{"id":75208,"date":"2020-11-23T09:00:08","date_gmt":"2020-11-23T09:00:08","guid":{"rendered":"https:\/\/www.zfx.com\/?post_type=academy&p=75208"},"modified":"2022-02-22T15:09:35","modified_gmt":"2022-02-22T15:09:35","slug":"6-su-khac-biet-giua-cac-san-no-dealing-desk-dealing-desk-market-maker-stp-va-ecn-la-gi","status":"publish","type":"academy","link":"https:\/\/www.zfxvn.com\/vi\/academy\/6-su-khac-biet-giua-cac-san-no-dealing-desk-dealing-desk-market-maker-stp-va-ecn-la-gi\/","title":{"rendered":"6. S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa c\u00e1c s\u00e0n NDD, DD, Market Maker, STP v\u00e0 ECN l\u00e0 g\u00ec?"},"content":{"rendered":"
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Th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch ngo\u1ea1i h\u1ed1i b\u00e1n l\u1ebb tr\u1edf n\u00ean ng\u00e0y c\u00e0ng ph\u1ed5 bi\u1ebfn t\u1eeb n\u0103m 2000. Bao g\u1ed3m nhi\u1ec1u nh\u00e0 m\u00f4i gi\u1edbi ngo\u1ea1i h\u1ed1i tr\u00ean kh\u1eafp th\u1ebf gi\u1edbi, h\u1ec7 sinh th\u00e1i c\u1ee7a ng\u00e0nh n\u00e0y v\u1eadn h\u00e0nh c\u00e1c lo\u1ea1i m\u00f4 h\u00ecnh giao d\u1ecbch kh\u00e1c nhau. C\u00e1c lo\u1ea1i m\u00f4 h\u00ecnh giao d\u1ecbch n\u00e0y c\u00f3 nh\u1eefng c\u00e1i t\u00ean ri\u00eang cho m\u00ecnh \u2014 Dealing Desk (DD), No Dealing Desk (NDD), Market Maker (MM), Straight Through Processing (STP) v\u00e0 Electronic Communication Network (ECN) l\u00e0 nh\u1eefng m\u00f4 h\u00ecnh giao d\u1ecbch th\u01b0\u1eddng th\u1ea5y.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Ph\u00e2n lo\u1ea1i n\u1ec1n t\u1ea3ng giao d\u1ecbch<\/strong><\/h3>\n

C\u00e1c s\u00e0n m\u00f4i gi\u1edbi Forex ch\u1ee7 y\u1ebfu ho\u1ea1t \u0111\u1ed9ng tr\u00ean n\u1ec1n t\u1ea3ng giao d\u1ecbch tr\u1ef1c tuy\u1ebfn. C\u00f3 2 lo\u1ea1i m\u00f4 h\u00ecnh giao d\u1ecbch: s\u00e0n m\u00f4i gi\u1edbi Dealing Desks (DD) v\u00e0 s\u00e0n m\u00f4i gi\u1edbi No Dealing Desk (NDD).<\/p>\n

Dealing Desk hay c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Market Maker (Nh\u00e0 c\u00e1i). M\u00f4 h\u00ecnh giao d\u1ecbch No Dealing Desk l\u1ea1i \u0111\u01b0\u1ee3c chia nh\u1ecf th\u00e0nh Qu\u00e1 tr\u00ecnh x\u1eed l\u00fd tr\u1ef1c ti\u1ebfp (STP) v\u00e0 M\u1ea1ng l\u01b0\u1edbi truy\u1ec1n th\u00f4ng \u0111i\u1ec7n t\u1eed (ECN).<\/p>\n

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

Dealing Desk v\u00e0 Market Maker\u00a0<\/strong><\/h5>\n

Dealing Desk v\u00e0 Market Maker cung c\u1ea5p thanh kho\u1ea3n cho th\u1ecb tr\u01b0\u1eddng forex. Ngay c\u1ea3 khi ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch ch\u01b0a \u0111\u01b0\u1ee3c m\u1edf, c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi v\u1eabn c\u00f3 th\u1ec3 mua v\u00e0 b\u00e1n ngo\u1ea1i t\u1ec7 b\u1eb1ng c\u00e1ch gi\u1eef l\u1ea1i l\u1ee3i nkhu\u1eadn cho m\u00ecnh v\u00e0 \u0111\u1ec1 xu\u1ea5t gi\u00e1 cho nh\u1eefng ng\u01b0\u1eddi tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng. L\u00fac n\u00e0y, c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi tr\u1edf th\u00e0nh \u0111\u1ed1i t\u00e1c c\u1ee7a c\u00e1c nh\u00e0 giao d\u1ecbch. Gi\u00e1 giao d\u1ecbch m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch th\u1ea5y ch\u01b0a ch\u1eafc l\u00e0 gi\u00e1 th\u1eadt c\u1ee7a th\u1ecb tr\u01b0\u1eddng. M\u1eb7c d\u00f9, trong th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch phi t\u1eadp trung (OTC) c\u00f3 t\u00ednh c\u1ea1nh tranh r\u1ea5t kh\u1eafc nghi\u1ec7t, nh\u01b0ng c\u00e1c m\u1ee9c gi\u00e1 giao d\u1ecbch n\u00e0y kh\u00e1 g\u1ea7n v\u1edbi m\u1ee9c gi\u00e1 c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/p>\n

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

No Dealing Desk (NDD)<\/strong><\/h5>\n

Ch\u1ee7 y\u1ebfu l\u00e0 k\u1ebft n\u1ed1i t\u00ednh thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng, No Dealing Desk cho ph\u00e9p l\u1ec7nh c\u1ee7a c\u00e1c nh\u00e0 giao d\u1ecbch \u0111\u01b0\u1ee3c gh\u00e9p n\u1ed1i v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng, nh\u1eefng nh\u00e0 m\u00f4i gi\u1edbi kh\u00e1c v\u00e0 c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n. Do \u0111\u00f3, c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi ngo\u1ea1i h\u1ed1i n\u00e0y s\u1ebd kh\u00f4ng tr\u1edf th\u00e0nh \u0111\u1ed1i t\u00e1c c\u1ee7a c\u00e1c nh\u00e0 giao d\u1ecbch. N\u00f3i chung, kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch c\u1ee7a c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb c\u00e1 nh\u00e2n c\u00f3 quy m\u00f4 nh\u1ecf h\u01a1n v\u00e0 h\u1ecd c\u1ea7n n\u1ec1n t\u1ea3ng m\u00f4i gi\u1edbi l\u00e0m c\u1ea7u n\u1ed1i. N\u1ebfu kh\u00f4ng c\u00f3 n\u1ec1n t\u1ea3ng k\u1ebft n\u1ed1i nh\u01b0 v\u1eady, c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb c\u00e1 nh\u00e2n kh\u00f3 c\u00f3 th\u1ec3 giao d\u1ecbch tr\u1ef1c ti\u1ebfp tr\u00ean th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i li\u00ean ng\u00e2n h\u00e0ng. Trong ng\u00e0nh c\u00f4ng nghi\u1ec7p n\u00e0y, giao d\u1ecbch \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n d\u01b0\u1edbi d\u1ea1ng NDD \u0111\u01b0\u1ee3c chia th\u00e0nh nh\u1eefng h\u00ecnh th\u1ee9c giao d\u1ecbch g\u1ecdi l\u00e0 STP v\u00e0 ECN.<\/p>\n

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

STP\u00a0<\/strong><\/h5>\n

STP (Straight Through Processing) \u0111\u1ec1 c\u1eadp \u0111\u1ebfn m\u1ed9t s\u00e0n m\u00f4i gi\u1edbi ngo\u1ea1i h\u1ed1i, theo \u0111\u00f3 c\u00e1c l\u1ec7nh c\u1ee7a c\u00e1c nh\u00e0 giao d\u1ecbch s\u1ebd \u0111\u01b0\u1ee3c g\u1eedi tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ng\u00e2n h\u00e0ng, c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi ho\u1eb7c ng\u01b0\u1eddi cung c\u1ea5p kh\u00e1c m\u00e0 kh\u00f4ng c\u00f3 s\u1ef1 can thi\u1ec7p n\u00e0o t\u1eeb c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi. \u0110\u00e2y l\u00e0 c\u00e1ch STP ho\u1ea1t \u0111\u1ed9ng. C\u00e1c nh\u00e0 m\u00f4i gi\u1edbi c\u1ee7a STP k\u1ebft n\u1ed1i v\u1edbi m\u1ed9t s\u1ed1 nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n v\u00e0 theo \u0111\u00f3 c\u00e1c nh\u00e0 giao d\u1ecbch c\u00f3 th\u1ec3 th\u1ea5y gi\u00e1 th\u1ecb tr\u01b0\u1eddng theo th\u1eddi gian th\u1ef1c tr\u00ean n\u1ec1n t\u1ea3ng v\u00e0 th\u1ef1c hi\u1ec7n l\u1ec7nh c\u1ee7a h\u1ecd ngay l\u1eadp t\u1ee9c.<\/p>\n

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

ECN\u00a0<\/strong><\/h5>\n

M\u1ea1ng truy\u1ec1n th\u00f4ng \u0111i\u1ec7n t\u1eed (ECN) \u0111\u1ec1 c\u1eadp \u0111\u1ebfn m\u1ed9t h\u1ec7 th\u1ed1ng t\u00edch h\u1ee3p m\u1ea1ng giao d\u1ecbch \u0111i\u1ec7n t\u1eed. M\u1ea1ng l\u01b0\u1edbi bao g\u1ed3m c\u00e1c nh\u00e0 giao d\u1ecbch ngo\u1ea1i h\u1ed1i b\u00e1n l\u1ebb, nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c, ng\u00e2n h\u00e0ng, qu\u1ef9 ph\u00f2ng h\u1ed9 v\u00e0 nh\u00e0 m\u00f4i gi\u1edbi cho ph\u00e9p ng\u01b0\u1eddi tham gia giao d\u1ecbch v\u00e0 kh\u1edbp l\u1ec7nh v\u1edbi nhau. Th\u00f4ng qua h\u1ec7 th\u1ed1ng ECN \u0111\u01b0\u1ee3c cung c\u1ea5p b\u1edfi c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi, c\u00e1c nh\u00e0 giao d\u1ecbch c\u00f3 th\u1ec3 tr\u1ef1c ti\u1ebfp ph\u00e1t h\u00e0nh c\u00e1c l\u1ec7nh \u1ea9n danh \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng. C\u00e1c giao d\u1ecbch \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n m\u1ed9t c\u00e1ch c\u00f4ng b\u1eb1ng nh\u1ea5t theo th\u1eddi gian th\u1ef1c, gi\u00e1 c\u1ea3 th\u1ecb tr\u01b0\u1eddng c\u1ea1nh tranh v\u00e0 x\u00e1c th\u1ef1c nh\u1ea5t.<\/p>\n

C\u00f3 m\u1ed9t m\u1ee9c \u0111\u1ed9 m\u00e2u thu\u1eabn l\u1ee3i nhu\u1eadn nh\u1ea5t \u0111\u1ecbnh gi\u1eefa c\u00e1c m\u00f4 h\u00ecnh DD ho\u1eb7c MM v\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch. \u0110i\u1ec1u n\u00e0y gi\u1ea3i th\u00edch v\u00ec sao nhi\u1ec1u nh\u00e0 giao d\u1ecbch l\u1ea1i ch\u1ecdn s\u00e0n m\u00f4i gi\u1edbi NDD \u2014 c\u00e1c n\u1ec1n t\u1ea3ng giao d\u1ecbch ngo\u1ea1i h\u1ed1i STP ho\u1eb7c ECN. M\u00f4 h\u00ecnh n\u00e0y r\u1ea5t \u0111\u00e1ng \u0111\u01b0\u1ee3c quan t\u00e2m v\u00e0 c\u00e0ng kh\u00f4ng l\u00e0m cho t\u00ednh h\u1ee3p ph\u00e1p c\u1ee7a b\u1ea5t k\u1ef3 m\u00f4 h\u00ecnh giao d\u1ecbch n\u00e0o c\u00f3 v\u1ea5n \u0111\u1ec1. C\u00e1c nh\u00e0 giao d\u1ecbch c\u0169ng c\u00f3 th\u1ec3 \u0111i\u1ec1u h\u00e0nh doanh nghi\u1ec7p b\u00e1n l\u1ebb c\u1ee7a h\u1ecd theo m\u00f4 h\u00ecnh DD ho\u1eb7c MM theo lu\u1eadt v\u00e0 quy \u0111\u1ecbnh.<\/p>\n

\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

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch ngo\u1ea1i h\u1ed1i b\u00e1n l\u1ebb tr\u1edf n\u00ean ng\u00e0y c\u00e0ng ph\u1ed5 bi\u1ebfn t\u1eeb n\u0103m 2000. Bao g\u1ed3m nhi\u1ec1u nh\u00e0 m\u00f4i gi\u1edbi ngo\u1ea1i h\u1ed1i tr\u00ean kh\u1eafp th\u1ebf gi\u1edbi, h\u1ec7 sinh th\u00e1i c\u1ee7a ng\u00e0nh n\u00e0y v\u1eadn h\u00e0nh c\u00e1c lo\u1ea1i m\u00f4 h\u00ecnh giao d\u1ecbch kh\u00e1c nhau. C\u00e1c lo\u1ea1i m\u00f4 h\u00ecnh giao d\u1ecbch n\u00e0y c\u00f3 nh\u1eefng c\u00e1i t\u00ean ri\u00eang cho m\u00ecnh \u2014 Dealing Desk (DD), No Dealing Desk (NDD), Market Maker (MM), Straight Through Processing (STP) v\u00e0 Electronic Communication Network (ECN) l\u00e0 nh\u1eefng m\u00f4 h\u00ecnh giao d\u1ecbch th\u01b0\u1eddng th\u1ea5y.<\/p>\n","protected":false},"author":87,"featured_media":72552,"template":"","academy_categories":[13211,11240],"academy_tags":[11285,11284],"class_list":["post-75208","academy","type-academy","status-publish","has-post-thumbnail","hentry","academy_categories-financial-market-series-vi","academy_categories-platforms-tools-vi","academy_tags-ecn-vi","academy_tags-stp-vi"],"acf":[],"current_lang":"vi","_links":{"self":[{"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/academy\/75208","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\/87"}],"version-history":[{"count":0,"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/academy\/75208\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/media\/72552"}],"wp:attachment":[{"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/media?parent=75208"}],"wp:term":[{"taxonomy":"academy_categories","embeddable":true,"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/academy_categories?post=75208"},{"taxonomy":"academy_tags","embeddable":true,"href":"https:\/\/www.zfxvn.com\/vi\/wp-json\/wp\/v2\/academy_tags?post=75208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}