TH TRNG TI

CHNH
TS. NGUYN NGC NH
TRNG I HC TI
CHNH- MARKETING.

Chng I
TONG QUAN VE TH TRNG TAI
CHNH
I.

CHC NANG CUA TH TRNG TAI CHNH (TTTC)

1. Khai niem ve TTTC:

+ Th trng giao dch, mua ban, trao oi cac
san pham tai chnh ngan han, trung han, dai
han e ap ng nhu cau khac nhau cua cac
chu the trong nen kinh te.
- oi vi cac chu the tha von: Tm kiem
li nhuan thong qua hoat ong au t .
- oi vi cac chu the thieu von: Bo sung
von cho hoat ong san xuat kinh doanh va
cac nhu cau au t khac.
+ Th trng tai chnh la loai th trng bac cao
ch ton tai va hoat ong trong ieu kien
cua nen kinh te th trng.
2. C s hnh thanh TTTC:

- Giao lu von trc tiep

- Giao lu von gian tiep thong qua cac to
chc tai chnh trung gian.
+ Cac nh che tai chnh c hnh thanh va
hoat ong co hieu qua:
- Cac Ngan hang thng mai
- Cac nh che tai chnh phi ngan hang
- Cac to chc trung gian khac
3. Chc nang cua TTTC
- Khi thong cac nguon von Nhu
vacau
dan
von,
s
dung
Nguon
cung ng
e ap
ng cac nhu cau cua
nen
kinh
te
von
(ni
thieu
von
tha
xa(ni
hoi.
von):
von):

-Ca nhan, ho gia

nh
-n v kinh te
-To chc oan
the, xa hoi
-Chnh phu

TH
TR
NG
TAI
CHNH

-n v kinh te
-Chnh phu TW
-Chnh quyen a
phng
-Ca nhan
-Ho gia nh

+ Kch thch tiet kiem va au t

- Tch luy tien te: Thoi quen cua moi tang
lp dan c trong xa hoi dan en viec tch
luy tien te mot cach thng xuyen.
- au t: Lam cho ong tien tch luy c
bao toan va sinh li
- Thuc ay kinh te xa hoi phat trien
+ Lam gia tang tnh thanh khoan cho cac tai san
tai chnh.
- Kha nang chuyen hoa thanh tien cao
- Giup chu s hu cac tai san tai chnh de
dang chuyen oi danh muc au t theo yeu
cau.
- Tao thuan li cho cac cong cu tai chnh lu
thong thong suot.
II. PHAN LOAI TH TRNG TAI CHNH
1. Phan loai TTTC theo thi han luan chuyen
von:
+ Th trng tien te: Th trng giao dch

2. Phan loai TTTC theo c cau cua th trng:

+ Th trng s cap: Th trng phat hanh
lan au cac chng t co gia e huy ong
va tap trung von.
+ Th trng th cap: Th trng mua ban
trao oi cac chng t co gia tr a phat
hanh lan au.
3. Phan loai TTTC
von:

theo tnh chat luan chuyen

+ Th trng cong cu n: Th trng phat

hanh, mua ban cac chng khoan n :
- Cong cu n ngan han
- Cong cu n trung han
- Cong cu n dai han
+ Th trng cong cu von: Th trng phat
hanh, mua ban cac chng khoan von :

III. VAI TRO CUA TTTC

1. Tao lap nguon von cho nen kinh te:
+ Tao lap nguon von qua he thong NHTM
(von gian tiep)
+ Tao lap nguon von qua th trng chng
khoan: (von trc tiep)
2. Gop phan nang cao hieu qua hoat ong
cua nen kinh te.
+ Khai thac triet e cac nguon lc tai chnh
+ Kch thch viec s dung von tiet kiem va
co hieu qua
3. ay nhanh qua trnh t do hoa tai chnh va
hoi nhap quoc te
+ T do hoa tai chnh
- T do hoa lai suat (lai suat thoa thuan)
- Thc hien c che quan ly ty gia linh
hoat
- T do hoa giao dch vang lai
- T do hoa giao dch von

Chng II
TH TRNG TIEN TE
(MONEY MARKET)
I.

CHC NANG CUA TH TRNG TIEN TE (TTTT)

1. Khai niem ve TTTT:

+Mot bo phan khong the chia cat cua th
trng tai chnh
+ La th trng phat hanh, giao dch, mua
ban cac chng t co gia ngan han
+ La th trng von ngan han
2. Cac chu the tham gia TTTT
+ Ngan hang Trung ng
+ Kho bac Nha Nc
+ Cac Ngan hang Thng Mai
+To chc tn dung phi ngan hang (Cty TC, CTy
cho thue TC).
+ Cac to chc tai chnh phi Ngan Hang (Cty
BH,CK, Quy au t).

3. Cong cu cua th trng tien te.

+ Tn phieu kho bac
+ Tn phieu Ngan Hang TW
+ Chng ch tien gi
+ K phieu ngan hang
+ Hoi phieu, lenh phieu
+ Cac giay n ngan han khac
4. Chc nang cua TTTT
- Tao lap va cung ng von ngan han cho nen
kinh te
- Tao moi trng au t an toan va co hieu
qua cho cac chu the trong xa hoi
- Lam lanh manh tnh hnh lu thong tien te

II. C CAU CUA TH TRNG TIEN TE

1. Th trng tien gi: (Deposit Market)
+ Th trng tien gi la th trng tap trung
nguon von thong qua he thong NNTM va cac
to chc tn dung.
+ Th trng tien gi la th trng giao dch
gia cac NHTM cac to chc tn dung vi cac
to chc va ca nhan trong xa hoi
+ Th trng tien gi co v tr quan trong va
la bo phan cot loi cua th trng tien te.
+ Cac cong cu cua th trng tien gi rat
a dang va phong phu ong thi la th
trng co tnh canh tranh cao.
2. Th trng tn dung (Cho vay- Lend Market)
+ Th trng tn dung la th trng cung ng
von cho nen kinh te theo nguyen tac hoan
tra.

Trong o: Ben cho vay gom:

- Cac NHTM
- Cac Cong ty tai chnh
- Quy tn dung
- Chnh phu
- Cac to chc kinh te...
Ben i vay gom:
- Cac loai hnh doanh nghiep
- Ca nhan
- Chnh phu...
+ Pham vi hoat ong cua th trng tn dung
la rat ln:
- Tn dung ngan hang:
- Cac NHTM, TCTD cho vay von oi vi cac

- Cho vay ngan han tai tr kinh doanh , chiet

khau chng t co gia
- Tai tr d an au t
- Cho thue tai chnh
- Tn dung thng mai:
- Cho vay gia cac to chc kinh te vi nhau
thong qua mua ban chu hang hoa (tra
cham, tra sau)
- Cong cu hoat ong cua cac tn dung thng
mai la hoi phieu (Bill of Exchange) hoac lenh
phieu (Promissory Note)
- Tn dung nha nc:
- Cac to chc va ca nhan cho nha nc vay
von e au t cho cong trnh d an c s ha
tang cua nen kinh te.
- Cong cu hoat ong cua tn dung nha nc

b. Cac chu the tham gia th trng lien ngan

hang.
+ Ngan hang trung ng:
- Ngi to chc va ieu hanh hoat ong
TTLNH
- Ngi cho vay cuoi cung e can bang cung
cau von ngan han gia cac NHTM
+ Cac NH thng mai:
- La ngi i vay neu thieu von kha dung
- La ngi cho vay neu tha von kha dung
c. Cac giao dch tren th trng Lien ngan
hang.
+ Vay va cho vay e bo xung nguon von ngan
han gia cac NH thng mai.
- Cong cu ieu chnh: lai suat th trng
lien ngan hang (Inter Bank offered Rate IBOR)

Sau khi ieu chnh IBOR ma van khong xap

lap c cn bang cung cau th NHTW se tham
gia
- Tac dung: S dung triet e nguon von kha
dng cua toan he thong ngan hang thng
mai.
+ Cho vay thanh toan:
NH trung ng cho vay cac NH thng mai b
thieu hut von trong thanh toan. NHTW co the
ap dung 1 trong 2 phng thc cho vay.
- Cho vay qua em (Overnight Lend)
- Thau chi (Overdraft)
Tac dung: Thuc ay he thong thanh toan
c thc hien nhanh chong
4. Th trng m (Open Market)
a. Khai niem:

Nghiep vu th trng m: + La nghiep vu

cua NHTW e tien hanh mua ban, chng t
co gia ngan han vi cac NHTM cac to chc
khac nham thc hien muc tieu cua chnh sach
tien te quoc gia.
(khoan 4, ieu 9 luat NHNNVN (luat so
01/1997/QH10)
Nghiep vu th trng m la nghiep vu mua,
ban cac chng t co gia ngan han do
NHNNVN thc hien tren th trng tien te
nham thc hien chnh sach tien te quoc gia
+ Nghiep vu th trng m la cong cu cua
NHTW e ieu hanh chnh sach tien te.
Trng hp 1: Khi nen kinh te co lam phat cao
va gia tang NHTW can phai giam khoi tien
cung ng: NHTW se ban chng t co gia
Trng hp 2: Khi nen kinh te co dau hieu suy
thoai, tang trng cham NHTW can gia tang
khoi tien cung ng th NHTW se mua chng
t co gia.
b. Hang hoa cua th trng m:

* Cac ieu kien cua hang hoa tren th

trng m
+ Cac chng t co gia c phat hanh va
lu thong hp phap
+ Cac chng t co gia phai c ang ky
tai S GD ngan hang Nha nc Viet Nam.
+ Chng t co gia c phat hanh va
thanh toan bang VN
+ Co thi han hien lu con lai toi a la 90

ngay(i vi giao dch mua bn hn)

Cac loai hang hoa cua th trng m

+ Tn phieu kho bac: ay la chng t co gia
ngan han, la giay nhan n cua chnh phu
oi vi ngi mua, trai phieu kho bac vi s
cam ket mac nh, trong viec thanh toan von
va lai cho ngi s hu TPKB.
+ Tn phieu NHTW: ay cung la chng t co
gia ngan han do NHTW phat hanh thong qua
th trng m e thc hien chnh sach tien
te trong tng giai oan, la giay nhan n cua

c. Cac chu the tham gia th trng m:

* Ngan hang Trung ng:
+ Ngi to chc va ieu hanh hoat ong
cua th trng m
+ Ngi tham gia ban, mua chng t co gia
vi cac chu the khac cua th trng nhng
khong v muc tieu li nhuan
* oi tac cua Ngan hang Trung ng
Ngi trc tiep tham gia mua ban chng t
co gia vi muc tieu tm kiem li nhuan.
Cac oi tac phai ap ng cac ieu kien
sau:

- c thanh lap va hoat ong kinh doanh

theo luat phap hien hanh cua nc Viet Nam
- Co phieu ang ky tham gia th trng, c
NH Nha nc Viet Nam chap thuan va cap
ma so giao dch (code) ma khoa, ma ch ky
cua nhng ngi co lien quan e tien hanh
giao dch tren th trng m (gom ngi co
tham quyen, ngi kiem soat va ngi giao
dch).
- Phai co tai khoan tien gi khong ky han
tai s giao dch NHNNVN hoac tai chi nhanh
NHTW tnh, Thanh pho trc thuoc trung ng.
- Trang b ay u cac phng tien ky thuat
hien ai (mang vi tnh, fax, dien thoai ghi am),
e giao dch tren th trng m vi NHNN.
- Chap hanh nghiem chnh cac quy nh cua
quy che nghiep vu th trng m.

+ Cac thanh vien la oi tac cua NHTW gom:

NHTM nha nc (5/5 NH tham
gia)
NH co phan (25/37NH tham
gia)
-

Cac NH thng mai:

tham gia)
NH

NH lien doanh (4/5 NHLD

nc

ngoai

(20/36

chi

nhanh nc
ngoai tham gia)
-

Cac to chc tn dng phi ngan hang:

Cong ty tai chnh
Cong ty cho thue tai chnh

Qu tn dng Nhn dn

d. Cac nghiep vu giao dch tren th trng

m
* Giao dch khong hoan lai:
+ NHTW giao dch mua hoac ban chng t co
gia vi oi tac cua mnh ma khong co bat
ky cam ket nao ve viec ban hoac mua lai
cac chng t o (mua, ban han)
+ Cong thc xac nh gia ca mua ban chng
t co gia
1 =+

GT

GMB

LS x T
100 x 365
Trong o: GMB gia ca mua ban chng t co gia

* Giao dch co hoan lai (REPO)

- ay la giao dch mua ban chng t co gia
gia NHTW vi cac oi tac cua th trng.
Trong o ben ban cam ket se mua lai chng
t co gia a ban, khi en han quy nh.
- Cong thc xac nh gia ban va gia mua lai
chng t co gia:
GT
GB 1=+
LS x thi han hieu lc con lai (ngay)
100 x 365
LS x thi han ban (ngay)
GM = GB

1+

)
100 x 365

Trong o: GB: gia ban chng t co gia

GT: gia tr ao han cua chng t
LS: Lai suat (L/s cong bo hoac L/s
trung thau)
GM: gia mua lai chng t co gia a
ban trc ay
e. Phng Thc au Thau
* au thau khoi lng (au thau)
+ NHTW thong bao khoi lng (gia tr) chng
t can ban hoac can mua vi lai suat c
xac nh ( lai suat cong bo)
+ Cac oi tac ang ky khoi lng mua hoac
ban trong pham vi khoi lng thong bao, vi
mc toi thieu la 100tr VND
* au thau lai suat (au gia)

f. Phng Thc Xet Thau

* Xet thau khoi lng
+ Neu khoi lng thong bao > Tong khoi
lng au thau:
Moi n d thau hp le eu c xet thau
(trung thau)
+ Neu khoi lng thong bao < Tong khoi
lng au thau
=

Khoi lng trung thau c phan bo theo cong

thc sau:
Khoi lng trung
lng thong bao

Khoi lng au

thau thanh vien i

thau thanh vien i
khoi lng at thau

Khoi
Tong

* Xet duyet lai suat (ap dung 1 trong 2

- Sau o xac nh khoi lng trung thau va

gia ca mua ban chng t co gia theo lai
suat thong nhat
- Th du: NHTW thong bao ban tn phieu NHTW
vi khoi lng la 2,200 ty VND theo phng
thc au thau lai suat xet thau lai xuat
thong nhat. Cac NH a nop n d thau vi
khoi lng va lai xuat theo bang di ay.
L/s at
thau
(nam)

Khoi lng at thau (Ty VN)

NHA

6.75%

NHB

NHC

100

Tong
cong

So at
thau
Luy ke

100

100

7.00%

100

200

100

400

500

7.25%

200

300

100

600

1.100

7.50%

200

400

300

900

2.000

7.75%

200( 80)

300(120)

500(200)

2.500

8.00%

200

200

2.700

Lai suat trung thau thong nhat la 7,75%

+ Xet thau lai suat rieng le (Xet thau

nhieu gia kieu My)
- Neu NHTW ban chng t co gia: Th lai
suat trung thau rieng le lai suat trung
thau cao nhat.
- Neu NHTW mua chng t co gia: Th lai
suat trung thau rieng le lai suat trung
thau thap nhat.
Trong o: lai suat trung thau cao nhat hoac
thap nhat la mc lai suat, tai o khoi
lng cong don ln hn hoac bang () khoi
lng thong bao.
- Xac nh khoi lng trung thau tng ng
vi cac lai suat rieng le
- Sau o s dung lai suat trung thau rieng
le e xac nh gia ca giao dch.

Chng III
TH TRNG HOI OAI
(FOREIGN EXCHANGE MARKET)
I.

KHAI NIEM , AC IEM VA VAI TRO CUA TTH

1. Khai niem
+ Khai niem ve ngoai hoi:
Tat ca cac phng tien c s dung trong
giao dch thanh toan quoc te.
- Ngoai te
- Cong cu thanh toan bang ngoai te
- Chng t co gia bang ngoai te
- Vang
- ong tien quoc gia (khi xuat hoac nhap)
+ Khai niem ve th trng hoi oai:
- Th trng dien ra cac hoat ong giao dch,
mua ban ngoai te va cac phng tien thanh
toan co gia tr ngoai te khac
- La ni hnh thanh ty gia hoi oai theo quan

2. ac iem cua TTH

+ TTH khong ton tai trong mot khong gian cu
the nhat nh ma hoat ong cua no thong
qua cac phng tien thong tin hien ai.
+ Co tnh quoc te hoa cao.
+ Giao dch mua ban cac loai ngoai te t do
chuyen oi.
+ Giao dch vi khoi lng ln (khoi lng toi
thieu va doanh so)
3. Vai tro cua TTH
+ Tao ieu kien e ket noi cac nhu cau giao
dch ngoai te trong nen kinh te
+ Lam cho cac giao dch mua ban trao oi
ngoai hoi i vao ne nep, on nh, gop phan
on nh th trng tai chnh
+ Giup NHTW nam bat c thong tin ve th

II. THANH VIEN THAM GIA TH TRNG HOI

OAI
1. oi Vi Th Trng Ngoai Te Lien Ngan
Hang:(th trng ban buon)
Co 2 thanh vien tham gia:

Ngan hang Nha nc Viet Nam:

+ Ngi to chc va ieu hanh hoat ong
cua th trng LNH
+ Ngi thc hien viec mua ban ngoai te e
ieu tiet th trng nham thc muc tieu cua
CSTT:
- NHNN mua ngoai te khi cung > cau (ty gia
giam)

NHNN mua ngoai te dan en ket qua nh sau:

* D tr ngoai hoi nha nc tang

Ket qua:
*D tr ngoai hoi nha nc giam
* Lng tien cung ng giam
Cac TCTD c phep hoat ong cung ng dch
vu ngoai hoi (Cac NHTMQD, Chi nhanh nc
ngoai, Ngan hang lien doanh, NH co phan o
th quy mo ln...)
+ Tham gia th trng e kinh doanh ngoai te
+ ieu chnh trang thai ngoai hoi theo gii
han quy nh e phong nga rui ro ty gia.
2. oi vi th trng ngoai te gia NH vi
khach hang (Th trng giao dch ban le)

Thanh vien cua th trng gom:

+ Cac to chc tn dung c phep
+ Cac ban thu oi ngoai te
+ Khach hang (cac n v kinh te, cac to
chc, ca nhan)
Cac n v kinh te, cac to chc: Mua ban
ngoai te chuyen khoan, e thanh toan tien
hang hoa, dch vu, tra n vay NH tra n

 Cac ca nhan: Mua ban ngoai te bang tien

mat e ap ng nhu cau cho ca nhan (du
lch, hoc tap, cha benh...)
III. CAC NGHIEP VU GIAO DCH HOI OAI
1. Giao dch giao ngay (spot)
Ty gia giao dch: Ty gia giao ngay (Spot Rate)
Ty gia c xac nh tai thi iem giao dch.
Ngay giao dch (N) hai ben mua ban ky hp
ong giao dch
Ngay gia tr (ngay thc hien) (N+ 2) sau 2
ngay lam viec hai ben mua ban thc hien
viec chuyen tien cho oi tac cua mnh, ben
nao cham tre se b phat.
L/s phat: 150% Sibor neu ben ban chuyen ngoai
te cham
150% L/s tai chiet khau (Rediscount Rate)
neu ben mua cham thanh toan
Tac dung:
- ap ng nhu cau ngoai te trc mat cho
cac thanh vien cua th trng.

2. Giao dch ky han (Forward)

Khai niem:
- Ty gia giao dch: ty gia ky han (Forward
Rate) ty gia c xac nh tai thi iem giao
dch (ky hp ong) nhng c ap dung trong
tng lai (15 ngay, 1, 2... 12 thang)
+ Xac nh ty gia ky han
- Phng phap lai suat (t dung)
- Phng phap iem ky han
FR = SR FP
Trong o: FR: Forward Rate ty gia kyhan
SR: Spot Rate ty gia giao ngay
FP: Forward Point iem ky han
- Ty gia mua ky han = ty gia mua giao ngay
iem ky han
- Ty gia ban ky han = ty gia giao ngay
iem ky han ban
Neu: iem ky han ban > iem ky han mua:
iem gia tang

Ty gia
Giao ngay 1
thang
USD/CHF 16/11
=
1,7218/39 15/23
EUR/USD
=1,3166/
79

iem ky han
2 thang

6
9 thang 12
thang
thang

29/22

90/108 126/112

185/166

24/49

92/107 105/118

125/145

USD/CHF ky han 1 thang (co iem khau tr)

Bid = 1,7218-0,0016 = 1,7204/02
ASK = 1,7239-0,0011=1,7228
EUR/USD ky han 9 thang (co iem gia tang)
Bid= 1,3166 + 0,0105 = 1,3271
ASK= 1,3179 + 0,0118 = 1,3297

 Ngay thc hien: Ben ban va ben mua thc

hien hp ong bt ke ty gia thc te tren
th trng tang giam nh the nao.
Tac dung: -Giup cho cac thanh vien chu
ong hn trong viec mua ban ngoai te (tnh
chac chan).
-La cong cu e phong nga rui ro
3. Giao dch hoan oi (Swap)
Khai niem: Phoi hp giao dch giao ngay vi
giao dch ky han
Ngoai te: 1.000.000USD
S o giao dch Giao ngay 18/12/07
oi khoan 16.100
trieu VND

Ngan hang
A
(Ban giao
ngay,
mua ky han)

Hp ong
Hoan oi
ngoai te
(Swap)
oi khoan 16190
trieu VND
Giao ky han 18/6/08
Ngoai te:

Cong ty B
Mua giao
ngay,
Ban ky han

 Tac dung: + Chuyen nhng tam thi ong

tien nay sang ong tien khac e ap ng
nhu cau kinh doanh
+ Cong cu phong nga rui ro ty gia
+ Giup cac NH duy tr c trang thai ngoai
oi trong tng lai
V du minh hoa tai NHA co tnh hnh sau:
- L/s tien gi USD ky han 6 thang la 0,36%
thang
- L/s cho vay ngan han VND la 1,2% thang
- Chi ph kinh doanh la 0,3%thang
NHA se co thu nhap va chi ph nh sau:
+ Thu nhap (lay VND cho vay ngan han 6 thang
va thu lai cho vay) 16.100.000.000VND x 6 x 1,2%
= 1.159.200.000
+ Chi ph: Chi ph kinh doanh
16.100.000.000 x 6 x 0,3%
= 289.800.000
+ Chi tra lai tien gi USD
1.000.000 x 6 x 0,36% x (16.290)
= 351.864.000

+ Lai cua NHA = Thu nhap chi ph

1.159.200.000 831.664.000 = 327.753.000
4. Giao dch quyen chon (options)
Khai niem: La giao dch mua ban ngoai te
co ky han nhng ngi mua quyen chon
(khach hang) khong bat buoc phai thc
hien hp ong a ky ket.
ac iem: + Ngi mua quyen chon khong
b rang buoc bi hp ong quyen chon. Ho
co the thc hien hoac huy bo hp ong
a ky.
+ Quyen chon ch danh cho 1 pha
o la khach hang. Con NH la nha kinh
doanh tien te bat buoc phai thc hien
hp ong, bu lai NH c thu ph quyen
chon khi hp ong c ky ket.
Phan loai quyen chon:
+ Phan loai theo oi tac mua quyen chon
- Quyen chon mua (call option): ay la
quyen chon cho phep khach hang c
quyen mua ngoai te theo cac ieu khoan
cua hp ong hoac huy bo hp ong
(khong mua) neu ieu o la co li cho

+ Quyen chon ban (put option): ay la quyen

chon cho phep khach hang c quyen ban
ngoai te theo cac ieu khoan cua hp ong
hoac huy bo hp ong (khong ban) neu
ieu o la co li cho mnh)
- Neu ty gia thc te < ty gia hp ong: thc
hien quyen chon ban
- Neu ty gia thc te > ty gia hp ong: bo
quyen chon ban va ban ngoai te theo ty gia
thc te se co li hn.
+ Phan loai theo tnh chat quyen chon.
- Quyen chon kieu chau Au (European option
style) ch cho phep ngi mua quyen chon
(khach hang) thc hien hp ong vao ngay
ao han cua hp ong.
- Quyen chon kieu My (American option style)
cho phep ngi mua quyen chon (khach hang)

Qu
m ye
ua
n
ch
o

Cong ty ABC
Q
ba uy
n en

NH A

ch
o

NH B

+ Quyen chon mua vi NH A

- So lng USD 1.000.000 USD
- oi khoan: VN
- Thi han 3 thang ao han ngay 31/12/07
- Ty gia USD/VND: 16.250
- Ph quyen chon mua: 5VND/1USD (5.000.000)

+ Quyen chon ban vi NH B

- Loai ngoai te giao dch: USD
- So lng : 1.000.000
- oi khoan: VND
- Thi han 3 thang: ao han ngay 31/12/07
- Ty gia USD/VND: 16140
- Ph quyen chon ban: 5VND/1USD (5.000.000
Tnh huong 1: Vao ngay 31/12/07
- Ty gia th trng USD/VND 16280/16300
- Thc hien quyen chon mua vi gia 16.250
- Sau o ban USD vi gia 16280
- Lai (16280 16250). 1.000.000]- 5.000.000 =
25.000.000

- Tnh huong 2: Vao ngay 31/12/07

+Ty gia th trng USD/VND: 16105 /16125
+ Mua ngoai te theo gia th trng 16125 (bo
quyen chon mua)
+ Ban ngoai te theo hp ong quyen chon
ban vi gia 16140
lai (16140
10.000.000

16125)

1.000.000-5.000.000

- Tnh huong 3: Vao ngay 31/12/07

+Ty gia th trng USD/VND 16140/16250
Cong ty A thc hien hp ong hoac huy bo
hp ong
Tac dung cua quyen chon:
+ am bao nhu cau ngoai te trc mat va
trong tng lai cho khach hang mot cach

- Ty gia th trng USD/VND: 16105 /16125

+ Mua ngoai te theo gia th trng 16125 (bo
quyen chon mua)
+ Ban ngoai te theo hp ong quyen chon
ban vi gia 16140
lai (16140
10.000.000

16125)

1.000.000-5.000.000

- Ty gia th trng USD/VND 16140/16250

Cong ty A thc hien hp ong ban khong thc
hien hp ong en c nhng khong co loi
g ca.
Tac dung cua quyen chon:
+ am bao nhu cau ngoai te trc mat va
trong tng lai cho khach hang mot cach
chac chan.
+ Cho phep khach hang la chon phng an