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PHN C S L LUN I.

Chng khon phi sinh Chng khon phi sinh l mt loi chng khon c sinh ra t mt chng khon gc v gi c ca n ph thuc vo gi c ca chng khon gc. hoc c th nh ngha nh sau: Chng khon phi sinh l nhng hp ng ti chnh, hay cng c ti chnh m gi tr ca n c xc nh da vo gi tr ca mt cng c khc, thng gi l cng c c s (the underlying). Cng c c s c th l: ti sn, bao gm hng ho, c phiu, tri phiu, BS nh th chp, bt ng sn thng mi, cc khon vay R ti sn: cc loi bt ng sn th chp hoc l ch s: li sut, t gi, chng khon, gi tiu dng. Thm ch l cc cng c phi sinh khc (v d dng tin ca ca mt cng c phi sinh ph thuc gi tr ca cng c c bn) hay cc cc loi khc. V d: mt hp ng quyn chn mua 100 c phiu ca Nokia ti mc gi 50 EUR vo thng 9-2006. Cng c c s l c phiu Nokia. Mt hp ng tng lai mua tri phiu chnh ph c thi hn 10 nm tr gi 10 triu EUR, cng c c s l tri phiu chnh ph c. II. Cc loi chng khon phi sinh: C 4 loi chng khon phi sinh c bn l hp ng tng lai, hp ng k hn, quyn chn v hp ng hon i. Hp ng tng lai l loi hp ng trong c s tho thun gia cc bn k hp ng v nhng ngha v mua bn phi thc hin theo mc gi c xc nh cho tng lai m khng ph thuc vo gi c ca th trng ti thi im tng lai - Gi c v khi lng giao dch c xc nh trc, nhng thc hin hp ng vo mt thi im trong tng lai.
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- Hp ng tng lai l nhng sn phm do cc s giao dch to ra. L mt tho thun gia mt ngi mua hoc bn vi s giao dch. Trung tm thanh ton ca SGD ng vai tr
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l i tc ca tt c hp ng, h a ra yu cu v k qu v quan trng l cng cung cp mt c ch thanh ton. - Cc bn trong hp ng tng lai phi thc hin hp ng vo ngy thanh ton. thot khi cam kt trc ngy thanh ton, cc bn c th bn (mua) mt hp ng i ng, thot khi v th v ngha v hp ng ca mnh. - V th mua (long position): ngi nm gi v th mua c ngha v mua ti sn c s theo gi tho thun vo ngy o hn ca hp ng. - V th bn (short position): ngi nm gi v th bn c ngha v bn ti sn c s theo gi tho thun vo ngy o hn ca hp ng. - Hp ng tng lai l hp ng c tiu chun ha, ch c gi l c tha thun, mi hp ng u c quy nh mt s lng hng ha nht nh (gi l contract size),ngy giao hng v ni giao hng c n nh c th trn th trng, khng c s m phn gia hai bn tham gia vo hp ng. Ngc li,mi u khon ca hp ng k hn u c th c tha thun, m phn gia hai bn. - Hp ng tng lai c giao dch trn cc th trng tng lai. Cc bn c th kt thc hoc chm dt v th ca mnh mt cch d dng. Bn gi th trng v (ngi mua) c th kt thc v th ca mnh bng cch bn li hp ng tng lai vi cng loi hng ha v cng ngy giao hng. Ngc li,bn gi th on v (ngi bn) cng c th kt thc v th ca mnh bng cch mua mt hp ng tng lai tng t. Ngc li, ngoi th trng hp ng k hn li sut v th trng k hn ngoi t, hu ht cc th trng k hn u rt km thanh khon. - Kh nng b ph v hp ng trong hp ng tng lai thp hn nhiu so vi hp ng k hn,thm ch n l con s 0. Cc trung tm thanh ton b tr (clearing house) s ng vai tr nh l mt bn trung gian cho c ngi bn v ngi mua.Ngha l,nu Bn A mun mua mt hp ng tng lai, anh ta c th mua n t trung tm thanh ton b tr;nu bn B mun bn mt hp ng tng lai, anh ta c th bn n cho trung tm thanh ton b tr.Trung tm thanh ton b tr l mt bn trong hp ng tng lai, n lun cng bng cho c ngi bn v ngi mua theo nhng qui tc c t ra.

- Ch 1-5% s hp ng tng lai trn th trng thc s c giao dich (din ra vic giao hng gia cc bn), cn li hu nh ch din ra s thanh ton li l gia cc bn. Ngc li, hu ht mi hp ng k hn u din ra vic giao hng thc s gia cc bn. - Hp ng tng lai c ti thanh ton hng ngy, v c n nh, ghi nhn trn th trng, nn cc khon li l c nhn bit hng ngy. Cn hp ng k hn ch c th nhn bit r li l vo ngy giao hng trong tng lai. V vy, kh nng xut hin mt khon l ln vo ngy giao hng l rt cao, nn kh nng ngi b l s tm cch ph v hp ng cng rt cao ri ro ph v hp ng k hn l cao hn rt nhiu so vi hp ng tng lai (hu nh l con s 0). Do , tham gia vo cc hp ng tng lai, cn c mt khon tin k qu trong ti khon v n nh ti th trng m bo vic tun th hp ng gia cc bn. Hot ng giao dch c thc hin thng qua mt t chc trung gian gi l cng ty thanh ton b tr theo s sau: Tin
Mua hp ng tng lai Cng ty thanh ton b tr

Tin
Bn hp ng tng lai

Ti sn c s

Ti sn c s

Mc ch: Nhm gim bt ri ro xy ra do cc bin c c th y gi c ln cao hoc xung thp trong tng lai. Mt s loi hp ng tng lai c bn: Hp ng tng lai ch s chng khon, hp ng tng lai li sut, hp ng tng lai ngoi hi, hp ng tng lai nng sn, hp ng tng lai kim loi v khong sn. V d: Vo u nm 2008, cng ty A k vi cng ty B mt hp ng tng lai mua 105 tn c ph ca cng ty B vi gi l p ng/kg vi thi im mua l cui nm 2008. n ng thi im cui nm 2008 nh c quy nh trong Hp ng, Cng ty B phi bn cho cng ty A 105 tn c ph trn vi gi p ng/kg v cng ty A phi mua 105 tn c ph vi gi p nh trn cho d gi th trng ca c ph ti thi im l bao nhiu.
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Hp ng k hn l loi hp ng trong c s tho thun gia cc bn k hp ng v giao dch hng ho vi khi lng xc nh, ti mt thi im xc nh trong tng lai vi mc gi xc nh vo thi im k hp ng. Mc gi trong hp ng k hn c th thay i ti thi im giao nhn hng ho theo s tho thun ca cc bn.
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- Gi c v khi lng giao dch c xc nh trc, nhng thc hin hp ng vo mt thi im trong tng lai.

- Ch c hai bn tham gia vo vic k kt, gi c do hai bn t tho thun vi nhau da trn nhng c tnh mang tnh c nhn. - Khi c s thay i gi c trn th trng giao ngay, ri ro thanh ton s tng ln khi mt trong hai bn khng thc hin hp ng.

V d: Hong mun mua mt cn nh trong nm ti. ng thi Minh hin ti ang s hu mt cn nh tr gi 100.000 USD m anh ta mun bn trong nm ti. Hai ngi k mt hp ng k hn vi gi mua bn cn nh l 104.000 USD trong vng mt nm ti. Mt nm sau, gi th trng ca cn nh l 110.000 USD. Khi Minh cng buc phi bn cn nh cho Hong vi gi 104.000 USD.

Hoc: ng A cn 15.000 USD vo ngy 15-11-2009 cho mt mc ch no , phng t gi c th tng cao ng A k mt hp ng k hn su thng vo 15-5 vi mt ngn hng, theo ng A s mua 15.000 USD t ngn hng ny vo ngy ng cn tin l 15-11 vi gi l 17.800/USD.

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Quyn chn: c hai loi

a.Quyn chn mua

Ngi mua quyn chn tr mt khon tin (gi l ph quyn chn) cho ngi bn. Ngi mua s c quyn c mua (khng bt buc mua) mt lng ti sn nht nh theo mt mc gi tho thun trc, ti mt thi im xc nh trong tng lai. Ngi bn nhn ph quyn chn c trch nhim phi bn mt lng ti sn nh tho thun cho ngi mua, theo mc gi tho thun, vo thi im xc nh trong tng lai (hoc trc thi im ) khi ngi mua mun thc hin quyn chn mua. V d: Gi c phiu ca ngn hng AB ti thi im hin ti l 100.000 ng/c phiu, nh u t sau khi phn tch a ra d bo gi c phiu s ln khong 200.000 ng. Hin ti, nu mun mua 1000 c phiu ca AB th nh u t phi b ra 100.000.000 ng mua n. Gi s sau mt thi gian gi c phiu khng ng nh d bo b gim xung cn 60.000 ng th nh u t b l: 40.000.000 ng. Trong trng hp ny, va gim thiu ri ro m vn thc hin theo d bo, nh u t s u t vo Quyn chn mua, c th: mua 1000 c phiu ca AB vi gi 100.000 ng/c phiu, trong thi gian 3 thng vi mc ph quyn chn l 20.000 ng/c phiu x 1000 c phiu = 20.000.000 ng. Trong thi gian 3 thng trn, nu gi c phiu AB tng nh d bo ln mc 200.000 ng/c phiu th bn s thu c: 1000 c phiu x 200.000 ng = 200.000.000 ng tc l bn li 100.000.000 ng 20.000.000 ng ph mua quyn chn = 80.000.000 ng. Trong thng hp gi c phiu ca AB khng tng m lin tc gim cho n ht thi gian 3 thng th nh u t c quyn khng thc hin vic mua ca mnh v ch chu mt 20.000.000 ng tin ph quyn chn mua. b.Quyn chn bn Ngi nm gi mt lng ti sn mua ph quyn chn bn ca nh cung cp quyn chn bn m bo rng ti sn ca mnh s chc chn c bn mt mc gi nht nh trong tng lai. V d: Nh u t l ngi nm gi 1000 c phiu ca AB trn vi mc gi th trng hin ti l 100.000 ng/c phiu. Nh u t lo lng v gi c phiu c th gim xung cn 70.000 ng/c phiu th s b mt 30.000.000 ng. Nh u t s mua quyn chn bn vi mc ph 20.000 ng/c phiu = 20.000.000 ng m bo rng c phiu ca mnh lc no cng c th bn c 100.000 ng/c phiu. Tc l nu nh gi c phiu gim xung di 100.000 ng/c phiu th nh u t c th s c li v c bn c phiu mc cao hn mc gi ca c phiu trn th trng vo thi im .

V d khc: Nh u t mun bn 1000 c phiu cng ty AB nhng khng nm ton b s c phiu trn. Nh u t s t quyn chn bn 1000 c phiu cng ty AB vi mc gi 100.000/1 c phiu, nu nh gi c phiu cng ty gim xung cn 60.000/1 c phiu, nh u t s mua li 1000 c phiu ca cng ty AB vi gi 60.000/1 c phiu v bn li vi mc gi 100.000/1 c phiu theo quyn bn m ng mua. Nu gi c phiu cng ty AB tng ln, nh u t c th hy quyn bn c phiu v chu thit hi t hn (s tin t mua quyn bn c phiu AB vi mc gi 100.000/1 c phiu). Hp ng hon i l mt cam kt song phng, theo cc nh u t s trao cho nhau vo mt ngy nht nh mt s lng nht nh ng tin ca mt quc gia A ly mt s lng nht nh ng tin ca quc gia B c quy i theo t gi ngoi t hin ti trong mt thi hn xc nh, vi iu ha hon li vn khi n k hn.
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Hp ng hon i, hay cn gi l hp ng SWAP, l mt cng c ti chnh phi sinh (derivative) trong hai bn i tc trao i mt dng tin (cash flow) ny ly mt dng tin khc ca bn kia. Nhng dng tin ny gi l cc nhnh ca swap (legs), cc dng tin c tnh ton da trn mt con s c tnh nht nh. Cc hp ng hon i thng c dng phng nga cc loi ri ro ti chnh (nh ri ro v li sut thay i, ri ro v t gi, ri ro v gi c phiu), hng cc u i dnh cho cc cng ty trong nc, hoc nhm mc ch u c. V d: A c mt khon tin gi $100,000 vi li sut c nh 5%/ nm. B cng c mt khon u t $100,000 vi li sut bin ng, bnh qun cng l 5%/nm. A v B k mt hp ng SWAP theo , B s tr cho A s li tc t khon u t ca B, cn A tr cho B li tc 5,000 usd/ nm. Bng cch ny, B vn gi c khon u t ca mnh, trong khi c thu nhp n nh, cn A li c c hi hng li tc t khon u t kia cho d khng thc s s hu n. Cc hp ng Swap thng c giao dch bn ngoi cc th trng giao dch tp trung, hay ni cch khc n l mt loi cng c ti chnh phi sinh OTC (Over the counter). Hp ng Swap khng th c mua bn trao i nh l cc loi chng khon hay hp ng tng lai, m chng thc s l nhng hp ng c bit gia hai bn xc nh. Do , cch duy nht thot ra khi hp ng ny l bng tho thun song phng vi pha i tc

hu hp ng, hoc bng cch chuyn nhng n cho bn th ba vi iu kin c s ng ca pha i tc. C rt nhiu loi hp ng hon i nh SWAP tin t, SWAP li sut, SWAP chng khon... mi loi SWAP c mt c im ring. Swap tin t (Currency swap) Swap tin t l mt hp ng trao i ngoi t gia hai bn, sau mt khong thi gian nht nh, s tin s c hon i ngc tr li nh ban u. V c bn swap tin t tng t nh swap li sut, im khc nhau c bn l swap tin t c thc hin gia hai ng tin khc nhau cn swap li sut thc hin trn cng mt n v tin t. Ngoi ra, nu nh trong swap li sut, khon tin gc khng thc s c chuyn giao, hai bn ch hon i li sut cho nhau trn mt s tin danh ngha ca hp ng, th trong swap tin t c s chuyn giao ca s tin thc t ca hp ng 2 ln: lc bt u swap v lc kt thc swap. Swap tin t c th l hp ng ngn hn hoc di hn, thi hn ca n c th ko di n 10 nm hoc hn. Khng ging nh vay gip lng, theo lut k ton ca mt s nc, hp ng hon i tin t khng c coi l mt khon vay, do n khng phn nh trn bng cn i k ton. Mt hp ng hon i tin t bao gi c cu thnh t 2 phn, bt u l mt v trao i tin t (nhnh ngn), v kt thc bng vic thc hin mt hp ng k hn. Hp ng swap tin t gip mt cng ty c th huy ng c vn vi li sut thp hn. V d: cng ty X ca M pht hnh mt lng tri phiu tr gi 100 triu CHF ( vit tt ng Franc Thu S) sang Thu S, vi li sut c nh l 6%/6 thng. L do l mt s nh u Thu S ang c mt lng vn bng CHF, mun a dng ho danh mc u t ca h v cn tm nhng cng ty nh X, v vy h sn sng mua tri phiu ca X vi mc li sut thp hn cc nh u t M(8%). Cng ty X huy ng c s vn 100 triu CHF, tuy nhin hot ng ch yu ca n l ti M v thc hin bng USD, cho nn X li tip tc tham gia vo mt hp ng SWAP tin t vi ngn hng First Bank London(FBL). Hp ng ny gn ging nh X cho FBL vay 100tr CHF cn FBL cho X vay s tin tng ng bng
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USD. X i ngay 100tr CHF ra USD theo t gi th trng, nhn tin li nh tin li ca mt khon tin gi bng CHF vo cng ngy m h phi thanh ton cho cc nh u t Thu S, ng thi phi tr li cho khon tin chuyn i tng ng bng USD. n ngy o hn hai bn s hon i ngc li, X nhn li 100tr CHF, FBL nhn li USD. Nh s kt hp 2 hot ng ny m trong khong thi gian 6 thng, cng ty X huy ng c mt lng vn ln vi li sut thp hn huy ng t cc nh u t M. tnh ton gi tr ca hp ng SWAP ngi ta cng s dng k thut chit khu dng tin v thi im hin ti nh cc hp ng SWAP khc. Nhn chung khi bt u tin hnh nghip v SWAP, gi tr hin ti thun (Net present value = PVA - PVB) ca hp ng SWAP bng 0, tc l khng bn no c li hn bn no. Tuy nhin do s bin ng ca mt s nhn t nh li sut, t gi m khi kt thc hp ng c th s c bn li v bn l. Swap li sut (Interest rate swap) Hp ng swap li sut l mt dng kh ph bin trong cc cng c ti chnh phi sinh. Trong hp ng ny, mt bn s hon i mt dng li sut ca mnh ly dng li sut ca i phng. Dng li sut l g? l tp hp cc khon li sut trong tng lai ca mt khon u t. i vi dng li sut c nh th thu nhp t khon u t l u nhau trong nhng khong thi gian tng ng, cn dng li sut bin i th khng. Swap li sut thng l kiu hon i gia (li sut) "c nh - bin i", nhng cng c khi l "bin ng - bin ng". V mt l thuyt th loi th ba "c nh - c nh" cng c th thc hin c, nhng do ton b dng li sut c th xc nh c ngay thi im k hp ng swap nn chng c l do g m hai bn li tin hnh hon i cho nhau nu cc khon u t c chung n v tin t. V d: A c mt khon gi ngn hng bng USD, li sut 5%/nm, B s hu mt s tri phiu c gi tr tng ng, tri tc 7%. Vy nu tin hnh swap th n gin l A s phi b cho B 2%, v chng bn no c li lc g. Swap li sut "c nh - bin ng" thng c s dng khi cc cng ty mun thay th ri ro trc bin ng li sut ca mnh bng mt li sut n nh, to iu kin thun li cho hot ng qun tr chin lc, v khi cng ty s d dng xc nh cc nhn t nh hng
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hn. chiu swap ngc li, bn tham gia mun i li sut n nh ca mnh ly li sut bin ng, m theo k vng ca anh ta l c li hn. Hy theo di v d di y hiu r hn: Mt hp ng SWAP kiu "c nh - bin ng" theo , bn A tr cho bn B mt t l li sut bng vi li sut LIBOR + 50 im(0.5%), i li bn B cho bn A hng mt t l li sut c nh l 3%/nm. Lu rng, trn thc t khng din ra vic chuyn giao s tin gc, v tin li c tnh ton trn mt s tin qui c (tng tng). n k thanh ton, gi s 1 nm sau, li sut LIBOR lc l 0.7%, vy li sut A thanh ton cho B l 1.2%, do , sau khi b tr A s c nhn s tin li vi li sut l 3 - 1.2 = 1.8%. Li sut c nh ( v d ny l 3%) c gi l li sut swap. Nh vy trong trng hp ny, hp ng SWAP tng t nh mt v c cc v li sut LIBOR, nu li sut LIBOR m ln hn 2.5% th B c li, cn thp hn 2.5% th A c li. Ngoi ra swap li sut cn gip cc bn gim chi ph s dng vn. Nu A v B hot ng trong iu kin ging nhau th c v nh SWAP ch l mt tr chi c tng bng 0 (zero sum game) khi m li ch bn ny li l thit hi ca bn kia. Tuy nhin, khi A v B hot ng trong nhng mi trng khc nhau, tip cn vi nhng ngun lc khc nhau, th vn c mt khong no khin c hai cng c li. V d: A c kh nng vay tin vi li sut 12% hoc LIBOR+2%, trong khi B c kh nng vay vi li sut 10% hoc LIBOR+1%. Coi nh y l chi ph s dng vn ca 2 cng ty, th bng l thuyt li th so snh c th thy A c li th so snh v li sut ng cn B c li th so snh v li sut c nh. Vy A nn vay vn theo li sut bin ng LIBOR+2% cn B nn vay vn theo li sut c nh 10%, sau A v B c th s dng hp ng SWAP hon i li sut theo mt t l nht nh c hai cng c li.

PHN THC TRNG TI VIT NAM

III. Thc trng v gii php v vic s dng chng khon phi sinh Vit Nam: Th trng phi sinh ch mi hnh thnh trn trn lnh vc ngoi hi v gn y bt u trn th trng hng ha (c ph), cha xut hin cc giao dch trn th trng chng khon. Cc giao dch phi sinh ch yu l hp ng k hn, quyn la chn cn hp ng giao sau v hp ng hon i cha c thc hin. i vi th trng ngoi hi, hp ng hon i v hp ng k hn trn th trng ngoi hi c Ngn hng Nh nc cho php t nm 1998 theo quyt nh s 17/1998/ QNHNN7 ngy 10.1.1998. Vi quyt nh ny, cho php cc ngn hng thng mi trin khai cc nghip v hon i li sut v mua bn ngoi hi k hn vi khch hng l cc doanh nghip xut nhp khu, nh vy, gip cho cc doanh nghip hn ch c ri ro trong bi cnh khng hong kinh t ng Nam . n nm 2002, c s cho php ca Ngn hng Nh nc VN, ngn hng thng mi c phn xut nhp khu Eximbank tin hnh th im giao dch quyn la chn (options). Mc d mi a vo giao dch trn th trng, c ch cn kh mi m nhng bc u c nhiu khch hng tham gia. Sang nm 2004, trc tnh hnh bin ng gi c ph trn th trng gy ri ro cho nng dn v cc cng ty xut khu c ph, Ngn hng k thng ng ra lm u mi t chc cho cc doanh nghip thc hin giao dch phi sinh trn th trng London, bc u mang li hiu qu ng k. 1. Mc p dng cc cng c phi sinh Vit Nam Giao dch ti chnh tin t l lnh vc cha c s xut hin ca cc nh bo him bi tnh bin ng khn lng ca n. Cc ch th tham gia khng cn cch no khc ngoi vic t bo him cho mnh bng vic chuyn hn hoc san s 1 phn ri ro cho th trng bng cc Cng c ti chnh phi sinh. Tuy nhin, nhn mt cch tng qut, mc p dng cc Cng c phi sinh Vit Nam cn rt hn ch. Nhiu kin cho rng, xut pht im nn kinh t lc hu cha cho php chng p dng cc k thut ti chnh hin i. Ni cch khc, thi quen v tp qun kinh doanh l nhng cn tr ln i vi qu trnh ph bin cc cng c ti chnh phi sinh Vit Nam. Giao dch k hn xut hin vi t cch l cng c ti chnh phi sinh u tin Vit Nam theo quyt nh s 65/1999/Q-NHNN7 ngy 25/2/1999. Cc giao dch k hn c thc hin trong hp ng mua bn USD v VND gia ngn hng thng mi vi doanh nghip
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xut nhp khu hoc vi cc ngn hng thng mi khc c php ca ngn hng nh nc. Tuy nhin, Hp ng k hn t c s dng, mt phn l do th trng lin ngn hng VN cha pht trin, mt phn do nhng hn ch vn c ca n trong vic phng chng ri ro t gi v nhng hn ch ca NHNN. V th, cc giao dch k hn ch chim khong 5-7% khi lng giao dch ca th trng ngoi t lin ngn hng. Giao dch hon i cng xut hin kh sm theo quyt nh s 430/Q-NHNN13 ngy 24/12/1997 v sau ny l quyt nh s 893/2001/Q-NHNN ngy 17/7/2001 ca thng c NHNN. Tuy nhin y ch l nhng giao dch hon i thun chiu gia NHNN v NHTM. N ch c s dng trong trng hp cc NHTM d tha ngoi t v khan him VND. Cc cng c phi sinh li sut v t gi ngoi t tip tc xut hin VN v c cc ngn hng s dng do nhu cu ni ti ca cc NHTM nhm theo kp chun mc hot ng ngn hng quc t. NHNN cho php cc NHTM thc hin mt s nghip v phi sinh nhm phng nga ri ro li sut v ri ro t gi. Theo quyt nh s 1133/Q- NHNN ngy 30/09/2003 v quy ch thc hin giao dch hon i li sut cho php m rng danh mc cc NHTM v cc TCTD, cc DN c s dng cng c hon i li sut. Hon i li sut c thc hin i vi c VND v ngoi t gia cc ngn hng vi DN vay vn ti NH; gia NH vi nhng DN vay vn ti cc t chc tn dng (TCTD) khc, k c vay vn nc ngoi; gia cc NH trong nc vi nhau v gia cc ngn hng thng mi trong nc vi cc TCTD nc ngoi. Trn c s ni lng qun l ca NHNN, nhiu NHTM trin khai cung cp Hp ng hon i li sut cho cc doanh nghip (DN), tm kim i tc l cc TCTD nc ngoi k kt hp tc. Tuy nhin, giao dch phi sinh trong c hon i li sut c coi l hot ng ngoi bng ca NH do hng dn hch ton t pha NHNN i vi cc nghip v ny ang c xem l iu kin cc NHTM y mnh cung cp dch v ny cho khch hng. T khi NHNN cho php thc hin nghip v hon i li sut trn th trng Vit Nam (t 1/2003), c mt s ngn hng nh ABN, Citibank thc hin hon i li sut trong phm vi ng USD t ngy 1/3/2005 ti 2/2006. Tuy nhin, giao dch hon i li sut gia 2 ng tin USD v VND (hon i li sut cho) c thc hin, t trc khi c quy nh chnh thc ca ngn hng nh nc. Cho ti ln u tin, khi c NHNN cho php, HSBC cung cp gi Swaps tin ng cho mt cng ty a quc gia vi s vn ln ti 15 triu USD trn ti trng Vit Nam. Theo , HSBC s a VND v nhn USD t khch hng, ti
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thng 12/2007, HSBC s a USD v nhn li VND t khch hng. Vi giao dch ny, khch t c mc li sut cnh tranh nht trn th trng ni a cho vic vay vn tin ng k hn 3 nm m khng chu bt c mt ri ro no v t gi USD/VND. Chnh hnh ng ca HSBC, to ra nn tng pht trin cho cc giao dch hon i sau ny. Ngn hng Standard Chartered chi nhnh ti Vit Nam thc hin hon i li sut cho gia hai ng tin cho i vi cc khon vay ngoi t ca khch hng s khi khch hng vay ngoi t. V trong tng lai, Standard Chartered s cn cung cp nhiu sn phm phi sinh na trn th trng Vit Nam, ha hn tng lai pht trin th trng. mt mc cao hn, cc cng c lai tp c ngun gc t hon i nh hon i li sut cng dn, hon i li sut km theo iu kin quyn chn, hon i li sut bt u thc hin trong tng lai cng xut hin v trin khai trn th trng ngoi hi trong thi gian gn y. iu c bit l cc hp ng hon i ri ro tn dng c th im p dng ti Vit Nam theo cng vn 3324/NHNN-CSTT, thng 4/2006 cho php HSBC chi nhnh thnh ph H Ch Minh thc hin. Mc d l mt loi hon i nhng hon i ri ro tn dng thc s li ging mt chnh sch bo him hn. Tc mt bn nm gi tri phiu hoc cc khon vay, nh k s thanh ton cho bn kia. Trng hp tri phiu b nh gi thp hay cc khon vay trn b v n, bn bo him y l HSBC s tr cho bn i tc, khch hng cc khon b tr l. Sn phm hon i ri ro tn dng ca HSBC Vit Nam ch gn vi ri ro tn dng ca cc loi tri phiu do chnh ph hoc cc DN Vit Nam pht hnh tri phiu ra th trng quc t, cc khon vay di hn ca DN Vit nam ti cc t chc tn dng hot ng ti Vit Nam. Khch hng chuyn nhng ri ro tn dng cho HSBC l cc t chc tn dng hot ng ti Vit Nam v bn nhn chuyn nhng l cc chi nhnh HSBC nc ngoi. Thi hn ca giao dch khng qu 5 nm. Khch hng mua loi cng c ny cng ging nh thc hin mt khon u t gin tip. Vic tip cn vi cc cng c ny cho php nh u t c c hi tm kim nhng mc li nhun cao hn so vi hot ng tn dng tin gi bnh thng, nng cao hiu qu s dng ngun vn ca cc TCTD. Hn na, vic s dng cc cng c mi ny cn gp phn nng cao mc tn nhim ca chnh ph v cc DN Vit Nam khi pht hnh tri phiu ra th trng quc t.

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Quyn chn ngoi t, li sut v vng dng nh l nhng cng c phi sinh c th trng hoan nghnh v n nhn nhiu nht do nhng u im vn c ca n trong bi cnh li sut v t gi v gi vng lun trng thi tng lin tc. Ngn hng u t v pht trin Vit Nam (BIDV) l ngn hng u tin c php thc hin giao dch quyn chn li sut. Cc giao dch quyn chn li sut c php thc hin i vi nhng khon cho vay v i vay trung hn (di 5 nm) bng USD hoc bng EURO v ch c thc hin i vi cc DN hot ng ti VN, cc NHTM hot ng VN c NHNN cho php v cc NH nc ngoi. Sau BIDV l hng lot cc NHTM khc, bao gm c NHTM c phn cng c cho php thc hin nghip v ny. Bn cnh quyn chn li sut, quyn chn ngoi t cng c nhiu ngn hng cung cp, in hnh l BIDV, Eximbank, ACB, Techcombank, Agribank, Citibank, Vietcombank, ICB, v ngn hng Hng Kng bank chi nhnh thnh ph HCM. Nguyn tc chnh ca loi quyn chn ny l cc DN v c nhn c quyn t mua hay t bn USD vi VN thng qua mt t gi do khch hng t chn, c gi l t gi thc hin. c bit, quyn chn USD v VN p ng cho c nh nhp khu v nh xut khu trong quyn chn mua p dng cho nh nhp khu v quyn chn bn p dng cho nh xut khu. Sau khi NHNN cho php ACB, Sacombank v Agribank thc hin quyn chn mua bn vng, ngy 10/12/2004 ACB l ngn hng u tin cng b trin khai dch v ny. Dch v ny c tung ra trong bi cnh trong nc v quc t gi vng lin tc tng, tuy nhin cng cn c thi gian o lng mc n nhn ca th trng i vi cng c. Ti nay, c rt nhiu ngn hng c php ca Ngn hng nh nc cho php thc hin cc nghip v Option. c bit, Ngn hng nh nc cng cho php thc hin cc Options tin ng ti BIDV, ngn hng thng mi c phn Chu, ngn hng c phn thng mi quc t. Vi nghip v ny, chc chn tng lai s c m rng bi khi VND s c c hi tip cn vi th trng ti chnh th gii. V th ca VND v Vit Nam cng qua m tng ln. Tuy nhin, v ang trong giai on th im nn cc ngn hng ny b gii hn bi thi gian thc hin. Nhn chung, hot ng ny ang em li mt c cu sn phm hin i cho cc ngn hng trong iu kin hi nhp. Hn na, nhu cu ca khch hng i vi cc giao dch Options ang c xu hng tng, do vy ngn hng nh nc tin hnh gia hn th im hp ng cc nghip v ny. Quyn chn USD v VN p ng cho c nh nhp khu v nh xut khu trong quyn chn mua p dng cho nh nhp khu v quyn chn bn p dng cho nh xut khu. Sau khi
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NHNN cho php ACB, Sacombank v Agribank thc hin quyn chn mua bn vng, ngy 10/12/2004 ACB l ngn hng u tin cng b trin khai dch v ny. Dch v ny c tung ra trong bi cnh trong nc v quc t gi vng lin tc tng, tuy nhin cng cn c thi gian o lng mc n nhn ca th trng i vi cng c ny. im li nhng mc chnh xut hin ca cc cng c phi sinh VN, d nhn thy rng n cha c th trng n nhn nh l cng c khng th thiu trong phng nga ri ro. Thc trng t ra nhiu cu hi. Phi chng cc DN cha thc s c nhu cu phng chng ri ro? Phi chng khong cch gia mong mun phng nga ri ro ca cc DN v cc cng c phi sinh cn qu ln? Phi chng s hiu bit ca cc DN i vi cc Cng c phi sinh, t l nhng chnh sch s dng n cn yu km? Phi chng iu kin kinh t, c bit l s pht trin VN cn hn ch? Phi chng l vic hch ton nhng nghip v ngoi bng ny cn nhiu bt cp khin cc ngn hng cn nhiu lng tng trong vic trin khai cc dch v phi sinh ? Phi chng nhng quy nh php l hin nay cn hn ch s hot ng ca cc cng c phi sinh?..... Nu s dng sai mc ch v khng c gim st cht ch, cc cng c phi sinh, t ch l cng c phng chng ri ro s mang n nhng mm ho khn lng cho nn kinh t. Do vy, trnh iu , chng ta cn xy dng nhng tr ct c bn m bo vic trin khai cc cng c ti chnh phi sinh c bn vng. Vi tnh hnh hot ng ca th trng cc chng khon phi sinh VN thi gian qua c th tng kt c nhng thnh tu v hn ch sau:

Nhng thnh qu bc u:

+ Nhn thc v cc cng c phi sinh v s vn dng chng vo trong hot ng kinh doanh ngy cng ph bin v hiu qu. Bng vic a cc cng c phi sinh hon i (swap), k hn (forward) v quyn la chn (options) vo giao dch trn th trng, bc u ngn hng to c nhn thc cho khch hng trong vic vn dng chng phc v cho hot ng kinh doanh hn ch ri ro do bin ng t gi. Trn c s nhng thnh qu t c trn th trng ngoi hi hot ng giao dch phi sinh c trin khai sang lnh vc th trng hng ha, c th l sn phm c ph trn th trng London c ngn hng k thng p dng, Ngn hng chu thc hin nghip v quyn la chn mua bn vng.

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+ Cung ng thm cc cng c ti chnh, gp phn lm phong ph v a dng sn phm dch v ca ngn hng trn th trng ngoi hi. Mt s ngn hng nng ng, gi y khng ch tp trung vo nhng sn phm kinh doanh ngn hng truyn thng m cn hng ti nghin cu trin khai cc phi sinh hin i.

Nhng hn ch:

+ Khi lng giao dch cn qu nh so vi nh cu thc t: Cc giao dch k hn v giao dch hon i c trin khai t nm 1998 n nay nhng khi lng cc giao dch ny cc ngn hng thng mi vn cn rt t, vn cha to c s hp vn i vi khch hng. iu ny, xut pht t nhng nguyn nhn sau: T gi gia USD/VND c Ngn hng Nh nc can thip kh n nh vi mc ch h tr cho xut khu; nhn thc v cc cng c phi sinh nhng cha ph bin v cha am hiu su sc v cc cng c t khch hng; tnh hiu qu km ca th trng, lm cho cc giao dch phi sinh khng pht huy ht vai tr l cng c d trn nhng bin ng ngu nhin ca th trng hn ch ri ro v to ra li nhun; h thng thng tin th trng cha kp thi v y + Giao dch phi sinh ch yu trn th trng ngoi hi cn li trn cc th trng khc vn cha hnh thnh hoc trong giai on phi thai. iu ny mt phn xut pht t nguyn nhn v khung php l iu chnh hot ng giao ch chng khon phi sinh cha y , quyn li v trch nhim ca cc ch th tham gia cha c m bo, do cha to c s quan tm ca cc nh ch ti chnh cng nh cc nh u khi tham gia trn th trng chng khon, trong vn dng cc bin php hn ch ri ro v u t kim li. + Khung php l iu chnh cc giao dch phi sinh trn th trng cha c hon thin. Cc giao dch phi sinh m cc ngn hng thng mi kinh doanh trn th trng ngoi hi, c iu chnh bi cc vn bn php l ca ngn hng nh nc, cn li trn cc th trng khc vn cha c vn bn php l no iu chnh hot ng ca cc giao dch ny. 2.Mt s gii php v m Th nht : Quy nh v gii hn v gi mua Quy nh ny nhm khng ch cc nh u t a ra nhng mc gi qu cao hay qu thp lm cho th trng b xo trn hay b bp mo. Ni cch khc, y l nhng quy nh nhm

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kim sot (khng ngn cm) cc nh u c tc ng ln gi c. Vic kt hp cc chin lc phng nga ri ro trong cc quyn chn tin t l rt phong ph, n cho php cc DN Vit Nam kt hp va phng nga (t gi) va tin cng khi c c hi (c bit i vi cc nh ch mun tm kim li nhun). D nhin l mt tri ca quyn chn l u c rt cao. Cc nh u c c th u c gi ln hoc u c gi xung bng cc quyn chn mua v bn. Vic u c gi trn hp ng quyn chn tin t c th lm cho t gi bin ng vt ra khi bin d kin v do lm mt nim tin ca cc DN v cc nh u t vo h thng t gi m chng ta hoch nh. Mc d vy, vn cha c nhng chng c no cho thy vic u c vo cc hp ng quyn chn tin t dn ti s sp hoc khng hong t gi cc nc trn th gii. Ch t gi ph thuc ch yu v s n nh v m ca nn kinh t quc gia. Trong nhng nm qua, Vit Nam c nh gi rt cao v ch s n nh kinh t v m. Do , ni lo v tnh bt n ca t gi khi m rng bin s gim i rt nhiu. Chnh v th, chng ta c th trin khai cc quyn chn c iu kin ph hp vi iu kin cc nc nh Vit Nam tng p dng v thnh cng. Quyn chn c iu kin l mt dng quyn chn lai tp gia cc quyn chn phc tp cc nc pht trin nhng n lm gim nh i tnh u c trnh thua l ti a cho cc nh u t v thm ch cc nh u c c ham mun s dng quyn chn tin t nh mt cng c kim li. Cc quyn chn tin t c iu kin a ra nhng quy nh v cc mc t gi trn (ti a) v sn (ti thiu). Nu t gi vt qu cc mc gi ny th quyn chn s khng cn c gi tr. Nhng ro cn ny s lm nn lng cc nh u c v do gim i ng k tnh bt n do NHNN m rng bin dao ng t gi. Cc khng ch nu trn c th p dng cho ton b cc hng ho v ti sn trn th trng Vit Nam. Th hai: Yu cu v vn v th chp trong giao dch cng c ti chnh phi sinh K t v sp ca cng ty Enron, cc nh kinh t bt u tho lun t ra nhng qui nh v th chp ti sn trn cc hp ng phi sinh. Khi mt cng ty c nhng kh khn v mt ti chnh hoc thm ch ang cn hot ng rt tt vn phi a ra nhng khon th chp hay cc mc duy tr t cc cao chc chn cng cng ty s tun th hp ng mi khi c nhng bin ng cao trong gi. Mc duy tr c th l mt khon ti thiu m khi ti khon k qu gim xung mt mc no , th cch tham gia hp ng b sung vo.

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Trong iu kin Vit Nam, mc ti khon k qu v mc duy tr t phi l rt cao, c th ln ti 30% hp ng (so vi mc 5% trn cc th trng th gii). i vi cc nh mi gii trn cc hp ng phi sinh yu cu u tin l phi c vn, mc d h ch l nhng ngn hng hoc cc cng ty khng trc tip tham gia vo cc giao dch phi sinh. Yu cu v vn rt quan trng, v chng gip cho h thng cc ngn hng Vit Nam gim bt nhng nguy c v ng c sn sng chp nhn ri ro trnh tnh trng mt kh nng thanh ton ca nh mi gii. Th ba : Yu cu bt buc v ti phng nga ri ro trn cc th trng quc t Yu cu ny nhm khng ch v bt buc h thng ngn hng thng mi trong nc khng c gnh chu nhng ri ro t ngi mua cc hp ng quyn chn hoc k hn. Cc ngn hng ch l trung gian, ng ra thu ph gia ngi mua trong nc v sau em bn li trn th trng th gii. Quy nh ny c p dng trong hu ht cc nc pht trin, nhng trong iu kin Vit Nam chng ta bt buc cc ngn hng v cc giao dch ny cn hn ch nhiu, l cha k n nhng yu km v vn trong h thng ngn hng thng mi. Ngoi ra, Vit Nam cn xem xt v khn trng tham gia vo cc tho thun giao dch hon i theo quy nh quc t th mi c iu kin c th tham gia k cc hp ng ti bo him t cc giao dch phi sinh trong nc. Th t : Yu cu m ca th trng t do cho tt c cc nh ch trin khai cc hp ng phi sinh. M ca th trng cc cng c ti chnh phi sinh, trnh tnh trng ph bin hin nay l chnh ph ch cho php mt s ngn hng lm th im. C th ni th im hin nay l mt cn bnh ca cc c quan hoch nh chnh sch. Trong nhng trng hp nh th, gi tr hp l ca cc hp ng phi sinh s ch l c quyn ca mt s ngn hng, v chc chn s cao hn trn th trng th gii. Tt c nhng bp mo gi tr cc hp ng phi sinh s y sang pha ngi mua gnh chu. Tc dng ngc ca cc c quyn l hoc s khng tn ti cng c phng nga ri ro trn thc t, do gi ph qu cao lm nn lng cc nh u t, hoc l cc nh u t s cng chp nhn mo him cng tham gia canh bc vi ci gi phi tr rt cao vi hy vng g gc li bng cch hy vng u c trn nhng th trng bt u c trn khng kh bt n ca gi c th trng. Chnh v th m cn xem xt to ra mt th trng

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t do, cc nh ch ti chnh c cc iu kin c th cung cp cc sn phm phi sinh. V d nhin i lin vi l thit lp khung qun l chung cho cc nh ch ny. Th nm: Yu cu v ng k v lp cc Bo co ti chnh. y l mt chun mc bt buc nhm lm tng tnh minh bch cho tt c thnh vin tham gia th trng. Tt c cc thnh vin tham gia th trng phi sinh phi hiu ht v nhau trc khi tin hnh cc giao dch vi nhau Chng hn nh mt ngn hng Vit nam ng thc hin mt hp ng tng lai 1000 lng vng vi ngi mua tng lai. Trong trng hp ny ngi mua tng lai cn phi c nhng thng tin rng hin nay ngn hng Vit Nam hin ang k qu l bao nhiu ti mt ngn hng nc ngoi mua vng th gii bn li cho ngi t trong nc. Ni cch khc, trong cuc chi ny trong cuc chi ny ai cng phi c thng tin ln nhau, cuc chi tng thm phn minh bch v c li cho th trng giao dch. Th su: Hon thin nhng quy nh ti chnh k ton lin quan, nng cao tnh thanh khon ca sn phm phi sinh. Hin nay, cc cng c phi sinh cha c th trng giao dch chnh. Cc hp ng k hn v tng lai phi giao dch trn c sn nc ngoi nh London hay NewYork. Cn li l giao dch qua quy, nhiu bt li i vi tnh thanh khon cng nh cc loi ri ro tn dng. Cc hp ng quyn chn v hon i c giao dch trn th trng ngoi hi v th trng tin t. Ni chung, hin ti chng vn cn thiu nhiu c ch to ra cc hnh lang m bo cc hot ng c tri chy. Tuy nhin, i i vi vic pht trin th trng l vic nng cao cht lng hng ho cho th trng. Hng ho y chnh l cc cng c ti chnh phi sinh, t cc cng c thun nht ti cc cng c lai tp. V vn khng ch nm ch a dng ho cc sn phm, p ng cc nhu cu ca th trng. Cn ch ti cht lng hng ho. y, chnh l tnh hp php, tnh thanh khon, kh nng thch ng vi cc loi ri ro ca cc cng c ti chnh phi sinh. Do vy cn hon thin cc c trng k thut ca cc cng c ti chnh phi sinh, p ng nhu cu v mc pht trin ca th trng. i vi quyn chn, cc ngn hng thng mi nn xc lp trong ni dung hp ng quyn chn quyn c mua ngoi t khi DN khng thc hin quyn la chn, do i vi cc DN nhp khu ca Vit Nam khi thc hin hp ng quyn chn ngoi ngha v phng nga ri ro t gi hi oi cn c nhu cu cn m bo c s lng ngoi t thanh ton cc hp ng nhp khu n hn.
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Nh nc nn hon chnh khung php l xc nh r rng nghip v giao dch hp ng Optionsimages l mt nghip v kinh doanh ti chnh mang tnh cht phng nga ri ro hi oi ca cc DN khng thuc cc t chc ti chnh tn dng, bo him, kinh doanh. Trn c s ny, B ti chnh xc nh ph giao dch quyn chn l mt khon chi ph hp l, hp l c tnh vo chi ph khi tnh vo chi ph khi xc nh thu nhp chu thu. Ngoi ra, i vi cc Options chng khon, hin nay cha c p dng trin khai th y l thi im chn mui trin khai Options chng khon v tc pht trin thi gian qua kh nhanh, gi tng gim t bin, do nhu cu v Options cng tr nn cp bch. Nu c cng c Options, nh u t khng b hong lon v gn nh h mua bo him v gi cho cc chng khon ca mnh. Song song vi vic trin khai cc cng c ti chnh phi sinh thun nht, nn c nhng tip cn i vi cc sn phm lai tp. Cc sn phm qun tr ri ro li sut, t gi, gi c v c ri ro tn dng xut hin trn th trng Vit Nam. Thi gian ti s vn tip tc nng cao hn na cht lng ca th trng ti sn c c . T , s l c s c th nh gi cc sn phm phi sinh hiu qu nht. Th by: Ci tin cc phng php qung b thng tin v cc giao dch chng khon phi sinh n khch hng. Cc nh ch ti chnh chuyn nghip trin khai cc giao dch phi sinh nh: ngn hng thng mi, cng ty chng khon, trin khai qung b cc cng c phi sinh, nhm to ra s nhn thc v hiu bit cho khch hng, nh pht hnh v nh hoch nh chnh sch v cng dng v cch thc s dng cc cng c ti chnh phi sinh. thc hin iu ny, cc ngn hng cn rt kinh nghim v thay i cch tip th cho bn cc sn phm phi sinh, theo hng l la chn v hun luyn kin thc tip th cho nhng nhn vin tht s am hiu v sn phm trc tip gii thiu v cho bn cho khch hng. Ngoi ra, v lu di cn lp ra b phn chuyn t vn v h tr cho khch hng tm kim thng tin, cch thc s dng cc cng c ti chnh phi sinh cho c hai mc tiu kinh doanh v hn ch ri ro. Th tm: Tng cng cng tc o to nghin cu, thng tin tuyn truyn v hp tc quc t. Nhn t con ngi ng vai tr then cht trong mi hot ng. Do , vic o to phi t ln hng u v c thc hin thng xuyn. Th trng chng khon ni chung v th trng

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giao dch chng khon phi sinh ni ring l lnh vc kinh doanh i hi phi c kin thc, trnh chuyn mn cao, nhng hin nay cn qu mi m VN. Cho nn, vic o to phi gng kt vi hot ng m rng quan h giao lu hp tc quc t o to ngun nhn lc, t vn, xy dng chnh sch pht trin v qun l th trng . Trn y l mt s gii php mang tnh v m,. l nhng cng vic m nh nc, chnh ph v cc c quan lin quan cn c k hoch trin khai. Tuy nhin, th trng ngy cng pht trin bn vng, an ton v hiu qu th cn nhng n lc ca tt c cc ch th kinh t, cc DN, cc t chc tn dng ngn hng, nhng ch th cung cp v s dng sn phm phi sinh. V vn ct li chnh l nhn thc ca chnh cc ch th tham gia trc tip ch khng phi l cc ch th qun l.

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