BG thi truong tien te viet nam 08.2012.pdf

7/28/2019 BG thi truong tien te viet nam 08.2012.pdf

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TH TRNG TIN TVIT NAM

Trnh by: Nguyn c Mu

Thng 8 nm 2012

Th trng tin t Vit Nam

Ni dungNhngvncbncathtrngtint

Th trngtintVit Nam

Mtsbtcpcathtrngtint

Vit Nam

Nguyn nhn


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Nhng vn c bn ca thtrng tin t

Khi nim

Chc nng

Cng c

Thnh vin th trng Phng thc hot ng

nhnghaiu 9 khon 2 Lut Ngn hng Nh nc quy

nh: Th trngtint l thtrngvnngnhn,ni mua, bn cc giyt c gi ngnhn, bao gmtn phiu kho bc, tn phiu NHNN, chngchtingi v cc giyt c gi (GTCG) ngnhn khc.

Tnm 2004, NHNN cho php sdngc GTCGdi hn trong giao dchnghipvthtrngm.



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Chc nng ca th trng tin tL knh ngn hng nh nc Vit Nam

thc hin chnh sch tin t quc gia

Chuyn vn tm thi nhn ri n ni thiu

vn, c sut sinh li cao



Cc cng c giao dch trn th trngTn phiu kho bc

Tn phiu NHNN

Hp ng mua li

Cc loi giy t c gi ngn hn khc


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Thnh vin tham gia thtrngtintVitNam

NHNN

Tchc tn dng (ngn hng thngmi, cng tyti chnh, cng ty cho thu ti chnh, khc)

Doanh nghip

Chnh ph, chnh quynaphng

C nhn


Phng thchotngGiao dchtrctiphoc gin tip

Phng tin giao dch: inthoi, fax, hthng giao dchint.


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Th trng tin t Vit Nam

Th trng ni t lin ngn hng

Th trng giy t c gi

Th trng ngoi t lin ngn hng

Th trng hp ng mua li


Thnh phn tham gia: T chc tn dng, chyu l cc ngn hng thng mi Mc chm bo d tr bt buc

D tr bt bucQun l DTBB ca NHNN

m bo thanh khonKhch hng rt tinGii ngn.

Kinh doanh vn tm thi nhn ri


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Cs hnh thnh giao dchCnc vo xphngnib: cphnmc

giao dch cho i tc.Hnmc:

Tnh cam kt: huht l hnmc khng cam ktTn chp: khng c ti snmbo

Tchc giao dch: Phi tp trung OTC


Gi c Li sut do hai bn tha thun: hnh thnh trn c s quan h cung

cu, quan h i tc, xp hng Ty thuc k hn: thng thng ngn hn thp hn di hn. Gi bui sng khc bui chiu. L giao dch OTC: Cng 1 k hn c nhiu mc gi trn th trng.

K hn Qua m, 1 tun, 2 tun, 1 thng, 2 thng, 3 thng. Hu ht l di 3

thng.

Phng thc giao dch in thoi, fax hp ng. S dng h thng Reuters dealing


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Th trng giy t c gi

Tn phiu kho bcTh trng s cp:Li sut, s lng pht hnh do B Ti chnh,

Tng Gim c Kho bc quyt nh

K hn: 364, 273, 182 v 91 ngyLu k: ti NHNN

Th trng giy t c gi

Tn phiu kho bcTh trng th cpHu ht cc ngn hng mua Tn phiu Kho bc

c xu hng gi ti khi o hn, him c giaodch mua bn li gia cc ngn hng

Cc ngn hng s dng Tn phiu Kho bc tham gia Th trng m.


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Th trng giy t c gi

Tn phiu ngn hng nh nc Li sut: do NHNN quyt nh ph hp vi mc tiu thc hin

chnh sch tin t K hn: 7, 14, ..35, 42, 91, 182, 273 hoc 364 ngy Thnh phn tham gia: TCTD Li sut: Do NHNN cng b ph hp vi mc tiu iu hnh

chnh sch tin t quc gia

Hnh thc tham gia:iu kin thng thng: T nguyn Khi NHNN thc hin chnh sch tin t tht cht: Bt buc

Thc t: hiu qu s dng cng c ny khng cao do t TCTDmua c tr trng hp bt buc

Th trng giy t c gi

NHNN thc hin ti chit khu, ti cp vn chocc TCTD:Chit khu, ti chit khu giy t c gi

Hng qu NHNN cp hn mc cho TCTD cn c vo: Vniu l, d n cho vay nn kinh t, d n cho vay lnh vcnng nghip, mc tiu ca chnh sch tin t quc gia, khoch cung tin

K hn: khng qu 91 ngyLi sut: Li sut ti chit khu do NHNN cng bHnh thc: chit khu k hn cn li hoc chit khu c k

hnThc t: Hn mc cp thng nh, t gia nm 2008:

khng cp.


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Th trnggiyt c gi

NHNN thc hin ti chit khu, ti cp vn chocc TCTD

Ti cp vn cho TCTDCho vay thu chi qua m trong hot ng thanh ton in

t: TCTD s dng GTCG ( lu k NHNN) m bo

cho khon vayCho vay c m bo bng cm c chng t c gi

Li sut thng cao hn li sut trn th trng m

K hn cho vay di hn k hn trn th trng m

Thc tin ca hnh thc ny:

Th trnggiyt c gi

Th trng m Thnh vin tham gia: NHNN, TCTD

iu kin tham gia: L thnh vin th trng m Th tc ng k n giniu kin tham gia: Phi nm gi nhiu GTCG

Phng tin giao dch: qua mng Phng thc u thu:

Li sut S lng

Thi hn thanh ton: c rt ngn xung (T+0) t (T+2)


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Th trnggiyt c gi

Phin ugi

Loi giao dch Khn(ngy)

Khilng trngthu (t VND)

Li sut trng

thu (%)

25-Jul-11 Reverse Repo 7 14

25-Jul-11 Reverse Repo 7 1,000 14









Source: Reuters

Th trng mHng ha giao dch:Tn phiu kho bcTn phiu ngn hng Nh ncTri phiu chnh phTri phiu cng trnh trung ngCng tri

Tri phiu Ngn hng Pht trinTri phiu chnh quyn a phng do UBND thnh ph

H Ni v TPHCM pht hnh

Th trng giy t c gi


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Th trnggiyt c gi

Th trng m T l chnh lch gia gi tr giy t c gi ti thi im nh

gi v gi thanh ton trong giao dch mua, bn c k hn giaNHNN v TCTD:i vi: TPKB, TPNHNN, TPCP, TPCTTW, CT:

Di 1 nm: 0% T 1 nm n 5 nm: 5% T 5 nm n 10 nm: 10%

T trn 10 nm tr ln: 15%

Tri phiu Ngn hng Pht trin: 20% Tri phiu chnh quyn a phng do UBND thnh ph H Ni

v TPHCM pht hnh: 30%

Th trng giy t c gi

Th trng m T l giao dch ca cc loi GTCG: Tri phiu NHPT v TP

chnh quyn a phng c php giao dch theo t l ti akhng qu 50% tng gi tr ca mi phin giao dch th trngm

Mc ch tham gia th trng m ca TCTD: Thanh khon Kinh doanh: vay NHNN vi li sut trn th trng m, cho vay li

TCTD khc hng chnh lch li sut.

iu hnh th trng m ca NHNN phn nhiu l Cung tin.Vic Rt tin qua th trng m (c ch th trng) cn chamnh.


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Chng ch tin gi Bn cht: l cng c n khng c m bo c pht hnh

bi cc TCTDiu kin c pht hnh:

Kt qu kinh doanh Phng n s dng vn

K hn:

Ngn hng: Di 1 nm: bo co Trn 1 nm: Phi xin php

TCTD khc: ch c pht hnh CD c k hn trn 1 nmGiao dch th cp: Khng ph bin

Th trng giy t c gi

Thnh phn tham gia: NHNN, TCTD Chc nng

NHNN: m bo d tr ngoi t, phc v yu cu thanh ton cakhch hng,

Gi kt thc giao dch: (cut off times): theo khu vc a l ca ccng tin: JPY trc VND 2 h, EUR. USD.

Cng c: Thc hin chnh sch tin t thng qua cc bin phpnhm n nh t gi, tc ng n tng cung tin TCTD: p ng nhu cu thanh khon cc loi ngoi t ngoi VND,

Mua bn ngoi t: giao ngay, k hn Giao dch vay, gi Eurodollar: qua m, k hn. Hp ng hon i ngoi t: Lu : giao dch SWAP gia NHNN v

TCTD: tc ng n tng cung tin.

Th trng ngoi t lin ngn hng


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Cng ty CKNh u t:Hnh thc: mi cng ty mt kiu hp ng

Chng khon repo: Trc nm 2009

T u 2009: c phiu nim yt blue chip hoc c

phiu OTC c thanh khon cao nh: Eximbank, MBThi hn: thng l ngn hn, khng qu 6

thng

Li sut: cao!!!???

Th trngHpng mua li

Vai tr ca NHNN: NHNN cn thc hin dt khot v r rng chc nng ngi

cho vay cui cng trong mi thi im Li sut ch o phi v cht: phi l nh hng v theo

st th trng Can thip iu hnh chnh sch tin t phi v lng:

Lng tin cung hoc rt qua th trng m; Lng ngoi t bn ra can thip vo th trng ngoi hi.

Cc cng c ti cp vn, ti chit khu: thc hin cha lin tcv nht qun, th tc cn nng th cng

MtsbtcpcathtrngtintVit Nam


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Mt s bt cp ca th trng tint Vit Nam

Vai tr ca NHNN:iu hnh chnh sch tin t vn s dng cng c trc tip: t

l tng trng tn dng. Cng c gin tip vn cha thc s lm tng s ph thuc

vo NHNN ca TCTD. Cng c tc ng gy nh hngmnh v nhanh l: DTBB & Tn phiu NHNN bt buc. Cccng th trng m, ti cp vn: nhiu ngn hng hu nh

khng s dng Nn c c ch cho vay qua m vi TCTD cng nh thc

hin giao dch th trng m vi k hn qua m.

MtsbtcpcathtrngtintVit Nam

0%

2%

4%

6%

8%

10%

12%

14%

16%

1/1/2010

3/1/2010

5/1/2010

7/1/2010

9/1/2010

11/1/2010

1/1/2011

3/1/2011

5/1/2011

7/1/2011

Rate

Monetary policy rate

Discount rate

Base rate

Refinancing rate


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Mt s bt cp ca th trng tint Vit Nam

TCTD Tp qun giao dch cha ng nht Qun l iu ha ngun vn trong cc TCTD cha tt: khi

tha khi thiu. Lin kt gia cc TCTD khng tt. Khi th trng thiu thanh

khon: c xu hng phng th. Lin kt yu gia cc TCTDdn n kh nng chng vi khung hong km

Tnh thi v ca th trng tin t Vit Nam kh cao(Tt dng lch, m lch, np thu)

Thanh khon ca th trng khng n nh: lc thacng tha, lc thiu cng thiu

Nguyn nhn

Th trng vn km pht trin: n nay TCTDvn m ng vai tr quan trng nht trongvic cung cp vn cho nn kinh t

Tp qun th trng v k hn gi tin, thanhton, gi giao dch cui cng (cut off times).

Hot ng tn dng cha theo kp chun mcquc t: tr n vay trc hn,

Khung php l cha hon chnh, ng b Cha c tp qun giao dch chun cho th

trng: code of conduct


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Nguyn nhn

Cha hnh thnh benchmark v li sut chun cho thtrng, ng cong li sut (yield curve) cha c

Chnh sch ti kha v chnh sch tin t nhiu thiim phi hp cha tt

Li sut c bn c n nh trn c s no?? Vai tr ca ngi to lp th trng khng c hoc m

nht (ngi to lp th trng cn c s h trmnh ca NHNN) Tnh minh bch ca cc t chc tham gia th trng

km: bo co ti chnh theo chun mc, c ch & kcng b thng tin

Nguyn nhn

Cha c cc cng ty xp hng tn nhim (S&P, Moody,Fitch..) Kh xp hng tn nhim, nh gi ri ro i tc Khng xp hng c GTCG : kh nh gi trong giao dch

Khng c c s pht trin th trng thng phiu(commercial paper) Cng c quan trng ca th trng tin t cc nn kinh t

ln, c bit l Hoa K L u mi to nn s lin thng vi th trng vn


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Nguyn nhn

Cng c ca th trng cn ngho nn: Bankersacceptance ? Commercial Paper?...

K hn ca cc cng c th trng tin t cha adng, c bit l Tn phiu kho bc: cha c k hnngn nh: 1 thng, 2 thng..

NHNN hn ch t l cho vay cm c GTCG Lu k chng khon mi trong giai on u

Ni thc hin lu k: NHNN, Trung tm lu k (Cng ty CK,NH lu k)

Vic mapping.

BG thi truong tien te viet nam 08.2012.pdf

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