{"id":75203,"date":"2020-11-22T11:42:47","date_gmt":"2020-11-22T11:42:47","guid":{"rendered":"https:\/\/www.zfx.com\/?post_type=academy&p=75203"},"modified":"2021-06-08T04:14:23","modified_gmt":"2021-06-08T04:14:23","slug":"4-thi-truong-otc-la-gi","status":"publish","type":"academy","link":"https:\/\/www.zfxvn.com\/vi\/academy\/4-thi-truong-otc-la-gi\/","title":{"rendered":"4. Th\u1ecb tr\u01b0\u1eddng OTC l\u00e0 g\u00ec?"},"content":{"rendered":"

Giao d\u1ecbch t\u1ea1i qu\u1ea7y (Over-the-counter – vi\u1ebft t\u1eaft l\u00e0 OTC), c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 giao d\u1ecbch phi t\u1eadp trung, th\u01b0\u1eddng \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u00e1c ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n qua s\u00e0n giao d\u1ecbch trung t\u00e2m, m\u00e0 th\u00f4ng qua \u201cm\u1ea1ng l\u01b0\u1edbi giao d\u1ecbch vi\u00ean\u201d. C\u00e1c giao d\u1ecbch OTC \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n tr\u1ef1c ti\u1ebfp b\u1edfi ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n tr\u00ean c\u01a1 s\u1edf \u201cm\u1ed9t-\u0111\u1ed1i-m\u1ed9t\u201d (tr\u1ef1c ti\u1ebfp), th\u01b0\u1eddng kh\u00f4ng y\u00eau c\u1ea7u s\u1ef1 gi\u00e1m s\u00e1t c\u1ee7a b\u00ean th\u1ee9 ba. Tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, c\u00f3 r\u1ea5t nhi\u1ec1u lo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf \u0111\u01b0\u1ee3c giao d\u1ecbch, bao g\u1ed3m ch\u1ee9ng ho\u00e1n, tr\u00e1i phi\u1ebfu, ti\u1ec1n t\u1ec7 v\u00e0 nhi\u1ec1u lo\u1ea1i h\u00e0ng h\u00f3a kh\u00e1c nhau, t\u1ea5t c\u1ea3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c x\u1eed l\u00fd th\u00f4ng qua giao d\u1ecbch OTC. Th\u1ecb tr\u01b0\u1eddng OTC l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng \u1ea3o do v\u1ecb tr\u00ed tr\u1ee5 s\u1edf l\u00e0 kh\u00f4ng c\u1ea7n thi\u1ebft ph\u1ea3i c\u00f3 \u0111\u1ec3 giao d\u1ecbch OTC. Khi c\u00f4ng ngh\u1ec7 th\u00f4ng tin ph\u00e1t tri\u1ec3n, ph\u01b0\u01a1ng th\u1ee9c giao ti\u1ebfp \u0111\u1ec3 giao d\u1ecbch qu\u1ed1c t\u1ebf \u0111\u00e3 ph\u00e1t tri\u1ec3n t\u1eeb s\u1eed d\u1ee5ng \u0111i\u1ec7n t\u00edn v\u00e0 \u0111i\u1ec7n tho\u1ea1i truy\u1ec1n th\u1ed1ng sang \u00e1p d\u1ee5ng h\u1ec7 th\u1ed1ng m\u1ea1ng \u0111\u1ec3 x\u1eed l\u00fd t\u1ea5t c\u1ea3 c\u00e1c giao d\u1ecbch h\u00e0ng ng\u00e0y. C\u00e1c nh\u00e0 m\u00f4i gi\u1edbi c\u00f3 th\u1ec3 y\u00eau c\u1ea7u b\u00e1o gi\u00e1 t\u1eeb c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi kh\u00e1c ho\u1eb7c kh\u00e1ch h\u00e0ng c\u1ee7a h\u1ecd th\u00f4ng qua c\u00e1c s\u00e0n giao d\u1ecbch \u0111i\u1ec7n t\u1eed.<\/p>\n

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C\u00e1c ch\u1ee9c n\u0103ng c\u1ee7a s\u00e0n giao d\u1ecbch OTC<\/strong><\/h3>\n

S\u00e0n giao d\u1ecbch \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n tr\u00ean s\u00e0n giao d\u1ecbch t\u1eadp trung, v\u00ec v\u1eady th\u00f4ng tin giao d\u1ecbch \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 \u0111\u1ea7y \u0111\u1ee7 v\u00e0 minh b\u1ea1ch tr\u00ean th\u1ecb tr\u01b0\u1eddng theo quy \u0111\u1ecbnh, v\u1edbi c\u00e1c h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n v\u00e0 s\u1ea3n ph\u1ea9m c\u01a1 s\u1edf. Tuy nhi\u00ean, giao d\u1ecbch OTC m\u1edf ra cho nhi\u1ec1u giao d\u1ecbch kh\u00e1c nhau kh\u00f4ng tu\u00e2n theo khung quy \u0111\u1ecbnh c\u1ee7a s\u00e0n giao d\u1ecbch. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 giao d\u1ecbch c\u00e1c h\u1ee3p \u0111\u1ed3ng kh\u00f4ng \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a bao g\u1ed3m nh\u01b0 ch\u1ee9ng kho\u00e1n, h\u00e0ng h\u00f3a, ngo\u1ea1i h\u1ed1i b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng Quy\u1ec1n ch\u1ecdn, h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n, Ho\u00e1n \u0111\u1ed5i v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh t\u00e0i ch\u00ednh kh\u00f4ng chu\u1ea9n h\u00f3a kh\u00e1c.\u00a0<\/span>\u00a0<\/span><\/p>\n

S\u00e0n OTC c\u00f3 t\u00ednh linh ho\u1ea1t h\u01a1n (so v\u1edbi s\u00e0n giao d\u1ecbch trung t\u00e2m). Giao d\u1ecbch OTC kh\u00f4ng nh\u1ea5t thi\u1ebft tu\u00e2n theo th\u1eddi gian giao d\u1ecbch c\u1ee7a s\u00e0n mi\u1ec5n l\u00e0 th\u1ecb tr\u01b0\u1eddng c\u1ee5 th\u1ec3 c\u00f3 t\u00ednh thanh kho\u1ea3n. V\u00ec v\u1eady, gi\u1edd giao d\u1ecbch c\u1ee7a nhi\u1ec1u s\u1ea3n ph\u1ea9m OTC ph\u1ed5 bi\u1ebfn c\u00f3 th\u1ec3 k\u00e9o d\u00e0i \u0111\u1ebfn 24 gi\u1edd m\u1ed9t ng\u00e0y.<\/p>\n

Ngo\u00e0i ra, c\u00f3 nhi\u1ec1u ng\u01b0\u1eddi tham gia tr\u00ean th\u1ecb tr\u01b0\u1eddng OTC, v\u00ed d\u1ee5 c\u00e1c doanh nghi\u1ec7p, c\u00f4ng ty m\u00f4i gi\u1edbi, c\u00f4ng ty \u0111\u1ea7u t\u01b0, v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi m\u1ecdi quy m\u00f4, m\u00e0 kh\u00f4ng c\u1ea7n y\u00eau c\u1ea7u \u0111\u1ea7u v\u00e0o v\u00e0 h\u1ed3 s\u01a1 c\u1ee5 th\u1ec3. Vi\u1ec7c c\u00f3 nhi\u1ec1u ng\u01b0\u1eddi tham gia \u0111a d\u1ea1ng b\u1eb1ng c\u00e1ch n\u00e0o \u0111\u00f3 \u0111\u00e3 cho ph\u00e9p th\u1ecb tr\u01b0\u1eddng OTC th\u00fac \u0111\u1ea9y thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u1ea3i thi\u1ec7n t\u00ednh minh b\u1ea1ch gi\u00e1 c\u1ea3.<\/p>\n

H\u1ea7u h\u1ebft c\u00e1c giao d\u1ecbch OTC kh\u00f4ng \u0111\u01b0\u1ee3c gi\u00e1m s\u00e1t tr\u1ef1c ti\u1ebfp b\u1edfi ch\u00ednh ph\u1ee7 v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c li\u00ean k\u1ebft. N\u00f3 cho ph\u00e9p ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n th\u01b0\u01a1ng l\u01b0\u1ee3ng giao d\u1ecbch m\u1ed9t c\u00e1ch tr\u1ef1c ti\u1ebfp m\u00e0 kh\u00f4ng c\u00f3 ngh\u0129a v\u1ee5 c\u00f4ng b\u1ed1 th\u00f4ng tin chi ti\u1ebft. V\u00ec v\u1eady, c\u00e1c v\u1ea5n \u0111\u1ec1 v\u1ec1 th\u00f4ng tin b\u1ea5t c\u00e2n x\u1ee9ng v\u00e0 \u0111\u1ecbnh gi\u00e1 kh\u00f4ng r\u00f5 r\u00e0ng c\u00f3 th\u1ec3 ph\u00e1t sinh trong giao d\u1ecbch. Th\u00f4ng th\u01b0\u1eddng c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa gi\u00e1 giao d\u1ecbch cu\u1ed1i c\u00f9ng v\u00e0 gi\u00e1 th\u1ef1c t\u1ebf tr\u00ean th\u1ecb tr\u01b0\u1eddng. \u0110\u1ec3 b\u1ea3o v\u1ec7 quy\u1ec1n l\u1ee3i c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 \u0111\u1ea3m b\u1ea3o giao d\u1ecbch OTC s\u1ebd kh\u00f4ng t\u1ea1o ra b\u1ea5t k\u1ef3 s\u1ef1 h\u1ed7n lo\u1ea1n tr\u00ean th\u1ecb tr\u01b0\u1eddng, m\u1ed9t s\u1ed1 qu\u1ed1c gia v\u00e0 Ch\u00ednh ph\u1ee7 \u0111\u00e3 th\u00e0nh l\u1eadp c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd \u0111\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c quy t\u1eafc v\u00e0 ch\u00ednh s\u00e1ch, \u0111\u1ea3m b\u1ea3o s\u1ef1 ph\u00e1t tri\u1ec3n c\u00f3 tr\u1eadt t\u1ef1 c\u1ee7a th\u1ecb tr\u01b0\u1eddng OTC.<\/p>\n

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Dark Pool – Giao d\u1ecbch ng\u1ea7m\u00a0\u00a0<\/strong><\/h3>\n

Giao d\u1ecbch ng\u1ea7m, th\u01b0\u1eddng \u0111\u01b0\u1ee3c nghe n\u00f3i \u0111\u1ebfn tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, c\u0169ng thu\u1ed9c v\u1ec1 giao d\u1ecbch OTC. V\u1ec1 c\u01a1 b\u1ea3n, n\u00f3 c\u0169ng cho ph\u00e9p m\u1ed9t s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c l\u1edbn giao d\u1ecbch ngo\u00e0i s\u00e0n giao d\u1ecbch trung t\u00e2m theo c\u00e1ch th\u1ee9c \u1ea9n danh. Giao d\u1ecbch trong Ph\u00f2ng t\u1ed1i kh\u00f4ng ch\u1ec9 gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng gi\u00e1 b\u1ea5t l\u1ee3i m\u00e0 c\u00f2n t\u1ea1o thu\u1eadn l\u1ee3i cho giao d\u1ecbch b\u1eb1ng c\u00e1ch kh\u1edbp l\u1ec7nh trong th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch thanh kho\u1ea3n th\u1ea5p, cung c\u1ea5p cho ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n c\u00e1ch th\u1ee9c thanh kho\u1ea3n kh\u00e1c.<\/p>\n

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\u2014\u2014<\/span>\u00a0<\/span><\/p>\n

C\u1ea3nh b\u00e1o r\u1ee7i ro<\/strong>: N\u1ed9i dung tr\u00ean ch\u1ec9 mang t\u00ednh ch\u1ea5t tham kh\u1ea3o v\u00e0o kh\u00f4ng th\u1ec3 hi\u1ec7n quan \u0111i\u1ec3m c\u1ee7a ZFX. ZFX kh\u00f4ng ch\u1ecbu b\u1ea5t k\u1ef3 h\u00ecnh th\u1ee9c t\u1ed5n th\u1ea5t n\u00e0o g\u00e2y ra b\u1edfi b\u1ea5t k\u1ef3 ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch n\u00e0o \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n theo b\u00e0i vi\u1ebft n\u00e0y. H\u00e3y v\u1eefng v\u00e0ng trong suy ngh\u0129 c\u1ee7a qu\u00fd kh\u00e1ch v\u00e0 ki\u1ec3m so\u00e1t r\u1ee7i ro t\u01b0\u01a1ng \u1ee9ng.<\/p>\n","protected":false},"excerpt":{"rendered":"

Giao d\u1ecbch t\u1ea1i qu\u1ea7y (Over-the-counter – vi\u1ebft t\u1eaft l\u00e0 OTC), c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 giao d\u1ecbch phi t\u1eadp trung, th\u01b0\u1eddng \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u00e1c ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n qua s\u00e0n giao d\u1ecbch trung t\u00e2m, m\u00e0 th\u00f4ng qua \u201cm\u1ea1ng l\u01b0\u1edbi giao d\u1ecbch vi\u00ean\u201d.<\/p>\n","protected":false},"author":29,"featured_media":72519,"template":"","academy_categories":[13211],"academy_tags":[13393],"class_list":["post-75203","academy","type-academy","status-publish","has-post-thumbnail","hentry","academy_categories-financial-market-series-vi","academy_tags-otc"],"acf":[],"current_lang":"vi","_links":{"self":[{"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/academy\/75203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/academy"}],"about":[{"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/types\/academy"}],"author":[{"embeddable":true,"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/users\/29"}],"version-history":[{"count":0,"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/academy\/75203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/media\/72519"}],"wp:attachment":[{"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/media?parent=75203"}],"wp:term":[{"taxonomy":"academy_categories","embeddable":true,"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/academy_categories?post=75203"},{"taxonomy":"academy_tags","embeddable":true,"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/academy_tags?post=75203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}