{"id":30892,"date":"2026-04-20T15:16:35","date_gmt":"2026-04-20T08:16:35","guid":{"rendered":"https:\/\/edutrade.vn\/?p=30892"},"modified":"2026-04-20T15:16:35","modified_gmt":"2026-04-20T08:16:35","slug":"lich-su-giao-dich-quyen-chon","status":"publish","type":"post","link":"https:\/\/edutrade.vn\/en\/lich-su-giao-dich-quyen-chon\/","title":{"rendered":"L\u1ecbch s\u1eed giao d\u1ecbch quy\u1ec1n ch\u1ecdn"},"content":{"rendered":"

Kh\u1edfi \u0111\u1ea7u s\u01a1 khai: H\u1ee3p \u0111\u1ed3ng c\u1ed5 x\u01b0a<\/span><\/h2>\n

\"Ngu\u1ed3n<\/p>\n

Ngu\u1ed3n g\u1ed1c c\u1ee7a giao d\u1ecbch quy\u1ec1n ch\u1ecdn b\u1eaft ngu\u1ed3n t\u1eeb Hy L\u1ea1p c\u1ed5 \u0111\u1ea1i, n\u01a1i nh\u00e0 tri\u1ebft h\u1ecdc Thales x\u1ee9 Miletus \u0111\u01b0\u1ee3c ghi nh\u1eadn l\u00e0 ng\u01b0\u1eddi \u0111\u00e3 \u0111\u01b0a ra m\u1ed9t trong nh\u1eefng v\u00ed d\u1ee5 s\u1edbm nh\u1ea5t v\u1ec1 h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn. Thales, n\u1ed5i ti\u1ebfng v\u1edbi tr\u00ed tu\u1ec7 uy\u00ean b\u00e1c, \u0111\u00e3 d\u1ef1 \u0111o\u00e1n m\u1ed9t v\u1ee5 thu ho\u1ea1ch \u00f4 liu b\u1ed9i thu v\u00e0 ngh\u0129 ra m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 t\u1eadn d\u1ee5ng d\u1ef1 b\u00e1o n\u00e0y. \u00d4ng ti\u1ebfp c\u1eadn nh\u1eefng ng\u01b0\u1eddi ch\u1ee7 x\u01b0\u1edfng \u00e9p \u00f4 liu v\u00e0 tr\u1ea3 cho h\u1ecd m\u1ed9t kho\u1ea3n ph\u00ed \u0111\u1ec3 \u0111\u1eb7t tr\u01b0\u1edbc m\u00e1y \u00e9p c\u1ee7a h\u1ecd cho m\u1ed9t ng\u00e0y trong t\u01b0\u01a1ng lai, v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 \u0111\u1ea3m b\u1ea3o quy\u1ec1n s\u1eed d\u1ee5ng ch\u00fang khi v\u1ee5 thu ho\u1ea1ch \u0111\u1ebfn.<\/span><\/p>\n

\u0110\u1ed9ng th\u00e1i kh\u00e9o l\u00e9o n\u00e0y c\u1ee7a Thales ph\u1ea3n \u00e1nh c\u00e1c quy\u1ec1n ch\u1ecdn mua hi\u1ec7n \u0111\u1ea1i, trong \u0111\u00f3 m\u1ed9t c\u00e1 nh\u00e2n tr\u1ea3 ph\u00ed b\u1ea3o hi\u1ec3m \u0111\u1ec3 c\u00f3 quy\u1ec1n, nh\u01b0ng kh\u00f4ng b\u1eaft bu\u1ed9c, mua m\u1ed9t t\u00e0i s\u1ea3n v\u1edbi gi\u00e1 \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc trong t\u01b0\u01a1ng lai. Thales \u0111\u00e3 t\u1ef1 \u0111\u1eb7t m\u00ecnh v\u00e0o v\u1ecb th\u1ebf c\u00f3 th\u1ec3 thu l\u1ee3i \u0111\u00e1ng k\u1ec3 b\u1eb1ng c\u00e1ch \u0111\u1eb7t tr\u01b0\u1edbc m\u00e1y \u00e9p, th\u1ec3 hi\u1ec7n m\u1ed9t h\u00ecnh th\u1ee9c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u c\u01a1 s\u01a1 khai khi v\u1ee5 thu ho\u1ea1ch d\u1ef1 ki\u1ebfn \u200b\u200btr\u1edf th\u00e0nh hi\u1ec7n th\u1ef1c.<\/span><\/p>\n

Aristotle \u0111\u00e3 ghi ch\u00e9p l\u1ea1i chi\u1ebfn l\u01b0\u1ee3c \u00e9p d\u1ea7u \u00f4 liu c\u1ee7a Thales trong t\u00e1c ph\u1ea9m “Ch\u00ednh tr\u1ecb”, nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng l\u1ecbch s\u1eed c\u1ee7a n\u00f3 v\u00e0 cung c\u1ea5p m\u1ed9t t\u01b0 li\u1ec7u qu\u00fd gi\u00e1 v\u1ec1 s\u1ef1 \u0111\u1ed5i m\u1edbi t\u00e0i ch\u00ednh th\u1eddi k\u1ef3 \u0111\u1ea7u. T\u00e0i li\u1ec7u n\u00e0y l\u00e0 minh ch\u1ee9ng cho t\u00ednh ph\u00f9 h\u1ee3p l\u00e2u d\u00e0i c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c Thales v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a n\u00f3 \u0111\u1ebfn s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh.<\/span><\/p>\n

C\u00e2u chuy\u1ec7n v\u1ec1 Thales v\u00e0 nh\u1eefng chi\u1ebfc m\u00e1y \u00e9p d\u1ea7u \u00f4 liu c\u1ee7a \u00f4ng nh\u1ea5n m\u1ea1nh t\u00ednh ch\u1ea5t v\u01b0\u1ee3t th\u1eddi gian c\u1ee7a c\u00e1c nguy\u00ean t\u1eafc giao d\u1ecbch quy\u1ec1n ch\u1ecdn. D\u1ef1 \u0111o\u00e1n bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111\u1ea3m b\u1ea3o v\u1ecb th\u1ebf thu\u1eadn l\u1ee3i l\u00e0 \u0111i\u1ec1u then ch\u1ed1t ngay c\u1ea3 trong th\u1eddi c\u1ed5 \u0111\u1ea1i. V\u00ed d\u1ee5 ban \u0111\u1ea7u n\u00e0y \u0111\u00e3 \u0111\u1eb7t n\u1ec1n m\u00f3ng cho th\u1ebf gi\u1edbi giao d\u1ecbch quy\u1ec1n ch\u1ecdn ph\u1ee9c t\u1ea1p v\u00e0 n\u0103ng \u0111\u1ed9ng, v\u1ed1n s\u1ebd ph\u00e1t tri\u1ec3n qua nhi\u1ec1u th\u1ebf k\u1ef7.<\/span><\/p>\n

<\/span>C\u01a1n s\u1ed1t hoa tulip v\u00e0 nh\u1eefng suy \u0111o\u00e1n ban \u0111\u1ea7u<\/span><\/h2>\n

\u0110\u1ebfn th\u1ebf k\u1ef7 17, ch\u00fang ta b\u1eaft g\u1eb7p m\u1ed9t trong nh\u1eefng s\u1ef1 ki\u1ec7n \u0111\u1ea7u c\u01a1 th\u1ecb tr\u01b0\u1eddng kh\u00e9t ti\u1ebfng nh\u1ea5t: C\u01a1n s\u1ed1t hoa tulip. T\u1eeb n\u0103m 1634 \u0111\u1ebfn n\u0103m 1637, C\u1ed9ng h\u00f2a H\u00e0 Lan ch\u00ecm trong c\u01a1n s\u1ed1t c\u1ee7 tulip, v\u1edbi m\u1ed9t s\u1ed1 gi\u1ed1ng qu\u00fd hi\u1ebfm \u0111\u01b0\u1ee3c b\u00e1n v\u1edbi gi\u00e1 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng m\u1ed9t dinh th\u1ef1 l\u1edbn. Giai \u0111o\u1ea1n n\u00e0y ch\u1ee9ng ki\u1ebfn \u200b\u200bm\u1ee9c \u0111\u1ed9 \u0111\u1ea7u c\u01a1 phi th\u01b0\u1eddng, v\u1edbi gi\u00e1 m\u1ed9t s\u1ed1 c\u1ee7 tulip l\u00ean t\u1edbi 10.000 guilder.<\/span><\/p>\n

Giao d\u1ecbch quy\u1ec1n ch\u1ecdn \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong bong b\u00f3ng \u0111\u1ea7u c\u01a1 n\u00e0y. C\u00e1c nh\u00e0 b\u00e1n bu\u00f4n hoa tulip mua quy\u1ec1n ch\u1ecdn mua (call option) \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o mua h\u00e0ng trong t\u01b0\u01a1ng lai v\u1edbi gi\u00e1 \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh tr\u01b0\u1edbc, trong khi ng\u01b0\u1eddi tr\u1ed3ng s\u1eed d\u1ee5ng quy\u1ec1n ch\u1ecdn b\u00e1n (put option) \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u1ea3m gi\u00e1. Vi\u1ec7c s\u1eed d\u1ee5ng quy\u1ec1n ch\u1ecdn s\u1edbm n\u00e0y cho th\u1ea5y c\u00e1ch c\u00e1c b\u00ean tham gia th\u1ecb tr\u01b0\u1eddng t\u00ecm c\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro v\u00e0 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn c\u1ee7a h\u1ecd, m\u1eb7c d\u00f9 m\u1ee9c \u0111\u1ed9 th\u00e0nh c\u00f4ng kh\u00e1c nhau.<\/span><\/p>\n

Bong b\u00f3ng v\u1ee1 v\u00e0o n\u0103m 1637, d\u1eabn \u0111\u1ebfn s\u1ef1 s\u1ee5p \u0111\u1ed5 m\u1ea1nh m\u1ebd c\u1ee7a gi\u00e1 hoa tulip v\u00e0 s\u1ef1 ph\u00e1 s\u1ea3n tr\u00ean di\u1ec7n r\u1ed9ng \u0111\u1ed1i v\u1edbi nhi\u1ec1u nh\u00e0 \u0111\u1ea7u c\u01a1. M\u1ed1i quan h\u1ec7 v\u00e0 l\u00f2ng tin trong c\u1ed9ng \u0111\u1ed3ng giao d\u1ecbch b\u1ecb \u1ea3nh h\u01b0\u1edfng nghi\u00eam tr\u1ecdng khi nh\u1eefng ng\u01b0\u1eddi mua \u0111\u00e3 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y \u0111\u1ec3 \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u r\u01a1i v\u00e0o c\u1ea3nh ph\u00e1 s\u1ea3n. K\u1ebft qu\u1ea3 th\u1ea3m kh\u1ed1c n\u00e0y \u0111\u00e3 ph\u1ee7 b\u00f3ng \u0111en l\u00ean nh\u1eadn th\u1ee9c v\u1ec1 giao d\u1ecbch quy\u1ec1n ch\u1ecdn, g\u00f3p ph\u1ea7n t\u1ea1o n\u00ean danh ti\u1ebfng v\u1ec1 r\u1ee7i ro v\u00e0 s\u1ef1 b\u1ea5t \u1ed5n k\u00e9o d\u00e0i nhi\u1ec1u n\u0103m.<\/span><\/p>\n

Nh\u1eefng b\u00e0i h\u1ecdc t\u1eeb c\u01a1n s\u1ed1t hoa tulip v\u1eabn c\u00f2n vang v\u1ecdng \u0111\u1ebfn t\u1eadn ng\u00e0y nay, nh\u1eafc nh\u1edf ch\u00fang ta v\u1ec1 nh\u1eefng c\u1ea1m b\u1eaby ti\u1ec1m t\u00e0ng c\u1ee7a bong b\u00f3ng \u0111\u1ea7u c\u01a1 v\u00e0 t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c qu\u1ea3n l\u00fd r\u1ee7i ro th\u1eadn tr\u1ecdng. M\u1eb7c d\u00f9 mang \u00fd ngh\u0129a ti\u00eau c\u1ef1c, vi\u1ec7c s\u1eed d\u1ee5ng quy\u1ec1n ch\u1ecdn trong giai \u0111o\u1ea1n \u0111\u00f3 \u0111\u00e3 \u0111\u1eb7t n\u1ec1n m\u00f3ng cho c\u00e1c c\u00f4ng c\u1ee5 v\u00e0 chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p h\u01a1n trong t\u01b0\u01a1ng lai.<\/span><\/p>\n

<\/span>S\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u00e1c quy\u1ec1n ch\u1ecdn t\u1ea1i Hoa K\u1ef3<\/span><\/h2>\n

\"Khi<\/p>\n

Khi th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh tr\u01b0\u1edfng th\u00e0nh, s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a quy\u1ec1n ch\u1ecdn t\u1ea1i Hoa K\u1ef3 \u0111\u00e1nh d\u1ea5u m\u1ed9t b\u01b0\u1edbc ngo\u1eb7t quan tr\u1ecdng. V\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1800, c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi v\u00e0 \u0111\u1ea1i l\u00fd b\u1eaft \u0111\u1ea7u qu\u1ea3ng c\u00e1o quy\u1ec1n ch\u1ecdn, d\u1eabn \u0111\u1ebfn m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p giao d\u1ecbch c\u00e1c h\u1ee3p \u0111\u1ed3ng n\u00e0y c\u00f3 t\u1ed5 ch\u1ee9c h\u01a1n. Giai \u0111o\u1ea1n n\u00e0y ch\u1ee9ng ki\u1ebfn \u200b\u200bs\u1ef1 h\u00ecnh th\u00e0nh c\u1ee7a Hi\u1ec7p h\u1ed9i c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi v\u00e0 \u0111\u1ea1i l\u00fd quy\u1ec1n ch\u1ecdn mua v\u00e0 b\u00e1n (Put and Call Brokers and Dealers Association), nh\u1eb1m m\u1ee5c \u0111\u00edch c\u1ea3i thi\u1ec7n s\u1ef1 k\u1ebft n\u1ed1i gi\u1eefa ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n quy\u1ec1n ch\u1ecdn.<\/span><\/p>\n

Tuy nhi\u00ean, vi\u1ec7c thi\u1ebfu \u0111\u1ecbnh gi\u00e1 v\u00e0 quy \u0111\u1ecbnh ti\u00eau chu\u1ea9n h\u00f3a \u0111\u00e3 \u0111\u1eb7t ra nh\u1eefng th\u00e1ch th\u1ee9c \u0111\u00e1ng k\u1ec3. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1eadn tr\u1ecdng v\u00ec kh\u00f4ng c\u00f3 c\u00e1ch n\u00e0o \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o vi\u1ec7c ho\u00e0n th\u00e0nh c\u00e1c h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn, d\u1eabn \u0111\u1ebfn c\u00e1c tranh ch\u1ea5p ti\u1ec1m t\u00e0ng v\u00e0 t\u1ed5n th\u1ea5t t\u00e0i ch\u00ednh. M\u1eb7c d\u00f9 g\u1eb7p ph\u1ea3i nh\u1eefng tr\u1edf ng\u1ea1i n\u00e0y, s\u1ef1 quan t\u00e2m ng\u00e0y c\u00e0ng t\u0103ng \u0111\u1ed1i v\u1edbi giao d\u1ecbch quy\u1ec1n ch\u1ecdn cho th\u1ea5y ti\u1ec1m n\u0103ng c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 c\u1ea5u tr\u00fac v\u00e0 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd h\u01a1n.<\/span><\/p>\n

B\u01b0\u1edbc ngo\u1eb7t \u0111\u1ebfn v\u1edbi s\u1ef1 th\u00e0nh l\u1eadp c\u1ee7a S\u1edf Giao d\u1ecbch Quy\u1ec1n ch\u1ecdn Chicago (CBOE) v\u00e0o n\u0103m 1973. \u0110i\u1ec1u n\u00e0y \u0111\u00e1nh d\u1ea5u s\u1ef1 ra \u0111\u1eddi c\u1ee7a c\u00e1c quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ti\u00eau chu\u1ea9n h\u00f3a v\u00e0 giao d\u1ecbch tr\u00ean s\u00e0n, mang l\u1ea1i m\u1ed9t b\u01b0\u1edbc ti\u1ebfn \u0111\u00e1ng k\u1ec3 trong giao d\u1ecbch quy\u1ec1n ch\u1ecdn. S\u1ef1 ra \u0111\u1eddi c\u1ee7a CBOE \u0111\u00e3 m\u1edf ra m\u1ed9t k\u1ef7 nguy\u00ean m\u1edbi v\u1ec1 t\u00ednh minh b\u1ea1ch v\u00e0 \u0111\u1ed9 tin c\u1eady, thu h\u00fat nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 h\u01a1n v\u00e0o th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn.<\/span><\/p>\n

C\u00e1c h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c ti\u00eau chu\u1ea9n h\u00f3a cho ph\u00e9p t\u00ednh thanh kho\u1ea3n cao h\u01a1n v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro li\u00ean quan \u0111\u1ebfn giao d\u1ecbch kh\u00f4ng \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t. S\u1ef1 thay \u0111\u1ed5i n\u00e0y kh\u00f4ng ch\u1ec9 mang l\u1ea1i l\u1ee3i \u00edch cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n m\u00e0 c\u00f2n g\u00f3p ph\u1ea7n v\u00e0o s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u00e0 hi\u1ec7u qu\u1ea3 chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Th\u00e0nh c\u00f4ng c\u1ee7a CBOE \u0111\u00e3 m\u1edf \u0111\u01b0\u1eddng cho nh\u1eefng \u0111\u1ed5i m\u1edbi h\u01a1n n\u1eefa v\u00e0 s\u1ef1 m\u1edf r\u1ed9ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch quy\u1ec1n ch\u1ecdn.<\/span><\/p>\n

C\u00e1c t\u00f9y ch\u1ecdn \u0111\u01b0\u1ee3c ti\u00eau chu\u1ea9n h\u00f3a tr\u00ean CBOE cho ph\u00e9p c\u00e1c nh\u00e0 giao d\u1ecbch ph\u00e1t tri\u1ec3n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c tinh vi h\u01a1n v\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro hi\u1ec7u qu\u1ea3 h\u01a1n. Khi giao d\u1ecbch quy\u1ec1n ch\u1ecdn tr\u1edf n\u00ean ph\u1ed5 bi\u1ebfn, s\u1ef1 tham gia c\u1ee7a c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c v\u00e0 c\u00e1 nh\u00e2n \u0111\u1ec1u t\u0103ng l\u00ean, t\u1ea1o ti\u1ec1n \u0111\u1ec1 cho b\u1ed1i c\u1ea3nh giao d\u1ecbch quy\u1ec1n ch\u1ecdn n\u0103ng \u0111\u1ed9ng v\u00e0 ph\u1ee9c t\u1ea1p ng\u00e0y nay.<\/span><\/p>\n

Nh\u1eefng ng\u01b0\u1eddi ti\u00ean phong v\u00e0 nh\u1eefng \u0111\u1ed5i m\u1edbi: Russell Sage<\/span><\/h2>\n

Kh\u00f4ng th\u1ec3 b\u00e0n lu\u1eadn v\u1ec1 l\u1ecbch s\u1eed giao d\u1ecbch quy\u1ec1n ch\u1ecdn m\u00e0 kh\u00f4ng nh\u1eafc \u0111\u1ebfn Russell Sage, m\u1ed9t nh\u00e2n v\u1eadt ch\u1ee7 ch\u1ed1t trong s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a giao d\u1ecbch quy\u1ec1n ch\u1ecdn hi\u1ec7n \u0111\u1ea1i. V\u00e0o cu\u1ed1i th\u1ebf k\u1ef7 19, Sage b\u1eaft \u0111\u1ea7u t\u1ea1o ra c\u00e1c quy\u1ec1n ch\u1ecdn c\u00f3 th\u1ec3 giao d\u1ecbch ngo\u00e0i s\u00e0n, l\u00e0m thay \u0111\u1ed5i c\u0103n b\u1ea3n \u0111\u1ed9ng l\u1ef1c c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Hoa K\u1ef3.<\/span><\/p>\n

N\u0103m 1872, Sage gi\u1edbi thi\u1ec7u c\u00e1c quy\u1ec1n ch\u1ecdn mua v\u00e0 b\u00e1n giao d\u1ecbch ngo\u00e0i s\u00e0n, t\u1ea1o ra nh\u1eefng c\u01a1 h\u1ed9i m\u1edbi cho \u0111\u1ea7u c\u01a1 v\u00e0 ph\u00f2ng ng\u1eeba r\u1ee7i ro. Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ed9t ph\u00e1 c\u1ee7a \u00f4ng cho ph\u00e9p c\u00e1c nh\u00e0 giao d\u1ecbch qu\u1ea3n l\u00fd r\u1ee7i ro hi\u1ec7u qu\u1ea3 h\u01a1n v\u00e0 tham gia v\u00e0o c\u00e1c chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p h\u01a1n. C\u1ed9t m\u1ed1c quan tr\u1ecdng n\u00e0y trong s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a giao d\u1ecbch quy\u1ec1n ch\u1ecdn \u0111\u00e3 m\u1edf r\u1ed9ng kh\u1ea3 n\u0103ng cho nh\u1eefng ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n

Sage c\u0169ng \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c thi\u1ebft l\u1eadp c\u00e1c c\u01a1 ch\u1ebf \u0111\u1ecbnh gi\u00e1 n\u1ec1n t\u1ea3ng li\u00ean k\u1ebft c\u00e1c quy\u1ec1n ch\u1ecdn v\u1edbi gi\u00e1 tr\u1ecb ch\u1ee9ng kho\u00e1n c\u01a1 s\u1edf. B\u1eb1ng c\u00e1ch t\u1ea1o ra m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u00f3 h\u1ec7 th\u1ed1ng h\u01a1n, Sage \u0111\u00e3 gi\u00fap n\u00e2ng cao uy t\u00edn v\u00e0 s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a giao d\u1ecbch quy\u1ec1n ch\u1ecdn, m\u1edf \u0111\u01b0\u1eddng cho nh\u1eefng ti\u1ebfn b\u1ed9 h\u01a1n n\u1eefa trong l\u0129nh v\u1ef1c n\u00e0y.<\/span><\/p>\n

Nh\u1eefng ng\u01b0\u1eddi ti\u00ean phong nh\u01b0 Russell Sage \u0111\u00e3 \u0111\u1eb7t n\u1ec1n m\u00f3ng cho th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn tinh vi ng\u00e0y nay, nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a s\u1ef1 \u0111\u1ed5i m\u1edbi v\u00e0 t\u01b0 duy ti\u1ebfn b\u1ed9 trong ng\u00e0nh t\u00e0i ch\u00ednh.<\/span><\/p>\n

<\/span>Ch\u00ednh th\u1ee9c h\u00f3a th\u1ecb tr\u01b0\u1eddng: S\u1ef1 ra \u0111\u1eddi c\u1ee7a CBOE<\/span><\/h2>\n

\"\"<\/p>\n

Vi\u1ec7c ch\u00ednh th\u1ee9c h\u00f3a th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn \u0111\u00e3 \u0111\u1ea1t \u0111\u1ebfn m\u1ed9t b\u01b0\u1edbc ngo\u1eb7t quan tr\u1ecdng v\u00e0o n\u0103m 1973 v\u1edbi s\u1ef1 th\u00e0nh l\u1eadp c\u1ee7a S\u1edf Giao d\u1ecbch Quy\u1ec1n ch\u1ecdn Chicago (CBOE). \u0110i\u1ec1u n\u00e0y \u0111\u00e1nh d\u1ea5u s\u1ef1 ra \u0111\u1eddi c\u1ee7a giao d\u1ecbch quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c ti\u00eau chu\u1ea9n h\u00f3a, cung c\u1ea5p m\u1ed9t n\u1ec1n t\u1ea3ng \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd v\u00e0 minh b\u1ea1ch cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/span><\/p>\n

B\u1ea5t ch\u1ea5p s\u1ef1 ho\u00e0i nghi ban \u0111\u1ea7u do th\u1ecb tr\u01b0\u1eddng gi\u1ea3m gi\u00e1 \u0111ang di\u1ec5n ra, CBOE nhanh ch\u00f3ng ch\u1ee9ng minh gi\u00e1 tr\u1ecb c\u1ee7a m\u00ecnh. Trong th\u00e1ng ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7y \u0111\u1ee7 \u0111\u1ea7u ti\u00ean, s\u00e0n giao d\u1ecbch \u0111\u00e3 giao d\u1ecbch 34.599 h\u1ee3p \u0111\u1ed3ng, v\u00e0 \u0111\u1ebfn th\u00e1ng 6 n\u0103m 1974, kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 20.000 h\u1ee3p \u0111\u1ed3ng. S\u1ef1 t\u0103ng tr\u01b0\u1edfng nhanh ch\u00f3ng n\u00e0y cho th\u1ea5y nhu c\u1ea7u c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi c\u00e1c quy\u1ec1n ch\u1ecdn ti\u00eau chu\u1ea9n h\u00f3a v\u00e0 l\u1ee3i \u00edch c\u1ee7a m\u1ed9t m\u00f4i tr\u01b0\u1eddng giao d\u1ecbch \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd.<\/span><\/p>\n

Ban \u0111\u1ea7u ch\u1ec9 cung c\u1ea5p quy\u1ec1n ch\u1ecdn mua tr\u00ean 16 c\u1ed5 phi\u1ebfu c\u01a1 s\u1edf, s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a CBOE \u0111\u00e3 m\u1edf \u0111\u01b0\u1eddng cho s\u1ef1 m\u1edf r\u1ed9ng h\u01a1n n\u1eefa. C\u00e1c h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c ti\u00eau chu\u1ea9n h\u00f3a \u0111\u00e3 mang l\u1ea1i t\u00ednh thanh kho\u1ea3n cao h\u01a1n v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro li\u00ean quan \u0111\u1ebfn giao d\u1ecbch kh\u00f4ng \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t.<\/span><\/p>\n

S\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a CBOE \u0111\u00e3 truy\u1ec1n c\u1ea3m h\u1ee9ng cho c\u00e1c s\u00e0n giao d\u1ecbch kh\u00e1c, nh\u01b0 S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n Philadelphia v\u00e0 S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n Qu\u1ed1c t\u1ebf, tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn. S\u1ef1 m\u1edf r\u1ed9ng n\u00e0y \u0111\u00e3 g\u00f3p ph\u1ea7n v\u00e0o s\u1ef1 t\u0103ng tr\u01b0\u1edfng v\u00e0 ph\u00e1t tri\u1ec3n chung c\u1ee7a l\u0129nh v\u1ef1c giao d\u1ecbch quy\u1ec1n ch\u1ecdn, \u0111\u01b0a n\u00f3 tr\u1edf th\u00e0nh m\u1ed9t th\u00e0nh ph\u1ea7n thi\u1ebft y\u1ebfu c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u.<\/span><\/p>\n

<\/span>C\u00e1c c\u1ed9t m\u1ed1c ph\u00e1p l\u00fd: S\u1ef1 can thi\u1ec7p c\u1ee7a SEC<\/span><\/h2>\n

Vi\u1ec7c \u0111i\u1ec1u ti\u1ebft lu\u00f4n \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c \u0111\u1ecbnh h\u00ecnh th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn, v\u00e0 s\u1ef1 can thi\u1ec7p c\u1ee7a \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch (SEC) \u0111\u1eb7c bi\u1ec7t c\u00f3 t\u00e1c \u0111\u1ed9ng l\u1edbn. N\u0103m 1977, SEC \u0111\u00e3 ti\u1ebfn h\u00e0nh m\u1ed9t cu\u1ed9c r\u00e0 so\u00e1t to\u00e0n di\u1ec7n c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn, d\u1eabn \u0111\u1ebfn vi\u1ec7c t\u1ea1m ng\u1eebng ni\u00eam y\u1ebft quy\u1ec1n ch\u1ecdn \u0111\u1ed1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu b\u1ed5 sung. Cu\u1ed9c r\u00e0 so\u00e1t n\u00e0y nh\u1eb1m gi\u1ea3i quy\u1ebft nh\u1eefng lo ng\u1ea1i v\u1ec1 s\u1ef1 \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng v\u00e0 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0.<\/span><\/p>\n

\u0110\u1ebfn n\u0103m 1980, SEC \u0111\u00e3 ban h\u00e0nh m\u1ed9t s\u1ed1 quy \u0111\u1ecbnh, bao g\u1ed3m gi\u00e1m s\u00e1t th\u1ecb tr\u01b0\u1eddng, b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng v\u00e0 h\u1ec7 th\u1ed1ng tu\u00e2n th\u1ee7. Nh\u1eefng bi\u1ec7n ph\u00e1p n\u00e0y nh\u1eb1m m\u1ee5c \u0111\u00edch t\u0103ng c\u01b0\u1eddng t\u00ednh to\u00e0n v\u1eb9n c\u1ee7a th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn v\u00e0 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u1ecfi gian l\u1eadn. Vi\u1ec7c ban h\u00e0nh ch\u00fang \u0111\u00e1nh d\u1ea5u m\u1ed9t b\u01b0\u1edbc ti\u1ebfn quan tr\u1ecdng h\u01b0\u1edbng t\u1edbi m\u1ed9t m\u00f4i tr\u01b0\u1eddng giao d\u1ecbch an to\u00e0n v\u00e0 minh b\u1ea1ch h\u01a1n.<\/span><\/p>\n

Hi\u1ec7p \u0111\u1ecbnh Shad-Johnson, \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u00e0o n\u0103m 1982, \u0111\u00e3 gi\u1ea3i quy\u1ebft c\u00e1c tranh ch\u1ea5p v\u1ec1 quy \u0111\u1ecbnh gi\u1eefa \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch (SEC) v\u00e0 \u1ee6y ban Giao d\u1ecbch H\u00e0ng h\u00f3a T\u01b0\u01a1ng lai (CFTC). Hi\u1ec7p \u0111\u1ecbnh n\u00e0y trao cho SEC quy\u1ec1n \u0111\u1ed9c quy\u1ec1n \u0111\u1ed1i v\u1edbi c\u00e1c quy\u1ec1n ch\u1ecdn tr\u00ean ch\u1ee9ng kho\u00e1n v\u00e0 ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n, cung c\u1ea5p m\u1ed9t khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd r\u00f5 r\u00e0ng h\u01a1n cho th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n

C\u00e1c c\u01a1 ch\u1ebf th\u1ef1c thi c\u1ee7a SEC bao g\u1ed3m c\u00e1c v\u1ee5 ki\u1ec7n d\u00e2n s\u1ef1 t\u1ea1i t\u00f2a \u00e1n li\u00ean bang v\u00e0 c\u00e1c th\u1ee7 t\u1ee5c h\u00e0nh ch\u00ednh \u0111\u1ed1i v\u1edbi c\u00e1c vi ph\u1ea1m quy \u0111\u1ecbnh. Nh\u1eefng c\u01a1 ch\u1ebf n\u00e0y \u0111\u1ea3m b\u1ea3o r\u1eb1ng c\u00e1c b\u00ean tham gia th\u1ecb tr\u01b0\u1eddng tu\u00e2n th\u1ee7 c\u00e1c quy t\u1eafc v\u00e0 quy \u0111\u1ecbnh \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp, duy tr\u00ec t\u00ednh to\u00e0n v\u1eb9n t\u1ed5ng th\u1ec3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn.<\/span><\/p>\n

<\/span>Nh\u1eefng ti\u1ebfn b\u1ed9 c\u00f4ng ngh\u1ec7 v\u00e0 giao d\u1ecbch tr\u1ef1c tuy\u1ebfn<\/span><\/h2>\n
\"Final<\/div>\n

C\u00f4ng ngh\u1ec7 \u0111\u00e3 c\u00e1ch m\u1ea1ng h\u00f3a giao d\u1ecbch quy\u1ec1n ch\u1ecdn, gi\u00fap n\u00f3 nhanh h\u01a1n, d\u1ec5 ti\u1ebfp c\u1eadn h\u01a1n v\u00e0 hi\u1ec7u qu\u1ea3 h\u01a1n. H\u1ec7 th\u1ed1ng giao d\u1ecbch t\u1ef1 \u0111\u1ed9ng th\u1ef1c hi\u1ec7n giao d\u1ecbch nhanh h\u01a1n t\u1edbi 100 l\u1ea7n so v\u1edbi c\u00e1c nh\u00e0 giao d\u1ecbch con ng\u01b0\u1eddi, n\u00e2ng cao \u0111\u00e1ng k\u1ec3 hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng. H\u1ec7 th\u1ed1ng giao d\u1ecbch t\u1ef1 \u0111\u1ed9ng c\u0169ng \u0111\u00e3 gi\u1ea3m chi ph\u00ed giao d\u1ecbch, gi\u00fap giao d\u1ecbch quy\u1ec1n ch\u1ecdn tr\u1edf n\u00ean h\u1ee3p l\u00fd h\u01a1n \u0111\u1ed1i v\u1edbi nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0. Ch\u00fang gi\u00fap \u0111\u01a1n gi\u1ea3n h\u00f3a quy tr\u00ecnh giao d\u1ecbch, gi\u1ea3m th\u1eddi gian v\u00e0 c\u00f4ng s\u1ee9c c\u1ea7n thi\u1ebft \u0111\u1ec3 th\u1ef1c hi\u1ec7n giao d\u1ecbch v\u00e0 qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/span><\/p>\n

C\u00e1c n\u1ec1n t\u1ea3ng giao d\u1ecbch tr\u1ef1c tuy\u1ebfn \u0111\u00e3 d\u00e2n ch\u1ee7 h\u00f3a h\u01a1n n\u1eefa vi\u1ec7c giao d\u1ecbch quy\u1ec1n ch\u1ecdn, gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, nh\u1eefng ng\u01b0\u1eddi tr\u01b0\u1edbc \u0111\u00e2y c\u00f3 \u00edt c\u01a1 h\u1ed9i ti\u1ebfp c\u1eadn v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh n\u00e0y, c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn \u0111\u01b0\u1ee3c ch\u00fang. S\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a giao d\u1ecbch tr\u1ef1c tuy\u1ebfn \u0111\u00e3 d\u1eabn \u0111\u1ebfn s\u1ef1 gia t\u0103ng m\u1ea1nh m\u1ebd v\u1ec1 m\u1ee9c \u0111\u1ed9 ph\u1ed5 bi\u1ebfn, v\u1edbi s\u1ed1 l\u01b0\u1ee3ng c\u00e1 nh\u00e2n tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn nhi\u1ec1u h\u01a1n bao gi\u1edd h\u1ebft.<\/span><\/p>\n

Nh\u1eefng ti\u1ebfn b\u1ed9 c\u00f4ng ngh\u1ec7 \u0111\u00e3 l\u00e0m t\u0103ng t\u1ed1c \u0111\u1ed9 v\u00e0 hi\u1ec7u qu\u1ea3 giao d\u1ecbch, \u0111\u1ed3ng th\u1eddi n\u00e2ng cao tr\u1ea3i nghi\u1ec7m t\u1ed5ng th\u1ec3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. Giao d\u1ecbch tr\u1ef1c tuy\u1ebfn cho ph\u00e9p c\u00e1c c\u00e1 nh\u00e2n ki\u1ec3m so\u00e1t t\u1ed1t h\u01a1n c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh v\u00e0 kh\u00e1m ph\u00e1 nhi\u1ec1u chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch h\u01a1n.<\/span><\/p>\n

<\/span>Nh\u1eefng ph\u00e1t tri\u1ec3n quan tr\u1ecdng trong \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn<\/span><\/h2>\n

M\u1ed9t trong nh\u1eefng b\u01b0\u1edbc ph\u00e1t tri\u1ec3n quan tr\u1ecdng nh\u1ea5t trong \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn l\u00e0 s\u1ef1 ra \u0111\u1eddi c\u1ee7a M\u00f4 h\u00ecnh \u0110\u1ecbnh gi\u00e1 Black-Scholes v\u00e0o n\u0103m 1973. M\u00f4 h\u00ecnh n\u00e0y cung c\u1ea5p m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p chu\u1ea9n h\u00f3a \u0111\u1ec3 t\u00ednh to\u00e1n gi\u00e1 quy\u1ec1n ch\u1ecdn h\u1ee3p l\u00fd, t\u0103ng c\u01b0\u1eddng ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng. M\u00f4 h\u00ecnh Black-Scholes bao g\u1ed3m n\u0103m y\u1ebfu t\u1ed1 ch\u00ednh: gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i, gi\u00e1 th\u1ef1c hi\u1ec7n, th\u1eddi gian \u0111\u00e1o h\u1ea1n, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng v\u00e0 l\u00e3i su\u1ea5t phi r\u1ee7i ro.<\/span><\/p>\n

Vi\u1ec7c gi\u1edbi thi\u1ec7u m\u00f4 h\u00ecnh Black-Scholes \u0111\u00e3 l\u00e0m t\u0103ng kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch b\u1eb1ng c\u00e1ch cung c\u1ea5p m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e1ng tin c\u1eady \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn, n\u00e2ng cao hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng. M\u00f4 h\u00ecnh n\u00e0y \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn \u0111\u1ed1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu kh\u00f4ng tr\u1ea3 c\u1ed5 t\u1ee9c nh\u01b0ng c\u0169ng c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng cho h\u00e0ng h\u00f3a, ti\u1ec1n t\u1ec7 v\u00e0 ch\u1ec9 s\u1ed1.<\/span><\/p>\n

M\u1eb7c d\u00f9 c\u00f3 nh\u1eefng \u01b0u \u0111i\u1ec3m, m\u00f4 h\u00ecnh Black-Scholes ho\u1ea1t \u0111\u1ed9ng d\u1ef1a tr\u00ean m\u1ed9t s\u1ed1 gi\u1ea3 \u0111\u1ecbnh nh\u1ea5t \u0111\u1ecbnh, ch\u1eb3ng h\u1ea1n nh\u01b0 \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng kh\u00f4ng \u0111\u1ed5i v\u00e0 kh\u00f4ng c\u00f3 c\u1ed5 t\u1ee9c, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 h\u1ea1n ch\u1ebf \u1ee9ng d\u1ee5ng th\u1ef1c ti\u1ec5n c\u1ee7a n\u00f3. Tuy nhi\u00ean, n\u00f3 v\u1eabn l\u00e0 n\u1ec1n t\u1ea3ng c\u1ee7a \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn hi\u1ec7n \u0111\u1ea1i v\u00e0 \u0111\u00e3 \u0111\u00f3ng g\u00f3p \u0111\u00e1ng k\u1ec3 v\u00e0o s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn.<\/span><\/p>\n

M\u00f4 h\u00ecnh Black-Scholes c\u00f3 t\u00e1c \u0111\u1ed9ng s\u00e2u r\u1ed9ng \u0111\u1ebfn giao d\u1ecbch quy\u1ec1n ch\u1ecdn. B\u1eb1ng c\u00e1ch cung c\u1ea5p m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p r\u00f5 r\u00e0ng v\u00e0 nh\u1ea5t qu\u00e1n \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn, n\u00f3 \u0111\u00e3 gi\u00fap c\u00e1c nh\u00e0 giao d\u1ecbch \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh s\u00e1ng su\u1ed1t h\u01a1n v\u00e0 ph\u00e1t tri\u1ec3n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch tinh vi h\u01a1n.<\/span><\/p>\n

<\/span>B\u1ee9c tranh giao d\u1ecbch quy\u1ec1n ch\u1ecdn hi\u1ec7n \u0111\u1ea1i<\/span><\/h2>\n
\"\"<\/div>\n

Trong ba th\u1eadp k\u1ef7 qua, th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch quy\u1ec1n ch\u1ecdn \u0111\u00e3 thay \u0111\u1ed5i m\u1ea1nh m\u1ebd, v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch quy\u1ec1n ch\u1ecdn t\u0103ng \u0111\u00e1ng k\u1ec3, cho th\u1ea5y s\u1ef1 tham gia ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. S\u1ef1 b\u00f9ng n\u1ed5 n\u00e0y ph\u1ea3n \u00e1nh s\u1ef1 c\u00f4ng nh\u1eadn ng\u00e0y c\u00e0ng t\u0103ng v\u1ec1 quy\u1ec1n ch\u1ecdn nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111a n\u0103ng \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro, \u0111\u1ea7u c\u01a1 v\u00e0 t\u1ea1o thu nh\u1eadp.<\/span><\/p>\n

Th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn hi\u1ec7n nay cung c\u1ea5p nhi\u1ec1u lo\u1ea1i h\u1ee3p \u0111\u1ed3ng \u0111a d\u1ea1ng h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng, gi\u00fap t\u0103ng t\u00ednh thanh kho\u1ea3n v\u00e0 t\u1ea1o ra nhi\u1ec1u c\u01a1 h\u1ed9i h\u01a1n cho c\u00e1c nh\u00e0 giao d\u1ecbch tham gia v\u00e0o c\u00e1c chi\u1ebfn l\u01b0\u1ee3c kh\u00e1c nhau. Quy\u1ec1n ch\u1ecdn t\u1ea1i M\u1ef9 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean nhi\u1ec1u s\u00e0n giao d\u1ecbch, bao g\u1ed3m S\u00e0n giao d\u1ecbch Ch\u1ee9ng kho\u00e1n Qu\u1ed1c t\u1ebf (ISX), S\u00e0n giao d\u1ecbch Quy\u1ec1n ch\u1ecdn Chicago (CBOF) v\u00e0 S\u00e0n giao d\u1ecbch Ch\u1ee9ng kho\u00e1n NASDAQ.<\/span><\/p>\n

Y\u1ebfu t\u1ed1 trung t\u00e2m trong ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn l\u00e0 T\u1eadp \u0111o\u00e0n Thanh to\u00e1n B\u00f9 tr\u1eeb Quy\u1ec1n ch\u1ecdn (OCC), \u0111\u00f3ng vai tr\u00f2 l\u00e0 trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb ch\u00ednh cho c\u00e1c giao d\u1ecbch quy\u1ec1n ch\u1ecdn t\u1ea1i M\u1ef9. OCC \u0111\u1ea3m b\u1ea3o t\u00ednh to\u00e0n v\u1eb9n v\u00e0 hi\u1ec7u qu\u1ea3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn b\u1eb1ng c\u00e1ch \u0111\u00f3ng vai tr\u00f2 trung gian gi\u1eefa ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n, t\u1eeb \u0111\u00f3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro \u0111\u1ed1i t\u00e1c.<\/span><\/p>\n

Sau cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2007-2008, vai tr\u00f2 c\u1ee7a SEC \u0111\u00e3 m\u1edf r\u1ed9ng \u0111\u00e1ng k\u1ec3, t\u0103ng c\u01b0\u1eddng quy\u1ec1n h\u1ea1n c\u1ee7a c\u01a1 quan n\u00e0y trong vi\u1ec7c x\u1eed l\u00fd nhi\u1ec1u vi ph\u1ea1m lu\u1eadt ch\u1ee9ng kho\u00e1n h\u01a1n. Vi\u1ec7c m\u1edf r\u1ed9ng gi\u00e1m s\u00e1t quy \u0111\u1ecbnh n\u00e0y \u0111\u00e3 c\u1ee7ng c\u1ed1 h\u01a1n n\u1eefa t\u00ednh v\u1eefng ch\u1eafc v\u00e0 \u0111\u1ed9 tin c\u1eady c\u1ee7a th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch quy\u1ec1n ch\u1ecdn, \u0111\u1ea3m b\u1ea3o r\u1eb1ng n\u00f3 v\u1eabn l\u00e0 m\u1ed9t th\u00e0nh ph\u1ea7n thi\u1ebft y\u1ebfu c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u.<\/span><\/p>\n

<\/span>C\u00e1c chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn n\u1ed5i b\u1eadt<\/span><\/h2>\n

C\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch quy\u1ec1n ch\u1ecdn \u0111\u00e3 ph\u00e1t tri\u1ec3n v\u00e0 \u0111a d\u1ea1ng h\u00f3a \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u v\u00e0 kh\u1ea3 n\u0103ng ch\u1ea5p nh\u1eadn r\u1ee7i ro kh\u00e1c nhau c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. M\u1ed9t trong nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c ph\u1ed5 bi\u1ebfn nh\u1ea5t l\u00e0 mua quy\u1ec1n ch\u1ecdn mua (long call), \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng khi nh\u00e0 giao d\u1ecbch d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu s\u1ebd t\u0103ng \u0111\u00e1ng k\u1ec3 tr\u01b0\u1edbc khi quy\u1ec1n ch\u1ecdn h\u1ebft h\u1ea1n. Trong chi\u1ebfn l\u01b0\u1ee3c n\u00e0y, nh\u00e0 giao d\u1ecbch mua quy\u1ec1n ch\u1ecdn mua, k\u1ef3 v\u1ecdng gi\u00e1 c\u1ed5 phi\u1ebfu s\u1ebd v\u01b0\u1ee3t qu\u00e1 gi\u00e1 th\u1ef1c hi\u1ec7n (strike price), mang l\u1ea1i ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn kh\u00f4ng gi\u1edbi h\u1ea1n n\u1ebfu gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng m\u1ea1nh.<\/span><\/p>\n

M\u1ed9t chi\u1ebfn l\u01b0\u1ee3c ph\u1ed5 bi\u1ebfn kh\u00e1c l\u00e0 chi\u1ebfn l\u01b0\u1ee3c b\u00e1n quy\u1ec1n ch\u1ecdn mua c\u00f3 b\u1ea3o hi\u1ec3m (covered call), bao g\u1ed3m vi\u1ec7c n\u1eafm gi\u1eef v\u1ecb th\u1ebf mua d\u00e0i h\u1ea1n \u0111\u1ed1i v\u1edbi m\u1ed9t t\u00e0i s\u1ea3n v\u00e0 b\u00e1n c\u00e1c quy\u1ec1n ch\u1ecdn mua tr\u00ean t\u00e0i s\u1ea3n \u0111\u00f3 \u0111\u1ec3 t\u1ea1o ra thu nh\u1eadp. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y khi\u1ebfn nh\u00e0 giao d\u1ecbch \u0111\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro l\u1ee3i nhu\u1eadn h\u1ea1n ch\u1ebf v\u00e0 ti\u1ec1m n\u0103ng thua l\u1ed7 n\u1ebfu gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m, nh\u01b0ng c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn mi\u1ec5n l\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng.<\/span><\/p>\n

\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 giao d\u1ecbch d\u1ef1 \u0111o\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu c\u01a1 s\u1edf s\u1ebd gi\u1ea3m, chi\u1ebfn l\u01b0\u1ee3c mua quy\u1ec1n ch\u1ecdn b\u00e1n (long put) cho ph\u00e9p thu l\u1ee3i nhu\u1eadn t\u1eeb s\u1ef1 gi\u1ea3m gi\u00e1. Ng\u01b0\u1ee3c l\u1ea1i, quy\u1ec1n ch\u1ecdn b\u00e1n (short put) th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng khi nh\u00e0 giao d\u1ecbch tin r\u1eb1ng t\u00e0i s\u1ea3n c\u01a1 s\u1edf s\u1ebd \u1ed5n \u0111\u1ecbnh ho\u1eb7c t\u0103ng gi\u00e1, c\u00f3 kh\u1ea3 n\u0103ng ki\u1ebfm \u0111\u01b0\u1ee3c kho\u1ea3n ti\u1ec1n th\u01b0\u1edfng khi ch\u1ea5p nh\u1eadn r\u1ee7i ro.<\/span><\/p>\n

Chi\u1ebfn l\u01b0\u1ee3c “k\u1ebft h\u1ee3p quy\u1ec1n ch\u1ecdn b\u00e1n” (married put) bao g\u1ed3m vi\u1ec7c n\u1eafm gi\u1eef v\u1ecb th\u1ebf mua c\u1ed5 phi\u1ebfu \u0111\u1ed3ng th\u1eddi mua th\u00eam quy\u1ec1n ch\u1ecdn b\u00e1n \u0111\u1ec3 b\u1ea3o v\u1ec7 kh\u1ecfi r\u1ee7i ro gi\u1ea3m gi\u00e1. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y ph\u00e1t sinh chi ph\u00ed li\u00ean quan \u0111\u1ebfn ph\u00ed b\u1ea3o hi\u1ec3m nh\u01b0ng mang l\u1ea1i s\u1ef1 b\u1ea3o v\u1ec7 ch\u1ed1ng l\u1ea1i c\u00e1c kho\u1ea3n l\u1ed7 \u0111\u00e1ng k\u1ec3, khi\u1ebfn n\u00f3 tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 c\u00f3 gi\u00e1 tr\u1ecb trong qu\u1ea3n l\u00fd r\u1ee7i ro.<\/span><\/p>\n

<\/span>B\u1ea3n t\u00f3m t\u1eaft<\/span><\/h2>\n

L\u1ecbch s\u1eed giao d\u1ecbch quy\u1ec1n ch\u1ecdn l\u00e0 m\u1ed9t b\u1ee9c tranh phong ph\u00fa v\u1ec1 s\u1ef1 \u0111\u1ed5i m\u1edbi, \u0111\u1ea7u c\u01a1 v\u00e0 quy \u0111\u1ecbnh. T\u1eeb nh\u1eefng h\u1ee3p \u0111\u1ed3ng c\u1ed5 x\u01b0a c\u1ee7a Thales \u0111\u1ebfn c\u00e1c chi\u1ebfn l\u01b0\u1ee3c tinh vi \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 giao d\u1ecbch hi\u1ec7n \u0111\u1ea1i s\u1eed d\u1ee5ng, quy\u1ec1n ch\u1ecdn \u0111\u00e3 ph\u00e1t tri\u1ec3n \u0111\u1ec3 tr\u1edf th\u00e0nh m\u1ed9t th\u00e0nh ph\u1ea7n quan tr\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. H\u00e0nh tr\u00ecnh n\u00e0y \u0111\u01b0\u1ee3c \u0111\u00e1nh d\u1ea5u b\u1eb1ng nh\u1eefng c\u1ed9t m\u1ed1c quan tr\u1ecdng, bao g\u1ed3m vi\u1ec7c gi\u1edbi thi\u1ec7u c\u00e1c h\u1ee3p \u0111\u1ed3ng ti\u00eau chu\u1ea9n h\u00f3a, s\u1ef1 can thi\u1ec7p c\u1ee7a c\u01a1 quan qu\u1ea3n l\u00fd v\u00e0 nh\u1eefng ti\u1ebfn b\u1ed9 c\u00f4ng ngh\u1ec7.<\/span><\/p>\n

Khi h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai, t\u1ea7m quan tr\u1ecdng c\u1ee7a giao d\u1ecbch quy\u1ec1n ch\u1ecdn c\u00f3 kh\u1ea3 n\u0103ng s\u1ebd ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng, \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi s\u1ef1 \u0111\u1ed5i m\u1edbi li\u00ean t\u1ee5c v\u00e0 s\u1ef1 tham gia ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. Hi\u1ec3u \u0111\u01b0\u1ee3c b\u1ed1i c\u1ea3nh l\u1ecbch s\u1eed v\u00e0 nh\u1eefng ph\u00e1t tri\u1ec3n quan tr\u1ecdng trong giao d\u1ecbch quy\u1ec1n ch\u1ecdn s\u1ebd cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft c\u00f3 gi\u00e1 tr\u1ecb v\u1ec1 \u0111\u1ed9ng l\u1ef1c hi\u1ec7n t\u1ea1i v\u00e0 ti\u1ec1m n\u0103ng t\u01b0\u01a1ng lai c\u1ee7a n\u00f3. Cho d\u00f9 b\u1ea1n l\u00e0 m\u1ed9t nh\u00e0 giao d\u1ecbch d\u00e0y d\u1ea1n kinh nghi\u1ec7m hay m\u1ed9t ng\u01b0\u1eddi h\u1ecdc h\u1ecfi t\u00f2 m\u00f2, l\u1ecbch s\u1eed h\u1ea5p d\u1eabn c\u1ee7a giao d\u1ecbch quy\u1ec1n ch\u1ecdn \u0111\u1ec1u mang \u0111\u1ebfn nh\u1eefng b\u00e0i h\u1ecdc v\u00e0 ngu\u1ed3n c\u1ea3m h\u1ee9ng cho t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi.<\/span><\/p>\n

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

<\/span>V\u00ed d\u1ee5 n\u00e0o sau \u0111\u00e2y l\u00e0 m\u1ed9t v\u00ed d\u1ee5 ban \u0111\u1ea7u v\u1ec1 giao d\u1ecbch quy\u1ec1n ch\u1ecdn?<\/span><\/h3>\n

M\u1ed9t v\u00ed d\u1ee5 ban \u0111\u1ea7u v\u1ec1 giao d\u1ecbch quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c cho l\u00e0 c\u1ee7a Thales x\u1ee9 Miletus, ng\u01b0\u1eddi \u0111\u00e3 \u0111\u1eb7t tr\u01b0\u1edbc c\u00e1c m\u00e1y \u00e9p d\u1ea7u \u00f4 liu \u0111\u1ec3 s\u1eed d\u1ee5ng trong t\u01b0\u01a1ng lai, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1c quy\u1ec1n ch\u1ecdn mua hi\u1ec7n \u0111\u1ea1i. \u0110i\u1ec1u n\u00e0y ch\u1ee9ng minh c\u00e1c kh\u00e1i ni\u1ec7m n\u1ec1n t\u1ea3ng c\u1ee7a giao d\u1ecbch quy\u1ec1n ch\u1ecdn t\u1ed3n t\u1ea1i ng\u00e0y nay.<\/span><\/p>\n

<\/span>Quy\u1ec1n ch\u1ecdn \u0111\u00f3ng vai tr\u00f2 g\u00ec trong c\u01a1n s\u1ed1t hoa tulip?<\/span><\/h3>\n

Quy\u1ec1n ch\u1ecdn \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong c\u01a1n s\u1ed1t hoa tulip b\u1eb1ng c\u00e1ch cho ph\u00e9p c\u00e1c nh\u00e0 b\u00e1n bu\u00f4n \u0111\u1ea3m b\u1ea3o c\u00e1c giao d\u1ecbch mua trong t\u01b0\u01a1ng lai b\u1eb1ng quy\u1ec1n ch\u1ecdn mua v\u00e0 cho ph\u00e9p ng\u01b0\u1eddi tr\u1ed3ng b\u1ea3o v\u1ec7 m\u00ecnh kh\u1ecfi s\u1ef1 gi\u1ea3m gi\u00e1 b\u1eb1ng quy\u1ec1n ch\u1ecdn b\u00e1n. S\u1ef1 \u0111\u1ed5i m\u1edbi v\u1ec1 t\u00e0i ch\u00ednh n\u00e0y \u0111\u00e3 l\u00e0m t\u0103ng th\u00eam s\u1ef1 ph\u1ee9c t\u1ea1p cho \u0111\u1ed9ng th\u00e1i th\u1ecb tr\u01b0\u1eddng trong su\u1ed1t bong b\u00f3ng \u0111\u1ea7u c\u01a1 n\u00e0y.<\/span><\/p>\n

<\/span>S\u00e0n giao d\u1ecbch quy\u1ec1n ch\u1ecdn Chicago (CBOE) \u0111\u00e3 t\u00e1c \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn giao d\u1ecbch quy\u1ec1n ch\u1ecdn?<\/span><\/h3>\n

S\u00e0n giao d\u1ecbch quy\u1ec1n ch\u1ecdn Chicago (Chicago Board Options Exchange) \u0111\u00e3 t\u1ea1o ra cu\u1ed9c c\u00e1ch m\u1ea1ng trong giao d\u1ecbch quy\u1ec1n ch\u1ecdn b\u1eb1ng c\u00e1ch gi\u1edbi thi\u1ec7u c\u00e1c quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ti\u00eau chu\u1ea9n h\u00f3a v\u00e0 giao d\u1ecbch tr\u00ean s\u00e0n v\u00e0o n\u0103m 1973, n\u00e2ng cao t\u00ednh minh b\u1ea1ch v\u00e0 \u0111\u1ed9 tin c\u1eady cho c\u00e1c nh\u00e0 giao d\u1ecbch. S\u1ef1 ph\u00e1t tri\u1ec3n n\u00e0y \u0111\u00e3 \u0111\u1eb7t n\u1ec1n t\u1ea3ng cho s\u1ef1 t\u0103ng tr\u01b0\u1edfng v\u00e0 ph\u1ed5 bi\u1ebfn c\u1ee7a giao d\u1ecbch quy\u1ec1n ch\u1ecdn tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/span><\/p>\n

<\/span>M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 Black-Scholes l\u00e0 g\u00ec?<\/span><\/h3>\n

M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 Black-Scholes, \u0111\u01b0\u1ee3c gi\u1edbi thi\u1ec7u v\u00e0o n\u0103m 1973, t\u00ednh to\u00e1n gi\u00e1 quy\u1ec1n ch\u1ecdn h\u1ee3p l\u00fd d\u1ef1a tr\u00ean gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i, gi\u00e1 th\u1ef1c hi\u1ec7n, th\u1eddi gian \u0111\u00e1o h\u1ea1n, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng v\u00e0 l\u00e3i su\u1ea5t phi r\u1ee7i ro. M\u00f4 h\u00ecnh n\u00e0y r\u1ea5t c\u1ea7n thi\u1ebft cho c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch v\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u00f4ng tin \u0111\u1ea7y \u0111\u1ee7 tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/span><\/p>\n

<\/span>M\u1ed9t s\u1ed1 chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch quy\u1ec1n ch\u1ecdn ph\u1ed5 bi\u1ebfn l\u00e0 g\u00ec?<\/span><\/h3>\n

C\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch quy\u1ec1n ch\u1ecdn ph\u1ed5 bi\u1ebfn nh\u01b0 mua quy\u1ec1n ch\u1ecdn mua (long call), quy\u1ec1n ch\u1ecdn mua c\u00f3 b\u1ea3o hi\u1ec3m (covered call), mua quy\u1ec1n ch\u1ecdn b\u00e1n (long put), b\u00e1n quy\u1ec1n ch\u1ecdn b\u00e1n (short put) v\u00e0 quy\u1ec1n ch\u1ecdn b\u00e1n k\u1ebft h\u1ee3p (married put) \u0111\u1ec1u \u0111\u00e1p \u1ee9ng c\u00e1c k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng v\u00e0 m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro kh\u00e1c nhau. H\u00e3y ch\u1ecdn chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.<\/span><\/p>\n

B\u1ea1n mu\u1ed1n b\u1eaft\u00a0\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\u00a0Product knowledge<\/strong>\u00a0t\u1ea1i\u00a0eutrade.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>","protected":false},"excerpt":{"rendered":"

Kh\u1edfi \u0111\u1ea7u s\u01a1 khai: H\u1ee3p \u0111\u1ed3ng c\u1ed5 x\u01b0a Ngu\u1ed3n g\u1ed1c c\u1ee7a giao d\u1ecbch quy\u1ec1n ch\u1ecdn b\u1eaft ngu\u1ed3n t\u1eeb Hy L\u1ea1p c\u1ed5 \u0111\u1ea1i, n\u01a1i nh\u00e0 tri\u1ebft h\u1ecdc Thales x\u1ee9 Miletus \u0111\u01b0\u1ee3c ghi nh\u1eadn l\u00e0 ng\u01b0\u1eddi \u0111\u00e3 \u0111\u01b0a ra m\u1ed9t trong nh\u1eefng v\u00ed d\u1ee5 s\u1edbm nh\u1ea5t v\u1ec1 h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn. Thales, n\u1ed5i ti\u1ebfng v\u1edbi tr\u00ed tu\u1ec7 […]<\/p>","protected":false},"author":86,"featured_media":30898,"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 giao d\u1ecbch quy\u1ec1n ch\u1ecdnL\u1ecbch s\u1eed giao d\u1ecbch quy\u1ec1n ch\u1ecdn b\u1eaft ngu\u1ed3n t\u1eeb Hy L\u1ea1p c\u1ed5 \u0111\u1ea1i. B\u00e0i vi\u1ebft n\u00e0y \u0111\u1ec1 c\u1eadp \u0111\u1ebfn s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a n\u00f3, n\u00eau b\u1eadt nh\u1eefng kho\u1ea3nh kh\u1eafc v\u00e0 nh\u00e2n v\u1eadt quan tr\u1ecdng \u0111\u00e3 bi\u1ebfn quy\u1ec1n ch\u1ecdn th\u00e0nh m\u1ed9t ph\u1ea7n thi\u1ebft y\u1ebfu c\u1ee7a n\u1ec1n t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i."},"jnews_primary_category":[],"footnotes":""},"categories":[150],"tags":[],"class_list":["post-30892","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\/30892","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=30892"}],"version-history":[{"count":1,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/30892\/revisions"}],"predecessor-version":[{"id":30899,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/30892\/revisions\/30899"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/media\/30898"}],"wp:attachment":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/media?parent=30892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/categories?post=30892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/tags?post=30892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}