Chuong I_Hoi Doai

7/25/2019 Chuong I_Hoi Doai

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http://clubtaichinh.net/


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TRNG I HC KINH T THNH PH H CH MINHKHOA NGN HNG

2 7 9 Ng u yn Tr i Ph n g , p h n g 0 5 , Q u n 10, TP. H ChMin h.Telepho ne: +84.8.8551776, +84.8.8530561 Fasc im ile: +84.8.8551777

E m a il : b a n k i n g f ac u l t y @ u eh . ed u . v n - W e b s it e : h t t p : //w w w . f o b .u e h .e d u .v n /

Bai giang mon hoc

THANH TOAN QUOC TENgi trnh bay:PGS. TS. Trn Hoang Ngan

[email protected],[email protected],


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Mon hoc Thanh toan quoc te la mon hoc mang tnhtac nghiep rat cao, la mon hoc nghiep vu chnh cua

sinh vien chuyen nganhNgan hang va Ngoai thng,la mon bo tr cho sinh vien cac chuyen nganh kinh tekhac.

Mon hoc TTQT giup sinh vien tm hieu chuyen sau vecac lnh vc: ty gia hoi oai, th trng hoi oai, cacnghiep vu kinh doanh ngoai te (Spot, Arbitrage,Forward, Swap, Options, Futures Market), cacphng tien thanh toan quoc te (Bill of exchange,Cheque, Payment Card), cac phng thc thanh toanquoc te (T/T, D/P, D/A, CAD, D/C, L/C).

Sinh vien co the thc hien cac ky thuat nghiep vu cua

mot nhan vien phong kinh doanh quoc te cua doanhnghiep, thanh toan vien cua phong thanh toan quocte, dealer cua phong kinh doanh ngoai te
http://clubtaichinh.net/http://clubtaichinh.net/


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Tai lieu tham khao: Thanh toan quoc te-

nam 2003.Chu bien: PGS.TS -Tran Hoang NganMuc luc:

Chng mot: Hoi oai Chng hai: Phng tien thanh toan

quoc te

Chng ba: Phng thc thanh toanquoc te


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Chng mot


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I.TY GIA HOI OAI ( Foreign Exchange Rate -FX)

1. Khai niem:Ty gia hoi oai la gia ca cua mot n v tiente nc nay c the hien bang so lng n vtien te nc khac.

V du: Ngay 19/09/2005, tren th trng hoi oaquoc te ta co thong tin:1USD = 111.50 JPY ( Japanese Yen)1GBP = 1.8005 USD ( United States dollars)

1USD= 1.2780 CHF ( Confederation HelvetiqueFranc), 1AUD= 0.7625 USDGBP (Great Britain Pound)


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1 ong tien yet gia = x ong tien nh gia

(Commodity terms-yet gia)-(currency terms-ongtien nh gia)

Phng phap bieu th th nhat (Directquotation- Price quotation-trc tiep)

1 ngoai te = x noi te

Phng phap yet gia nay c ap dung nhieu quoc gia: Nhat, Thai Lan, Han Quoc,Viet Nam

2. Phng phap bieu th ty gia (Yet gia -quotation):


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Phng phap bieu th th hai (Indirectquotation-Volume quotation-gian tiep)

1 noi te = y ngoai te

Phng phap yet gia nay ap dung mot sonc: Anh, My, Uc, EU


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Ky hieu tien te: XXXong Viet Nam (VND), o la My (USD), Bang Anh (GBP), Yen Nhat (JPY), Bat Thai Lan (THB)

Tham khao Web site:www.exchangerate.com, www.yahoo.com/finance,

www.forexdirectory.net,www.saxobank.com, www.forex.com,www.forexnews.com, www.forexpoint.com,www.info-forex.com,

xem phu luc 1 trang 21.

3. Mot so quy c trong giao dch hoi oai

quoc te:


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Cach viet ty gia :

1 A = x B hoac A/B = x

Ty gia 1USD = 110 JPY ta co the vietUSD/JPY= 110hoac la110JPY/USD.

A/B = 1/B/A

1EUR=1.2140 USDUSD/EUR = 1/EUR/USD= 0.8237


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Phng phap oc ty gia(Ngon ng trong giao dchhoi oai quoc te)

V nhng ly do nhanh chong, chnh xac va tiet kiem,cac ty gia khong bao gi c oc ay u tren thtrng, ma ngi ta thng oc nhng con so co yngha.

Cac con so ang sau dau phay c oc theo nhom haiso. Hai so thap phan au tien c goi la so(figure), hai so ke tiep goi la iem (point). Trongv du o th so la 40, iem la 60.

Nh vay, ta thay ty gia mua va ty gia ban co khoangchenh lech ( tieng Anh goi la: Spread), thong thngvao khoang 5 en 20 iem.


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Ty gia BID ASK

USD/CHF= 1.2650 --- 1.2660MUA USD BAN USDBANCHF MUACHF

Lu y:- so nho la gia mua ong tien yet gia (USD) va

la gia ban ong tien nh gia (CHF).

- so ln la gia ban ong tien yet gia (USD) va lagia mua ong tien nh gia (CHF).


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4.C s xac nh ty gia hoi oai:

a. Trong che o ban v vang :V du:+ au the ky 20:1GBPco ham lng vang la7,32gvang (nam 1821)1USDco ham lng vang la1,50463gvang (nam 1879)1 FRF co ham lng vang la 0,32258g vang (nam 1803)Da vao nguyen ly ong gia vang, ngang gia vang th tygia gia GBP va USD c xac nh la :1GBP= 7,32/1,50463 = 4,8650USD

GBP/USD= 4.86501USD = 1,50463/0,32258 = 4,6644 FRF

USD/FRF = 4.6644


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b.He thong ty gia Bretton Woods: Hoi ngh Bretton Woods :

Do anh hng cua chien tranh the gii lan thhai 1939-1945, tnh hnh tai chnh tien te cua cacnc TBCN hon loan . V vay co the vach ra mottrat t kinh te quoc te mi phu hp vi ieu kienhien tai, cac nc My , Anh va mot so nc ongminh cua ho a hop taiBretton Woods,NewHampshire(cach Boston 150 km). Hoi ngh keodai t ngay 1/7/1944 en ngay 20/7/1944 di slanh ao cuaJ.M Keynesva H.D White, 44 quocgia tham d hoi ngh a i en thoa thuan :


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Tha h lap Quy Tien te Quoc te MF- nternationalMonetary Fund- (Website:www.imf.org)

Ngan hang the giiWB-The World Bank Group(Website: www.worldbank.org)- Ngan hang Tai thiet va Phat trien Quoc te ( IBRD )The International Bank for Reconstruction andDevelopment- Hiep hoi Phat Trien Quoc te ( IDA )

The International Development Association- Cong ty Tai chnh Quoc te ( IFC )The International Finance Corporation- Cong ty am lanh au t a bien ( MIGA )The Multilateral Investment Guarantee Agency- Trung Tam Hoa Giai Tranh Chap au T Quoc te (ICSID )The International Centre for Settlement ofInvestment Disputes


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Hnh thanh he thong ty gia hoi oai BrettonWoods(The gold exchange standard)1946-1973 :Ty gia hoi oai chnh thc cua cac nc chnh thanh tren c s so sanh vi ham lngvang chnh thc cua ola My (0,888671g-

35USD/ ounce) va khong c phep bien ongqua pham vi x% (luc bay gi la 1%) cua tygia chnh thc a ang ky tai IMF. Nam 1971(15/08/1971tong thong My Nixon tuyen bo phagia USD, x=2.25%), nam1973IMF chnh thc

huy bo c che ty gia Bretton Woods.


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c.Trong che o tien te ngay nay (t nam 1973): Ty gia co nh (Fixed Exchange rate): la ty gia

khong bien ong thng xuyen, khong phu thuocvao quy luat cung cau, phu thuoc vao y muon chuquan cua chnh phu,(103nc) 1998 Malaysia thchien c che ty gia co nh cho ong ringgit (MYR)-21/07/05 tha noi.

Ty gia tha noi t do va ty gia tha noi co quan ly- tygia linh hoat (Flexible exchange Rate Regimes): Ty gia tha noi t do (Freely Floating Exchange

rate):

Ty gia tha noi t do la c che ty gia ma theo o giaca ngoai te se do cung cau quyet nh va khong cos can thiep cua chnh phu (hoac can thiep thongqua cac cong cu tai chnh tien te).(40 nc)


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Ty gia tha noi co quan ly (Managed Floatexchange rate) La ty gia tha noi nhng co scan thiep cua chnh phu.Chnh phu ((NHTW) s dung cac cong cu tai

chnh tien te hoac cong cu hanh chnh e tacong len ty gia hoi oai phuc vu cho chien lcchung cua nc mnh (43 nc).

Vao luc 19h ngay 21/07/2005 sau 11 nam gan nhco nh ty ga1USD= 8.28CNY, Trung Quoc aquyet nh nang gia CNY 2.10%, 1USD=8.11CNY, TQ co d tr ngoai te th nh thegii 711 ty USD (cuoi thang 6/2005), toc o

tangGDPbnh quan trong 10 nam qua+8.6%.CNY ra i t thang 12/1948, giai oan 1953-1972 ty gia 2.42CNY/USD, 1996-2005 ty gia8.28 CNY/USD


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Ty gia tha noi tap the:Noi bat nhat la he thong tien te Chau Au (EMS-European Monetary System 1978). Ngay 09/05/1978

Ngh vien Chau Au phe chuan danh sach 11 nc utieu chuan gia nhap EU 11: c , Phap , Ailen , Ao ,B , Bo ao Nha , Ha Lan , Y , Lucxembua , PhanLan , Tay Ban Nha ( va vao ngay 01/01/2001 co ca HyLap EU 12) . Ngay 01/01/1999 EURO chnh thc rai vi ay u t cach cua mot ong tien thc, chungva duy nhat cho ca khoi EU 12

C che ty gia hoi oai cua Viet Nam:(tham khao sach Thanh toan quoc te trang 18-21)1955 1CNY =1470 VND, 1985 1USD=18VND,1988

1USD=3000VND, 2005 1USD=15780VND)


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Cach phan loai c che ty gia* Neo au cng (Hard pegs):- C che ty gia phi ban te- C che uy ban tien te

* Neo au mem (Soft pegs)- Ty gia co nh truyen thong (+ 1%)- Ty gia neo vi bien o ngang> 1%- Neo trn bo

* Tha noi (Floating): managed floating,Independend floating


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5. Nhng nhan to anh hng en s bienong cua ty gia hoi oai:

Lam phat ty gia hoi oai Can can thanh toan quoc te ty gia hoi oai

Mot so nhan to khac nh :S ieu chnh cac chnhsach tai chnh tien te - lai suat, cac s kien kinh te,xa hoi, chien tranh, thien tai, s bien ong cua cacch so thong ke ve viec lam - that nghiep - tang

trng kinh te(GDP- Gross domestic product- TSPtrong nc)


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a. Lien quan gia ty gia hoi oai vi ty lelam phat-Lam phat la g?

Lam phat la s suy giam sc mua cua tien teva uc o lng bang ch so gia ca chung

ngay cang tang len.Nam 2002, ch so gia tieu dung VN (CPI-Consumer price index) tang 4 % so vi cuoinam 2001. Nam 1998 la 9.2%, nam 1999 la

0.1%, nam2000la 0.6%, nam 2001 la 0.8%,nam 2003 la 3%, 9.5% nam2004.Ty le lam phat trong nam taiMy la 2.7%,Nhat-0.1%,EU2.1%,chau Ala 3%.


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Ly thuyet ong gia sc mua (Ricardo Cassel)

3P (Purchasing Power Parity-Ricardo-1772-1823).Vi gia thiet trong mot nen kinh te canhtranh lanh manh, tc la trong o cc ph

van chuyen, thue hai quan c gia nhbang khong . Do o neu cac hang hoa euong nhat th ngi tieu dung se mua hang nc nao ma gia that s thap . Cung theo gia

thiet o , mot kien hang X Canada gia 150CAD va cung kien hang X o My gia 100USD th ty gia hoi oai se chuyen en mc la:


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USD 150 CAD (Gia ca hang hoa X tai Canada)----- = --------------------------------------------------=1.50

CAD 100 USD (Gia ca hang hoa X tai My)Tck = Tk (1+ LPb)

(1+ LPa)

Tck-Tk = LPb - LPaT 1+ LPa%TG = % LP. a la ong tien yet gia . b la ong tien nh gia

.Tk la ty gia au ky .Tck la ty gia cuoi ky.LPa la lam phat tai quoc gia ong tien a

.LPb la lam phat tai quoc gia ong tien b


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b. Tnh hnh d tha hay thieu hut cuacan canthanh toan :

Neu can can thanh toan thng xuyen thamhut (chi > thu), th d tr ngoai te cua quoc gia segiam, tnh hnh ngoai te cang thang, t o tao ranhu cau ngoai te tang len, gia ngoai te tang. Neu

can can thanh toan thang d, (thu > chi), d trngoai te tang, cung ngoai te tren th trng tang,gia ngoai te co khuynh hng giam .(12-19/09/04thong tin Reuter cho biet can can vang lai cua Mytham hut tren 166.18 ty USD trong quy 2 > d kien155 ty USD>> gia USD giam manh tren th trng

the gii


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Can can thanh toan quoc te VN

Can can tong the nam 2003 thang d 2.151 trieuUSD, nam 2004 la +883 trieu USD, chu yeu la docan can von.

Can can vang lainam 2003 tham hut -1.931 trieu

USD, nam 2004 tham hut - 925 trieu USD(=2.02%GDP). Can can vonnam 2003 thang d 1.450 trieu USD,

nam 2004 thang d 2.753 trieu USD, chu yeu la dogiai ngan au t trc tiep nc ngoai la 1610 trieuUSD va vay n trung va dai han..


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c. Mot so nhan to khac nh:S ieu chnh cac chnhsach tai chnh tien te , cac s kien kinh te , xa hoi, chientranh , thien tai , s bien ong cua cac ch so thon g ke ve

viec lam- that nghiep- tang trng kinh te. ac biet lacac ch so va cac s kien tai My se anh hng en ty giahoi oai tren th trng the gii. Cu the la cac nhan to :

Ch so that nghiep tang , giam trong thang . Ch so ban le Viec tang lai suat hay giam lai suat cua Ngan

hang trung ng va nhng d bao cua th trngve lai suat, ty gia .

Ket qua cac hoi ngh G7, EU, Asean

San lng cong nghiep, GDP, GNITom lai : Khi ty gia c tha noi th no rat nhay cam vinhng s kien kinh te, chnh tr, xa hoi, chien tranh ke cacac yeu to tam l


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6.Cac loai ty gia hoi oai:

a. Ty gia chnh thc :b. Ty gia kinh doanh cua Ngan hang

thng mai: Ty gia mua ban ngoai te mat Ty gia ngoai te chuyen khoan


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gia von hang VN tren san tauc.Ty gia xuat khau=

Ngoai te thu c theogia FOB tai cang VN

gia ban hang nhap taicang VN

d.Ty gia nhap khau=Ngoai te chi tra theo gia

CIF tai cang VN

e. Ty gia ong ca, m ca, cao nhat, thap nhatd. Ty gia tnh cheof. Ty gia danh ngha, ty gia thc


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Incoterms 2000-ICC No 620

EXW-Ex Works-Giao tai xng FCA- Free Carrier-Giao cho ngi chuyen ch FAS-Free Alongside Ship-Giao hang doc man tau FOB-Free on Board- giao len tau CFR-Cost and freight-Tien hang va cc ph CIF-Cost,Insurance and Freight-tien hang-bao hiem

va cc ph CPT-Carriage Paid to-cc ph tra ti CIP-Carriage and Insurance Paid to-Cc ph va bao

hiem tra ti. DAF-Delivered at Frontier-Giao tai bien gii

DES- Delivered Ex Ship-Giao tai tau DEQ-Delivered Ex Quay-Giao tai cau tau DDU- Delivered Duty Unpaid- Giao hang cha nop

thue DDP-Delivered Duty Paid- Giao hang a nop thue


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II.TH TRNG HOI OAI(LeMarche des changes, Foreign Exchange

Market)

1. Khai niem :

Th trng hoi oai la ni thc hienviec mua ban cac ngoai te va phngtien chi tra co gia tr nh ngoai te, vagia ca ngoai te c xac nh tren cs cung cau.


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2. ac iem th trng hoi oai: 4 aciem ln

Th trnghoat ong lien tuc 24/24bi v do schenh lech mui gi (tr nhng ngay ngh cuoituan ).

Th trng mang tnhquoc te.

Ty gia th trng c xac nh tren c s co xatcuacung va cau ngoai te tren th trng quyetnh.

Nhng ong tien manh nh USD, EUR, JPY,CHF, GBP, AUD gi v tr quan trong cua thtrng, ac biet la ong ola My (USD).


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Th trng hoi oai phan ln c muaban qua th trng OTC (Over The

Counter), th trng vo hnh, mua ban quaien thoai, telex, mang vi tnhNgay 16/08/1991 Thong oc Ngan hangNha nc ban hanh quyet nh so

107/NHQD ve viec to chc va hoat ongcua Trung tam giao dch ngoai te taiTP.HCM va Ha Noi. Ngay 29/09/1994Thong oc Ngan hang Nha nc ky quyet

nh so 203/Q-NH ban hanh quy che tochc va hoat ong cua Th trng ngoai telien Ngan hang (xem Phu luc 2 trang 52).


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3. oi tng tham gia th trng hoi oai:a. Cac Ngan hang thng mai (Commercial Banks)Trong Dealing room thng bao gom cac nhom sau:

Bo phan chuyen kinh doanh mua ban ngoai hoi. Bo phan gom cac nha phan tch e d oan ty

gia, tnh toan ty gia. Bo phan quan tr, kiem soat.

b. Cac nha moi gii (Broker,Courtier)c. Ngan hang trung ng (Central Bank)d. Cac cong ty kinh doanh (Corporate customers)


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4. Phng thc giao dch(Methods oftrading)

Nhieu phng thc giao dch c s dung nhthc hien cac nghiep vu tren th trng hoi oai:ien thoai (telephone)He thong x ly ien t (Electronic dealingsystems)ien tn (telex)SWIFT (Society for World-wide InterBankFinancial Telecommunication) (trang 246)


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III.CAC NGHIEP VU HOI OAI

1.Nghiep vu Spot con goi la nghiep vu giaongay: (Spot Operations)Nghiep vu Spot la hoat ong mua ban ngoai te matheo o viec chuyen giao ngoai te c thc hienngay, theo ty gia a c thoa thuan.2.Nghiep vu Acbt(Arbitrage Operations)Acbt la mot loai nghiep vu hoi oai nham s dungmc chenh lech ty gia gia cac th trng hoi oai

e thu li nhuan. Tc la mua ni re nhat va ban ni mac nhat.


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Tai thi iem T ta co thong tin: Toronto: USD/CAD= 1.2180-1.2186 Zurich: CAD/CHF= 0.9840-0.9847

Newyork:USD/CHF= 1.2050-1.2055Yeu cau kinh doanh ac bt vi 100 trieuUSD, 100 trieu CAD, 100 trieu CHF


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Tai thi iem T ta co thong tin:

Toronto: USD/CAD= 1.1625-1.1629

Zurich: CAD/CHF= 1.1120- 1.1125



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Tai thi iem T ta co thong tin

Newyork:USD/CHF= 1.2046- 1.2053

Zurich: AUD/CHF = 0.9280-0.9286

Sydney: AUD/USD = 0.7685-0.7690Yeu cau kinh doanh ac bt vi 100 trieuUSD, 100 trieu AUD, 100 trieu CHF


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Zurich: GBP/CHF= 2.2540-2.2545

London:GBP/SGD= 3.1243-3.1247

Singapore:CHF/SGD= 1.3780-1.3785Yeu cau thc hien ac bt vi 100 trieuGBP, SGD, CHF?


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Toronto: USD/CAD= 1.1635-1.1639

Zurich: CAD/CHF= 1.1122- 1.1128



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Mot giao dch ngoai te co ky han la mot giaodch ma trong o moi d kien c nh ravao thi iem hien tai nhng viec thc hien

se dien ra trong tng lai, theo ty gia thoathuan trc co ghi trong hp ong.Ty gia co ky han se c xac nh tren c sty gia giao ngay, thi han giao dch va laisuat cua hai ong tien o. Cu the no ctnh toan bang cong thc sau ay:(cg thc 1)

3. Nghiep vu mua ban ngoai te co kyhan (Forward Operations)


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1+KLB

TK= TSx 1+KLA

Trong o: Ala ong tien yet gia, Bla ong tien

nh gia.TKlaty gia co ky hancua ong tien A so vi ongtien B.

K lathi han thoa thuan(ngay, thang, nam).

LAlalai suat cua ong tien A(ngay, thang, nam).LBlalai suat cua ong tien B(ngay, thang, nam).TSlaty gia giao ngay(A/B= x).


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FORWARD RATE = SPOT RATE + SWAP COST

TK=TS+TSxKx(LB-LA)

Khi LB> LA TK>TS, phan doi ra c goi la

iem gia tang (Report, Premium).Khi LB< LA TK


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La nghiep vu hoi oai kep, gom hainghiep vu Spot va Forward. Hai nghiep vunay c tien hanh cung mot luc, vi cungmot lng ngoai te nhng theo hai hngngc nhau.Lu y: trong giao dch swap gia 2 nganhang, neu trong nghiep vu spot a dung tygia nao th khi tnh ty gia fw, thTstrong

cong thc Tk, phai dung lai ty gia a tnhtrong nghiep vu spot.

4.NghiepvuSwap(cam co, hoan oi)


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a.Ngi mua quyen chon mua(Buyer CallOption) (Long Call)

Ngi mua call option phai tra cho ngi

ban call mot khoan chi ph va do ongimua co cquyen mua, nhng khong batbuoc phai mua mot lng ngoai te (hanghoa, chng khoan) nhat nh, theo mot tygia a nh trc vao mot ngay xac nhtrong tng lai hoac trc ngay o.

5. Nghiepvuquyen chon(options)

5.1Call Option(Quyen chon mua)


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b. Ngi ban quyen chon mua (Seller Calloption) (Short call)

Ngi bancall option nhan c tien t ngi muacall nen phaico trach nhiemban mot so ngoaite nhat nh (hang hoa, chng khoan), theo motgia a nh trc tai mot ngay xac nh trongtng lai hoac trc ngay o khi ngi muamuon thc hien quyen mua cua no.

American style- c thc hien bat ky thi iemnao trong khoang thi gian cua hp ongEuropean style- ch c thc hien quyen chon vao

ngay ao han cua hp ong.


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5.2Nghiep vuPut option(Quyen chon ban)

a. Ngi mua quyen chon ban(Buyer put option) (Long put)Ngi muaput option phai tra cho ngi ban

put mot khoan chi ph va do o ngi muacoc quyen ban, nhng khong bat buocphai ban mot lng ngoai te (hang hoa,chng khoan) nhat nh, theo mot ty gia anh trc vao mot ngay xac nh trongtng lai hoac trc ngay o.

American style- c thc hien bat ky thi iemnao trong khoang thi gian cua hp ong

European style- ch c thc hien quyen chonvao ngay ao han cua hp ong.


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b. Ngi ban quyen chon ban (Seller put option) (Short put)

Ngi banput option nhan c tien t ngi mua putnen phai co trach nhiem mua mot so ngoai te(hang hoa, chng khoan) nhat nh, theo mot gia anh trc tai mot ngay xac nh trong tng laihoac trc ngay o khi ngi mua muon thc hienquyen ban cua no.

Gia option(premium) phu thuoc vao nhieu nhan to: tygia giao ngay (Spot rate), ty gia thoa thuan trenhp ong (Strike), thi han thoa thuan (maturity),

ty gia ky han (Forward rate), lai suat cua cac ongtien giao dch, phng sai.Premiumthe price of an option


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Li

Lo

Ngi muacall option

Ngi bancall option

Ty gia(VND/USD)

15920

15900

Call Breakeven= Strike(exercise price) + Premium15920 = 15900 + 20


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Li

Lo

Ty gia(VND/USD)

Ngi muaPut Option

Ngi ban

Put Option

1590015890

Put Breakeven = Strike(exercise price) - Premium

15890 = 15900 - 10


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IV.TH TRNG GIAO SAU(FUTURES MARKET)

Th trng giao sau la ni giao dch mua ban cachp ong giao sau ve hang hoa, tien te va caccong cu tai chnh. Hp ong giao sau (Futurescontract) la mot s thoa thuan ban hoac mua

mot tai san (tien,hanghoac chng khoan) nhatnh tai mot thi iem xac nh trong tng laiva hp ong nay c thc hien tai s giaodch.

www.liffe.com, The London international financialfutures and options exchange.www.cme.com-Chicago mercantile exchange


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Th trng giao sau co mot so ac iem sau ay: c thc hien tai quay giao dch mua ban cua

th trng, thong qua moi gii (Broker). Ngi

mua va ngi ban khong can biet nhau. Phan ln cac hp ong giao sau thng cketthuc trc thi han, trong khi hp ong co kyhan (Forward) th a so cac hp ong eu cthanh toan bang viec giao hang chnh thc.

Hp ong giao sau ch co bon ngay co gia trtrong nam (4 value date per year): Ngay th ttuan th ba, thang ba, thang sau, thang chn vathang mi hai. The third Wednesday of March,June, September, december.

Ben tng ng (counterpart) khong phai la Nganhang ma laquay giao dch. Nhng nha au tphai ky quycho quay giao dch

th trng (margin) 5% tr gia hp ong.


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Cac khoan li lo (loss or profit) c ghi nhan vaphan anhhang ngayvi clearing house (Phongthanh toan bu tr).

Th trng giao sauquy nh kch ccho mot nv hp ong (fixed amount per contract). 100.000AUD, 100.000 CAD, 125.000 CHF, 62500 GBP,1250.000 JPY (USD la ong tien nh gia)

12,50 USD0,0001125.000CHF

CHF/USD

6,25 USD0,000162.500GBPGBP/USD

(Value of 1tick)

(Tick size)(Size)(Contract)

Gia tr cuamot tchC tchKch cHp ong


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V du: Neu khach hang co khoan giao dch la250.000 GBP (tc la 4 hp ong) va neu tygia giao ong t 1,7960 len 1,7970 thkhoan chenh lech bang USD se la:

- 250.000 GBP x 0,0010 USD/GBP = 250 USD.

- 62500GBP x4x 0,0010 USD/GBP = 250 USD.Hoac =4x10 x6,25= 250 USD.Tai Viet Nam cac hp ong Futures mi bat

au thong qua cacNHTM


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V.TH TRNG TIEN GI NGOAI TE:

1. Khai niem:Th trng tien gi la ni tien hanhcac hoat ong vay va cho vay bangngoai te vi nhng thi han xac nh

kem theo mot khoan tien li the hienqua lai suat. Th trng ngoai te ChauAu, ola Chau Au vi nhng lai suatLiBor (London interbank offered

rate), PiBor, NiBor, FiBor, SiBor,ZiBor, Tibor

2


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a.Giao dch qua em: (J+1, Overnight, O/N)

Tc la giao dch ma ngay vay von la ngay homnay (ngay J), ngay tra n la ngay hom sau (J+1).b.Giao dch ngay mai(J+2, Tomorrow next, tomnext)

Ky hieu T/N. Tc ngay thoa thuan la ngay homnay (ngay J), ngay giao von la ngay mai (J+1), ngay tran la ngay (J+2).c.Giao dch ngay kia(J+3, Spot next, S/N)

Tc la ngay thoa thuan la ngay hom nay (ngay J),ngay giao von la ngay (J+2), ngay tra n la ngay mot(J+2+1).

d.Giao dch cho ky han th nLa giao dch ma ngay thoa thuan la ngay hom nay(ngay J), ngay giao von la ngay J+2, ngay tra n la ngay(J+2+n).

2.Cac loai giao dch tren th trng tien gi:


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BAI OC THAM KHAO

Phan tch ky thuat dung trong hoat ong kinhdoanh ngoai te tren th trng hoi oai.(xemsach trang 46)


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supportresistance


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uptrendline

downtrendline


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Left shoulder

Neck line

Right shoulder


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Neck line


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flag pennant

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Chuong I_Hoi Doai