Chng 1: HOI OAI Chng 2: PHNG TIEN THANH TOAN QUOC TE

Chng 3 :PHNG THC THANH TOAN QUOC TE

Hoang Th Minh Ngoc

Bo mon Ngan Hang Quoc Te Khoa Ngan Hang

Forward

CT XK

HH, 2 th
100 000USD

CT NK
Mua k/h 2 th
100000 USD

Ban k/h 2 th
100 000 USD

USD/CHF = 1,3470

USD/AUD= 1,3387

NH XK
TG KK USD/CHF = 1,3472/76 TG TT USD/CHF = 1,3468/74

NH NK

TG KK USD/AUD =1,3380/84 TG TT USD/AUD = 1,3390/00

NV mua ban NT co
thi han (Forward Operation ) Ky ket hien tai NT TG TH Forward la NV vao thi iem hien tai hai ben mua ban thoa thuan se chuyen giao cho nhau mot so lng ngoai te nhat nh theo ty gia co nh vao mot ngay c xac nh trc trong tng lai

Thc hien
tng lai

(1 KLB ) Tk Ts (1 KLA)

Ts TsK ( LB LA) Tk 1 KLA

T k(A/B) = Ts(A/B ) + (LB - LA )K .Ts(A/B )

Ban A Ban A LSCV LSTG

Mua A

MuaA

LSTG

LSCV

LB > LA LB< LA

Tk > Ts Tk < Ts

iem gia tang( Report,premium)

iem khau tr (Deport, Discount).

iem ky han Forward Points -Par

Forward Rate = Spot Rate + Forward Points ( Swap cost )

Khach hang mua 10 trieu USD bang SGD ky han 3 thang Ngay giao dch la 2/11, ngay hieu lc la 4/2. nh vay ty gia ky han USD/SGD la bao nhieu ?

iem ky han tnh nh the nao ?

10 tr USD

Gi 3 thang USD,Ls 0,3 % 10 tr USD * ( 1+0,3%* 92/360)

10 007 666 USD

Chuyen oi thanh USD theo Ts USD/SGD 1.4100 Vay 3 thang Ls 2,5%

USD/SGD=1.4179

14,1 tr SGD

14 , 1 tr SGD *( 1+ 2,5% * 92/360)

1 4190 083 SGD

1,4179 -1,4100= + 0,0079 hoac +79 pips ( 79 iem gia tang )

Tai Viet Nam

Ty gia forward USD/VND khong c vt qua mc ty gia c xac nh tren c s sau ay:

Tk (USD/VND)= Ts(USD/VND) + (LVND - LUSD )K. Ts (USD/VND ).

TG tran ky han USD/VND LS c ban NHNN cong bo

LS muc tieu FED cong bo

: Tk (USD/VND ) : 3 365 ng

V du 1:
Khach hang A mua ky han 3 thang 100 000 USD va KH B th ban ky han 140 ngay 100 000 USD vi NHX .

TS = USD/CHF = 1.1560/65
L USD = 0,2% - 0,3% / nam
L CHF = 3% -3,8 % /nam Xac nh so CHF KHA phai tra va KH B nhan c vao ngay TT.

e han che rui ro lo hang NK tra cham 2 thang tr gia 200 000 EUR, ngay 4/8 Cty A ky H ky han vi NH R.TG EUR/USD ma NH chao CT ? So USD phai tra NH bao nhieu ?BR TG ngay ky ket:
EUR/USD = 1,4450/62 LS USD: 5,25%/nam5.75%/nam LS EUR: 5, %/nam-5,5%/n

VD 2

e han che rui ro lo hang XK thu tien sau 3 thang tr ga

VD 3

400 000 USD, ngay 1/7 cty S ky H ky han vi NH K. Ty gia USD/AUD NH thoa thuan vi CT ? NH phai thanh toan bao nhieu AUD ?BR TG& LS ngay ky ket nh sau:
USD/AUD = 1,2780/95 LS USD :5,25%/n- 5,75 %/n LS AUD : 5,5%/n 6,25%/n

Muc ch Bao hiem

au c

Muc ch

Bao hiem von

DN Xuat khau , co khoan vay ngan han

Ban co ky han

DN NK, co khoan n phai tra

Mua co ky han

Li nhun t v th mua trong hp ng k hn

Li nhun

Gi ca sn phm ti

thi im o hn, ST

Li nhun t v th bn hp ng k hn
Li nhun

Gi ca sn phm ti thi im o hn, ST

Ngay KKet H ky han : 21/5/2008 Mot so tnh huong

Ngay TToan

: 21/7/2008

Tk ( USD/VND ) = 18450 Cong ty mua ky han 100 000USD va phai tra 1 845 000 000 VND
Co 3 TH :

H NK b pha san

HH giao hang muon 1 thang (viec TT cham hn 1 thang )

HH giao sm 1 thang ( viec TT sm hn 1 thang ) Phai x ly nh the nao ?

Nghiep vu ngoai te co ky han NDF Non Deliverable Forward

NDF Non Deliverable Forward NDF : Khong co s chuyen giao NT a ky ket Thanh toan so chenh lech( Tk & Ts ngay x ) bang NT chnh Xac nh Ts cua ngay xac nh ( 2 ngay lam viec trc ngay thanh toan hp ong ).

Nghiep vu ngoai te co ky han

Tsx da vao trang thong tin tham chieu ( reference page) Reuters/ Telerate ket hp ban chao gia cua 4 NH hang au TT lien quan

VD

Nghiep vu ngoai te co ky han

NDF Non Deliverable Forward

Khach hang mua 10,000,000.00 USD ky han 1 nam Ts USD/CNY ngay ky ket( 1/7 /2008 ) : 6.8285 FP 1 nam : - 0.1605
Tk = 6.6680

Ngay thanh toan : 1/7/2009 Ngay xac nh : 29/6/2009 KH mua 10 000 000 USD ban 66 680 000 CNY

Swap

NV hoan oi (Swap operation )

Nghiep vu hoan oi la giao dch ong thi mua va ban cung mot so lng NT ,trong o ky han thanh toan cua hai giao dch la khac nhau va ty gia cua hai giao dch c xac nh tai thi iem ky ket hp ong

NV hoan oi (Swap operation )

Swap

Spot

Mua (ban) xA

Forward

Ban (mua)

NV hoan oi (Swap operation )

Swap

Forward

Mua (ban) xA

Forward

Ban (mua)

SWAP GIA DN VI NH
Mua VND

Spot& Forward

Ban USD Ts

USD

Mua USD Tk

VND
Ban VND

SWAP GIA DN VI NH
Mua USD Ts

Spot& Forward

Ban VND

VND

Mua VND

USD
Ban USD Tk

SWAP GIA NH VI NH
Ban AUD

Spot& Forward

Vay AUD 3 M

Mua USD Tk

USD

Ban USD Ts

AUD

Mua AUD

V du 1:
Vao ngay 17/7/2009 cong ty A muon ban giao ngay 100 000 EUR ( nhan ve VND ) thu t hp ong xuat khau nhng ong thi muon mua lai so EUR nay ( bang VND ) e thanh toan hp ong nhap khau en han thanh toan vao ngay 17/10/2009.e ap ng nhu cau mua va ban ngoai te , cong ty A a ky hp ong hoan oi 100 000 EUR vi NH X.Hay xac nh gia tr oi khoan cac giao ch gia Cong ty A va NH X . Biet rang TG va LS nh sau : EUR/VND = 24350 / 450 Ls EUR = 4,5% - 5,25 % /nam

Ls VND = 9% -12 % /nam

V du 2:
Khach hang A can vay 179 000 SGD, thi han 3 thang vi phng an xin vay co hieu qua. NH B ong y ,nhng trong ngan quy khong con SGD ch con USD. e ap ng nhu cau KH A ,NH B thc hien NV Swap vi NH X (bang cach ban 100 000 USD va mua co ky han 100 000USD 3 thang). Tnh li nhuan NH B qua NV nay ? BR : - TG ngay ky ket hp ong USD/SGD = 1,7900/04 USD : lstg = 3,5%/nam lscv = 4%/nam SGD :lstg =4%/nam - lscv = 4,25%/nam

Muc ch s dung giao dch hoan oi

ap ng nhu cau kinh doanh Bao hiem rui ro. Cong cu kiem soat nguon von kha dung Keo dai hay rut ngan thi gian trang thai ngoai hoi S dung hp ong hoan oi e kinh doanh chenh lech lai suat .

Trang thai ngoai hoi va luong tien trong giao dch ngoai hoi

Cong ty A can mua 100 000 USD e thanh toan hang nhap khau en han thanh toan ngay 1/11, ong thi se thu ve 100 000 USD trong 3 thang ti t hp ong XK. Cong ty thc hien hp ong hoan oi vi NH B bang cach mua giao ngay 100 000 USD vi gia 20700 va ban ky han 3 thang voi gia 20900. Trang thai ngoai hoi va luong tien phat sinh tai cong ty A va NH B nh sau:

Ngay KKet H ky han : 21/5/2010 Mot so tnh huong

Ngay TToan

: 21/7/2010

Tk ( USD/VND ) = 21000 Cong ty mua ky han 100 000USD va phai tra 2 100 000 000 VND
Co 3 TH :

H NK b pha san

HH giao muon 1 thang (viec TT cham hn 1 thang

HH giao sm 1 thang ( viec TT sm hn 1 thang )

Phai x ly nh the nao ?

S dung hp ong hoan oi e kinh doanh chenh lech lai suat . Co thong tin tren TT nh sau : USD/SGD = 1.4020/ 25 FP 3M : 20/30 Ls ky han 3M :USD 3.25%-4%/nam Ls ky han 3M : SGD 2.25%-2.75% Co c hoi kiem chenh lech lai suat co bao hiem rui ro TG ?

e ap ng nhu cau vay 200 000 GBP thi han 3 thang , ngan hang D a thc hien nghiep vu Swap vi ngan hang BNP bang cach mua giao ngay ong thi ban ky han 3 thang 200 000 GBP( ong tien oi ng la SGD ). Hay xac nh li nhuan cua NH D qua cac nghiep vu tren. Biet rang thong tin TG va lai suat tren th trng nh sau:
GBP/SGD = 2.3092/08 Ls GBP = 3,5%- 4, %/nam Ls SGD = 4,25% - 4,75%/ nam VD 4

Option

Option

Khai niem quyen chon ngoai te Mot so thuat ng c ban o th thu nhap v the quyen chon Muc ch

Ng mua quyen( buyer CO ) Mua 100000USD, 1 th

Ng ban quyen( seller CO )

KH A

NH B
USD/SGD=1,6800

0,01 SGD/1 USD

Quyen chon mua Call option

Ng mua quyen ( buyer PO )

Ng ban quyen ( seller PO )

Ban 100000 USD ,1 th

KH X
USD/AUD = 1,34

NH Y

0,01 AUD/1 USD

Quyen chon ban Put option

Quyen chon tien te (Currency option) la mot hp ong trong o ngi mua quyen tra cho ngi ban quyen mot khoan tien (ph quyen chon) e co quyen mua (Call) hoac ban (Put) mot so lng ngoai te nhat nh (ong tien c s) vi ty gia xac nh tai ngay ky ket hp ong vao mot ngay cu the trong tng lai hoac vao bat c thi iem nao trc ngay cu the trong tng lai

Hp ong mua ban quyen trong o ngi mua quyen co quyen nhng khong bat buoc phai mua hoac ban mot so lng ngoai te nhat nh theo ty gia a thoa thuan vao mot ngay cu the trong tng lai hoac trc ngay o, con ngi ban phai ban hoac mua so NT tren theo TG a thoa thuan

Mot so thuat ng c ban Ngi mua quyen va ngi ban quyen Quyen chon mua va quyen chon ban Kieu quyen chon Ty gia thc hien Trng the va oan the quyen chon Thu nhap quyen chon Quyen chon c gia, QC ngang gia va QC khong c gia Gia tr noi tai cua quyen chon Ph quyen chon

Mot so thuat ng c ban Ngi mua quyen va ngi ban quyen Ngi mua quyen (Option buyer) Ngi ban quyen (Option seller) : con goi ben phat hanh QC (option writer) Quyen chon mua va quyen chon ban Quyen chon mua (Call Option) Quyen chon ban (Put option) Kieu quyen chon (Style option)

Kieu Quyen chon

Chau Au (European style option) My (American style option)

Mot so thuat ng c ban Ty gia thc hien (Exercise Exchange Rate Strike Exchange Rate ) E la ty gia ma tai o ngi nam gi QC co quyen mua hoac ban ong tien c s t ngi ban quyen. E phu thuoc vao :

Mot so thuat ng c ban Trng the va oan the quyen chon Trng the QC i vi quyen thc hien QC (buyer) Trng the QC mua (a long call position) Trng the QC ban (a long put position) oan the QC i vi mot cam ket ap ng yeu cau thc hien QC (seller) oan the QC mua (a short call position) oan the QC ban (a short put position)

TGHV = 1,6900

buyer c o

1,68

0,01

TGHV = TGTT +GQCM

seller c o

buyer p o

sellers
Po

0,01 1,34

1,33

TGHV = TGTT GQCB

Mot so thuat ng c ban Thu nhap quyen chon Thu nhap gop la chenh lech S va E (cho 1 ngoai te) TN gop call = M x {St - E } TN gop put = M x {E - St} Thu nhap rong bang thu nhap gop tr ph QC TN rong call = M x {St - E -p } TN rong put = M x {E - St -p}

Mot so thuat ng c ban Quyen chon c gia, QC ngang gia va QC khong c gia QC c gia (In the Money ITM) Call : E > S Put : E < S QC ngang gia (At the money ATM) E=S QC khong c gia (Out of the money -OTM) Call : E < S Put : E > S

Long Call
OTM ITM

Trng the QC mua

Buyer C.O

S1 p

ATM S2 S3 E

profit S4

Call Option

Short Call

oan the QC mua

S1

S2 E

ATM

S4 loss Seller CO

S3

OTM

ITM

Call Option

ITM Buyer P.O profit

OTM

Long Put

S1

S2

S4 p

ATM

S3

Put Option

Trng the QC ban

oan the QC ban

Short put

Li S1

O
Lo

S2 ATM

E S3

p S4

Loss

Seller PO

ITM

OTM

Put Option

Mot so thuat ng c ban Tom lai: QC c gia (ITM) th gia tr noi tai ln hn khong QC khong c gia (OTM), QC ngang gia (ATM) th gia tr noi tai bang khong

Mot so thuat ng c ban Ph quyen chon (Premium option), phu thuoc vao cac yeu to: Ty gia thc hien (Exercise Exchange Rate E) Thi gian ao han Ty gia giao ngay Chenh lech lai suat Kieu quyen chon o bien ong

V du :

Cong ty A tham gia au thau cung cap dch vu cho cong ty nc ngoai, thu ve AUD, thi gian cong bo ket qua au thau 3 thang. e bao hiem rui ro cho nguon se thu bang AUD, cong ty mua hp ong QC ban AUD vi NH theo mc ty gia QC (E) AUD/USD la 1.1020, ph quyen chon la 0.0020 USD/ 1 AUD.Nh vay co the co nhng kha nang xay ra va cong ty se quyet nh the nao?

Quyen chon tren TT OTC

QC tren TT OTC do mot ngi ban a ra e ap ng nhu cau cu the cua mot ngi mua ac iem: Ngi ban quyen la NHTM, ngi mua quyen la cac DN, nha au t Quy mo, ngoai te, ty gia, ngay ao han hp ong a dang phong phu phu hp nhu cau cu the va rieng biet cua tng DN

Quyen chon tren san giao dch

QC tren san giao dch la loai hp ong quyen chon c chuan hoa ve quy mo, ngoai te, ty gia, ngay ao han do s giao dch quy nh. ac iem: Giao dch tap trung tai san giao dch S GD quy nh cac cap TG c giao dch Quy nh kch c hp ong Quy mo hp ong nho

Quyen ac iem: chon tren san Han mc trang thai cua mot nha KD 50000 H giao Thang ao han :3,6,9,12.. dch Ngay ao han ngay th sau trc ngay th t tuan th ba trong thang ao han Ngay thanh toan : ngay th t tuan th ba trong thang ao han Khi thanh toan hai ben chuyen T qua cong ty thanh khoan cua s GD.

V du 1:
Ngay 5/9 Anh Q mua hp ong Call option theo kieu Anh thi han 1 thang tr gia 100000 USD ty gia thc hien la 19520, ph quyen chon 50 VND/1 USD. Gia s TG tren th trng mot thang sau bien ong nh sau : TH1 : USD/VND = 19300-19310 TH2 USD/VND = 19700-19715 Neu la Q, ban co quyet nh nh the nao trong tng trng hp? Xac nh ket qua au t cho tng trng hp .

V du 2:
Ngay 5/9 Anh T mua 4 hp ong Put option theo kieu My, thi han 2 thang tr gia 100000 USD cho moi hp ong, ty gia thc hien la 19700, ph quyen chon 70 VND/1 USD. Gia s TG tren th trng bien ong nh sau : TH1 : USD/VND = 19530-19540 TH2 USD/VND = 19900-19915 Neu la T, ban co quyet nh nh the nao trong tng trng hp? Xac nh ket qua au t cho tng trng hp .

V du 3: Mot nha KD quyen chon ong thi: Mua 2 Hp ong Call 50 000 AUD/1 H, tai mc TG thc hien 0.85 USD/AUD, ph QC 0.05 USD/AUD Mua 2 hp ongPut 50 000 AUD/1 H, tai mc TG thc hien 0.85 USD/AUD, ph QC 0.05 USD/AUD a. Ty gia tai iem hoa von cho cac hp ong QC ? b. Neu TG giao ngay tren TT tai cac mc 0.65- 0.75-0.850.95-1.00, th gia tr noi tai cac hp ong tren la bao nhieu ? Tai nhng mc nao th H ATM, ITM, OTM. c. Tnh thu nhap rong cho nha kinh doanh khi TG giao ngay tai cac mc 0.65- 0.75-0.85-0.95-1.00 d. Mc lo toi a la bao nhieu? e. Ve o th minh hoa.

V du 4, cong ty A VN, NK hang t My tr gia 300 000 USD, tra tien sau 3 thang. Ty gia giao ngay tren TT USD/VND 20300/350, Lai suat USD = 2%-3%/nam; Lai suat VND = 9%-12%/nam. Yeu cau xac nh gia tr khoan phai thu bang VND trong cac trng hp: a. Cong ty A khong bao hiem rui ro TG b. Cong ty A bao hiem 2/3 tr gia hp ong NK bang hp ong ky han, con 1/3 tr gia con lai cong ty khong bao hiem c. Cong ty A bao hiem toan bo tr gia hp ong NK bang hp ong ky han d. CT A bao hiem tr gia H NK bang H quyen chon, tai mc ty gia 20350, ph QC la 100VND/USD. Gia s rang TG giao ngay USD/VND tren TT vao ngay thanh toan la * 21300/400 - 20400/450

Muc ch

Bao hiem rui ro

H XK KHOAN SE THU PO H NK KHOAN SE TRA CO

Li nhuan

D oan gia giam

PO

D oan Gia tang

CO

Co thong tin tren TT nh sau : AUD/USD = 1.1020/ 25 E (3M) la 1.1028, p =10 pip/AUD Ls ky han 3M :AUD 4.25%-5%/nam Ls ky han 3M : USD 2.00 %-2.25% Co c hoi kiem chenh lech lai suat co bao hiem rui ro TG ?

Future

Hp ong ngoai te giao sau

Gii thieu hp ong ngoai te giao sau Khai niem ac iem hp ong ngoai te giao sau To chc giao dch tai s giao dch C che giao dch va qua trnh thanh toan Muc ch

Gii thieu ve th trng tien te giao sau

Nam 1972 Th trng Tien te quoc te (International Moneytary Market _IMM) thuoc s giao dch Chicago (Chicago Mercantile Exchange- CME) To chc tren s giao dch chng khoan khac My : S giao dch hang hoa New York (COMEX) S giao dch hang hoa Trung My (Mid America Commodity Exchange- MAC) S giao dch CK Philadelphia SIMEX (Singapore International Money Exchange) LIFFE (London International Financial Futures Exchange)

Gii thieu ve th trng tien te giao sau

New Zealand International Futures Exchange LIFFE (London International Financial Futures Exchange) TIFFE (Tokyo International Financial Futures Exchange) Cac ong tien au tien: GBP, CAD, DEM, JPY, CHF IMM lien ket SIMEX qua he thong thanh khoan ho tng (Mutual Offset System- MOS): Mot H m ra tai IMM, tat toan tai SIMEX.

Hp ong tien te giao sau (Currency future) Hp ong tien te tng lai _giao sau-la giao dch trong o hai ben mua ban thoa thuan ve viec mua va ban mot so lng ngoai te nhat nh theo ty gia a thoa thuan vao thi iem giao dch va viec chuyen giao c thc hien vao mot thi iem xac nh trong tng lai. La mot hp ong ky han c tieu chuan hoa ve NT, so lng NT do s giao dch quy nh.

ac iem th trng giao sau

Hp ong c tieu chuan hoa ve loai NT, so lng NT,yet gia, thang giao dch, ngay giao hang, ngay giao dch cuoi cung do s GD quy nh Tr gia H nho Ky quy ban au va ky quy duy tr Gii han mot so loai NT

Chuan hoa hp ong giao sau (IMM Chicago)

Loai ngoai te AUD GBP CAD EUR JPY CHF Tr gia hp ong Ky quy

100.000 Lan au: $1215, duy tr: ($900) 62.500 $4050 ($3000)
100.000 $1080 ($800) 125.000 $2700 ($2000) 12.500.000 $1890 ($1400) 125.000 $4050 ($4050)

Tieu chuan mot H giao sau EUR tai IMM

Quy mo hp ong (Con tract Size/ Trading Unit) Yet gia (Price Quote) Mc bien ong gia toi thieu (Tick) (Minimum Price Fluctuation) Thang giao hang/ao han (Delivery months) Ngay giao dch cuoi cung (Last day of trading) Ngay giao hang (Delivery date) EUR 125 000

USD per EUR 0.0001 USD 12.50 3,6,9,12 2 ngay lam viec trc ngay th t tuan th ba cua thang ao han Ngay th t tuan th ba cua thang ao han

ac iem th trng giao sau

TG giao sau la TG ky han co cung ky han cua GD ky han, thay oi hang ngay Thanh toan tien te hang ngay Ngha vu hp ong c am bao bi cong ty thanh toan bu tr ( Clearing house) Thao g ngha vu thc hien hp ong. GD c thc hien tai SGD thong qua moi gii

Thi gian

Dien bien th trng

Thanh toan Cha xay ra thanh toan

Sang 22/03 Nha au t mua H giao sau vi ty gia 20160VND/USD Ky quy: 3.000.000 VND Cuoi 22/03 Cuoi 23/03 Cuoi 24/03 Cuoi 25/03 USD tang en 20260, USD giam con 20200, USD giam con 20150, USD tang en 20250,

Gia s ngay nay hp ong en han,

To chc giao dch tai s giao dch

S giao dch Nha kinh doanh Cong ty thanh toan bu tr

To chc giao dch tai s giao dch

S giao dch

S giao dch la mot to chc co t cach phap nhan thanh lap theo quy nh cua phap luat, bao gom nhieu thanh vien (cac cong ty, ca nhan) c phep giao dch trc tiep tai san GD--- Ban G -- nhan vien ieu hanh GD SGD cung cap cac ieu kien vat chat ky thuat cho GD va giao ket cac H gia ben mua-ban.

To chc giao dch tai s giao dch

Nhiem vu : Thiet ke cac loai H, xay dng tieu chuan cua H Thiet lap cac quy che, quy trnh giao dch ( mc ky quy, SL toi a H) Thiet lap quy trnh ky quy, thanh toan

To chc giao dch tai s giao dch

Nha kinh doanh

Nha kinh doanh tai san (thanh vien) Nha moi gii tai san: Co the la:* Nha KD oc lap thc hien GD cho ca nhan hay cong ty * ai dien cho cong ty moi gii Nha kinh doanh t do Nha kinh doanh ngoai san: ca nhan, to chc nh NHTM, quy hu tr. Ho GD qua MG tai san

Cong ty thanh toan bu tr

Cong ty thanh toan bu tr la cong ty co phan ma co ong la cac cong ty thanh khoan thanh vien. Nha KD phai m tai khoan tai CTTKTV, CTTKTV m TK tai CTTTBT. Khi GD thanh cong CTTTBT tr thanh oi tac cua cac ben GD,am bao vi cac ben hp ong se thc hien

To chc giao dch tai s giao dch

Nha kinh doanh

Nha kinh doanh tai san (thanh vien) Nha moi gii tai san: Co the la:* Nha KD oc lap thc hien GD cho ca nhan hay cong ty * ai dien cho cong ty moi gii Nha kinh doanh t do Nha kinh doanh ngoai san: ca nhan, to chc nh NHTM, quy hu tr. Ho GD qua MG tai san

 ong trang thai cua hp ong giao sau

ong trang thai cua H giao sau : Thc hien giao dch ngc vi giao dch ban au vao thi iem ao han
VD : Nha au t mua 5 hp ong GBP giao hang thang 9 tren TT CME ong trang thai : Ban 5 hp ong GBP giao hang thang 9 vao ngay 5/8 VD : Nha au t ban 5 hp ong EUR giao hang thang 6 tren TT CME ong trang thai : Mua 5 hp ong EUR giao hang thang 6 vao ngay 1/5.

 ong trang thai cua hp ong giao sau

ong trang thai cua H giao sau : Thc hien giao dch ngc vi giao dch ban au Mc li lo : chenh lech gia gia giao sau ngay ky ket vi gia giao sau ngay ong trang thai

Quy trnh giao dch va thanh toan

Mua
1a

Ban

6a
7a 2

Moi gii mua

MG san

San giao dch

3

7b
6b 2

1b

MG san

MG ban

4 8a

8b

CTTK Ben MG mua

9a

CTTT Bu tr

9b

CTTK Ben MG ban

Mua H giao sau 125000 EUR , EUR/USD =1,2750 Thi han 3 ngay (KK vao S T3 , en han chieu T5) Nha kinh doanh Nha KD ky quy ban au 2700USD

Moi gii

Dien tien thanh toan H GS nh sau

Thi gian Sang th 3 Hoat ong Mua H GS 125 000 EUR ,EUR/USD= 1,2750 ky quy 2700 USD Thanh toan

Cuoi ngay T 3

EUR/USD = 1,2810

+750 USD

Cuoi ngay T4 EUR/USD = 1,2780 Cuoi ngay T5 EUR/USD = 1,2880

-375USD Nha KD Nhan :+ 1250 USD Tra : 125000x1,2880=161000 USD

Gia s VN co th trng giao sau, ngay 22/03 mot nha au t mua mot hp ong giao sau tr gia 10.000 USD ty gia 20160VND/USD, mc ky quy ban au 3 000 000, duy tr la 2 trieu. Cac giao dch dien ra theo mc o bien ong ty gia di ay:

Thi gian

Dien bien th trng

Thanh toan Cha xay ra thanh toan

Sang 22/03 Nha au t mua H giao sau vi ty gia 20160VND/USD Ky quy: 3.000.000 VND Cuoi 22/03 Cuoi 23/03 Cuoi 24/03 Cuoi 25/03 USD tang en 20260, USD giam con 20200, USD giam con 20150, USD tang en 20250,

Gia s ngay nay hp ong en han,

 Giao hang

Ben ban (ben A): Quyet nh chuyen giao hang

Ben A
Moi gii Ben A
c

P Thanh toan

oi tac ?

SGD

 Giao hang
Thi han thong bao giao hang :co 3 ngay Ngay thong bao au tien (First notice day):nop thong bao cho phong thanh toan Ngay thong bao cuoi cung (the last notice day) Ngay giao dch cuoi cung (the last trading day) ; vai ngay trc ngay thong bao cuoi cung.
Ngay thong bao au Ngay thong tien bao cuoi cung
COMEX ( Commodity Exchange , New York) Vang Hai ngay trc ngay lam viec cuoi cung cua thang trc thang giao hang Hai ngay trc ngay lam viec cuoi cung thang giao hang

Ngay giao dch cuoi cung

Ba ngay trc ngay lam viec cuoi cung thang giao hang

Muc ch Bao hiem

au c

S dung hp ong giao sau e au c

Neu d oan gia NT tang th mua hp ong tng lai

Neu d oan gia NT giam th ban hp ong tng lai

D oan sai ?

NV au c hap dan: Tnh on bay cao

Tnh thanh khoan cao

ong trang thai

S dung hp ong giao sau e phong nga rui ro ty gia H XK Cac khoan phai thu Ban hp ong tien te tng lai

TG giam

H NK Cac khoan phai tra

TG tang

Mua hp ong tien te tng lai

S dung hp ong giao sau e phong nga rui ro ty gia Khong at hieu qua bao hiem rui ro 100% Chenh lech thi iem thanh toan cac khoan phai thu (tra) vi thi iem ao han H tng lai

Khong the bao hiem so lng NT le

Chi ph giao dch va ph hoa hong

S dung hp ong giao sau e phong nga rui ro ty gia Thi iem thanh toan cac khoan phai thu (tra) trung vi thi iem ao han H tng lai - Duy tr hp ong va thc hien thanh toan Chenh lech thi iem thanh toan cac khoan phai thu (tra) vi thi iem ao han H tng lai

Thc hien hp ong tng lai trai chieu vi hp ong tng lai trc o.

S dung H giao sau nh mot cong cu t bao hiem

Gia s ngay 1/3 mot nha nhap khau nhap 1000 chiec ong ho Thuy S vi n gia la 375CHF giao hang va thanh toan vao 1/9. Ty gia luc nay la USD/CHF =1,7066 hay CHF/USD = 0,5860. Neu CHF len gia so vi USD th chi ph nhap khau bang USD se gia tang. Lam the nao e t bao hiem rui ro tang gia CHF?

T bao hiem bang cach mua H ky han hoac giao sau ky han 6 thang en han vao 3/9
1/3 Ty gia giao ngay Ty gia ky han S0 = 0,5860$/CHF F3/9 = 0,5962$/CHF 3/9 S3/9 = ? F3/9 = 0,5962$/CHF

Ty gia giao sau

Ty gia giao ngay Ty gia giao sau Khong bao hiem BH bang H ky han

Ft = 0,5968$/CHF

??
S3/9 = 0.6100 USD/CHF
Fgs = 0.6125 USD/CHF 0.6100 x 375000 = 228 750 $ 0.5962 x375000 =223575 $

BH bang H giao sau Lai HGS =(0.6125 -

0.5968) x125 000 x3 = 5587 $

Lo HNK = (0.6100 -0.5860)x 375000 = 9000 $

Tr gia HNK co BH bang HGS

(375 000 x0.61) 5587 $ = 223 163 $

VD :CT XK A co khoan thu XK la 925 000 EUR, sau 1 thang. Vao thi iem hien tai la 23/6, Ts EUR/USD la 1.2460. CT A lo s EUR giam gia, nen muon s dung hp ong tng lai e bao hiem rui ro 1. CT A phai s dung hp ong tng lai nh the nao e bao hiem, biet quy mo H giao sau EUR la 125 000. 2. Neu khong bao hiem rui ro th, CT A b thiet bao nhieu USD neu ban giao ngay so EUR tren vao ngay 23/7 vi mc EUR/USD la 1.1460. 3. Neu bao hiem bang hp ong tng lai, hieu qua bao hiem rui ro c the hien nh the nao, neu biet rang Ngay 23/6, H EUR tng lai giao hang thang 9 c mua ban vi mc 1.2450USD/EUR. Ngay 23/7, H EUR tng lai giao hang thang 9 c mua ban vi mc 1.1490 USD/EUR va ty gia giao ngay la 1.1460USD/EUR. 4 . Da vao ket qua cau 3, cho biet rui ro TG co loai bo hoan toan khong ?

Phan biet gia giao dch co ky han va giao dch giao sau
iem khac biet
Loai ngoai te Tr gia H Thi han Thanh toan Thanh toan sau cung Ty gia Hoa hong

Giao dch co ky han

Giao dch giao sau

Do 2 ben thoa thuan Do s giao dch a ra Ln, do 2 ben thoa thuan Nho, do S giao dch qui nh tuy theo loai ngoai te Do 2 ben thoa thuan, thng la Do S giao dch an nh boi so cua 30 ngay Cha co thanh toan tien te trc Thanh toan hang ngay tuy theo bien ngay hp ong en han ong ty gia Tren 90% H c thanh toan Cha en 2% H c thanh toan sau cung khi en han thong qua chuyen giao ngoai te Ty gia co nh biet trc Ty gia thay oi hang ngay Chenh lech gia gia ban va gia Khach hang tra hoa hong cho ngi mua moi gii, ngi moi gii tra chi ph cho S giao dch

www.liffe.com, The London international

financial futures and options exchange. www.cme.com- Chicago mercantile exchange

vd
e ap ng nhu cau mua ngoai te co ky han 3 thang cua cong ty M ,NH R Singapore dung noi te mua ngay 200 000 GBP tai NH S . *Cho biet NH R a thc hien nghiep vu nao ? *Tnh li nhuan NH R qua NV nay ? BR : TG ngay KK GBP/SGD = 3,0630/36 GBP : lstg=3,75% /nam- lscv =4,25%/nam SGD : lstg= 3,75%/nam lscv= 4,25%/nam * La NH R anh (ch ) co bang long ket qua tren ? Neu khong,anh (ch) co y kien nao khac?

Vao ngay 18/5/2008 cong ty XQ ky hp ong nhap khau tr gia 200 000 EUR theo th tra cham 3 thang ke t khi nhan hang . e phong chong rui ro , cong ty quyet nh giao dch vi VCB Lao Cai va c NH chao 2 san pham : *San pham A : Dung USD mua ky han 3 thang 200 000 EUR *San pham B :Mua 2 hp ong Call Option thi han 3 thang ( theo kieu My ) moi hp ong tr gia 100 000 EUR vi ty gia thc hien (EUR/USD ).la 1.3760, ph quyen chon 0.0030 USD/1 EUR Ty gia va lai suat tai NH niem yet ngay 18/5 nh sau : EUR/USD = 1.3776/87 Lai suat : USD = 4,75% - 5,5% /nam EUR = 3,5% -4,5% /nam Hay : 1/ Xac nh so USD cong ty phai tra cho ca 2 san pham tren vao ngay thanh toan hp ong oi vi SP A va ngay goi lenh thc hien hp ong oi vi SP B 2/ Neu ban la ai dien cong ty XQ th chon san pham nao? Giai thch tai sao ? 3/ Chng minh rang cong ty XQ a bao hiem rui ro ty gia khi chon san pham a neu cau 2 .

Ngay 17/92008 cong ty Talimex ky hp ong ky han 3 thang 320 000 GBP e han che rui ro lo hang nhap khau si a ky vi mot cong ty Han quoc . Da vao thong tin TG va LS di ay hay xac nh gia tr oi khoan bang ong USD vao ngay thanh toan H ky han Ve phan NHAsia , sau khi a ky hp ong ky han vi cong ty Talimex cung ngay 17/9 a dung USD e mua 320 000 GBP vi VinaSiambank ong thi cho cong ty Hoang Long vay 3 thang toan bo so GBP tren . Hay xac nh li nhuan cua NH Asia qua cac giao dch phat sinh vao ngay 17/9 . TG ngay 17/9 nh sau : GBP/USD = 1.4270/ 84 Lai suat : USD= 2,25 % - 3%/nam ; GBP = 2, 5% -3.00 %/nam

Co thong tin ty gia va lai suat tai NH A vao ngay 14/6 nh sau : USD/VND =19080-19120 ; AUD/USD = 0.9093/02; USD/CHF = 1.1245/53 ;

EUR/USD = 1.2793/04 .
LS USD = 2,5%-3% /nam ; LS VND = 7%-9% /nam ; LS AUD= 3. 5% 4.25%/nam

a/ KHA ban 650 trieu VND e mua USD .

b/ Cty D mua 70 000 USD bang AUD c/KH W mua 100 000 AUD bang USD

d/ KHF ban 300 000 CHF e mua EUR .

e/ CTy B mua ky han 85 ngay 40 000 USD bang AUD f/ Cty X ban ky han 3 thang 50 000 USD bang VND Hay xac nh gia tr oi khoan cac giao dch tren .