chứng khoán

Chứng khoán phái sinh quốc tế – Lịch sử và quá trình phát triển thị trường

Chứng khoán phái sinh quốc tế có lịch sử phát triển lâu đời và phong phú qua nhiều thế kỷ. Sự phát triển vượt bậc và rộng khắp của thị trường chứng khoán phái sinh hiện nay chính là kết quả của quá trình hình thành, thay đổi và sáng tạo qua hàng trăm năm.

1. Quá trình hình thành và phát triển của chứng khoán phái sinh thế giới

Chứng khoán phái sinh là các công cụ tài chính mà giá trị của chúng phụ thuộc vào giá của một tài sản cơ sở, có thể là hàng hóa như nông sản, kim loại… hoặc công cụ tài chính như cổ phiếu, trái phiếu, lãi suất…

CKPS (Chứng khoán phái sinh) được quy định quyền lợi, nghĩa vụ của các bên tham gia hợp đồng đối với việc thanh toán hoặc chuyển giao tài sản cơ sở với một mức giá được thỏa thuận trước vào một thời điểm nhất định trong tương lai.

2. Lợi ích của chứng khoán phái sinh

Đối với nhà đầu tư

Việc giao dịch chứng khoán phái sinh sẽ mang lại nhiều lợi ích, sau đây là những ưu điểm to lớn của CKPS mà các nhà đầu tư cần biết:

  • Phòng ngừa rủi ro hiệu quả: Chứng khoán phái sinh là kênh đầu tư phòng ngừa rủi ro hiệu quả. Nhà đầu tư luôn có khả năng chốt lãi trước khi có biến động, các doanh nghiệp cũng luôn có một mức giá giao dịch chắc chắn trong mỗi hợp đồng tương lai.
  • Hạn chế chênh lệch tỷ giá: Do đặc tính điển hình của CKPS là giao dịch được thực hiện và chốt giá trong một thời điểm nhất định ở tương lai, bởi thế chứng khoán phái sinh hạn chế được rủi ro do biến động tỷ giá trên thị trường để thu về lợi nhuận sớm.
  • Đầu cơ: Những nhà đầu tư thông minh và ưa phiêu lưu sẽ thích “lướt ván” trên thị trường chứng khoán phái sinh bởi có thể tận dụng được những biến động về giá để thu về lợi nhuận tức thời và ngắn hạn.

Đối với nền kinh tế thị trường

Những nước đi đầu trong việc mở cửa cho chứng khoán phái sinh phát triển đều là những nước vươn mình mạnh mẽ về kinh tế và khiến thế giới ngưỡng mộ với những đột phá trong thời gian ngắn. Bởi thế, ngoài những lợi ích kể trên dành cho nhà đầu tư không thể không nhắc đến những đóng góp của chứng khoán phái sinh đối với kinh tế thị trường:

  • Tài sản cơ sở được đảm bảo: Chứng khoán phái sinh giao dịch dựa trên tài khoản cơ sở do đó, có thể tính ngay được lãi/lỗ tại thời điểm giao dịch, hoàn toàn ngăn chặn được rủi ro thị trường.
  • Tạo khả năng tùy chọn: Giải quyết những nghi ngờ về nhận định thị trường chứng khoán chỉ là thị trường một chiều, các tùy chọn của chứng khoán phái sinh với mức giá cụ thể được niêm yết trong một thời điểm cụ thể để “tùy chọn bán”.
  • Tăng thu hút đầu tư: Chứng khoán phái sinh tăng hấp dẫn cho các nhà đầu tư ngoại và những nhà đầu tư nội trên thị trường chứng khoán.
  • Tính thanh khoản cao: Thanh toán linh hoạt, đơn giản, rõ ràng.

3. Các loại chứng khoán phái sinh trên thế giới

Hợp đồng Kỳ hạn (forwards contract)

Hợp đồng kỳ hạn là thỏa thuận pháp lý giữa hai bên tham gia về việc mua và bán một loại tài sản tại một thời điểm nhất định trong tương lai với mức giá được xác định trước tại ngày thực hiện giao dịch.

Hợp đồng kỳ hạn có giá trị pháp lý ràng buộc giữa hai bên mua và bán; đến kỳ hạn thực hiện (ngày đáo hạn hợp đồng), người có hợp đồng mua có quyền và nghĩa vụ phải mua, người có hợp đồng bán có quyền và nghĩa vụ bán.

Hợp đồng tương lai (Futures Contract)

Hợp đồng tương lai (HĐTL) là một dạng hợp đồng kỳ hạn đã được chuẩn hóa, niêm yết và giao dịch tại thị trường tập trung (Sở GDCK), do Sở GDCK xây dựng hợp đồng mẫu sau đó niêm yết và được giao dịch tập trung tại Sở GDCK, được thỏa thuận mua bán thông qua người môi giới (thành viên giao dịch trên TTCK phái sinh).

Trước khi giao dịch hợp đồng tương lai, NĐT phải nộp ký quỹ vào tài khoản ký quỹ (Margin Account) theo mức quy định tối thiểu của Trung tâm bù trừ thanh toán CKPS, thông qua CTCK nơi nhà đầu tư mở tài khoản giao dịch chứng khoán phái sinh nhằm đảm bảo an toàn cho hoạt động giao dịch hợp đồng tương lai gọi là mức ký quỹ ban đầu.

Trong trường hợp mức kỹ quỹ này xuống thấp hơn mức ký quỹ duy trì, nhà đầu tư phải bổ sung tiền mặt hoặc chứng khoán có trong danh sách chấp nhận làm tài sản của Trung tâm bù trừ thanh toán CKPS (với một mức chiết khấu nhất định cho từng cổ phiếu) để tăng giá trị ký quỹ về mức tối thiểu mức ký quỹ ban đầu. Trong trường hợp tỷ lệ ký quỹ của nhà đầu tư cao hơn mức ký quỹ duy trì theo quy định của công ty chứng khoán, nhà đầu tư có thể rút ra phần tài sản dư.

Khi được giao dịch, giá của hợp đồng tương lai thay đổi liên tục, tăng hoặc giảm trong ngày, tương tự như việc giao dịch cổ phiếu hiện tại trên thị trường chứng khoán cơ sở và được hạch toán theo giá hàng ngày căn cứ trên giá thị trường (marking to market daily). Điều đó có nghĩa là trong kỳ hạn của hợp đồng tương lai, các khoản lãi/lỗ hàng ngày được cộng/trừ vào tài khoản ký quỹ của mỗi bên.

Ví dụ: Hợp đồng tương lai chỉ số cổ phiếu VN30-Index có các nội dung như sau:

Tài sản cơ sở: VN30-Index

Quy mô hợp đồng: 100.000 VND x VN30-Index, trong đó giá trị 100.000 VND được gọi là hệ số nhân (multiplier) của hợp đồng, ký hiệu là m.

Tháng đáo hạn: Tháng hiện tại, tháng kế tiếp, hai tháng cuối 02 quý gần nhất

Phương thức giao dịch: Phương thức khớp lệnh và Phương thức thỏa thuận

Thời gian giao dịch: Mở cửa trước thị trường cơ sở 15 phút, Đóng cửa: kết thúc cùng thị trường cơ sở

Biên độ dao động giá: ±7%

Đơn vị giao dịch: 01 hợp đồng.

Hợp đồng quyền chọn (Option Contract)

Hợp đồng quyền chọn (HĐQC) là một công cụ tài chính cho phép người mua có quyền, nhưng không bắt buộc, được mua hay bán một tài sản cơ sở với mức giá đã được ấn định vào trước hoặc đúng ngày đã được xác định trong tương lai.

Các yếu tố cấu thành hợp đồng quyền chọn:

  • Người mua quyền (holder).
  • Người bán quyền (writer).
  • Tài sản cơ sở (underlying asset).
  • Giá thực hiện (strike or exercise price).
  • Ngày đáo hạn (expiration date).
  • Phí mua quyền (premium)

Đặc điểm của hợp đồng quyền chọn:

  • Là một công cụ tài chính duy nhất cho phép người mua nó có quyền chứ không phải có nghĩa vụ.
  • Người bán hợp đồng quyền chọn có nghĩa vụ phải thực hiện hợp đồng nếu người mua nó yêu cầu.
  • Hợp đồng quyền chọn là một tài sản tài chính nên nó có giá trị.
  • Giá cả trên thị trường của tài sản cơ sở là căn cứ để xác định giá trị của hợp đồng quyền chọn.
  • Kiểu quyền chọn: Kiểu giao dịch do hai bên thỏa thuận cho phép người mua được lựa chọn thời điểm thực hiện quyền chọn.

Hợp đồng quyền chọn có thể thực hiện theo 2 kiểu:

  • Hợp đồng kiểu Mỹ (American style): người mua HĐQC có quyền thực hiện HĐ vào bất kỳ thời điểm nào trước khi hợp đồng hết hạn.
  • Hợp đồng kiểu Châu Âu (European style): người mua HĐQC chỉ được thực hiện HĐ vào thời điểm HĐ hết hạn.

Hợp đồng hoán đổi (Swap Contract)

Hợp đồng hoán đổi (HĐHĐ) là một thỏa thuận pháp lý trong đó hai bên cam kết hoán đổi dòng tiền của một công cụ tài chính của một bên với dòng tiền của công cụ tài chính của bên còn lại trong một khoảng thời gian nhất định.

Giao dịch trên thị trường OTC, đa dạng về chủng loại, phổ biến nhất là hợp đồng hoán đổi lãi suất Vanilla Đơn giản (Plain-Vanilla) hay còn gọi là hợp đồng hoán đổi lãi suất thả nổi-cố định.

HĐHĐ lãi suất thường được các ngân hàng và các doanh nghiệp áp dụng. Theo đó, các doanh nghiệp đồng ý trả một luồng tiền bằng mức lãi suất cố định được định trước trên một mức vốn danh nghĩa trong một số năm. Để đổi lại, các ngân hàng sẽ trả mức lãi suất thả nổi trên cùng mức vốn danh nghĩa cho cùng thời kỳ. Các doanh nghiệp sử dụng hợp đồng hoán đổi lãi suất để tránh rủi ro về lãi suất và để tái cơ cấu tài sản nợ, có.

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