Ti\u1ec1n k\u00fd qu\u1ef9 (Initial Margin)<\/b><\/h3>\n
Ti\u1ec1n k\u00fd qu\u1ef9 l\u00e0 kho\u1ea3n v\u1ed1n b\u1eaft bu\u1ed9c ban \u0111\u1ea7u, ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t kho\u1ea3n c\u1ecdc b\u1ea3o \u0111\u1ea3m an to\u00e0n. M\u1ee9c k\u00fd qu\u1ef9 do S\u1edf Giao d\u1ecbch H\u00e0ng h\u00f3a quy \u0111\u1ecbnh. M\u1ed7i lo\u1ea1i h\u00e0ng h\u00f3a s\u1ebd y\u00eau c\u1ea7u m\u1ed9t m\u1ee9c kh\u00e1c nhau. Th\u00f4ng qua <\/span>c\u01a1 ch\u1ebf k\u00fd qu\u1ef9<\/b><\/a>, ngh\u0129a v\u1ee5 thanh to\u00e1n lu\u00f4n \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o. C\u00e1c b\u00ean tham gia \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 kh\u1ecfi r\u1ee7i ro t\u00e0i ch\u00ednh.\u00a0<\/span><\/p>\n V\u00ed d\u1ee5:<\/b> H\u1ee3p \u0111\u1ed3ng tr\u1ecb gi\u00e1 100 tri\u1ec7u \u0111\u1ed3ng nh\u01b0ng y\u00eau c\u1ea7u k\u00fd qu\u1ef9 10 tri\u1ec7u \u0111\u1ed3ng. Nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ec9 c\u1ea7n chu\u1ea9n b\u1ecb 10 tri\u1ec7u \u0111\u1ed3ng \u0111\u1ec3 m\u1edf v\u1ecb th\u1ebf.\u00a0<\/span><\/p>\n Ph\u00ed giao d\u1ecbch l\u00e0 s\u1ed1 ti\u1ec1n b\u1ea1n tr\u1ea3 khi \u0111\u1eb7t l\u1ec7nh. B\u1ea1n tr\u1ea3 ph\u00ed cho m\u1ed7i l\u1ea7n m\u1edf ho\u1eb7c \u0111\u00f3ng v\u1ecb th\u1ebf. S\u1edf Giao d\u1ecbch H\u00e0ng h\u00f3a Vi\u1ec7t Nam (MXV)<\/a> l\u00e0 \u0111\u01a1n v\u1ecb quy \u0111\u1ecbnh bi\u1ec3u ph\u00ed chu\u1ea9n n\u00e0y. M\u1ee9c ph\u00ed \u0111\u01b0\u1ee3c t\u00ednh c\u1ed1 \u0111\u1ecbnh tr\u00ean t\u1eebng lot h\u1ee3p \u0111\u1ed3ng.<\/span><\/p>\n \u0110\u00e2y l\u00e0 kho\u1ea3n ph\u00ed ph\u00e1t sinh khi th\u1ef1c hi\u1ec7n giao d\u1ecbch, d\u00f9ng \u0111\u1ec3 duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng c\u1ee7a h\u1ec7 th\u1ed1ng. M\u1ee9c ph\u00ed c\u00f3 th\u1ec3 kh\u00e1c nhau t\u00f9y t\u1eebng m\u1eb7t h\u00e0ng v\u00e0 lo\u1ea1i giao d\u1ecbch. B\u00ean c\u1ea1nh \u0111\u00f3, giao d\u1ecbch v\u1edbi t\u1ea7n su\u1ea5t cao s\u1ebd l\u00e0m t\u1ed5ng chi ph\u00ed t\u0103ng. V\u00ec v\u1eady, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean c\u00e2n nh\u1eafc s\u1ed1 l\u01b0\u1ee3ng l\u1ec7nh th\u1ef1c hi\u1ec7n m\u1ed7i ng\u00e0y.<\/span><\/p>\n Kho\u1ea3n ph\u00ed n\u00e0y \u0111\u01b0\u1ee3c thu khi b\u1ea1n t\u1ea5t to\u00e1n v\u1ecb th\u1ebf. Trung t\u00e2m thanh to\u00e1n b\u00f9 tr\u1eeb s\u1ebd tr\u1ef1c ti\u1ebfp thu ph\u00ed. M\u1ee9c ph\u00ed th\u01b0\u1eddng chi\u1ebfm t\u1ef7 tr\u1ecdng nh\u1ecf trong t\u1ed5ng chi ph\u00ed giao d\u1ecbch. Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn c\u1ea7n h\u1ea1ch to\u00e1n v\u00e0o k\u1ebft qu\u1ea3 l\u00e3i l\u1ed7.\u00a0<\/span><\/p>\n Giao d\u1ecbch chuy\u00ean nghi\u1ec7p th\u01b0\u1eddng c\u1ea7n c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch v\u00e0 d\u1eef li\u1ec7u \u0111\u1ea1t chu\u1ea9n qu\u1ed1c t\u1ebf. CQG l\u00e0 m\u1ed9t trong nh\u1eefng ph\u1ea7n m\u1ec1m ph\u1ed5 bi\u1ebfn tr\u00ean th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh. Nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i tr\u1ea3 ph\u00ed theo th\u00e1ng \u0111\u1ec3 duy tr\u00ec t\u00e0i kho\u1ea3n .<\/span><\/p>\n Ngo\u00e0i ra, b\u1ea1n c\u00f3 th\u1ec3 tr\u1ea3 th\u00eam ph\u00ed cho c\u00e1c g\u00f3i d\u1eef li\u1ec7u gi\u00e1 tr\u1ef1c tuy\u1ebfn. D\u1eef li\u1ec7u theo th\u1eddi gian th\u1ef1c gi\u00fap theo d\u00f5i bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng v\u00e0 h\u1ed7 tr\u1ee3 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt. \u0110\u00e2y l\u00e0 kho\u1ea3n chi ph\u00ed c\u1ea7n c\u00e2n nh\u1eafc n\u1ebfu b\u1ea1n giao d\u1ecbch th\u01b0\u1eddng xuy\u00ean.<\/span><\/p>\n Hi\u1ec3u r\u00f5 gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng l\u00e0 ch\u00eca kh\u00f3a th\u00e0nh c\u00f4ng. N\u00f3 quy\u1ebft \u0111\u1ecbnh tr\u1ef1c ti\u1ebfp bi\u00ean \u0111\u1ed9 l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n. R\u1ea5t nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ea7m l\u1eabn gi\u1eefa v\u1ed1n v\u00e0 quy m\u00f4. S\u1ef1 nh\u1ea7m l\u1eabn n\u00e0y g\u00e2y ra l\u1ed7i qu\u1ea3n tr\u1ecb r\u1ee7i ro.<\/span><\/p>\n Quy m\u00f4 h\u1ee3p \u0111\u1ed3ng l\u00e0 l\u01b0\u1ee3ng h\u00e0ng h\u00f3a ti\u00eau chu\u1ea9n \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh cho m\u1ed7i h\u1ee3p \u0111\u1ed3ng. Gi\u00e1 giao d\u1ecbch l\u00e0 m\u1ee9c gi\u00e1 c\u1ee7a h\u00e0ng h\u00f3a t\u1ea1i th\u1eddi \u0111i\u1ec3m kh\u1edbp l\u1ec7nh. M\u1ed7i m\u1eb7t h\u00e0ng s\u1ebd c\u00f3 quy m\u00f4 h\u1ee3p \u0111\u1ed3ng ri\u00eang.<\/span><\/p>\n Gi\u00e1 tr\u1ecb danh ngh\u0129a = Quy m\u00f4 h\u1ee3p \u0111\u1ed3ng \u00d7 Gi\u00e1 giao d\u1ecbch<\/b><\/p>\n V\u00ed d\u1ee5, m\u1ed9t h\u1ee3p \u0111\u1ed3ng ng\u00f4 c\u00f3 quy m\u00f4 5.000 gi\u1ea1. N\u1ebfu gi\u00e1 ng\u00f4 l\u00e0 5 USD\/gi\u1ea1, gi\u00e1 tr\u1ecb danh ngh\u0129a c\u1ee7a h\u1ee3p \u0111\u1ed3ng l\u00e0 25.000 USD. Khi gi\u00e1 ng\u00f4 thay \u0111\u1ed5i, gi\u00e1 tr\u1ecb danh ngh\u0129a c\u0169ng thay \u0111\u1ed5i t\u01b0\u01a1ng \u1ee9ng. V\u1edbi h\u1ee3p \u0111\u1ed3ng giao d\u1ecbch b\u1eb1ng ngo\u1ea1i t\u1ec7, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n quy \u0111\u1ed5i sang VND theo t\u1ef7 gi\u00e1 ph\u00f9 h\u1ee3p.<\/span><\/p>\n C\u01a1 ch\u1ebf k\u00fd qu\u1ef9 cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u1ec3m so\u00e1t h\u1ee3p \u0111\u1ed3ng v\u1edbi s\u1ed1 v\u1ed1n nh\u1ecf h\u01a1n gi\u00e1 tr\u1ecb danh ngh\u0129a. Kho\u1ea3n k\u00fd qu\u1ef9 \u0111\u00f3ng vai tr\u00f2 b\u1ea3o \u0111\u1ea3m cho v\u1ecb th\u1ebf thay v\u00ec ph\u1ea3i thanh to\u00e1n to\u00e0n b\u1ed9 h\u1ee3p \u0111\u1ed3ng.<\/span><\/p>\n \u0110\u00e2y l\u00e0 c\u01a1 s\u1edf t\u1ea1o ra <\/span>\u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/b><\/a>, gi\u00fap gia t\u0103ng m\u1ee9c sinh l\u1eddi tr\u00ean s\u1ed1 v\u1ed1n s\u1eed d\u1ee5ng. Tuy nhi\u00ean, m\u1ee9c l\u1ed7 c\u0169ng t\u0103ng t\u01b0\u01a1ng \u1ee9ng khi th\u1ecb tr\u01b0\u1eddng \u0111i ng\u01b0\u1ee3c k\u1ef3 v\u1ecdng. V\u00ec v\u1eady, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n ki\u1ec3m so\u00e1t \u0111\u00f2n b\u1ea9y v\u00e0 x\u00e1c \u0111\u1ecbnh \u0111i\u1ec3m d\u1eebng l\u1ed7 ph\u00f9 h\u1ee3p.<\/span><\/p>\n Ti\u1ec1n k\u00fd qu\u1ef9 v\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng l\u00e0 hai kh\u00e1i ni\u1ec7m ho\u00e0n to\u00e0n kh\u00e1c bi\u1ec7t. Ti\u1ec1n k\u00fd qu\u1ef9 l\u00e0 s\u1ed1 v\u1ed1n th\u1ef1c t\u1ebf b\u1ea1n n\u1ed9p \u0111\u1ec3 m\u1edf v\u1ecb th\u1ebf. Ng\u01b0\u1ee3c l\u1ea1i, t\u1ed5ng gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng ph\u1ea3n \u00e1nh quy m\u00f4 danh ngh\u0129a c\u1ee7a v\u1ecb th\u1ebf.<\/span><\/p>\n S\u1ef1 ch\u00eanh l\u1ec7ch gi\u1eefa hai con s\u1ed1 n\u00e0y \u0111\u1ebfn t\u1eeb c\u01a1 ch\u1ebf \u0111\u00f2n b\u1ea9y. B\u1ea1n ch\u1ec9 c\u1ea7n m\u1ed9t s\u1ed1 v\u1ed1n nh\u1ecf \u0111\u1ec3 ki\u1ec3m so\u00e1t m\u1ed9t v\u1ecb th\u1ebf l\u1edbn. Tuy nhi\u00ean, m\u1ee9c l\u00e3i l\u1ed7 lu\u00f4n \u0111\u01b0\u1ee3c t\u00ednh tr\u00ean t\u1ed5ng gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng.<\/span><\/p>\n V\u00ec v\u1eady, m\u1ee9c k\u00fd qu\u1ef9 th\u1ea5p kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi r\u1ee7i ro th\u1ea5p. Khi gi\u00e1 bi\u1ebfn \u0111\u1ed9ng x\u1ea5u, kho\u1ea3n l\u1ed7 c\u00f3 th\u1ec3 v\u01b0\u1ee3t xa v\u1ed1n ban \u0111\u1ea7u. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n \u0111\u00e1nh gi\u00e1 k\u1ef9 m\u1ee9c \u0111\u00f2n b\u1ea9y tr\u01b0\u1edbc khi giao d\u1ecbch.<\/span><\/p>\n C\u00e1ch t\u00ednh t\u1ed5ng gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng<\/b><\/p>\n Gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng = Gi\u00e1 giao d\u1ecbch x H\u1ec7 s\u1ed1 nh\u00e2n<\/b><\/p>\n V\u00ed d\u1ee5: B\u1ea1n giao d\u1ecbch 01 h\u1ee3p \u0111\u1ed3ng VN30 \u1edf m\u1ee9c gi\u00e1 1.250 \u0111i\u1ec3m. H\u1ec7 s\u1ed1 nh\u00e2n quy \u0111\u1ecbnh l\u00e0 100.000 VN\u0110\/\u0111i\u1ec3m. Gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng b\u1eb1ng: 1.250 x 100.000 = 125.000.000 VN\u0110.<\/span><\/p>\n C\u00e1ch t\u00ednh ti\u1ec1n k\u00fd qu\u1ef9<\/b><\/p>\n Giao d\u1ecbch ph\u00e1i sinh cho ph\u00e9p b\u1ea1n ch\u1ec9 c\u1ea7n \u0111\u1eb7t c\u1ecdc m\u1ed9t ph\u1ea7n. S\u1ed1 ti\u1ec1n c\u1ecdc n\u00e0y ch\u00ednh l\u00e0 m\u1ee9c k\u00fd qu\u1ef9 y\u00eau c\u1ea7u.<\/span><\/p>\n M\u1ee9c k\u00fd qu\u1ef9 = (Gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng x T\u1ef7 l\u1ec7 k\u00fd qu\u1ef9) \/ T\u1ef7 l\u1ec7 an to\u00e0n<\/b><\/p>\n Trong \u0111\u00f3:<\/span><\/p>\n V\u00ed d\u1ee5: B\u1ea1n mua 01 h\u1ee3p \u0111\u1ed3ng VN30 \u1edf m\u1ee9c 1.400 \u0111i\u1ec3m. T\u1ef7 l\u1ec7 k\u00fd qu\u1ef9 hi\u1ec7n h\u00e0nh theo quy \u0111\u1ecbnh l\u00e0 15%. T\u1ef7 l\u1ec7 an to\u00e0n t\u00e0i kho\u1ea3n \u00e1p d\u1ee5ng l\u00e0 80%.<\/span><\/p>\n M\u1ee9c k\u00fd qu\u1ef9 c\u1ea7n thi\u1ebft: (1.400 x 100.000 x 15%) \/ 80% = 26.250.000 VN\u0110.<\/b><\/p>\n Nh\u01b0 v\u1eady, \u0111\u1ec3 m\u1edf v\u1ecb th\u1ebf tr\u1ecb gi\u00e1 140.000.000 VN\u0110, s\u1ed1 d\u01b0 t\u1ed1i thi\u1ec3u c\u1ea7n c\u00f3 l\u00e0 26.250.000 VN\u0110.\u00a0<\/span><\/p>\n Th\u1ecb tr\u01b0\u1eddng lu\u00f4n bi\u1ebfn \u0111\u1ed9ng li\u00ean t\u1ee5c theo c\u00e1n c\u00e2n cung c\u1ea7u v\u0129 m\u00f4, t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn s\u1ed1 d\u01b0 t\u00e0i kho\u1ea3n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. Do \u0111\u00f3, hi\u1ec3u r\u00f5 c\u01a1 ch\u1ebf t\u00ednh to\u00e1n l\u00e3i\/l\u1ed7 h\u00e0ng ng\u00e0y (Mark-to-Market) l\u00e0 quy t\u1eafc s\u1ed1ng c\u00f2n \u0111\u1ec3 b\u1ea1n ch\u1ee7 \u0111\u1ed9ng b\u1ea3o v\u1ec7 ngu\u1ed3n v\u1ed1n tr\u01b0\u1edbc m\u1ecdi r\u1ee7i ro.<\/span><\/p>\n V\u1ec1 nguy\u00ean t\u1eafc, m\u1ee9c l\u00e3i\/l\u1ed7 c\u1ee7a h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh d\u1ef1a tr\u00ean ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 thanh to\u00e1n cu\u1ed1i ng\u00e0y v\u00e0 gi\u00e1 giao d\u1ecbch b\u00ecnh qu\u00e2n c\u1ee7a c\u00e1c v\u1ecb th\u1ebf b\u1ea1n \u0111ang n\u1eafm gi\u1eef. Sau khi t\u00ednh to\u00e1n ch\u00eanh l\u1ec7ch cho t\u1eebng m\u00e3 h\u1ee3p \u0111\u1ed3ng, h\u1ec7 th\u1ed1ng s\u1ebd b\u00f9 tr\u1eeb r\u00f2ng \u0111\u1ec3 ch\u1ed1t l\u1ea1i ngh\u0129a v\u1ee5 thanh to\u00e1n cu\u1ed1i c\u00f9ng trong ng\u00e0y.<\/span><\/p>\n C\u00f4ng th\u1ee9c t\u00ednh kho\u1ea3n ch\u00eanh l\u1ec7ch thanh to\u00e1n (L\u00e3i\/L\u1ed7) cu\u1ed1i ng\u00e0y:<\/b><\/p>\n VM cu\u1ed1i ng\u00e0y = (DSPt – VWAP) x S\u1ed1 l\u01b0\u1ee3ng H\u0110 x H\u1ec7 s\u1ed1 nh\u00e2n<\/b><\/p>\n Trong \u0111\u00f3:<\/span><\/p>\n M\u1edf v\u1ecb th\u1ebf Mua \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang k\u1ef3 v\u1ecdng gi\u00e1 h\u00e0ng h\u00f3a s\u1ebd t\u0103ng trong t\u01b0\u01a1ng lai. C\u01a1 ch\u1ebf \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 r\u1ea5t tr\u1ef1c quan: b\u1ea1n s\u1ebd ghi nh\u1eadn m\u1ee9c sinh l\u1eddi n\u1ebfu gi\u00e1 t\u0103ng \u0111\u00fang nh\u01b0 k\u1ef3 v\u1ecdng, v\u00e0 ng\u01b0\u1ee3c l\u1ea1i, s\u1ebd ph\u1ea3i g\u00e1nh ch\u1ecbu kho\u1ea3n l\u1ed7 n\u1ebfu gi\u00e1 quay \u0111\u1ea7u gi\u1ea3m.<\/span><\/p>\n Gi\u1ea3 s\u1eed nh\u00e0 \u0111\u1ea7u t\u01b0 C b\u1eaft \u0111\u1ea7u giao d\u1ecbch m\u00e3 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai VN30F (h\u1ec7 s\u1ed1 nh\u00e2n: 100.000 VN\u0110\/\u0111i\u1ec3m) b\u1eb1ng vi\u1ec7c m\u1edf 10 v\u1ecb th\u1ebf Mua \u1edf m\u1ee9c gi\u00e1 1.280. C\u00f9ng trong phi\u00ean \u0111\u00f3, h\u1ecd quy\u1ebft \u0111\u1ecbnh v\u00e0o l\u1ec7nh m\u1edf th\u00eam 5 v\u1ecb th\u1ebf Mua n\u1eefa \u1edf m\u1ed1c 1.295. T\u1eeb \u0111\u00f3:<\/span><\/p>\n VWAP = [(10 x 1.280) + (5 x 1.295)] \/ 15 = 1.285 \u0111i\u1ec3m<\/b>\u00a0<\/span><\/p>\n \u0110\u1ebfn cu\u1ed1i phi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 C quy\u1ebft \u0111\u1ecbnh kh\u00f4ng ch\u1ed1t l\u1eddi m\u00e0 ti\u1ebfp t\u1ee5c gi\u1eef nguy\u00ean 15 v\u1ecb th\u1ebf n\u00e0y qua \u0111\u00eam. Th\u1ecb tr\u01b0\u1eddng b\u1ee9t ph\u00e1 m\u1ea1nh m\u1ebd v\u00e0o cu\u1ed1i phi\u00ean, \u0111\u1ea9y Gi\u00e1 thanh to\u00e1n \u0111\u00f3ng c\u1eeda (DSP) l\u00ean m\u1ee9c <\/span>1.310 \u0111i\u1ec3m<\/b>.\u00a0<\/span><\/p>\n VM = (1.310 – 1.285) x 15 x 100.000 = 37.500.000 VN\u0110<\/b><\/p>\n Sau khi k\u1ebft th\u00fac phi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 C s\u1ebd l\u00e3i 37.500.000 VN\u0110<\/span><\/p>\n V\u1ecb th\u1ebf B\u00e1n cho ph\u00e9p b\u1ea1n ki\u1ebfm l\u1eddi khi gi\u00e1 gi\u1ea3m. N\u1ebfu gi\u00e1 gi\u1ea3m sau khi m\u1edf v\u1ecb th\u1ebf, b\u1ea1n s\u1ebd l\u00e3i. Ng\u01b0\u1ee3c l\u1ea1i, gi\u00e1 t\u0103ng sau khi b\u00e1n s\u1ebd g\u00e2y ra l\u1ed7. C\u00f4ng th\u1ee9c t\u00ednh to\u00e1n ho\u00e0n to\u00e0n ng\u01b0\u1ee3c v\u1edbi l\u1ec7nh Mua.<\/span><\/p>\n V\u00ed d\u1ee5, trong phi\u00ean giao d\u1ecbch m\u00e3 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai VN30F (h\u1ec7 s\u1ed1 nh\u00e2n: 100.000 VN\u0110\/\u0111i\u1ec3m), nh\u00e0 \u0111\u1ea7u t\u01b0 D \u0111\u00e3 m\u1edf 2 v\u1ecb th\u1ebf B\u00e1n (Short) \u1edf m\u1ee9c gi\u00e1 1.295. Sau \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0y ti\u1ebfp t\u1ee5c m\u1edf th\u00eam 1 v\u1ecb th\u1ebf B\u00e1n n\u1eefa t\u1ea1i m\u1ee9c gi\u00e1 1.280.\u00a0<\/span><\/p>\n VWAP = [(2 x 1.295) + (1 x 1.280)] \/ 3 = 1.290 \u0111i\u1ec3m<\/b>\u00a0<\/span><\/p>\n \u0110\u1ebfn cu\u1ed1i phi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 D gi\u1eef nguy\u00ean 3 v\u1ecb th\u1ebf B\u00e1n n\u00e0y. Th\u1ecb tr\u01b0\u1eddng gi\u1ea3m m\u1ea1nh v\u00e0 ch\u1ed1t Gi\u00e1 thanh to\u00e1n \u0111\u00f3ng c\u1eeda (DSP) \u1edf m\u1ee9c <\/span>1.264 \u0111i\u1ec3m<\/b>.\u00a0<\/span><\/p>\n VM = (1.290 – 1.264) x 3 x 100.000 = 7.800.000 VN\u0110\u00a0<\/b><\/p>\n Sau khi k\u1ebft th\u00fac phi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 C s\u1ebd l\u00e3i 7.800.000 VN\u0110<\/span><\/p>\n \u0110\u1ea7u t\u01b0 h\u00e0ng h\u00f3a ph\u00e1i sinh kh\u00f4ng y\u00eau c\u1ea7u nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i b\u1ecf ra to\u00e0n b\u1ed9 gi\u00e1 tr\u1ecb danh ngh\u0129a c\u1ee7a h\u1ee3p \u0111\u1ed3ng. Tuy nhi\u00ean, s\u1ed1 ti\u1ec1n k\u00fd qu\u1ef9 ch\u1ec9 l\u00e0 m\u1ed9t ph\u1ea7n trong t\u1ed5ng ngu\u1ed3n v\u1ed1n c\u1ea7n chu\u1ea9n b\u1ecb.<\/span><\/p>\n Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n t\u00ednh \u0111\u1ebfn ph\u00ed giao d\u1ecbch, ph\u00ed thanh to\u00e1n b\u00f9 tr\u1eeb v\u00e0 chi ph\u00ed n\u1ec1n t\u1ea3ng n\u1ebfu c\u00f3. Quan tr\u1ecdng h\u01a1n, t\u00e0i kho\u1ea3n c\u1ea7n duy tr\u00ec \u0111\u1ee7 s\u1ee9c ch\u1ecbu \u0111\u1ef1ng tr\u01b0\u1edbc c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 b\u1ea5t l\u1ee3i. \u0110\u00f2n b\u1ea9y gi\u00fap t\u1ed1i \u01b0u hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n. \u0110\u1ed3ng th\u1eddi, n\u00f3 c\u0169ng khu\u1ebfch \u0111\u1ea1i m\u1ee9c l\u00e3i v\u00e0 l\u1ed7 tr\u00ean t\u00e0i kho\u1ea3n. V\u00ec v\u1eady, kh\u00f4ng n\u00ean ch\u1ecdn h\u1ee3p \u0111\u1ed3ng ch\u1ec9 d\u1ef1a tr\u00ean m\u1ee9c k\u00fd qu\u1ef9 th\u1ea5p.<\/span><\/p>\n Tr\u01b0\u1edbc khi giao d\u1ecbch, h\u00e3y x\u00e1c \u0111\u1ecbnh r\u00f5 gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng, m\u1ee9c k\u00fd qu\u1ef9 v\u00e0 gi\u1edbi h\u1ea1n thua l\u1ed7 c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn. Vi\u1ec7c chu\u1ea9n b\u1ecb ngu\u1ed3n v\u1ed1n ph\u00f9 h\u1ee3p s\u1ebd gi\u00fap b\u1ea1n ch\u1ee7 \u0111\u1ed9ng h\u01a1n trong qu\u1ea3n tr\u1ecb r\u1ee7i ro.<\/span><\/p>\n N\u1ec1n t\u1ea3ng v\u1eefng m\u1ea1nh l\u00e0 ch\u00eca kh\u00f3a th\u00e0nh c\u00f4ng. T\u00ecm hi\u1ec3u c\u00e1ch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p x\u00e2y d\u1ef1ng ki\u1ebfn th\u1ee9c t\u1eeb nh\u1eefng kh\u00e1i ni\u1ec7m c\u1ed1t l\u00f5i c\u00f9ng <\/span>Edu Trade<\/span><\/a>.\u00a0<\/span><\/p>\n Ngo\u00e0i ra, b\u1ea1n c\u00f3 th\u1ec3 \u0111\u1ecdc th\u00eam m\u1ed9t s\u1ed1 th\u00f4ng tin li\u00ean quan t\u1ea1i c\u00e1c b\u00e0i vi\u1ebft:<\/span><\/p>\n C\u00e2u h\u1ecfi “\u0111\u1ea7u t\u01b0 h\u00e0ng h\u00f3a ph\u00e1i sinh c\u1ea7n bao nhi\u00eau ti\u1ec1n” lu\u00f4n \u0111\u01b0\u1ee3c F0 quan t\u00e2m nh\u1ea5t. Tham gia th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh lu\u00f4n \u0111\u00f2i h\u1ecfi s\u1ef1 chu\u1ea9n b\u1ecb k\u1ef9 l\u01b0\u1ee1ng v\u1ec1 ngu\u1ed3n v\u1ed1n. Th\u1ef1c t\u1ebf, m\u1ee9c k\u00fd qu\u1ef9 ban \u0111\u1ea7u s\u1ebd ph\u1ee5 thu\u1ed9c v\u00e0o t\u1eebng lo\u1ea1i m\u1eb7t h\u00e0ng b\u1ea1n ch\u1ecdn. B\u00e0i vi\u1ebft n\u00e0y […]<\/p>\n","protected":false},"author":6,"featured_media":38886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_gspb_post_css":"","footnotes":""},"categories":[470],"tags":[209,117,144,469,212],"class_list":["post-38884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hoc-vien","tag-mxv","tag-dau-tu-hang-hoa","tag-dau-tu-hang-hoa-phai-sinh","tag-ky-quy","tag-ky-quy-giao-dich-hang-hoa"],"blocksy_meta":[],"acf":[],"_links":{"self":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/38884","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/comments?post=38884"}],"version-history":[{"count":3,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/38884\/revisions"}],"predecessor-version":[{"id":38895,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/38884\/revisions\/38895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/media\/38886"}],"wp:attachment":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/media?parent=38884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/categories?post=38884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/tags?post=38884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ph\u00ed giao d\u1ecbch t\u1ea1i S\u1edf Giao d\u1ecbch H\u00e0ng h\u00f3a Vi\u1ec7t Nam (MXV)<\/b><\/h3>\n
Ph\u00ed thanh to\u00e1n, b\u00f9 tr\u1eeb<\/b><\/h3>\n
Chi ph\u00ed ph\u1ea7n m\u1ec1m ho\u1eb7c n\u1ec1n t\u1ea3ng giao d\u1ecbch n\u1ebfu c\u00f3<\/b><\/h3>\n
Gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh v\u00e0 m\u1ee9c v\u1ed1n th\u1ef1c t\u1ebf c\u1ea7n c\u00f3<\/b><\/h2>\n
![\"Gia-tri-hop-dong-phai-sinh-va-muc-von-thuc-te-can-co\"](\"https:\/\/edutrade.vn\/wp-content\/uploads\/2026\/08\/Gia-tri-hop-dong-phai-sinh-va-muc-von-thuc-te-can-co.png\" "\\"Gi\u00e1")
Quy m\u00f4 v\u00e0 gi\u00e1 tr\u1ecb danh ngh\u0129a c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng<\/b><\/h3>\n
Vai tr\u00f2 c\u1ee7a \u0111\u00f2n b\u1ea9y v\u00e0 t\u1ef7 l\u1ec7 k\u00fd qu\u1ef9<\/b><\/h3>\n
Ph\u00e2n bi\u1ec7t ti\u1ec1n k\u00fd qu\u1ef9 v\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng<\/b><\/h3>\n
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Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 v\u00e0 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn v\u1ed1n \u0111\u1ea7u t\u01b0<\/b><\/h2>\n
![\"Bien-dong-gia-va-tac-dong-den-von-dau-tu\"](\"https:\/\/edutrade.vn\/wp-content\/uploads\/2026\/08\/Bien-dong-gia-va-tac-dong-den-von-dau-tu.png\" "\\"Bi\u1ebfn")
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Nguy\u00ean t\u1eafc t\u00ednh l\u00e3i l\u1ed7 \u0111\u1ed1i v\u1edbi v\u1ecb th\u1ebf Mua (Long)<\/b><\/h3>\n
Nguy\u00ean t\u1eafc t\u00ednh l\u00e3i l\u1ed7 \u0111\u1ed1i v\u1edbi v\u1ecb th\u1ebf B\u00e1n (Short)<\/b><\/h3>\n
K\u1ebft lu\u1eadn<\/b><\/h2>\n
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