GII THIU

Th trng tin t hot ng t nhng nm 1800 nhng tr nn quan trong hn k t

nm 1970, khi li sut tng cao cha tng c trong lch s by gi. Tht ra, s gia tng li
sut ngn hn, kt hp vi quy nh trn li sut m ngn hng c th tr cho cc khon
tin gi, dn n kt qu l mt dng vn ra nhanh chng ca cc nh ch ti chnh vo
cui nhng nm 1970, u nhng nm 1980. Dng vn ra ny khin nhiu ngn hng, t
chc nhn tin gi v cho vay b sp . Nn cng nghip ny ch phc hi sau nhng s
thay i ln c lin quan n li sut th trng tin t c thc hin.
Chng ny xem xt cn thn th trng tin t v cc chng khon c giao
dch. Thm , chng ti tho lun ti sao th trng tin t li quan trng i vi th
trng ti chnh.
1. NH NGHA TH TRNG TIN T
Cm t "th trng tin t" tht s l 1 s nhm ln. Tin t khng c giao dch
trn th trng tin t. Bi v cc chng khon giao dch c k hn ngn v tnh thanh
khon cao, do vy chng rt gn ngha vi tin. Chng khon trn th trng tin t c 3
c tnh c bn sau:
Thng c bn in large denominations.
Ri ro default thp
K hn 1 nm hoc thp hn 1 nm t ngy pht hnh ban u. Hu ht cc cng
c trn th trng tin t c k hn thp hn 120 ngy.
S chuyn giao trn th trng tin t khng xy ra ti 1 v tr hay ta nh c th.
Ngi giao dch thng sp xp mua bn gia ngi tham gia thng qua in thoi v
hon tt giao dch bng in t. V c im ny, chng khon th trng tin t thng
c th trng th cp si ni. C ngha rng sau khi chng khon c bn ln u, rt d
dng tm thy ngi s tip tc mua trong tng lai. Th trng th cp si ng lm
chng khon trn th trng tin t tr thnh cng c linh hot tha mn cc nhu cu ca
cng c ti chnh ngn hn. V d, bn bo co hng nm ca Mirosoft "Chng ti xem
xt tt c khon u t thanh khon cao sinh li c k hn 3 thng hoc ngy quy i
thnh tin thp hn 3 thng.
Mt c im khc ca th trng tin t, y l th trng bn bun. C ngha
rng hu ht cc giao dch chuyn i u rt ln, thng thng vt qu 1triu USD.
Khi lng giao dch ngn cn hu ht cc nh u t c nhn tham gia trc tip vo th
trng tin t. Thay vo , mi gii v trung gian, iu hnh cc phng giao dch ca
cc ngn hng ln v nh mi gii, mang khch hng li vi nhau. Nhng ngi ny mua
hoc bn 50 - 100 triu USD ch trong vi giy, chc chn khng phi l cng vic dnh
cho ngi au tim.
Trong chng 2 cp, s linh hot v i mi l 2 c im quan trong ca
bt c th trng ti chnh no, v th trng tin t cng khng ngoi l. Mc d bn
cht bn bun ca th trng tin t, nhng chng khon v phng php thng mi tn
tin pht trin nh u t nh thm nhp th trng tin t. Chng ta s tho lun
nhng chng khon ny v c im ca n chi tit hn trong chng 20.

TI SAO CHNG TA CN TH TRNG TIN T?
Trong mt th gii khng c kim sot ni chung, th trng tin t khng cn
thit. Cng nghip ngn hng tn ti ban u cung cp n ngn hn v chp nhn
khon tin gi ngn hn. Ngn hng nn c li th hiu qu trong thu thp thng tin, li
th m loi tr nhu cu cho th trng tin t. Nh vo mi quan h lin tc vi khch
hng, ngn hng nn cung cp khon n r hn cc th trng c a dng ha, nh gi
ngi vay mi ln sn phm mi c cung cp. Hn na, chng khon ngn hn c
bn trn th trng tin t khng thanh khon cng nh an ton bng tin gi ti ngn
hng v qu tit kim. C tt c li th m ngn hng c, ti sao th trng tin t tn ti?
Cng ngh ngn hng tn ti ch yu lm trung gian iu chnh vn thng
tin bt cn xng gia ngi d vn - ngi cho vay v ngi vay - ngi dng vn, v
ngn hng c th kim li nhun bi cch nm bt tnh kinh t theo quy m khi cung cp
dch v. Tuy nhin, cng nghip ngn hng l thuc vo quy nh v chi ph c lin quan
n chnh quyn nhiu hn th trng tin t. Trong trng hp vn thng tin bt cn
xng khng nghim trong, th trng tin t c li th chi ph khc bit so vi ngn hng
trong vic cung cp tin ngn hn.

LI TH CHI PH CA TH TRNG TIN T
Ngn hng phi mt phn tin gi vo d tr ti Cc d tr lin bang khng
c tnh li. V vy, ngn hng khng th u t 100% trn mi la tin gi.
1
C
ngha l ngn hng phi tr mc li sut cho ngi gi tin thp hn so vi khi tt c tin
gi c th u t.
Quy nh v li sut l tr ngi mang tnh cnh tranh th hai cho ngn hng. Mt
trong nhng mc ch nguyn tc ca lut ngn hng nhng nm 1930 l gim cnh tranh
trong ngnh ngn hng. Vi cnh tranh t hn, cc nh qun l cm thy, ngn hng t c
kh nng tht bi. Gi i vi ngi tiu dng mang li li nhun ln hn m ngn hng
kim c t s thiu cnh tranh trn th trng t do c iu chnh bi s n nh
kinh t ln hn do h thng ngn hng khe mnh cung cp.
Mt cch m li nhun ngn hng c m bo l cc quy nh thit lp mt
mc trn cho li sut m cc ngn hng c th tr tin cho qu.The Glass-Steagall Act of
1933 cm tr li sut trn ti khon sc v gii hn li c th c th tr trn tin gi ng
k hn. Gii hn v li sut khng thch hp cho mi n cui nhng nm 1950. th
11.1 ch r gii hn ny gy rc ri cho ngn hng vo cui nhng nm 1970 u 1980
khi lm pht y li sut ngn hn cao hn mc m ngn hng c th chi tr ng lut.
Cc nh u t rt tin ra khi ngn hng v y tin vo th trng tin t c cho
mi bi nhiu cng ty mi gii. Nhng nh u t mi lm cho th trng tin t pht
trin nhanh chng.Trn li sut ngn hng thng mi b xa b vo thng 3 nm 1986,
nhng k t th trng tin t bn l c thit lp.
Ngn hng tip tc gi vai tr trung gian, chng ta s nghin cu trong cc chng
sau. Tuy nhin, trong mt vi trng hp, cu trc chi ph ca ngnh cng nghip ngn
hng khin n khng th cnh tranh hiu qu trong th trng dnh cho vn ngn hn khi
so snh vi th trng tin t t hn ch hn.
2. MC CH CA TH TRNG TIN T
Th trng th cp pht trin mnh m l cng c cho th trng tin t, lm th
trng tin t thnh ni l tng cho cc cng ty hoc nh ch ti chnh lu tr vn d
n khi cn. Tng t, th trng tin t cung cp ngun vn chi ph thp cho cc cng
ty, chnh ph, v t trc trung gian cn vn ngn hn.
Hu ht cc nh u t trn th trng tin t, ngi tm thi ct gi vn, thng
thng khng c gn kim li nhun cao bt thng t vn ca h trn th trng tin t.
ng hn l, h s dng th trng tin t nh mt cch u t tm thi mang v li
nhun cao hn gi tin trong ngn hng. H c th cm thy rng iu kin th trng
khng m bo vic mua thm c phiu, hoc rng h mong i li sut tng v v vy
khng mun mua tri phiu. Cn lu rng gi tin mt d tha nhn ri l t i
vi nh u t v tin khng mang li thu nhp cho ngi s hu. Tin mt nhn ri
i din cho chi ph c hi khi mt thu nhp t li sut. Chng 4, chi ph c hi ca
ti sn l s tin li b mt i do khng nm gi ti sn khc. Th trng tin t cung cp
phng tin u t vn nhn ri v gim chi ph c hi.
Cc nh t vn u t thng gi vn trn th trng tin t c th nhanh chng
tn dng li th ca cc c hi u t m h xc nh c. Hu ht cc qu u t v
trung gian ti chnh cng gi cc chng khon trn th trng tin t p ng u t
hoc lung tin gi chy ra.
Ngi bn chng khon trn th trng tin t cho rng th trng tin t cung cp
ngun vn tm thi chi ph thp. Bng 11.1 ch r li sut ca cc cng c th trng tin
t c bn bi nhiu loi cng ty v nh ch lun a dng. V d, ngn hng c th pht
hnh qu lin bang (chng ti s nh ngha chng khon th trng tin t sau trong
chng ny) huy ng vn t th trng tin t nhm p ng thiu ht d tr vn
ngn hn. Cc cng ty ti chnh nh GMAC (General Motors Acceptance Company) c
th gia nhp th trng tin t tng vn nhm s dng cho cc khon vay mua t.
Ti sao cc cng ty v chnh ph M thnh thong cn dng vn ny? L do u
tin l dng tin mt ra-vo him khi xy ra ng thi. Doanh thu thu ca chnh ph, v
d, thng vo mt thi im c th trong nm, nhng chi tiu th quanh nm. Chnh ph
c th mn vn ngn hn v hon tr li khi nhn c doanh thu thu. Doanh nghip
cng i mt vi vn doanh thu v chi ph xut hin ti cc thi im khc nhau. Th
trng tin t cung cp gii php hiu qu v chi ph thp cho vn ny.


3. NHNG CH TH THAM GIA TRN TH TRNG TIN T
Ngi cho vay v ngi i vay l nhng ngi tham gia th trng tin t. Hu ht
h u thc hin c i vay v cho vay. V d, bt c ngn hng no cng vay tin trn th
trng tin t bng cch bn CDs thng mi. ng thi, h s cho doanh nghip vay
vn ngn hn thng qua phng cho vay thng mi. Chng ta c th xc nh c
nhng ngi ban u tham gia vo th trng tin t: Kho bc nh nc US, Cc d tr
lin bang (FED), ngn hng thng mi, doanh nghip, cng ty u t v kinh doanh
chng khon, C nhn.
Kho bc nh nc M Kho bc nh nc c tnh c trng duy nht l ngi
cu tin t ch khng bao gi l ngi cung ng tin t. Kho bc nh nc M l ngi
vay tin ln nht th gii trn th trng tin t. Kho bc nh nc pht hnh tn phiu
kho bc nh nc ( T- Bill) v mt vi chng khon thng dng khc. V ngn hn gii
quyt vn ngn sch cho chnh ph khi cha c cc khon thu v thu. Kho bc cng
pht hnh tn phiu thay th cc sn phm n hn.
Cc d tr lin bang (FED) Cc d tr lin bang l i l phn phi cc chng
khon chnh ph ca kho bc nh nc. FED gim hay tng lng cung tin bng cch
bn mt lng ln tri phiu chnh ph hay nm gi chng, chnh v vy m FED c vai
tr nh hng ln nht trong th trng tin t M. Vai tr ca FED c thng qua cc
nghip v trn th trng m c tho lun trong chng 9 v chng 10.
Ngn hng thng mi Ngn hng thng mi gi mt t l phn trm chng
khon chnh ph M ng th 2 sau qu hu tr. y l mt phn do cc quy nh hn
ch cc c hi u t ca ngn hng. C th , ngn hng u b cm s hu cc loi
chng khon ri ro nh c phiu hoc tri phiu doanh nghip nhng khng c bt k hn
ch no i vi tri phiu kho bc nh nc bi chng c ri ro thp v tnh thanh khon
cao. Ngn hng thng mi pht hnh cc chng ch tin gi, hi phiu, chng ch qu,
cc hp ng mua li ( chng ta s tho lun phn ny trong chng tip theo). Ngoi ra,
vic s dng chng khon trn th trng tin t gip cc ngn hng qun l thanh khon
d dng hn, cc ngn hng thng mi thay mt khch hng ca h kinh doanh trn th
trng ny. Khng phi tt c ngn hng thng mi u c giao dch trn th trng
tin t th cp cho khch hng, m ch nhng ngn hng ln nht trong nc v c gi
l ngn hng trung tm tin. Cc ngn hng trung tm tin ln nht bao gm: Citigroup,
Bank of America, JP Morgan v Wells Fargo.
Doanh nghip Nhiu doanh nghip mua v bn chng khon trong th trng tin
t, hot ng nh vy c gii hn trong cc tp on c lng la ln. Nh tho
lun trc , th trng tin t c s dng m rng thng d tn kho v huy
ng vn ngn hn. Chng ti s tho lun v th trng chng khon m doanh nghip
pht hnh trong chng sau.
Cng ty u t v kinh doanh chng khon Nhng nh ch ti chnh khc
tham gia vo th trng tin t c lit k trong bng 11.2
Cng ty u t: cng ty mi gii a dng ha bi cc hot ng trn th
trng tin t, ln nht trong s ny gm c: Bank of America, Merrill Lynch,
Barclay Capital, Credit Suisse v Goldman Sach. Chc nng chnh ca h l
nhng nh to lp th trng bng cch duy tr mt lng chng khon
c th thc hin mua v bn.Chc nng quan trng ca cc doanh nghip ny
l to tnh thanh khon cho th trng v h m bo rng ngi bn d dng
c th trng i vi chng khon ca h. Chng ti s tho lun v cc cng
ty u t trong chng 22
Cng ty ti chnh: Cng ty tng qu vn bng cch bn cc thng phiu trn
th trng s cp. Sau h cho ngi tiu dng vay tin mua cc hng ha
lu bn nh: t, tu thuyn, sa cha nh .Cng ty ti chnh v cc cng ty
lin quan c tho lun trong chng 26.
Cng ty bo him: Cc cng ty bt ng sn v cng ty bo him phi duy tr
mt t l thanh khon nht nh chi tr cho nhng nhu cu khng th d
on trc. Vo nm 2004 cn bo tuyt b vo Florida , cng ty bo him
chi tr hng t li ch bo him. p ng nhu cu ny cho qu, cc cng
ty bo him bn chng khon ca h trn th trng tin t. Trong nm 2012,
ngnh cng nghip bo him nm gi lng chng khon ngang bng vi
cc ngn hng thng mi (196 t la so vi 199 t la)
Qu hu tr: qu u t u t mt phn tin mt ca h trong th trng tin
t h c th tn dng c hi xc nh loi chng khon no ph hp vi h,
Nh cc cng ty bo him, qu hu tr h phi duy tr tnh thanh khon p
ng nhng ngha v pht inh ca mnh. Tuy nhin, nhng ngha v c th
d on trc c , nn u t mt lng ln vo th trng tin t l khng
cn thit. Qu hu tr s c tho lun trong chng 24.
C nhn: Vo cui nhng nm 1970, lm pht tng cao lc ny li sut cho tin
gi ngn hng khng cn sc hp dn cho cc nh u t c nhn. Ti cng thi gian
ny, cc cng ty chng khon lp ra cc qu tng h tr vi li sut hp dn hn. Cc
ngn hng khng th rt tin mt ra khi qu tng h bi nhng quy nh v tr li cho
tin gi.Cc ngn hng tng li sut tin gi ko cc nh du t cc nhn nhng cc
qu tng h vn l s la chn ph bin cho nhng nh u t , bi ch mt lng vn
nh nhng cc nh u t c th tip cn vi cc m chng khon c mnh gi ln.
Chng ti s phn tch qu tng h su hn trong chng 20.
Bng 1.1.2: Cc ch th tham gia th trng tin t:
Ch th tham gia th trng tin t Vai tr ca cc ch th
Kho bc nh nc M Pht hnh cc chng khon kho bc nhm
trang tri cc khaorn n quc gia
Cc d tr lin bang M( FED) Mua v bn cc chng khon kho bc
iu hnh lng cung tin trn th trng.
Ngn hng thng mi Mua cc loi chng khon kho bc, pht
hng cc chng ch tin gi, cho vay ngn
hn, m ti khon u t cho c nhn u
t trn th trng tin t.
Doanh nghip Mua v bn cc chng khon ngn hn nh
l cch thc qun l lng tin mt ca h
Cng ty u t i din cho cc ti khon thng mi u
t
Cng ty ti chnh ( cng ty cho thu thng
mi)
Cho c nhn vay tin
Cng ty bo him D tr t l thanh khon p ng cc
nhu cu khng d on trc c
Qu hu tr Duy tr qu u t vo cc cng c ti
chnh nh tri phiu v c phiu trn th
trng tin t
C nhn Kinh doanh th trng tin t thng qua
qu tng h.
Qu tng h Cho php cc nh u t nh tham gia vo
th trng tin t bng cch tp hp s vn
nh nhng vn u t vo cc chng
khaosn c mnh gi ln trn th trng.


4. NHNG CNG C TRN TH TRNG TIN T
Trn th trng tin t c rt nhiu cng c cc ch th tham gia a dng ha
danh mc ca h, chng khon ny tt cho ngi ny nhng chng khon khc li l ti
u i vi ngi khc.Trong chng ny chng ta s tm hiu cc c trng ring bit
ca chng v cc ch th s dng chng qun l tin u t ca h.
TRI PHIU KHO BC trang tri cc khon n quc gia, kho bc nc M
pht hnh nhiu loi chng khon n, trong chng khon pht hnh nhiu v c
thanh khon cao nht l tn phiu, tn phiu c bn vi cc k hn 28,81,182 ngy.Cc
tn phiu c mnh gi ti thiu l 1,000 la m cho n nm 2008, lc mnh gi mi
100 la m. Mt n lc lm cho tri phiu kho bc ph bin rng ri l vo thng
9 nm 1998 phng php mua chng khon c FED thit lp cho php c nhn c th
mua trc tip tri phiu kho bc nh nc qua Internet.
Chnh ph khng thc s phi tr li sut tri phiu kho bc , thay vo h c
pht hnh vi gi gim so vi mnh gi lc mn hn. Li nhun ca nh u t l s gia
tng v gi tr ca khon chng khon trn gia thi gian mua cho ti thi gian o hn.
CASE: Chit khu gi ca tri phiu kho bc
Hu ht cc chng khon trn th trng tin t khng phi tr li, thay vo
nhng nh u t c c hi mua c gi thp hn so vi mnh gi ca chng khon
phng php gi l chit khu.Cng thc tnh li sut chit khu hng nm:

Ick: li sut chit khu hng nm
F: mnh gi khi o hn
P: gi mua chng khon
N: thi gian nm gi chng khon cho ti o hn.
Cng thc trn ch cho ta rng th nht v s tin phi tr ca nh u t l thp
hn c nm gi chng khon, th hai thi gian c tnh l 360 ngy cho mt vng
quay nin hn.
Cng thc cho php nh u t tnh ton chnh xc hn v t sut sinh li l
thay i vng quay nin hn l 365 ngy , s ngy ny c p dng tnh cho nm nhun:

I: t sut u t
F: mnh gi khi o hn.
P: gi mua chng khon.
N: thi gian nm gi chng khon cho ti thi hn o hn.





Ri ro Tri phiu kho bc dng nh khng c ri ro bi v thm ch nu chnh
ph khng c tin th vn c th in thm o hn khi cc tri phiu n hn. Ri ro do
s thay i bt thng ca lm pht cng mc thp bi v cc tri phiu ny c thi
hn rt ngn. Th trng tri phiu kho bc rt su v c tnh thanh khon. Mt th trng
pht trin su l ni c nhiu ngi bn v nhiu ngi mua khc nhau. Mt th trng
c tnh thanh khon l ni trong cc tri phiu c th c giao dch mua bn nhanh
chng vi chi ph rt thp. Cc nh u t trong th trng ny c rt t ri ro khng bn
c tri phiu lc h cn bn.
Trong mt s kin lch s, u nm 1996 nhiu cuc tranh lun v ngn sch l
nguyn nhn chnh ph v n, mc d t lu c mt nim tin rng iu khng xy
ra. Quc hi c gng buc chnh ph Clinton k mt d lut ngn sch bng cch t
chi mt gi chi tiu tm thi. Nu s b tc cn ko di, chng ta s chng kin ln u
tin Chnh ph M v n. Chng ta cng c th tnh ton c tc ng di hn ln li
sut nu tt c cc tri phiu ca Chnh ph c bo him.
u gi tri phiu kho bc Mi tun Kho bc s thng bo loi v s lng tri
phiu c bn v Kho bc s chp nhn bn i vi lnh t mua gi cao nht. Kho bc
chp nhn cc lnh mua cnh tranh nhau theo th t tng dn ca gi cho n khi lnh
mua c chp nhn s lng cn bn. Mi lnh mua c chp nhn phi cht gi
mc cao nht c tr bi cc lnh mua khc.
Ngc li i vi u gi tri phiu kho bc l tri phiu khng u gi. Trong khi
u gi th cc nh u t s a ra lng tri phiu v gi mun tr, th th trng
khng u gi nh u t ch a ra lng cn mua. Gi bn ca tri phiu c xc nh
theo gi tri phiu c u gi trc . V vy cc nh u t tham gia u gi tri
phiu v cc nh u t mua tri phiu khng qua u gi phi tr mc gi nh nhau.
iu khc nhau c bn gia hai phng php ny l i vi cc nh u t tham gi u
gi th c th c hoc khng thc hin lnh mua ca mnh, ring nh u t khng tham
gia u thu th phi cam kt mua cc tri phiu t.
Nm 1976 Kho bc chuyn ton b tri phiu lin bang thnh cc chng khon
lu k, thay th cho chng khon trn giy. Trong h thng lu k chng khon, quyn
s hu tri phiu ch hin th trong my tnh ca FED. V c bn vic lu k ny thay
th cc tri phiu thc s, iu ny lm gim chi ph pht hnh tri phiu chnh ph v
chi ph chuyn nhng mua bn trn th trng th cp.
Vic u gi chng khon ca Kho bc nhm mc tiu tng tnh cnh v cng
bng. m bo tnh cnh tranh, khng c i l no c php mua hn 35% ca tri

phiu. Khong hn 40 cc i l chnh thc tham gia trong bui u gi. Salomon Smith
Barney b bt do v phm cc iu kin v t l tri phiu m i l c th mua vi
hu qu nghim trng.
Li sut tri phiu kho bc Li sut ca tri phiu kho bc thp nht trong nn
kinh t bi v tri phiu kho bc l gn nh khng c ri ro. Do , cc nh u t vo
tri phiu kho bc nhn thy rng trong vng vi nm li tc t tri phiu thm ch khng
b p cho chi ph mua vo. Hnh 11.2 th hin li sut ca tri phiu kho bc v t l
lm pht t 1973 n 2006. Nh cp t Chng 3, li sut thc him khi b hn
khng. V d: giai on t 1973-1977, 1990-1991 v 2002-2004 t l lm pht bng v
vt qua li sut tri phiu Kho bc. R rng, tri phiu kho bc khng phi l mt knh
u t m ch l ni ct gi tm thi ngun vn, bi v n hu nh khng gn lin vi
lm pht.
MINI CASE
u gi tri phiu kho bc i Haywire
Vo mi th nm, Kho bc thng bo s lng ca cc tri phiu 28 ngy, 91
ngy v 182 ngy s c bn l bao nhiu ? Cc nh u t phi t lnh mua vo th
hai tun k tip c kt qu vo th ba tip theo. Kho bc s chp nhn gi mua cao
nht. Cuc u gi tri phiu hng ti s cnh tranh cao v cng bng nht. m bo
mc cnh tranh, khng c i l no c php mua hn 35% mt loi tri phiu. C
khong 40 i l s cp tham gia vo cuc u gi ny. Nm 1991, pht hin ra
Salomon Smith Barney ph lut khi u c th trng v tnh cng bng ca cuc u
gi b nghi ng. Salomon mua 35% tri phiu hp php di tn minh v tip tc mua
thm tri phiu bng tn ca khch hng m khng thng qua nhng khch hng ny. Kt
qu ca cc giao dch ny l Salomon u c th trng v nm c quyn. Cc cuc
iu tra cho thy trong cuc u gi vo thng 5/1991, nh mi gii qun l 94%
s tri phiu c bn. Trong thi gian v vic ca Salomon b phanh phui, John
Gutfreund ch tch cng ty v vi qun l cao cp cng Salomon ngh hu. Sau
Kho bc ban hnh cc quy nh mi m bo tnh cnh tranh cho th trng.
QU LIN BANG
Qu lin bang l ngun vn ngn hn c chuyn nhng gia cc nh ch ti chnh,
thng c thi hn 1 ngy. Qu ny th thng b hiu nhm. N chng lin quan g n
hot ng ca chnh quyn lin bang. Ch l qu ny c gia ti ngn hng d tr lin
bang m thi. Ngun vn lin bang ny xut hin t nm 1920 khi cc ngn hng tha
vn cho cc ngn hng thiu vn vay. Li sut ca n thng gn vi li sut chit khu.
Mc ch Qu lin bang D tr lin bang thit lp mt t l d tr ti thiu m
tt c cc ngn hng phi duy tr. m bo thc hin iu ny cc ngn hng phi gi

mt lng phn trm trn tng s tin gi ti Cc d tr lin bang. Mc ch chnh ca
qu d tr lin bang l cung cp cho cc ngn hng mt mc d tr ngy khi cn. Cc
ngn hng c th vay trc tip t Qu d tr lin bang, tuy nhin Cc d tr lin bang
ch ng khuyn khch ngn hng vay mn t mnh. V li sut ca qu d tr lin
bang thp nn n l ngun vn khng th thay th. thy c s ph bin ca qu
ny, mi ngy c n hn hn 250 t USD c giao dch.

iu khon ca Qu d tr lin bang Qu d tr lin bang thng c u t
qua m. Cc ngn hng mc d tr hng ngy ca mnh quyt nh u t hay vay
mn trn qu ty vo mc tha hay thiu ca vn d tr. Gi s rng ngn hng
thu 50 triu USD.Ngn hng ny s gi cho ngn hng i l (ngn hng c ti khon
i ng) xem c cn d tr vo ngy hm hay khng. Ngn hng s bn vn tha cho
ngn hng no cho gi cao nht. Mt khi t c tha thun vi nhau ngn hng tha
vn s lin h qu d tr lin bang chuyn tin t ti khon ca mnh ti FED sang
ngn hng mua vn. V ngy hm sau khon vn s c chuyn tr li, v qu trnh
mua bn bt u li t u.
Li sut Qu d tr lin bang p lc t pha cung v cu hnh thnh nn li sut
ca vn d tr lin bang. l mt th trng cnh tranh ni m cc nh phn tch c th
d on c xu hng ca li sut ngn hn. Li sut ca vn FED v lng giao dch
qua cc mi gii Newyork c cng b trn bo ca Qu d tr lin bang.
Rate (%)

F I GURE 1 1 . 2 Treasury Bill Interest Rate and the Inflation Rate, January 1973-
January 2010


Cc d tr lin bang khng trc tip iu hnh li sut vn FED. Li sut ny nh
hng gin tip thng qua cc d tr lin bang bng cch iu chnh d tr ca cc ngn
hng trong ton h thng. FED c th tng tin bng cch mua cc tri phiu, tin thu
c li c u t v chuyn vo cc ti khon ca cc ngn hng ny ti FED. iu
ny lm tng cung d tr v y li sut ca vn FED gim xung. Nu FED gim d tr
bng cc bn tri phiu, li sut qu FED s tng. FED s thng bo nh s tng hoc
gim li sut FED trc tin. Mc d li sut ny c th tc ng n cc nh kinh doanh
v ngi tiu dng, cc nh phn tch s xem xt mc quan trng ca cc hng m
FED mun nh hng cho nn kinh t.
THA THUN MUA LI
Tha thun mua li c c ch hot ng nh l qu FED nhng c iu l cc
ngn hng khng th tham gia. Cc cng ty c th bn Tri phiu Kho bc v tha thun
mua li vo mt ngy trong tng lai. Hu ht vic mua li c thi hn rt ngn, hu ht
c thi hn t 3 n 2 tun.
Cng dng ca tha thun mua li Cc i l chng khon chnh ph thng
tham gia tha thun mua li. Cc i l c th bn chng khon cho 1 ngn hng vi
cam kt mua li vo ngy tip theo. iu ny khin REPOS tr thnh mt khon vay
ngn hn. Cc i l s dng REPOS qun l tnh thanh khon v chim li th tc
ng n li sut. Cc d tr lin bang s dng RPOS thc hin cc chnh sch tin
t - c cp trong chng 10. Vic thc hin chnh sch tin t i hi FED iu
chnh d tr ca cc ngn hng mt cc tm thi. thc hin cc iu chnh ny, FED
s mua hoc bn Tri phiu chnh ph trn th trng REPOS.thi hn mua li khng
vt qu 15 ngy.

Li sut Respo Bi v REPOS c m bo bng cc Tri phiu Kho bc , nn v th
th trng c ri ro thp v v vy cng c mc li sut rt thp.. V th, him khi c thua
l trn th trng ny. V d: nm 1985 khi ESM Government Securities and Bevill,
Bresler & Schulman tuyn b ph sn. Nhng cng ty ny dng cng mt chng
khon m bo cho nhiu khon vay. Kt qu l thu l cho cc n v mua REPOS
hn 500 triu USD. Vic thua l ny cng l nguyn nhn dn n b ca h thng tit
kim bo him ti Ohio.
CHNG CH TIN GI C TH CHUYN NHNG
Chng ch tin gi c th chuyn nhng c l mt chng khon c ngn
hng pht hnh nh khon tin gi v c li su v thi gian o hn. Bi v ngy o
hn c ghi r nn Chng ch tin gi c th chuyn nhng c l chng khon
c k hn, tri ngc vi tin gi khng k hn. Chng khon c k hn ghi r ngy
o hn, tin gi khng k hn c th rt bt c lc no. Chng ch tin gi c th
chuyn nhng c cn c gi l cng c v danh. C ngha l bt c ai gi cng c
ny vo ngy o hn s nhn c vn gc v tin li. Chng ch tin gi c th chuyn
nhng c c th c mua v bn cho n ngy o hn.
Interest Rate (%)

F I GURE 1 1 . 3 Federal Funds and Treasury Bill Interest Rates, January 1990-
January 2010

iu khon ca chng ch tin gi c th chuyn nhng c. Mnh gi ca
Chng ch tin gi c th chuyn nhng trong phm vi t 100.000 USD n 10 triu
USD. Mt vi Chng ch tin gi c th chuyn nhng c c mnh gi hn 1 triu
USD. Nguyn nhn lm cho nhng cng c ny qu ln l nhng ngi thng nhn
t chc l trn c 1 triu USD. Mt l trn l s lng ti thiu c th giao thng
khng c gnh chu cao hn ph mi gii bnh thng.
Chng ch tin gi c th chuyn nhng c thng c thi hn t 1- 4 thng.
Mt vi c thi hn 6 thng, nhng c t nhu cu chng ch c k hn di hn.
Lch s ca chng ch tin gi c th chuyn nhng c. Citibank l ngn
hng u tin pht hnh chng ch tin gi c th chuyn nhng c vo nm 1961.
Ngn hng xut chng ch tin gi c th chuyn nhng c lt ngc xu hng
gim st ca tin gi khng k hn trong thi gian di va qua ti cc ngn hng ln.
Th qu cc cng ty ang ti thiu ha lng tin mt v u t vo cc qu an ton,
cng c th trng tin t to ra thu nhp nh l T-bills (tn phiu_treasury bill). S thu
ht ca chng ch tin gi c th chuyn nhng c l n tr li sut th trng. Tuy
nhin y cng l vn . Li sut m ngn hng c th tr cho chng ch tin gi c th
chuyn nhng c c gii hn bi quy nh Q. Khi li sut trn hu ht cc chng
khon l thp th quy nh ny khng nh hng n cu. Nhng khi li sut vt qua
mc gii hn ca quy nh Q, th trng ca chng ch tin gi c th chuyn nhng
c b bin mt. Phn ng li ngn hng bt u xut chng ch nc ngoi, ni m
h c min nhng gii hn ca quy nh Q. Vo nm 1970, Quc hi sa i quy nh
Q chng ch tin gi trn $100,000 khng b iu chnh bi quy nh Q. Vo 1972,
chng ch tin gi c th chuyn nhng c hin din 40% lng tin gi cc ngn
hng. Chng ch tin gi by gi l cng c ph bin th 2 trong th trng tin t, ch
ng sau tn phiu.
Li sut ca chng ch tin gi c th chuyn nhng c. th 11.4 biu
th li sut trn chng ch tin gi c th chuyn nhng c cng vi tn phiu. T gi
tr cho chng ch tin gi c th chuyn nhng c l s tha thun gia ngn hng v
khch hng. H c s t l chi tr ging nhau cho nhng cng c th trng tin t khc
bi v mc ri ro l tng i thp. Nhng ngn hng trung tm tin t ln c th
xut li sut hi thp hn nhng ngn hng khc bi v nhiu nh u t trong th trng
tin rng chnh ph s khng bao gi chp nhn nhng ngn hng quc gia ln b sp .
Nim tin ny to ra ngha v ca ngn hng t ri ro hn.

Li sut (%)



F I GURE 1 1 . 4 : Li sut ca chng ch tin gi c k hn v tn phiu, 01/1990-
01/2010
THNG PHIU
Chng khon thng phiu l giy n khng an ton, c pht hnh bi doanh
nghip, k hn khng qu 270 ngy. Bi v nhng chng khon ny khng an ton, nn
ch c nhng tp on ln v c s ng tin cy v kh nng tr n pht hnh thng
phiu. Li sut thng phiu tp on tr phn nh mc ri ro ca h.
iu khon v pht hnh Thng phiu ny lung c k hn o hn gc thp
hn 270 ngy. y l ngn nga cu ng k pht hnh chng khon vi y ban
chng khon v hi oi. ( c min ng k t ESC, s pht hnh phi c k hn
o hn gc thp hn 270 ngy v phi c dnh cho giao dch hin ti). Hu ht cc
thng phiu ch c k hn t 20-45 ngy. Ging nh tn phiu, hu ht cc thng phiu
c pht hnh trn c s c chit khu.
Khong 60% thng phiu c bn trc tip t ngi pht hnh n ngi mua.
S cn li c bn bi mi gii trn th trng thng phiu. Mt th trng th cp
mnh cho thng phiu khng tn ti. Mt ngi bn s mua li thng phiu nu ngi
mua c nhu cu tin mt, mc d iu ny thng khng cn thit.
Lch s ca Thng phiu Thng phiu c s dng di nhiu hnh thc
khc nhau t nm 1920. Nm 1969, mi trng tin t khan him l nguyn nhn lm
cho ngn hng bt tay vi cc tp on pht hnh thng phiu ti tr cc khon

vay mi. Phn ng li, kim sot lng cung tin, Cc d tr lin bang p t yu cu
d tr vo cc ngn hng pht hnh thng phiu nm 1970. Nhng yu cu d tr loi
b cc li th ca nhng ngn hng s dng thng phiu. Ngn hng kt hp vi cty
vn s dng thng phiu ti tr cho qu cho thu v ti chnh c nhn.
Vic s dng thng phiu tng ng k vo u nhng nm 1980 v chi ph tin
vay ca ngn hng tng ln. th 11.5 th hin th li sut ca thng phiu so vi
li sut c bn ca ngn hng trong giai on 01/1990 n 02/2010. Thng phiu tr
thnh mt s la chn thay th quan trng cho nhng khon vay ngn hng trc y v
chi ph thp.
Th trng ca thng phiu Cc tp on phi ngn hng s dng thng phiu rng
ri ti tr cho cc khon n m h gia hn cho khch hng ca h. V d, cng ty
GMAC mn tin bng cch pht hnh thng phiu v dng tin cho khch hng
vay. Tng t, GE capital and Chrysler Credit dung thng phiu to ra cc qu vay
cho khch hng. Tng cc cng ty s dng thng phiu dao ng t 600-800, ph thuc
vo mc li sut. Hu ht nhng cng ty s dng khong 30 thng phiu ca nhng
thng gia m va l ngi mua va l ngi bn. Trung tm tin t ngn hng ln
New York rt tch cc trong th trng ny. Mt s cc nh pht hnh thng phiu ln
chn phn phi chng khon ca h bi pht hnh chng khon trc tip. Khi pht
hnh trc tip, ngi pht hnh b qua cc i l v bn trc tip n nh u t cui
cng. Li th ca phng php ny l ngi pht hnh tit kim c 0.125% hoa hng
cho cc i l.
Hu ht cc nh pht hnh thng phiu d phng thng phiu ca h vi hn
mc tn dng ngn hng. iu ny c ngha l, trong trng hp ngi pht hnh
khng th chi tr hoc b qua giy o hn, ngn hng s cho vay t qu cng ty cho
mc ch ny. Hn mc tn dng s gim xung, ri ro cho ngi mua thng phiu cng
gim v v vy li sut cng h thp xung. Ngn hng m cung cp hn mc tn dng d
phng ng trong vic pht hnh mt khon n n ngi pht hnh nu cn thit
tr ht cc giy n. Ngn hng tnh ph t 0,5-1% cho cam kt ny. Ngi pht hnh s
tr ph ny v h c th tit kim nhiu hn khi chi ph li vay thp do c c hn mc
tn dng.
Ngn hng thng mi l nhng ngi mua ban u ca thng phiu. Ngy nay,
th trng ny c m rng ng k gm nhng cng ty bo him ln, cc doanh
nghip phi ti chnh, bank trust departments, cc qu hu tr ca chnh ph. Cng ty ny
b thu ht bi ri ro th trng thp, thi gian o hn ngn, v li tc cao. Hin nay,
khong 1.25 nghn t USD thng phiu vn ang tn ti.

Vai tr ca thng phiu c ti sn bo m trong khng hong ti chnh
Mt loi c bit ca thng phiu c bit nh l thng phiu bo m bng ti sn
(ABCP) ng vai tr trong khng hong th chp i c nm 2008. ABCP l chng
khon ngn hn vi hn mt na c k hn t 1 n 4 ngy. K hn trung bnh l 30
ngy. ABCP khc vi thng phiu thng thng l c bo m bng mt vi gi ti
sn. Vo 2004-2007, hu ht u l ti sn th chp an ton. Phn ln cc nh ti tr ca
chng trnh ABCP u c xp hng tn dng t cc t chc nh gi, tuy nhin cht
lng ca ti sn m bo thng khng bit c. Th trng ca ABCP gn nh tng
gp i t 2004-2007 n 1 nghn t USD nh th trng th chp chng khon bng n.
Khi cht lng ca nhng khon th chp c dng bo m cho ABCP b
phi by vo nm 2007-2008, hnh trnh ca APCBs bt u. Khng ging nh tin gi
ngn hng, y khng c s bo him tin gi cho nh u t.Cc nh u t c gng
bn chng vo th trng bo ha. Nhng vn m rng n cc qu ca th trng
tin t, cho thy cc t chc pht hnh ca ABCP thc hin la chn ca h m
rng k hn t gi thp. Rt tin t cc qu ca th trng tin t gn nh v vng l
nguyn nhn gi b sp , ni m gi 1 USD trong qu ch c th mua li c
ci g thp hn 1USD, ni l 90 cents. Thng 09/2008, chnh ph thit lp 1
chng trnh bo lnh ngn s sp ca cc qu trong th trng tin t v cho php
trt t ca nhng ngi nm gi ABCP.
HI PHIU C NGN HNG CHP NHN THANH TON
Hi phiu c ngn hng chp nhn thanh ton l mt yu cu thanh ton mt
khon tin ghi r cho ngi gi hi phiu vo ngy nh trc. Hi phiu c
ngn hng chp nhn thanh ton c dng t th k 12. Tuy nhin, n khng phi l
chng khong th trng tin t chnh cho n khi lng giao dch ca thng mi quc
t tng vo nhng nm1960. N c dng ti tr cho hng ha cha c chuyn
giao t ngi bn n ngi mua. V d: gi s nh cng ty xy dng Builtwell mun
mua mt xe i t t cty Komatsu Nht Bn. Komatsu khng mun chuyn xe i t
m cha nhn c thanh ton bi v Komatsu cha bao gi nghe n Builtwell v nhn
ra rng s rt kh thu hi nu thanh ton khng c thc hin trc. Tng t, Builtwell
khng sn lng gi tin n Nht trc khi nhn thit b. Ngn hng c th can thip vo
tnh hung ny bng cch pht hnh Hi phiu c ngn hng chp nhn thanh ton ni
m ngn hng dng uy tn v kh nng tr n thay th cho ngi mua.
Bi v Hi phiu c ngn hng chp nhn thanh ton l chi tr cho ngi gi
hi phi, n c th c bn, mua cho n khi ht k hn. N c bn trn c s chit
khu nh thng phiu v tn phiu. Trung gian trong th trng kt ni vi cng ty

mun chit khu Hi phiu c ngn hng chp nhn thanh ton (bn n ngay lp tc)
vi nhng cng ty mun u t vo Hi phiu. Li sut trn Hi phiu c ngn hng
chp nhn thanh ton l thp v ri ro th trng thp.
EURODOLLAR
Nhiu hp ng trn khp th gii yu cu thanh ton bng USD v s n nh ca
USD. V vy ny nn nhiu cng ty v chnh ph quyt nh gi USD. Trc chin tranh
th gii ln 2, hu ht cc tin gi ny c nm gi trong ngn hng trung tm tin t
New York. Tuy nhin, hu qu ca chin tranh lnh l s e ngi tin gi M c th b
tch thu. Mt s ngn hng ln London nm ly c hi ny bng ngh gi tin gi
mnh gi USD ngn hng Anh. Nhng tin gi ny c gn tn l Eurodollar.
Th trng eurodollar tip tc pht trin mnh nhanh chng. Nguyn nhn u tin
l nhng ngi gi tin nhn c t l li nhun cao hn khi gi th trng trong
nc. Cng thi gian , ngi vay tin c th nhn c li sut thch hp hn th
trng trong nc. iu ny l do cc ngn hng a quc gia khng l thuc nhng quy
nh hn ch ngn hng M v bi v h sn sng v c th chp nhn khon chnh lch
hp gia li sut chi tr cho tin gi v li sut thu c t cho vay.
Th trng lin ngn hng London Mt s cc ngn hng ln London thc
hin mi gii trong th trng eurodollar lin ngn hng. Nh li rng fed funds c s
dng bi ngn hng b p thiu ht tm thi trong d tr. Eurodollar l mt s thay
th cho fed funds. Ngn hng khp ni trn th gii mua v bn vn qua m trn th
trng ny. Li sut c tr bi ngn hng mua vn l li sut lin ngn hng London
(LIBID). Tin c cho bn trong th trng ny m li sut ca cc ngn hng trn th
trng lin ngn hng London (LIBOR). Bi v nhiu ngn hng tham gia trong th
trng ny nn n rt cnh tranh. Khong cch gia li sut mua v cho bn t khi vt
qu 0.125%. Tin gi eurodollar l tin gi k hn iu ny c ngha l khng c rt
cho n thi hn nht nh. Mc d thi hn ph bin nht l qua m, nhng k hn
khc nhau lun c sn. Nhng k hn khc nhau s c li sut khc nhau.
Li sut qua m gia cc ngn hng trong trn th trng lin ngn hng London
v li sut fed funds c khuynh hng rt gn nhau. Bi v chng l nhng sn phm thay
th gn nh hon ho. Gi s rng li sut fed funds vt qu li sut qua m LIBOR.
Ngn hng cn vay vn s vay eurodollar qua m, do vy xu hng li sut s tng v
ngn hng c vn cho vay s cho vay fed funds, v vy li sut s thp. p lc cung-
cu s l nguyn nhn gy ra iu chnh nhanh chng v s a hai li sut li gn nhau.

Cng mt thi gian, hu ht cc khon vay ngn hn vi li sut c th iu chnh
c gn lin vi li sut tn phiu kho bc. Tuy nhin, th trng eurodollar th rt su
v rng n ni tr thnh li sut chun cho nhng th trng khc so snh. V d, th
trng thng phiu M by gi nh li sut theo LIBOR hn l li sut tn phiu.
Th trng EuroDollars khng gii hn cho cc ngn hng London na. Nhng ngi
m gii u tin trong th trng c vn phng chnh trong ton b trung tm ti chnh
ton cu.
Chng ch tin gi eurodollar Bi v eurodollar l tin gi c k hn vi k hn
c nh, n c tnh km thanh khon nht nh. Nh thng l, th trng ti chnh to ra
mt loi chng khon mi chng li vn ny. y l loi chng khon mi l
chng ch tin gi c th chuyn nhng. Bi v hu ht cc tin gi eurodollar u c
thi hn ngn hn tng i, th trng ca chng ch tin gi c th chuyn nhng
eurodollar b gii hn, bao gm cha y 10% tng s tin gi eurodollar. Th trng
cho chng ch tin gi c th chuyn nhng vn cn hn ch.




Cc ng tin Chu u khc Cc th trng Eurodollar khc n nay l th
trng chng khon ngn hn ln nht th gii. iu ny l do s ph bin quc t
ca ng la M cho thng mi. Tuy nhin, th trng khng gii hn la. C
th c mt ti khon ng yn Nht Bn ti mt ngn hng London hay New York.
Mt ti khon nh vy s c gi l mt ti khon Euroyen. Tng t, bn cng c
th c Euromark hoc Europeso, ti khon ng mark v peso, tng ng, v ti cc
ngn hng khc nhau trn ton th gii. Hy ghi nh rng nu ngi tham gia th
trng c nhu cu cho mt chng khon c bit v sn sng tr tin cho n, th
trng ti chnh sn sng to ra n.
5. SO SNH CC CHNG KHON TRN TH TRNG TIN T
Mc d chng khon th trng tin t c nhiu c im, chng hn nh thanh
khon, an ton, v thi gian o hn ngn, tt c chng khc nhau mt s kha cnh.
Li sut
Hnh 11.7 so snh li sut trn rt nhiu cc cng c th trng tin t m chng ta
tho lun. Cc tnh nng ng ch nht ca th ny l tt c cc cng c th
trng tin t dng nh di chuyn rt cht ch vi nhau theo thi gian. iu ny l
do tt c u c ri ro rt thp v ngn hn. Tt c u c th trng hiu qu v gi
cnh tranh. Ngoi ra, do cc cng c c rt nhiu ri ro v c im ging nhau,
chng d dang thay th tt cho nhau. Do , nu mt t gi tm thi lch khi nhng
ci khc, lc cung cu th trng s mau chng iu chnh.
Thanh khon
Nh chng ta tho lun trong chng 4, tnh thanh khon ca chng khon cp
n chng khon c th chuyn i sang tin mt nhanh chng, d dng v r nh
th no. Tiu biu, s hiu qa ca th trng th cp, ni chng khon c th c
bn li quyt nh bi tnh thanh khon ca n. V d, th trng th cp cho tri
phiu kho bc c m rng v pht trin tt. Kt qu l, tri phiu kho bc c th
c chuyn i thnh tin mt mt cch nhanh chng v vi chi ph thp. Ngc li,
thng phiu khng pht trin tt th trng th cp. Hu ht cc ch s hu ca
thng phiu gi chng khon cho n khi o hn. Trong trng hp mt nh u t
thng phiu cn bn n ly tin mt, c th bn mi gii s tnh ph tng i
cao.
Trong mt s cch, s hiu qu ca th trng th cp i vi chng khon th
trng tin t khng quan trng bng so vi chng khon di hn nh c phiu v tri
phiu. iu ny l do th trng tin t l th trng ngn hn. Tuy nhin, nhiu nh

u t mong mun s can thip thanh khon: H tm kim mt trung gian cung cp
thanh khon m n khng tn ti trc . y l mt chc nng ca cc qu tng
h th trng tin t (c tho lun trong chng 20).
Bng 11.4 tm tt cc loi chng khon th trng tin t v su ca th trng th
cp.
LM TH NO CHNG KHON TH TRNG TIN T C GI TR
Gi s rng bn lm vic cho Merrill Lynch v rng cng vic ca bn l t gi cho
tri phiu kho bc trong tun ny. Lm sao bit mc gi no c t? Bc u
tin l xc nh li tc mong mun. Chng ta hy gi s rng, da trn s hiu bit
ca bn v li sut hc chng 3 v 4, bn quyt nh bn cn 2% li nhun.
n gin ha cc tnh ton, chng ta cng gi s chng ta ang t gi trn chng
khon vi k hn mt nm. Chng ta bit rng tn phiu Kho bc s tr $1,000 khi n
hn, do , tnh ton chng ta phi tr bao nhiu ngy hm nay c c gi hin
ti $1,000. Qu trnh tnh ton mt gi tr hin ti c tho lun trong V d 1
trong Chng 3. Cng thc
PV =

Trong v d ny FV = $ 1000, mc li sut = 0,02, v thi gian cho n khi o hn l 1, v vy
Gi =

= $980.39
Lu nhng g s xy ra i vi gi chng khon khi li sut tng. Bi v chng ta
ang chia s ln, gi tr hin ti s gim. V d, nu li sut tng 3%, gi chng
khon s gim $970.87 [$1,000/(1.03) = $970.87]
Phng php chit khu gi tr n hn tng lai li v hin ti l phng php c
s dng tnh hu ht cc chng khon th trng tin t.
Bng 11. 4 Th trng v cc chng khon th trng tin t

Th trng tin
t
Ngi pht
hnh
Ngi mua
K hn thng
thng

TT th
cp
Tn phiu kho
bc
CP M
Ngi tiu
dng, cng ty
4, 13, and
26 weeks
Excellent
Qu lin bang NH NH 1 to 7 days None
Tha thun
mua li
Cty v
NH
Cty v NH 1 to 15 days Good
CC tin gi c
th chuyn
nhng
NH trung
ng
Cty 14 to
120 days
Good

Thng phiu Cty ti chnh,
cty
Cty 1 to
270 days
Poor
Chp nhn
NH
NH Cty 30 to
180 days
Good
Tin gi
Eurodolar
Cc NH #
M
Cty, CP, NH 1 day to
1 year
Poor

TIN TC TI CHNH
Li sut th trng tin t
The Wall Street Journal hng ngy xut bn mt danh sch cc li sut nhiu cng c
ti chnh khc nhau trong ct "Li sut tin"ca n
"Tin gi" ct.
Bn li sut trong "tin gi" ct c tho lun thng xuyn nht trong cc phng
tin truyn thng l:
Li sut c bn: Li sut c bn cho vay ngn hng ca cng ty, mt ch s v chi ph
vay kinh doanh t ngn hng
Li sut Qu lin bang: Li sut tnh trn cho vay qua m trn th trng qu lin
bang, mt ch s nhy cm chi ph cho cc ngn hng vay tin t cc ngn hng khc
v lp trng ca chnh sch tin t
Li sut tn phiu kho bc: Li sut tri phiu kho bc M, mt ch s ca cc s dch
chuyn li sut thng thng
Li sut Tp on cho vay mua nh tr gp Lin bang FHLMC: Li sut th chp
"Freddie Mac" m bo bng ti sn, mt ch s v chi ph ti chnh mua nh .
TM TT
1. Chng khon th trng tin t l cng c ngn hn c thi hn khng qu mt
nm. Cc chng khon ny bao gm tn phiu kho bc, thng phiu, cc qu lin
bang, tho thun mua li, chng ch tin gi c th chuyn nhng, chp nhn ca
ngn hng, v Eurodollars.
2. Chng khon th trng tin t c s dng nh mt ci "kho" cho n khi cn
thit. Li nhun thu c trn cc khon u t thp do ri ro thp v thanh
khon cao.

3. Nhiu ngi tham gia th trng tin t c mua v bn chng khon th trng
tin t. B Ti chnh M, ngn hng thng mi, cc doanh nghip, c nhn c
hng li bng cch tham gia vi ri ro thp u t ngn hn.
4. Li sut tt c chng khon th trng tin t c xu hng theo nhau cht ch theo
thi gian. Li nhun tri phiu kho bc l thp nht bi v chng hu nh khng
c ri ro th trng. Chp nhn thanh ton ca ngn hng v chng ch tin gi c
th chuyn nhng l thp tip theo bi v h c m bo chi tr ca cc ngn
hng trung tm tin ln.