{"id":31268,"date":"2023-12-07T10:29:08","date_gmt":"2023-12-07T10:29:08","guid":{"rendered":"https:\/\/masterskills.org\/blog\/he-thong-giao-dich-khop-gia-quote-driven-market-va-khop-lenh-order-driven-market-la-gi.html"},"modified":"2023-12-23T08:01:01","modified_gmt":"2023-12-23T01:01:01","slug":"he-thong-giao-dich-khop-gia-quote-driven-market-va-khop-lenh-order-driven-market-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/he-thong-giao-dich-khop-gia-quote-driven-market-va-khop-lenh-order-driven-market-la-gi.html","title":{"rendered":"H\u1ec7 th\u1ed1ng giao d\u1ecbch kh\u1edbp gi\u00e1 (Quote-Driven Market) v\u00e0 kh\u1edbp l\u1ec7nh (Order-Driven Market) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh ho\u1ea1 (Ngu\u1ed3n: chungkhoanonline)<\/p>\n<\/div>\n<\/div>\n

H\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111\u1ea5u gi\u00e1 theo gi\u00e1 v\u00e0 h\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111\u1ea5u gi\u00e1 theo l\u1ec7nh<\/font><\/b><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

H\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111\u1ea5u gi\u00e1 theo gi\u00e1\u00a0<\/b>hay\u00a0h\u1ec7 th\u1ed1ng giao d\u1ecbch kh\u1edbp gi\u00e1\u00a0<\/b>trong ti\u1ebfng Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Quote-Driven Market<\/b> hay Price-driven market.<\/b><\/p>\n

H\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111\u1ea5u gi\u00e1 theo l\u1ec7nh\u00a0<\/b>hay\u00a0h\u1ec7 th\u1ed1ng giao d\u1ecbch kh\u1edbp l\u1ec7nh\u00a0<\/b>trong ti\u1ebfng Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Order-Driven Market.<\/b><\/p>\n

– H\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111\u1ea5u gi\u00e1 theo gi\u00e1 l\u00e0 h\u1ec7 th\u1ed1ng giao d\u1ecbch c\u00f3 s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a nh\u1eefng nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng (market markers\/dealers) cho m\u1ed9t s\u1ed1 lo\u1ea1i ch\u1ee9ng kho\u00e1n n\u00e0o \u0111\u00f3. Nh\u1eefng nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng c\u00f3 ngh\u0129a v\u1ee5 ch\u00e0o c\u00e1c m\u1ee9c gi\u00e1 mua v\u00e0 b\u00e1n t\u1ed1t nh\u1ea5t.\u00a0<\/p>\n

Giao d\u1ecbch trong th\u1ecb tr\u01b0\u1eddng kh\u1edbp gi\u00e1 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n gi\u1eefa m\u1ed9t b\u00ean l\u00e0 ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 v\u00e0 m\u1ed9t b\u00ean l\u00e0 nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng. Gi\u00e1 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u00ean c\u01a1 s\u1edf c\u1ea1nh tranh gi\u1eefa nh\u1eefng ng\u01b0\u1eddi t\u1ea1o th\u1ecb tr\u01b0\u1eddng, ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 ch\u1ec9 c\u1ea7n l\u1ef1a ch\u1ecdn m\u1ee9c gi\u00e1 ph\u00f9 h\u1ee3p (thay v\u00ec \u0111\u1eb7t l\u1ec7nh giao d\u1ecbch).\u00a0<\/p>\n

Nh\u1eefng ng\u01b0\u1eddi t\u1ea1o th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c h\u01b0\u1edfng ph\u1ea7n ch\u00eanh l\u1ec7ch (spread) gi\u1eefa gi\u00e1 mua v\u00e0 gi\u00e1 b\u00e1n trong c\u00e1c giao d\u1ecbch.<\/p>\n

– H\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111\u1ea5u gi\u00e1 theo l\u1ec7nh l\u00e0 h\u1ec7 th\u1ed1ng giao d\u1ecbch trong \u0111\u00f3 l\u1ec7nh giao d\u1ecbch c\u1ee7a ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c kh\u1edbp tr\u1ef1c ti\u1ebfp v\u1edbi nhau kh\u00f4ng c\u00f3 s\u1ef1 tham gia c\u1ee7a ng\u01b0\u1eddi t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng. M\u1ee9c gi\u00e1 th\u1ef1c hi\u1ec7n l\u00e0 m\u1ee9c gi\u00e1 tho\u1ea3 m\u00e3n c\u1ea3 b\u00ean mua v\u00e0 b\u00ean b\u00e1n. Gi\u00e1 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u00ean c\u01a1 s\u1edf c\u1ea1nh tranh (\u0111\u1ea5u gi\u00e1) gi\u1eefa nh\u1eefng ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

Ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 ph\u1ea3i tr\u1ea3 m\u1ed9t kho\u1ea3n ph\u00ed m\u00f4i gi\u1edbi cho c\u00f4ng ty ch\u1ee9ng kho\u00e1n (theo t\u1ec9 l\u1ec7 qui \u0111\u1ecbnh ho\u1eb7c tho\u1ea3 thu\u1eadn). Kho\u1ea3n ph\u00ed m\u00f4i gi\u1edbi n\u00e0y nh\u00ecn chung th\u1ea5p h\u01a1n so v\u1edbi ph\u00ed tr\u00ean th\u1ecb tr\u01b0\u1eddng kh\u1edbp gi\u00e1.<\/p>\n

\u01afu v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a h\u1ec7 th\u1ed1ng<\/font><\/b><\/h3>\n

– H\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111\u1ea5u gi\u00e1 theo gi\u00e1\u00a0<\/b><\/p>\n

+ \u01afu \u0111i\u1ec3m:\u00a0<\/p>\n

C\u00f3 t\u00ednh thanh kho\u1ea3n v\u00e0 \u1ed5n \u0111\u1ecbnh cao.\u00a0<\/p>\n

+ Nh\u01b0\u1ee3c \u0111i\u1ec3m:\u00a0<\/p>\n

H\u1ec7 th\u1ed1ng nh\u1eefng ng\u01b0\u1eddi t\u1ea1o th\u1ecb tr\u01b0\u1eddng \u0111\u00f3ng vai tr\u00f2 t\u0103ng c\u01b0\u1eddng t\u00ednh thanh kho\u1ea3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng, song c\u0169ng c\u00f3 th\u1ec3 b\u00f3p m\u00e9o c\u01a1 ch\u1ebf x\u00e1c l\u1eadp gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u0103ng chi ph\u00ed giao d\u1ecbch c\u1ee7a ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

Vi\u1ec7c s\u1eed d\u1ee5ng h\u1ec7 th\u1ed1ng kh\u1edbp gi\u00e1 \u0111\u00f2i h\u1ecfi ph\u1ea3i c\u00f3 nh\u1eefng \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh \u0111\u1ee7 m\u1ea1nh v\u1ec1 v\u1ed1n c\u0169ng nh\u01b0 k\u0129 n\u0103ng \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p \u0111\u1ea3m nhi\u1ec7m vai tr\u00f2 c\u1ee7a nh\u1eefng ng\u01b0\u1eddi t\u1ea1o th\u1ecb tr\u01b0\u1eddng. Nh\u00ecn chung, th\u1ecb tr\u01b0\u1eddng kh\u1edbp gi\u00e1 v\u1eadn h\u00e0nh r\u1ea5t ph\u1ee9c t\u1ea1p, v\u00ec v\u1eady, kh\u00f4ng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi h\u00ecnh th\u00e0nh.\u00a0<\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, trong h\u1ec7 th\u1ed1ng n\u00e0y lu\u00f4n ti\u1ec1m \u1ea9n h\u00e0nh vi giao d\u1ecbch kh\u00f4ng c\u00f4ng b\u1eb1ng c\u1ee7a nh\u1eefng ng\u01b0\u1eddi t\u1ea1o th\u1ecb tr\u01b0\u1eddng do h\u1ecd c\u00f3 \u0111\u01b0\u1ee3c nh\u1eefng \u0111\u1eb7c quy\u1ec1n v\u1ec1 th\u00f4ng tin th\u1ecb tr\u01b0\u1eddng.\u00a0<\/p>\n

V\u1ea5n \u0111\u1ec1 qu\u1ea3n l\u00fd \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng kh\u1edbp gi\u00e1 l\u00e0 m\u1ed9t trong nh\u1eefng l\u00ed do khi\u1ebfn cho c\u00e1c S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n thi\u00ean v\u1ec1 l\u1ef1a ch\u1ecdn h\u1ec7 th\u1ed1ng kh\u1edbp l\u1ec7nh cho h\u1ec7 th\u1ed1ng giao d\u1ecbch.<\/p>\n

– H\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111\u1ea5u gi\u00e1 theo l\u1ec7nh<\/b><\/p>\n

H\u1ec7 th\u1ed1ng giao d\u1ecbch kh\u1edbp l\u1ec7nh hi\u1ec7n nay \u0111\u01b0\u1ee3c c\u00e1c S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n tr\u00ean th\u1ebf gi\u1edbi \u00e1p d\u1ee5ng r\u1ed9ng r\u00e3i do c\u00f3 nh\u1eefng \u01b0u vi\u1ec7t h\u01a1n so v\u1edbi h\u1ec7 th\u1ed1ng \u0111\u1ea5u gi\u00e1 theo gi\u00e1.<\/p>\n

+ \u01afu \u0111i\u1ec3m:<\/p>\n

Qu\u00e1 tr\u00ecnh x\u00e1c l\u1eadp gi\u00e1 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3. T\u1ea5t c\u1ea3 c\u00e1c l\u1ec7nh mua v\u00e0 b\u00e1n c\u1ea1nh tranh v\u1edbi nhau, qua \u0111\u00f3 ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 giao d\u1ecbch t\u1ea1i m\u1ee9c gi\u00e1 t\u1ed1t nh\u1ea5t.\u00a0<\/p>\n

Do kh\u00f4ng c\u00f3 s\u1ef1 hi\u1ec7n di\u1ec7n c\u1ee7a nh\u1eefng nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng n\u00ean h\u1ec7 th\u1ed1ng \u0111\u1ea3m b\u1ea3o t\u00ednh minh b\u1ea1ch c\u1ee7a th\u1ecb tr\u01b0\u1eddng do l\u1ec7nh giao d\u1ecbch c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n theo nh\u1eefng qui t\u1eafc gh\u00e9p l\u1ec7nh.<\/p>\n

B\u1eb1ng c\u00e1ch theo d\u00f5i th\u00f4ng tin \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1, ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u01b0a ra nh\u1eefng quy\u1ebft \u0111\u1ecbnh k\u1ecbp th\u1eddi tr\u01b0\u1edbc t\u00ecnh h\u00ecnh di\u1ec5n bi\u1ebfn c\u1ee7a th\u1ecb tr\u01b0\u1eddng.\u00a0\u00a0<\/p>\n

Chi ph\u00ed giao d\u1ecbch th\u1ea5p, k\u0129 thu\u1eadt giao d\u1ecbch \u0111\u01a1n gi\u1ea3n, d\u1ec5 theo d\u00f5i v\u00e0 ki\u1ec3m tra v\u00e0 gi\u00e1m s\u00e1t.<\/p>\n

+ Nh\u01b0\u1ee3c \u0111i\u1ec3m:<\/p>\n

Gi\u00e1 c\u1ea3 d\u1ec5 bi\u1ebfn \u0111\u1ed9ng khi c\u00f3 s\u1ef1 m\u1ea5t c\u1ea5n \u0111\u1ed1i cung c\u1ea7u, kh\u1ea3 n\u0103ng thanh to\u00e1n v\u00e0 linh ho\u1ea1t kh\u00f4ng cao.<\/p>\n

\u00a0<\/i>(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n, Tr\u01b0\u1eddng \u0110H Kinh t\u1ebf Qu\u1ed1c d\u00e2n, , NXB T\u00e0i ch\u00ednh)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n H\u1ec7 th\u1ed1ng giao d\u1ecbch kh\u1edbp gi\u00e1 (ti\u1ebfng Anh: Quote-Driven Market) v\u00e0 H\u1ec7 th\u1ed1ng giao d\u1ecbch kh\u1edbp l\u1ec7nh (Order-Driven Market) l\u00e0 c\u00e1c lo\u1ea1i h\u1ec7 th\u1ed1ng giao d\u1ecbch ch\u1ee9ng kho\u00e1n. M\u1ed7i h\u1ec7 th\u1ed1ng c\u00f3 nh\u1eefng l\u1ee3i th\u1ebf v\u00e0 h\u1ea1n ch\u1ebf ri\u00eang bi\u1ec7t.\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\/31268"}],"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=31268"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31268\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}