{"id":45817,"date":"2025-01-03T13:37:43","date_gmt":"2025-01-03T05:37:43","guid":{"rendered":"http:\/\/114.34.37.161:8080\/?p=45817"},"modified":"2025-12-03T03:47:46","modified_gmt":"2025-12-02T19:47:46","slug":"brokers-hedging-policies","status":"publish","type":"post","link":"https:\/\/mister.forex\/vi\/brokers-hedging-policies\/","title":{"rendered":"Ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro c\u1ee7a c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi ngo\u1ea1i h\u1ed1i: Nh\u1eefng \u0111i\u1ec1u m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch c\u1ea7n bi\u1ebft?"},"content":{"rendered":"
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Hi\u1ec3u v\u1ec1 ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro c\u1ee7a nh\u00e0 m\u00f4i gi\u1edbi ngo\u1ea1i h\u1ed1i c\u1ee7a b\u1ea1n<\/strong> <\/h2>\n\nKhi c\u00e1c nh\u00e0 giao d\u1ecbch ch\u1ecdn nh\u00e0 m\u00f4i gi\u1edbi ngo\u1ea1i h\u1ed1i, ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro l\u00e0 m\u1ed9t trong nh\u1eefng y\u1ebfu t\u1ed1 quan tr\u1ecdng. Ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro quy\u1ebft \u0111\u1ecbnh c\u00e1ch m\u00e0 nh\u00e0 m\u00f4i gi\u1edbi x\u1eed l\u00fd r\u1ee7i ro, qu\u1ea3n l\u00fd \u0111\u01a1n h\u00e0ng c\u1ee7a kh\u00e1ch h\u00e0ng v\u00e0 c\u00e1ch \u1ee9ng ph\u00f3 v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng. Ph\u00f2ng ng\u1eeba r\u1ee7i ro (Hedging) l\u00e0 vi\u1ec7c nh\u00e0 m\u00f4i gi\u1edbi th\u1ef1c hi\u1ec7n giao d\u1ecbch ng\u01b0\u1ee3c l\u1ea1i tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro do bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ecb tr\u01b0\u1eddng. C\u00e1c nh\u00e0 m\u00f4i gi\u1edbi kh\u00e1c nhau s\u1ebd th\u1ef1c hi\u1ec7n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng ng\u1eeba r\u1ee7i ro kh\u00e1c nhau d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh ho\u1ea1t \u0111\u1ed9ng c\u1ee7a h\u1ecd (A-Book, B-Book ho\u1eb7c m\u00f4 h\u00ecnh h\u1ed7n h\u1ee3p). B\u00e0i vi\u1ebft n\u00e0y s\u1ebd kh\u00e1m ph\u00e1 c\u00e1c ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro c\u1ee7a c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi ngo\u1ea1i h\u1ed1i v\u00e0 c\u00e1ch m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch n\u00ean hi\u1ec3u v\u00e0 \u0111\u00e1nh gi\u00e1 ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro c\u1ee7a nh\u00e0 m\u00f4i gi\u1edbi.

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1. Kh\u00e1i ni\u1ec7m c\u01a1 b\u1ea3n v\u1ec1 ph\u00f2ng ng\u1eeba r\u1ee7i ro<\/strong> <\/h2>\n\nTrong giao d\u1ecbch ngo\u1ea1i h\u1ed1i, ph\u00f2ng ng\u1eeba r\u1ee7i ro l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c qu\u1ea3n l\u00fd r\u1ee7i ro, nh\u00e0 m\u00f4i gi\u1edbi th\u1ef1c hi\u1ec7n giao d\u1ecbch ng\u01b0\u1ee3c l\u1ea1i tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 b\u00f9 \u0111\u1eafp cho nh\u1eefng t\u1ed5n th\u1ea5t c\u00f3 th\u1ec3 x\u1ea3y ra. M\u1ee5c \u0111\u00edch c\u1ee7a ph\u00f2ng ng\u1eeba r\u1ee7i ro l\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro c\u1ee7a nh\u00e0 m\u00f4i gi\u1edbi, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong nh\u1eefng t\u00ecnh hu\u1ed1ng th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh, \u0111i\u1ec1u n\u00e0y gi\u00fap b\u1ea3o v\u1ec7 t\u00ednh \u1ed5n \u0111\u1ecbnh v\u1ed1n c\u1ee7a nh\u00e0 m\u00f4i gi\u1edbi.

\n\nV\u00ed d\u1ee5, n\u1ebfu m\u1ed9t kh\u00e1ch h\u00e0ng mua 100,000 \u0111\u00f4 la M\u1ef9 EUR \/ USD, nh\u00e0 m\u00f4i gi\u1edbi c\u00f3 th\u1ec3 b\u00e1n ra s\u1ed1 l\u01b0\u1ee3ng t\u01b0\u01a1ng \u0111\u01b0\u01a1ng EUR \/ USD tr\u00ean th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i \u0111\u1ec3 b\u00f9 \u0111\u1eafp cho r\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 x\u1ea3y ra. Nh\u01b0 v\u1eady, ngay c\u1ea3 khi th\u1ecb tr\u01b0\u1eddng x\u1ea3y ra bi\u1ebfn \u0111\u1ed9ng c\u1ef1c \u0111oan, nh\u00e0 m\u00f4i gi\u1edbi c\u0169ng c\u00f3 th\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro th\u00f4ng qua giao d\u1ecbch ng\u01b0\u1ee3c l\u1ea1i, tr\u00e1nh t\u1ed5n th\u1ea5t.

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2. Ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro ph\u1ed5 bi\u1ebfn c\u1ee7a nh\u00e0 m\u00f4i gi\u1edbi<\/strong> <\/h2>\n\nC\u00e1c nh\u00e0 m\u00f4i gi\u1edbi ngo\u1ea1i h\u1ed1i kh\u00e1c nhau s\u1ebd c\u00f3 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng ng\u1eeba r\u1ee7i ro kh\u00e1c nhau d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh ho\u1ea1t \u0111\u1ed9ng c\u1ee7a h\u1ecd.

\n\nD\u01b0\u1edbi \u0111\u00e2y l\u00e0 c\u00e1c ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro ph\u1ed5 bi\u1ebfn v\u00e0 t\u00ecnh hu\u1ed1ng \u00e1p d\u1ee5ng c\u1ee7a ch\u00fang: 

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A. Ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro c\u1ee7a nh\u00e0 m\u00f4i gi\u1edbi A-Book<\/strong> <\/h3>\n\nNh\u00e0 m\u00f4i gi\u1edbi theo m\u00f4 h\u00ecnh A-Book s\u1ebd chuy\u1ec3n \u0111\u01a1n h\u00e0ng c\u1ee7a kh\u00e1ch h\u00e0ng \u0111\u1ebfn c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n b\u00ean ngo\u00e0i (nh\u01b0 ng\u00e2n h\u00e0ng, qu\u1ef9 ph\u00f2ng ng\u1eeba r\u1ee7i ro, v.v.), \u0111i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 nh\u00e0 m\u00f4i gi\u1edbi kh\u00f4ng ch\u1ecbu r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng. Chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng ng\u1eeba r\u1ee7i ro ch\u00ednh c\u1ee7a lo\u1ea1i nh\u00e0 m\u00f4i gi\u1edbi n\u00e0y l\u00e0 ph\u00f2ng ng\u1eeba ho\u00e0n to\u00e0n, t\u1ee9c l\u00e0 th\u1ef1c hi\u1ec7n t\u1ea5t c\u1ea3 c\u00e1c \u0111\u01a1n h\u00e0ng c\u1ee7a kh\u00e1ch h\u00e0ng tr\u00ean th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u00ednh trung l\u1eadp v\u1ec1 r\u1ee7i ro.

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  • Ph\u00f2ng ng\u1eeba ho\u00e0n to\u00e0n:<\/strong> Nh\u00e0 m\u00f4i gi\u1edbi A-Book s\u1ebd ngay l\u1eadp t\u1ee9c ph\u00f2ng ng\u1eeba \u0111\u01a1n h\u00e0ng c\u1ee7a kh\u00e1ch h\u00e0ng tr\u00ean th\u1ecb tr\u01b0\u1eddng, kh\u00f4ng gi\u1eef l\u1ea1i r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng. Nh\u01b0 v\u1eady, nh\u00e0 m\u00f4i gi\u1edbi ch\u1ec9 d\u1ef1a v\u00e0o spread v\u00e0 hoa h\u1ed3ng \u0111\u1ec3 ki\u1ebfm l\u1ee3i nhu\u1eadn, ch\u1ee9 kh\u00f4ng ph\u1ea3i t\u1eeb s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ecb tr\u01b0\u1eddng.<\/li>\n
  • Th\u1ef1c hi\u1ec7n tr\u00ean th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i:<\/strong> Nh\u00e0 m\u00f4i gi\u1edbi A-Book s\u1ebd h\u1ee3p t\u00e1c v\u1edbi nhi\u1ec1u nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n \u0111\u1ec3 chuy\u1ec3n \u0111\u01a1n h\u00e0ng c\u1ee7a kh\u00e1ch h\u00e0ng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng nh\u1eb1m ph\u00f2ng ng\u1eeba r\u1ee7i ro.<\/li>\n<\/ul>
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    B. Ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro c\u1ee7a nh\u00e0 m\u00f4i gi\u1edbi B-Book<\/strong> <\/h3>\n\nNh\u00e0 m\u00f4i gi\u1edbi theo m\u00f4 h\u00ecnh B-Book<\/strong> x\u1eed l\u00fd n\u1ed9i b\u1ed9 \u0111\u01a1n h\u00e0ng c\u1ee7a kh\u00e1ch h\u00e0ng, nh\u00e0 m\u00f4i gi\u1edbi l\u00e0 \u0111\u1ed1i t\u00e1c c\u1ee7a kh\u00e1ch h\u00e0ng, \u0111i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 khi kh\u00e1ch h\u00e0ng thua l\u1ed7, nh\u00e0 m\u00f4i gi\u1edbi s\u1ebd thu l\u1ee3i, v\u00e0 khi kh\u00e1ch h\u00e0ng c\u00f3 l\u00e3i, nh\u00e0 m\u00f4i gi\u1edbi s\u1ebd ch\u1ecbu t\u1ed5n th\u1ea5t. Do \u0111\u00f3, nh\u00e0 m\u00f4i gi\u1edbi B-Book th\u01b0\u1eddng kh\u00f4ng ph\u00f2ng ng\u1eeba t\u1ea5t c\u1ea3 c\u00e1c \u0111\u01a1n h\u00e0ng ngay l\u1eadp t\u1ee9c, m\u00e0 th\u1ef1c hi\u1ec7n ph\u00f2ng ng\u1eeba c\u00f3 ch\u1ecdn l\u1ecdc.

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    • Ph\u00f2ng ng\u1eeba c\u00f3 ch\u1ecdn l\u1ecdc:<\/strong> Nh\u00e0 m\u00f4i gi\u1edbi B-Book s\u1ebd quy\u1ebft \u0111\u1ecbnh c\u00f3 ph\u00f2ng ng\u1eeba cho m\u1ed9t s\u1ed1 \u0111\u01a1n h\u00e0ng hay kh\u00f4ng d\u1ef1a tr\u00ean t\u00ecnh h\u00ecnh th\u1ecb tr\u01b0\u1eddng v\u00e0 h\u00e0nh vi c\u1ee7a kh\u00e1ch h\u00e0ng. \u0110\u1ed1i v\u1edbi nh\u1eefng kh\u00e1ch h\u00e0ng th\u01b0\u1eddng xuy\u00ean thua l\u1ed7, nh\u00e0 m\u00f4i gi\u1edbi c\u00f3 th\u1ec3 ho\u00e0n to\u00e0n n\u1ed9i b\u1ed9 h\u00f3a c\u00e1c \u0111\u01a1n h\u00e0ng n\u00e0y, v\u00ec ch\u00fang c\u00f3 l\u1ee3i cho nh\u00e0 m\u00f4i gi\u1edbi. C\u00f2n \u0111\u1ed1i v\u1edbi nh\u1eefng kh\u00e1ch h\u00e0ng c\u00f3 l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh, nh\u00e0 m\u00f4i gi\u1edbi c\u00f3 th\u1ec3 ch\u1ecdn ph\u00f2ng ng\u1eeba cho c\u00e1c \u0111\u01a1n h\u00e0ng c\u1ee7a h\u1ecd, gi\u1ea3m thi\u1ec3u r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng.<\/li>\n
    • Ph\u00f2ng ng\u1eeba cho c\u00e1c \u0111\u01a1n h\u00e0ng l\u1edbn:<\/strong> \u0110\u1ed1i v\u1edbi c\u00e1c \u0111\u01a1n h\u00e0ng l\u1edbn ho\u1eb7c trong th\u1eddi gian th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh, nh\u00e0 m\u00f4i gi\u1edbi B-Book c\u00f3 th\u1ec3 ph\u00f2ng ng\u1eeba cho m\u1ed9t s\u1ed1 \u0111\u01a1n h\u00e0ng \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro ti\u1ec1m \u1ea9n.<\/li>\n<\/ul>
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      C. Ch\u00ednh s\u00e1ch ph\u00f2ng ng\u1eeba r\u1ee7i ro c\u1ee7a nh\u00e0 m\u00f4i gi\u1edbi theo m\u00f4 h\u00ecnh h\u1ed7n h\u1ee3p<\/strong> <\/h3>\n\nM\u00f4 h\u00ecnh h\u1ed7n h\u1ee3p<\/strong> k\u1ebft h\u1ee3p c\u00e1c \u01b0u \u0111i\u1ec3m c\u1ee7a A-Book v\u00e0 B-Book. Nh\u00e0 m\u00f4i gi\u1edbi linh ho\u1ea1t ch\u1ecdn l\u1ef1a gi\u1eefa vi\u1ec7c n\u1ed9i b\u1ed9 h\u00f3a \u0111\u01a1n h\u00e0ng ho\u1eb7c chuy\u1ec3n \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i d\u1ef1a tr\u00ean h\u00e0nh vi c\u1ee7a kh\u00e1ch h\u00e0ng v\u00e0 r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng ng\u1eeba r\u1ee7i ro c\u1ee7a h\u1ecd c\u0169ng s\u1ebd thay \u0111\u1ed5i t\u00f9y theo t\u00ecnh hu\u1ed1ng c\u1ee5 th\u1ec3.

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