{"id":31560,"date":"2023-12-07T10:49:57","date_gmt":"2023-12-07T10:49:57","guid":{"rendered":"https:\/\/masterskills.org\/blog\/hop-dong-tuong-lai-trai-phieu-chinh-phu-government-bond-futures-contract-la-gi.html"},"modified":"2023-12-23T08:24:03","modified_gmt":"2023-12-23T01:24:03","slug":"hop-dong-tuong-lai-trai-phieu-chinh-phu-government-bond-futures-contract-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/hop-dong-tuong-lai-trai-phieu-chinh-phu-government-bond-futures-contract-la-gi.html","title":{"rendered":"H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7 (Government Bond Futures Contract) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda (Baodautu.vn)<\/i><\/p>\n<\/div>\n<\/div>\n

H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7 (Government Bond Futures Contract)<\/font><\/h2>\n

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

H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7 <\/b>trong ti\u1ebfng Anh g\u1ecdi l\u00e0 Government Bond Futures Contract.<\/b><\/p>\n

H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7<\/b> l\u00e0 th\u1ecfa thu\u1eadn mua ho\u1eb7c b\u00e1n t\u00e0i s\u1ea3n c\u01a1 s\u1edf l\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 t\u1ea1i m\u1ed9t m\u1ee9c gi\u00e1 x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc t\u1ea1i th\u1eddi \u0111i\u1ec3m c\u1ee5 th\u1ec3 trong t\u01b0\u01a1ng lai.<\/p>\n

H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7 \u0111\u01b0\u1ee3c coi l\u00e0 c\u00f4ng c\u1ee5 ch\u00ednh trong qu\u1ea3n l\u00ed r\u1ee7i ro l\u00e3i su\u1ea5t. C\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7 th\u01b0\u1eddng \u0111\u01b0\u1ee3c k\u1ebft h\u1ee3p v\u1edbi c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ti\u1ec1n t\u1ec7 \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro l\u00e3i su\u1ea5t \u1edf th\u1ecb tr\u01b0\u1eddng n\u01b0\u1edbc ngo\u00e0i cho c\u00e1c c\u00f4ng ty \u0111a qu\u1ed1c gia.<\/p>\n

H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7 \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft tr\u00ean s\u1edf giao d\u1ecbch v\u1edbi c\u00e1c \u0111i\u1ec1u kho\u1ea3n chu\u1ea9n h\u00f3a.\u00a0<\/p>\n

C\u00e1c y\u1ebfu t\u1ed1 c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7<\/font><\/b><\/h3>\n

T\u00e0i s\u1ea3n c\u01a1 s\u1edf:<\/b> T\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u1ee7a h\u1ee3p \u0111\u1ed3ng l\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 do ch\u00ednh ph\u1ee7 ph\u00e1t h\u00e0nh v\u1edbi th\u1eddi gian \u0111\u00e1o h\u1ea1n t\u1eeb m\u1ed9t n\u0103m tr\u1edf l\u00ean. Ng\u01b0\u1eddi s\u1edf h\u1eefu tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 th\u01b0\u1eddng \u0111\u01b0\u1ee3c nh\u1eadn l\u00e3i su\u1ea5t \u0111\u1ecbnh k\u00ec (c\u00f2n g\u1ecdi l\u00e0 l\u00e3i su\u1ea5t coupon, l\u00e3i su\u1ea5t cu\u1ed1ng phi\u1ebfu) m\u1ed7i n\u0103m m\u1ed9t l\u1ea7n ho\u1eb7c m\u1ed7i n\u0103m hai l\u1ea7n, v\u00e0 \u0111\u01b0\u1ee3c ho\u00e0n l\u1ea1i s\u1ed1 ti\u1ec1n b\u1eb1ng m\u1ec7nh gi\u00e1 khi \u0111\u00e1o h\u1ea1n tr\u00e1i phi\u1ebfu.<\/p>\n

\u0110i\u1ec3m c\u1ea7n ch\u00fa \u00fd \u0111\u1ed1i v\u1edbi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 l\u00e0 t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u1ee7a h\u1ee3p \u0111\u1ed3ng th\u01b0\u1eddng l\u00e0 m\u1ed9t tr\u00e1i phi\u1ebfu gi\u1ea3 \u0111\u1ecbnh (ch\u1ec9 t\u1ed3n t\u1ea1i tr\u00ean l\u00ed thuy\u1ebft) v\u1edbi th\u1eddi h\u1ea1n v\u00e0 l\u00e3i su\u1ea5t cu\u1ed1ng phi\u1ebfu (coupon) \u0111\u01b0\u1ee3c \u1ea5n \u0111\u1ecbnh s\u1eb5n.\u00a0<\/p>\n

N\u00f3i c\u00e1ch kh\u00e1c, tr\u00e1i phi\u1ebfu c\u01a1 s\u1edf c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn v\u1edbi nh\u1eefng \u0111i\u1ec1u kho\u1ea3n kh\u00f4ng gi\u1ed1ng b\u1ea5t k\u00ec tr\u00e1i phi\u1ebfu th\u1ef1c t\u1ebf n\u00e0o \u0111\u00e3 v\u00e0 \u0111ang \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0 giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Qui m\u00f4 h\u1ee3p \u0111\u1ed3ng<\/b>: \u0110\u01b0\u1ee3c qui \u0111\u1ecbnh t\u00f9y theo t\u1eebng s\u1edf giao d\u1ecbch v\u00e0 lo\u1ea1i tr\u00e1i phi\u1ebfu c\u01a1 s\u1edf, nh\u01b0ng th\u01b0\u1eddng l\u00e0 m\u1ed9t gi\u00e1 tr\u1ecb b\u1eb1ng ti\u1ec1n t\u01b0\u01a1ng \u1ee9ng v\u1edbi m\u1ec7nh gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu c\u01a1 s\u1edf.<\/p>\n

C\u00e1ch y\u1ebft gi\u00e1<\/b>: T\u00f9y theo th\u00f4ng l\u1ec7 c\u1ee7a t\u1eebng s\u1edf giao d\u1ecbch m\u00e0 c\u00f3 hai d\u1ea1ng y\u1ebft gi\u00e1:<\/p>\n

– Y\u1ebft gi\u00e1 theo t\u1ec9 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ee7a m\u1ec7nh gi\u00e1<\/p>\n

– Y\u1ebft gi\u00e1 theo m\u1ee9c l\u00e3i su\u1ea5t y\u00eau c\u1ea7u\u00a0<\/p>\n

B\u01b0\u1edbc gi\u00e1<\/b>: Th\u01b0\u1eddng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh c\u0103n c\u1ee9 v\u00e0o qui \u01b0\u1edbc y\u1ebft gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu c\u01a1 s\u1edf<\/p>\n

C\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c nh\u01b0 gi\u1edd giao d\u1ecbch, th\u00e1ng \u0111\u00e1o h\u1ea1n, ng\u00e0y \u0111\u00e1o h\u1ea1n gi\u1edbi h\u1ea1n bi\u1ebfn \u0111\u1ed9ng gi\u00e1, thanh to\u00e1n khi \u0111\u00e1o h\u1ea1n… \u0111\u1ec1u \u0111\u01b0\u1ee3c qui \u0111\u1ecbnh c\u1ee5 th\u1ec3 theo th\u00f4ng l\u1ec7 c\u1ee7a t\u1eebng s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh.<\/p>\n

Tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn \u0111\u1ec3 chuy\u1ec3n giao<\/b>: Do t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n l\u00e0 m\u1ed9t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 gi\u1ea3 \u0111\u1ecbnh mang \u00fd ngh\u0129a l\u00ed thuy\u1ebft, c\u00f3 th\u1ec3 kh\u00f4ng c\u00f3 s\u1eb5n trong th\u1ef1c t\u1ebf, n\u00ean s\u1edf giao d\u1ecbch n\u01a1i ni\u00eam y\u1ebft h\u1ee3p \u0111\u1ed3ng th\u01b0\u1eddng c\u00f4ng b\u1ed1 m\u1ed9t danh m\u1ee5c (hay c\u00f2n g\u1ecdi l\u00e0 r\u1ed5) c\u00e1c tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn \u0111\u1ec3 chuy\u1ec3n giao khi \u0111\u01b0a m\u1ed9t m\u00e3 h\u1ee3p \u0111\u1ed3ng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 m\u1edbi ra th\u1ecb tr\u01b0\u1eddng.\u00a0<\/p>\n

Vi\u1ec7c x\u00e1c \u0111\u1ecbnh ngh\u0129a v\u1ee5 c\u1ee5 th\u1ec3 c\u1ee7a b\u00ean b\u00e1n v\u00e0 b\u00ean mua trong giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 s\u1ebd \u0111\u01b0\u1ee3c c\u0103n c\u1ee9 tr\u00ean c\u00e1c tr\u00e1i phi\u1ebfu thu\u1ed9c r\u1ed5 giao d\u1ecbch n\u00e0y ch\u1ee9 kh\u00f4ng ch\u1ec9 ph\u1ee5 thu\u1ed9c v\u00e0o tr\u00e1i phi\u1ebfu gi\u1ea3 \u0111\u1ecbnh m\u00f4 t\u1ea3 trong \u0111i\u1ec1u kho\u1ea3n h\u1ee3p \u0111\u1ed3ng.\u00a0<\/p>\n

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M\u1ed9t s\u1ed1 \u1ee9ng d\u1ee5ng c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7-<\/font><\/h3>\n

– Gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00f2ng ng\u1eeba r\u1ee7i ro cho danh m\u1ee5c \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu \u0111ang n\u1eafm gi\u1eef khi gi\u00e1 tr\u00e1i phi\u1ebfu c\u00f3 xu h\u01b0\u1edbng gi\u1ea3m xu\u1ed1ng (hay l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng c\u00f3 xu h\u01b0\u1edbng t\u0103ng).<\/p>\n

– C\u00f3 th\u1ec3 s\u1eed d\u1ee5ng \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro cho kho\u1ea3n \u0111\u1ea7u t\u01b0 d\u1ef1 \u0111\u1ecbnh trong t\u01b0\u01a1ng lai (v\u00e0o danh m\u1ee5c tr\u00e1i phi\u1ebfu) khi gi\u00e1 tr\u00e1i phi\u1ebfu c\u00f3 xu h\u01b0\u1edbng t\u0103ng l\u00ean (xu h\u01b0\u1edbng l\u00e3i su\u1ea5t gi\u1ea3m).<\/p>\n

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– L\u00e0 ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a danh m\u1ee5c, nhi\u1ec1u khi l\u00e3i su\u1ea5t thay \u0111\u1ed5i th\u00f4ng qua vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n c\u1ee7a (danh m\u1ee5c) tr\u00e1i phi\u1ebfu.<\/p>\n

– Gi\u00fap th\u1ef1c hi\u1ec7n c\u00e1c quy\u1ebft \u0111\u1ecbnh ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n mang t\u00ednh chi\u1ebfn thu\u1eadt \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi bi\u1ebfn \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng m\u00e0 kh\u00f4ng c\u1ea7n thay \u0111\u1ed5i c\u01a1 c\u1ea5u danh m\u1ee5c t\u00e0i s\u1ea3n \u0111ang n\u1eafm gi\u1eef.<\/p>\n

– Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn t\u1eeb s\u1ef1 bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng m\u00e0 kh\u00f4ng c\u1ea7n th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch mua\/b\u00e1n tr\u00e1i phi\u1ebfu tr\u1ef1c ti\u1ebfp tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u01a1 s\u1edf.<\/p>\n

– \u0110em l\u1ea1i l\u1ee3i th\u1ebf \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh, qua \u0111\u00f3 t\u1ea1o ra c\u01a1 h\u1ed9i \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c sinh l\u1eddi cao h\u01a1n so v\u1edbi \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu).<\/p>\n

– \u0110em l\u1ea1i c\u01a1 h\u1ed9i l\u1ee3i nhu\u1eadn t\u1eeb nh\u1eefng sai l\u1ec7ch gi\u1eefa m\u1ee9c gi\u00e1 h\u1ee3p l\u00ed c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 gi\u00e1 giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng (th\u00f4ng qua giao d\u1ecbch h\u1ea1n ch\u1ebf ch\u00eanh l\u1ec7ch gi\u00e1).<\/p>\n

\u00a0(T\u00e0i li\u1ec7u tham kh\u1ea3o, Gi\u00e1o tr\u00ecnh Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh & Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh, NXB Lao \u0110\u1ed9ng)<\/i><\/p>\n

\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7 (ti\u1ebfng Anh: Government Bond Futures Contract) l\u00e0 th\u1ecfa thu\u1eadn mua ho\u1eb7c b\u00e1n t\u00e0i s\u1ea3n c\u01a1 s\u1edf l\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 t\u1ea1i m\u1ed9t m\u1ee9c gi\u00e1 x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc t\u1ea1i th\u1eddi \u0111i\u1ec3m c\u1ee5 th\u1ec3 trong t\u01b0\u01a1ng lai.\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\/31560"}],"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=31560"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31560\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}