Nghiệp Vụ Thị Trường Mở - Nhóm 4b - Lớp NH1CLC K37

0

I HC KINH T THNH PH H CH MINH

----------

BI TIU LUN

NGHIP V TH TRNG M

Ging vin hng dn: Ths. Nguyn Quc Anh

Lp: NH1CLC K37

Nhm 4A

Nguyn Th An Bnh

Dng Tiu Qun

L Phm Lan Anh

Nguyn Xun Anh

1

Mc lc Li m u ................................................................................................................................... 3

Chng 1 Mt s vn c bn v nghip v th trng m .............................................. 5

1. Tng quan nghip v th trng m ................................................................................. 5

1.1 Lch s hnh thnh .......................................................................................................... 5

1.2 Nhng khi nim c bn................................................................................................ 5

1.2.1 Khi nim chung v th trng m....................................................................... 5

1.2.2 Khi nim giy t c gi ........................................................................................ 6

2. C ch tc ng ca nghip v th trng m ................................................................ 6

2.1 V mt lng - Tc ng vo d tr ca h thng ngn hng ................................ 6

2.2 V mt gi Tc ng qua li sut ............................................................................ 6

3. Vai tr ca nghip v th trng m ................................................................................ 7

3.1 i vi ngn hng trung ng .................................................................................... 7

3.2 i vi nn kinh t ....................................................................................................... 8

3.3 i vi cc thnh vin tham gia th trng m ........................................................ 8

Chng 2 Thc trng hot ng nghip v th trng m ca Vit Nam.................... 9

1. Lch s hnh thnh............................................................................................................... 9

2. Khung php l ..................................................................................................................... 9

3. Cch thc vn hnh............................................................................................................. 9

3.1 T chc .......................................................................................................................... 9

3.2 Thnh vin tham gia .................................................................................................. 10

3.3 Cc loi hng ha giao dch ...................................................................................... 11

3.4 Phng thc ................................................................................................................ 12

3.5 Phng thc u thu ................................................................................................ 13

3.6 Khi lng giao dch.................................................................................................. 16

3.7 Cng ngh k thut trong giao dch .......................................................................... 17

2

Chng 3 Lin h th trng m cc nc......................................................................... 19

1. Th trng m M............................................................................................................. 19

1.1 Lch s hnh thnh ...................................................................................................... 19

1.2 C quan iu hnh ...................................................................................................... 20

1.3 Thnh vin tham gia ................................................................................................... 20

1.4 Hng ha ...................................................................................................................... 21

2. Th trng m Hn Quc ................................................................................................. 23

2.1 Lch s hnh thnh ...................................................................................................... 23

2.2 C quan iu hnh ...................................................................................................... 23

2.3 Hng ha ...................................................................................................................... 23

2.4 Hnh thc giao dch .................................................................................................... 24

Chng 4 So snh nghip v th trng m vi cc nc, bi hc kinh nghim,

xut .............................................................................................................................................. 26

1. So snh................................................................................................................................ 26

2. Nhn xt ............................................................................................................................. 27

2.1 Thnh tu t c..................................................................................................... 27

2.2 Hn ch ........................................................................................................................ 28

3. xut................................................................................................................................ 29

Kt lun....................................................................................................................................... 32

Ti liu tham kho.................................................................................................................... 34

Cu hi gp ............................................................................................................................. 35

3

Li m u

Nu ly hnh nh nn kinh t ca mt quc gia l con tu th NHTW ng vai tr

rt quan trng nh mt v thuyn trng . Theo nh mi ngi u mong mun con tu

kinh t c th di chuyn thun bum xui mi, nhng i dng bao la khng phi lc

no cng tnh lng m lun cha ng nhiu sng gi, i hi chin lc ng n ca v

thuyn trng. Nhm mc tiu a con tu kinh t c th vt qua mi kh khn v tin

xa hn, thuyn trng s s dng n cc cng c h cho mnh nh l ti cp vn, li

sut, t gi hi oi, d tr bt buc, nghip v th trng m.

Tuy Vit Nam nghip v th trng m ch c p dng t ngy 12/07/2000

mun hn so vi cc nc pht trin khc hng thp k, nhng khng ngng hon

thin tr thnh cng c hu hiu ca NHNN. Nm 2008 trong cn bo khng hong th

gii v lm pht va qua, con tu kinh t Vit Nam khng b nhn chm m c th vt

ln tin ti nh vo vai tr rt ln ca th trng m. Bn cnh nhng vai tr tch cc

OMO Vit Nam vn cn iu hn ch nh s lng cc t chc tn dng tham gia t,

doanh s giao dch nh, cc quy nh v quy trnh, x l thng tin cn cha hon thin

V vy, nhu cu hc hi v tm hiu v nghip v th trng m l rt quan trng

v cn thit c bit i vi sinh vin khi ngnh Ngn Hng. Nhn thc c iu d,

nhm la chn Th trng m lm ti nghin cu, vi mong mun nm vng

nhng kin thc v nghip v th trng m khng ch Vit Nam m cn hc hi

nghin cu thm OMO ca nhng nc pht trin.

Mc ch phm vi nghin cu

Mc ch nghin cu: H thng ha nhng kin thc c bn v nghip v th

trng m ca NHTW. Tm hiu v nghip v th trng m ca NHTW Vit

Nam v cc nn kinh t ln trn th gii M, Hn Quc.T rt ra nhn xt v

xut nhm gp phn hon thin OMO Vit Nam.

i tng nghin cu: Nghip v th trng m ca NHTW bao gm cc khi

nim c bn, c ch tc ng, vn hnh v thc trng hin nay.

4

Phm vi nghin cu : Thc trng nghip v th trng m ca NHNN trong giai

on t nm 2000 cho n nay.

Kt cu bi tiu lun:

Ngoi phn m u, kt lun v danh mc cc ti liu tham kho, lun vn bao gm 4

chng:

Chng 1. Mt s vn c bn v nghip v th trng m ca Ngn hng trung

ng

Chng 2. Thc trng hot ng nghip v th trng m ca Ngn hng Nh

nc Vit Nam.

Chng 3. Lin h th trng m cc nc

Chng 4. So snh nghip v th trng m NHTW cc nc, hc hi bi hc

kinh nghim v a ra xut.

5

Chng 1

Tng quan nghip v th trng m ca Ngn hng Trung ng

1. Tng quan nghip v th trng m.

1.1 Lch s hnh thnh

Nghip v th trng m c lch s hnh thnh lu i hn mt trm nm v bt ngun u

tin Ngn hng Anh (BoE) vo nhng nm 30 ca th k 19. giai on ny li sut chit

khu ang l mt cng c c lc cho NHTW cc nc kim sot cung tin t tuy nhin vn

tn ti nhiu hn ch. Do BoE phi tm kim mt cng c mi hiu qu hn v cng t y

nghip v th trng m c hnh thnh v chc nng s khai nht l h tr cho cng c li

sut chit khu. C ch ban u ca nghip v th trng m rt n gin nhm lm tng li

sut trn th trng:

- Bn chng khon chnh ph ng thi ha mua li n vo mt ngy xc n trong tng

lai. Phng thc ny sau ny pht trin thnh giao dch mua hoc bn c k hn (giao dch c

hon li-repo)

- Vay trn th trng c m bo bng chng khon Chnh ph.

- Bn hn cc chng khon chnh ph cng l tin thn ca giao dch mua bn hn (giao

dch khng hon li).

- Vay trc tip t cc ngn hng thng mi.

1.2 Nhng khi nim c bn

1.2.1 Khi nim chung nht v th trng m:

Th trng m l ni din ra cc hot ng giao dch, mua bn ngn hn cc chng t c gi

ca NHTW vi cc NHTM, thng qua NHTW tc ng n khi cung ng tin thc

hin mc tiu ca chnh sch tin t trong tng giai on c th .

Hin nay nghip v th trng m l cng c ph bin v quan trng ca hu ht cc quc gia

hnh thnh nn s khc nhau v hng ha cng nh cch thc giao dch Mi quc gia s c

nhng qui nh ring v nghip v th trng m ph hp vi c im th ch cng nh nn

kinh t ca quc gia . V d th trng m ca Ngn hng Nht Bn (BoJ) ch giao dch cc

6

chng khon n ngn hn v ch cc TCTD mi c php tham gia. Ngc li M, Hn

Quc, Vit Nam cho php giao dch c chng khon di hn.

Vit Nam theo lut s 46/2010/QH12 iu 15 ghi r:

NHTW thc hin nghip v th trng m thng qua vic mua bn cc chng t c gi vi

cc t chc tn dng v NHNN qui nh cc chng t c gi c php giao dch thng qua th

trng m.

1.2.2 Khi nim giy t c gi

Theo iu 8 Lut s 46/2010/QH12 Lut Ngn Hng Nh Nc Vit Nam

Giy t c gi l bng chng xc nhn ngha v tr n gia t chc pht hnh giy t c gi

vi ngi s hu giy t c gi trong mt thi hn nht nh, iu kin tr li v cc iu kin

khc.

2. C ch tc ng ca nghip v th trng m

Thng qua hot ng mua, bn cc GTCG trn th trng m, NHTW c th thc hin mc

tiu CSTT ca mnh theo c ch sau:

2.1 V mt lng - Tc ng vo d tr ca h thng ngn hng (c s tin t)

Hnh vi mua bn cc GTCG trn th trng m ca NHTW c kh nng tc ng ngay lp tc

n tnh trng d tr ca cc NHTM thng qua nh hng n tin gi ca cc ngn hng ti

NHTW (nu cc NHTM l i tc tham gia OMO) v tin gi ca khch hng ti h thng

ngn hng (nu cc khch hng l i tc tham gia OMO).

Khi NHTW bn cc chng t c gi, lc ny cc NHTM s l ngi mua vo. Nn cc NHTM

s s dng qu d tr ca mnh, lm d tr NH gim, iu ny tc ng n khi lng tn

dng t lm cung tin gim.

2.2 V mt gi - Tc ng thng qua li sut

Hnh vi mua bn GTCG ca NHTW trn th trng m c th nh hng gin tip n mc

li sut th trng thng qua 2 con ng sau:

7

Th nht: NHTW bn chng t c gi trn th trng m cho cc NHTM lm gim d tr

ca NH v tc ng ko theo cung ca qu cho vay gim. Khi cc NH phi hn ch cho vay

bng cch tng li sut v li sut th trng tng. Theo l thuyt khi li sut tng u t phi

gim xung do chi ph s dng vn tng.

Th hai: Khi NHTW bn tn phiu kho bc trn th trng m s lm tng cung CTCG trn

th trng, t lm gim gi ca CTCG. Hng ha CTCG lc ny tr nn hp dn hn v t

sut sinh li tng dn n s chuyn dch vn u t sang CTCG. Khi cung tn dng tr nn

khan him y li sut tng v u t cng gim.

3. Vai tr ca nghip v th trng m

3.1 i vi ngn hng trung ng

OMO l cng c CSTT gin tip quan trng nht ti nhiu quc gia lm thay i cung -

cu tin t dn n thay i li sut trn th trng tin t. Nh vy, OMO to iu kin

cho NHTW hn ch s dng cc cng c mang tnh trc tip trong iu hnh CSTT nhng

vn mang li hiu qu tch cc.

Bn cnh mc ch iu tit vn kh dng ca h thng ngn hng, thng qua mua bn

GTCG trn th trng m, NHTW cn cp tn hiu cho th trng v nh hng iu hnh

CSTT trong tng lai l ni lng hay tht cht,qua NHTW c th hn ch nhng bin

ng ca li sut th trng.

OMO l mt cng c CSTT c tnh ch ng cao. OMO do NHTW ch ng khi

xng, NHTW c th ch ng thc hin OMO theo nh k hoc vo cc thi im cn

thit. OMO c th c thc hin linh hot xt trn gc v khi lng cng nh thi

gian giao dch. NHTW c th thc hin OMO quy m ln/nh (khi lng mua bn

8

GTCG ln/nh) vi thi hn di/ngn tu theo quyt nh mua/bn GTCG c th hn ch

phn no mun ch quan ca NHTM.

3.2 i vi nn kinh t

Thng qua vic pht hnh, mua bn GTCG trn th trng m, cc ch th ca th trng

m lm tng thm tnh thanh khon cho cc GTCG ny. iu ny gp phn thc y th

trng ti chnh pht trin. S pht trin ca th trng m tc ng mnh n s hon thin

v pht trin ca th trng lin ngn hng.

Mt khc, hin nay Vit Nam ang trong qu trnh m ca v hi nhp vo nn kinh t

th gii.. Ti cc quc gia pht trin hay cc quc gia trong khu vc ng Nam u s

dng OMO trong iu hnh CSTT t c cc mc tiu kinh t v m. Chnh v vy,

vic s dng OMO l mt iu kin cn thit hi nhp nn kinh t vo khu vc v th

gii.

3.3 i vi cc thnh vin tham gia th trng m

p ng hot ng qun l v s dng vn kh dng cn phi ch ng v linh hot hn

v quan trng nht khng gy ch tc trong thanh ton cng nh p ng nhu cu tng

trng tn dng. Khi cn thit, cc ngn hng c th bn li cc GTCG ny trn th trng

m gii quyt kh khn v ngun vn.

Vi tnh trng d tha vn trong cc NHTM hin nay nghip v th trng m ang l

knh u t hiu qu nht .

Ngoi ra, OMO gp phn a dng ho cc nghip v kinh doanh ca cc TCTD, khng

ch n thun thc hin cc nghip v kinh doanh truyn thng nh cho vay, bo lnh, dch

v m cn s dng mt ngun vn nht nh thc hin nghip v kinh doanh mi l

mua bn cc GTCG. OMO cng thc y cc mi quan h mang tnh kinh doanh gia cc

thnh vin tham gia th trng.

OMO do cc ngn hng t nguyn tham gia thc hin theo cc nguyn tc th trng,

khng mang tnh cht bt buc v li sut trn th trng m cng mang tnh cht th trng

ch khng b p t nh trong cng c chit khu GTCG ca NHTW. iu ny to iu

kin cho cc TCTD ch ng hn trong vic phi hp vi NHNN nhm thc hin mc tiu

chnh sch tin t.

9

Chng 2

Thc trng hot ng nghip v th trng m

ca Ngn hng Nh nc Vit Nam

1. Lch s hnh thnh

Khi t nc bc vo giai on mi, ph hp vi nhu cu pht trin ca nn kinh t,

cng nh nhng thng l quc t, Nh nc ta chnh thc vn hnh th trng m

ngy 12/07/2000 bi quyt nh s 85/2000/Q NHNN14 ngy 9/3/2000. y l bc

tin v cng quan trng, nh du s chuyn bin tch cc trong chnh sch tin t nc

ta, t iu hnh trc tip sang iu hnh gin tip. Qua , Ngn hng nh nc c th

qun l nn kinh t linh ng hn, gip cc t chc tn dng s dng vn c hiu qu.

T khi thnh lp , Nghip v th trng m nc ta c nhng bc tin ng k

trong c chnh sch ln hot ng.

2. Khung php l

ngy cng hon thin cch thc vn hnh nghip v th trng m, Ngn hng Nh

nc khng ngng i mi, ci thin khung php l. nh du l s ban hnh quyt

nh 01/2007/Q NHNN v quyt nh sa i b sunh 27/2008/Q NHNN. Hn

th, trong giai on ny, chng ta ang d tho mt quyt nh mi v Th trng m

cch vn hnh ngy cng trn chu, minh bch v hiu qu hn.

3. Cch thc vn hnh

3.1 T chc

Ngn hng Nh nc thnh lp Ban iu hnh nghip v th trng m do mt Ph

Thng c lm Trng ban v cc thnh vin l i din ca cc n v c lin quan

thuc Ngn hng Nh nc (V Tn dng, V Chnh sch tin t, S Giao dch, V K

ton ti chnh, Cc Cng ngh tin hc Ngn hng).

Ban iu hnh nghip v th trng m c thm quyn quyt nh cc ni dung:

10

- Khi lng cc loi giy t c gi cn mua hoc bn tnh theo gi thanh ton gia

Ngn hng Nh nc vi t chc tn dng;

- Quyt nh thng bo hoc khng thng bo khi lng giy t c gi Ngn hng Nh

nc cn mua hoc bn trc mi phin u thu;

- Cc loi giy t c gi cn mua, bn;

- T l giao dch ca cc loi giy t c gi;

- Phng thc u thu;

- Phng thc xt thu (Trng hp u thu li sut)

- Thi hn ca giao dch mua, bn;

- Li sut mua hoc bn.

Thi gian, cch thc xem xt v quyt nh cc ni dung ch yu trong phin giao dch

nghip v th trng m do Trng ban hoc ngi c Trng ban u quyn quyt

nh.

Ban iu hnh nghip v th trng m s thng bo cho S Giao dch Ngn hng Nh

nc cc ni dung m Ban iu hnh nghip v th trng m quyt nh v phin

giao dch S Giao dch thng bo cho cc thnh vin.

3.2 Thnh vin tham gia th trng m

Cc thnh vin tham gia vo th trng m bao gm Ngn hng trung ng, cc ngn

hng v t chc phi ngn hng. Khi mi hnh thnh, vo thng 7/2000, ban u OMO c

21 t chc tn dng tham gia. S lng thnh vin OMO tng dn qua cc nm, nhng

vi tc chm, ch1-2 thnh vin mi nm. n ngy 31/12/2005 c 30 T chc tn

dng c cng nhn l thnh vin tham gia OMO, nm 2006 v 2007, con s ny tng

ln v duy tr mc 35 thnh vin. Nm 2008, slng thnh vin tham gia OMO l 56

thnh vin, tng thm 21 thnh vin v tng 27,3% so vi nm 2007, n 31/3/2009

11

c 58 thnh vin. L do c vic tng mnh nh vy l cc t chc tn dng nhn thc

y hn v tm quan trng ca knh cung ng vn thng qua OMO ca Ngn hng

nh nc trong iu kin chnh sch tin t c iu hnh tht cht trong na u nm

2008. S lng thnh vin tham gia cha ng, ch yu tp trung vo mt s ngn hng

thng mi (NHTM) Nh nc v NHTM c phn ln, do lng nm gi giy t c

gi cn t, khi lng giao dch cha nhiu. Tuy nhin, trong cc phin giao dch, bn

cnh cc thnh vin l Ngn hng thng mi Nh nc th s thnh vin l cc Ngn

hng thng mi c phn v ngn hng lin doanh, ngn hng nc ngoi tng mnh. T

nm 2010 n nay, cn c s tham gia ca cc thnh vin thuc khi ngn hng

lin doanh, ngn hng nc ngoi th hin s tng trng khng ngng v c s lng v

cht lng ca thnh vin tham gia th trng m Vit Nam

3.3 Cc loi hng ha giao dch:

Tn phiu Ngn hng Nh nc. Tn phiu Ngn hng Nh nc l loi giy t c

gi ngn hn do Ngn hng nh nc pht hnh lm cng c cho OMO. Hin

nay l loi giy t c gi c giao dch chnh trn th trng m Vit Nam.

Vic s dng tn phiu ngn hng nh nc lm hng ho trn th trng m c

mt s u im nh tng cng tnh c lp ca Ngn hng Nh nc trong vic

thc thi chnh sch tin t v l cng c linh hot cho vic qun l vn kh dng

o Tuy nhin, vic pht hnh tn phiu Ngn hng Nh nc thc thi chnh

sch tin t s lm cho chi ph hot ng ca Ngn hng Nh nc tng ln,

mc d Ngn hng Nh nc hot ng khng v mc tiu li nhun. Vic

s dng tn phiu Ngn hng Nh nc i hi phi c s phi hp nht

nh vi B Ti chnh. Khi Ngn hng Nh nc v B Ti chnh ng thi

pht hnh tn phiu Ngn hng Nh nc v tn phiu kho bc, nu li sut

chnh lch th cc i tc trn th trng m s tp trung mua loi tn phiu

c li sut cao hn. Khi s c s phn khc gia th trng tn phiu kho

bc v th trng tn phiu Ngn hng Nh nc, lm cho mc ch pht

12

hnh cc giy t c gi ny khng t c v c th lm gim hiu qu tc

ng ca 2 loi hng ho ny

Tri phiu Chnh ph, bao gm: Tn phiu Kho bc; Tri phiu Kho bc; Tri

phiu cng trnh Trung ng; Cng tri xy dng T quc; Tri phiu Chnh ph

do Ngn hng Pht trin Vit Nam (trc y l Qu H tr pht trin) c Th

tng Chnh ph ch nh pht hnh.

Tri phiu c Chnh ph bo lnh, bao gm: Tri phiu do Ngn hng Pht trin

Vit Nam v Ngn hng Chnh sch x hi pht hnh v tri phiu ca cng ty

Qun l ti sn quc gia ( VAMC) c Chnh ph bo lnh thanh ton 100% gi

tr gc, li khi n hn.

Tri phiu Chnh quyn a phng do y ban nhn dn thnh ph H Ni v y

ban nhn dn thnh ph H Ch Minh pht hnh.

Ring i vi giao dch mua c k hn. Ngn hng Nh nc ch giao dch i

vi: Cng tri xy dng T quc; Tri phiu do Ngn hng Pht trin Vit Namv

Ngn hng Chnh sch x hi pht hnh c Chnh ph bo lnh thanh ton

100% gi tr gc, li khi n hn; Tri phiu Chnh quyn a phng do y ban

nhn dn thnh ph H Ni v y ban nhn dn thnh ph H Ch Minh pht

hnh.

3.4 Phng thc:

Giao dch khng hon li (mua bn hn)

Giao dch khng hon li l cc giao dch mua bn giy t c gi ca Ngn hng Nh

nc theo phng thc mua t, bn on trn c s gi th trng. Theo phng thc

ny, quyn s hu ca giy t c gi l i tng giao dch c chuyn sang cho Ngn

hng Nh nc hoc ngc li cho cc thnh vin tham gia giao dch. Do vy tc ng

ca giao dch ny i vi d tr ngn hng thng l di hn.

13

Giao dch mua hoc bn c thi hn ( REPO)

Phng thc giao dch ny thng c s dng cho mc ch giao dch tm thi thng

qua cc hp ng mua li (Repos) hoc hp ng mua li o ngc. Repos c s

dng khi Ngn hng Nh nc thc hin mua giy t c gi vi tho thun l sau mt

thi gian ngn trong tng lai ngi bn s mua li cc giy t c gi . Repos o

ngc c s dng khi Ngn hng Nh nc thc hin bn giy t c gi vi tho thun

ngi mua s bn li vo mt ngy xc nh trong tng lai. Thng thng, Repos v

Repos o ngc c s dng trong mt khong thi gian ngn vi mc ch iu tit

vn kh dng ca cc ngn hng thng mi mt cch linh hot. Giao dch theo hp ng

Repos thc cht l mt khon cho vay ca Ngn hng Nh nc c bo m bng cc

giy t c gi c tnh th trng cao.

Cc giao dch mua bn c k hn c s dng ch yu trong OMO do cc l do: y l

cng c c hiu qu nht b p hoc trit tiu nhng nh hng khng d tnh trc

n d tr ngn hng, Chi ph giao dch thp hn cc giao dch mua bn hn, Thch hp

trong trng hp cc nh hng ca chnh sch tin t khng hon ho dn n phi s

dng cc gii php khc phc, Lm gim bt thi gian thng bo, do m gim bt

bin ng ca th trng trc cc quyt nh hng ngy ca Ngn hng Trung ng

3.5 Phng thc u thu

u thu theo phng thc li sut

Theo phng thc u thu li sut th cc thnh vin tham gia t ng k s tin ng vi

mi mc li sut do t mnh la chn.

Trng hp Ngn hng Nh nc cn cung ng tin thm vo lu thng thng qua vic

mua giy t c gi, cc n d thu c sp xp theo th t v c phn b theo cc

mc li sut t cao xung thp. Ngha l nhng n d thu ng vi li sut cao s c

u tin phn b trc cho n khi khi lng phn phi c s dng ht. Nu ti mc

14

li sut thp nht c chp nhn, khi lng ng k d thu ln hn khi lng c

phn phi th qu trnh phn b nh sau:

Gi:

A: l khi lng NHTW cho mua/cho bn

rt : l mc li sut th t c ng k

b(rt)i l khi lng t thu ca thnh vin th i ng vi mc li sut rt

b(rt) l tng khi lng t thu ca cc thnh vin ng vi mc li sut rt

rm l mc li sut cui cng c chp nhn.

i vi trng hp Ngn hng Nh nc u thu bm thm vn kh dng cho h

thng ngn hng th: r1 rt rm

k(rm) l t l % trng thu c phn b ti mc li sut cui cng

k(rm) =

A - 1

1

( )m

t

t

b r

B(rm)

Trn c s xc nh c t l k(rm), khi lng trng thu ca thnh vin th i (Wi) ti

mc li sut rm c xc nh nh sau:

W(rm) = k(rm) x b(rm)

Trng hp NHTW cn ht tin t lu thng v thng qua vic bn giy t c gi th cc

quy trnh din ra ngc li.

Trn th gii c hai phng thc u thu li sut l u thu theo kiu M v u thu

theo kiu H Lan. Nu u thu theo kiu M th tt c cc mc li sut ng k trong

15

phm vi t thu u thc hin theo ng mc li sut ng k. Nu u thu theo

kiu H Lan th tt c lng t thu c xc nh cng mc li sut t thu.

u thu khi lng

u thu khi lng l phng thc u thu vi li sut c Ngn hng Nh nc

cng b trc. Ngn hng Nh nc cng b khi lng tin cn mua hoc cn bn bng

phng thc u thu v n nh mc li sut thc hin. Ngn hng Nh nc cng b

iu kin t thu cc thnh vin ng k s tin d thu trn c s chp thun mc

li sut xc nh trc. Sau khi m thu Ngn hng Nh nc s xc nh t l gi tr

t thu v phn b cho tng t chc tham gia t thu.

Vic phn b thu c tin hnh thc hin nh sau: Trc ht ton b s lng ng k

d thu c cng li vi nhau. Nu tng khi lng t thu nh hn hoc bng khi

lng Ngn hng Nh nc cho mua/cho bn th ton b cc n d thu u c

phn b theo khi lng t thu. Nu tng khi lng t thu ln hn khi lng Ngn

hng Nh nc cho mua/cho bn th khi lng trng thu ca tng thnh vin c

phn b t l thun vi khi lng t thu ca thnh vin . Cc n d thu s c

phn b nh sau:

T l % phn b thu: k = A/1

n

i

i

b

trong :

A: l khi lng Ngn hng Nh nc cho mua/cho bn

n: l tng s thnh vin tham gia d thu

bi l khi lng t thu ca thnh vin th i

k l t l phn b thu

Trn c s xc nh c t l k, khi lng trng thu ca thnh vin th i (Wi) c

xc nh nh sau:

16

Wi = k x bi

Thi gian qua, nhm n nh th trng v cnh tranh lnh mnh gia cc thnh vin

trong cc phin u thu, NHNN s dng phng php u thu khi lng

xt thu. Qua , to iu kin cho tt c cc thnh vin d thu u trng thu, c tin

h tr thanh khon

C ch, quy trnh nghip v ngy cng hon thin: quy trnh thanh ton c rt ngn, t

thanh ton sau 2 ngy k t nm 2000, rt xung cn 1 ngy vo nm 2001, v t nm

2002 n nay thanh ton ngay trong ngy thc hin giao dch. nh k giao dch cng

c rt ngn, t 10 ngy/phin nm 2000 xung cn 1 phin/tun vo nm 2001, 2

phin/tun vo nm 2002, 3 phin/tun t thng 11/2004, n nay NHNN thc hin theo

nh k hng ngy.

3.6 Khi lng giao dch

Khi lng giao dch nghip v th trng m tng mnh qua cc nm. Nm 2008,

NHNN thc hin 401 phin u thu, tng 46 phin so vi nm 2007. Tng doanh s

giao dch nm 2008 l 1.036 nghn t ng, tng 618 nghn t ng so vi nm 2007.

Nm 2011, p ng nhu cu vn cho cc t chc tn dng trong iu kin gp kh

khn v thanh khon, NHNN t chc 431 phin mua c k hn giy t c gi vi tng

doanh s trng thu l 2.800 nghn t ng. Nm 2012, thanh khon ca h thng c

ci thin hn, s tin NHNN cung ng cho cc ngn hng thng qua nghip v th trng

m trong 10 thng u nm t 404 nghn t ng vi s phin u thu gim xung cn

257 phin

17

Doanh s giao dch trn th trng m nm 2006-2012

Ngun: Ngn hng Nh nc Vit Nam

Nh chng ta thy bt u t nm 2008, khi lng giao dch tng khng ngng v thi

im cc ngn hng gp kh khn v thanh khon, khi , Ngn hng Nh nc thc

hin cung mt khi lng tin ng k h tr cc ngn hng. C thi im, li sut

trn th trng lin ngn hng ln ti hn 40%/nm, Ngn hng Nh nc kp thi

can thip thng qua nghip v Th trng m bng vic tng lng cung tin v

p dng phng php u thu khi lng, dng nh ngay lp tc, li sut lin

ngn hng gim quanh mc 20%/nm. Chnh v vy, Ngn hng Nh nc ch yu cho

thu i vi cc phin mua k hn GTCG tip tc h tr thanh khon cho cc ngn

hng, khi lng trng thu mua k hn GTCG l 6.455.551 t ng, chim ti

98,5%/tng khi lng trng thu trong giao dch nghip v th trng m.

3.7 Cng ngh k thut trong giao dch th trng m

Khi mi thnh lp, cng ngh k thut giao dch trn th trng m vn cn rt s khai

cho n nm 2003, S Giao dch c Thng c NHNN giao Ch u t D

18

n Trang thit b my mc, ni mng v thit k phn mm nghip v th trng tin

t v lu k GTCG ti S Giao dch Ngn hng Nh nc - Giai on I do Qu H tr

Php v Ngn hng Pht trin Chu ti tr (gi tt l D n AFD). y l d n s

dng cng ngh Web, cho php cc giao dch th trng tin t ni chung v cc giao

dch nghip v TTM c kt ni trc tip gia NHNN v cc thnh vin, nhanh

chng v hiu qu

Sau 3 nm trin khai d n AFD, cng vi s phi hp ca cc V, Cc ca NHNN v

nh thu FPT, thng 11/2007, chng trnh chnh thc a vo s dng, cc giao dch

trn th trng m u l giao dch trc tuyn. n nay, chng trnh p ng c

quy m giao dch ngy cng tng c v s lng thnh vin cng nh khi lng

GTCG tham gia giao dch ca mi phin. Vi s h tr ca cng ngh, ca h

thng vn bn ng b, NHNN c th a vo s dng nhiu hnh thc giao dch

mua/bn GTCG trong mt ngy v cng t chc thnh cng t 2-3 phin giao dch

trong ngy. ng thi vi vic t chc thng xuyn cc phin giao dch nghip v

TTM, S Giao dch cng t chc thnh cng cc phin u thu TPKB nhm tng

cng s lng GTCG ca cc TCTD, b sung hng ha cho cc giao dch nghip v

TTM.

19

Chng 3

Lin h th trng m cc nc

Th trng m Vit Nam tuy c khi sc so vi giai on u nhng nhn chung

chng ta vn cn cn x l nhiu bt cp cn tn ng ng thi phi khng ngng hc

hi cc nc pht trin nng cao hiu qu th trng m hn na. Nhc n nhng

quc gia pht trin, c bit l trong lnh vc ti chnh ni chung v th trng m ni

ring, chng ta khng th khng k n M - mt trong nhng quc gia c nghip v th

trng m pht trin vo loi bc nht th gii. Ngoi ra, Hn Quc cng l mt quc gia

c th trng m tng i pht trin, y l mt quc gia c kh nhiu nhng c im

tng ng vi c th trng m M v Vit Nam. Nh vy, c ci nhn su sc hn

cng nh c th d dng so snh th trng m Vit Nam vi th gii t rt ra nhn

xt, bi tiu lun ny s ln lt trnh by nghip v th trng m hai quc gia M v

Hn Quc.

1. Th trng m M:

1.1 Lch s hnh thnh:

Sau cuc chin tranh th gii th nht, nn kinh t ton cu ri vo tnh trng suy thoi.

M tuy l mt quc giai c nn kinh t pht trin cao nhng vn khng trnh khi s nh

hng. Trong khong thi gian , Cc d tr lin bang M (FED) ri vo tnh trng

kht vn mt cch trm trng. Trc , ngun thu nhp ca FED ch yu thu t

nghipv chit khu, nhng do hu qu ca cuc khng hong kinh t lm lng tin

vay chit khu gim st, dn ti gim ngun thu. tip tc hot ng ca h thng

Ngn hng, FED tin hnh mua bn chng khon kim li. ng thi, cc ngn hang

c th b sung ngun kinh ph hot ng cng quyt nh mua chng khon Chnh

ph vi mt s lng ln trong na u nm 1922. Ngay sau , cc quan chc Fed nhn

ra rng bng cch mua chng khon trn th trng m , d tr ngn hng lin bang c

th nh hng n iu kin tn dng chung trong c nc. Ni cch khc, khi Fed mua

chng khon s khin tng d tr ngn hng thng mi v ni lng tn dng; ngc li

20

p dng khi Fed bn chng khon. T nhng nhn nh , vo nhng nm 20 ca th k

XX, th trng m M ra i.

1.2 C quan iu hnh:

M, 3 cng c chnh gip chnh ph thc hin chnh sch tin t l li sut chit khu,

d tr bt buc v th trng m. Trong khi hai cng c u li sut chit khu v d

tr bt buc do Hi ng thng c chu trch nhim th cng c th trng m c mt

c quan chuyn bit chu trch nhim. l y ban th trng m lin bang, gi tt l

FOMC (Federal open market committee). y l c quan chu trch nhim chnh trong

vic hoch nh cc chnh sch cho th trng m ti M v hon ton c lp vi chnh

ph.

FOMC c thnh lp nm 1935 theo quyt nh ca lut Ngn hang M 1933 v bao

gm 12 thnh vin: 7 thnh vin ca hi ng thng c , ch tch ca Ngn hang d tr

lin bang New Yorkv 4 ch tch Ngn hang d tr lin bang. FOMC thng t chc

cuc hp 8 ln/nm, trung bnh l 6 tun mt ln tho lun v a ra quyt nh v xu

hng ngn hn i vi chnh sch tin t.

1.3 Thnh vin tham gia trn th trng m

thc hin nghip v th trng m, FED bun bn chng khon trc tip vi mt s

thnh vin nht nh, cc thnh vin dc gi l primary dealer ( tm dch l nh giao

dch s cp hoc nh giao dch u tin). M, nh giao dch s cp thng l cc ngn

hang thng mi hoc cc cng ty mi gii chng khon.

H thng cc nh giao dch s cp c lp vo nm 1960 vi 18 thnh vin. S lng

tng dn qua cc nm n nm 1988 l 46 thnh vin. Th nhng, vo thi gian ny, cc

b lut v chnh sch v nh giao dch u tin ra i khin cho n nm 2007 s lng

thnh vin gim mnh ch cn 21 v hin ti, nm 2014 ang duy tr con s 22 thnh

vin v c mng li nhiu quc gia pht trin. Danh sch cc thnh vin c cp

21

nht lin tc trn trang web chnh thc ca Ngn hang d tr lin bang New York ni

nm chnh vic thc hin nghip v th trng m ti M

V quyn hn, y l nhng t chc c quyn giao dch trc tip vi FED trn th

trng m. V trch nhim, cc primary dealer c yu cu tham d tt c nhng phin

giao dch trong th trng m ca Chnh ph c th gip Chnh ph thc hin mt

cch tt nht nhng nh hng y ban th trng lin bang a ra trong chnh sch tin

t, ng thi cung cp thng tin ca th trng cho bn giao dch chng khon New York

v nhng phn tch v th trng cng nh vic thc thi chnh sch.

1.4 Phn loi nghip v th trng m

Nghip v th trng m M c chia thnh hai dng: nghip v th trng m di

hn v nghip v th trng m ngn hn.

Nghip v th trng m di hn gm c cc giao dch mua bn hn, mua bn chng

khon chnh ph M v cc chng khon c m bo bng th chp.

Chng khon chnh ph M l mt khon n ca Chnh ph c pht hnh bi Cc

ngn kh Hoa K (United States Department of Treasury) thng qua S cng n (Bureau

of the Public Debt). y l cc cng c ti chnh ch yu ca chnh ph lin bang nhm

mc ch iu chnh mc li sut v mc d tr trong ngn hng theo hng mong

mun. Khi bn chng khon chnh ph cho ngi kinh doanh, gi tr ti khon tin gi

d tr ti ngn hng lin bang khu vc ca ngn hng ni ngi giao dch t ti khon

s gim. theo kh nng thc hin cho vay v cc hnh thc tn dng khc ca ngn

hng s gim v ngc li. Do , vic FED bn chng khon c xu hng lm gim tc

tng trng ca tin gi v tn dng ngn hng Ngy nay, Fed t mc tiu gn li

sut qu lin bang FED fund vi li sut cho vay d tr qua m gia cc ngn hng.

Nu Fed mun tng li sut qu lin bang nhm hn ch cho vay v chi tiu, n thng

bn chng khon trn th trng m, gim d tr m ngn hng c th s dng cho

vay, buc ngn hng phi vay thm d tr. Mt khc nu FED mun h thp li sut

nhm khuyn khch cho vay v chi tiu trong nn kinh t, n s mua chng khon trn th

22

trng m, gip m rng d tr ca cc ngn hng, m rng kh nng cho vay mi, lm

gim p lc vay thm d tr trn th trng vn lin bang. iu ny c xu hng h thp

li sut, y nhanh cc qu trnh kinh t.

Chng khon kho bc bao gm cc chng khon c th th trng ha (nhng chng

khon c tnh thanh khon cao, c th giao dch) v chng khon khng th th trng

ha. Trn th trng m, ch c cc loi chng khon c th th trng ha c giao

dch gm: Tn phiu kho bc (Treasury bills), tri phiu trung hn(Treasury Notes), tri

phiu di hn (Treasury bonds) v Treasury Inflation Protected Securities (TIPS). TIPS l

mt dng tri phiu di hn dc thit k nhm bo v nh u t khi lm pht. S khc

bit gia TIPS v nhng tri phiu thong thng l kh nng tang ln hoc gim xung

ca mnh gi da trn ch s CPI.

Nghip v th trng m ngn hn c thc hin bng cc hp ng mua bn c k hn.

m bo nhng thay i ngun cung tin t theo chu k hoc tm thi, bn giao dch

th trng ca Ngn hng d tr lin bang New York tham gia cc tha thun mua li vi

nhng nh giao dch s cp. Cc giao dch mua bn ny ch yu l cc khon cho vay

ngn hn v c m bo t FED. FED s chuyn tin vo ti khon ca ngi giao

dch v nhn th chp (l giy t chng nhn s hu nh c phiu, tri phiu, ti sn c

gi tr tng ng). Thi hn giao dch t 1 ngy ti 65 ngy (theo tha thun), nhng

phn ln l cho vay qua m v 14 ngy. Khi ht hn giao dch, FED hon li chng

khon ( hay ni cch khc nh giao dch s thc hin cam kt ca mnh l mua li cc

chng khon mnh em th chp) v nhn li tin vn cng vi li nhun t li sut.

Trong giao dch tha thun bn li (reverse repo), FED s vay tin t cc ngi giao dch

u tin bng cch t cc chng khon chnh ph. Khi giao dch o hn, FED s hon

tin v cc khon li. Cc giao dch mua bn c k hn ny thc hin thong qua vic u

thu.

23

2. Th trng m Hn Quc

2.1 Lch s hnh thnh

Nghip v th trng m c p dng ti Hn Quc t thng 11/1961 vi vic pht hnh

tri phiu n nh tin t ca BOK (MSBs). Hot ng mua bn tri phiu chnh ph v

tri phiu cng cng gia BOK vi cc ngn hng c thc hin t thng 2/1969. n

nm 1977 th cc nh ch ti chnh phi ngn hng c tham gia nghip v ny. T 1986

nghip v th trng m vi qui m y (full-scale OMO) bt u c p dng. Tuy

nhin cho n thng 3/1993, phng php u thu cnh tranh mi c p dng, cc tri

phiu chnh ph v tri phiu cng cng c giao dch di hnh thc cc tho thun

mua li (RPs). T 2/1997 nhng tri phiu u thu khng thnh cng hoc tri phiu n

nh tin t khng cn c bn trc tip cho cc nh ch ti chnh. T , nghip v th

trng m c hon thin v chuyn sang phng php u thu hon ton cnh

tranh. Vi vic khai trng h thng u thu in t thng qua mng BOK-Wire v h

thng thanh ton tng thi gian thc ca BOK (BOKs Real Time Gross Settlement) vo

8/1997, nghip v th trng m theo nguyn tc th trng c thit lp mt cch

vng chc.

2.2 C quan iu hnh

V chnh sch tin t (phng chnh sch tn dng v d tr) chu trch nhim lp k

hoch v nghip v th trng m.

V th trng ti chnh (phng nghip v th trng m) l n v chu trch nhim thc

thi cc hot ng nghip v th trng m hng ngy. V ny quyt nh cc chi tit ca

hot ng tin t, bao gm vic la chn cng c, thi gian, tn sut v qui m ca hot

ng.

2.3 Hng ha

Tri phiu n nh tin t (MSBs) do BOK pht hnh: l cng c chnh sch tin t

ch yu khi khi lng tri phiu chnh ph v tri phiu cng cng phc v cho

24

hot ng ca th trng m cn hn ch. MSBs bao gm cc tri phiu chit khu

(discount bonds - vi cc thi hn 14 ngy , 28 ngy, 63 ngy, 91 ngay, 140 ngy,

182 ngy, 364 ngy, 371 ngy, 392 ngy, 546 ngy) v cc tri phiu coupon

(coupon bonds - thi hn hai nm vi phiu lnh li hng qu). MSBs c s

dng nh cng c iu chnh c cu vi nhng tc ng ko di

Chng khon s dng trong OMO bao gm tri phiu chnh ph, cc tri phiu

bo lnh ca chnh ph, cc tri phiu pht trin t ai ( Land Development

Bonds)

2.4 Hnh thc giao dch

i vi tri phiu n nh tin t (MSBs):

Hin nay Bok s dng hai hnh thc l u thu cnh tranh hoc bn trc tip.

u thu MSBs c thc hin vo th 3 hng tun, trong MSBs k hn hai nm v

91 ngy c pht hnh vo tun th nht v tun th 3 hng thng, k hn 364 ngy pht

hnh vo tun th hai v k hn 182 ngy pht hnh vo tun th 4. Tn sut, qui m pht

hnh MSBs hng tun c xc nh da trn cc yu t nh vic thanh ton MSBs, cc

iu kin tin t v d tr.

Phng thc bn trc tip c thc hin vo ngy th su khi cn thit. BOK xc nh

li tc ca MSBs vi mc cao hn li sut th trng v cc i tc khng phi ng k,

ai n trc c mua trc. Cc giao dch lin quan n MSBs u thc hin theo hnh

thc ghi s

i vi giao dch cc loi chng khon khc:

Cc giao dch ny c chia thnh hai hnh thc l giao dch mua, bn hn v cc giao

dch mua bn c k hn.

Cc giao dch mua bn c k hn c s dng khi d tha hoc thiu ht vn kh dng.

v mang tnh tm thi. Cc giao dch ny khng i hi mt th trng th cp thanh

khon ( iu ny rt quan trong Hn Quc v th trng th cp dnh cho cc tri phiu

25

chnh ph v tri phiu bo lnh ca chnh ph cha thc s pht trin) v vy cc giao

dch trn th trng m ch yu l cc giao dch mua bn c k hn. Mc d cc c k hn

t 1 - 91 ngy, nhng cc thi hn 10 ngy hoc ngn hn c s dng nhiu hn. Nhn

chung cc giao dch c k hn 7 - 15 ngy c s dng ht bt hoc cung cp vn

kh dng trong trng hp d tha hoc thiu ht khng nht thi (non temporary), trong

khi nhng giao dch rt ngn (1-3 ngy) c s dng iu tit nhng bin ng hng

ngy v d tr ca cc ngn hng.

Cc giao dch mua, bn thng c s dng khi d tha hoc thiu ht vn kh dng

c xc nh l mt hin tng c cu (structural phenomenon). Hnh thc bn thng t

c s dng v n c tc dng tng t nh pht hnh MSBs. Hnh thc mua thng

cng t c s dng do th tc phc tp trong chuyn nhng s hu tri phiu. Hn

na, vn kh dng cng c th c cung ng thng qua hnh thc mua li MSBs. Tuy

nhin, cc giao dch mua, bn thng cc tri phiu c s dng thng xuyn hn

khi th trng th cp dnh cho cc tri phiu ny hot ng tch cc, hiu qu hn.

26

Chng 4

So snh nghip v th trng m NHTW cc nc

Bi hc kinh nghim v xut

1. So snh:

Vit Nam M Hn Quc

Lch s

hnh thnh 12/07/2000 Cui nm 1920 11/1961

i tc

tham gia Cc t chc tn dng

Cc nh giao dch u

tin Cc t chc tn dng

Hng ha

_Tn phiu NHNN

_Tri phiu chnh ph

_Tri phiu c CP

bo lnh

_Tri phiu chnh

quyn a phng,

Chng khon Chnh

ph M (c bit l

tn phiu kho bc)

_Tri phiu Chnh ph

_Tri phiu bo lnh

ca Chnh ph

_Tri phiu pht trin

t ai

*Tri phiu n nh

tin t (MSBs).

C quan

iu hnh

Ban iu hnh nghip

v th trng m

FOMC ( y ban Th

trng m Lin bang)

_V chnh sch tin t

_V th trng ti

chnh

Hnh thc

giao dch

Mua bn hn hoc

REPO, thng qua cc

phin u thu li sut

hoc u thu khi

lng ( Ch yu l

u thu khi lng).

Mua bn hn hoc

mua bn c k hn,

thng qua u thu

li sut

Mua bn hn hoc

REPO, thng qua u

thu khi lng hoc

li sut.

27

2. Nhn xt:

2.1 Thnh tu t c:

Gp phn pht trin Th trng tin t, h tr cc T chc tn dng(TCTD) s

dng vn c hiu qu.

Thng qua hot ng OMO, tnh thanh khon ca cc giy t c gi(GTCG) do

cc TCTD nm gi c tng cng. iu ny gp phn thc y hot ng ca th

trng s cp, gip cho cc TCTD yn tm hn khi u t vo cc tri phiu di hn ca

Chnh ph, khuyn khch cc hot ng mua bn li tri phiu chnh ph.

Nhiu TCTD khng ch coi vic u t vo tri phiu chnh ph l hnh thc u t an

ton m cn l hnh thc d tr thanh khon c hiu qu cao. Khi cn thit m bo

kh nng thanh ton, cc TCTD c th s dng cc GTCG trong cc giao dch OMO

cng nh cc nghip v th trng tin t ni chung, to iu kin cho cc TCTD iu

chnh c cu u t theo hng tng t sut u t, gim thiu ri ro trong hot ng

kinh doanh.

Qua theo di, phn tch cc kt qu hot ng OMO c cng b rng ri trn cc

phng tin thng tin, cc TCTD c th tham kho v din bin th trng quyt nh

vic tham gia cc hot ng th trng tin t, nm bt tn hiu v nh hng iu hnh

chnh sch tin t(CSTT) ca Ngn hng Nh Nc(NHNN) c hng cn i ngun

vn thch hp. Ngoi ra, OMO cn gip cn bng ngun vn gia nhng ni tha vn v

nhng ni thiu vn.

Kt hp cht ch v ng b vi cc cng c khc nhm thc hin mc tiu chnh

sch tin t.

Vic NHNN mua bn GTCG thng qua OMO gp phn iu tit linh hot vn kh

dng ca cc TCTD theo mc tiu CSTT trong tng thi k. Nht l trong thi im cc

TCTD gp kh khn v vn kh dng, OMO c kt hp s dng ng b vi cc

cng c CSTT khc nh nghip v hon i ngoi t, nghip v cho vay cm c h tr

28

kp thi cho cc TCTD m bo kh nng thanh ton, gp phn duy tr n nh tin t v

thc hin mc tiu CSTT.

Ngy cng ci tin v hon thin v c ch v quy trnh OMO.

Cng tc t chc, iu hnh hot ng OMO ca NHNN c thc hin bi bn, bo

m an ton tuyt i trong cc phin giao dch. Di s ch o ca Ban iu hnh

OMO, cc V Cc chc nng ca NHNN kp thi sa i, b sung c ch, quy ch, k

thut c tng bc x l, khc phc.

Thu ht c nhiu thnh vin , trong c c cc t chc tn dng nc ngoi.

Hin nay, s lng thnh vin tham gia th trng m ngy cng tng v a dng v loi

hnh. Hot ng th trng m ngy cng si ng khng ch thu ht thm cc thnh vin

trong nc m cn thu ht c cc t chc tn dng nc ngoi.

Cng ngh k thut ngy cng c ci thin.

2.2 Hn ch:

Giy t c gi tham gia OMO cha a dng.

Hot ng ca OMO cha thc s si ng.

Tuy thi gian trin khai khng cn ngn nhng cng c OMO vn ang cn l mt

nghip v mi i vi mt s cc TCTD, nht l cc NHTMCP. Vic tham gia th trng

m vn cn nhiu b ng, hn ch. Cc NHTMCP tham gia khng thng xuyn v

khng nhiu. iu ny xut pht t nguyn nhn cc NHTMCP cha nhn thc c y

cc u im ca cng c ny. Bn cnh , vn tm l khi giao dch vi NHNN

vn cha th khc phc trong thi gian ngn.

Tc ng ca OMO n th trng tin t cn hn ch.

Cng c OMO ch yu pht huy vai tr iu tit khi lng vn kh dng ca cc TCTD

hn l iu tit li sut ca th trng. Nguyn nhn l do NHNN ang thc hin khi

lng tin ch khng phi iu tit li sut.

29

Mc d li sut th trng m mang tnh th trng nhng NHNN vn phi p dng li

sut ch o mang tnh hnh chnh trong mt s phin giao dch OMO, qua c th

can thip ti li sut ca th trng. Ngoi ra mi quan h gia li sut OMO cng nh

cc li sut khc ca NHNN v li sut th trng cha tht cht ch.

K hn mua bn GTCG ngn v cha a dng.

S lng thnh vin tham gia OMO cn hn ch.

Trnh cn b, cng ngh thng tin cha cao.

Nghip v th trng m vn cha hon ton c lp vi Chnh Ph.

3. xut:

Ci tin, nng cp v hon thin h tng cng ngh cho th trng m.

NHNN cn tip tc hin i ho cng ngh ngn hng v h thng thanh ton, to iu

kin thun li cho vic pht trin th trng th cp v giy t c gi. H thng cng

ngh thng tin cn c khng ngng nng cp nhm h tr NHNN nm bt kp thi cc

thng tin th trng (nhu cu vn ca nn kinh t, kh nng thanh khon ca cc

NHTM,...) a ra cc quyt nh st thc v chnh xc. Bn cnh cng cn ch

trng nng cao an ton, chun xc trong cc hot ng giao dch tin t, tng hiu qu

hot ng (nh rt ngn thi gian giao dch), cng nh ci tin cc chng trnh phn

mm ng dng v lu k giy t c gi ti S Giao dch NHNN nhm theo di v thanh

ton giy t c gi ca NHNN v ca cc t chc tn dng.

Cn khng ngng b sung, sa i hon thin cc quy trnh v khung php l

lin quan n OMO.

C th nh t thu, xt thu; cc th tc v ng k, lu k giy t c gi; th tc v

lp hp ng, quy trnh giao dch qua mng,... nhm to iu kin thun li cho cc t

chc tn dng khi tham gia giao dch, rt ngn thi gian v tit kim chi ph giao dch.

B sung thm hng ha giao dch trn th trng m.

NHNN nn a dng loi hng ho giao dch trn th trng. Thc t cho thy hng ha

ca th trng m hin cn kh ngho nn, ch yu l tn phiu ngn hng. Cc phng

30

tin giao dch nh cc loi tri phiu thi hn ngn, chng khon do bn thn cc ngn

hng pht hnh,... vn cha giao dch trn th trng ny. Thm vo , khi lng tn

phiu ngn hng cn qu nh so vi quy m vn ca ngn hng. Nh vy, NVTTM cha

thc s c tc ng ln n cung cu vn trn th trng. Vic tng khi lng hng ha

giao dch cng l tng sc hp dn thu ht nhiu t chc tn dng tham gia th trng

m.

a dng ha cc k hn mua bn GTCG.

Nng cao nng lc cn b xy dng v iu hnh OMO.

Con ngi lun l yu t then cht v quyt nh trong mi hot ng kinh t, x hi.

Chnh v vy, vic nng cao trnh ca cn b NHNN trong xy dng v iu hnh

CSTT l nhu cu va mang tnh cp thit va lu di.

Theo kinh nghim ca cc quc gia iu hnh thnh cng CSTT th nng lc v kinh

nghim ca cc cn b xy dng v iu hnh CSTT c c bit ch trng. Ti mt s

quc gia, nh M, Hi ng lnh o NHTW c nhim k lm vic rt di. Ch i

ng i vi cn b NHTW cao hn ch thng thng.

Do vy, hon thin v trin khai hiu qu OMO ti Vit Nam, iu quan trng l phi

nng cao nng lc cn b xy dng v iu hnh OMO, khng ch ti NHNN m cn ti

cc TCTD thnh vin. NHNN v cc ngn hng cn phi thng xuyn o to v o

to li i ng cn b qun l ngn hng, cn b nghip v. Chng trnh o to cn

phi c chun ho v ph hp vi yu cu, xu th pht trin ca h thng ngn hng.

Bn cnh o to l thuyt c bn th cng cn tin hnh cc kho hc trong nc v

nc ngoi.

Tng tn sut giao dch trn th trng m.

M rng cc thnh vin th trng m bng cch tng tnh hp dn cho th trng

giao dch; Quan tm nhiu hn n cc NHTM, cc TCTD va v nh, tng

cng cng tc tuyn truyn ph bin, thng tin rng ri v OMO.

Thc t cho thy, thnh vin tham gia th trng m thi gian qua c s gia tng v s

lng v a dng v loi hnh. Nu nh trc y, th trng m hu nh ch c cc

NHTM nh nc tham gia, cc khi ngn hng khc cn ng ngoi cuc, th hin nay

31

th trng m Vit Nam c s gp mt ca cc chi nhnh ngn hng nc ngoi ti

Vit Nam, ngn hng lin doanh, NHTM c phn, Tuy nhin, cn mt b phn khng

t cc NHTM c phn nh cha tham gia th trng m, do quy m vn b, trnh

nghip v cha p ng cng nh cha quen nn cha tham gia hoc cn lng tng trong

vic tham gia u thu ti th trng tin t th cp ny. Gia tng s lng thnh vin

cng l gp phn nng cao hiu qu, hiu lc ca NVTTM trong vic iu hnh lng

tin trong lu thng ca NHNN, nh tng c su v rng (lan to) ca chnh

sch tin t.

Vit Nam th ban iu hnh th trng m trc thuc Ngn hng Nh nc

(NHNN Vit Nam trc thuc Chnh ph), M c FOMC trc thuc FED (FED khng

trc thuc Chnh ph). Theo quan im ca nhm nghin cu th trong tng lai, khi nn

kinh t Vit Nam pht trin hn, khc phc c nhng hn ch hin ti th nn chuyn

Ngn hng Nh nc Vit Nam thnh c quan c lp vi Chnh ph (tng t nh

M) Nghip v th trng m c th pht huy c hiu qu cao nht.

32

KT LUN

Nghip v th trng m l mt cng c gin tip linh hot v hu hiu gip

NHTW lo li con thuyn kinh t . cc nc ang pht trin nh Vit Nam th trng

m ngy cng tr nn cn thit v quan trng khi cc iu kin thc hin, c s php l

khng ngng hon thin. Chnh v vy, vic nghin cu cng c th trng m c

ngha thc tin ti Vit Nam trong giai on hin nay.

Vi kt cu gm 4 chng v 33 trang, ti Nghip v th trng m tp

trung nghin cu cc kin thc lin quan n nghip v th trng m v thc tin hot

ng nghip v th trng m ca Ngn hng Nh nc Vit Nam trong thi gian t nm

2000 n nay. ti hon thnh cc nhim v sau:

Th nht, ti h thng ho mt s ni dung v cng c OMO nh khi nim,

cch thc giao dch... Ngoi ra cn cp mt s kinh nghim vn hnh OMO ca

NHTW mt s nc vi cc trnh pht trin kinh t khc nhau, t rt ra cc kinh

nghim c th p dng ti Vit Nam trong giai on hin nay v sp ti.

Th hai, lun vn tin hnh phn tch, nh gi hot ng OMO ca NHNN

Vit Nam t khi a vo hot ng n nay v trn nhiu phng din nh: khun kh

php l, t chc v iu hnh nghip v, hng ho giao dch trong th trng m, cc

thnh vin th trng, li sut th trng m, tn sut giao dch, doanh s giao dch .

Th ba, bn cnh , ti cng a ra so snh nghip v th trng m ca

NHTW ba nc Vit Nam, M v Hn Quc v nh gi nhng u im v nhng hn

ch ca hot ng OMO t khi trin khai n nay nhm tm ra nhng xut cho Vit

Nam.

Th t, nhm a ra cc xut gp phn hon thin nghip v th trng

m ca NHNN gm nhng gii php trc tip hon thin cng c ny v nhng gii

php nhm to cc iu kin v mi trng, v hng ho

Do kin thc cn hn hp, nht l v NHTW v CSTT, nn ti khng th

trnh khi nhng khim khuyt. Rt mong c s quan tm, gp ca cc thy c

33

gio, cc nh nghin cu lun vn c hon thin hn.

Trong qu trnh hon thin lun vn, nhm xin chn thnh cm n s hng dn

nhit tnh, cn thn ca thy v nhng vn nhm cn hn ch.

34

Ti liu tham kho

1. http://www.federalreserve.gov/

2. http://www.newyorkfed.org/

3. http://www.bok.or.kr/eng/engMain.action

4. http://sbv.gov.vn/

5. Sch Nghip v Ngn hng trung ng Ch bin PGS.TS Nguyn ng Dn

Nh xut bn i hc quc gia TPHCM

6. Thng t 01/2012/TT-NHNN Thng t quy nh chit khu giy t c gi ca

Ngn hng Nh nc Vit Nam i vi cc t chc tn dng, chi nhnh ngn hng

nc ngoi

7. Quyt nh 01/2007/Q-NHNN V/v Ban hnh Quy ch nghip v th trng m.

8. Quyt nh 27/2008/Q-NHNN V/v sa i, b sung mt s iu ca Quy ch

nghip v th trng m

35

Cu hi ng gp cho ti

1. C kin cho rng Khi thc hin nghip v th trng m s gip cho chnh

ph d dng thc hin o chiu khi c sai st. kin ca nhm nh th no?

Theo kin ca nhm, th trng m tuy l mt cng c linh hot nht trong cc cng c

thc hin chnh sch tin t ca chnh ph nhng khng phi lc no n cng gip chnh

ph d dng thc hin o chiu. Th nht, do vic o chiu ch c th d xy ra khi

nghip v mang tnh ch quan ca nh nc, th hin bng hnh thc u thu khi lng

cn i vi u thu li sut, quyt nh mua bn thuc v t chc giao dch nn s kh

thc hin o chiu. Th hai, nghip v no cng c mt tr nht nh nn khi c sai

xt cng kh c th o chiu mt cch nhanh chng.

2. Ti sao Vit Nam p dng c hai hnh thc u thu ( khi lng v li sut)

trong khi M ch p dng mt hnh thc (li sut)?

u thu khi lng th hin tnh ch quan ca nh nc trong vic iu hnh chnh

sch, chnh v th n khng mang tnh cnh tranh cao.Trong khi u thu li sut th hin

tnh ch quan ca t chc giao dch, n thng d p dng nhng nc c th trng

m pht trin v c tnh cnh tranh cao.

Th trng m Vit Nam ta vn cha thc s pht trin v cn nhiu hn ch. Bn cnh

th trng vn cn cn nhiu s tc ng t pha chnh ph nn chng ta vn cha th

hon ton b hnh thc u thu khi lng. Trong khi M, th trng m ra i t

lu v rt pht trin nn d dng t chc hnh thc u thu li sut vi tnh cnh tranh

cao.

3. So snh quyt nh 01/2007/Q-NHNN vi D tho thng t quy nh nghip v

th trng m. Ti sao li phi c s thay i ny.

D tho thng t quy nh nghip v th trng m c mt s khc bit vi quyt nh

01/2007/Q-NHNN nh sau:

- V nh ngha, b sung them chinh nhnh ngn hang nc ngoi l i tc tham

gia nghip v th trng m vi nh nc.

36

- B sung cc iu kin c cng nhn thnh vin tham gia nghip v th

trng m nhm m bo cc t chc tn dng, chi nhnh ngn hng nc ngoi

tun th cc yu cu ca NHNN v qun l ri ro, c bit l ri ro thanh khon.

- Quy nh cht ch hn vic chm dt t cch thnh vin tham gia nghip v th

trng m cng nh vic x pht thnh vin.

- Quy nh mi vic nh gi hot ng ca cc thnh vin tham gia nghip v th

trng m nhm a ra mt ci nhn tng quan v hot ng nghip v th trng

m.

L do thay i

- Do quy m th trng tin t pht trin kh nhanh

- S thay i cahai Lut Ngn hng Nh nc Vit Nam v Lut Cc TCTD

c ban hnh v c hiu lc t 01/01/2011

- Cc quy nh lin quan n nghip v th trng m hin ang quy nh ri rc ti

mt s vn bn cn phi tng hp thnh mt vn bn thng nht

- c mt khung php l hon chnh hn nhm iu chnh hot ng nghip v

th trng m, m bo ph hp vi xu th pht trin ca th trng, h tr kp

thi vn kh dng cho cc t chc

4. Chi ph s dng th trng m? Giao dch mua bn hn v giao dch c hon li

ci no c tc dng ln hn, v sao?

Chi ph s dng th trng m:

i vi Ngn hng Nh nc: chi ph hnh chnh v chi ph tr li sut khi bn giy t c

gi, c bit l khi thc hin mua li trc hp ng

Trong tng trng hp kinh t m 2 giao dch trn s c hiu qu khc nhau:

Giao dch mua bn hn c hiu qu khi nn kinh t ang gp vn kh r rng v trm

trng, tht s cn mt s iu chnh mnh v n nh trobg di hn. V d nh lm pht

tng qu cao hoc kinh t suy thoi qu thp.

37

Giao dch mua bn c hon li c hiu qu khi nn kinh t ch bt n nh trong thi gian

ngn,ch cn s iu tit tc thi v giao dch mua bn c hon li c tnh linh ng cao

hn giao dch mua bn hn.

5. Cc i tng tham gia nghip v th trng m vi NHNN l cc TCTD bao

gm NHTM v cc nh ch ti chnh phi ngn hng v th trng m s lm tc

ng n cung tin ca cc TCTD. Tuy nhin iu ny i hi c ch lu thng

tin mt phi ch yu nm trong h thng ngn hng t hiu qu cao nht.

Bn suy ngh sao v nh hng ny?

Thc t, vic lu thng qu nhiu tin mt trong dn c mang n kh khn rt ln

trong vic iu hnh chnh sch tin t ni chung v nghip v th trng m ni ring.

Khi qu nhiu tin mt lu thng trong dn c, Ngn hng nh nc rt kh thng k

chnh xc lng tin mt cn lu thng trong nn kinh t, dn n vic xc nh s lng

cung v cu tin trong nn kinh t sai lm. iu dn n vic xc nh s lng giy

t c gi cn mua v bn trn th trng m c sai lch v hu qu s c nhn thy r

nht l trong li sut v lm pht.

6. Phng thc bn trc tip ca th trng m Hn Quc c c im g m c

Vit Nam v M u khng s dng?

Phng thc bn trc tip c thc hin vo ngy th 6 khi cn thit. BOK xc nh li

tc ca MSBs vi mc cao hn li sut th trng v cc i tc khng phi ang k, ai

n trc mua trc.

Phng thc ny c kh nhiu nhng nhc im v cng l l do ti sao Vit Nam v

M khng p dng. Th nht, do khng cn ng k trc nn phng thc ny gy kh

khan trong vic qun l. Th hai, nu cnh tranh trong u thu li sut lin quan n

nng lc ti chnh ca t chc th cnh tranh trong phng thc bn trc tip li ch da

vo thi gian c mt nh vy s khng hnh thnh cch thc lm vic chuyn nghip, ch

nh i ch mua hang gy nh hng n vic pht trin th trng m ng thi hn ch

vic hon thnh mc tiu th trng m ca chnh ph. V d: Khi chnh ph bn tri

phiu nhm bm tin vo nn kinh t, vi phng thc u thu li sut nhng t chc c

ngun vn mnh, uy tn cao s mua vi gi cao, vi s lng ln v sau cng s d

38

dng cung ng vn vo th trng. Nhng vi bn trc tip, ch nhng t chc ti trc

mi c mua cn nhng ai n sau, d c th mua vi gi cao hn, s lng ln hn

nhng s khng th mua tri phiu hoc mua vi s lng t hn so vi trng hp u

thu li sut.

7. Bn c th cho v d lm r hn v sao ni th trng m kt hp cht ch

v ng b vi cc cng c khc nhm thc hin mc tiu chnh sch tin t?

V d: Khi Chnh ph mun can thip vo th trng ngoi hi m khng lm nh hng

n cc mc tiu Chnh sch ca chnh ph, NHTW s tin hnh s dng phng thc

can thip v hiu ha. Can thip v hiu ha c NHTW tin hnh bng cch thc hin

ng thi song song 2 giao dch (1) trn th trng ngoi hi v (2) trn th trng m.

Trong trng hp th nht, khi tung USD ra th trng ngoi hi mua vo ng ni t

dn n lm gim cung tin, khi NHTW s tip tc mua tri phiu trn th trng m

tng cung tin tr li. V tng t trong trng hp th hai, khi tung ng ni t ra th

trng ngoi hi mua vo USD, NHTW li phi can thip trn th trng m bng

cch bn tri phiu lm gim cung tin. Thng qua v d ny cho thy nghip v th

trng m c kt hp cht ch v ng b vi cc cng c khc nhm thc hin mc

tiu CSTT ca quc gia.

8. Vic nng cao h tng cng ngh c th hn l g?

NHNN cn tip tc hin i ho cng ngh ngn hng v h thng thanh ton, to iu

kin thun li cho vic pht trin th trng th cp v giy t c gi. H thng cng

ngh thng tin cn c khng ngng nng cp nhm h tr NHNN nm bt kp thi cc

thng tin th trng (nhu cu vn ca nn kinh t, kh nng thanh khon ca cc

NHTM,...) a ra cc quyt nh st thc v chnh xc. Bn cnh cng cn ch

trng nng cao an ton, chun xc trong cc hot ng giao dch tin t, tng hiu qu

hot ng (nh rt ngn thi gian giao dch), cng nh ci tin cc chng trnh phn

mm ng dng v lu k giy t c gi ti S Giao dch NHNN nhm theo di v thanh

ton giy t c gi ca NHNN v ca cc t chc tn dng.

39

9. Trn th trng m c nhiu loi hng ha nh tn phiu tri phiu v chng

u c chung mc ch l cng c iu tit cung tin. Vy ti sao khng ch c

mt loi hng ha s d dng qun l?

Th trng m l ni mua bn cc CTCG t th trng y c th hiu mt cch n

gin nht ging nh ch. Khi NHTW thc hin mua bn CTCG ch th phi c

ngi mua tc l cung cu phi gp nhau. iu ny c th thc hin c i hi

ch hng ha phi ang dng, nhiu s la chn tha mn c nhu cu ca cc ch

th tham gia. Khi th trng c nhiu hng ha c th thu ht c nhiu ngi tham gia

mua bn to tnh si ng gip NHTW c th d dng thc hin nghip v ca mnh.

Mt khc ty vo tng giai on, tnh hnh kinh t c th m NHTW c nhng phng

hng iu hnh chnh sch tin t ring t lm cho cc CTCG trn th trng phi

phc thuc vo mc tiu chnh sch tin t trong thi gian . T bt buc hng ha

trn th trng m phi khc nhau.

10. Th trng m l mt cng c iu tit thc hin chnh sch tin t. nc ta

theo nh thc trng th tn sut cc phin giao dch ngy cng tng din ra u

n hng ngy. Vy vic ny c ng ngha vi vic nn kinh t nc ta ang gp

vn nghim trng hay khng?

Nghip v th trng m l mt cng c iu tit thc hin chnh sch tin t ca NHTW.

Tuy vai tr iu tit kinh t l quan trng nhng khng phi l duy nht ca cng c th

trng m. V d nh p ng hot ng qun l v s dng vn kh dng cn phi ch

ng v linh hot hn v quan trng nht khng gy ch tc trong thanh ton cng nh

p ng nhu cu tng trng tn dng, v cn nhiu vai tr vi cc ch th khc. Do

khi NHTW thc hin nghip v th trng m khng ng ngha vi vic kinh t ang

gp vn nghim trng. Vi tnh trng d tha vn trong cc NHTM hin nay nghip

v th trng m ang l knh u t hiu qu nht .

Documents

Nghiệp Vụ Thị Trường Mở - Nhóm 4b - Lớp NH1CLC K37