{"id":42094,"date":"2026-09-18T09:35:26","date_gmt":"2026-09-18T02:35:26","guid":{"rendered":"https:\/\/edutrade.vn\/?p=42094"},"modified":"2026-09-18T14:43:30","modified_gmt":"2026-09-18T07:43:30","slug":"doi-tuong-tham-gia-thi-truong-hang-hoa-phai-sinh","status":"publish","type":"post","link":"https:\/\/edutrade.vn\/en\/doi-tuong-tham-gia-thi-truong-hang-hoa-phai-sinh\/","title":{"rendered":"\u0110\u1ea7u t\u01b0 ph\u00e1i sinh l\u00e0 g\u00ec? C\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh"},"content":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh c\u00f3 nhi\u1ec1u ch\u1ee7 th\u1ec3 tham gia v\u1edbi m\u1ee5c ti\u00eau kh\u00e1c nhau. Trong \u0111\u00f3, ba nh\u00f3m ch\u00ednh g\u1ed3m ng\u01b0\u1eddi ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u00e1 (Hedger), nh\u00e0 \u0111\u1ea7u c\u01a1 (Speculator) v\u00e0 nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 (Arbitrageur).<\/p>\n

Hi\u1ec3u r\u00f5 c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh v\u00e0 vai tr\u00f2 c\u1ee7a t\u1eebng \u0111\u1ed1i t\u01b0\u1ee3ng giao d\u1ecbch h\u00e0ng h\u00f3a ph\u00e1i sinh s\u1ebd gi\u00fap ng\u01b0\u1eddi m\u1edbi h\u00ecnh dung r\u00f5 h\u01a1n c\u00e1ch th\u1ecb tr\u01b0\u1eddng v\u1eadn h\u00e0nh.<\/p>\n

Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh l\u00e0 g\u00ec?<\/h2>\n

Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh<\/a> l\u00e0 n\u01a1i giao d\u1ecbch c\u00e1c h\u1ee3p \u0111\u1ed3ng c\u00f3 gi\u00e1 tr\u1ecb g\u1eafn v\u1edbi h\u00e0ng h\u00f3a c\u01a1 s\u1edf nh\u01b0 n\u00f4ng s\u1ea3n, kim lo\u1ea1i, nguy\u00ean li\u1ec7u c\u00f4ng nghi\u1ec7p v\u00e0 n\u0103ng l\u01b0\u1ee3ng. Th\u1ecb tr\u01b0\u1eddng gi\u00fap doanh nghi\u1ec7p ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u00e1, \u0111\u1ed3ng th\u1eddi t\u1ea1o m\u00f4i tr\u01b0\u1eddng \u0111\u1ec3 c\u00e1c ch\u1ee7 th\u1ec3 kh\u00e1c tham gia d\u1ef1a tr\u00ean bi\u1ebfn \u0111\u1ed9ng gi\u00e1 h\u00e0ng h\u00f3a.<\/p>\n

T\u00f9y v\u00e0o m\u1ee5c ti\u00eau, ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 h\u01b0\u1edbng \u0111\u1ebfn ph\u00f2ng ng\u1eeba r\u1ee7i ro, t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1 ho\u1eb7c khai th\u00e1c ch\u00eanh l\u1ec7ch gi\u00e1. \u0110\u00e2y c\u0169ng l\u00e0 c\u01a1 s\u1edf \u0111\u1ec3 ph\u00e2n chia c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u00e0nh nh\u1eefng nh\u00f3m c\u00f3 vai tr\u00f2 kh\u00e1c nhau.<\/p>\n

L\u01b0u \u00fd:<\/strong> \u0110\u1ed1i v\u1edbi ph\u00e1i sinh h\u00e0ng h\u00f3a \u1edf Vi\u1ec7t Nam, nh\u00f3m m\u1eb7t h\u00e0ng n\u0103ng l\u01b0\u1ee3ng hi\u1ec7n ch\u01b0a \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p giao d\u1ecbch qua Vietnam Mercantile Exchange (MXV)<\/a><\/strong>. V\u00ec v\u1eady, c\u00e1c s\u1ea3n ph\u1ea9m n\u0103ng l\u01b0\u1ee3ng ch\u1ec9 n\u00ean \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp d\u01b0\u1edbi g\u00f3c \u0111\u1ed9 th\u00f4ng tin v\u00e0 theo d\u00f5i th\u1ecb tr\u01b0\u1eddng.<\/p>\n

C\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh<\/h2>\n
\"C\u00e1c
C\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh<\/figcaption><\/figure>\n

X\u00e9t theo m\u1ee5c \u0111\u00edch tham gia, th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chia th\u00e0nh ba nh\u00f3m n\u1ed5i b\u1eadt g\u1ed3m Hedger, Speculator v\u00e0 Arbitrageur. B\u00ean c\u1ea1nh \u0111\u00f3 l\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c trung gian gi\u00fap k\u1ebft n\u1ed1i v\u00e0 h\u1ed7 tr\u1ee3 ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch.<\/p>\n

Ng\u01b0\u1eddi ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u00e1 (Hedger)<\/h3>\n

Hedger l\u00e0 c\u00e1 nh\u00e2n ho\u1eb7c t\u1ed5 ch\u1ee9c tham gia giao d\u1ecbch ph\u00e1i sinh nh\u1eb1m h\u1ea1n ch\u1ebf t\u00e1c \u0111\u1ed9ng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t, kinh doanh. Nh\u00f3m n\u00e0y th\u01b0\u1eddng c\u00f3 li\u00ean h\u1ec7 tr\u1ef1c ti\u1ebfp v\u1edbi h\u00e0ng h\u00f3a th\u1ef1c, \u0111i\u1ec3n h\u00ecnh nh\u01b0 doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t, xu\u1ea5t nh\u1eadp kh\u1ea9u, \u0111\u01a1n v\u1ecb kinh doanh h\u00e0ng h\u00f3a ho\u1eb7c ng\u01b0\u1eddi s\u1ea3n xu\u1ea5t.<\/p>\n

V\u00ed d\u1ee5, doanh nghi\u1ec7p c\u1ea7n mua nguy\u00ean li\u1ec7u trong t\u01b0\u01a1ng lai c\u00f3 th\u1ec3 g\u1eb7p r\u1ee7i ro khi gi\u00e1 \u0111\u1ea7u v\u00e0o t\u0103ng, trong khi ng\u01b0\u1eddi s\u1ea3n xu\u1ea5t l\u1ea1i ch\u1ecbu \u1ea3nh h\u01b0\u1edfng n\u1ebfu gi\u00e1 h\u00e0ng h\u00f3a gi\u1ea3m tr\u01b0\u1edbc th\u1eddi \u0111i\u1ec3m b\u00e1n. Hedger c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai<\/a> \u0111\u1ec3 ph\u00f2ng ng\u1eeba nh\u1eefng bi\u1ebfn \u0111\u1ed9ng b\u1ea5t l\u1ee3i n\u00e0y, qua \u0111\u00f3 ch\u1ee7 \u0111\u1ed9ng h\u01a1n trong vi\u1ec7c qu\u1ea3n tr\u1ecb chi ph\u00ed, doanh thu v\u00e0 k\u1ebf ho\u1ea1ch kinh doanh.<\/p>\n

Nh\u00e0 \u0111\u1ea7u c\u01a1 (Speculator)<\/h3>\n

Speculator l\u00e0 nh\u00e0 \u0111\u1ea7u c\u01a1 tham gia th\u1ecb tr\u01b0\u1eddng v\u1edbi m\u1ee5c ti\u00eau t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1 h\u00e0ng h\u00f3a. Kh\u00e1c v\u1edbi Hedger, nh\u00f3m n\u00e0y th\u01b0\u1eddng kh\u00f4ng c\u00f3 nhu c\u1ea7u mua ho\u1eb7c b\u00e1n h\u00e0ng h\u00f3a v\u1eadt ch\u1ea5t m\u00e0 t\u1eadp trung v\u00e0o s\u1ef1 thay \u0111\u1ed5i gi\u00e1 c\u1ee7a c\u00e1c h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh.<\/p>\n

D\u1ef1a tr\u00ean nh\u1eadn \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng, nh\u00e0 \u0111\u1ea7u c\u01a1 c\u00f3 th\u1ec3 thi\u1ebft l\u1eadp v\u1ecb th\u1ebf mua khi k\u1ef3 v\u1ecdng gi\u00e1 t\u0103ng ho\u1eb7c v\u1ecb th\u1ebf b\u00e1n khi d\u1ef1 b\u00e1o gi\u00e1 gi\u1ea3m. Ho\u1ea1t \u0111\u1ed9ng n\u00e0y g\u00f3p ph\u1ea7n t\u1ea1o thanh kho\u1ea3n cho th\u1ecb tr\u01b0\u1eddng nh\u01b0ng c\u0169ng \u0111i k\u00e8m r\u1ee7i ro khi gi\u00e1 di\u1ec5n bi\u1ebfn ng\u01b0\u1ee3c k\u1ef3 v\u1ecdng. V\u00ec v\u1eady, qu\u1ea3n tr\u1ecb v\u1ed1n<\/a>, ki\u1ec3m so\u00e1t r\u1ee7i ro v\u00e0 tu\u00e2n th\u1ee7 k\u1ebf ho\u1ea1ch giao d\u1ecbch l\u00e0 nh\u1eefng y\u1ebfu t\u1ed1 quan tr\u1ecdng \u0111\u1ed1i v\u1edbi nh\u00f3m \u0111\u1ed1i t\u01b0\u1ee3ng n\u00e0y.<\/p>\n

Nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 (Arbitrageur)<\/h3>\n

Arbitrageur l\u00e0 nh\u1eefng ch\u1ee7 th\u1ec3 t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa c\u00e1c th\u1ecb tr\u01b0\u1eddng, k\u1ef3 h\u1ea1n ho\u1eb7c h\u1ee3p \u0111\u1ed3ng c\u00f3 li\u00ean quan. Thay v\u00ec ch\u1ee7 y\u1ebfu d\u1ef1 b\u00e1o xu h\u01b0\u1edbng t\u0103ng ho\u1eb7c gi\u1ea3m, nh\u00f3m n\u00e0y t\u1eadp trung v\u00e0o m\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c m\u1ee9c gi\u00e1 \u0111\u1ec3 ph\u00e1t hi\u1ec7n s\u1ef1 ch\u00eanh l\u1ec7ch.<\/p>\n

Khi xu\u1ea5t hi\u1ec7n ch\u00eanh l\u1ec7ch ph\u00f9 h\u1ee3p, Arbitrageur c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c v\u1ecb th\u1ebf \u0111\u1ed1i \u1ee9ng nh\u1eb1m khai th\u00e1c s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 gi\u00e1. Ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 \u0111\u1ed3ng th\u1eddi g\u00f3p ph\u1ea7n thu h\u1eb9p kho\u1ea3ng c\u00e1ch gi\u1eefa c\u00e1c m\u1ee9c gi\u00e1 c\u00f3 li\u00ean quan v\u00e0 h\u1ed7 tr\u1ee3 qu\u00e1 tr\u00ecnh c\u00e2n b\u1eb1ng gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

C\u00e1c t\u1ed5 ch\u1ee9c trung gian tr\u00ean th\u1ecb tr\u01b0\u1eddng<\/h3>\n

B\u00ean c\u1ea1nh Hedger, Speculator v\u00e0 Arbitrageur, th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh c\u00f2n c\u00f3 c\u00e1c t\u1ed5 ch\u1ee9c trung gian h\u1ed7 tr\u1ee3 ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch. Trong \u0111\u00f3, S\u1edf giao d\u1ecbch h\u00e0ng h\u00f3a t\u1ed5 ch\u1ee9c th\u1ecb tr\u01b0\u1eddng v\u00e0 thi\u1ebft l\u1eadp c\u00e1c ti\u00eau chu\u1ea9n, quy \u0111\u1ecbnh li\u00ean quan \u0111\u1ebfn h\u1ee3p \u0111\u1ed3ng; th\u00e0nh vi\u00ean kinh doanh v\u00e0 m\u00f4i gi\u1edbi k\u1ebft n\u1ed1i ng\u01b0\u1eddi tham gia v\u1edbi h\u1ec7 th\u1ed1ng giao d\u1ecbch theo ph\u1ea1m vi ho\u1ea1t \u0111\u1ed9ng \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh.<\/p>\n

Ngo\u00e0i ra, ho\u1ea1t \u0111\u1ed9ng thanh to\u00e1n b\u00f9 tr\u1eeb h\u1ed7 tr\u1ee3 ghi nh\u1eadn ngh\u0129a v\u1ee5, qu\u1ea3n l\u00fd k\u00fd qu\u1ef9<\/a> v\u00e0 th\u1ef1c hi\u1ec7n thanh to\u00e1n li\u00ean quan \u0111\u1ebfn giao d\u1ecbch. C\u00e1c t\u1ed5 ch\u1ee9c n\u00e0y t\u1ea1o n\u00ean c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u1ea7n thi\u1ebft \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng v\u1eadn h\u00e0nh theo c\u01a1 ch\u1ebf v\u00e0 quy \u0111\u1ecbnh chung.<\/p>\n

Vai tr\u00f2 c\u1ee7a c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh<\/h2>\n

M\u1ed7i \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh c\u00f3 m\u1ee5c ti\u00eau ri\u00eang. Tuy nhi\u00ean, ho\u1ea1t \u0111\u1ed9ng c\u1ee7a Hedger, Speculator, Arbitrageur v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c trung gian c\u00f3 s\u1ef1 li\u00ean k\u1ebft, b\u1ed5 tr\u1ee3 l\u1eabn nhau trong qu\u00e1 tr\u00ecnh v\u1eadn h\u00e0nh th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Hedger chuy\u1ec3n giao v\u00e0 qu\u1ea3n tr\u1ecb r\u1ee7i ro gi\u00e1<\/h3>\n

Hedger s\u1eed d\u1ee5ng th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro v\u00e0 ph\u00f2ng v\u1ec7 gi\u00e1 kh\u1ecfi bi\u1ebfn \u0111\u1ed9ng h\u00e0ng h\u00f3a. \u0110i\u1ec1u n\u00e0y gi\u00fap doanh nghi\u1ec7p ch\u1ee7 \u0111\u1ed9ng h\u01a1n tr\u01b0\u1edbc nh\u1eefng thay \u0111\u1ed5i v\u1ec1 gi\u00e1 nguy\u00ean li\u1ec7u \u0111\u1ea7u v\u00e0o ho\u1eb7c h\u00e0ng h\u00f3a \u0111\u1ea7u ra.<\/p>\n

Vai tr\u00f2 n\u00e0y \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f3 chi ph\u00ed s\u1ea3n xu\u1ea5t, doanh thu ho\u1eb7c k\u1ebf ho\u1ea1ch kinh doanh ph\u1ee5 thu\u1ed9c nhi\u1ec1u v\u00e0o bi\u1ebfn \u0111\u1ed9ng gi\u00e1 h\u00e0ng h\u00f3a.<\/p>\n

Speculator g\u00f3p ph\u1ea7n t\u1ea1o thanh kho\u1ea3n<\/h3>\n

Speculator ch\u1ea5p nh\u1eadn r\u1ee7i ro gi\u00e1 v\u1edbi k\u1ef3 v\u1ecdng t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng. Ho\u1ea1t \u0111\u1ed9ng mua v\u00e0 b\u00e1n c\u1ee7a nh\u00f3m n\u00e0y g\u00f3p ph\u1ea7n gia t\u0103ng s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0 thanh kho\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

X\u00e9t v\u1ec1 m\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c ch\u1ee7 th\u1ec3, Hedger c\u00f3 nhu c\u1ea7u chuy\u1ec3n giao m\u1ed9t ph\u1ea7n r\u1ee7i ro gi\u00e1, trong khi Speculator l\u00e0 m\u1ed9t trong nh\u1eefng nh\u00f3m s\u1eb5n s\u00e0ng ti\u1ebfp nh\u1eadn r\u1ee7i ro \u0111\u00f3 d\u1ef1a tr\u00ean nh\u1eadn \u0111\u1ecbnh v\u1ec1 di\u1ec5n bi\u1ebfn th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Arbitrageur g\u00f3p ph\u1ea7n thu h\u1eb9p ch\u00eanh l\u1ec7ch gi\u00e1<\/h3>\n

Arbitrageur t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa c\u00e1c th\u1ecb tr\u01b0\u1eddng, k\u1ef3 h\u1ea1n ho\u1eb7c h\u1ee3p \u0111\u1ed3ng c\u00f3 li\u00ean quan. Khi xu\u1ea5t hi\u1ec7n s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 gi\u00e1, nh\u00f3m n\u00e0y c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c v\u1ecb th\u1ebf \u0111\u1ed1i \u1ee9ng \u0111\u1ec3 khai th\u00e1c ch\u00eanh l\u1ec7ch.<\/p>\n

Ho\u1ea1t \u0111\u1ed9ng c\u1ee7a Arbitrageur \u0111\u1ed3ng th\u1eddi g\u00f3p ph\u1ea7n thu h\u1eb9p kho\u1ea3ng c\u00e1ch gi\u1eefa c\u00e1c m\u1ee9c gi\u00e1 c\u00f3 li\u00ean quan, qua \u0111\u00f3 h\u1ed7 tr\u1ee3 qu\u00e1 tr\u00ecnh c\u00e2n b\u1eb1ng gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

C\u00e1c t\u1ed5 ch\u1ee9c trung gian h\u1ed7 tr\u1ee3 th\u1ecb tr\u01b0\u1eddng v\u1eadn h\u00e0nh<\/h3>\n

S\u1edf giao d\u1ecbch, th\u00e0nh vi\u00ean kinh doanh, m\u00f4i gi\u1edbi v\u00e0 h\u1ec7 th\u1ed1ng thanh to\u00e1n b\u00f9 tr\u1eeb t\u1ea1o n\u00ean c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng h\u1ed7 tr\u1ee3 c\u00e1c ch\u1ee7 th\u1ec3 tham gia th\u1ecb tr\u01b0\u1eddng.<\/p>\n

N\u1ebfu Hedger, Speculator v\u00e0 Arbitrageur tr\u1ef1c ti\u1ebfp t\u1ea1o ra nhu c\u1ea7u giao d\u1ecbch, c\u00e1c t\u1ed5 ch\u1ee9c trung gian \u0111\u00f3ng vai tr\u00f2 k\u1ebft n\u1ed1i, t\u1ed5 ch\u1ee9c v\u00e0 h\u1ed7 tr\u1ee3 qu\u00e1 tr\u00ecnh giao d\u1ecbch \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n theo c\u01a1 ch\u1ebf v\u00e0 quy \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Hedger, Speculator v\u00e0 Arbitrageur kh\u00e1c nhau nh\u01b0 th\u1ebf n\u00e0o?<\/h2>\n

S\u1ef1 kh\u00e1c bi\u1ec7t quan tr\u1ecdng nh\u1ea5t gi\u1eefa Hedger, Speculator v\u00e0 Arbitrageur n\u1eb1m \u1edf m\u1ee5c ti\u00eau tham gia th\u1ecb tr\u01b0\u1eddng<\/strong>. Hedger t\u1eadp trung ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u00e1, Speculator t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1, trong khi Arbitrageur khai th\u00e1c ch\u00eanh l\u1ec7ch gi\u1eefa c\u00e1c m\u1ee9c gi\u00e1 c\u00f3 li\u00ean quan.<\/p>\n\n\n\n\n\n\n\n\n
Ti\u00eau ch\u00ed<\/th>\nHedger<\/th>\nSpeculator<\/th>\nArbitrageur<\/th>\n<\/tr>\n
M\u1ee5c ti\u00eau ch\u00ednh<\/strong><\/td>\nPh\u00f2ng ng\u1eeba r\u1ee7i ro gi\u00e1<\/td>\nT\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1<\/td>\nKhai th\u00e1c ch\u00eanh l\u1ec7ch gi\u00e1<\/td>\n<\/tr>\n
M\u1ed1i li\u00ean h\u1ec7 v\u1edbi h\u00e0ng h\u00f3a th\u1ef1c<\/strong><\/td>\nTh\u01b0\u1eddng c\u00f3<\/td>\nKh\u00f4ng nh\u1ea5t thi\u1ebft<\/td>\nKh\u00f4ng nh\u1ea5t thi\u1ebft<\/td>\n<\/tr>\n
C\u00e1ch ti\u1ebfp c\u1eadn<\/strong><\/td>\nThi\u1ebft l\u1eadp v\u1ecb th\u1ebf nh\u1eb1m h\u1ea1n ch\u1ebf \u1ea3nh h\u01b0\u1edfng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng gi\u00e1<\/td>\nD\u1ef1 b\u00e1o xu h\u01b0\u1edbng t\u0103ng\/gi\u1ea3m c\u1ee7a gi\u00e1<\/td>\nT\u00ecm ki\u1ebfm ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa c\u00e1c th\u1ecb tr\u01b0\u1eddng\/h\u1ee3p \u0111\u1ed3ng<\/td>\n<\/tr>\n
R\u1ee7i ro ch\u00ednh<\/strong><\/td>\nBi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u1ea3nh h\u01b0\u1edfng ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 hi\u1ec7u qu\u1ea3 ph\u00f2ng ng\u1eeba<\/td>\nGi\u00e1 di\u1ec5n bi\u1ebfn ng\u01b0\u1ee3c nh\u1eadn \u0111\u1ecbnh<\/td>\nCh\u00eanh l\u1ec7ch gi\u00e1 thay \u0111\u1ed5i ho\u1eb7c kh\u00f4ng h\u1ed9i t\u1ee5 nh\u01b0 d\u1ef1 ki\u1ebfn<\/td>\n<\/tr>\n
V\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh<\/strong><\/td>\nDoanh nghi\u1ec7p s\u1ea3n xu\u1ea5t, xu\u1ea5t nh\u1eadp kh\u1ea9u, ng\u01b0\u1eddi s\u1ea3n xu\u1ea5t<\/td>\nNh\u00e0 giao d\u1ecbch c\u00e1 nh\u00e2n\/t\u1ed5 ch\u1ee9c<\/td>\nNh\u00e0 giao d\u1ecbch ch\u00eanh l\u1ec7ch gi\u00e1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

C\u00f3 th\u1ec3 hi\u1ec3u \u0111\u01a1n gi\u1ea3n: Hedger mu\u1ed1n gi\u1ea3m r\u1ee7i ro \u0111ang c\u00f3; Speculator ch\u1ea5p nh\u1eadn r\u1ee7i ro \u0111\u1ec3 t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1; c\u00f2n Arbitrageur t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb s\u1ef1 ch\u00eanh l\u1ec7ch gi\u1eefa c\u00e1c m\u1ee9c gi\u00e1 c\u00f3 li\u00ean quan.<\/p>\n

M\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c ch\u1ee7 th\u1ec3 tham gia th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh<\/h2>\n
\"M\u1ed1i
M\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c ch\u1ee7 th\u1ec3 tham gia th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh<\/figcaption><\/figure>\n

C\u00e1c ch\u1ee7 th\u1ec3 tr\u00ean th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh c\u00f3 m\u1ee5c ti\u00eau kh\u00e1c nhau nh\u01b0ng lu\u00f4n t\u1ed3n t\u1ea1i s\u1ef1 t\u01b0\u01a1ng t\u00e1c. Hedger tham gia \u0111\u1ec3 chuy\u1ec3n giao m\u1ed9t ph\u1ea7n r\u1ee7i ro gi\u00e1; Speculator c\u00f3 th\u1ec3 ti\u1ebfp nh\u1eadn r\u1ee7i ro d\u1ef1a tr\u00ean nh\u1eadn \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng; c\u00f2n Arbitrageur t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i khi xu\u1ea5t hi\u1ec7n ch\u00eanh l\u1ec7ch gi\u1eefa c\u00e1c m\u1ee9c gi\u00e1.<\/p>\n

C\u00f3 th\u1ec3 h\u00ecnh dung m\u1ed1i quan h\u1ec7 n\u00e0y theo m\u00f4 h\u00ecnh:<\/p>\n

Hedger \u2194 Th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh \u2194 Speculator \/ Arbitrageur<\/strong><\/p>\n

Bao quanh qu\u00e1 tr\u00ecnh tr\u00ean l\u00e0 h\u1ec7 th\u1ed1ng s\u00e0n giao d\u1ecbch<\/a> \u2013 th\u00e0nh vi\u00ean kinh doanh \u2013 m\u00f4i gi\u1edbi \u2013 thanh to\u00e1n b\u00f9 tr\u1eeb, gi\u00fap k\u1ebft n\u1ed1i v\u00e0 h\u1ed7 tr\u1ee3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c ch\u1ee7 th\u1ec3. S\u1ef1 tham gia c\u1ee7a nhi\u1ec1u nh\u00f3m v\u1edbi m\u1ee5c ti\u00eau kh\u00e1c nhau g\u00f3p ph\u1ea7n t\u1ea1o thanh kho\u1ea3n v\u00e0 h\u1ed7 tr\u1ee3 qu\u00e1 tr\u00ecnh h\u00ecnh th\u00e0nh gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh.<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n thu\u1ed9c nh\u00f3m \u0111\u1ed1i t\u01b0\u1ee3ng n\u00e0o?<\/h2>\n

\u0110\u00e2y l\u00e0 c\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p khi ng\u01b0\u1eddi m\u1edbi t\u00ecm hi\u1ec3u v\u1ec1 \u0111\u1ed1i t\u01b0\u1ee3ng giao d\u1ecbch h\u00e0ng h\u00f3a ph\u00e1i sinh. C\u00e1 nh\u00e2n giao d\u1ecbch d\u1ef1a tr\u00ean nh\u1eadn \u0111\u1ecbnh gi\u00e1 t\u0103ng ho\u1eb7c gi\u1ea3m v\u1edbi m\u1ee5c ti\u00eau t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u01b0\u1eddng thu\u1ed9c nh\u00f3m Speculator.<\/p>\n

Trong khi \u0111\u00f3, doanh nghi\u1ec7p s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e1i sinh nh\u1eb1m h\u1ea1n ch\u1ebf t\u00e1c \u0111\u1ed9ng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng gi\u00e1 nguy\u00ean li\u1ec7u \u0111\u1ea7u v\u00e0o ho\u1eb7c h\u00e0ng h\u00f3a \u0111\u1ea7u ra th\u01b0\u1eddng \u0111\u00f3ng vai tr\u00f2 Hedger. Tuy nhi\u00ean, vi\u1ec7c ph\u00e2n lo\u1ea1i ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee5c \u0111\u00edch th\u1ef1c t\u1ebf khi tham gia th\u1ecb tr\u01b0\u1eddng, thay v\u00ec ch\u1ec9 d\u1ef1a tr\u00ean ch\u1ee7 th\u1ec3 l\u00e0 c\u00e1 nh\u00e2n hay t\u1ed5 ch\u1ee9c.<\/p>\n

C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh<\/h2>\n

Ai c\u00f3 th\u1ec3 tham gia th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh?<\/h3>\n

Th\u1ecb tr\u01b0\u1eddng c\u00f3 nhi\u1ec1u nh\u00f3m ch\u1ee7 th\u1ec3 tham gia, t\u1eeb doanh nghi\u1ec7p c\u00f3 nhu c\u1ea7u ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u00e1, nh\u00e0 giao d\u1ecbch c\u00e1 nh\u00e2n, t\u1ed5 ch\u1ee9c \u0111\u1ebfn c\u00e1c \u0111\u01a1n v\u1ecb trung gian. M\u1ed7i nh\u00f3m c\u00f3 m\u1ee5c ti\u00eau v\u00e0 vai tr\u00f2 kh\u00e1c nhau trong h\u1ec7 th\u1ed1ng.<\/p>\n

Hedger v\u00e0 Speculator kh\u00e1c nhau nh\u01b0 th\u1ebf n\u00e0o?<\/h3>\n

Kh\u00e1c bi\u1ec7t ch\u00ednh n\u1eb1m \u1edf m\u1ee5c ti\u00eau. Hedger s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e1i sinh ch\u1ee7 y\u1ebfu \u0111\u1ec3 qu\u1ea3n tr\u1ecb r\u1ee7i ro t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1 h\u00e0ng h\u00f3a, trong khi Speculator ch\u1ea5p nh\u1eadn r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng v\u1edbi k\u1ef3 v\u1ecdng t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1.<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n c\u00f3 ph\u1ea3i l\u00e0 Speculator kh\u00f4ng?<\/h3>\n

Kh\u00f4ng ph\u1ea3i trong m\u1ecdi tr\u01b0\u1eddng h\u1ee3p. Tuy nhi\u00ean, n\u1ebfu c\u00e1 nh\u00e2n tham gia v\u1edbi m\u1ee5c ti\u00eau t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1 m\u00e0 kh\u00f4ng c\u00f3 nhu c\u1ea7u ph\u00f2ng ng\u1eeba r\u1ee7i ro li\u00ean quan \u0111\u1ebfn h\u00e0ng h\u00f3a th\u1ef1c, h\u1ecd th\u01b0\u1eddng thu\u1ed9c nh\u00f3m Speculator.<\/p>\n

Doanh nghi\u1ec7p tham gia th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh \u0111\u1ec3 l\u00e0m g\u00ec?<\/h3>\n

M\u1ed9t trong nh\u1eefng m\u1ee5c \u0111\u00edch quan tr\u1ecdng l\u00e0 ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u00e1. Doanh nghi\u1ec7p c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00e1i sinh nh\u1eb1m h\u1ea1n ch\u1ebf t\u00e1c \u0111\u1ed9ng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng gi\u00e1 nguy\u00ean li\u1ec7u \u0111\u1ea7u v\u00e0o ho\u1eb7c h\u00e0ng h\u00f3a \u0111\u1ea7u ra \u0111\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/p>\n

T\u1ea1i sao th\u1ecb tr\u01b0\u1eddng c\u1ea7n c\u1ea3 Hedger v\u00e0 Speculator?<\/h3>\n

Hedger c\u00f3 nhu c\u1ea7u chuy\u1ec3n giao m\u1ed9t ph\u1ea7n r\u1ee7i ro gi\u00e1, trong khi Speculator s\u1eb5n s\u00e0ng ti\u1ebfp nh\u1eadn r\u1ee7i ro v\u1edbi k\u1ef3 v\u1ecdng t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng. S\u1ef1 tham gia c\u1ee7a hai nh\u00f3m g\u00f3p ph\u1ea7n t\u1ea1o thanh kho\u1ea3n v\u00e0 h\u1ed7 tr\u1ee3 ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch.<\/p>\n

K\u1ebft lu\u1eadn<\/h2>\n

Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh c\u00f3 nhi\u1ec1u ch\u1ee7 th\u1ec3 tham gia v\u1edbi m\u1ee5c ti\u00eau v\u00e0 vai tr\u00f2 kh\u00e1c nhau. Trong \u0111\u00f3, Hedger t\u1eadp trung ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u00e1, Speculator t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1 v\u00e0 Arbitrageur khai th\u00e1c ch\u00eanh l\u1ec7ch gi\u00e1. B\u00ean c\u1ea1nh \u0111\u00f3, s\u1edf giao d\u1ecbch v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c trung gian h\u1ed7 tr\u1ee3 k\u1ebft n\u1ed1i, t\u1ed5 ch\u1ee9c v\u00e0 duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Hi\u1ec3u r\u00f5 c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng tham gia th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh gi\u00fap ng\u01b0\u1eddi m\u1edbi nh\u1eadn bi\u1ebft vai tr\u00f2 c\u1ee7a t\u1eebng nh\u00f3m v\u00e0 c\u00e1ch c\u00e1c ch\u1ee7 th\u1ec3 t\u01b0\u01a1ng t\u00e1c v\u1edbi nhau. B\u1ea1n c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c t\u00ecm hi\u1ec3u c\u00e1c ki\u1ebfn th\u1ee9c n\u1ec1n t\u1ea3ng v\u1ec1 h\u00e0ng h\u00f3a ph\u00e1i sinh t\u1ea1i Edu Trade<\/a> tr\u01b0\u1edbc khi tham gia th\u1ecb tr\u01b0\u1eddng.<\/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:<\/p>\n