Bi 6: Lu k, thanh ton chng khon v h thng

thng tin trn th trng chng khon

LU K, THANH TON CHNG KHON V H THNG

BI 6
THNG TIN TRN TH TRNG CHNG KHON

Hng dn hc
hc tt bi ny, sinh vin cn tham kho cc phng php hc sau:
Hc ng lch trnh ca mn hc theo tun, lm cc bi luyn tp y v tham gia
tho lun trn din n.
c ti liu hng dn:

GS.TS Nguyn Vn Nam & PGS.TS Vng Trng Ngha, Gio trnh th trng
chng khon, NXB Ti chnh, 2002.
Trn ng Khm, Th trng chng khon Phn tch c bn, NXB H Kinh t
Quc dn, 2009.
Sinh vin lm vic theo nhm v trao i vi ging vin trc tip ti lp hc hoc qua email.
Trang Web mn hc.
Ni dung
H thng ng k, lu k v thanh ton b tr chng khon.
H thng thng tin trn th trng chng khon.
Mc tiu
Kt thc bi 6, sinh vin cn nm r nhng ni dung sau:
Hiu c cc vn c bn v: khi nim, vai tr ca h thng lu k chng khon;
m hnh t chc v chc nng ca trung tm lu k chng khon;
Hiu c cc vn lin quan ti hot ng ng k, lu k v thanh ton b tr chng;
Hiu c cc vn c bn v h thng thng tin nh: vai tr, c im v cc
ngun thng tin;
Nm r cc quy nh ca php lut v cng b thng tin.

TXNHCK01_Bai6_v1.0014109222 83
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

Tnh hung dn nhp

Lu k chng khon
Nh u t Nguyn Vn An mua v gi 300 c phiu ca cng ty c phn bo him bu in
(m chng khon PTI) t lc cng ty cha nim yt trn HOSE. Nh u t An cha lu k 300
c phiu ny ti trung tm lu k.

1. Nh u t ny c c php bn s c phiu ang nm gi khng qua s

giao dch khng?
2. Nh u t ny phi lm g c th bn c s c phiu ?

84 TXNHCK01_Bai6_v1.0014109222
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6.1. H thng ng k, lu k v thanh ton b tr chng khon

6.1.1. Khi nim, cc hot ng v vai tr ca h thng

6.1.1.1. Khi nim
L mt h thng c th cc trang thit b, con ngi, cc quy nh v hot ng v
thanh ton, b tr, lu k v ng k chng khon.

6.1.1.2. Cc hot ng chnh ca h thng

Hot ng lu k chng khon: l hot ng lu
gi, bo qun chng khon ca khch hng v gip
khch hng thc hin cc quyn ca mnh i vi
chng khon lu k.
Hot ng b tr: l vic x l thng tin v cc
giao dch chng khon nhm a ra mt con s
rng cui cng m cc bn tham gia phi thanh
ton sau khi giao dch. Kt qu b tr s ch ra bn no phi tr tin, bn no phi
giao chng khon.
Hot ng thanh ton: l hot ng hon tt cc giao dch chng khon, trong
cc bn s thc hin ngha v ca mnh: bn phi tr chng khon thc hin vic
giao chng khon, bn phi tr tin thc hin vic chuyn tin.
Hot ng ng k: l vic ng k cc thng tin v chng khon v quyn s hu
chng khon ca ngi nm gi.

6.1.1.3. Vai tr
H thng lu k, ng k v thanh ton b tr chng khon c vai tr ht sc quan
trng i vi hot ng ca th trng chng khon, c th:
Th nht, thanh ton cc giao dch chng khon, m bo cho cc giao dch
chng khon c hon tt.
Khi giao dch chng khon c thc hin, cn c s thanh ton chuyn giao
c quyn s hu chng khon v thanh ton c tin gia cc bn tham gia
giao dch. Nh hot ng thanh ton, ngi mua chng khon nhn c chng
khon v ngi bn chng khon nhn c tin. Nhim v ca h thng l sau
mi giao dch, xc nh c bn giao chng khon v bn nhn chng khon,
bn tr tin v bn nhn tin, khi lng chng khon giao dch v tng s tin
thanh ton.
Th hai, gip cho vic qun l th trng chng khon.
Nh nm c cc thng tin v ngi s hu chng khon thng qua vic ng k
chng khon, cc nh qun l bit c t l nm gi chng khon ca nhng
ngi s hu chng khon, kp thi a ra cc quyt nh x l khi t l s hu ca
mt s i tng vt qu mc quy nh ca php lut chng khon hin hnh.
Qua h thng ny, cc nh qun l cng nh cc nh u t bit c nhng thng
tin v cc chng khon b mt cp hay khng cn gi tr lu hnh. ng thi, h
thng cng a ra nhng quy nh i vi cc i tng tham gia nhm m bo
s thng nht gia cc thnh vin tham gia h thng, gp phn n nh th trng.

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Th ba, gim chi ph cho cc i tng tham gia th trng.

Khi h thng lu k, ng k v thanh ton b tr chng khon pht trin n mt
mc nht nh th vic qun l chng khon s c thc hin qua h thng t
ng. iu lm gim c thi gian, gim chi ph, trnh c nhng nhm ln
trong khu nhn, kim m chng khon khi thanh ton khng qua h thng.
Ngoi ra, h thng thc hin vic lu k tp trung hoc thc hin phi vt cht ho
chng khon nn tit kim c cc chi ph trong in n chng ch chng khon,
bo qun chng ch.
Th t, gim ri ro cho hot ng th trng.
Kinh nghim cho thy, thi gian thanh ton cng
di th ri ro xy ra cho cc i tng tham gia th
trng cng ln. Cc ri ro xut pht t nhiu
nguyn nhn v t nhiu pha. Ri ro xy ra c th
l do li ca my tnh hay do li ca con ngi gy
ra, hoc l ri ro do cc i tng tham gia mt
kh nng thanh ton. H thng lu k, ng k v thanh ton b tr chng khon
gip cho thi gian thanh ton c rt ngn v t gp phn gim thiu ri ro.
Vi h thng lu k, ng k v thanh ton b tr chng khon, hu ht cc thanh
ton u c thc hin qua bt ton ghi s, gim bt ng k s chuyn giao
chng khon vt cht, lm gim ri ro mt cp. Bn cnh , h thng ny cho
php chng ta c th tin hnh thanh ton b tr song phng v a phng, t
rt ngn thi gian v an ton, gim chi ph so vi hnh thc thanh ton b tr theo
tng ln giao dch.
Th nm, thc hin thanh ton nhanh gp phn gip cc i tng ca h
thng tng vng quay ca vn.
Khi cha c h thng lu k, ng k v thanh ton b tr chng khon th vic
chuyn giao chng khon tn nhiu chi ph, thi gian kim m, kim tra tnh tht
gi ca chng khon v s lng ph ny xy ra cho c hai bn mua v bn chng
khon. S xut hin ca h thng lu k, ng k v thanh ton b tr chng
khon tit kim c chi ph v thi gian cho cc i tng tham gia th
trng. Lng chi ph, thi gian tit kim c s c s dng vo cc mc ch
khc em li hiu qu cao hn. Vic thanh ton b tr chng khon nhanh to
iu kin cho cc giao dch tip theo c thc hin, gip cho nh u t nm
c thi c kinh doanh, ng vn c quay vng nhanh hn.

6.1.1.4. M hnh trung tm lu k (TTLK)

C th l tch bit vi hot ng thanh ton b tr nh M, Nht v Singapore, hoc
thc hin tt c nhng cng vic b tr, thanh ton v lu k nh Trung Quc, c,
Canada v Thu S hoc vic b tr li c S thc hin nh Hn Quc, H Lan.
Cch thc v m hnh t chc hot ng ca TTLK tng nc khc nhau tu thuc
vo nhiu yu t nh lch s pht trin, h thng lut php v s pht trin th
trng... Tuy nhin, hu ht tp trung vo mt trong hai m hnh sau:
M hnh th nht: mt TTLK thc hin y cc chc nng ca h thng nh
i loan v Thi Lan.

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o u im: tp trung c cc hot ng ca h thng v mt mi, to iu kin

cho cng tc qun l.
o Nhc im: i hi phi tch bch gia cc hot ng hn ch ri ro pht sinh.
M hnh th hai (m hnh phn chia chc nng): mi t chc tham gia trn th
trng s thc hin mt hoc mt s hot ng ca h thng lu k, b tr, thanh
ton v ng k chng khon, v d nh Hn Quc, cc giao dch trn SGD c b
tr ngay ti s, vic thanh ton cc giao dch trn li do TTLK Hn quc thc hin.
o u im: khc phc c nhc im ca m hnh trn.
o Nhc im: i hi phi c s gn kt cht ch v ng b gia cc t chc
tham gia cung cp dch v ny m bo s thng nht qun l v tnh lin
tc ca hat ng lu k, ng k v thanh ton b tr.
Hin nay, cc nc c xu th la chn m hnh th nht n gin ho cc mi lin
h phc tp v tit kim chi ph.

6.1.1.5. Chc nng ca trung tm lu k

Th nht, qun l cc chng khon lu k ca
khch hng.
Th hai, ghi nhn quyn s hu v cc thng tin v
tnh tnh thay i ca cc chng khon lu k cho
khch hng.
Th ba, cung cp thng tin v chng khon gi
mo, mt cp.
Th t, thc hin cc nghip v thanh ton tin v chuyn giao chng khon sau
khi cc giao dch c thc hin.
Th nm, x l cc thng tin v vic thc hin quyn ca ngi s hu chng
khon i vi cc t chc pht hnh nh: thng bo hp i hi ng c ng, i din
u quyn... v gip khch hng thc hin quyn thng qua mng li ca h thng.
Th su, phn phi li, trvn gc v c tc cho ngi s hu chng khon.
Th by, gip qun l t l nm gi ca ngi s hu chng khon.
Th tm, cung cp cc dch v khc lin quan n chng khon nh: cm c
chng khon, thu h thu...

6.1.2. Hot ng ng k chng khon

6.1.2.1. Khi nim

L hot ng ghi nhn v theo di cc thng tin v ngi s hu chng khon bao
gm: thng tin v loi chng khon, s lng chng khon theo mi loi ca mi
ngi s hu chng khon.
Nguyn tc thc hin quyn ca ngi s hu chng khon i hi ngi nm gi
chng khon phi c tn trong danh sch ngi s hu chng khon ca t chc pht
hnh vo trc mt thi im nht nh do t chc pht hnh qui nh. V vy, thc
hin cc quyn i vi chng khon m mnh nm gi, nh u t phi thc hin vic
ng k tn mnh trong danh sch ngi s hu chng khon ca t chc pht hnh.

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Hot ng ny gip nh u t bo v quyn li khi h lu k chng khon ti TTLK

c bit khi h s hu chng khon phi vt cht. Thng qua hot ng ny, nh u t
thc hin cc quyn giao dch, c u quyn, cm c chng khon, thc hin quyn
ngi s hu chng khon v hn ch nhng bt li m h gp phi khi thc hin cc
quyn ny.
Hot ng ng k chng khon c tc dng ch yu l theo di thng tin v chng
khon v theo di thng tin v ngi s hu chng khon.
Theo di cc thng tin v chng khon: cc t chc
pht hnh chng khon phi tin hnh ng k vi
t chc ng k (TTLK) tt c cc thng tin c lin
quan n chng khon trong mi t pht hnh
nh thng tin v s lng chng khon, mnh gi,
hnh thc v mi khi thay i cc thng tin trn,
t chc pht hnh phi thng bo ng k li
vi t chc ng k (TTLK).
Theo di thng tin v ngi s hu chng khon, cc quyn ca ngi s hu
chng khon pht sinh trn c s s chng khon c lu k ti TTLK. T chc
ng k (TTLK) c trch nhim theo di v ghi nhn quyn s hu chng khon
cho cc khch hng, m bo thc hin ton b quyn li ca ngi s hu chng
khon mt cch chnh xc v tin li nht.

6.1.2.1. Mc ch ng k chng khon

Hot ng ny gip nh u t bo v quyn li khi h lu k chng khon ti TTLK
c bit khi h s hu chng khon phi vt cht. Thng qua hot ng ny, nh u t
thc hin cc quyn giao dch, c u quyn, cm c chng khon, thc hin quyn
ngi s hu chng khon v hn ch nhng bt li m h gp phi khi thc hin cc
quyn ny.

6.1.2.2. Hot ng thc hin quyn ngi s hu

Khi s hu chng khon nh u t c mt s quyn nht nh (quyn b phiu bu
Hi ng qun tr; b phiu quyt nh cc vn c nh hng n ton b cng ty;
quyn nhn thu nhp, quyn kim tra s sch ca cng ty; quyn c phn chia ti
sn, quyn chuyn i c phiu, quyn mua c phiu) v c gi chung l quyn
s hu chng khon. Ngi s hu chng khon c th thc hin quyn trc tip hoc
gin tip. Trong nhiu trng hp, thc hin quyn trc tip rt bt li, th tc phc
tp nn ngi s hu chng khon c th u quyn qua h thng lu k.
Vi nhng chng khon c lu k ti TTLK th vic thc hin quyn gin tip ht
sc n gin v TTLK bit thng tin v ngi s hu chng khon, thc hin ng k
s hu chng khon cho ngi nm gi.

6.1.3. Hot ng lu k chng khon

6.1.3.1. Khi nim

L hot ng lu gi, bo qun chng khon ca khch hng;
Thc hin cc dch v lin quan n vic m ti khon lu k, gi, rt, chuyn
khon, thc hin cc giao dch bo m nh cm c, gii to cm c chng khon...

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Qun l vic nhp, xut v bo qun an ton chng ch chng khon ti kho chng
ch chng khon.

6.1.3.2. Cc hnh thc lu k

Lu k ring bit
L hnh thc khch hng mun lu gi chng
khon sau c th rt chnh nhng chng
khon gi hoc chnh nhng chng khon m
khch hng mua.
y l hot ng lu k chng khon trong
chng khon ca khch hng c lp vi chng
khon ca t chc lu k, chng khon lu k c trao cng khai cho thnh
vin lu k nhng vn thuc s hu ca khch hng.
Thnh vin lu k c trch nhim lu gi chng khon theo cc k hiu ring
c lp cho tng khch hng, theo tng chng loi chng khon v phi ct gi
chng khon bit lp vi chng khon ca t chc lu k cng nh ca cc khch
hng lu k khc.
Khi thnh vin lu k mua h chng khon cho cc khch hng v a vo lu k
bit lp theo hp ng mua bn vi khch hng th trong mt tun thnh vin lu
k phi gi cho khch hng bn danh mc chng khon mua v a vo lu
k, trong phi ghi r chng loi, m s gi tr tnh theo mnh gi v cc c tnh
khc (nu c) ca chng khon c mua. Bn thng bo k hiu m s chng
khon c coi l bng chng vvic quyn s hu chng khon c trao cho
ngi mua.
Khi trong hp ng lu k khng c quy nh v hnh thc lu k khc th ng
nhin khi phi c coi l lu k bit lp, cho d iu khng c th hin
trong hp ng.
T chc nhn lu k cng c php a chng khon ca khch hng lu k bit
lp ti mt t chc th ba (thng l cc trung tm lu k chng khon ln) m
khng cn phi c vn bn u quyn ca khch hng. Khi , t chc nhn lu k
c coi l t chc trung gian lu k.
Nghip v lu k ring bit bao gm nhiu cng on phc tp, i hi chi ph
nhn s cao v chi ph phng nga kt ln, nn chi ph lu k rt cao.
Lu k tng hp
Lu k tng hp l hnh thc lu k trong t chc lu k c php tp hp
chung tt c cc loi lu k c php chuyn nhng t do thuc vng chuyn
khon ca nhiu ch s hu thnh mt khi lng tng hp.
Khi chuyn chng khon vo lu k tng hp, cc ch s hu mt i quyn t hu
ca mnh v tr thnh cc ng s hu phn lu k trong khi lng chng khon
tng hp ca cng chng loi chng khon m mnh lu k.
Nh vy, tng ch s hu khng c quyn i hi t chc lu k chuyn tr chnh
cc t chng khon ca mnh, m ch c quyn i chuyn tr s lng t chng
khon a vo lu k hay s lng vi gi tr tnh theo mnh gi.

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Nu t chc lu k b ph sn th cc ch lu k c hng c quyn truy i

ti sn ca mnh.
Chuyn khon ch c php a vo lu k tng hp khi c vn bn u quyn c
th ca khch hng lu k.
Lu k tng hp c u im l:
o Khch hng khng phi tn nhiu chi ph giao dch v chi ph lu k do vic
chuyn khon chng khon m khng cn chuyn chng khon v mt c hc.
o Khch hng lu k ch cn lp mt ln hp ng u thc lu k tng hp ti
trung tm thanh ton b tr nn lm cho n gin ho th tc v to cho khch
hng kh nng thc hin cc giao dch chng khon m khng cn trc tip ti
Ngn hng, ni chng khon c lu k.

6.1.3.3. Ti khon lu k
Ti khon lu k chng khon l ti khon dng
hch ton vic gi, rt hoc chuyn nhng chng
khon; hch ton vic giao v nhn chng khon. Ti
khon lu k chng khon gm c:
Ti khon chng khon giao dch: dng phn
nh chng khon hin c ca khch hng. S d
trn ti khon ny l s lng chng khon m
khch hng c php giao dch.
Ti khon chng khon cm c: dng hch ton cc chng khon b cm c.
S lng chng khon nm trong ti khon ny khch hng khng c php giao dch.
Ti khon chng khon ch nim yt: dng hch ton cc chng khon ch
nim yt nhng vn c php lu k ti TTLK. Cc chng khon ny vn c
thc hin quyn nhng khng c php giao dch mua bn.
Ti khon chng khon ch rt: dng hch ton cc chng khon khch hng
c nhu cu rt ra nhng ang trong thi gian ch rt.
Ti khon thanh ton b tr chng khon giao dch: dng hch ton vic
giao v nhn chng khon theo chng t thanh ton chng khon.
Ti khon tm ngng giao dch: dng phn nh cc chng khon b kim sot
hoc khng cn b kim sot na nhng ang ngng giao dch xc nh li gi
tham chiu ca chng khon .
Ti khon tm gi: dng hch ton s chng khon nhn c t vic s
dng qu h tr thanh ton.

6.1.3.4. Nguyn tc qun l

Mi khch hng ch c m ti khon lu k ti mt thnh vin lu k. Khch
hng s t lnh, giao dch thng qua chnh thnh vin lu k.
Khch hng l c nhn t chc trong nc ch c m ti khon lu k ti thnh
vin lu k trong nc.

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Khch hng l c nhn, t chc nc ngoi phi m ti khon lu k ti thnh

vin lu k nc ngoi.
Cc thnh vin lu k phi m ti khon lu k chng khon cho khch hng tch
bit vi ti khon lu k chng khon ca chnh cc thnh vin.
Cc chng khon nim yt ti S giao dch chng khon phi c lu k tp
trung ti Trung tm lu k chng khon.
SGDCK m v qun l ti khon lu k cho cc thnh vin hch ton v qun
l cc chng khon k gi cho thnh vin. Phn chng khon thuc s hu khch
hng ca thnh vin s c hch ton vo ti khon giao dch chng khon ca
khch hng do SGDCK m ng tn thnh vin.
Khi lu k chng khon tp trung ti trung tm lu k chng khon, thnh vin lu
k phi np cho trung tm lu k chng khon y cc chng t theo quy nh.
Chng khon c lu k phi hp l, khng b h hng v khng thuc loi b
cm trao i.
Thnh vin lu k chng khon giao chng khon phi m bo chng khon
trn ti khon thanh ton b tr chng khon, ph hp vi cc chng t thanh ton
chng khon.

6.1.3.5. Dch v lin quan ti m ti khon lu k chng khon

K gi chng khon
y l bc trong khch hng gi chng khon thuc s hu ca h vo thnh
vin lu k ni h m ti khon lu k chng khon. Sau , thnh vin lu k s
ti k gi chng khon ca khch hng vo trung tm lu k chng khon (qu
trnh lu k 2 cp).

Hp ng
Khch hng TVLK TTLKCK
Lu k
Ti lu k

Hch ton
Hch ton

S ti khon khch hng S ti khon TVLK

Chi tit theo khch hng Ca thnh vin Ca nh u t

Rt chng khon
o Khi khch hng mun rt chng khon th qu trnh rt chng khon cng
tng t nhng ngc vi qu trnh gi chng khon.
o i vi nhng chng khon trong thi gian ch rt s c hch ton vo ti
khon chng khon ch rt tin theo di v i chiu. Nhng chng khon
ny s khng c giao dch, chuyn nhng nhng vn c thc hin quyn
v phi tr ph lu k.

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o i vi lu k ring bit, khi rt chng khon khch hng s nhn li ng

chng khon m mnh lu k. i vi lu k tng hp, khch hng ch
nhn v chng khon cng loi v t pht hnh nh chng khon k gi.
Chuyn khon chng khon
Vic chuyn khon chng khon ca khch hng ch c thc hin khi c lnh ca
ch ti khon km theo cc ti liu chng minh cho nhng yu cu chuyn khon.
Khi khch hng c yu cu chuyn khon hp l c thnh vin lu k
(TVLK) ng cho chuyn khon, nhn vin lu k phi phong to s chng
khon trn trnh tnh trng nghip v pht sinh trng lp.
Ti liu hp l chng minh phi l nhng ti liu hp php theo qui nh ca php
lut v nhng yu cu chuyn khon lin quan.
Cc thnh vin thc hin vic chuyn khon chng khon bng cc bt ton
chuyn khon thng qua h thng my tnh c ni mng nhau v vi TTLK.
Vit Nam, p dng chuyn khon cho cc yu cu sau:
o Chuyn khon tha k;
o Chuyn khon cho tng;
o Chuyn khon tt ton ti khon;
o Chuyn khon bn l l;
o Chuyn khon khc theo qui nh ca th trng giao dch chng khon.

Cm c chng khon
c hiu n gin l hnh thc bo m ngha v
theo bn cm c giao cho bn nhn cm c ti
sn ca mnh qun l, lm vt bo m ngha v
dn s, thng mi hay khon vay.
o Ch th tham gia giao dch cm c chng khon:
Bn cm c: l ngi s hu chng khon
hp php, c nhu cu vay mt khon tin
trong mt thi gian nht nh v nht tr s dng chng khon thuc s hu
ca mnh m bo thc hin ngha v tr n.
Bn nhn cm c: l bn cho vay tin, c nhu cu cho vay, p ng c
cc qui nh php lut v cho vay vn v ng chp nhn chng khon
lm vt m bo ngha v tr n.
T chc trung gian: l cc cng ty chng khon, TVLK, TTLK hay SGD c
vai tr qun l cc hot ng giao dch cm c nhm bo v quyn li cho
c bn nhn cm c v bn cm c, c th: s ng ra qun l, gim st cc
ti khon chng khon cm c; thc hin vic nhn, chuyn chng khon
cm c theo lnh ca bn nhn cm c hoc bn cm c.
o i tng trong giao dch cm c chng khon: l vt m bo thc hin
ngha v tr n, chng khon l mt i tng trng tm trong mi giao dch
cm c chng khon.
bo v quyn li ca cc bn tham gia, lut v cm c chng khon t ra
cc qui nh v chng khon s dng trong giao dch cm c, l:

92 TXNHCK01_Bai6_v1.0014109222
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

Chng khon cm c phi thuc s hu hp php ca ngi em cm c;

Khng thuc loi ang b tranh chp;
Phi c php t do chuyn nhng v c th bn i d dng.
Ni dung chnh ca giao dch cm c: do bn cm c v nhn cm c trc tip
tho thun nhng phi tun theo cc qui nh php lut hin hnh.
o Hnh thc tho thun trong giao dch cm c: phi bng vn bn cam kt vi
y ni dung c bn m php lut s ti yu cu. Vn bn ny s l bng
chng xc nhn giao dch gia hai bn v l c s php l gii quyt cc
tranh chp khi pht sinh.
o S tin c vay v li sut vay: hai bn t tho thun, lut thng ch qui nh
v bin giao ng hoc qui nh mc tnh li sut da trn qui m ca s
tin vay, t khi p dng mc li sut c nh v thng c tnh da theo li
sut cho vay ngn hn ca ngn hng.
o Thi hn vay: ti a thng khng qu 3 thng (lut khng bt buc).
o Cc tho thun v cch thc x l chng khon cm c trong thi gian cm c
v sau khi thi hn vay kt thc cng c qui nh rt chi tit.

6.1.4. Hot ng thanh ton b tr chng khon

6.1.4.1. Khi nim

Hot ng b tr: L vic x l thng tin v cc
giao dch chng khon nhm a ra mt con s
rng cui cng m cc bn tham gia phi thanh ton
sau khi giao dch. Kt qu b tr s ch ra bn no
phi tr tin, bn no phi giao chng khon.
Hot ng thanh ton: L hot ng hon tt cc
giao dch chng khon, trong cc bn s thc
hin ngha v ca mnh: bn phi tr chng khon thc hin vic giao chng
khon, bn phi tr tin thc hin vic chuyn tin.
Phng thc b tr: C 2 phng thc b tr
B tr song phng: L hnh thc m , trung tm thanh ton b tr thc
hin cc bt ton b tr n l theo tng cp i tc i vi mt loi chng khon
tm ra s lng tin v chng khon thc phi tr cho mi bn.
Vic b tr song phng ch s dng trong k ton ni b hoc s b gia cc bn
tham gia theo tng bn i tc ban u.
B tr a phng: Sau khi nhn c cc bo co giao dch th trung tm thanh
ton b tr tp hp cc kt qu giao dch v a vo h thng tnh ton t ng
b tr kt qu gia cc bn tham gia trong giao dch v thanh ton. H thng my
tnh s tp hp cc khon n v c v chng khon ca mi bn, t ng b tr hn
hp theo tng loi chng khon a ra kt qu cui cng ca ngy giao dch.
Trong ngy giao dch, mi bn tham gia c th tin hnh nhiu hot ng mua v
bn cng mt loi chng khon vi nhiu bn tham gia khc nhau. Nhng vo

TXNHCK01_Bai6_v1.0014109222 93
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

cui ngy, mi bn s ch c mt mn n phi tr hay mt khon phi thu i vi

mt loi chng khon no .
Hot ng ny, trn thc t lm gim ng k khi lng lun chuyn tin v
chng khon so vi vic thc hin giao nhn tin v chng khon trn th trng
bng cch th cng.

6.1.4.2. Nguyn tc thanh ton b tr

Cc hnh thc t chc th trng chng khon khc nhau s c cc hot ng thanh
ton b tr chng khon khc nhau. Nhng d t chc th trng chng khon trnh
no th cc th trng cng u phi tun theo cc nguyn tc chung nh sau:
Hot ng thanh ton b tr chng khon ch c thc hin i vi cc loi
chng khon c php lu k tng hp ti cc trung tm lu k.
Vic thanh ton b tr chng khon phi tun th nguyn tc giao chng khon
ng thi vi thanh ton tr tin.
Thanh ton b tr chng khon c thc hin thng qua nghip v b tr a
phng v thanh ton tng giao dch cho cc thnh vin tham gia (Phng thc b
tr song phng ch p dng trong mt s trng hp, mt s loi giao dch nht
nh theo cc quy nh cc trung tm giao dch chng khon khc nhau).
Hot ng thanh ton cc chng khon c p dng cho mi giao dch trn th
trng chng khon v thanh ton tin qua h thng Ngn hng ch nh thanh
ton. Nguyn tc ny buc cc i tc giao dch phi c ti khon lu k chng
khon tng hp v ti khon tin ti cc trung tm lu k, thanh ton b tr chng
khon (Cc cng ty chng khon thnh vin v cc Ngn hng thng mi c
Nh nc cp giy php).
Cc hot ng v cc dch v thanh ton b tr phi c thc hin ti b phn
thanh ton b tr. Trc khi thc hin vic gii quyt chuyn giao chng khon,
cc thnh vin phi hon tt th tc thanh ton theo cc quy nh, mu hng dn
ti b phn thanh ton ca trung tm thanh ton b tr.

6.1.4.3. Cc hnh thc thanh ton b tr

Phng thc thanh ton theo kt qu b tr song phng
Thanh ton theo tng giao dch l phng thc
thanh ton n gin nht ca mt h thng thanh
ton, cho php thanh ton tng giao dch c th
theo kt qu b tr giao dch song phng.
Cn c vo kt qu b tr, trung tm b tr v
thanh ton s thng bo cho cc bn tham gia giao
dch nhm m bo rng bn bn c chng
khon bn trn ti khon lu k ca mnh v bn mua c tin trn ti khon
tin gi giao dch chng khon.
Sau cc bn i tc s tin hnh tho thun s dng mt s c ch thch hp
trao i tin v chng khon cho nhau. Sau khi vic thanh ton giao dch c

94 TXNHCK01_Bai6_v1.0014109222
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

hon tt, ti khon chng khon ca bn mua v ti khon tin ca bn bn s

c hch ton tng.
o u im
Hot ng theo c ch kh n gin v kh ph hp vi nhng khu tc
nghip do h thng my tnh m nhim.
Ch cho php pht sinh ri ro mc hn ch i vi tng giao dch nht nh.
o Nhc im
Chi ph lp t, duy tr h thng nhm phc v cho vic thanh ton cao.
i hi phi lun c trang b y , nng cp v tng cng cc thit b
my tnh c kh nng p ng thanh ton mt khi lng ti a cc giao
dch, khi khi lng giao dch tng.
Khng cho php thc hin thanh ton tng phn s lng i vi mi loi
chng khon.
Kh nng thanh ton s lng giao dch khng ln bng h thng giao dch
thanh ton rng.
Phng thc ny ph hp vi TTCK c khi lng giao dch nh hoc cc th
trng c khi lng giao dch ln nhng c cng ngh t ng cao, hin i.
Phng thc thanh ton rng lin tc theo kt qu b tr a phng: c
thc hin trn c s thanh ton theo kt qu b tr giao dch a phng.
o Qu trnh b tr thanh ton lin tc din ra nh sau:
Vo ngy thanh ton, tt c cc giao dch i
vi mt loi chng khon c kt hp vi cc
giao dch thanh ton trc to ra mt con
s rng m mi bn s phi giao hoc c
nhn, bt k qui m giao dch ln hay nh.
i vi thnh vin bn bn, chuyn chng
khon t ti khon lu k ca thnh vin sang
ti khon lu k ca TTLK. i vi bn mua, chng khon s c chuyn
vo ti khon lu k ca thnh vin .
Vo cui ngy thanh ton, thnh vin s nhn c tin hoc phi tr tin cho
TTLK s tin rng t cc giao dch cng vi s c iu chnh theo s bin
ng gi ca th trng cn c trn c s tnh hnh chng khon hin c.
o u im:
i vi cc th trng c khi lng giao dch ln, y l mt phng thc
thanh ton hiu qu v loi b c ri ro ca cc giao dch ring l.
S pht trin ca phng thc thanh ton ny p ng c yu cu t
ng ho hon ton trong thanh ton giao dch chng khon.
Cho php lm gim n mc ti thiu cc ngha v phi giao, nhn trong
qu trnh thanh ton ca cc thnh vin bng cch ti a ho vic hp nht
cc giao dch.
o Nhc im:
i hi phi m bo cc iu kin v mt cng ngh.

TXNHCK01_Bai6_v1.0014109222 95
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

Cn thit phi chp nhn hiu lc php l ca hnh thc chuyn khon ghi
s v mt mi trng tp trung ho chng khon phi c thit lp v
kim sot mc cao.
Phi thnh lp mt i tc thanh ton trung tm trn c s hot ng ca
TTLK, BT.
Cc hn ch v php lut cng nh vic thit lp mt c ch kim sot ri
ro hiu qu cng cn gii quyt c th cho php san s ri ro v ngha v
ca cc thnh vin trong quan h vi i tc thanh ton trung tm.
Phng thc thanh ton theo tng giao dch
L phng thc thanh ton theo kt qu ca tng giao dch v cc ngha v thanh
ton tin cui cng c thc hin ngay sau khi cc bn kh nng thanh ton.
Vi phng thc ny, cc khon thanh ton c thc hin ring l i vi nhng
giao dch ngay khi h thng m bo vic kim tra v kh nng thanh ton ca
cc bn tham gia giao dch i vi khon thanh ton v khng thng qua vic thc
hin b tr chng khon.
o iu kin p dng:
Ht hng phi c trang b cc mng in
t kt ni gia h thng thanh ton ca cc
Ngn hng thanh ton (NHTT) vi nhau v
vi NHTT trung tm.
m bo s tin phi tr (kh nng thanh
ton) cho giao dch chng khon.
o u im:
Kh nng hn ch ri ro trong h thng
thanh ton.
Cho php cc nh u t quay vng vn nhanh.
C th p dng c tnh thanh ton tin tc thi ng thi vi vic chuyn
giao chng khon trong cc giao dch.
o Nhc im:
Cc ngn hng thnh vin phi m bo s d tin gi ca ngn hng
c m ti ngn hng ch nh thanh ton trong sut qu trnh thc hin
thanh ton (p ng yu cu v tnh thanh khon i vi cc khon thanh
ton tc thi).
i hi phi c h thng thanh ton lin ngn hng rt pht trin trong
s hin i ho k thut in t, tin hc cho php kt ni linh hot v chnh
xc gia cc NHTT.

6.2. H thng thng tin trn th trng chng khon

6.2.1. Khi nim v vai tr

6.2.1.1. Khi nim
Thng tin th trng c v nh mch mu, ngun nng lng nui sng thi trng.
Do , to iu kin cho th trng hot ng tt v pht trin, chng ta khng t

96 TXNHCK01_Bai6_v1.0014109222
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

khng ch n vic xy dng, pht trin mt h thng thng tin chng khon y
v nhanh nhy, nhm phc v tt nht cho cng tc iu hnh, qun l th trng,
phc v thng tin cho cng chng u t, cho vic nghin cu hc tp v o to pht
trin ngun nhn lc cho th trng chng khon Vit Nam.
Mt trong nhng nguyn tc hot ng ca th trng chng khon l nguyn tc
cng khai, trong cng khai thng tin l vn ht sc quan trng. Mi ngi u
t u c quyn bnh ng trong vic c cung cp thng tin v th trng.
H thng thng tin ca th trng chng khon l nhng ch tiu, t liu phn nh bc
tranh ca th trng chng khon v tnh hnh kinh t, chnh tr, x hi lin quan ti
nhng thi im hoc cc thi k khc nhau.

6.2.1.1. Vai tr
H thng thng tin th trng rt cn cho mi i tng tham gia th trng:
i vi nh u t: l iu kin cn thnh cng trong u t chng khon; l
mn n tinh thn khng th thiu c.
i vi ngi kinh doanh nh cng ty chng khon, th h thng thng tin s l c
s xy dng k hoch kinh doanh, k hoch pht trin cng ty.
i vi c quan qun l nh y ban chng khon Nh nc, th trng giao dch
chng khon: h thng thng tin l c s iu hnh v qun l m bo th
trng cng bng, cng khai v hiu qu, l c s hon thin quy trnh, quy ch.
Thng tin c cng b trn th trng c c im: phong ph, a dng; Nhanh
nhy; Cng khai - Cng bng v in t ha Cng ngh thng tin.
Cc thng tin c cng b trn th trng u phi p ng cc yu cu v: Tnh
chnh xc; Tnh y ; Tnh kp thi v Tnh d tip cn.

6.2.2. Ngun thng tin trn th trng chng khon

6.2.2.1. Thng tin t T chc nim yt, S giao dch, t chc kinh doanh v dch v
chng khon
Thng tin t t chc nim yt
Chng khon l mt dng ti sn ti chnh (khc
vi ti sn thc) c nim yt giao dch trn dch
trn th trng chng khon bi chnh t chc pht
hnh. Ngoi yu t quan h cung cu, gi chng
khon c hnh thnh da trn sc kho ca
chnh cng ty. Do vy, cc thng tin lin quan n
t chc pht hnh u tc ng tc thi ln gi
chng khon ca chnh t chc v trong nhng chng mc nht nh c th tc
ng ln ton b th trng. Trn th trng chng khon, vn cng b thng
tin cng ty (corporate disclosure) c xem l yu t quan trng hng u trong h
thng thng ca th trng, bo m cho th trng hot ng cng bng, cng
khai v hiu qu, bo v quyn v li ch hp php ca nh u t.

TXNHCK01_Bai6_v1.0014109222 97
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

Ni dung thng tin lin quan n t chc pht hnh bao gm cc thng tin trc
khi pht hnh, sau khi pht hnh chng khon ra cng chng v sau khi chng
khon c nim yt giao dch trn th trng tp trung. Cc thng tin bao gm:
o Bn co bch (prospectus): l bn thng co ca t chc pht hnh khi thc
hin pht hnh chng khon ra cng chng, nhm gip cho nh u t hiu r
v tnh hnh hot ng kinh doanh, ti chnh v cc thng tin khc v mc
tiu pht hnh chng khon ca t chc pht hnh.
o Thng tin nh k: l nhng thng tin do t chc nim yt cng b vo nhng
thi im theo quy nh ca c quan qun l, nh hng nm, bn nin, hng
qu, hng thng. Ni dung thng tin lin quan n cc bo co ti chnh, kt
qu hot ng kinh doanh; bo co lu chuyn tin t Cc bo co thng
nin phi c kin ca t chc kim ton c lp c y ban chng khon
(UBCK) chp thun.
o Thng tin bt thng: l nhng thng tin c t chc nim yt cng b ngay
sau khi xy ra cc s kin quan trng, lm nh hng n gi chng khon
hoc li ch ca ngi u t. Thng thng cc thng tin ny c cng b
trong vng 24h sau khi xy ra s kin, hoc sau 3 ngy. Ni dung cc thng tin
bt thng do c quan qun l quy nh.
o Thng tin theo yu cu: l vic cng b thng tin khi UBCK hoc S giao dch
chng khon yu cu cn phi cng b thng do c nhng du hiu bt thng,
hoc tin n trn th trng c tc ng n gi chng khon.
Thng tin t S giao dch chng khon (SGDCK)
y l cc thng tin t c quan qun l v vn
hnh tht rng, c cng b cp nht trn h
thng thng tin ca SGDCK (bng hin th in t;
thit b u cui; bn tin th trng; mng Internet,
Website). Ni dung thng tin do SGDCK cng
b bao gm:
o Thng tin t nh qun l th trng
H thng cc vn bn, chnh sch ban hnh
mi; thay i, b sung, hu b;
nh ch giao dch hoc cho php giao dch tr li cc chng khon;
Cng b ngy giao dch khng c hng c tc, li v cc quyn km theo;
Cc chng khon thuc din b kim sot, cnh bo;
Hu b nim yt hoc cho nim yt li;
nh ch thnh vin hoc cho php thnh vin hot ng tr li.
o Thng tin v tnh hnh th trng (giao dch ca 5 c phiu hng u; giao
ng gi c phiu hng ngy; c phiu t mc gi trn, sn).
o Thng tin v din bin th trng
Thng tin v giao dch trn th trng (gi m ca, ng ca; gi cao nht
v thp nht trong ngy giao dch; khi lng giao dch; gi tr giao dch;
giao dch l ln; giao dch mua bn li c phiu ca t chc nim yt).

98 TXNHCK01_Bai6_v1.0014109222
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

Thng tin v lnh giao dch (gi cho mua, cho bn tt nht; quy m t
lnh; s lng lnh mua, hoc bn).
Thng tin v ch s gi (ch s gi c phiu tng hp; bnh qun gi c
phiu; ch s gi tri phiu).
o Thng tin v tnh hnh ca cc t chc nim yt.
o Thng tin v cc nh u t (giao dch l ln; giao dch thu tm cng ty; giao
dch u thu mua c phiu).
o Thng tin v hot ng ca cng ty chng khon thnh vin.
o Thng tin t cc t chc kinh doanh, dch v chng khon: Bao gm cc thng
tin v chnh cc t chc kinh doanh, dch v chng khon (bo co ti chnh;
hot ng kinh doanh; lu chuyn tin t) v cc thng tin lin quan n tnh
hnh th trng v nh u t (s ti khon giao dch; t l k qu; giao dch
bo chng; bo lnh pht hnh, t vn).

6.2.2.2. Thng tin v giao dch chng khon

Cc thng tin v giao dch c thng bo trn bng in t kt qu giao dch trn
SGDCK v trn cc phng tin thng tin i chng nh: bo, tp ch...
Quy nh ca php lut v cng b thng tin (Thng t 52/2012/TT-BTC ngy
5/4/2012 hng dn v vic cng b thng tin trn th trng chng khon).
o i tng cng b thng tin (iu 1) bao gm: cng ty i chng, t chc pht
hnh (ngoi tr trng hp pht hnh tri phiu c Chnh ph bo lnh),
cng ty chng khon, cng ty qun l qu, S giao dch chng khon
(SGDCK), Trung tm Lu k chng khon (TTLKCK) v ngi c lin quan.
o Yu cu thc hin cng b thng tin (iu 3).
o Phng tin v hnh thc Cng b thng tin (CBTT) (iu 4).
o X l vi phm v CBTT (iu 6).

Phng tin v hnh thc cng b thng tin (Thng

t 52/2012/TT-BTC ngy 5/4/2012 hng dn v
vic cng b thng tin trn th trng chng
khon).
iu 4. Phng tin v hnh thc cng b thng tin
1. Vic cng b thng tin c thc hin qua cc
phng tin cng b thng tin sau:
1.1. Bo co thng nin, trang thng tin in t (Website) v cc n phm khc
ca t chc thuc i tng cng b thng tin;
1.2. Cc phng tin cng b thng tin ca y ban chng khon nh nc(UBCKNN)
bao gm: h thng tip nhn bo co v cng b thng tin, cng thng tin in t v cc
n phm khc ca UBCKNN;
1.3. Cc phng tin cng b thng tin ca SGDCK bao gm: h thng tip nhn
bo co v cng b thng tin, trang thng tin in t ca SGDCK, bng hin th in
t ti SGDCK;

TXNHCK01_Bai6_v1.0014109222 99
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

1.4. Phng tin cng b thng tin ca TTLKCK: trang thng tin in t ca
TTLKCK;
1.5. Phng tin thng tin i chng khc theo quy nh ca php lut.
2. Cc ti liu, bo co gi cho UBCKNN, SGDCK c th hin di hnh thc vn
bn v hnh thc d liu in t c s dng ch k s theo hng dn ca UBCKNN,
SGDCK.
Trng hp UBCKNN, SGDCK trin khai h thng tip nhn bo co v cng b
thng tin thng qua cng trc tuyn, hnh thc cng b thng tin ca cc i tng
cng b thng tin quy nh ti iu 1 Thng t ny c thc hin theo hng dn
ca UBCKNN, SGDCK.
3. Cng ty i chng phi lp trang thng tin in t trong vng su (06) thng k
t ngy tr thnh cng ty i chng; cng ty chng khon, cng ty qun l qu phi
lp trang thng tin in t trong vng su (06) thng k t ngy c cp php v
chnh thc hot ng; t chc pht hnh tri phiu ra cng chng phi lp trang
thng tin in t trc khi thc hin cho bn tri phiu ra cng chng. Trang
thng tin in t phi c chuyn mc ring v quan h c ng (nh u t), trong
phi cng b iu l cng ty, Quy ch qun tr ni b (nu c), Bn co bch
(nu c) v cc thng tin phi cng b nh k, bt thng v theo yu cu quy nh
ti Thng t ny. Cc i tng cng b thng tin phi thng bo vi UBCKNN,
SGDCK v cng khai v a ch trang thng tin in t v mi thay i lin quan
n a ch ny trong thi hn ba (03) ngy lm vic k t ngy hon tt vic lp
trang thng tin in t hoc ngy thay i v a ch trang thng tin in t ny.

100 TXNHCK01_Bai6_v1.0014109222
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

Tm lc cui bi
Chc nng, vai tr v m hnh ca trung tm lu k chng khon.
Cc loi hnh ng k chng khon, mc ch ng k chng khon v vn thc hin
quyn i vi chng khon.
Cc hnh thc lu k chng khon, ti khon lu k chng khon, nguyn tc qun l ti
khon lu k chng khon v cc dch v lin quan ti m ti khon lu k chng khon.
Cc phng thc b tr, nguyn tc v cc hnh thc thanh ton b tr.
Khi nim, vai tr ca h thng thng tin trn TTCK.
c im v yu cu ca thng tin trn TTCK.
Cc quy nh lin quan ti cng b thng tin trn TTCK Vit Nam.

TXNHCK01_Bai6_v1.0014109222 101
 Bi 6: Lu k, thanh ton chng khon v h thng
thng tin trn th trng chng khon

Cu hi n tp
1. Phn tch vai tr ca h thng lu k, ng k, thanh ton v b tr chng khon.
2. Trnh by cc hnh thc lu k chng khon.
3. Dch v lin quan ti m ti khon lu k gm nhng dch v no?
4. Trnh by phng thc b tr chng khon.
5. Trnh by cc hnh thc thanh ton b tr chng khon.
6. Phn tch vai tr ca h thng thng tin trn th trng chng khon.
7. Trnh by cc ngun thng tin trn th trng chng khon.

102 TXNHCK01_Bai6_v1.0014109222