TAP CHi CONG THlTdNG
KINH NGHIEM QUOC TE
VA DINH HlTCfNG XAY Dl/NG KHUNG PHAP LY CHO THI TRlJCfNG CHlfNG KHOAN
PHAI SINH TAI VIET NAM
• TRAN THI HAI VAN
TOM TAT:
Thi trtfdng chiJng khodn phai sinh (TTCKPS) tr6n thd' gidi da co lich suf phdt trien khd Idu ddi, trong do vai tro quan trpng cfla vide xay di/ng mot he ihong khung phap ly chdt che da d6ng gop khong nho vao siT phat trien cua TTCKPS. Bai vie't s^ dung phiTdng phap phdn tich va t6ng hcfp nham phdn tich kinh nghi$m xay dtfng khung phap 1^5 cua mot so ntfdc tren th6' gidi nham riit ra cac kinh nghiem va dinh htfdng hoan thien khung phdp Iy cho TTCKPS tai Viet Nam, tdp trung vao cac diem: (1) Cong cu tai chinh phdi sinh va thi trtfdng chtfng khodn phdi sinh; (2) Kinh nghidm qu^c td' v l xdy dtfng khung phap 1^ cho TTCKPS va (3) Mdt sd dinh htfdng trong vide xay dtfng khung phdp ly cho TTCKPS tai Viet Nam.
Tuf khoa: Khung phdp ly, thi trtfdng chtfng khodn phdi sinh, cdng cu tdi chinh phai sinh.
1. Cong cu tai chinh phai sinh va thi trifdng chiing khoan phai sinh
Cdng cu tai chinh phai sinh dtfcfc iiieu la mdt hcfp dong lai chinh xac dinh quyen va nghTa vu cua cac ben dtfa tren mdt tai san cd &d. Gid tri cua cdng cu tai chinh phai sinh phu thupc vao tai san cd sd nhtf CO phie'u, trai phie'u, tien te va hang hoa. Hdp dong nay xac dinh cac dieu kidn giao dich (dac bidt la ngay thang, gia tri ke't qua va cac dinh nghia cua cdc bie'n cd sd, nghia vu hdp dong cua cdc ben, va sd' tien danh nghTa), va cac khoan thanh toan dtfdc thtfc hidn gitfa cac bdn
Thi trtfdng tai chinh phdi sinh la ndi dien ra cac hoat dpng mua di bdn lai cdc loai san pham tai chinh phai sinh. Cdc loai cdng cu tai chinh phdi sinh cd ban trdn thi trtfdng phai sinh bao gom hpp dong ky han, hpp dong ttfdng lai, hdp dong quyen chpn va hdp dong hoan doi. Day la thi trtfdng co tinh hnh hoat va gia tri giao dich Idn, da dang cdc loai hang hoa giao dich chiu stf anh htfdng ttf stf bid'n dong gia ca tren cac thi trtfdng Idn. Chu the tham gia vao thi
trtfdng chi?ng khoan phdi sinh co nhidu muc dich khac nhau, nhtf: Dau cd, kinh doanh chdnh lech gia, ttf bao hiem, phong ngtfa rui ro. Thi trtfdng tai chinh phai sinh bao gom thi trtfdng giao dich tap trung (thi trtfdng chtfng khoan phdi sinh) va thi trtfdng giao dich phi tap trung (thi trtfdng OTC).
2. Kinh nghidm qud'c te' ve xay dtfng khung phaply cho TTCKPS
2.1. Kinh nghiem cua My
Thi trtfdng chtfng khoan phdi sinh My la mot trong nhtfng thi trtfdng lau ddi nha't tren thd' gidi, vdi gan 180 nam hinh thanh va phattrien. Lich su:phat trien khung phap ly cho thi trtfdng phdi sinh tai My cung trai qua nhieu giai doan, tif giai doan phoi thai nha't la khi sdng lap Hpi dong thtfdng mai Chicago (CBOT) nam 1948. De'n nam 1922, My ban hanh dao luat giao dich hcfp d6ng ttfpng lai cho lua thdc dd' ca'm cdc giao dich ttfdng lai khong cd tren thi trtfdng chinh thtfc. Nam 1934, dao luat ve giao dich chtfng khoan ra ddi, dtfa ra khung phap ly cho mpt sd' cac hang hda cho giao dich phai sinh. Cac thay
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ddi Idn ve khung phap ly TTCKPS didn ra vao cdc nam 1960 va 1970. Nam 1968, Luat Giao dich hang hoa dtfdc su'a doi va dtfa vao dieu chinh them san pham di thii nudi, dtfa ra cac quy dinh ve yeu cau tai chinh td'i thieu tren giao dich hdp dong ttfdng Iai.
Nam 1974, Dao luat giao dich ttfdng lai vl hang hda ra ddi, thanh lap Uy ban giao dich hdp dong ttfdng lai hang hda (CFTC - Commodity Futures Trading Commission) de' quan ly cac giao dich ttfdng lai dd'i vdi tat ca cac loai hang hda.
Ve ca'u true khudn khd phap ly, TTCKPS cua My hoat ddng theo he thong luat hai ca'p: Luat Lien bang va cac quy dinh cua cac to chtfc ttf quan nhtf sd giao dich, hidp hdi cac cdng ty chtfng khoan, hiep hpi cac nha giao dich hpp dong ttfdng lai.,. dong thdi chiu stf giam quan cua hai td chtfc trtfc thudc Qud'c hdi la tJy ban chtfng khoan My (SEC) va Uy ban CFTC.
SEC la rapt td chtfc dpc lap trtfc thugc Quo'c hoi, bat dau hoat ddng nam 1934 theo Luat Chtfng khoan lien bang. Hien tai, SEC quan ly tat ca cac dd'i ttfdng tham gia trdn thi trtfdng OTC, thi trtfdng chtfng khoan, thi trtfdng quyen chon va hdp dong ttfdng lai dd'i vdi chi sd'vd chtfng khoan vo'n. Uy ban CFTC cd trach nhiem dieu chmh hoat ddng giao dich ngoai hd'i, giao dich hdp ddng ttfdng lai va quyen chpn do'i vdl cac to chtfc dat tru sdtai My. Dtfdi tic ddng cua cudc khung hoang tai chinh nam 2008, de nang cao hieu qua ±i trtfdng phai sinh, cdc nhd lap phap My da sie't chat cdc quy dinh ve giao dich dau cd OTC ve cac cdng cu tai chinh phdi sinh Qud'c hdi My thong qua cupc cai to Wall street Dodd-Frank va su'a ddi dao luat Dodd-Frank 2010. Nam 2013, CFTC da ban hanh qui dinh vl giao dich phdi sinh. Stf ra ddi cua qui dinh nay dtfdc coi la cupc cai td manh me thi trtfdng phdi sinh, dac bidt Id ndng cao tinh minh bach cua cac giao dich trdn thi trtfdng nay cho phu hdp vdi cac qui dinh chung ve thtfdng mai didn til, mang lai ldi ich chung cho nIn kinh td' My.
v l ndi dung khung phap ly TTCKPS My, dao ludt Dodd - Frank cung nhtf cdc quy dinh cua SEC va CFTC tap trung vdo cdc vd'n de nhtf quy dmh thanh vien tham gia thi trtfdng chtfng khoan va tai chinh phdi sinh, cac yeu cau trong thanh todn bu trtf, cdc quy dinh vl mtfc ky quy va ve yeu cau bdo cdo.
2.2. Kinh nghiem cua Singapore
Thi trtfdng chtfng khodn phai sinh Singapore dtfdc hinh thdnh ttf ndm 1984 vdi vide thanh lap thi trtfdng trao ddi tiln td qud'c te Singapore (SIMEX),
san pham chu yd'u la hdp dong ttfdng lai cua chi so' Nikkei 225. Nam 1995, Singapore dtfa quyen chon cd phie'u vao giao dich nhifng khdng thanh cdng, nguyen nhan hen quan de'n khung phap ly dtfdc cho la do tieu chuan dd'i vdi vide dtfdc niem ye't quyen chpn qud cao, nhilu quy dinh ciing nhtf tnnh dd nhd dau ttf con han che'. Nam 1999, Sd Giao dich chtfng khodn Singapore Exchange (SE) ra ddi quan ly chung thi trtfdng phdi sinh hdng hda, tien te va chtfng khoan. TTCKPS Singapore dtfpc hen thdng vdi thj trtfdng Chicago va dieu kien tham gia thi trtfdng cung dtfdc quy dinh phii hdp cho ttfng nhom dd'i ttfpng la ca nhan (nha kmh doanh phdi sinh chuyen nghiep, co day du kie'n Ihtfc, hieu bie't vd chtfng khodn phdi sinh, khdng ydu cdu vd'n ldi thie'u) va thanh vidn thanh toan (vd'n td'i thieu 5 trieu do la Singapore, cd gid'y phep cung cd'p dich vu thi trtfdng vd'n va dap tfng nhtfng chuan mtfc tai chinh cao nha't) nen da lao lap nen lang giup thi trtfdng phdt triln nhanh va bin vtfng.
Ttf nam 2004, Singapore bat dau dtfa Ihera quyen chgn co phid'u vao giao dich va dtfa giao dich trtfc tuye'n vao boat ddng. Giai doan nay, thanh cdng cua TTCKPS Singapore mdt ph^n nhd vao viec dtfa ra nhtfng quy dmh chat che dd'i vdi viec phdt hanh cdc cong cu chtfng khoan phai sinh Cac cd che chinh sach cung lao thuan ldi hdn cho cdc nha dau Itf giam cdc tieu chud'n niem yd't quyIn chon, mien ydu c^u ve cao bach...
Mpt trong nhtfng dao luat quan trpng dilu chinh thi trtfdng chtfng khoan phai sinh tai Singapore la Dao luat ve Chtfng khoan va hdp ddng ttfdng lai.
Singapore co he thd'ng ludt chi tid't cho cac hdp dong ttfdng lai va cac hoat dpng thanh toan bu trtf cho chtfng khodn phdi sinh. Hien nay, Singapore dtfng thtf 8 trdn thd' gidi vl td'ng khd'i Itfdng giao dich quyen chpn co phie'u va dtfng thtf 4 d chau A trong ITnh vtfc nay. Mot trong nhffng kinh nghiem de' phat trien mdt thi trtfdng chtfng khodn phdi sinh ben vtfng vdi stf tham gia cua cac nha dau ttf cd d^y du thdng tin; dam bao mpt th; trtfdng co tinh thanh khoan cao, trdt ttf, hidu qua va cong bang;
khuye'n khich stf phat trie'n cua nhtfng san pham sdng tao.
2.3. Kinh nghi$m ciia Trung Quoc Thi trtfdng chtfng khodn phdi sinh Trung Qud'c cung ra ddi vao nhu'ng nam 1990, khi lan dau tien Trung Qud'c gidi thieu san phd'm ttfdng Iai trai phieu kho bac. Tuy nhien, trong sud't 20 nam qua.
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thi trtfdng nay da chtfng kie'n nhi^u thd't bai ma cd the trd thanh bai hpc quy gia cho Viet Nam.
Uy ban phap Iy vl giao dich ngan hang Trung Qud'c (CBRC) da dtfa ra cdc quy dmh hen quan dd'n giao dich phdi sinh vl tai chinh va phai sinh ve chtfng khodn. "Luat Kinh doanh chtfng khoan phai sinh doi vdi td chtfc tai chinh" dtfpc ban hanh nam 2004 dtfdc xem la van ban luat dat nen mdng cd sd cho khung phap Iy TTCKPS, trong do Ian dau tien xac dmh cac dinh nghTa ve chtfng khoan phdi sinh, dong thdi xdc dinh rd, ta't ca cac giao dich phdi sinh dtfa tren Iai suat, chtfng khoan, tin dung hay ngoai td dIu thudc dieu chinh dtfdi luat nay. Luat nay cung dtfa ra cac quy dinh ve tieu chuan tham gia thi trtfdng, ke' ca tham gia vdi muc dfch ttf phdng ngtfa rui ro, hay vdi muc dich kiem Idi nhuan, hay vdi ttf cdch la nha mdi gidi tren thi trtfdng. Ve khia canh quan tri riii ro, luat vl chtfng khodn phdi sinh Trung Qud'c cung nha'n manh den viec thiet lap chinh sach quan tn rui ro, kid'm sodt ngi bd va he thd'ng xft Iy giao dich.
Hai bai hpc kinh nghiem ttf viec phat tnen thi trtfdng chtfng khoan phai sinh tai Trung Qud'c la rui ro thao tung gid thi trtfdng, bong bdng gid va stf ba't cap va chdng cheo ve quan ly phdi sinh tao ra khd khan cho phat trie'n thi trtfdng. Lich sff thi trtfdng chffng khodn phai sinh Trung Qud'c da chtfng kie'n mdt so' lenh ddt mua/bdn tren thi trtfdng da khdng dtfdc bao dam bang cac khoan ky quy nhtf yen cau, va khd'i Itfdng Idn, nham Iam khuynh dao, thao tung gia thi trtfdng mdt cdch cd chu dich. Cac lenh nay sau do da bi phdt hien va xff ly, nhtfng van dd' lai cdc bai hgc Idn trong khau quan !y cua thi trtfdng. Ngoai ra, hien ttfdng bong bdng phdi sinh chtfng khoan cung la mdt hien ttfdng mang tinh he thd'ng dtfdc nhdc de'n nhilu khi nghidn cffu vl thi trtfdng phai sinh Trung Qud'c. Theo do, co nhffng giai doan, gia cua cdc san phd'm phdi sinh cd the' len cao hdn ga'p ca 1000 lan so vdi gid thtfc te' cua san pha'm.
Hien tffdng nay tao thanh mdt tinh hud'ng nghidn cffu noi tie'ng "bong bdng gid chtfng quyen Trung Qud'c" (The Chinese Warrants Bubble) dtfdc cdng bd' tren tap chi American Economic Review va bong bdng nay dtfdc xd'p vao ciang nhom vdi bong bong nhtf Tulip Ha Lan vd bong bdng Internet cud'i nhffng nam 1990,
Bdi hpc ihtf hai trong phat tnen thi trtfdng phdi sinh tai Trung Qud'c la bai hpc ve stf chdng cheo,
ba't cap trong qudn ly thi trtfdng. Theo Ho Qud'c Tud'n, Phung Dffc Nam (2017), stf mau thudn va khdng nhd't quan ve vide thi hdnh chinh sach cua nhieu ddn vi quan Iy thi trtfdng khac nhau cd the dan de'n stf nham lan trong cdc cdng ty lidn quan de'n va'n de tudn thu kinh doanh cac cdng cu phdi sinh, thie't ke' cdc san phd'm phdi sinh. Vi du, cdng ty kinh doanh cdc cdng cu phdi sinh d Trung Qud'c cd the' lien quan de'n viec cac cd quan quan 1^
nhtf Ngdn hang Nhan dan Trung Quo'c (Ngan hang Trung tfdng, PBOC), Uy ban Dieu tie't ngan hang Trung Qud'c (CBRC), Uy ban Dieu tie't chtfng khoan Trung Qud'c (CSRC), Uy ban Di^u tie't bao hie'm Trung Qud'c (CIRC), Cd quan Ngoai hd'i Nha ntfdc (SAFE) va Hiep hdi cac nha dau ttf td' chffc trdn thi trtfdng tai chinh (NAFMII).
Ne'u mdt cdng ty bao hie'm mud'n giao dich cdc phdi sinh ngoai te thi can phai cd stf chd'p thudn cua CIRC, SAFE, PBOC va CBRC. Mac du PBOC va CBRC giam sat ta't ca boat ddng trong thi trtfdng phdi sinh, cdc cd quan quan ly khdc cd the gitf tham quyen tuy theo loai hinh cdng ty kinh doanh va cac loai tai san cd ban. Do vay, dieu quan trpng khi xay dtfng khung phap ly va dilu hanh cho thi trtfdng phdi sinh chtfng khodn la can loai bo stf chdng cheo giffa cdc cd quan quan ly va lam rd thd'm quyen cua cdc cd quan. Mdt cd quan quan Iy thd'ng nhd't nen dffdc thanh lap de giam sdt va dieu tie't thi trtfdng cdc san pha'm phdi sinh, chang han nhtf thd'ng nhd't tieu chuan, quy trinh cho vide tham gia thi trtfdng vd cdc hoat ddng cua Ehi trtfdng.
3. Dinh hu'dng xay diTng khung phap ly TTCKPS tai Viet Nam
Qua phan tich kinh nghiem cua cdc ntfdc tren the gidi, de' dam bao TTCKPS dffdc van hanh dn dinh, Viet Nam can xdy dtfng khung phdp ly dtfa h-en cdc ndn tang sau:
Thd nhdt, khung phap Iy can dam bao tinh hieu qua va minh bach cua thi trtfdng. Mud'n thtfc hidn dieu nay, khung phdp Iy can cd cdc quy dinh ve vide thie't ke' san pham tren thi trtfdng (phtfdng phap tinh toan, tinh thanh khoan cua cdc loai chffng khodn, cdc va'n de ve thanh todn va bu trff). Ben canh do, vide thtfc hien cac lenh giao djch phai cd tinh cdng bang va hieu qua, minh bach, cdc trtfdng hdp ngoai Id can dtfdc quy dinh va giai thichro. Nang Itfc boat dgng cua cdc san giao dich phai dtfdc quy dinh chat che, bao g6m kha ndng xff ly cac lenh giao dich, ghi
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nhdn cdc giao dich nhanh chdng va chinh xac, cd sdn giao dich va he thd'ng dien tff ddp ffng ydu ctu cua thi trtfdng.
Thd hai, dam bao tinh an toan cua thi trtfdng.
Khung phdp ly c^n tap trung lam ro:
Mot Id. cac quy dinh ve tidu chuin vl vd'n cho cac td chffc trung gian tdi chinh dd' dap tfng stf an todn va vffng ben cua hd thd'ng tai chinh. Cac ddn vi nao co thtfc hien nam giff vd'n cua ddn vi/cd nhdn khdc tbi can dap ffng cdc yeu cau ve vd'n de dam bao thffc hien cdc nghia vu chi tra vao mgi luc
Hai la, cdc quy dinh ve cd sd ha tang de thffc hidn viec thanh todn bu trtf, Cdc trung tdm thanh todn bii trff cIn dtfdc trang bi du cac ngudn Itfc de vtfa thtfc hidn bu trtf cdc giao dich, vtfa dong vai trd nhtf ddn vi thanh todn cAc chdnh Idch cud'i cung.
Ba la, cac quy dinh ve ky quy cho cdc ddn vi tham gia thi trtfdng (cdc ddn vi xff ly lenh giao dich cua khach hang va cac thanh vidn thanh toan bii trtf) nham dam bao an toan. Cac mffc ky quy nay dtfdc linh toan vffa dd dam bao ngdn ngffa rui ro thanh toan vdi mpt mffc chi phi vffa phai cho cac bdn khi tham gia giao dich phdi sinh.
Bdn Id, cdc quy dmh vl vide pha san d l han chd' cdc tdc dpng cua viec nay den th; trffdng.
Ndm Id cac quy dmh vl cdng tac hach todn va bdo cdo: can quy dmh rd vl vide tao lap, duy tri va Itfu trtf thdng tin tai chinh ben canh cdc quy dinh mang tinh qud'c td' nham dam bao viec ghi nhan nay Id tho'ng nha't giffa cdc qud'c gia,
Thd ba, dam bao quyIn Ipi va sff cdng bang cho khach hang. De' dam bao quyen ldi cua khdch hang, c^n co cdc quy dinh chat che ve dang ky/ca'p phep. Nhffng ddn vi nao dap tfng du tieu chudn ve nang Itfc cung cap dich vu, hidu bid't vd nganh nghi, vl dao dffc kmh doanh, thi mdi dtfdc giao dich vdi khdch hang. Stf cong bang dd'i vdi khach hang con the hien qua cdc quy dinh vl thtfc hien cac Idnh giao dich, vl vide ghi chep so sach, thie't kd' san ph^m, va cdc quy dinh ve giai quye't tranh cha'p.
Thd tu, khung phap Iy can dam bao stf tuan thu vd che' tdi thtfc hien. De dam bao viec tuan thu, c^n CO chtfdng trinh gidm sat thffdng xuyen cdc ben tham gia thi trtfdng, bao gdm vide kiem todn thtfdng xuydn va dinh ky cac bao cdo ve tai chinh, ve giao dich ciia cac ben. Thdng tin eho boat dpng giam sat phai day du, toan dien, bao
qudt toan bd cac loai cdng cu phdi sinh, vd tinh trang rui ro lien quan de'n danh muc dIu ttf cua td chtfc, va bao gom ca thdng tin dinh Itfdng Idn dinh tinh, thong tin ndi bang Idn ngoai bang can dd'i kd' todn. Vide gidm sat ndn khuye'n khich eac td chtfc CO stf thd'ng nha't giffa cac thdng tin npi bg va thdng tin tren cdc bdo cdo.
Thd ndm, kinh nghidm cua ede ntfdc tren the' gidi cung cho tha'y viec dtfa ra cd'u triic khung phap ly cung dong vai trd ra't quan trpng. Vidt Nam ndn xdy dtfng cd'u true ludt phdp nhieu tang kid'm soat cho TTCKPS, nhiftig vdi dilu kidn phai dam bao cd che' quan Iy thd'ng nha't, tranh stf chdng cheo trong trdch nhidm quan Iy thi trtfdng.
Kmh nghiem cua My cho tha'y, vide phan chia trach nhiem cho hai ed quan SEC va CFTC mdi bdn quan ly cdc loai cdng cu tdi chinh phai sinh khac nhau Iam phat smh mdt so va'n de trong viec dtfa ra cac quy dinh phdp Iy vd qua trinh thtfc thi ludt. Mdt sd' cdc chffc nang bi chdng cheo giffa hai ddn vi nay, va ngtfdc Iai, cd nhffng va'n de gdy nham lan khi nam gitfa chtfc nang cua mdi ddn vi, dan de'n stf mdp md va ton thdi gian de' giai quye't, keo theo chi phi giao dich tang cao. Dieu quan trpng ntfa Id, nhilu cd quan quan ly khac nhau nay co eae quy dinh khdng nha't qudn, tao ra stf rac rdi khdng ddng cd trong cdc thu tuc hdnh ehinh, thu tuc xac nhan giao dich va thieu minh bach trong viec thdng tin de'n cdc chu the tham gia tren thi trtfdng.
Do vdy, dieu quan trpng khi xdy dtfng khung phap ly va dilu hanh cho thi trtfdng phdi sinh chtfng khodn la can loai bo stf chdng cheo gitfa cac ed quan quan ly vd ldm ro thd'm quyen eua eae ed quan. Can cd mpt cd quan quan ly thd'ng nhd't d l giam sdt vd dieu tie't th; trtfdng cdc san pham phai sinh, chang han nhtf thd'ng nha't ve tieu chuan, quy trinh cho viec tham gia thi trtfdng va cdc boat ddng cua thi trtfdng.
4. Ke't luan
He thd'ng khung phap Iy chinh la khung stfdn nham dilu chinh th; trtfdng dd' dam bao stf thanh cdng cua thi trtfdng, De' xay dtfng hanh lang phdp ly cho thi trtfdng chtfng khodn phdi sinh tai Viet Nam, can dam bao tinh hidu qua, tinh minh bach, tinh an todn va edng bang cua thi trtfdng. Ben canh dd, c^n xdy dtfng cd'u true khung phap Iy phu hdp, c<3 chd' giam sdt chat che va viec thtfc thi dtfdc dam bao mang Iai hidu qua •
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TAP CHi CONG THI/dNG
TAI LIEU THAM KHAO:
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Ngay nh^n bai: 6/3/2019
Ngay phan bien danh gia va si^a chifa: 16/3/2019 Ngay cha'p nh|in dang bai: 26/3/2019
Thong tin tdc gid:
ThS. TRAN THI HAI VAN
Giang vien khoa Ke' toan - Kid'm toan, Trtf^dng Dai hpc Ngan hang TP. Ho Chi Minh Hdi vidn cua Hidp hoi Ke'toan cdng chiJng Anh qud'c ACCA
INTERNATIONAL EXPERIENCE AND ORIENTATIONS FOR DEVELOPING THE LEGAL FRAMEWORK FOR THE
DERIVATIVES MARKET IN VIETNAM
• Master. TRAN THI HAI VAN Lecturer, Faculty of Accounting - Auditing
Banking University Ho Chi Minh City
Member of Association of Chartered Certified Accountants
ABSTRACT:
The derivauves market in the worid has a long history of development. The estabhshment of a strict legal framework has significantiy contributed to the development of the derivatives market. By using analytical and synthesized methods, this study is to analyze experience of some countries in setting legal frameworks to draw experiences and guide the development of die legal framework for the derivatives market in Vietnam. This study focuses on following subjects, namely (1) Derivatives and derivatives market; (2) International expenence in developing the legal framework for derivatives market and (3) Some orientations for developing the legal framework for the derivatives market in Vietnam.
Keyworks: Regulatory framework, derivatives market, derivatives.
270 S d 5 - T h a n g 4/2019
