{"id":30465,"date":"2026-04-03T14:58:34","date_gmt":"2026-04-03T07:58:34","guid":{"rendered":"https:\/\/edutrade.vn\/?p=30465"},"modified":"2026-04-03T14:58:34","modified_gmt":"2026-04-03T07:58:34","slug":"lich-su-thi-truong-hang-hoa","status":"publish","type":"post","link":"https:\/\/edutrade.vn\/en\/lich-su-thi-truong-hang-hoa\/","title":{"rendered":"L\u1ecbch s\u1eed th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a"},"content":{"rendered":"

L\u1ecbch s\u1eed th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a<\/span><\/em><\/strong> cho th\u1ea5y r\u1eb1ng, d\u00f9 b\u1ea1n c\u00f3 giao d\u1ecbch h\u00e0ng h\u00f3a hay kh\u00f4ng, b\u1ea1n v\u1eabn t\u01b0\u01a1ng t\u00e1c tr\u1ef1c ti\u1ebfp ho\u1eb7c gi\u00e1n ti\u1ebfp v\u1edbi th\u1ecb tr\u01b0\u1eddng n\u00e0y m\u1ed7i ng\u00e0y th\u00f4ng qua th\u1ef1c ph\u1ea9m v\u00e0 t\u00e0i nguy\u00ean m\u00e0 b\u1ea1n s\u1eed d\u1ee5ng. B\u1ea1n s\u1ebd c\u1ea3m nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 th\u00fa v\u1ecb khi t\u00ecm hi\u1ec3u v\u1ec1 l\u1ecbch s\u1eed ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a theo th\u1eddi gian.<\/span><\/p>\n

Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a c\u00f3 l\u1ecbch s\u1eed l\u00e2u \u0111\u1eddi nh\u01b0 ch\u00ednh n\u1ec1n v\u0103n minh nh\u00e2n lo\u1ea1i. N\u00f3 \u0111\u00e3 \u0111\u00f3ng m\u1ed9t vai tr\u00f2 quan tr\u1ecdng trong l\u1ecbch s\u1eed lo\u00e0i ng\u01b0\u1eddi k\u1ec3 t\u1eeb bu\u1ed5i b\u00ecnh minh c\u1ee7a c\u00e1c x\u00e3 h\u1ed9i c\u00f3 t\u1ed5 ch\u1ee9c. Tr\u1ea3i qua nhi\u1ec1u n\u0103m, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 tr\u1ea3i qua nh\u1eefng thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3, ph\u00e1t tri\u1ec3n t\u1eeb giao d\u1ecbch giao ngay c\u01a1 b\u1ea3n \u0111\u1ebfn c\u00e1c h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh ph\u1ee9c t\u1ea1p tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch h\u00e0ng h\u00f3a to\u00e0n c\u1ea7u.<\/span><\/p>\n

\"L\u1ecbch<\/p>\n

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Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a l\u00e0 g\u00ec?<\/span><\/strong><\/h2>\n

Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a l\u00e0 n\u01a1i di\u1ec5n ra ho\u1ea1t \u0111\u1ed9ng mua, b\u00e1n v\u00e0 giao d\u1ecbch nguy\u00ean li\u1ec7u th\u00f4 ho\u1eb7c s\u1ea3n ph\u1ea9m s\u01a1 c\u1ea5p. Th\u1ecb tr\u01b0\u1eddng n\u00e0y c\u00f3 th\u1ec3 l\u00e0 th\u1ecb tr\u01b0\u1eddng giao ngay ho\u1eb7c th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh. Th\u1ecb tr\u01b0\u1eddng giao ngay, c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 \u201cth\u1ecb tr\u01b0\u1eddng v\u1eadt ch\u1ea5t\u201d ho\u1eb7c \u201cth\u1ecb tr\u01b0\u1eddng ti\u1ec1n m\u1eb7t\u201d, cho ph\u00e9p c\u00e1c nh\u00e0 giao d\u1ecbch mua v\u00e0 b\u00e1n h\u00e0ng h\u00f3a v\u1eadt ch\u1ea5t b\u1eb1ng ti\u1ec1n m\u1eb7t ngay l\u1eadp t\u1ee9c.<\/span><\/p>\n

Ng\u01b0\u1ee3c l\u1ea1i, th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh cho ph\u00e9p ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n trao \u0111\u1ed5i ti\u1ec1n m\u1eb7t \u0111\u1ec3 l\u1ea5y quy\u1ec1n nh\u1eadn h\u00e0ng trong t\u01b0\u01a1ng lai. Th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh bao g\u1ed3m h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai h\u00e0ng h\u00f3a, h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u00e0 quy\u1ec1n ch\u1ecdn. Trong tr\u01b0\u1eddng h\u1ee3p h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai h\u00e0ng h\u00f3a, gi\u00e1 c\u1ee7a h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh theo th\u1eddi gian th\u1ef1c, nh\u01b0ng h\u00e0ng h\u00f3a \u0111\u01b0\u1ee3c l\u00ean l\u1ecbch giao h\u00e0ng v\u00e0o th\u1eddi \u0111i\u1ec3m h\u1ebft h\u1ea1n h\u1ee3p \u0111\u1ed3ng. Tr\u00ean th\u1ecb tr\u01b0\u1eddng giao ngay, c\u00e1c giao d\u1ecbch \u0111\u01b0\u1ee3c thanh to\u00e1n trong v\u00f2ng ch\u01b0a \u0111\u1ea7y hai ng\u00e0y l\u00e0m vi\u1ec7c k\u1ec3 t\u1eeb ng\u00e0y giao d\u1ecbch.<\/span><\/p>\n

<\/span>L\u1ecbch s\u1eed th\u1eddi k\u1ef3 ti\u1ec1n hi\u1ec7n \u0111\u1ea1i: N\u0103m 4500 TCN<\/span><\/strong><\/h2>\n

Ng\u01b0\u1eddi ta tin r\u1eb1ng ho\u1ea1t \u0111\u1ed9ng bu\u00f4n b\u00e1n h\u00e0ng h\u00f3a b\u1eaft \u0111\u1ea7u \u1edf Sumer (Iraq ng\u00e0y nay) v\u00e0o kho\u1ea3ng gi\u1eefa n\u0103m 4500 –<\/span>\u00a04000 TCN. Trong th\u1eddi k\u1ef3 n\u00e0y, ng\u01b0\u1eddi Sumer s\u1eed d\u1ee5ng c\u00e1c th\u1ebb \u0111\u1ea5t s\u00e9t \u0111\u01b0\u1ee3c \u0111\u1eb7t trong c\u00e1c b\u00ecnh \u0111\u1ea5t s\u00e9t v\u00e0 c\u00e1c t\u1ea5m b\u1ea3ng vi\u1ebft \u0111\u1ec3 ch\u1ec9 s\u1ed1 l\u01b0\u1ee3ng h\u00e0ng h\u00f3a c\u1ea7n giao. C\u00e1ch l\u00e0m n\u00e0y t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ng\u00e0y nay, v\u00ec c\u00e1c h\u1ee3p \u0111\u1ed3ng n\u00e0y th\u01b0\u1eddng \u0111\u01b0\u1ee3c thanh to\u00e1n sau khi ng\u01b0\u1eddi b\u00e1n giao h\u00e0ng v\u00e0o ng\u00e0y \u0111\u01b0\u1ee3c ghi tr\u00ean th\u1ebb.<\/p>\n

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M\u1ed9t v\u00ed d\u1ee5 kh\u00e1c v\u1ec1 ho\u1ea1t \u0111\u1ed9ng bu\u00f4n b\u00e1n h\u00e0ng h\u00f3a th\u1eddi k\u1ef3 \u0111\u1ea7u c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c truy nguy\u00ean v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1700 tr\u01b0\u1edbc C\u00f4ng nguy\u00ean. Trong th\u1eddi gian n\u00e0y, lu\u1eadt l\u1ec7 \u0111i\u1ec1u ch\u1ec9nh th\u01b0\u01a1ng m\u1ea1i \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi b\u1ed9 lu\u1eadt c\u1ee7a ng\u01b0\u1eddi cai tr\u1ecb. Vua Hammurabi, m\u1ed9t v\u1ecb vua c\u1ee7a Babylon, \u0111\u00e3 kh\u1eafc lu\u1eadt l\u00ean c\u00e1c phi\u1ebfn \u0111\u00e1. \u0110i\u1ec1u th\u00fa v\u1ecb l\u00e0, b\u1ed9 lu\u1eadt c\u1ee7a vua Hammurabi bao g\u1ed3m m\u1ecdi kh\u00eda c\u1ea1nh quan tr\u1ecdng c\u1ee7a lu\u1eadt th\u01b0\u01a1ng m\u1ea1i v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3, t\u1ea1o n\u00ean n\u1ec1n t\u1ea3ng cho lu\u1eadt ph\u00e1p c\u1ee7a Babylon v\u00e0 Assyria.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

V\u00ed d\u1ee5, m\u1ed9t trong nh\u1eefng \u0111i\u1ec1u lu\u1eadt c\u1ee7a Vua Hammurabi c\u00f3 n\u1ed9i dung nh\u01b0 sau: \u201cNg\u01b0\u1eddi n\u00f4ng d\u00e2n th\u1ebf ch\u1ea5p t\u00e0i s\u1ea3n ph\u1ea3i tr\u1ea3 l\u00e3i h\u00e0ng n\u0103m b\u1eb1ng ng\u0169 c\u1ed1c.\u201d Tuy nhi\u00ean, n\u1ebfu m\u00f9a m\u00e0ng th\u1ea5t b\u00e1t, ng\u01b0\u1eddi n\u00f4ng d\u00e2n c\u00f3 quy\u1ec1n kh\u00f4ng ph\u1ea3i tr\u1ea3 b\u1ea5t c\u1ee9 kho\u1ea3n n\u00e0o, v\u00e0 ch\u1ee7 n\u1ee3 kh\u00f4ng c\u00f2n c\u00e1ch n\u00e0o kh\u00e1c ngo\u00e0i vi\u1ec7c x\u00f3a b\u1ecf kho\u1ea3n l\u00e3i \u0111\u1ebfn h\u1ea1n. C\u00e1c nh\u00e0 giao d\u1ecbch h\u00e0ng h\u00f3a hi\u1ec7n \u0111\u1ea1i l\u1eadp lu\u1eadn r\u1eb1ng \u0111i\u1ec1u lu\u1eadt n\u00e0y r\u1ea5t gi\u1ed1ng v\u1edbi quy\u1ec1n ch\u1ecdn b\u00e1n (put option).<\/span><\/p>\n

Nhi\u1ec1u lo\u1ea1i h\u00e0ng h\u00f3a, bao g\u1ed3m v\u1ecf s\u00f2 qu\u00fd hi\u1ebfm, l\u1ee3n, ng\u0169 c\u1ed1c, v\u00e0ng, b\u1ea1c v\u00e0 nhi\u1ec1u lo\u1ea1i kh\u00e1c, \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m ti\u1ec1n t\u1ec7. Nh\u01b0ng c\u00e1c nh\u00e0 giao d\u1ecbch lu\u00f4n t\u00ecm c\u00e1ch chu\u1ea9n h\u00f3a v\u00e0 \u0111\u01a1n gi\u1ea3n h\u00f3a c\u00e1c giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng. V\u00ed d\u1ee5, v\u00ec v\u00e0ng d\u1ec5 u\u1ed1n\/ d\u00e1t, c\u00e1c nh\u00e0 giao d\u1ecbch c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng n\u1ea5u ch\u1ea3y v\u00e0 \u0111\u1ecbnh h\u00ecnh l\u1ea1i n\u00f3; kh\u00f4ng c\u00f3 g\u00ec ng\u1ea1c nhi\u00ean khi n\u00f3 l\u00e0 m\u1ed9t trong nh\u1eefng t\u00e0i s\u1ea3n giao d\u1ecbch \u0111\u01b0\u1ee3c \u01b0a chu\u1ed9ng nh\u1ea5t.<\/span><\/p>\n

<\/span>Th\u1ecb tr\u01b0\u1eddng ch\u00e2u \u00c2u th\u1eddi k\u1ef3 \u0111\u1ea7u<\/span><\/strong><\/h2>\n

Kho\u1ea3ng n\u0103m 1180 sau C\u00f4ng nguy\u00ean, m\u1ed9t s\u1ed1 h\u1ed9i ch\u1ee3 th\u01b0\u01a1ng m\u1ea1i \u0111\u00e3 \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c t\u1ea1i v\u00f9ng Champagne, Ph\u00e1p. C\u00e1c h\u1ed9i ch\u1ee3 n\u00e0y quy t\u1ee5 c\u00e1c th\u01b0\u01a1ng nh\u00e2n v\u00e0 nh\u00e0 t\u00e0i ch\u00ednh t\u1eeb kh\u1eafp ch\u00e2u \u00c2u. C\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y ho\u1ea1t \u0111\u1ed9ng d\u1ef1a tr\u00ean c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh giao d\u1ecbch ngo\u00e0i s\u00e0n, trong \u0111\u00f3 giao d\u1ecbch di\u1ec5n ra m\u00e0 kh\u00f4ng c\u1ea7n trao \u0111\u1ed5i ch\u00ednh th\u1ee9c. Ngo\u00e0i ra, “th\u01b0 t\u00edn d\u1ee5ng” (fair letters) \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u01b0 m\u1ed9t h\u1ea1n m\u1ee9c t\u00edn d\u1ee5ng gi\u1eefa ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n thay cho ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n b\u1eb1ng ti\u1ec1n t\u1ec7 truy\u1ec1n th\u1ed1ng.<\/span><\/p>\n

Ti\u1ebfp \u0111\u00f3, t\u1eeb n\u0103m 1530 \u0111\u1ebfn n\u0103m 1608, S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n Amsterdam \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp; n\u00f3 \u0111\u01b0\u1ee3c m\u1ec7nh danh l\u00e0 s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n \u0111\u1ea7u ti\u00ean tr\u00ean th\u1ebf gi\u1edbi v\u00e0 \u0111\u00f3ng vai tr\u00f2 l\u00e0 th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch h\u00e0ng h\u00f3a trong su\u1ed1t giai \u0111o\u1ea1n n\u00e0y. S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n Amsterdam cho ph\u00e9p c\u00e1c nh\u00e0 giao d\u1ecbch s\u1eed d\u1ee5ng nhi\u1ec1u lo\u1ea1i h\u1ee3p \u0111\u1ed3ng ph\u1ee9c t\u1ea1p, ch\u1eb3ng h\u1ea1n nh\u01b0 b\u00e1n kh\u1ed1ng, h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u00e0 quy\u1ec1n ch\u1ecdn; \u0111i\u1ec1u n\u00e0y \u0111\u00e1nh d\u1ea5u s\u1ef1 kh\u1edfi \u0111\u1ea7u c\u1ee7a m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ch\u00e2u \u00c2u \u0111\u00fang ngh\u0129a.<\/span><\/p>\n

<\/span>Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ch\u00e2u \u00c1 th\u1ebf k\u1ef7 18<\/span><\/strong><\/h2>\n

M\u1ed9t trong nh\u1eefng v\u00ed d\u1ee5 n\u1ed5i ti\u1ebfng nh\u1ea5t v\u1ec1 giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai th\u1eddi k\u1ef3 \u0111\u1ea7u l\u00e0 \u1edf Nh\u1eadt B\u1ea3n v\u00e0o th\u1ebf k\u1ef7 17<\/span>\u00a0v\u00e0 m\u1eb7t h\u00e0ng \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c giao d\u1ecbch d\u01b0\u1edbi d\u1ea1ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e0 g\u1ea1o. \u0110i\u1ec1u n\u00e0y x\u1ea3y ra trong th\u1eddi k\u1ef3 Edo (1603\u20131867) \u1edf Nh\u1eadt B\u1ea3n khi c\u00e1c th\u01b0\u01a1ng nh\u00e2n bu\u00f4n g\u1ea1o t\u00edch tr\u1eef g\u1ea1o v\u00e0 c\u1ea5t gi\u1eef trong kho v\u00e0 nh\u00e0 \u1edf \u0111\u1ec3 ti\u00eau d\u00f9ng trong t\u01b0\u01a1ng lai. Sau \u0111\u00f3, nh\u1eefng th\u01b0\u01a1ng nh\u00e2n n\u00e0y s\u1ebd b\u00e1n c\u00e1c bi\u00ean lai t\u00edch l\u0169y nh\u01b0 m\u1ed9t l\u1eddi h\u1ee9a s\u1ebd trao \u0111\u1ed5i g\u1ea1o v\u00e0o m\u1ed9t ng\u00e0y trong t\u01b0\u01a1ng lai. Nh\u1eefng bi\u00ean lai\/phi\u1ebfu mua b\u00e1n g\u1ea1o n\u00e0y sau \u0111\u00f3 \u0111\u00e3 h\u00ecnh th\u00e0nh n\u00ean n\u1ec1n t\u1ea3ng c\u1ee7a m\u00f4 h\u00ecnh giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai hi\u1ec7n nay \u1edf M\u1ef9.<\/span><\/p>\n

<\/span>Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a t\u1ea1i Hoa K\u1ef3: T\u1eeb n\u0103m 1848 \u0111\u1ebfn nay<\/span><\/strong><\/h2>\n

Gi\u1edd ch\u00fang ta h\u00e3y c\u00f9ng xem x\u00e9t c\u00e1c s\u1ef1 ki\u1ec7n quan tr\u1ecdng \u0111\u00e3 \u0111\u1ecbnh h\u00ecnh th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a t\u1ea1i Hoa K\u1ef3 v\u00e0 c\u00e1ch th\u1ecb tr\u01b0\u1eddng n\u00e0y \u0111\u00e3 ph\u00e1t tri\u1ec3n.<\/span><\/p>\n

<\/span>Vi\u1ec7c th\u00e0nh l\u1eadp S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n Chicago (CBOT) v\u00e0o n\u0103m 1848<\/span><\/strong><\/h3>\n

Giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u1edf M\u1ef9 ch\u1ec9 b\u1eaft \u0111\u1ea7u v\u00e0o gi\u1eefa nh\u1eefng n\u0103m 1800. \u0110i\u1ec1u n\u00e0y di\u1ec5n ra sau khi S\u1edf Giao d\u1ecbch Chicago (CBOT) \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp v\u00e0o th\u00e1ng 4 n\u0103m 1848 b\u1edfi m\u1ed9t v\u00e0i th\u01b0\u01a1ng gia ng\u0169 c\u1ed1c n\u1ed5i ti\u1ebfng. K\u1ebft qu\u1ea3 l\u00e0, Chicago \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn l\u00e0 th\u1ecb tr\u01b0\u1eddng ng\u0169 c\u1ed1c h\u00e0ng \u0111\u1ea7u \u1edf v\u00f9ng Trung T\u00e2y. \u0110\u1ebfn nh\u1eefng n\u0103m 1850, Chicago \u0111\u00e3 kh\u1eb3ng \u0111\u1ecbnh v\u1ecb th\u1ebf l\u00e0 trung t\u00e2m giao d\u1ecbch h\u00e0ng h\u00f3a n\u00f4ng nghi\u1ec7p trong n\u01b0\u1edbc v\u00e0 qu\u1ed1c t\u1ebf. N\u0103m 1855, ch\u00ednh ph\u1ee7 Ph\u00e1p chuy\u1ec3n ho\u1ea1t \u0111\u1ed9ng mua ng\u0169 c\u1ed1c t\u1eeb New York sang Chicago.<\/span><\/p>\n

Th\u1ecb tr\u01b0\u1eddng ban \u0111\u1ea7u \u0111\u01b0\u1ee3c h\u00ecnh th\u00e0nh t\u1eeb c\u00e1c h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n, nh\u01b0ng v\u00e0o n\u0103m 1859, th\u1ed1ng \u0111\u1ed1c bang Illinois \u0111\u00e3 k\u00fd m\u1ed9t \u0111\u1ea1o lu\u1eadt l\u1eadp ph\u00e1p c\u1ea5p \u0111i\u1ec1u l\u1ec7 th\u00e0nh l\u1eadp c\u00f4ng ty, trao quy\u1ec1n t\u1ef1 qu\u1ea3n cho CBOT \u0111\u1ed1i v\u1edbi c\u00e1c th\u00e0nh vi\u00ean c\u1ee7a m\u00ecnh \u0111\u1ec3 ti\u00eau chu\u1ea9n h\u00f3a ch\u1ea5t l\u01b0\u1ee3ng v\u00e0 thi\u1ebft l\u1eadp c\u00e1c thanh tra ng\u0169 c\u1ed1c do CBOT b\u1ed5 nhi\u1ec7m, m\u00e0 quy\u1ebft \u0111\u1ecbnh c\u1ee7a h\u1ecd c\u00f3 t\u00ednh r\u00e0ng bu\u1ed9c \u0111\u1ed1i v\u1edbi c\u00e1c th\u00e0nh vi\u00ean. \u0110\u00e2y l\u00e0 m\u1ed9t trong nh\u1eefng b\u01b0\u1edbc \u0111i ban \u0111\u1ea7u trong qu\u00e1 tr\u00ecnh ph\u00e1t tri\u1ec3n t\u1eeb h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n sang c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ti\u00eau chu\u1ea9n h\u00f3a hi\u1ec7n nay.<\/span><\/p>\n

Vi\u1ec7c giao d\u1ecbch ng\u0169 c\u1ed1c cu\u1ed1i c\u00f9ng \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u00ednh th\u1ee9c h\u00f3a v\u00e0o n\u0103m 1865 sau khi CBOT thi\u1ebft l\u1eadp c\u00e1c th\u1ecfa thu\u1eadn ti\u00eau chu\u1ea9n h\u00f3a \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 h\u1ee3p \u0111\u1ed3ng “t\u01b0\u01a1ng lai”. H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e0 nh\u1eefng th\u1ecfa thu\u1eadn ti\u00eau chu\u1ea9n h\u00f3a \u0111\u1ea7u ti\u00ean tr\u00ean th\u1ebf gi\u1edbi.<\/span><\/p>\n

S\u00e0n giao d\u1ecbch CBOT ho\u1ea1t \u0111\u1ed9ng tr\u01a1n tru cho \u0111\u1ebfn th\u1eddi k\u1ef3 Chi\u1ebfn tranh th\u1ebf gi\u1edbi th\u1ee9 hai, khi ch\u00ednh ph\u1ee7 n\u1eafm quy\u1ec1n ki\u1ec3m so\u00e1t c\u00e1c v\u1ee5 m\u00f9a ng\u00f4 v\u00e0 l\u00faa m\u00ec, khi\u1ebfn CBOT ch\u1ec9 \u0111\u01b0\u1ee3c ph\u00e9p giao d\u1ecbch l\u00faa m\u1ea1ch \u0111en v\u00e0 \u0111\u1eadu n\u00e0nh. Nh\u01b0ng, v\u00e0o cu\u1ed1i Chi\u1ebfn tranh th\u1ebf gi\u1edbi th\u1ee9 hai, CBOT \u0111\u00e3 n\u1ed1i l\u1ea1i giao d\u1ecbch m\u1ed9t s\u1ed1 m\u1eb7t h\u00e0ng n\u00f4ng s\u1ea3n. Sau \u0111\u00f3, v\u00e0o n\u0103m 1975, CBOT \u0111a d\u1ea1ng h\u00f3a v\u00e0 bao g\u1ed3m c\u1ea3 c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u00e0i ch\u00ednh nh\u01b0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn.<\/span><\/p>\n

<\/span>S\u1ef1 ra m\u1eaft c\u1ee7a S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n Kansas City v\u00e0o n\u0103m 1856<\/span><\/strong><\/h3>\n

S\u00e0n giao d\u1ecbch Kansas City (KCBOT) \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp n\u0103m 1856 v\u1edbi vai tr\u00f2 l\u00e0 Trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb ch\u00ednh th\u1ee9c cho c\u00e1c th\u01b0\u01a1ng nh\u00e2n ng\u0169 c\u1ed1c. KCBOT n\u1ed5i ti\u1ebfng ch\u1ee7 y\u1ebfu nh\u1edd giao d\u1ecbch l\u00faa m\u00ec m\u00f9a \u0111\u00f4ng \u0111\u1ecf c\u1ee9ng, v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u01a1n 10.000 h\u1ee3p \u0111\u1ed3ng m\u1ed7i ng\u00e0y. Do \u0111\u00f3, gi\u00e1 c\u1ea3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh t\u1ea1i KCBOT \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m chu\u1ea9n m\u1ef1c cho gi\u00e1 l\u00faa m\u00ec to\u00e0n c\u1ea7u.<\/span><\/p>\n

<\/span>Vi\u1ec7c th\u00e0nh l\u1eadp S\u00e0n giao d\u1ecbch ng\u0169 c\u1ed1c Minneapolis (MGEX) v\u00e0o n\u0103m 1881<\/span><\/strong><\/h3>\n

N\u0103m 1881, Ph\u00f2ng Th\u01b0\u01a1ng m\u1ea1i Minneapolis \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp \u0111\u1ec3 l\u00e0m n\u01a1i giao d\u1ecbch l\u00fd t\u01b0\u1edfng cho c\u00e1c nh\u00e0 m\u00e1y xay x\u00e1t, nh\u00e0 s\u1ea3n xu\u1ea5t v\u00e0 nh\u00e0 ch\u1ebf bi\u1ebfn. Nh\u01b0ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ea7u ti\u00ean v\u1ec1 l\u00faa m\u00ec c\u1ee9ng \u0111\u1ecf m\u00f9a xu\u00e2n \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0o n\u0103m 1883. Sau \u0111\u00f3, v\u00e0o n\u0103m 1947, Ph\u00f2ng Th\u01b0\u01a1ng m\u1ea1i \u0111\u01b0\u1ee3c \u0111\u1ed5i t\u00ean th\u00e0nh S\u00e0n giao d\u1ecbch ng\u0169 c\u1ed1c Minneapolis, ho\u1ea1t \u0111\u1ed9ng ho\u00e0n to\u00e0n nh\u01b0 m\u1ed9t trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ng\u0169 c\u1ed1c, \u0111\u1ed3ng th\u1eddi giao d\u1ecbch c\u00e1c h\u1ee3p \u0111\u1ed3ng h\u00e0ng h\u00f3a v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ch\u1ec9 s\u1ed1 n\u00f4ng nghi\u1ec7p.<\/span><\/p>\n

<\/span>Vi\u1ec7c th\u00e0nh l\u1eadp COMEX v\u00e0o n\u0103m 1933<\/span><\/strong><\/h3>\n

Sau s\u1ef1 h\u1ee3p nh\u1ea5t c\u1ee7a S\u00e0n giao d\u1ecbch T\u01a1 l\u1ee5a th\u00f4 Qu\u1ed1c gia v\u00e0 S\u00e0n giao d\u1ecbch Da thu\u1ed9c New York, S\u00e0n giao d\u1ecbch H\u00e0ng h\u00f3a (COMEX) \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp v\u00e0o n\u0103m 1933. V\u00e0 \u0111\u1ebfn nh\u1eefng n\u0103m 1970, COMEX \u0111\u00e3 t\u00edch c\u1ef1c giao d\u1ecbch c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0ng, b\u1ea1c v\u00e0 \u0111\u1ed3ng. COMEX l\u00e0 m\u1ed9t c\u00f4ng ty con l\u1edbn c\u1ee7a S\u00e0n giao d\u1ecbch H\u00e0ng h\u00f3a New York (NYMEX) t\u1eeb n\u0103m 1994. Ngo\u00e0i ra, NYMEX \u0111\u00e3 li\u00ean k\u1ebft v\u1edbi T\u1eadp \u0111o\u00e0n CME v\u00e0o n\u0103m 2008. \u0110i\u1ec1u th\u00fa v\u1ecb l\u00e0, h\u01a1n 400.000 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n tr\u00ean COMEX m\u1ed7i ng\u00e0y.<\/span><\/p>\n

<\/span>Vi\u1ec7c th\u00e0nh l\u1eadp c\u00e1c ch\u1ec9 s\u1ed1 gi\u00e1 h\u00e0ng h\u00f3a v\u00e0o n\u0103m 1933<\/span><\/strong><\/h3>\n

Th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch h\u00e0ng h\u00f3a kh\u00e1 ph\u00e2n m\u1ea3nh, nh\u01b0ng gi\u00e1 c\u1ea3 th\u01b0\u1eddng l\u00e0 y\u1ebfu t\u1ed1 th\u1ed1ng nh\u1ea5t, \u0111\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao m\u1ed9t s\u1ed1 ch\u1ec9 s\u1ed1 gi\u00e1 h\u00e0ng h\u00f3a \u0111\u00e3 \u0111\u01b0\u1ee3c t\u1ea1o ra. N\u0103m 1933, Ch\u1ec9 s\u1ed1 H\u1ee3p \u0111\u1ed3ng T\u01b0\u01a1ng lai H\u00e0ng h\u00f3a Dow Jones \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp nh\u01b0 l\u00e0 ch\u1ec9 s\u1ed1 gi\u00e1 h\u00e0ng h\u00f3a \u0111\u1ea7u t\u01b0 \u0111a d\u1ea1ng \u0111\u1ea7u ti\u00ean. Ch\u1ec9 s\u1ed1 H\u1ee3p \u0111\u1ed3ng T\u01b0\u01a1ng lai H\u00e0ng h\u00f3a Dow Jones \u0111\u00e3 t\u0103ng 3,7% m\u1ed7i n\u0103m trong giai \u0111o\u1ea1n t\u1eeb n\u0103m 1933 \u0111\u1ebfn n\u0103m 1998. N\u0103m 1934, C\u1ee5c Th\u1ed1ng k\u00ea Lao \u0111\u1ed9ng Hoa K\u1ef3 b\u1eaft \u0111\u1ea7u t\u00ednh to\u00e1n ch\u1ec9 s\u1ed1 gi\u00e1 h\u00e0ng h\u00f3a h\u00e0ng ng\u00e0y v\u00e0 c\u00f4ng b\u1ed1 r\u1ed9ng r\u00e3i v\u00e0o n\u0103m 1940. \u0110\u1ebfn n\u0103m 1952, C\u1ee5c Th\u1ed1ng k\u00ea Lao \u0111\u1ed9ng \u0111\u00e3 ban h\u00e0nh Ch\u1ec9 s\u1ed1 Gi\u00e1 Th\u1ecb tr\u01b0\u1eddng Giao ngay, \u0111o l\u01b0\u1eddng s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a 22 m\u1eb7t h\u00e0ng.<\/span><\/p>\n

Ch\u1ec9 s\u1ed1 gi\u00e1 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai h\u00e0ng h\u00f3a Dow Jones sau \u0111\u00f3 \u0111\u01b0\u1ee3c \u0111\u1ed5i t\u00ean th\u00e0nh Ch\u1ec9 s\u1ed1 h\u00e0ng h\u00f3a Dow Jones-UBS v\u00e0o n\u0103m 2009. V\u00e0 v\u00e0o n\u0103m 2011, S&P \u0111\u00e3 ra m\u1eaft phi\u00ean b\u1ea3n ch\u1ec9 s\u1ed1 h\u00e0ng h\u00f3a Dow Jones c\u1ee7a ri\u00eang m\u00ecnh.<\/span><\/p>\n

<\/span>\u0110\u1ea1o lu\u1eadt trao \u0111\u1ed5i h\u00e0ng h\u00f3a<\/span><\/strong><\/h3>\n

Do nh\u1eefng thi\u1ebfu s\u00f3t trong c\u00e1c khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd tr\u01b0\u1edbc \u0111\u00e2y v\u1ec1 giao d\u1ecbch h\u00e0ng h\u00f3a \u2014 \u0110\u1ea1o lu\u1eadt Giao d\u1ecbch H\u1ee3p \u0111\u1ed3ng T\u01b0\u01a1ng lai n\u0103m 1921 v\u00e0 \u0110\u1ea1o lu\u1eadt H\u1ee3p \u0111\u1ed3ng T\u01b0\u01a1ng lai Ng\u0169 c\u1ed1c n\u0103m 1922 \u2014 \u0110\u1ea1o lu\u1eadt Giao d\u1ecbch H\u00e0ng h\u00f3a (CEA) \u0111\u00e3 \u0111\u01b0\u1ee3c th\u00f4ng qua v\u00e0o n\u0103m 1936 \u0111\u1ec3 kh\u1eafc ph\u1ee5c nh\u1eefng l\u1ed7 h\u1ed5ng trong quy \u0111\u1ecbnh.<\/span><\/p>\n

\u0110\u1ea1o lu\u1eadt CEA \u0111i\u1ec1u ch\u1ec9nh ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai h\u00e0ng h\u00f3a t\u1ea1i Hoa K\u1ef3. \u0110\u1ea1o lu\u1eadt n\u00e0y c\u0169ng cung c\u1ea5p khu\u00f4n kh\u1ed5 cho \u1ee6y ban Giao d\u1ecbch H\u1ee3p \u0111\u1ed3ng T\u01b0\u01a1ng lai H\u00e0ng h\u00f3a (CFTC). CFTC cu\u1ed1i c\u00f9ng \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp v\u00e0o n\u0103m 1974, v\u00e0 v\u00e0o n\u0103m 1982, n\u00f3 \u0111\u00e3 th\u00e0nh l\u1eadp Hi\u1ec7p h\u1ed9i H\u1ee3p \u0111\u1ed3ng T\u01b0\u01a1ng lai Qu\u1ed1c gia (NFA). \u0110\u1ea1o lu\u1eadt CEA \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1eeda \u0111\u1ed5i v\u00e0o n\u0103m 1938 \u0111\u1ec3 b\u1ed5 sung len s\u1ee3i th\u00f4, t\u1ee9c l\u00e0 len \u0111\u00e3 qua ch\u1ebf bi\u1ebfn s\u1eb5n s\u00e0ng cho s\u1ea3n xu\u1ea5t, v\u00e0o danh m\u1ee5c h\u00e0ng h\u00f3a \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh.<\/span><\/p>\n

<\/span>\u0110\u1ea1o lu\u1eadt trao \u0111\u1ed5i h\u00e0ng h\u00f3a b\u1ed5 sung th\u00eam gia s\u00fac (1968)<\/span><\/strong><\/h3>\n

N\u0103m 1968, \u0110\u1ea1o lu\u1eadt Giao d\u1ecbch H\u00e0ng h\u00f3a \u0111\u01b0\u1ee3c s\u1eeda \u0111\u1ed5i \u0111\u1ec3 bao g\u1ed3m gia s\u00fac v\u00e0 m\u1ed9t s\u1ed1 s\u1ea3n ph\u1ea9m gia s\u00fac nh\u01b0 l\u00e0 h\u00e0ng h\u00f3a. B\u1ea3n s\u1eeda \u0111\u1ed5i n\u00e0y c\u0169ng bao g\u1ed3m c\u00e1c y\u00eau c\u1ea7u b\u00e1o c\u00e1o n\u00e2ng cao, l\u00e0m t\u0103ng h\u00ecnh ph\u1ea1t h\u00ecnh s\u1ef1 \u0111\u1ed1i v\u1edbi h\u00e0nh vi thao t\u00fang ho\u1eb7c vi ph\u1ea1m \u0110\u1ea1o lu\u1eadt. \u0110\u1ea1o lu\u1eadt m\u1edbi c\u0169ng quy \u0111\u1ecbnh r\u1eb1ng b\u1ea5t k\u1ef3 h\u1ed9i \u0111\u1ed3ng n\u00e0o kh\u00f4ng th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c quy t\u1eafc c\u1ee7a ch\u00ednh m\u00ecnh \u0111\u1ec1u c\u00f3 th\u1ec3 b\u1ecb lo\u1ea1i kh\u1ecfi danh hi\u1ec7u th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng.<\/span><\/p>\n

<\/span>Vi\u1ec7c th\u00e0nh l\u1eadp \u1ee6y ban Giao d\u1ecbch H\u00e0ng h\u00f3a T\u01b0\u01a1ng lai (CFTC) v\u00e0o n\u0103m 1974<\/span><\/strong><\/h3>\n

N\u0103m 1974, \u1ee6y ban Giao d\u1ecbch<\/span>\u00a0H\u00e0ng h\u00f3a T\u01b0\u01a1ng lai\u00a0(CFTC) \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai t\u1ea1i Hoa K\u1ef3. CFTC c\u00f3 th\u1ea9m quy\u1ec1n qu\u1ea3n l\u00fd c\u00e1c nh\u00e0 t\u01b0 v\u1ea5n h\u00e0ng h\u00f3a, c\u00f4ng ty m\u00f4i gi\u1edbi, s\u00e0n giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9. M\u1ee5c ti\u00eau c\u1ee7a CFTC l\u00e0 th\u00fac \u0111\u1ea9y m\u1ed9t th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai hi\u1ec7u qu\u1ea3 v\u00e0 c\u1ea1nh tranh. \u1ee6y ban n\u00e0y c\u0169ng nh\u1eb1m m\u1ee5c \u0111\u00edch b\u1ea3o v\u1ec7 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u1ecfi c\u00e1c h\u00e0nh vi giao d\u1ecbch kh\u00f4ng c\u00f4ng b\u1eb1ng v\u00e0 thao t\u00fang.<\/span><\/p>\n

<\/span>S\u1ef1 ra \u0111\u1eddi c\u1ee7a c\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1 h\u00e0ng h\u00f3a v\u00e0o n\u0103m 1990<\/span><\/strong><\/h3>\n

\u0110\u1ea7u nh\u1eefng n\u0103m 1990, c\u00e1c s\u1ea3n ph\u1ea9m d\u1ef1a tr\u00ean h\u00e0ng h\u00f3a m\u1edbi c\u00f3 t\u00ean g\u1ecdi \u201cQu\u1ef9 ch\u1ec9 s\u1ed1 h\u00e0ng h\u00f3a\u201d \u0111\u00e3 \u0111\u01b0\u1ee3c ra m\u1eaft. Ch\u00fang \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebfp c\u1eadn v\u1edbi h\u00e0ng h\u00f3a, \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu, ho\u1eb7c b\u1ea3o v\u1ec7 danh m\u1ee5c \u0111\u1ea7u t\u01b0 kh\u1ecfi l\u1ea1m ph\u00e1t. C\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1 h\u00e0ng h\u00f3a n\u00e0y c\u00f3 th\u1ec3 giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai theo di\u1ec5n bi\u1ebfn c\u1ee7a ch\u1ec9 s\u1ed1 ho\u1eb7c tham gia v\u00e0o c\u00e1c th\u1ecfa thu\u1eadn ho\u00e1n \u0111\u1ed5i v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0, nh\u1eefng ng\u00e2n h\u00e0ng n\u00e0y s\u1ebd t\u1ef1 giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai.<\/span><\/p>\n

M\u1ee5c ti\u00eau chung c\u1ee7a c\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1 h\u00e0ng h\u00f3a l\u00e0 cung c\u1ea5p cho nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1ee3i nhu\u1eadn thu \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c mua h\u00e0ng h\u00f3a. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c ph\u1ea7n b\u00f9 r\u1ee7i ro \u0111\u00e1ng k\u1ec3 v\u00e0 ph\u00f2ng ng\u1eeba r\u1ee7i ro cho danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh b\u1eb1ng c\u00e1ch \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1 h\u00e0ng h\u00f3a d\u00e0i h\u1ea1n.<\/span><\/p>\n

Tuy nhi\u00ean, c\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1 h\u00e0ng h\u00f3a \u0111\u00e3 t\u1eebng b\u1ecb ch\u1ec9 tr\u00edch trong qu\u00e1 kh\u1ee9 v\u00ec l\u00e0 m\u1ed9t trong nh\u1eefng nguy\u00ean nh\u00e2n ch\u00ednh g\u00e2y ra l\u1ea1m ph\u00e1t \u1edf Hoa K\u1ef3. V\u00ed d\u1ee5, ng\u01b0\u1eddi ta cho r\u1eb1ng Ch\u1ec9 s\u1ed1 H\u00e0ng h\u00f3a Goldman Sachs (GSCI) n\u0103m 1991 \u0111\u00e3 g\u00e2y ra kh\u1ee7ng ho\u1ea3ng l\u01b0\u01a1ng th\u1ef1c. N\u00f3 khi\u1ebfn gi\u00e1 c\u1ea3 t\u0103ng v\u1ecdt b\u1eb1ng c\u00e1ch cho ph\u00e9p \u0111\u1ea7u c\u01a1 t\u1ef1 do tr\u00ean th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a.<\/span><\/p>\n

Hi\u1ec7n nay, m\u1ed9t s\u1ed1 qu\u1ef9 ch\u1ec9 s\u1ed1 h\u00e0ng h\u00f3a ph\u1ed5 bi\u1ebfn nh\u1ea5t bao g\u1ed3m Pinco Real Return Strategy Fund, VanEck CM Commodity Index Fund, Oppenheimer, Barclays v\u00e0 iShares S&P GSCI Commodity Index Fund.<\/span><\/p>\n

<\/span>S\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a giao d\u1ecbch h\u00e0ng h\u00f3a \u0111i\u1ec7n t\u1eed v\u00e0o n\u0103m 1999<\/span><\/strong><\/h3>\n

Vi\u1ec7c gi\u1edbi thi\u1ec7u giao th\u1ee9c trao \u0111\u1ed5i th\u00f4ng tin t\u00e0i ch\u00ednh (FIX) v\u00e0o n\u0103m 1992 \u0111\u00e3 m\u1edf \u0111\u01b0\u1eddng cho vi\u1ec7c truy\u1ec1n t\u1ea3i c\u00e1c giao d\u1ecbch th\u1ecb tr\u01b0\u1eddng theo th\u1eddi gian th\u1ef1c. N\u0103m 2001, S\u1edf Giao d\u1ecbch H\u00e0ng h\u00f3a Chicago (Chicago Board of Trade) v\u00e0 S\u1edf Giao d\u1ecbch H\u00e0ng h\u00f3a Chicago (Chicago Mercantile Exchange) \u0111\u00e3 ra m\u1eaft c\u00e1c giao di\u1ec7n tu\u00e2n th\u1ee7 FIX c\u1ee7a h\u1ecd.<\/span><\/p>\n

Theo truy\u1ec1n th\u1ed1ng, ng\u01b0\u1eddi ch\u1ea1y vi\u1ec7c v\u1eb7t th\u01b0\u1eddng mang l\u1ec7nh mua b\u00e1n \u0111\u1ebfn cho c\u00e1c th\u01b0\u01a1ng nh\u00e2n. Tuy nhi\u00ean, giao d\u1ecbch \u0111i\u1ec7n t\u1eed s\u1eed d\u1ee5ng m\u00e1y t\u00ednh \u0111\u1ec3 kh\u1edbp l\u1ec7nh mua v\u00e0 b\u00e1n thay v\u00ec s\u1ef1 trao \u0111\u1ed5i gi\u1eefa ng\u01b0\u1eddi v\u1edbi ng\u01b0\u1eddi. Do \u0111\u00f3, giao d\u1ecbch h\u00e0ng h\u00f3a \u0111i\u1ec7n t\u1eed mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch, ch\u1eb3ng h\u1ea1n nh\u01b0 ph\u00ed hoa h\u1ed3ng th\u1ea5p h\u01a1n cho c\u00e1c nh\u00e0 giao d\u1ecbch nh\u1ecf l\u1ebb v\u00e0 vi\u1ec7c th\u1ef1c hi\u1ec7n giao d\u1ecbch hi\u1ec7u qu\u1ea3 h\u01a1n. Ngo\u00e0i ra, n\u00f3 c\u0169ng gi\u00fap c\u00e1c c\u01a1 quan ch\u1ee9c n\u0103ng d\u1ec5 d\u00e0ng gi\u00e1m s\u00e1t ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch h\u00e0ng h\u00f3a h\u01a1n.<\/span><\/p>\n

S\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a giao d\u1ecbch h\u00e0ng h\u00f3a \u0111i\u1ec7n t\u1eed c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c l\u00fd gi\u1ea3i b\u1edfi s\u1ef1 b\u00f9ng n\u1ed5 c\u1ee7a internet, khi nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng \u0111\u1eb7t l\u1ec7nh m\u1ed9t c\u00e1ch thu\u1eadn ti\u1ec7n m\u00e0 kh\u00f4ng c\u1ea7n d\u1ef1a v\u00e0o c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi tr\u1ef1c ti\u1ebfp. N\u1ec1n t\u1ea3ng giao d\u1ecbch h\u00e0ng h\u00f3a tr\u1ef1c tuy\u1ebfn c\u0169ng cung c\u1ea5p bi\u1ec3u \u0111\u1ed3 giao d\u1ecbch, tin t\u1ee9c h\u00e0ng h\u00f3a v\u00e0 c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt.<\/span><\/p>\n

N\u1ec1n t\u1ea3ng giao d\u1ecbch \u0111i\u1ec7n t\u1eed c\u1ee7a CBOT \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 e-CBOT. Khi S\u1edf Giao d\u1ecbch H\u00e0ng h\u00f3a Chicago (Chicago Mercantile Exchange) mua l\u1ea1i CBOT \u0111\u1ec3 th\u00e0nh l\u1eadp T\u1eadp \u0111o\u00e0n CME v\u00e0o n\u0103m 2006, CME \u0111\u00e3 t\u00edch h\u1ee3p eCBOT v\u00e0o n\u1ec1n t\u1ea3ng Globex c\u1ee7a m\u00ecnh.<\/span><\/p>\n

<\/span>Chu k\u1ef3 si\u00eau t\u0103ng tr\u01b0\u1edfng h\u00e0ng h\u00f3a n\u0103m 2002<\/span><\/strong><\/h3>\n

\u201cChu k\u1ef3 si\u00eau t\u0103ng tr\u01b0\u1edfng\u201d l\u00e0 giai \u0111o\u1ea1n nhu c\u1ea7u \u0111\u1eb7c bi\u1ec7t cao, g\u00e2y kh\u00f3 kh\u0103n cho c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t trong vi\u1ec7c \u0111\u00e1p \u1ee9ng. Nhu c\u1ea7u cao nh\u01b0 v\u1eady th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi s\u1ef1 t\u0103ng gi\u00e1 theo c\u1ea5p s\u1ed1 nh\u00e2n trong m\u1ed9t th\u1eddi gian d\u00e0i \u2013 trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p hi\u1ebfm hoi c\u00f3 th\u1ec3 l\u00ean \u0111\u1ebfn m\u1ed9t th\u1eadp k\u1ef7. Kho\u1ea3ng n\u0103m 2002, Trung Qu\u1ed1c tr\u1ea3i qua s\u1ef1 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf m\u1ea1nh m\u1ebd nh\u1edd s\u1ef1 m\u1edf r\u1ed9ng ch\u01b0a t\u1eebng c\u00f3 trong ph\u00e1t tri\u1ec3n c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng, \u0111\u00f4 th\u1ecb h\u00f3a v\u00e0 x\u00e2y d\u1ef1ng. Sau s\u1ef1 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf nhanh ch\u00f3ng, nhu c\u1ea7u v\u1ec1 h\u00e0ng h\u00f3a t\u0103ng theo c\u1ea5p s\u1ed1 nh\u00e2n, khi\u1ebfn c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t kh\u00f3 \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c nhu c\u1ea7u n\u00e0y do ngu\u1ed3n cung t\u00e0i nguy\u00ean thi\u00ean nhi\u00ean c\u1ea7n thi\u1ebft cho ph\u00e1t tri\u1ec3n c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng, nh\u01b0 qu\u1eb7ng s\u1eaft, \u0111\u1ed3ng v\u00e0 d\u1ea7u th\u00f4, t\u01b0\u01a1ng \u0111\u1ed1i khan hi\u1ebfm.<\/span><\/p>\n

Trong nh\u1eefng giai \u0111o\u1ea1n n\u00e0y, gi\u00e1 c\u1ea3 h\u00e0ng n\u00f4ng s\u1ea3n c\u0169ng t\u0103ng l\u00ean do nhu c\u1ea7u ti\u00eau th\u1ee5 n\u0103ng l\u01b0\u1ee3ng v\u00e0 c\u00e1c m\u1eb7t h\u00e0ng n\u00f4ng s\u1ea3n gi\u00e0u ph\u00e2n b\u00f3n nh\u01b0 d\u1ea7u \u0103n, ng\u0169 c\u1ed1c v\u00e0 th\u1ecbt t\u0103ng cao c\u1ee7a gi\u1edbi nh\u00e0 gi\u00e0u \u1edf Trung Qu\u1ed1c v\u00e0 c\u00e1c n\u1ec1n kinh t\u1ebf m\u1edbi n\u1ed5i kh\u00e1c.<\/span><\/p>\n

Theo b\u00e1o c\u00e1o c\u1ee7a Qu\u1ef9 Ti\u1ec1n t\u1ec7 Qu\u1ed1c t\u1ebf (IMF) v\u1ec1 d\u1eef li\u1ec7u gi\u00e1 c\u1ea3 h\u00e0ng h\u00f3a, gi\u00e1 \u0111\u1ed3ng, than nhi\u1ec7t, qu\u1eb7ng s\u1eaft v\u00e0 d\u1ea7u th\u00f4 \u0111\u00e3 t\u0103ng t\u1eeb 350% \u0111\u1ebfn 600% t\u1eeb n\u0103m 2001 \u0111\u1ebfn n\u0103m 2008. Gi\u00e1 niken th\u1eadm ch\u00ed c\u00f2n t\u0103ng g\u1ea5p b\u1ea3y l\u1ea7n trong giai \u0111o\u1ea1n n\u00e0y. T\u1ed5 ch\u1ee9c L\u01b0\u01a1ng th\u1ef1c v\u00e0 N\u00f4ng nghi\u1ec7p Li\u00ean h\u1ee3p qu\u1ed1c (FAO) b\u00e1o c\u00e1o r\u1eb1ng gi\u00e1 l\u01b0\u01a1ng th\u1ef1c c\u0169ng t\u0103ng 50% trong giai \u0111o\u1ea1n n\u00e0y.<\/span><\/p>\n

Do kh\u1ee7ng ho\u1ea3ng n\u1ee3 c\u00f4ng, gi\u00e1 c\u1ea3 \u0111\u00e3 gi\u1ea3m m\u1ea1nh trong n\u0103m 2008 v\u00e0 \u0111\u1ea7u n\u0103m 2009. Tuy nhi\u00ean, gi\u00e1 c\u1ea3 \u0111\u00e3 t\u0103ng tr\u1edf l\u1ea1i v\u00e0 nhu c\u1ea7u ph\u1ee5c h\u1ed3i t\u1eeb cu\u1ed1i n\u0103m 2009 \u0111\u1ebfn gi\u1eefa n\u0103m 2010. K\u1ebft qu\u1ea3 l\u00e0, chu k\u1ef3 si\u00eau t\u0103ng tr\u01b0\u1edfng h\u00e0ng h\u00f3a \u0111\u1ea1t \u0111\u1ec9nh v\u00e0o n\u0103m 2011, \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi nhu c\u1ea7u m\u1ea1nh m\u1ebd t\u1eeb c\u00e1c n\u01b0\u1edbc \u0111ang ph\u00e1t tri\u1ec3n v\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng ngu\u1ed3n cung th\u1ea5p. V\u00e0o gi\u1eefa nh\u1eefng n\u0103m 2010, Trung Qu\u1ed1c tr\u1ea3i qua s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n v\u00e0 suy tho\u00e1i kinh t\u1ebf khi chuy\u1ec3n \u0111\u1ed5i t\u1eeb ng\u00e0nh c\u00f4ng nghi\u1ec7p s\u1ea3n xu\u1ea5t sang ng\u00e0nh d\u1ecbch v\u1ee5. D\u1ea7n d\u1ea7n, chu k\u1ef3 si\u00eau t\u0103ng tr\u01b0\u1edfng b\u1eaft \u0111\u1ea7u h\u1ea1 nhi\u1ec7t.<\/span><\/p>\n

Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a \u0111\u00e3 tr\u1ea3i qua chu k\u1ef3 si\u00eau t\u0103ng tr\u01b0\u1edfng ki\u1ec3u n\u00e0y kho\u1ea3ng ba l\u1ea7n k\u1ec3 t\u1eeb th\u1ebf k\u1ef7 20.\u00a0<\/span>L\u1ea7n<\/span><\/sup>\u00a0\u0111\u1ea7u ti\u00ean x\u1ea3y ra v\u00e0o n\u0103m 1900 v\u00e0 \u0111\u01b0\u1ee3c k\u00edch ho\u1ea1t b\u1edfi qu\u00e1 tr\u00ecnh c\u00f4ng nghi\u1ec7p h\u00f3a c\u1ee7a M\u1ef9, trong khi vi\u1ec7c t\u00e1i v\u0169 trang to\u00e0n c\u1ea7u \u0111\u00e3 t\u1ea1o ra m\u1ed9t chu k\u1ef3 si\u00eau t\u0103ng tr\u01b0\u1edfng kh\u00e1c v\u00e0o nh\u1eefng n\u0103m 1930. Cu\u1ed1i c\u00f9ng, giai \u0111o\u1ea1n th\u1ee9 ba c\u1ee7a chu k\u1ef3 si\u00eau t\u0103ng tr\u01b0\u1edfng di\u1ec5n ra v\u00e0o nh\u1eefng n\u0103m 1950 v\u00e0 1960, sau Chi\u1ebfn tranh th\u1ebf gi\u1edbi th\u1ee9 hai, trong th\u1eddi k\u1ef3 t\u00e1i thi\u1ebft Nh\u1eadt B\u1ea3n v\u00e0 ch\u00e2u \u00c2u.<\/span><\/p>\n

<\/span>Ph\u1ea7n k\u1ebft lu\u1eadn:<\/span><\/strong><\/h2>\n

Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a \u0111\u00e3 li\u00ean t\u1ee5c t\u0103ng tr\u01b0\u1edfng trong nh\u1eefng n\u0103m qua; kh\u1ed1i l\u01b0\u1ee3ng h\u1ee3p \u0111\u1ed3ng h\u00e0ng h\u00f3a \u0111\u01b0\u1ee3c giao d\u1ecbch trong th\u1eadp k\u1ef7 qua \u0111\u00e3 t\u0103ng g\u1ea7n g\u1ea5p ba l\u1ea7n. \u0110\u1ed3ng th\u1eddi, gi\u00e1 c\u1ea3 h\u00e0ng h\u00f3a \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng \u0111i\u1ec7n t\u1eed ti\u00eau chu\u1ea9n c\u0169ng t\u0103ng g\u1ea5p \u0111\u00f4i. Tuy nhi\u00ean, nhi\u1ec1u y\u1ebfu t\u1ed1 kh\u00e1c nhau, nh\u01b0 b\u1ea5t \u1ed5n ch\u00ednh tr\u1ecb to\u00e0n c\u1ea7u, kh\u1ee7ng ho\u1ea3ng kinh t\u1ebf, chi\u1ebfn tranh th\u01b0\u01a1ng m\u1ea1i, c\u00f4ng ngh\u1ec7 ph\u00e1t tri\u1ec3n nhanh ch\u00f3ng v\u00e0 cu\u1ed1i c\u00f9ng l\u00e0 \u0111\u1ea1i d\u1ecbch \u0111\u00e3 khi\u1ebfn th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a tr\u1edf n\u00ean v\u00f4 c\u00f9ng bi\u1ebfn \u0111\u1ed9ng.<\/span><\/p>\n

<\/span>C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p<\/span><\/h2>\n

Giao d\u1ecbch thu\u1eadt to\u00e1n xu\u1ea5t hi\u1ec7n khi n\u00e0o?<\/span><\/strong><\/p>\n

Giao d\u1ecbch thu\u1eadt to\u00e1n xu\u1ea5t hi\u1ec7n v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1980 v\u00e0 \u0111\u1ea7u nh\u1eefng n\u0103m 1990 c\u00f9ng v\u1edbi s\u1ef1 ra \u0111\u1eddi c\u1ee7a internet. N\u00f3 tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn r\u1ed9ng r\u00e3i v\u00e0o n\u0103m 1998 khi \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch Hoa K\u1ef3 (SEC) cho ph\u00e9p c\u00e1c s\u00e0n giao d\u1ecbch \u0111i\u1ec7n t\u1eed, m\u1edf \u0111\u01b0\u1eddng cho giao d\u1ecbch t\u1ea7n su\u1ea5t cao b\u1eb1ng m\u00e1y t\u00ednh.<\/span><\/p>\n

Giao d\u1ecbch thu\u1eadt to\u00e1n ho\u1ea1t \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o?<\/span><\/strong><\/p>\n

Giao d\u1ecbch thu\u1eadt to\u00e1n s\u1eed d\u1ee5ng ph\u1ea7n m\u1ec1m chuy\u00ean d\u1ee5ng \u0111\u1ec3 th\u1ef1c hi\u1ec7n nhi\u1ec1u chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch v\u00e0 m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc kh\u00e1c nhau. C\u00e1c chi\u1ebfn l\u01b0\u1ee3c n\u00e0y c\u00f3 th\u1ec3 bao g\u1ed3m theo xu h\u01b0\u1edbng, \u0111\u1ea3o chi\u1ec1u trung b\u00ecnh, \u0111\u1eb7t c\u01b0\u1ee3c ch\u00eanh l\u1ec7ch gi\u00e1 ho\u1eb7c giao d\u1ecbch ch\u00eanh l\u1ec7ch t\u1ef7 gi\u00e1. C\u00e1c thu\u1eadt to\u00e1n \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh giao d\u1ecbch d\u1ef1a tr\u00ean th\u00f4ng tin \u0111i\u1ec7n t\u1eed tr\u01b0\u1edbc khi c\u00e1c nh\u00e0 giao d\u1ecbch con ng\u01b0\u1eddi c\u00f3 th\u1ec3 x\u1eed l\u00fd th\u00f4ng tin \u0111\u00f3.<\/span><\/p>\n

Qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i sang h\u1ec7 th\u1ed1ng ti\u1ec1n t\u1ec7 th\u1eadp ph\u00e2n t\u1ea1i M\u1ef9 \u0111\u00e3 t\u00e1c \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn giao d\u1ecbch thu\u1eadt to\u00e1n?<\/span><\/strong><\/p>\n

Vi\u1ec7c ho\u00e0n t\u1ea5t qu\u00e1 tr\u00ecnh th\u1eadp ph\u00e2n h\u00f3a t\u1ea1i M\u1ef9 n\u0103m 2001, thay \u0111\u1ed5i k\u00edch th\u01b0\u1edbc b\u01b0\u1edbc gi\u00e1 t\u1ed1i thi\u1ec3u t\u1eeb ph\u00e2n s\u1ed1 sang s\u1ed1 th\u1eadp ph\u00e2n, \u0111\u00e3 mang l\u1ea1i nh\u1eefng thay \u0111\u1ed5i cho c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng. \u0110i\u1ec1u n\u00e0y cho ph\u00e9p s\u1ef1 kh\u00e1c bi\u1ec7t nh\u1ecf h\u01a1n gi\u1eefa gi\u00e1 mua v\u00e0 gi\u00e1 b\u00e1n, gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 d\u00e0ng ph\u1ea3n \u1ee9ng v\u1edbi s\u1ef1 thay \u0111\u1ed5i gi\u00e1 v\u00e0 thu h\u1eb9p ch\u00eanh l\u1ec7ch gi\u00e1.<\/span><\/p>\n

B\u1ea1n mu\u1ed1n b\u1eaft \u0111\u1ea7u t\u00ecm hi\u1ec3u\u00a0th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh<\/a><\/strong>\u00a0nh\u01b0ng ch\u01b0a bi\u1ebft n\u00ean h\u1ecdc t\u1eeb \u0111\u00e2u?
H\u00e3y theo d\u00f5i chuy\u00ean m\u1ee5c Product knowledge<\/strong> t\u1ea1i eutrade.vn<\/strong><\/a>\u00a0\u0111\u1ec3 c\u1eadp nh\u1eadt th\u00eam c\u00e1c b\u00e0i vi\u1ebft d\u1ec5 hi\u1ec3u, th\u1ef1c t\u1ebf v\u00e0 b\u00e0i b\u1ea3n v\u1ec1 h\u00e0ng h\u00f3a, giao d\u1ecbch ph\u00e1i sinh v\u00e0 t\u01b0 duy \u0111\u1ea7u t\u01b0 \u0111\u00fang ngay t\u1eeb \u0111\u1ea7u.<\/p>\n

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

L\u1ecbch s\u1eed th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a cho th\u1ea5y r\u1eb1ng, d\u00f9 b\u1ea1n c\u00f3 giao d\u1ecbch h\u00e0ng h\u00f3a hay kh\u00f4ng, b\u1ea1n v\u1eabn t\u01b0\u01a1ng t\u00e1c tr\u1ef1c ti\u1ebfp ho\u1eb7c gi\u00e1n ti\u1ebfp v\u1edbi th\u1ecb tr\u01b0\u1eddng n\u00e0y m\u1ed7i ng\u00e0y th\u00f4ng qua th\u1ef1c ph\u1ea9m v\u00e0 t\u00e0i nguy\u00ean m\u00e0 b\u1ea1n s\u1eed d\u1ee5ng. B\u1ea1n s\u1ebd c\u1ea3m nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 th\u00fa v\u1ecb khi t\u00ecm hi\u1ec3u […]<\/p>","protected":false},"author":86,"featured_media":30473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","layout":"right-sidebar-narrow","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","show_comment_section":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"0"}],"image_override":[{"single_post_thumbnail_size":"no-crop","single_post_gallery_size":"crop-715"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":"L\u1ecbch s\u1eed th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a cho th\u1ea5y r\u1eb1ng, d\u00f9 b\u1ea1n c\u00f3 giao d\u1ecbch h\u00e0ng h\u00f3a hay kh\u00f4ng, b\u1ea1n v\u1eabn t\u01b0\u01a1ng t\u00e1c tr\u1ef1c ti\u1ebfp ho\u1eb7c gi\u00e1n ti\u1ebfp v\u1edbi th\u1ecb tr\u01b0\u1eddng n\u00e0y m\u1ed7i ng\u00e0y th\u00f4ng qua th\u1ef1c ph\u1ea9m v\u00e0 t\u00e0i nguy\u00ean m\u00e0 b\u1ea1n s\u1eed d\u1ee5ng. Th\u1eadt th\u00fa v\u1ecb khi t\u00ecm hi\u1ec3u v\u1ec1 s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a theo th\u1eddi gian."},"jnews_primary_category":[],"footnotes":""},"categories":[150],"tags":[],"class_list":["post-30465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kien-thuc-hang-hoa"],"acf":[],"_links":{"self":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/30465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/users\/86"}],"replies":[{"embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/comments?post=30465"}],"version-history":[{"count":1,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/30465\/revisions"}],"predecessor-version":[{"id":30475,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/30465\/revisions\/30475"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/media\/30473"}],"wp:attachment":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/media?parent=30465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/categories?post=30465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/tags?post=30465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}