{"id":30312,"date":"2023-12-07T09:09:33","date_gmt":"2023-12-07T09:09:33","guid":{"rendered":"https:\/\/masterskills.org\/blog\/phu-luc-ho-tro-tin-dung-credit-support-annex-csa-la-gi-cach-thuc-hoat-dong-cua-csa.html"},"modified":"2023-12-23T06:12:44","modified_gmt":"2023-12-22T23:12:44","slug":"phu-luc-ho-tro-tin-dung-credit-support-annex-csa-la-gi-cach-thuc-hoat-dong-cua-csa","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/phu-luc-ho-tro-tin-dung-credit-support-annex-csa-la-gi-cach-thuc-hoat-dong-cua-csa.html","title":{"rendered":"Ph\u1ee5 l\u1ee5c h\u1ed7 tr\u1ee3 t\u00edn d\u1ee5ng (Credit Support Annex &#8211; CSA) l\u00e0 g\u00ec? C\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a CSA"},"content":{"rendered":"<div class=\"vnbcbc-body vceditor-content wi-active\" data-role=\"content\">\n<figure class=\"VCSortableInPreviewMode\" type=\"Photo\" style=\"\">\n<div><\/div><figcaption class=\"PhotoCMS_Caption\">\n<p data-placeholder=\"[Nh\u1eadp ch\u00fa th\u00edch \u1ea3nh]\" class=\"\">H\u00ecnh minh h\u1ecda<\/p>\n<\/figcaption><\/figure>\n<h2><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">Ph\u1ee5 l\u1ee5c h\u1ed7 tr\u1ee3 t\u00edn d\u1ee5ng (CSA)<\/font><\/h2>\n<p><b>Kh\u00e1i ni\u1ec7m<\/b><\/p>\n<p><b>Ph\u1ee5 l\u1ee5c h\u1ed7 tr\u1ee3 t\u00edn d\u1ee5ng<\/b> trong ti\u1ebfng Anh l\u00e0 <b>Credit Support Annex<\/b>; vi\u1ebft t\u1eaft l\u00e0 <b>CSA<\/b>.<\/p>\n<p><i>Ph\u1ee5 l\u1ee5c h\u1ed7 tr\u1ee3 t\u00edn d\u1ee5ng (CSA)<\/i> l\u00e0 m\u1ed9t t\u00e0i li\u1ec7u x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec1u kho\u1ea3n cho vi\u1ec7c cung c\u1ea5p t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u1ee7a c\u00e1c b\u00ean trong c\u00e1c giao d\u1ecbch ph\u00e1i sinh. \u0110\u00e2y l\u00e0 m\u1ed9t trong 4 ph\u1ea7n c\u1ee7a h\u1ee3p \u0111\u1ed3ng ti\u00eau chu\u1ea9n hay c\u00f3 t\u00ean g\u1ecdi kh\u00e1c l\u00e0\u00a0th\u1ecfa thu\u1eadn t\u1ed5ng th\u1ec3\u00a0\u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n b\u1edfi\u00a0Hi\u1ec7p h\u1ed9i qu\u1ed1c t\u1ebf v\u1ec1 ho\u00e1n \u0111\u1ed5i v\u00e0 ph\u00e1i sinh (ISDA).<\/p>\n<p>C\u00e1c th\u1ecfa thu\u1eadn t\u1ed5ng th\u1ec3 c\u1ee7a ISDA l\u00e0 b\u1eaft bu\u1ed9c \u0111\u1ed1i v\u1edbi c\u00e1c b\u00ean giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh trong m\u1ed9t th\u1ecfa thu\u1eadn \u0111\u01b0\u1ee3c \u0111\u00e0m ph\u00e1n t\u01b0 nh\u00e2n ho\u1eb7c \u0111\u01b0\u1ee3c \u0111\u00e0m ph\u00e1n phi t\u1eadp trung (OTC) thay v\u00ec th\u00f4ng qua m\u1ed9t s\u00e0n giao d\u1ecbch. Ph\u1ea7n l\u1edbn c\u00e1c giao d\u1ecbch ph\u00e1i sinh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n th\u00f4ng qua c\u00e1c th\u1ecfa thu\u1eadn t\u01b0 nh\u00e2n.<\/p>\n<h3><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">C\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a CSA<\/font><\/h3>\n<p>M\u1ee5c \u0111\u00edch ch\u00ednh c\u1ee7a <i>CSA <\/i>l\u00e0 x\u00e1c \u0111\u1ecbnh v\u00e0 ghi l\u1ea1i t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u0111\u01b0\u1ee3c cung c\u1ea5p b\u1edfi c\u1ea3 hai ch\u1ee7 th\u1ec3 trong giao d\u1ecbch ph\u00e1i sinh \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o r\u1eb1ng h\u1ecd c\u00f3 th\u1ec3 b\u00f9 \u0111\u1eafp m\u1ecdi t\u1ed5n th\u1ea5t.<\/p>\n<p>Giao d\u1ecbch ph\u00e1i sinh mang r\u1ee7i ro cao. H\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh l\u00e0 m\u1ed9t th\u1ecfa thu\u1eadn mua ho\u1eb7c b\u00e1n m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu c\u1ee5 th\u1ec3 c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu, ch\u1ec9 s\u1ed1 ho\u1eb7c b\u1ea5t k\u00ec t\u00e0i s\u1ea3n n\u00e0o kh\u00e1c v\u00e0o m\u1ed9t ng\u00e0y c\u1ee5 th\u1ec3. S\u1ed1 ti\u1ec1n tr\u1ea3 tr\u01b0\u1edbc l\u00e0 m\u1ed9t ph\u1ea7n gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf. Trong khi \u0111\u00f3, gi\u00e1 tr\u1ecb c\u1ee7a h\u1ee3p \u0111\u1ed3ng thay \u0111\u1ed5i theo gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf.<\/p>\n<p>Tr\u00ean th\u1ef1c t\u1ebf, c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh OTC r\u1ee7i ro h\u01a1n c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh \u0111\u01b0\u1ee3c giao d\u1ecbch th\u00f4ng qua trao \u0111\u1ed5i. Th\u1ecb tr\u01b0\u1eddng \u00edt \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft v\u00e0 \u00edt \u0111\u01b0\u1ee3c ti\u00eau chu\u1ea9n h\u00f3a h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch.<\/p>\n<p>C\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh OTC th\u01b0\u1eddng \u0111\u01b0\u1ee3c giao d\u1ecbch nh\u01b0 m\u1ed9t s\u1ef1 \u0111\u1ea7u c\u01a1. Ch\u00fang c\u0169ng \u0111\u01b0\u1ee3c giao d\u1ecbch nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 ph\u00f2ng v\u1ec7 \u0111\u1ec3 ch\u1ed1ng l\u1ea1i r\u1ee7i ro. Do \u0111\u00f3, nhi\u1ec1u t\u1eadp \u0111o\u00e0n l\u1edbn tham gia v\u00e0o c\u00e1c giao d\u1ecbch ph\u00e1i sinh \u0111\u1ec3 b\u1ea3o v\u1ec7 doanh nghi\u1ec7p c\u1ee7a h\u1ecd tr\u01b0\u1edbc nh\u1eefng t\u1ed5n th\u1ea5t do bi\u1ebfn \u0111\u1ed9ng gi\u00e1 ti\u1ec1n t\u1ec7 ho\u1eb7c chi ph\u00ed nguy\u00ean li\u1ec7u thay \u0111\u1ed5i \u0111\u1ed9t ng\u1ed9t.<\/p>\n<p><b>Th\u1ecfa thu\u1eadn t\u1ed5ng th\u1ec3 c\u1ee7a ISDA<\/b><\/p>\n<p>M\u1ed9t th\u1ecfa thu\u1eadn t\u1ed5ng th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u00f2i h\u1ecfi \u0111\u1ec3 giao d\u1ecbch c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh, m\u1eb7c d\u00f9 <b>CSA <\/b>kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t ph\u1ea7n c\u00f3 t\u00ednh b\u1eaft bu\u1ed9c trong t\u00e0i li\u1ec7u t\u1ed5ng th\u1ec3. T\u1eeb n\u0103m 1992, th\u1ecfa thu\u1eadn t\u1ed5ng th\u1ec3 \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ee7a giao d\u1ecbch ph\u00e1i sinh v\u00e0 khi\u1ebfn ch\u00fang c\u00f3 gi\u00e1 tr\u1ecb r\u00e0ng bu\u1ed9c v\u00e0 c\u00f3 th\u1ec3 thi h\u00e0nh. ISDA l\u00e0 m\u1ed9t hi\u1ec7p h\u1ed9i th\u01b0\u01a1ng m\u1ea1i qu\u1ed1c t\u1ebf cho nh\u1eefng ng\u01b0\u1eddi tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng t\u01b0\u01a1ng lai, quy\u1ec1n ch\u1ecdn v\u00e0 th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh.<\/p>\n<p><i>(T\u00e0i li\u1ec7u tham kh\u1ea3o: investopedia.com)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"vnbcbc-sapo\" data-role=\"sapo\">\n                            Ph\u1ee5 l\u1ee5c h\u1ed7 tr\u1ee3 t\u00edn d\u1ee5ng (ti\u1ebfng Anh: Credit Support Annex; vi\u1ebft t\u1eaft: CSA) l\u00e0 m\u1ed9t t\u00e0i li\u1ec7u x\u00e1c \u0111\u1ecbnh c\u00e1c \u0111i\u1ec1u kho\u1ea3n cho vi\u1ec7c cung c\u1ea5p t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u1ee7a c\u00e1c b\u00ean trong c\u00e1c giao d\u1ecbch ph\u00e1i sinh.\n                        <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30312"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=30312"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30312\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}