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HP NG TNG LAI
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T Th Thy Dng Phan Thy Tm

NI DUNG

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CC KHI NIM C CH GIAO DCH HP NG TNG LAI

HP NG TNG LAI

I. CC KHI NIM

1. Hp ng tng lai (Future contract) 2. Th trng tng lai (Futures exchange)

3. Thnh phn tham gia giao dch

I. CC KHI NIM

1. Hp ng tng lai (Future contract) Hp ng tng lai l mt hp ng c tiu chun ho, c giao dch trn th trng giao dch HTL, mua hay bn mt s loi hng ho nht nh, mt mc gi nht nh, vo mt ngy xc nh trong

tng lai.

I. CC KHI NIM

1. Hp ng tng lai (Future contract)

n ngy giao hng, hng s c chuyn

t ngi bn cho ngi mua nu l hp ng giao hng, hoc tin s c chuyn t bn l sang bn li nu l kiu hp ng b tr tin.

I. CC KHI NIM

1. Hp ng tng lai (Future contract) Thng 1/2001 cng ty A k hp ng tng lai bn cho cng ty B 100,000 thng du giao thng 5/2007 vi gi $65/thng. Ti thng 5/2007, gi du l $85/thng c th c 2 trng hp: - A giao cho B 100,000 thng du vi gi $65 - A thanh ton cho B $20x100,000= 2tr USD

I. CC KHI NIM

2. Th trng tng lai (Futures exchange)

Th trng tng lai l ni thc hin cc

HTL, c iu hnh bng nhng sn giao dch (exchange, ging nh stock exchange). SGD l ngi ra quy ch v kim sot hot ng ca cc hi vin trn sn.

I. CC KHI NIM

2. Th trng tng lai (Futures exchange) Th trng tng lai c 2 nhim v chnh: nh gi hng ha cho nhng nh kinh doanh m li ch thc s ca h da vo vic thc thi mt cch hiu qu kh nng mua, bn, bo qun, tn tr, qun l mt khi lng hng ha ln. Phc v cho nhng nh u t (c nhn hoc nhng nh ch ti chnh) suy on bin ng gi kim li.

I. CC KHI NIM

3. Thnh phn tham gia giao dch

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Nhng nh u t - Nh u c v th - Nh u c ngy

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Nhng ngi bo v Nh sn xut, ngi mi gii, nh cung cp, nh qun l, ngi tiu dng

HP NG TNG LAI

II. C CH GIAO DCH HP NG TNG LAI

HTL l mt cng c phi sinh c mua

bn cc sn giao dch tp trung. Trung

tm x l thanh ton (clearing house) t

ra nhng yu cu nht nh v k qu, bo lnh thc hin hp ng i vi nhng ngi tham gia giao dch.

HP NG TNG LAI

II. C CH GIAO DCH HP NG TNG LAI

Tin Bn Hp ng tng lai Ti sn c s Cng ty Thanh ton b tr Ti sn c s Tin Mua Hp ng tng lai

II.C CH GIAO DCH

1. Yu cu v k qu (margin)
tham gia giao dch cc hp ng tng lai, ngi giao dch cn mt khon tin k gi m bo cc bn tun theo nhng iu kin ca hp ng. Mi s giao dch tng lai s a ra nhng yu cu k qu ban u (initial margin) ti thiu c th giao dch . y l khon tin phi gi vo trong ti khon giao dch (ti khon k qu) khi mun mua hay bn.

II.C CH GIAO DCH

1. Yu cu v k qu (margin)
Khon k qu ban u ny ph thuc vo mi s giao dch, mi loi hng ha,v gi tng lai ca hng ha ang c giao dch hin ti v cc d liu trong qu kh. Sau mt thi gian giao dch, nu tin trong ti khon gim ti bng hoc di mc k qu duy tr (maintenance margin) theo qui nh (ph thuc vo qui nh ca cc s giao dch v loi hng ha giao dch), th phi chuyn thm tin vo ti khon a tin trong ti khon v mc k qu ban u.

II.C CH GIAO DCH

1. Yu cu v k qu (margin) V d: giao dch mt hp ng tng lai du m 100 thng du bn cn: Tin k qu ban u (initial margin): $1000 Mc k qu duy tr (maintenance margin): $750 Trng hp l bn mua, nu gi du gim $2,7/thng v bn l $2,7*100 = $270.

II.C CH GIAO DCH

1. Yu cu v k qu (margin)

V d:
Lc ny, tin trong ti khon ca bn cn $730, di mc $750, c tip tc tham gia giao dch, bn cn phi gi vo ti khon k qu $270 tr v mc k qu ban u l $1000.

II.C CH GIAO DCH

2. Theo di, ghi nhn trn th trng

L quy trnh theo di li/l hng ngy theo gi ti thi im ng ca ca ngy giao dch. Nu tin trong ti khon di mc duy tr th bn phi gi tin vo ti khon a v khon k qu ban u. Vic ghi nhn, theo di, n nh trn th trng gip gim thiu nguy c ri ro ph v hp ng n mc thp nht.

II.C CH GIAO DCH

2. Theo di, ghi nhn trn th trng

V d: Vo 10 gi ngy 6-11-2001, bn bn mt hp ng tng lai 100 once vng giao hng vo thng 12-2001 vi gi tng lai $285/once. K qu ban u l $1000 (tin mt c chuyn vo ti khon k qu). Mc k qu duy tr l $750.

II.C CH GIAO DCH

2. Theo di, ghi nhn trn th trng

V d: Gi thanh ton lc ng ca ngy 6-11-2001 l $286,40/once. Ti khon ca bn vo cui ngy 6-11 s l $860, l $140 ( |$286,40 $285|*100) Vo cc ngy tip theo,ti khon c tip tc c ghi nhn trn th trng. Nu gi tng lai gim, tin trong ti khon ca bn s tng, v ngc li.

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Em i, ng suy ngh nhiu na, hy vui ln v sng ht cho nim tin ca mnh em nh. Yu em nhiu ! PS: Vn cha chu nt li cho anh h &&((^%*^#)#

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