DIEN DAN CHUTNG KHOAN hihig khoan
XAY DUNG THI TRU0NG
CHUNG KHOAN PHAI SINH
T A I V I E T N A M nhung van de dat ra
K H A N H H A , N A M K H A N
Thuc trqng doi hoi phai xdy dung thi trudng phdi sinh
Chiing khoan phai sinh la cac edng cu tai chinh cd ngudn gdc tut ehiing khoan ca sd (cd phieu, trai phieu, chi s6') va c6 moi quan be chat che vdi chiing khoan ca sd.
Day la nhiing c6ng cu tai chinh mang tinh chat phong ve nhkm giam thieu cac nii ro bien dong ve gia chiing khoan, ddng thdi gdp phan gia tang Ipi nhuan cho nha dau tu. Vi vay, ban chat ciia chiing khoan phai sinh da chiia dung cac yeu to phiic tap, nhay cam, do dd c6ng cu nay chi danh cho nhiing nha dau tu chuyen nghiep va thudng hinh thanh rat mupn so vdi cac thi trudng chiing khoan (TTCK) ca sd. So vdi cac TTCK khac tren the gidi, "dp tudi" va miie dp phat trien ciia TICK Viet Nam cung nhu siic chiu dung nii ro ciia cac nha dau tu con thua kem rat xa. Tuy nhien, diing trude yeu cau cap bach ttt phia thi trudng va ca nha dau tu, ca quan quan ly ma true tiep la Uy ban Chiing khoan Nha nude (UBCKNN) Bp Tai chinh dang gap riit nghien ciiu xay dung De an TTCK phai sinh.
Theo thong le, khi TTCK co sd phat trien d mpt miic dp nhat dinh nao dd thi se xuat hien nhu cau hinh thanh cac san pham phdng ve nham bao hiem cac nii ro, ddng
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T A P cMf CHOrNG K H O A N
thdi lam gia tang Ipi tiie dau tu cho cac nha dau tu nhu: quyen chpn mua, quyen chpn ban, hpp ddng tuong lai... day chinh la san pham phai sinh, xuat phat ttt cac c6ng cu gdc la cac chiing khoan ca sd va nd se hinh thanh nhu cau thi trudng de giao dich chinh cac san pham nay. Va nhu vay la TTCK phai sinh se hinh thanh.
Tren thi trudng Viet Nam ciing da manh nha hinh thanh nhung san pham nhu quyen mua cd phan, ehiing quyen, cac giao dich chi sd... day ciing la cac san pham phai sinh. Tuy nhien, de xay dung dupe mpt thi trudng phai sinh chuan hda ddi hdi phai mat nhieu thdi gian ttt cac khau xay dvmg khung phap ly, the che, he thdng, he thdng edng ngbe va dac biet la ve quan tri nii ro vi day la mpt thi trudng ehiia dung nhieu yeu to phtcc tap va nii ro cho ngay ca
ngudi quan ly ciing nhu ngudi tham gia thi trudng phai sinh.
Xuat phat ttt vain de tren, Bp Tai chinh da chi dao cac don vi Uen quan chii tri xay dung de an thi trudng phai sinh. Du kien de an nay se dupe xay dung va trinh Chinh phii trong nam 2012, theo dd de hinh thanh thi trudng phai sinh can cd khung phap ly quy dinh dudi hinh thiie la Nghi dinh ciia Chinh phii ve thi trudng phai sinh. Ngoai ra, viec xay dung TTCK phai sinh phai g4n hen vdi de an tai cau tnic m6 hinh to chtte thi trudng va n&n trong tdng the De an chien lupe phat trien TTCK giai doan 2011 - 2020.
Xdy dung mdt thj trudng phdi sinh chudn hoa
De xay dung mpt thi trudng phai sinh dupe chuan hda, ngoai viec hinh thanh san pham giao
So 156 - Thing 10/2011 CHUNG KHOAN VIET NAM
hikng khoan
DIEN DAN CHUTNG KHOAN
dich (hang hda), thi can xay dung mpt ca che giao dich, thanh toan bii tni ddi tac trung tam (CCP), ca che edng bd thdng tin (CBTT), bao hiem nii ro va quan tri riii ro dua tren ca che giam sat thao tiing lien thong giUa thi trudng phai sinh va thi trudng ca sd... Tren thuc te, viec xay dung va quan ly van hknh thi trudng phai sinh kha phiic tap chii khong don gian nhu TTCK ca sd. Chi don cii nhu boat dpng thanh toan bii tni, ddi vdi TTCK ca sd, chiing ta cd the sii dvtng he thdng dang ky, luu ky nhu Trung tam Luu ky Chiing khoan (TTLKCK) hien nay, nhung ddi vdi thi trudng phai sinh thi b&t budc phai cd mpt he thdng bii tni ddi tac trung tam (CCP) va co che xu ly thieu hut chiing khoan trong thanh toan bii trti g4n hen vdi he thdng thanh toan b ^ g chiing khoan vat chait hay bang tien...
Day la nhiing van de ma De an xay dung thi trudng phai sinh can giai quyet dupe va cung nkm trong Id trinh xay dung chien lupe phat trien TTCK Viet Nam giai doan 2011-2020.
Dae biet, viec lua chpn mo hinh TTCK phai sinh phii hpp vdi dieu kien ciia Viet Nam la mpt trong nhung npi dung trpng tam ciia De an. Hien nay, tren the gidi cd nhieu md hinh thi trudng phai sinh khac nhau, trong dd tham khao kinh nghiem ciia mpt sd thi trudng mdi ndi tron^ khu vue thi nhan thay cd hai loai mo hinh TTCK phai sinh ca ban, dd la thi trudng phai sinh dupe chuan hda (thi trudng cd to chiic) va thi trudng phai sinh OTC, hoac song song ca hai md hinh ciing tdn tai.
Ddi vdi Viet Nam, UBCKNN du kien se xay dvmg mpt thi trudng phai sinh tap trung dua tren cac
chiing khoan ca sd dang dupe niem yet tai 2 Sd Giao dich Chiing khoan (SGDCK) Tp. Ho Chi Minh (HOSE) va Kk Ndi (HNX) hi$n nay. Con md binh thi trudng phai sinh OTC ciing tiing dupe tinh den nhvmg khdng rihkn dupe nhieu su ling hp do chiing khoan trdn thi trudng phi tap trung cd dp nii ro cao trong khi thanh kho&i lai thap, khdng thich hpp de tao ra cac san pham phai sinh.
Nhiing san pham d^u tien dua vao giao dich tren thi trudng phai sinh thudng la cac quyen chpn, cac hpp ddng tuong lai dua tren ckc c6ng cu ca sd la hang hda, tien te va chiing khoan, hay chi dua tren cong cu CO sd cac chiing khoan (cd phieu; trai phieu; chi sd). Theo tham dd thi trudng, ciing nhu yeu cau ciia thi trudng, trude mkt san pham dau tien cd the dupe dua vao ap dung dd la hpp ddng tuong lai va cac san pham dua tren chi sd, sau dd cd the la cac hop ddng quyen chpn. Hien nay, UBCKNN giao cho hai don vi la HOSE va HNX gap nit xay dung cac bd chi sd nit gpn la VN 30 hoac VN 50 (ttt chi sd tdng hpp VN Index) ciing nhu HNX 30 hoac HNX 50 (ttt chi sd HNX-Index). Theo dd, nhieu kha nang hpp ddng tuong lai chi sd chiing khoan (VN Index) se la san pham dau tien dupe dua vao giao dich tren TTCK phai sinh khi thi trudng nay di vao boat ddng.
Sau khi thii nghiem thanh edng hpp ddng tuong lai ciia chi sd VN Index, UBCKNN se trien khai san
pham tiep theo la hpp ddng tuong lai trai phieu chinh phii (TPCP) bfing ddng Vipt Nam bdi trong cac loai hinh chiing khoan dang Ivru hanh tren thi trudng Viet Nam hipn nay thi cd thd thay TPCP la tai s ^ CO sd cd tinh thanh khoan cao hon ca. Tiep dd, UBCKNN du kidh se md rdng san pham sang cac loai hinh ehiing khoan khac nhu cd phieu, chiing chi quy... va xa ban la cac "hang hda" khac nhu vang, lai suait, hdi doai, dau md, ca phe... C^c giao dich tren thi trudng phai sinh se dupe thanh toan b&ng tien, thay vi cac loai hang hda co sd.
Ngoai ra, viec chuan bi he thdng phan mem giao dich, thanh toan bu tni ciing nhu giam sat thi trudng phai sinh cving la mpt trong nhiing vain de can dupe quan tam dau tu diing miie. Theo th6ng le qudc te, he thdng edng n ^ e cho thi trudng phai sinh thudng duoc xay dung mpt each chuan hda dua tren he thdng phan mem giam sat, thanh toan bu t n i va co che chuyen giao ciia TTCK co sd. Vi vay, viec dau tu cho he thdng edng ngbe la bai toan dfit ra khi lua chpn tvr mpt nha thau cung cap qudc te gin hen vdi mpt md hinh thi trudng phai sinh ma chiing ta hudng den. Tinh tdi thdi diem hien nay, Viet Nam vin chua quyet dinh se lua chpn theo md hinh TTCK phai sinh cu the ciia nude nao, nhung theo chien luoc phat trien nganh va ke hoach phat trien he thdng edng ngbe thdng tin
^iku ddng quan ngai cho Viit duaO vao vein hanh thi trudng phdi Unh cua nha dau tu Ua mgo hiem chap hhanrui ro thi lai r^
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CHUNG KHOAN VIETNAM S6156 - Thing 10/2011
DIEN DAN CHUTNG KHOAN r % hinig khoan
giai doan 2011-2020 thi Viet Nam dang dau tu xay dung mpt gdi thau ve edng ngbe th6ng tin kha hien dai cho TTCK, trong dd cau phan ve thi trudng phai sinh Cling dupe can nhae xem xet.
Mdt s6 vdn d i dot ra khi xdy dung thj trudng phdi sinh tqi Vift Nam
Trong bdi canh TTCK Viet Nam di vao boat dpng mdi dupe hon 10 nam va khong tranh khdi nhiing ban che va van de nay sinh trong qua trinh phat trien ddi hdi can phai dupe tiep tuc thao gd hoac bd sung, chinh siia de hoan thien thi viec trien khai xay dung va dua vao van hanh thi trudng phai sinh khdng tranh khdi nhiing e ngai.
Ban chat ciia thi trudng phai sinh la mpt TTCK bac cao va van hanh kha nhay cam dua tren nen tang cac cong cu phdng ve mang tinh don bay. Theo thong le cac nude, thi trudng phai sinh thudng dupe xay dung va phat trien sau khi ma TICK co sd da phat trien d miic dp kha cao va hp cho phep thuc hien cac giao dich ban khdng, giao dich iy quy, tham chi la trien khai giao dich mua ban trong r^ay... Theo dd, thi trudng phai sinh la thi trudng danh cho phan Ion cac nha dau tu chuyen nghiep, cd tiem lue tai chinh, cving nhu la su bieu biet va miie dp chap nhan nii ro cao hon ddi vdi thi trudng co sd khac. Day la dieu dang quan ngai cho thi trudng Viet Nam vi dac tinh cua nha dau tu Viet Nam ua mao hiem nhvmg mtte dp chap nhan nii ro thi lai rat thap.
Hon nUa, thi trudng phai sinh Viet Nam hinh thanh trong bdi canh cac san pham co ban ciia thi trudng CO sd vIn edn chua day dii.
Ban chd't cua thj turong phai sinh vdn hanh di/a tren nen Wng c6c c6ng cy phdng v$ mang tfnh don b ^ .
Anh Ldm Vi khung khd phap ly chua hoan | thien va van edn rat nhieu ban
; che, ngay ca nghiep vu ban khdng, giao dich mua ban trong ngay d Viet Nam vIn chua dupe trien khai. Vi vay, viec lua chpn m6 hinh thi trudng phai sinh cho Viet Nam ciing nhu viec xay dung va trien khai cac san pham cho thi trudng khdng don gian. Chhng ban, ddi vdi hpp ddng tuong lai chi sd dupe lay ttt VN Index, nhvmg hien chi sd nay khong phan anh chinh xac dien bien ciia thi trudng do van dupe tinh theo edng thiie cu. Hoac vdi san pham du dinh trien khai tiep theo la hpp ddng tuong lai TPCP thi co sd de hinh thanh va phat trien thi trudng nay la khu6n khd phap ly can phai dupe thiet lap mpt each hpp ly nham ngan chan boat ddng dau co gay bat dn thi trudng, the nhvmg thue te thi khung khd phap ly cho thi trudng nay edn thieu va chua ddng bd, chua cd chien lupe phat trien dai ban mpt each ro rang trong khi dudng cong Ipi suat
chuan chua dupe xac dinh, san giao dich cho cac nha tao lap thi trudng va cac nha dau tu to chiic ciing chua dupe hinh thanh...
Ngoai ra, TTCK phai sinh la mpt thi trudng de bi thao tiing, dac biet la hoat dpng thao tiing cheo: Mpt sd nha dau tu cd the thong qua TTCK phai sinh de thao tiing gia chiing khoan tren thi trudng co sd hoac ngupe lai.
De phong ngvta thao tiing gia tren cac thi trudng, theo TS.
Nguyin Son, Vu trudng Vu Phat trien thi trudng, UBCKNN, can I phai lua chpn xay dung He
thdng giam sat thi trudng phai sinh va he thdng ket ndi giiia 2 thi trudng (thi trudng co sd va thi trudng phai sinh) cd kha nang phat hien va ngan chan nguy CO thao tiing gia. Ngoai ra, can ap dung cac bien phap ky thuat khac nhu: Thue hien bien dp gia cho cac hpp ddng phai sinh tren thi trudng phai sinh; Ap dung co che ngkt mach thi trudng tren TTCK co sd (khi gia ehiing khoan co sd dao dpng manh thi cd the bi tam ngung giao dich; Viec tam ngvmg giao dich chiing khoan co sd se keo theo viec tam ngung giao dich ddi vdi tat ca cac san pham phai sinh hen quan); Ap dung gidi han vi the giao dich (mdi nha dau tu chi dupe nam giii mpt lupng nhat dinh san pham phai sinh). De ban che nii ro mat kha nang thanh toan can xay dung be thdng ddi tac trung tam (CCP) cho he thoi^ thanh toan;
quy dinh ve 1^ quy giao dich (2 cap: Cap 1 - nha dau tu ky quy vdi cong ty chiing khoan va Cap 2 - edng ty ehiing khoan ky quy vdi CCP); Quy dinh quy dam bao thanh toan (Guarantee Fund) va quy Bdi thudng thiet hai (Compensate Fund)... ®
So 156 - Thing 10/2011 CHUNG KHOAN VIET NAM
