KINH NGHIDM QUOC TE l ^ ^ ^ ^
TANG CVONG VAI TRO NHA TAO LAP THI TRVONG
CHUNG KHOAN
Kinh nghiem ttr TTCK My va bai hoc doi voi Viet Mam
T H S . T R A N T H I X U A N A N H I
Tren sen r^lYSE, nha too Iep itii truofig ducc biel too Icf] thl tnicng cho mot IOCH CO p h i & nhdi i^nh
ten g o la chkjyen gia - Ion
Nha tao lap thi truong la mot thanh vi^n quan trang tai cac thj truong chung khoan ( H C K ) phat trien tren the gioi nhv thj trabng NYSE hay NASDAQ cua My, dong vai tro duy tri tinh thanh khoan cho cac thi trabng nay. Tuy nhien, ir V i ^ Nam, hoat ddng cua nha tao lap thi trabng vin chua duoc trt^n khai hieu qua, do vay tinh thanh Mwan tren thi trabng t h i ^ 6n dinh, dac biet con rat thap ddi vdi nhung co phieu chua niem yet Lam the nao de thuc day hoat dong ciing nhu vai tro cua nha tao lap TTCK dang la van de duoc nhieu ngubi quan tam. Bai viet nay xin duoc de cap den hoat dong cua nha tao lap dii trabng tren TTCK My va nhiing bai hoc doi voi Viet Nam.
1. Nha too rap TTCK la gi?
Nha tao lap thi ti-udng (Market maker) dupc dinh nghia la '^&ig thanh vien tham gia tren cac Hii iiracaigmua ban cac cdngcu tai diinh hoat d^ig theo phuong tiivtcMidpgia, thixhiin chiicnang dat cac lenh chao mua, chao ban.
Nhang nha tao lap thi tn/dng tao
ra tin tnldng c6 tinh thanh khoan cao bang each thudng xuyen niem yet cac miic gia chao mua, chao ban, qua do dam bao mot thi trudng hai chiiu (mua ban Uen tuc)".^
Nha tao l^p thi trudng bao gom cdc ca nhdn hoac cdc td chdc trung gian tdi chinh (thudng la cac cdt^
ty chiing khoan - CtyCK) diing ra yet gid mua, gia ban va sd lutfng chiing khoan tren thi trudng cho tai khoan cua rieng minh. Nhiing nha tao lap thi trudng nay dupc yeu cau phai dam bao giao dich hai chieu (mua va ban) trong gid giao dich va phai san sang thuc hien giao dich tai cac muc gia va sd luong da yet.
Sau khi lenh mua/ban ciia nha dau tu dugc cac dai dien hpp phap (mdi gldl) ciia CtyCK t i ^ nhan, lenh se dupc chuyen den bd phan
• kinh doanh cua CtyCK, sau dd bp phan chuyen trach mua ban se Uen he vdl mdt sd nha tao lap thi trudng de thu x ^ giao dich cho khdch hang vdi gid tdt nhdi. De dap ifng cdc lenh td phia nha dau tu, nha tao lap thi trudng co the:
- Neu lenh ciia khach hang dat den la lenh mua, nha tao ldp thi trudng se ban chiing khoan tit tai khoan cua minh. Nguoc lai, neu lenh ddt den la lenh ban, nha tao lap thi trudng se Hen hdnh mua.
- Trudng hop leah dat mua den nhung nhd tao lap thi trudng khdng cd du sd chung khodn de ban, hoac lenh dat ban den nhung nha tao lap thi trudng khong dii kha nang de mua toan bo thi nha tao lap thi trudng se phai tim mot
41
So 163- Thing 5/2012 CHUNG KHOAN VIET NAM
KINH NGHIEM Q u 6 c T^
lenh ddi iing hd trpf tii cac nha tao lap thi trudng khdc cho loai chiing khoan dd nhdm thda man toan bp hodc mpt phan khdi lupng giao dich cho khach hang.
Tuy tung lo^ thi trudng ma cd mdt hoac nhieu nhd tao l^p thi trudng cho mdt chving khoan vd day chinh la bd phan tgo nen tinh thanh khoan cho chung khoan dd.
He thdng cac nha tao lap thi trudng dupc xem la phu hap trong dieu kien cac cdng ty tham gia niem yet cd quy mo vdn vua va nhd, thi trudng OTC... Khi thi trudng boat dpng kem sdi ddng, cd lenh mua nhung khdng cd lenh ban hodc ngupc lai, cdc nha tao lap thi trudng se dung ra sdn sang thuc hien cac lenh, tao cung, cdu va tang tinh thanh khoan cho cac cd phieu.
Tuy nhien, ddi vdi cac TTCK phat trien, cac san giao dich ldn, nha tao lap thi trudng ciing ddng gop vai trd khdng nhd trong viec binh dn thi trudng, dam bao gia chung khoan bien dpng hen tuc.
Tren thuc te, thuat ngO: "nha tao lap thi truong" dung de chi chung cho cac td chuc thuc hien cac chiic nang nhu trong dinh nghia.
O mra thi trudng khdc nhau va ddi vdi nhiing loai chiing khoan khac nhau, ten gpi ddi vdi cac td chuc thm hien vai tro nay la khdc nhau.
2. Thuc trqng hogt ddng cira nha too lap thi tnrang tr^n TTCK V i ^ N a m
TTCK Viet Nam bdt dau di vdo hoat dpng tii thang 7/2000, sau hofn 11 nam phat trien da cd nhiing buoC tien vupt bac va da cd liic dugt danh gia la thi tnrong cd toe dp phat trien nhanh nhat thdgidi, ddc biet la mdc dp, ty le va tdc dp tang vdn hda thi trudng. Trong sudt thdi ky td 2000 - 2005, vdn hda thi
tnrdng chi dat tren dudi 1% GDP. i Quy md thi Irudng dd cd bu6c nhdy vpt manh md len 22,7% GDP vdo ! ndm 2006 vd tiep tyc tdng len miic I tren 4:i'7< vao ndm 2007. Trong | ndm 2011, trilot bien dpng cua thi ; trudnn tdi chinh the gidi vd nhitng khd khdn cua ndn kinh te trong | nudc, chi 80 gia chiing khoan dd sut giam lien ti,ic lam muc vdn hda thi trudng gidm xudng con •VZ'/, (IDP, Tuy nhien, tren TTCK Viet Nam, j van de ndi cpm hipn nay la tinh ' trang cung - cau mat can ddi dien i ra kha thudng xuyen, thuc trang nay doi hoi vai trd ciia nha tao ldp , thl trudng can dupc thiet lap vd phat huy.
Cac giao dich tren Sd Giao dich | Chung khoan (SGDCK) Tp. HCM gan nhu dang v ^ g bdng cac nha ' tao lap thl trudng. Mdc du trong thdi gian qua, cac CtyCK da cd sii | phat trien nhanh ve sd lupng, hien cd khoang 105 CtyCK, tang gap I 7,5 lan so vdi cudi nam 2005, nhung ngoai tni sd it cdngty "hang I dau" thi hau bet trong so nay van dang phai dra mdt vdi tinh trang CO i sd ha tang yeu kem, dpi ngu nhdn su thieu ve sdluphg, chua dam bao ve chat lupng, hoat ddng moi gidi va tu doanh chua thuc su phat trien. Ddc biet, xet theo Thdng tu 226/20 lO/TT-BTC quy dinh ve ty le an toan tai chinh cho CtyCK, cdng ty quan ly quy (CtyQLQ) dd duoc Bd Tdi chinh ban hdnh va cd ' hieu luc tif ngay 1/4/2011. Theo dd, hien cd 40 CtyCK khdng dap iing ' chi tieu an todn tai chinh (tinh I theo ty le vdn kha dung) va se bi co quan quan ly dua vao tinh t r ^ g I kiem soat hoac kiem sodt ddc biet^.
Do vdy, cd the ndi phan ldn cac | CtyCK Viet Nam hien chua the | dap lic^ dupc vai trd tao lap tiii j
trudng. I Thi trudng OTC ve co che v|n hanh la mdt thi trudng cd su thad gia ciia nha tao lap thi tructng nhung vai trd nay hipn kha mil nhat tren thi trudng OTC Vi?t Nam. Hipn mdi chi cd mpt s5 CtyCK nhu Thdng Long, VNDirect diing ra hd trd cho cd phieu cua MB Bank; Rdng Viet ha trd cho cd phieu Eximbank, con hau het cac cd phieii khac dugc giao dich nhung khdng thdng qua vai tro nhd tao lap thi trudng. Da vdi thi trudng OTC trai phieii dcfic nudc, ngdn hang thuang mai (NHTM) vd td chdc kinh doanh bao hiem thudng diing ra lam iM tao lap liii trudng vi vai trd nay dn mpt lupng vdn rat ldn ma cfic ClyCK khd cd the dap ung dupt.
Nhung d Viet Nam hien nay, cac NHTM khdng the thuc hiai ho^t ddng tao lap thi trudng do khong dupc thuc hien boat ddng mdi gici va bao lanh phat hanh chijoig khoan. Tai Hpi n ^ thudng ni&i nam 2011 cua Hiep hpi Thi truflng trdi phieu Viet Nam (VBMA) to chiic ngdy 9/12, cdc ngan hang BroV. Vietcombank, HSBC, ANZ, Standard Chartered, Techcombank, BNP Paribas va Maritime Bank da ky ket vao bSn.
ghi nhd se tham gia ap dung thi diem vai tro cac nhd tao lap thj trudng ke tii thang 1/2012. Dfiy dupc xem la tin hieu dau tidn ti& s tdi viec xdy dmig he thdng cdc nha tao l$p thi trudng cho thi trUcmg trai phieii Viet Nam.
Thl trudng UpCoM Viet Nam ra ddi td thdng 6/2009 vdi muc tieu trudc het nhdm quan ly giao dich chiing khodn ciia cac cdng ty dai chiing (CtyDC) chua niem y^
trong dd CtyCK dam nhan vai tri tao l$p thi trudng d buoc di ban dau nhdm thu hut dupc nhieu iM
CHUNG KHOAN VIETNAM So 163 - Thing5/2012
KINH NGHIEM Q u 6 c T^ T ^ , ^ £ 5 3 ^ 3
dau tu cd phieu OTC. Vdi chi 10 cdi^ ty niem yet dau tien tren thi trudng UpCoM, den nay con sd nay da tang len 106 cdng ty vdi tdng gid t n vdii hda dat 14.730 ty ddng.
Khffl luong va gia tri giao dich binh quan dat 500.000 cd phieu va 7,4 ty ddng/ngay. Tuy nhidn, theo ddnh gia ciia Uy ban Chiing khodn Nha nudc (UBCKNN), hien cd khoang 4.000 Ctj©C, trong do mdi chi cd 968 cdng ty tinh den thdi diem nay da dang ky Ct>«C vdi UBCKNN, vdn cdn phan ldn ciia "tang bdng"
dang trdi ndi ngodi thi trudng tU do^; cdc CtyCK chua the hien dupc vai trd cua mot nhd tao lap thi trudng, chua chu dpng trong viec chia lenh va hd tro nhiet tinh giao dich cua nha dau tu tren UpCoM ngoai viec hd tro dat lenh giao dich khi hp yeu ca.u
Nhin chung b Viet Nam hien nay, he thdiig cac nhd tao lap thi trudng chua phat trien. Chung ta mdi clu cd mot sd ndn mdng khd co ban cho su hinh thanh va phat tnen nhd tao lap thi trudng: dd la he thraig cac td chiic trung gian la cdc CtyCK ngdy cdng md rpng, su phdt tnen ve sd lupt^ va chat lupng ciia nha dau tu, dac biet la nha dau tu c6 td chuc, cac chiing khodn da dang vdi chat luong khd tdt, ngay cang dugc nang cao, he thdng CO sd ha tang, dac biet la co sd ha tang 1^ thuat dang dupc dau tu va phdt trien.
3. Kinh nghiem tir thj tnrang chung khodn My
Hoat dmg cua nha too ldp thi truong tt^n TTCK tdp trung NYSE (New York Stock Exchange)
NYSE dupe xem la SGDCK ldn nhlft; thdgidi neu tinh ve gia tri vrai hda thi trudng bdng USD va la SGDCK ldn thii hai the gidi neu
Tr6n NASDAQ viec d6p img v6 tliiic hl|n c6c feih gioo dich hodn lodn do c6c nha too Iep thi Irudng I t ^ hdnh.
tinh theo sd lupng cong ty niem yet. Day la mpt thi trudng dau gia theo lenh (khdp lenh), trong dd nhiii:^ ngudi tham gia thi trudng nay tioi hdnh mua bdn vdi nhau dudi hinh thuc daii gia, muc gid chao mua cao nhat se duoc uu tien khdp vdi muE gid chao ban thap nhat. Tren san NYSE, tat ca cac giao dich deu dien ra tai mdt dia dian cu the - san chung khoan NYSE, nha tao lap thi truong dupc biet den vdi ten gpi la chuyen gia (specialist) - ldm nhiem vu tao lap thi trudng cho mot loai cd phidu nhait dmh. Cd khoang 7 cong ty chuyen gia vd thuc hien khoang 25% khdi lupng giao dich tren sdn NYSE. Mdt chuyen gia thudng dung ra tao lap thi trudng cho khoang 10 d ^ 15 ma cd phieu. Yeu cau ve vrai tffl thieu cho vai trd ndy la 1 trieu USD hoac tuong duong 15.000 cd phieu tao lap hoac ldn hon.*
Chuyen gia ed mat true tiep tai san trong thdi gian giao dich, nhdn cac lenh tit phia cac nhan vien mdi
gidi san vd cac lenh do he thdng dien tOt dua den.
Chuyen gia luu lai cac lenh gidi ban giiip ho xac dinh muc gia mua cao nha't hay miic gia ban thdip nhat dl tien hanh mdt cuoc giao dich. NhUng nhd mdi gidi ddt lenh thi trudng, day Id nhUng lenh se dupc tien hdnh vdi muc gid thich hpp nhat tai thdi diem ma lenh dd dugc dat.
Chuyen gia se ndi moi lenh thi trudng vdi lenh gldl han phii hop nhat, khi giao dich dugc thuc hien, chuyen gia dugc nhan hoa hong. Nhu vay, trong vai trd nay, chuydn gia hoat dpng nhu nhiing nha mdi gidi de khdp cac lenh mua vdi lenh ban va xic ly nhiing lenh gidi ban dugc chuyen den cho cac thanh vien mdi gldl khac.
Trong trudng hop cac lenh gidi han dat ra khdng dap iing dii yeu cau ciia cac lenh thi trudng, chuyen gia se phai dong vai tro nha kinh doanh de tien hanh giao dich Dm vdi lenh mua chuyen tdi nhung khdng c6 lenh gidi ban nao dap ling, chuyen gia se sir dung chiing khoan trong tdi khoan (trong kho) oia minh de ban ra va nguoc lai. Dieu nay se hd tro tinh thanh khoan cho chung khoan dugc tao lap. Ngoai ra, nha tao lap ciing phai dam bao gia chiing khoan bien dong Uen tuc.
Vi du, neii mpt cd phieu hien tai dai^ duoc ban vdi gid $40, gia sit gia mua va ban tren thi trudng dau gia (khdng cd sii can thiep ciia cdc chuyen gia) dao ddng d muc $40 va
$41 (bien do dao ddng 2,5%). Day dugc xem la mdc chenh lech qua cao, vi vay chuyen gia cd the dua ra
43
So 163 - Thing 5/2012 CHUNC KHOAN VIET NAM
KINH NGHIEM Q u 6 c TE
miic gid mua $40,25 hodc $40,5, hoac gia ban $40,5 hay $40,75 de thu hep tic 1/2 den 1/3 mifc chenh i lech gia mua vd gia bdn nhdm tdng them tinh long cho cd phieu vd lam cho gid cd phieu bien ddng lien tyc hoti.
Cac chuyen gia cd the thuc hien ca hai chieu cua thi trudng la mua va ban, phu thudc vao nhieu yeu td nhu lupng cung cdu chung khoan, mirc du t n i chimg khoan ciia chuyen gia, khdi lupng lenh gidi han, xu hudng cua thi truong... Vi ; du, khi thi trudng dang cd xu hudng giam gia, lenh ban vupt qua lenh mua, chuyen gia se dUpc yeu cau mua va nam giU chimg khoan.
Ngupc lai, hp se bdn hodc ban khdng chimg khodn de tang cung tren thi trudng khi cd lenh mua vupt qua lenh ban va thi trudng dang cd xu hudng tang gia. Mac du vay, chuyen gia khdng cd vai trd ngan can gid tang hoac gia giam ma chi dam bao gia bien ddng nhip nhang va on dinh nhdm duy tri tinh Uen tuc eiia thi trudng. Ngoai ra, chuyen gia cdn cd mpt chitc nang khac la thdng bao gia md cua eho cdc thi trudng daii thau hay thi trudng thuc hien giao dich dinh ky de xdc dinh gid md cua.
Hoat dong cua nhii too ldp tbi ' truong tren TTCK phi tdp trung NASDAQ (National Association \
€if Securities Dealers AutonuUed Qftotation System)
Trong khi NYSE dupc xem la thi trudng khdp lenh thi NASDAQ dupc xem la thi trudng daii gid, cdc giao dich duw: thuc hien thdng qua , mpt he thdng ket ndi may tmh dien ^ tli phiic tap. NASDAQ dupc thdnh lap nam 1971 bdi Hiep hpi Qudc | gia ciia ngudi Mua ban chimg khoan. Nha tao lap thl trudng tren I NASDAQ dupc gpi ten chinh thiic
la "market maker" (khdng phdi la specialist) va cd nhiing diem khac bi?t nhd't dinh so vdi cac chuyen gia tren san NYSE, cac khac bipt nay Id:
Thii nhat, cac nha tgo lap thi trudng tren NASDAQ thudng khdng dt$p trung mpt chd, va ciing khdng cd yeu cau hp phai cd dinh.
Tuy nhien, hp cd the tham gia thi trudng thdng qua hp thdng giao dich dien tii tit bd't ky may tinh nao, ddng thdi hp cung cd the can thiep ngay lap titc vao Ipnh ma nhiSng cdng ty giao dich vua d^t.
Thii hai, tren NASDAQ vi?c dap img va thuc hien cac lenh giao dich hoan toan do cac nha tao lap thi trudng tien hanh. Day la bd phan tao nen gan nhu toan bd tinh thanh khoan ciia thi tnrdng thdng qua viec yet cac miic gia va khm luptig sdn sang giao dich d mdt phia mua hoac ban. Trong khi dd cac chuyen gia tren san NYSE chi thuc hien mdt phan trong tong cae lenh giao dich ciia thi trudng.
Thii ba, nhd tao lap thi trudng NASDAQ tao ra thi trudng cho ede loai chiing khodn, trong khi dd edc chuyen gia tren san NYSE chi don thuan lam cho thi trudng dd luu thdng dl dang hon. Tuy nhien mdt vai trd ehung cho ca hai dd la dam bao cho thi trudng duoc thdng sudt, cd thif tu. Neu ed qud nhieu Ipnh giao dieh, nhiing ngudi ndy se phai cd gdng khdp dugc cang nhieu lenh cang tdt. Nhung neu khdng cd nha dau tu nao mudn mua hay mudn ban, edc nha tao lap thi trudng va edc chuyen gia phai cd gdng tim Idem khdch hang, tdm kiem nhiing ngudi mua va ban, thdm chi cd the hp phai mua hodc ban tii ehinh tai I khoan cua minh.
TTiiitu; thdng thudng mdi loai | ehiing khoan tren NYSE cd mpt
chuyen gia diing ra tao lap thi trudng, nhung tren NASDAQ co nhieu nha tao lap thi trudng cho mpt loai chimg khodn nhat dinh.
Cd khoang 300 nha tao lap thi trudng dang hoat ddng tren NAS- DAQ vd trung binh mdi chiing khoan cd 14 nha tao lap thi trudng'''. Vdi sd lu^ng nhd tao lap thi tnidng cho mpt loai chittig khoan ldn, tinh thanh khoan oia chiing khoan dd se cao hon nhieu so vdi viee chi dupc mdt nhd tao lap thi trudng duy nhat thuc hien.
Thii nim, do cd nhieu nha tao ldp thi trudng cho mdt chiing khoan nen de thu hut cac lenh giao dich tir phia khach hang cac nha tao lap thi trudng NASDAQ phai canh tranh lan nhau, yet cac mic chao mua/chao ban canh tranh nhdl. Ben canh dd, cdc nha tao 1^
thi trudng nay aJng cd quyen dn ddt lenh chao mua hoac chao ban tren mdt phia cua thi truimg, dieu nay giup hp han che dugc cac nh ro khi roi vao cdc tinh trang mat can bang chung khodn trong kho mgt each bi dpng.
Thii sau, thi trudng NASDAQ chii yeu nhan dupc cdc lenh thi trudng cua khach hang, nhung lenh gidi han chian phan ldn tren san NYSE. Vi vdy, cdc nhd tao 1#
thi trudng NASDAQ ed loi the ldn hon cac chuyen gia tren NYSE Hii cd the giao dieh vdi cac mic gia ho da chdo ra, bd qua edc muc gia do cae lenh gidi ban d#.t, cho du cac lenh dd cd loi hon dot vdi nha dau tu. Mdt khdc, NASDAQ duy tri hai eo che giao dich: cac giao dich khoi luong ldn dugc thuc hien thdng qua thuong lupng true tiep giiia nha tao lap thi trudng va ngudi mdi gift dai dien cho nha dau tii; cdc l&ih nhd dupc thuc hien qua hp thong
CHUNG KHOAN VIET NAM Sd' 163 - Thing 5/2012
K I N H N G H I E M Q U O C TE
r Kii?iF¥iii^
"Giao dich ldnh nhd" (Small Order Execution System-SOES). Dieu i ndy lam cho gid chimg khoan biai ddr^ nhip nhdng va dn dinh hon. i 4. Bdi hpc ddi voi V i ^ Nam
De dap icng yeu cau phat trien ' ciia nganh chimg khoan Viet Nam trong tuong lai gan, ciii^ nhu giai quyet cac vdh de dang gap phai vd tinh thanh khoan tren thi trudng va dae biet de nang cao vai trd cua nha tao lap thi trudng, thdi gian tdi can cd cae giai phap ddi vdi TTCK Viet Nam nhu sau:
Mot la, can tang cudng quy md ve vdn hay kha nang tai chinh cho ede CtyCK Day la yeu td hang dau de mpt CtyCK cd the trd thanh nhd tao lap thi trudng vi CtyCK thudng phai cd mdt luong vdn ldn cdn thiet sdn sang mua chimg khoan khi nha dau tu cd yeu cau, cung nhu ndm giu mpt khra lupng chiing khoan nhat dinh de ban lai cho nha dau tu. Kha nang tai chinh manh se tao cho cong ty mpt co sd chdc chdn de tham gia tao lap thi trudng.
Hai la, vdi vai trd cua nha tao lap thi trudng cac CtyCK can phai . cung cap thdng tin nhanh chdr^vd I lap thdi. Ngoai cac kenh phan phffl ' thdng tm truyen thdng nhu thu, dien thoai, dai bao, cac kenh phdn phdi thdng tin dien tii vd thdng qua internet can phai dugc khai thdc
va sii dung tnetde. | Ba la, cac CtyCK can xdy dung
va phat trien ngudn nhan hx: chat lupng cao. Dung sau mdi nha tao ' lap thi trudng bao gid cdng la ca | mdt td chiic thuc hien cac hoat , dpng phdn tach, danh gid, nghien | ciiu thi trudng, ho tro nha tao lap I thi trudng trong viec ra quydt j dinh. Do dd, CtyCK khi thuc hien j ehitc nang tao l^p thi tnidng se '
phai dam bao ngudn nhan luc dupc dao tao dat trinh dp nhdt dinh.
Bon la, can dua ra cac bien phdp khuyen khich vd uu dai cho cae CtyCK trd thanh nha tao lap thi trudng nhu uu ddi ve thue, phi, le phi; ddc quyen tham gia thi trudng so cap; hd tnr tu van, dao tao va phat trien ngudn nhan luc;
hd tro ve he thdng co sd vat chat ky thuat giao dich va he thdng thdng tin. Ben canh dd, UBCKNN can cd ehinh sach khuyen khich cdc CtyCK nuoc ngodi hop tac vdi khdi eae CtyCK trong nudc cung tham gia cung cap dich vu chimg khoan tai Viet Nam. Dieu nay cd the lam thay ddi dien mao cac dich vu chimg khoan hien nay, khi ma nhieu dich vu quan trpng nhu tu van dau tu, bao lanh phat hanh...
dang dchat lupng thap.
A'am la, can tang cudng phdt huy vai tro ciia Hiep hdi Kinh doanh Chitng khodn vao cac hoat ddng tao lap thi trudng tao thuan Ipi cho thl trudng phat trien. Hiep hdi cung can phdi hop vdi UBCKNN trong qud trinh xay dung he thdng khudn khd phap ly cho boat dpng linh vue chiing khoan; tim kiem vd md rpng quan he hpp tac qudc te; td chuc cac boat ddng dao tao ve chdng khodn.
Sau la, ben eanh cac CtyCK, can cho phep vd khuyen khich cac NHTM tham gia TTCK vdi tu each trung gian tai chinh. Cdc NHTM da va dang tham gia tren thi tnldng trdi phieii vdi tu each cua mpt nha dau tu. Day la dra tUpng cd quy md, tiem luc ldn ve vdn ndn cd dieu kien thuan loi de trd thanh cae trung gian tai chinh quan trpng tren thi trudng trdi phieii. Nhd nudc ed the xem xet cho phep cae NHTM tham gia thi tnrdng trai phieu vdi tu each cua cdc trung gian
tai chinh - cac nha tao lap thi trudng trong khi cde CtyCK khong the thuc hien vai trd tao lap thi tnrdng trai phieu do han che ve vdn.
Bay la, hoan thien mdi tnrdng phap ly la dieu kien quan trong de phat trien cac nha tao ldp thi trudng. Dac biet, Chinh phu can xay dung va ban hanh quy dmh eu the ve chiic nang, vai trd va nhiem vu cung nhu quyen loi ciia nha tao lap thi trudng, nhdm tao hanh lang phap ly cho cac CtyCK trien khai nghiep vu tao lap thi trudng hieu qua. ®
Tai lieu t h a m k h d o
• Reilly, F.K ond Brown, K.C*. (2006) - Investment Anolvsis ond Portfolio Manogement Eightli Edition iWoson, Ohio' Hiomsony^outh-Westem
- Bodie, Kone, Mocus, (2008), Inveslment, Eighth Edilim McGraw-Hill, Itwin
• Uguyen Humg Giong, "Bfin vS nguyen nhan t i c cfing ly chOng khodi diuo difl trpng boot dgig nhd Ipo lgp tti[ tnifing cd p h i ^ " , Ky yaj Hfii thoo khoa hoc —OH Kinh tequiic dfin, 2010
- IS Trm Oftig Khom, "Ihi tnnig OIC oViet Nam"
- Tfl) chi HiOng tin vft dir bd) kinh te xB hgi, so 18.
- Coc website: www.sago.vn, www.aifrf vn, www.
otpvietnam.com.vn....
C h u t h i c h :
1. Tbeo bfio cfio cOo Td chflc Oufic tS coc Uy ban Cbuig khod)-IOSCO (1999)
2. TTCK Vifl Nam: 1 gifip & 12 ton s6 01 tugi^", h t t p : / / v i e t s l o c k . v n / P f i i i t V i e w . n s p x ? AriidelD=213116
3. 'UpCoM - Chgn chfil boy lugng", h l l p : / / tinnhonhchungkhoon.vn/RC/N/CFICGH/UpCoM:
_chonJuong_hoy_chal.hlnil Imy cfip 2 2 / 3 / 2 0 1 2 4. Wifepedio, "Wticl is the difference between Nasdoq marttel ranker and NYSE speaalist?",
ht!p://www.inveslopediQ.cora/ask/onswers/l 2 8.asp,tnjycgp 2 2 / 3 / 2 0 1 2
5. Wikipeda, "What is Ihe diffeience between Nasdoq maritet maker and NYSE specwlist?",
http://www.inveslopedin a)ra/Dsk/onswe5/12 8.csp,tnjycOp 2 3 / 0 3 / 2 0 1 2
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So 163 - niing 5/2012 CHUNG KHOAN VIETNAM
