN t chc 431 phin mua c k hn giy t c gi vi tng
doanh s trng thu l 2.800 nghn t ng. Nm 2012, thanh khon ca h thng c
ci thin hn, s tin NHNN cung ng cho cc ngn hng thng qua nghip v th trng
m trong 10 thng u nm t 404 nghn t ng vi s phin u thu gim xung cn
257 phin
17



Doanh s giao dch trn th trng m nm 2006-2012
Ngun: Ngn hng Nh nc Vit Nam
Nh chng ta thy bt u t nm 2008, khi lng giao dch tng khng ngng v thi
im cc ngn hng gp kh khn v thanh khon, khi , Ngn hng Nh nc thc
hin cung mt khi lng tin ng k h tr cc ngn hng. C thi im, li sut
trn th trng lin ngn hng ln ti hn 40%/nm, Ngn hng Nh nc kp thi
can thip thng qua nghip v Th trng m bng vic tng lng cung tin v
p dng phng php u thu khi lng, dng nh ngay lp tc, li sut lin
ngn hng gim quanh mc 20%/nm. Chnh v vy, Ngn hng Nh nc ch yu cho
thu i vi cc phin mua k hn GTCG tip tc h tr thanh khon cho cc ngn
hng, khi lng trng thu mua k hn GTCG l 6.455.551 t ng, chim ti
98,5%/tng khi lng trng thu trong giao dch nghip v th trng m.
3.7 Cng ngh k thut trong giao dch th trng m
Khi mi thnh lp, cng ngh k thut giao dch trn th trng m vn cn rt s khai
cho n nm 2003, S Giao dch c Thng c NHNN giao Ch u t D
18


n Trang thit b my mc, ni mng v thit k phn mm nghip v th trng tin
t v lu k GTCG ti S Giao dch Ngn hng Nh nc - Giai on I do Qu H tr
Php v Ngn hng Pht trin Chu ti tr (gi tt l D n AFD). y l d n s
dng cng ngh Web, cho php cc giao dch th trng tin t ni chung v cc giao
dch nghip v TTM c kt ni trc tip gia NHNN v cc thnh vin, nhanh
chng v hiu qu
Sau 3 nm trin khai d n AFD, cng vi s phi hp ca cc V, Cc ca NHNN v
nh thu FPT, thng 11/2007, chng trnh chnh thc a vo s dng, cc giao dch
trn th trng m u l giao dch trc tuyn. n nay, chng trnh p ng c
quy m giao dch ngy cng tng c v s lng thnh vin cng nh khi lng
GTCG tham gia giao dch ca mi phin. Vi s h tr ca cng ngh, ca h
thng vn bn ng b, NHNN c th a vo s dng nhiu hnh thc giao dch
mua/bn GTCG trong mt ngy v cng t chc thnh cng t 2-3 phin giao dch
trong ngy. ng thi vi vic t chc thng xuyn cc phin giao dch nghip v
TTM, S Giao dch cng t chc thnh cng cc phin u thu TPKB nhm tng
cng s lng GTCG ca cc TCTD, b sung hng ha cho cc giao dch nghip v
TTM.










19


Chng 3
Lin h th trng m cc nc
Th trng m Vit Nam tuy c khi sc so vi giai on u nhng nhn chung
chng ta vn cn cn x l nhiu bt cp cn tn ng ng thi phi khng ngng hc
hi cc nc pht trin nng cao hiu qu th trng m hn na. Nhc n nhng
quc gia pht trin, c bit l trong lnh vc ti chnh ni chung v th trng m ni
ring, chng ta khng th khng k n M - mt trong nhng quc gia c nghip v th
trng m pht trin vo loi bc nht th gii. Ngoi ra, Hn Quc cng l mt quc gia
c th trng m tng i pht trin, y l mt quc gia c kh nhiu nhng c im
tng ng vi c th trng m M v Vit Nam. Nh vy, c ci nhn su sc hn
cng nh c th d dng so snh th trng m Vit Nam vi th gii t rt ra nhn
xt, bi tiu lun ny s ln lt trnh by nghip v th trng m hai quc gia M v
Hn Quc.
1. Th trng m M:
1.1 Lch s hnh thnh:
Sau cuc chin tranh th gii th nht, nn kinh t ton cu ri vo tnh trng suy thoi.
M tuy l mt quc giai c nn kinh t pht trin cao nhng vn khng trnh khi s nh
hng. Trong khong thi gian , Cc d tr lin bang M (FED) ri vo tnh trng
kht vn mt cch trm trng. Trc , ngun thu nhp ca FED ch yu thu t
nghipv chit khu, nhng do hu qu ca cuc khng hong kinh t lm lng tin
vay chit khu gim st, dn ti gim ngun thu. tip tc hot ng ca h thng
Ngn hng, FED tin hnh mua bn chng khon kim li. ng thi, cc ngn hang
c th b sung ngun kinh ph hot ng cng quyt nh mua chng khon Chnh
ph vi mt s lng ln trong na u nm 1922. Ngay sau , cc quan chc Fed nhn
ra rng bng cch mua chng khon trn th trng m , d tr ngn hng lin bang c
th nh hng n iu kin tn dng chung trong c nc. Ni cch khc, khi Fed mua
chng khon s khin tng d tr ngn hng thng mi v ni lng tn dng; ngc li
20


p dng khi Fed bn chng khon. T nhng nhn nh , vo nhng nm 20 ca th k
XX, th trng m M ra i.
1.2 C quan i u hnh:
M, 3 cng c chnh gip chnh ph thc hin chnh sch tin t l li sut chit khu,
d tr bt buc v th trng m. Trong khi hai cng c u li sut chit khu v d
tr bt buc do Hi ng thng c chu trch nhim th cng c th trng m c mt
c quan chuyn bit chu trch nhim. l y ban th trng m lin bang, gi tt l
FOMC (Federal open market committee). y l c quan chu trch nhim chnh trong
vic hoch nh cc chnh sch cho th trng m ti M v hon ton c lp vi chnh
ph.
FOMC c thnh lp nm 1935 theo quyt nh ca lut Ngn hang M 1933 v bao
gm 12 thnh vin: 7 thnh vin ca hi ng thng c , ch tch ca Ngn hang d tr
lin bang New Yorkv 4 ch tch Ngn hang d tr lin bang. FOMC thng t chc
cuc hp 8 ln/nm, trung bnh l 6 tun mt ln tho lun v a ra quyt nh v xu
hng ngn hn i vi chnh sch tin t.
1.3 Thnh vin tham gia trn th trng m
thc hin nghip v th trng m, FED bun bn chng khon trc tip vi mt s
thnh vin nht nh, cc thnh vin dc gi l primary dealer ( tm dch l nh giao
dch s cp hoc nh giao dch u tin). M, nh giao dch s cp thng l cc ngn
hang thng mi hoc cc cng ty mi gii chng khon.
H thng cc nh giao dch s cp c lp vo nm 1960 vi 18 thnh vin. S lng
tng dn qua cc nm n nm 1988 l 46 thnh vin. Th nhng, vo thi gian ny, cc
b lut v chnh sch v nh giao dch u tin ra i khin cho n nm 2007 s lng
thnh vin gim mnh ch cn 21 v hin ti, nm 2014 ang duy tr con s 22 thnh
vin v c mng li nhiu quc gia pht trin. Danh sch cc thnh vin c cp
21


nht lin tc trn trang web chnh thc ca Ngn hang d tr lin bang New York ni
nm chnh vic thc hin nghip v th trng m ti M
V quyn hn, y l nhng t chc c quyn giao dch trc tip vi FED trn th
trng m. V trch nhim, cc primary dealer c yu cu tham d tt c nhng phin
giao dch trong th trng m ca Chnh ph c th gip Chnh ph thc hin mt
cch tt nht nhng nh hng y ban th trng lin bang a ra trong chnh sch tin
t, ng thi cung cp thng tin ca th trng cho bn giao dch chng khon New York
v nhng phn tch v th trng cng nh vic thc thi chnh sch.
1.4 Phn loi nghip v th trng m
Nghip v th trng m M c chia thnh hai dng: nghip v th trng m di
hn v nghip v th trng m ngn hn.
Nghip v th trng m di hn gm c cc giao dch mua bn hn, mua bn chng
khon chnh ph M v cc chng khon c m bo bng th chp.
Chng khon chnh ph M l mt khon n ca Chnh ph c pht hnh bi Cc
ngn kh Hoa K (United States Department of Treasury) thng qua S cng n (Bureau
of the Public Debt). y l cc cng c ti chnh ch yu ca chnh ph lin bang nhm
mc ch iu chnh mc li sut v mc d tr trong ngn hng theo hng mong
mun. Khi bn chng khon chnh ph cho ngi kinh doanh, gi tr ti khon tin gi
d tr ti ngn hng lin bang khu vc ca ngn hng ni ngi giao dch t ti khon
s gim. theo kh nng thc hin cho vay v cc hnh thc tn dng khc ca ngn
hng s gim v ngc li. Do , vic FED bn chng khon c xu hng lm gim tc
tng trng ca tin gi v tn dng ngn hng Ngy nay, Fed t mc tiu gn li
sut qu lin bang FED fund vi li sut cho vay d tr qua m gia cc ngn hng.
Nu Fed mun tng li sut qu lin bang nhm hn ch cho vay v chi tiu, n thng
bn chng khon trn th trng m, gim d tr m ngn hng c th s dng cho
vay, buc ngn hng phi vay thm d tr. Mt khc nu FED mun h thp li sut
nhm khuyn khch cho vay v chi tiu trong nn kinh t, n s mua chng khon trn th
22


trng m, gip m rng d tr ca cc ngn hng, m rng kh nng cho vay mi, lm
gim p lc vay thm d tr trn th trng vn lin bang. iu ny c xu hng h thp
li sut, y nhanh cc qu trnh kinh t.
Chng khon kho bc bao gm cc chng khon c th th trng ha (nhng chng
khon c tnh thanh khon cao, c th giao dch) v chng khon khng th th trng
ha. Trn th trng m, ch c cc loi chng khon c th th trng ha c giao
dch gm: Tn phiu kho bc (Treasury bills), tri phiu trung hn(Treasury Notes), tri
phiu di hn (Treasury bonds) v Treasury Inflation Protected Securities (TIPS). TIPS l
mt dng tri phiu di hn dc thit k nhm bo v nh u t khi lm pht. S khc
bit gia TIPS v nhng tri phiu thong thng l kh nng tang ln hoc gim xung
ca mnh gi da trn ch s CPI.
Nghip v th trng m ngn hn c thc hin bng cc hp ng mua bn c k hn.
m bo nhng thay i ngun cung tin t theo chu k hoc tm thi, bn giao dch
th trng ca Ngn hng d tr lin bang New York tham gia cc tha thun mua li vi
nhng nh giao dch s cp. Cc giao dch mua bn ny ch yu l cc khon cho vay
ngn hn v c m bo t FED. FED s chuyn tin vo ti khon ca ngi giao
dch v nhn th chp (l giy t chng nhn s hu nh c phiu, tri phiu, ti sn c
gi tr tng ng). Thi hn giao dch t 1 ngy ti 65 ngy (theo tha thun), nhng
phn ln l cho vay qua m v 14 ngy. Khi ht hn giao dch, FED hon li chng
khon ( hay ni cch khc nh giao dch s thc hin cam kt ca mnh l mua li cc
chng khon mnh em th chp) v nhn li tin vn cng vi li nhun t li sut.
Trong giao dch tha thun bn li (reverse repo), FED s vay tin t cc ngi giao dch
u tin bng cch t cc chng khon chnh ph. Khi giao dch o hn, FED s hon
tin v cc khon li. Cc giao dch mua bn c k hn ny thc hin thong qua vic u
thu.


23


2. Th trng m Hn Quc
2.1 Lch s hnh thnh
Nghip v th trng m c p dng ti Hn Quc t thng 11/1961 vi vic pht hnh
tri phiu n nh tin t ca BOK (MSBs). Hot ng mua bn tri phiu chnh ph v
tri phiu cng cng gia BOK vi cc ngn hng c thc hin t thng 2/1969. n
nm 1977 th cc nh ch ti chnh phi ngn hng c tham gia nghip v ny. T 1986
nghip v th trng m vi qui m y (full-scale OMO) bt u c p dng. Tuy
nhin cho n thng 3/1993, phng php u thu cnh tranh mi c p dng, cc tri
phiu chnh ph v tri phiu cng cng c giao dch di hnh thc cc tho thun
mua li (RPs). T 2/1997 nhng tri phiu u thu khng thnh cng hoc tri phiu n
nh tin t khng cn c bn trc tip cho cc nh ch ti chnh. T , nghip v th
trng m c hon thin v chuyn sang phng php u thu hon ton cnh
tranh. Vi vic khai trng h thng u thu in t thng qua mng BOK-Wire v h
thng thanh ton tng thi gian thc ca BOK (BOKs Real Time Gross Settlement) vo
8/1997, nghip v th trng m theo nguyn tc th trng c thit lp mt cch
vng chc.
2.2 C quan i u hnh
V chnh sch tin t (phng chnh sch tn dng v d tr) chu trch nhim lp k
hoch v nghip v th trng m.
V th trng ti chnh (phng nghip v th trng m) l n v chu trch nhim thc
thi cc hot ng nghip v th trng m hng ngy. V ny quyt nh cc chi tit ca
hot ng tin t, bao gm vic la chn cng c, thi gian, tn sut v qui m ca hot
ng.
2.3 Hng ha
Tri phiu n nh tin t (MSBs) do BOK pht hnh: l cng c chnh sch tin t
ch yu khi khi lng tri phiu chnh ph v tri phiu cng cng phc v cho
24


hot ng ca th trng m cn hn ch. MSBs bao gm cc tri phiu chit khu
(discount bonds - vi cc thi hn 14 ngy , 28 ngy, 63 ngy, 91 ngay, 140 ngy,
182 ngy, 364 ngy, 371 ngy, 392 ngy, 546 ngy) v cc tri phi u coupon
(coupon bonds - thi hn hai nm vi phiu lnh li hng qu). MSBs c s
dng nh cng c iu chnh c cu vi nhng tc ng ko di
Chng khon s dng trong OMO bao gm tri phiu chnh ph, cc tri phiu
bo lnh ca chnh ph, cc tri phiu pht trin t ai ( Land Development
Bonds)
2.4 Hnh thc giao dch
i vi tri phiu n nh tin t (MSBs):
Hin nay Bok s dng hai hnh thc l u thu cnh tranh hoc bn trc tip.
u thu MSBs c thc hin vo th 3 hng tun, trong MSBs k hn hai nm v
91 ngy c pht hnh vo tun th nht v tun th 3 hng thng, k hn 364 ngy pht
hnh vo tun th hai v k hn 182 ngy pht hnh vo tun th 4. Tn sut, qui m pht
hnh MSBs hng tun c xc nh da trn cc yu t nh vic thanh ton MSBs, cc
iu kin tin t v d tr.
Phng thc bn trc tip c thc hin vo ngy th su khi cn thit. BOK xc nh
li tc ca MSBs vi mc cao hn li sut th trng v cc i tc khng phi ng k,
ai n trc c mua trc. Cc giao dch lin quan n MSBs u thc hin theo hnh
thc ghi s
i vi giao dch cc loi chng khon khc:
Cc giao dch ny c chia thnh hai hnh thc l giao dch mua, bn hn v cc giao
dch mua bn c k hn.
Cc giao dch mua bn c k hn c s dng khi d tha hoc thiu ht vn kh dng.
v mang tnh tm thi. Cc giao dch ny khng i hi mt th trng th cp thanh
khon ( iu ny rt quan trong Hn Quc v th trng th cp dnh cho cc tri phiu
25


chnh ph v tri phiu bo lnh ca chnh ph cha thc s pht trin) v vy cc giao
dch trn th trng m ch yu l cc giao dch mua bn c k hn. Mc d cc c k hn
t 1 - 91 ngy, nhng cc thi hn 10 ngy hoc ngn hn c s dng nhiu hn. Nhn
chung cc giao dch c k hn 7 - 15 ngy c s dng ht bt hoc cung cp vn
kh dng trong trng hp d tha hoc thiu ht khng nht thi (non temporary), trong
khi nhng giao dch rt ngn (1-3 ngy) c s dng iu tit nhng bin ng hng
ngy v d tr ca cc ngn hng.
Cc giao dch mua, bn thng c s dng khi d tha hoc thiu ht vn kh dng
c xc nh l mt hin tng c cu (structural phenomenon). Hnh thc bn thng t
c s dng v n c tc dng tng t nh pht hnh MSBs. Hnh thc mua thng
cng t c s dng do th tc phc tp trong chuyn nhng s hu tri phiu. Hn
na, vn kh dng cng c th c cung ng thng qua hnh thc mua li MSBs. Tuy
nhin, cc giao dch mua, bn thng cc tri phiu c s dng thng xuyn hn
khi th trng th cp dnh cho cc tri phiu ny hot ng tch cc, hiu qu hn.













26


Chng 4
So snh nghip v th trng m NHTW cc nc
Bi hc kinh nghim v xut
1. So snh:

Vit Nam M Hn Quc
Lch s
hnh thnh
12/07/2000 Cui nm 1920 11/1961
i tc
tham gia
Cc t chc tn dng
Cc nh giao dch u
tin
Cc t chc tn dng
Hng ha
_Tn phiu NHNN
_Tri phiu chnh ph
_Tri phiu c CP
bo lnh
_Tri phiu chnh
quyn a phng,
Chng khon Chnh
ph M (c bit l
tn phiu kho bc)
_Tri phiu Chnh ph
_Tri phiu bo lnh
ca Chnh ph
_Tri phiu pht trin
t ai
*Tri phiu n nh
tin t (MSBs).
C quan
iu hnh
Ban iu hnh nghip
v th trng m
FOMC ( y ban Th
trng m Lin bang)
_V chnh sch tin t
_V th trng ti
chnh
Hnh thc
giao dch
Mua bn hn hoc
REPO, thng qua cc
phin u thu li sut
hoc u thu khi
lng ( Ch yu l
u thu khi lng).
Mua bn hn hoc
mua bn c k hn,
thng qua u thu
li sut
Mua bn hn hoc
REPO, thng qua u
thu khi lng hoc
li sut.
27


2. Nhn xt:
2.1 Thnh tu t c:
Gp phn pht trin Th trng tin t, h tr cc T chc tn dng(TCTD) s
dng vn c hiu qu.
Thng qua hot ng OMO, tnh thanh khon ca cc giy t c gi(GTCG) do
cc TCTD nm gi c tng cng. iu ny gp phn thc y hot ng ca th
trng s cp, gip cho cc TCTD yn tm hn khi u t vo cc tri phiu di hn ca
Chnh ph, khuyn khch cc hot ng mua bn li tri phiu chnh ph.
Nhiu TCTD khng ch coi vic u t vo tri phiu chnh ph l hnh thc u t an
ton m cn l hnh thc d tr thanh khon c hiu qu cao. Khi cn thit m bo
kh nng thanh ton, cc TCTD c th s dng cc GTCG trong cc giao dch OMO
cng nh cc nghip v th trng tin t ni chung, to iu kin cho cc TCTD iu
chnh c cu u t theo hng tng t sut u t, gim thiu ri ro trong hot ng
kinh doanh.
Qua theo di, phn tch cc kt qu hot ng OMO c cng b rng ri trn cc
phng tin thng tin, cc TCTD c th tham kho v din bin th trng quyt nh
vic tham gia cc hot ng th trng tin t, nm bt tn hiu v nh hng iu hnh
chnh sch tin t(CSTT) ca Ngn hng Nh Nc(NHNN) c hng cn i ngun
vn thch hp. Ngoi ra, OMO cn gip cn bng ngun vn gia nhng ni tha vn v
nhng ni thiu vn.
Kt hp cht ch v ng b vi cc cng c khc nhm thc hin mc tiu chnh
sch tin t.
Vic NHNN mua bn GTCG thng qua OMO gp phn iu tit linh hot vn kh
dng ca cc TCTD theo mc tiu CSTT trong tng thi k. Nht l trong thi im cc
TCTD gp kh khn v vn kh dng, OMO c kt hp s dng ng b vi cc
cng c CSTT khc nh nghip v hon i ngoi t, nghip v cho vay cm c h tr
28


kp thi cho cc TCTD m bo kh nng thanh ton, gp phn duy tr n nh tin t v
thc hin mc tiu CSTT.
Ngy cng ci tin v hon thin v c ch v quy trnh OMO.
Cng tc t chc, iu hnh hot ng OMO ca NHNN c thc hin bi bn, bo
m an ton tuyt i trong cc phin giao dch. Di s ch o ca Ban iu hnh
OMO, cc V Cc chc nng ca NHNN kp thi sa i, b sung c ch, quy ch, k
thut c tng bc x l, khc phc.
Thu ht c nhiu thnh vin , trong c c cc t chc tn dng nc ngoi.
Hin nay, s lng thnh vin tham gia th trng m ngy cng tng v a dng v loi
hnh. Hot ng th trng m ngy cng si ng khng ch thu ht thm cc thnh vin
trong nc m cn thu ht c cc t chc tn dng nc ngoi.
Cng ngh k thut ngy cng c ci thin.
2.2 Hn ch:
Giy t c gi tham gia OMO cha a dng.
Hot ng ca OMO cha thc s si ng.
Tuy thi gian trin khai khng cn ngn nhng cng c OMO vn ang cn l mt
nghip v mi i vi mt s cc TCTD, nht l cc NHTMCP. Vic tham gia th trng
m vn cn nhiu b ng, hn ch. Cc NHTMCP tham gia khng thng xuyn v
khng nhiu. iu ny xut pht t nguyn nhn cc NHTMCP cha nhn thc c y
cc u im ca cng c ny. Bn cnh , vn tm l khi giao dch vi NHNN
vn cha th khc phc trong thi gian ngn.
Tc ng ca OMO n th trng tin t cn hn ch.
Cng c OMO ch yu pht huy vai tr iu tit khi lng vn kh dng ca cc TCTD
hn l iu tit li sut ca th trng. Nguyn nhn l do NHNN ang thc hin khi
lng tin ch khng phi iu tit li sut.
29


Mc d li sut th trng m mang tnh th trng nhng NHNN vn phi p dng li
sut ch o mang tnh hnh chnh trong mt s phin giao dch OMO, qua c th
can thip ti li sut ca th trng. Ngoi ra mi quan h gia li sut OMO cng nh
cc li sut khc ca NHNN v li sut th trng cha tht cht ch.
K hn mua bn GTCG ngn v cha a dng.
S lng thnh vin tham gia OMO cn hn ch.
Trnh cn b, cng ngh thng tin cha cao.
Nghip v th trng m vn cha hon ton c lp vi Chnh Ph.
3. xut:
Ci tin, nng cp v hon thin h tng cng ngh cho th trng m.
NHNN cn tip tc hin i ho cng ngh ngn hng v h thng thanh ton, to iu
kin thun li cho vic pht trin th trng th cp v giy t c gi. H thng cng
ngh thng tin cn c khng ngng nng cp nhm h tr NHNN nm bt kp thi cc
thng tin th trng (nhu cu vn ca nn kinh t, kh nng thanh khon ca cc
NHTM,...) a ra cc quyt nh st thc v chnh xc. Bn cnh cng cn ch
trng nng cao an ton, chun xc trong cc hot ng giao dch tin t, tng hiu qu
hot ng (nh rt ngn thi gian giao dch), cng nh ci tin cc chng trnh phn
mm ng dng v lu k giy t c gi ti S Giao dch NHNN nhm theo di v thanh
ton giy t c gi ca NHNN v ca cc t chc tn dng.
Cn khng ngng b sung, sa i hon thin cc quy trnh v khung php l
lin quan n OMO.
C th nh t thu, xt thu; cc th tc v ng k, lu k giy t c gi; th tc v
lp hp ng, quy trnh giao dch qua mng,... nhm to iu kin thun li cho cc t
chc tn dng khi tham gia giao dch, rt ngn thi gian v tit kim chi ph giao dch.
B sung thm hng ha giao dch trn th trng m.
NHNN nn a dng loi hng ho giao dch trn th trng. Thc t cho thy hng ha
ca th trng m hin cn kh ngho nn, ch yu l tn phiu ngn hng. Cc phng
30


tin giao dch nh cc loi tri phiu thi hn ngn, chng khon do bn thn cc ngn
hng pht hnh,... vn cha giao dch trn th trng ny. Thm vo , khi lng tn
phiu ngn hng cn qu nh so vi quy m vn ca ngn hng. Nh vy, NVTTM cha
thc s c tc ng ln n cung cu vn trn th trng. Vic tng khi lng hng ha
giao dch cng l tng sc hp dn thu ht nhiu t chc tn dng tham gia th trng
m.
a dng ha cc k hn mua bn GTCG.
Nng cao nng lc cn b xy dng v iu hnh OMO.
Con ngi lun l yu t then cht v quyt nh trong mi hot ng kinh t, x hi.
Chnh v vy, vic nng cao trnh ca cn b NHNN trong xy dng v iu hnh
CSTT l nhu cu va mang tnh cp thit va lu di.
Theo kinh nghim ca cc quc gia iu hnh thnh cng CSTT th nng lc v kinh
nghim ca cc cn b xy dng v iu hnh CSTT c c bit ch trng. Ti mt s
quc gia, nh M, Hi ng lnh o NHTW c nhim k lm vic rt di. Ch i
ng i vi cn b NHTW cao hn ch thng thng.
Do vy, hon thin v trin khai hiu qu OMO ti Vit Nam, iu quan trng l phi
nng cao nng lc cn b xy dng v iu hnh OMO, khng ch ti NHNN m cn ti
cc TCTD thnh vin. NHNN v cc ngn hng cn phi thng xuyn o to v o
to li i ng cn b qun l ngn hng, cn b nghip v. Chng trnh o to cn
phi c chun ho v ph hp vi yu cu, xu th pht trin ca h thng ngn hng.
Bn cnh o to l thuyt c bn th cng cn tin hnh cc kho hc trong nc v
nc ngoi.
Tng tn sut giao dch trn th trng m.
M rng cc thnh vin th trng m bng cch tng tnh hp dn cho th trng
giao dch; Quan tm nhiu hn n cc NHTM, cc TCTD va v nh, tng
cng cng tc tuyn truyn ph bin, thng tin rng ri v OMO.
Thc t cho thy, thnh vin tham gia th trng m thi gian qua c s gia tng v s
lng v a dng v loi hnh. Nu nh trc y, th trng m hu nh ch c cc
NHTM nh nc tham gia, cc khi ngn hng khc cn ng ngoi cuc, th hin nay
31


th trng m Vit Nam c s gp mt ca cc chi nhnh ngn hng nc ngoi ti
Vit Nam, ngn hng lin doanh, NHTM c phn, Tuy nhin, cn mt b phn khng
t cc NHTM c phn nh cha tham gia th trng m, do quy m vn b, trnh
nghip v cha p ng cng nh cha quen nn cha tham gia hoc cn lng tng trong
vic tham gia u thu ti th trng tin t th cp ny. Gia tng s lng thnh vin
cng l gp phn nng cao hiu qu, hiu lc ca NVTTM trong vic iu hnh lng
tin trong lu thng ca NHNN, nh tng c su v rng (lan to) ca chnh
sch tin t.
Vit Nam th ban iu hnh th trng m trc thuc Ngn hng Nh nc
(NHNN Vit Nam trc thuc Chnh ph), M c FOMC trc thuc FED (FED khng
trc thuc Chnh ph). Theo quan im ca nhm nghin cu th trong tng lai, khi nn
kinh t Vit Nam pht trin hn, khc phc c nhng hn ch hin ti th nn chuyn
Ngn hng Nh nc Vit Nam thnh c quan c lp vi Chnh ph (tng t nh
M) Nghip v th trng m c th pht huy c hiu qu cao nht.












32


KT LUN
Nghip v th trng m l mt cng c gin tip linh hot v hu hiu gip
NHTW lo li con thuyn kinh t . cc nc ang pht trin nh Vit Nam th trng
m ngy cng tr nn cn thit v quan trng khi cc iu kin thc hin, c s php l
khng ngng hon thin. Chnh v vy, vic nghin cu cng c th trng m c
ngha thc tin ti Vit Nam trong giai on hin nay.
Vi kt cu gm 4 chng v 33 trang, ti Nghip v th trng m tp
trung nghin cu cc kin thc lin quan n nghip v th trng m v thc tin hot
ng nghip v th trng m ca Ngn hng Nh nc Vit Nam trong thi gian t nm
2000 n nay. ti hon thnh cc nhim v sau:
Th nht, ti h thng ho mt s ni dung v cng c OMO nh khi nim,
cch thc giao dch... Ngoi ra cn cp mt s kinh nghim vn hnh OMO ca
NHTW mt s nc vi cc trnh pht trin kinh t khc nhau, t rt ra cc kinh
nghim c th p dng ti Vit Nam trong giai on hin nay v sp ti.
Th hai, lun vn tin hnh phn tch, nh gi hot ng OMO ca NHNN
Vit Nam t khi a vo hot ng n nay v trn nhiu phng din nh: khun kh
php l, t chc v iu hnh nghip v, hng ho giao dch trong th trng m, cc
thnh vin th trng, li sut th trng m, tn sut giao dch, doanh s giao dch .
Th ba, bn cnh , ti cng a ra so snh nghip v th trng m ca
NHTW ba nc Vit Nam, M v Hn Quc v nh gi nhng u im v nhng hn
ch ca hot ng OMO t khi trin khai n nay nhm tm ra nhng xut cho Vit
Nam.
Th t, nhm a ra cc xut gp phn hon thin nghip v th trng
m ca NHNN gm nhng gii php trc tip hon thin cng c ny v nhng gii
php nhm to cc iu kin v mi trng, v hng ho
Do kin thc cn hn hp, nht l v NHTW v CSTT, nn ti khng th
trnh khi nhng khim khuyt. Rt mong c s quan tm, gp ca cc thy c
33


gio, cc nh nghin cu lun vn c hon thin hn.
Trong qu trnh hon thin lun vn, nhm xin chn thnh cm n s hng dn
nhit tnh, cn thn ca thy v nhng vn nhm cn hn ch.

























34


Ti liu tham kho
1. http://www.federalreserve.gov/
2. http://www.newyorkfed.org/
3. http://www.bok.or.kr/eng/engMain.action
4. http://sbv.gov.vn/
5. Sch Nghip v Ngn hng trung ng Ch bin PGS.TS Nguyn ng Dn
Nh xut bn i hc quc gia TPHCM
6. Thng t 01/2012/TT-NHNN Thng t quy nh chit khu giy t c gi ca
Ngn hng Nh nc Vit Nam i vi cc t chc tn dng, chi nhnh ngn hng
nc ngoi
7. Quyt nh 01/2007/Q-NHNN V/v Ban hnh Quy ch nghip v th trng m.
8. Quyt nh 27/2008/Q-NHNN V/v sa i, b sung mt s iu ca Quy ch
nghip v th trng m







35


Cu hi ng gp cho ti
1. C kin cho rng Khi thc hin nghip v th trng m s gip cho chnh
ph d dng thc hin o chiu khi c sai st. kin ca nhm nh th no?
Theo kin ca nhm, th trng m tuy l mt cng c linh hot nht trong cc cng c
thc hin chnh sch tin t ca chnh ph nhng khng phi lc no n cng gip chnh
ph d dng thc hin o chiu. Th nht, do vic o chiu ch c th d xy ra khi
nghip v mang tnh ch quan ca nh nc, th hin bng hnh thc u thu khi lng
cn i vi u thu li sut, quyt nh mua bn thuc v t chc giao dch nn s kh
thc hin o chiu. Th hai, nghip v no cng c mt tr nht nh nn khi c sai
xt cng kh c th o chiu mt cch nhanh chng.
2. Ti sao Vit Nam p dng c hai hnh thc u thu ( khi lng v li sut)
trong khi M ch p dng mt hnh thc (li sut)?
u thu khi lng th hin tnh ch quan ca nh nc trong vic iu hnh chnh
sch, chnh v th n khng mang tnh cnh tranh cao.Trong khi u thu li sut th hin
tnh ch quan ca t chc giao dch, n thng d p dng nhng nc c th trng
m pht trin v c tnh cnh tranh cao.
Th trng m Vit Nam ta vn cha thc s pht trin v cn nhiu hn ch. Bn cnh
th trng vn cn cn nhiu s tc ng t pha chnh ph nn chng ta vn cha th
hon ton b hnh thc u thu khi lng. Trong khi M, th trng m ra i t
lu v rt pht trin nn d dng t chc hnh thc u thu li sut vi tnh cnh tranh
cao.
3. So snh quyt nh 01/2007/Q-NHNN vi D tho thng t quy nh nghip v
th trng m. Ti sao li phi c s thay i ny.
D tho thng t quy nh nghip v th trng m c mt s khc bit vi quyt nh
01/2007/Q-NHNN nh sau:
- V nh ngha, b sung them chinh nhnh ngn hang nc ngoi l i tc tham
gia nghip v th trng m vi nh nc.
36


- B sung cc iu kin c cng nhn thnh vin tham gia nghip v th
trng m nhm m bo cc t chc tn dng, chi nhnh ngn hng nc ngoi
tun th cc yu cu ca NHNN v qun l ri ro, c bit l ri ro thanh khon.
- Quy nh cht ch hn vic chm dt t cch thnh vin tham gia nghip v th
trng m cng nh vic x pht thnh vin.
- Quy nh mi vic nh gi hot ng ca cc thnh vin tham gia nghip v th
trng m nhm a ra mt ci nhn tng quan v hot ng nghip v th trng
m.
L do thay i
- Do quy m th trng tin t pht trin kh nhanh
- S thay i cahai Lut Ngn hng Nh nc Vit Nam v Lut Cc TCTD
c ban hnh v c hiu lc t 01/01/2011
- Cc quy nh lin quan n nghip v th trng m hin ang quy nh ri rc ti
mt s vn bn cn phi tng hp thnh mt vn bn thng nht
- c mt khung php l hon chnh hn nhm iu chnh hot ng nghip v
th trng m, m bo ph hp vi xu th pht trin ca th trng, h tr kp
thi vn kh dng cho cc t chc
4. Chi ph s dng th trng m? Giao dch mua bn hn v giao dch c hon l i
ci no c tc dng ln hn, v sao?
Chi ph s dng th trng m:
i vi Ngn hng Nh nc: chi ph hnh chnh v chi ph tr li sut khi bn giy t c
gi, c bit l khi thc hin mua li trc hp ng
Trong tng trng hp kinh t m 2 giao dch trn s c hiu qu khc nhau:
Giao dch mua bn hn c hiu qu khi nn kinh t ang gp vn kh r rng v trm
trng, tht s cn mt s iu chnh mnh v n nh trobg di hn. V d nh lm pht
tng qu cao hoc kinh t suy thoi qu thp.
37


Giao dch mua bn c hon li c hiu qu khi nn kinh t ch bt n nh trong thi gian
ngn,ch cn s iu tit tc thi v giao dch mua bn c hon li c tnh linh ng cao
hn giao dch mua bn hn.
5. Cc i tng tham gia nghi p v th trng m vi NHNN l cc TCTD bao
gm NHTM v cc nh ch ti chnh phi ngn hng v th trng m s lm tc
ng n cung ti n ca cc TCTD. Tuy nhin i u ny i hi c ch lu thng
tin mt phi ch yu nm trong h thng ngn hng t hiu qu cao nht.
Bn suy ngh sao v nh hng ny?
Thc t, vic lu thng qu nhiu tin mt trong dn c mang n kh khn rt ln
trong vic iu hnh chnh sch tin t ni chung v nghip v th trng m ni ring.
Khi qu nhiu tin mt lu thng trong dn c, Ngn hng nh nc rt kh thng k
chnh xc lng tin mt cn lu thng trong nn kinh t, dn n vic xc nh s lng
cung v cu tin trong nn kinh t sai lm. iu dn n vic xc nh s lng giy
t c gi cn mua v bn trn th trng m c sai lch v hu qu s c nhn thy r
nht l trong li sut v lm pht.
6. Phng thc bn trc tip ca th trng m Hn Quc c c im g m c
Vit Nam v M u khng s dng?
Phng thc bn trc tip c thc hin vo ngy th 6 khi cn thit. BOK xc nh li
tc ca MSBs vi mc cao hn li sut th trng v cc i tc khng phi ang k, ai
n trc mua trc.
Phng thc ny c kh nhiu nhng nhc im v cng l l do ti sao Vit Nam v
M khng p dng. Th nht, do khng cn ng k trc nn phng thc ny gy kh
khan trong vic qun l. Th hai, nu cnh tranh trong u thu li sut lin quan n
nng lc ti chnh ca t chc th cnh tranh trong phng thc bn trc tip li ch da
vo thi gian c mt nh vy s khng hnh thnh cch thc lm vic chuyn nghip, ch
nh i ch mua hang gy nh hng n vic pht trin th trng m ng thi hn ch
vic hon thnh mc tiu th trng m ca chnh ph. V d: Khi chnh ph bn tri
phiu nhm bm tin vo nn kinh t, vi phng thc u thu li sut nhng t chc c
ngun vn mnh, uy tn cao s mua vi gi cao, vi s lng ln v sau cng s d
38


dng cung ng vn vo th trng. Nhng vi bn trc tip, ch nhng t chc ti trc
mi c mua cn nhng ai n sau, d c th mua vi gi cao hn, s lng ln hn
nhng s khng th mua tri phiu hoc mua vi s lng t hn so vi trng hp u
thu li sut.
7. Bn c th cho v d lm r hn v sao ni th trng m kt hp cht ch
v ng b vi cc cng c khc nhm thc hin mc tiu chnh sch ti n t?
V d: Khi Chnh ph mun can thip vo th trng ngoi hi m khng lm nh hng
n cc mc tiu Chnh sch ca chnh ph, NHTW s tin hnh s dng phng thc
can thip v hiu ha. Can thip v hiu ha c NHTW tin hnh bng cch thc hin
ng thi song song 2 giao dch (1) trn th trng ngoi hi v (2) trn th trng m.
Trong trng hp th nht, khi tung USD ra th trng ngoi hi mua vo ng ni t
dn n lm gim cung tin, khi NHTW s tip tc mua tri phiu trn th trng m
tng cung tin tr li. V tng t trong trng hp th hai, khi tung ng ni t ra th
trng ngoi hi mua vo USD, NHTW li phi can thip trn th trng m bng
cch bn tri phiu lm gim cung tin. Thng qua v d ny cho thy nghip v th
trng m c kt hp cht ch v ng b vi cc cng c khc nhm thc hin mc
tiu CSTT ca quc gia.
8. Vic nng cao h tng cng ngh c th hn l g?
NHNN cn tip tc hin i ho cng ngh ngn hng v h thng thanh ton, to iu
kin thun li cho vic pht trin th trng th cp v giy t c gi. H thng cng
ngh thng tin cn c khng ngng nng cp nhm h tr NHNN nm bt kp thi cc
thng tin th trng (nhu cu vn ca nn kinh t, kh nng thanh khon ca cc
NHTM,...) a ra cc quyt nh st thc v chnh xc. Bn cnh cng cn ch
trng nng cao an ton, chun xc trong cc hot ng giao dch tin t, tng hiu qu
hot ng (nh rt ngn thi gian giao dch), cng nh ci tin cc chng trnh phn
mm ng dng v lu k giy t c gi ti S Giao dch NHNN nhm theo di v thanh
ton giy t c gi ca NHNN v ca cc t chc tn dng.

39


9. Trn th trng m c nhiu loi hng ha nh tn phiu tri phiu v chng
u c chung mc ch l cng c iu tit cung tin. Vy ti sao khng ch c
mt loi hng ha s d dng qun l?
Th trng m l ni mua bn cc CTCG t th trng y c th hiu mt cch n
gin nht ging nh ch. Khi NHTW thc hin mua bn CTCG ch th phi c
ngi mua tc l cung cu phi gp nhau. iu ny c th thc hin c i hi
ch hng ha phi ang dng, nhiu s la chn tha mn c nhu cu ca cc ch
th tham gia. Khi th trng c nhiu hng ha c th thu ht c nhiu ngi tham gia
mua bn to tnh si ng gip NHTW c th d dng thc hin nghip v ca mnh.
Mt khc ty vo tng giai on, tnh hnh kinh t c th m NHTW c nhng phng
hng iu hnh chnh sch tin t ring t lm cho cc CTCG trn th trng phi
phc thuc vo mc tiu chnh sch tin t trong thi gian . T bt buc hng ha
trn th trng m phi khc nhau.
10. Th trng m l mt cng c iu tit thc hin chnh sch tin t. nc ta
theo nh thc trng th tn sut cc phin giao dch ngy cng tng din ra u
n hng ngy. Vy vic ny c ng ngha vi vic nn kinh t nc ta ang gp
vn nghim trng hay khng?
Nghip v th trng m l mt cng c iu tit thc hin chnh sch tin t ca NHTW.
Tuy vai tr iu tit kinh t l quan trng nhng khng phi l duy nht ca cng c th
trng m. V d nh p ng hot ng qun l v s dng vn kh dng cn phi ch
ng v linh hot hn v quan trng nht khng gy ch tc trong thanh ton cng nh
p ng nhu cu tng trng tn dng, v cn nhiu vai tr vi cc ch th khc. Do
khi NHTW thc hin nghip v th trng m khng ng ngha vi vic kinh t ang
gp vn nghim trng. Vi tnh trng d tha vn trong cc NHTM hin nay nghip
v th trng m ang l knh u t hiu qu nht .