8/10/2012

TH TRNG TIN T VIT NAM

Trnh by: Nguyn c Mu Thng 8 nm 2012

Th trng tin t Vit Nam

Ni dung
Nhng vn c bn ca th trng tin t Th trng tin t Vit Nam Mt s bt cp ca th trng tin t Vit Nam Nguyn nhn

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Nhng vn c bn ca th trng tin t

Khi nim Chc nng Cng c Thnh vin th trng Phng thc hot ng

Nhng vn c bn ca th trng tin t

nh ngha
iu 9 khon 2 Lut Ngn hng Nh nc quy nh: Th trng tin t l th trng vn ngn hn, ni mua, bn cc giy t c gi ngn hn, bao gm tn phiu kho bc, tn phiu NHNN, chng ch tin gi v cc giy t c gi (GTCG) ngn hn khc. T nm 2004, NHNN cho php s dng c GTCG di hn trong giao dch nghip v th trng m.

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Nhng vn c bn ca th trng tin t

Chc nng ca th trng tin t

L knh ngn hng nh nc Vit Nam thc hin chnh sch tin t quc gia Chuyn vn tm thi nhn ri n ni thiu vn, c sut sinh li cao

Nhng vn c bn ca th trng tin t

Cc cng c giao dch trn th trng

Tn phiu kho bc Tn phiu NHNN Hp ng mua li Cc loi giy t c gi ngn hn khc

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Nhng vn c bn ca th trng tin t

Thnh vin tham gia th trng tin t Vit Nam

NHNN T chc tn dng (ngn hng thng mi, cng ty ti chnh, cng ty cho thu ti chnh, khc) Doanh nghip Chnh ph, chnh quyn a phng C nhn

Nhng vn c bn ca th trng tin t

Phng thc hot ng

Giao dch trc tip hoc gin tip Phng tin giao dch: in thoi, fax, h thng giao dch in t.

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Th trng tin t Vit Nam

Th trng ni t lin ngn hng Th trng giy t c gi Th trng ngoi t lin ngn hng Th trng hp ng mua li

Th trng ni t lin ngn hng

Thnh phn tham gia: T chc tn dng, ch yu l cc ngn hng thng mi Mc ch

m bo d tr bt buc
D tr bt buc Qun l DTBB ca NHNN

m bo thanh khon
Khch hng rt tin Gii ngn.

Kinh doanh vn tm thi nhn ri

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Th trng ni t lin ngn hng

C s hnh thnh giao dch

Cn c vo xp hng ni b: cp hn mc giao dch cho i tc.
Hn mc: Tnh cam kt: hu ht l hn mc khng cam kt

Tn chp: khng c ti sn m bo

T chc giao dch: Phi tp trung OTC

Th trng ni t lin ngn hng

Gi c
Li sut do hai bn tha thun: hnh thnh trn c s quan h cung cu, quan h i tc, xp hng Ty thuc k hn: thng thng ngn hn thp hn di hn. Gi bui sng khc bui chiu. L giao dch OTC: Cng 1 k hn c nhiu mc gi trn th trng.

K hn
Qua m, 1 tun, 2 tun, 1 thng, 2 thng, 3 thng. Hu ht l di 3 thng.

Phng thc giao dch

in thoi, fax hp ng. S dng h thng Reuters dealing

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Th trng giy t c gi

Tn phiu kho bc
Th trng s cp:
Li sut, s lng pht hnh do B Ti chnh, Tng Gim c Kho bc quyt nh K hn: 364, 273, 182 v 91 ngy Lu k: ti NHNN

Th trng giy t c gi

Tn phiu kho bc
Th trng th cp
Hu ht cc ngn hng mua Tn phiu Kho bc c xu hng gi ti khi o hn, him c giao dch mua bn li gia cc ngn hng Cc ngn hng s dng Tn phiu Kho bc tham gia Th trng m.

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Th trng giy t c gi

Tn phiu ngn hng nh nc

Li sut: do NHNN quyt nh ph hp vi mc tiu thc hin chnh sch tin t K hn: 7, 14, ..35, 42, 91, 182, 273 hoc 364 ngy Thnh phn tham gia: TCTD Li sut: Do NHNN cng b ph hp vi mc tiu iu hnh chnh sch tin t quc gia Hnh thc tham gia:
iu kin thng thng: T nguyn Khi NHNN thc hin chnh sch tin t tht cht: Bt buc

Thc t: hiu qu s dng cng c ny khng cao do t TCTD mua c tr trng hp bt buc

Th trng giy t c gi

NHNN thc hin ti chit khu, ti cp vn cho cc TCTD:

Chit khu, ti chit khu giy t c gi
Hng qu NHNN cp hn mc cho TCTD cn c vo: Vn iu l, d n cho vay nn kinh t, d n cho vay lnh vc nng nghip, mc tiu ca chnh sch tin t quc gia, k hoch cung tin K hn: khng qu 91 ngy Li sut: Li sut ti chit khu do NHNN cng b Hnh thc: chit khu k hn cn li hoc chit khu c k hn Thc t: Hn mc cp thng nh, t gia nm 2008: khng cp.

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Th trng giy t c gi

NHNN thc hin ti chit khu, ti cp vn cho cc TCTD

Ti cp vn cho TCTD
Cho vay thu chi qua m trong hot ng thanh ton in t: TCTD s dng GTCG ( lu k NHNN) m bo cho khon vay Cho vay c m bo bng cm c chng t c gi
Li sut thng cao hn li sut trn th trng m K hn cho vay di hn k hn trn th trng m Thc tin ca hnh thc ny:

Th trng giy t c gi

Th trng m
Thnh vin tham gia: NHNN, TCTD iu kin tham gia:
L thnh vin th trng m Th tc ng k n gin iu kin tham gia: Phi nm gi nhiu GTCG

Phng tin giao dch: qua mng Phng thc u thu:

Li sut S lng

Thi hn thanh ton: c rt ngn xung (T+0) t (T+2)

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Th trng giy t c gi
Phin u gi 25-Jul-11 25-Jul-11 26-Jul-11 26-Jul-11 27-Jul-11 27-Jul-11 28-Jul-11 28-Jul-11 29-Jul-11 29-Jul-11 Loi giao dch Reverse Repo Reverse Repo Reverse Repo Reverse Repo Reverse Repo Reverse Repo Reverse Repo Reverse Repo Reverse Repo Reverse Repo K hn (ngy) 7 7 7 7 7 7 7 7 7 7 Khi lng trng thu (t VND) 1,000 1,000 1,000 1,000 1,000 Li sut trng thu (%) 14 14 14 14 14 14 14 14 14 14

Source: Reuters

Th trng giy t c gi

Th trng m
Hng ha giao dch:
Tn phiu kho bc Tn phiu ngn hng Nh nc Tri phiu chnh ph Tri phiu cng trnh trung ng Cng tri Tri phiu Ngn hng Pht trin Tri phiu chnh quyn a phng do UBND thnh ph H Ni v TPHCM pht hnh

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Th trng giy t c gi

Th trng m
T l chnh lch gia gi tr giy t c gi ti thi im nh gi v gi thanh ton trong giao dch mua, bn c k hn gia NHNN v TCTD:
i vi: TPKB, TPNHNN, TPCP, TPCTTW, CT:
Di 1 nm: 0% T 1 nm n 5 nm: 5% T 5 nm n 10 nm: 10% T trn 10 nm tr ln: 15%

Tri phiu Ngn hng Pht trin: 20% Tri phiu chnh quyn a phng do UBND thnh ph H Ni v TPHCM pht hnh: 30%

Th trng giy t c gi

Th trng m
T l giao dch ca cc loi GTCG: Tri phiu NHPT v TP chnh quyn a phng c php giao dch theo t l ti a khng qu 50% tng gi tr ca mi phin giao dch th trng m Mc ch tham gia th trng m ca TCTD:
Thanh khon Kinh doanh: vay NHNN vi li sut trn th trng m, cho vay li TCTD khc hng chnh lch li sut.

iu hnh th trng m ca NHNN phn nhiu l Cung tin. Vic Rt tin qua th trng m (c ch th trng) cn cha mnh.

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Th trng giy t c gi

Chng ch tin gi
Bn cht: l cng c n khng c m bo c pht hnh bi cc TCTD iu kin c pht hnh:
Kt qu kinh doanh Phng n s dng vn

K hn:
Ngn hng:
Di 1 nm: bo co Trn 1 nm: Phi xin php

TCTD khc: ch c pht hnh CD c k hn trn 1 nm Giao dch th cp: Khng ph bin

Th trng ngoi t lin ngn hng

Thnh phn tham gia: NHNN, TCTD Chc nng

NHNN: m bo d tr ngoi t, phc v yu cu thanh ton ca khch hng,

Gi kt thc giao dch: (cut off times): theo khu vc a l ca cc ng tin: JPY trc VND 2 h, EUR. USD. Cng c: Thc hin chnh sch tin t thng qua cc bin php nhm n nh t gi, tc ng n tng cung tin
TCTD: p ng nhu cu thanh khon cc loi ngoi t ngoi VND,
Mua bn ngoi t: giao ngay, k hn Giao dch vay, gi Eurodollar: qua m, k hn. Hp ng hon i ngoi t: Lu : giao dch SWAP gia NHNN v TCTD: tc ng n tng cung tin.

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Th trng ngoi t lin ngn hng

Gi:
Hnh thnh tng t nh Th trng ni t lin ngn hng Ngn hng c yu t nc ngoi c mt bng gi khc Li sut thng khc bit vi Libor, Sibor cng k hn: thng l cao hn.

Th trng Hp ng mua li

Thnh phn tham gia: NHNN, TCTD, Cng ty chng khon, nh u t. C s php l: cha c c s php l chnh thc Bn cht: l khon cho vay ngn hn, li sut thp c m bo bng cc GTCG. Thc t:
NHNN TCTD: Cc cng c n c giao dch Repo trn th trng m TCTD vi nhau: t thc hin, nu c thng di hnh thc cho vay c m bo bng cm c GTCG (thng l TPCP) TCTD Cng ty CK, Cty Qun l Qu. Hng ha trong giao dch thng l Tri phiu CP, Tri phiu NHPT Cng ty CK Nh u t:

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Th trng Hp ng mua li
Cng ty CK Nh u t:
Hnh thc: mi cng ty mt kiu hp ng Chng khon repo:
Trc nm 2009 T u 2009: c phiu nim yt blue chip hoc c phiu OTC c thanh khon cao nh: Eximbank, MB

Thi hn: thng l ngn hn, khng qu 6 thng Li sut: cao!!!???

Mt s bt cp ca th trng tin t Vit Nam

Vai tr ca NHNN:
NHNN cn thc hin dt khot v r rng chc nng ngi cho vay cui cng trong mi thi im Li sut ch o phi v cht: phi l nh hng v theo st th trng Can thip iu hnh chnh sch tin t phi v lng:
Lng tin cung hoc rt qua th trng m; Lng ngoi t bn ra can thip vo th trng ngoi hi.

Cc cng c ti cp vn, ti chit khu: thc hin cha lin tc v nht qun, th tc cn nng th cng

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Mt s bt cp ca th trng tin t Vit Nam

Vai tr ca NHNN:
iu hnh chnh sch tin t vn s dng cng c trc tip: t l tng trng tn dng. Cng c gin tip vn cha thc s lm tng s ph thuc vo NHNN ca TCTD. Cng c tc ng gy nh hng mnh v nhanh l: DTBB & Tn phiu NHNN bt buc. Cc cng th trng m, ti cp vn: nhiu ngn hng hu nh khng s dng Nn c c ch cho vay qua m vi TCTD cng nh thc hin giao dch th trng m vi k hn qua m.

Mt s bt cp ca th trng tin t Vit Nam

Monetary policy rate
16% 14% 12% 10% Rate 8% 6% 4% 2%
1/1/2010 3/1/2010 5/1/2010 7/1/2010 9/1/2010 1/1/2011 3/1/2011 5/1/2011 11/1/2010 7/1/2011

Discount rate Base rate Refinancing rate

0%

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Mt s bt cp ca th trng tin t Vit Nam

TCTD
Tp qun giao dch cha ng nht Qun l iu ha ngun vn trong cc TCTD cha tt: khi tha khi thiu. Lin kt gia cc TCTD khng tt. Khi th trng thiu thanh khon: c xu hng phng th. Lin kt yu gia cc TCTD dn n kh nng chng vi khung hong km

Tnh thi v ca th trng tin t Vit Nam kh cao (Tt dng lch, m lch, np thu) Thanh khon ca th trng khng n nh: lc tha cng tha, lc thiu cng thiu

Nguyn nhn

Th trng vn km pht trin: n nay TCTD vn m ng vai tr quan trng nht trong vic cung cp vn cho nn kinh t Tp qun th trng v k hn gi tin, thanh ton, gi giao dch cui cng (cut off times). Hot ng tn dng cha theo kp chun mc quc t: tr n vay trc hn, Khung php l cha hon chnh, ng b Cha c tp qun giao dch chun cho th trng: code of conduct

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Nguyn nhn

Cha hnh thnh benchmark v li sut chun cho th trng, ng cong li sut (yield curve) cha c Chnh sch ti kha v chnh sch tin t nhiu thi im phi hp cha tt Li sut c bn c n nh trn c s no?? Vai tr ca ngi to lp th trng khng c hoc m nht (ngi to lp th trng cn c s h tr mnh ca NHNN) Tnh minh bch ca cc t chc tham gia th trng km: bo co ti chnh theo chun mc, c ch & k cng b thng tin

Nguyn nhn

Cha c cc cng ty xp hng tn nhim (S&P, Moody, Fitch..)

Kh xp hng tn nhim, nh gi ri ro i tc Khng xp hng c GTCG : kh nh gi trong giao dch

Khng c c s pht trin th trng thng phiu (commercial paper)

Cng c quan trng ca th trng tin t cc nn kinh t ln, c bit l Hoa K L u mi to nn s lin thng vi th trng vn

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Nguyn nhn

Cng c ca th trng cn ngho nn: Bankers acceptance ? Commercial Paper?... K hn ca cc cng c th trng tin t cha a dng, c bit l Tn phiu kho bc: cha c k hn ngn nh: 1 thng, 2 thng.. NHNN hn ch t l cho vay cm c GTCG Lu k chng khon mi trong giai on u
Ni thc hin lu k: NHNN, Trung tm lu k (Cng ty CK, NH lu k) Vic mapping.

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