UY BAN CH\JNG KHOAN NHA N Lf C DC TAI NGHIEN C”UU KHOA HOC CAP CO SP GIAI PHAP HOAN THIEN C©NG TAC QUAN LY THANH VIEN TAI TRUNG TAM GIAO D!CH CHUNG KHOAN THANH PHO HO CHI MINH Trung I inn giao di ch c[.]
UY BAN CH\JNG KHOAN NHA N Lf C DC TAI NGHIEN C”UU KHOA HOC CAP CO SP GIAI PHAP HOAN THIEN C©NG TAC QUAN LY THANH VIEN TAI TRUNG TAM GIAO D !CH CHUNG KHOAN THANH PHO HO CHI MINH Trung I:inn giao di.ch chiiug kho:in TP.HCM Chfi nhi(m dé Hi: Thac sy Nguyén Thi Vi(t Ha TP HO CH! MINH - NAM 2004 THU KY DC TAI: CU NHAN V© AI HOAI ANH DE TAI NGHIEN CN KHOA HOC DU C HOAN THANH VII SH THAM GIA CUA CAC C NG TAC VPN IRUONGTH }BICHHANH D THANKTUNG MUC LUC Trang MUC LUC DANH MUC KY H U CAC CHU VIET TAT MW DAU Ch:Ion I NH G VAN DE CO BAN VE QUAN LY THANH VIEN l Kh4i quat c4c mG hinh, pham vi quan ly thitnh vién 1.1 T6ng quan vé th[ touring chiing khoan 1.1.1 Th( truing chiing kho4n va c6u trfic cc b:in cfia thi touring chiing khoiin l 1.2 Thénh vién so giao dich chiing kho4n 1.1.2.1.Kh:ii ni(m 1.1.2.2.Ph6n loai thénh vién 1.2 Chii th6 quan ly thénh vién 10 10 1.2 l Uy ban chiing kho:in 1.2.1.1.Lich sit hinh thiinh 10 1.2.1.2 Chiic nting quan ly 11 11 1.2.2 56 giao d[ch chfmg khoan 1.2.2.1.Khéi ni(m 11 1.2.2.2 Chiic nding quin ly 1.2.2.3 Co c6u c:ie phi›ng ban ciia so giao d(ch 11 1.2.3 Hi(p h8i c4c nha kinh doanh chiiiig khoan 12 1.2.4 C:ie chit thé quan ly khéc 13 1.3 C:ie tit:u chi quin ly thénh vién 13 1.3.1 C:ic ti6u chi quén ly 1.3.1.1 C:ic bi(n ph:ip bao v( c8ng chiing d6u tu, ngiin ngira giao dich khong c8ng bang 1.3.1.2 Bi(n phap d bao toan va han ch£ riii ro to4n 16 1.3.1.2.1 C:ic loai quy vién phai déing gop 16 1.3.1.2.2 C:ic loai du trii d béo t:ji CTCK thiinh vién 17 1.3.2 Quiin ly ctfp phe’p hoat dong cua CTCK vi6n 18 1.3.2.1 .Ti6u chu6n ctfp phép hoat d8ng kinh doanh cho m6t c0ng ty chiing kho4n 1.3.2.2 Ti6u chu6n va diéu ki6n tro thiinh vi6n 1.3.2.3 Chtlm dut In c:ich vién 19 1.3.3 Ch6 d bao c6o va cGng bfi th6ng tin ciia vi£n 19 1.3.3.1 Ch6 d b:to c:to 19 1.3.3.2 C0ng bé th6ng tin 20 1.3.4 C:ic hinh thiic xii phat dfii véii c:ie vi pham ciia CTCK thitnh vi6n 20 I C:ic m6 hinh quan ly thiinh vi6n 21 1.4.1 C:ic hinh thfic quan ly thi truéng 21 1.4.1.1 Quén 1y tu quén 1.4.1.2 Quan ly bang phép lu8t 1.4.2 C:ic m6 hinh quan ly thénh vién 1.4.2.1 M6 hinh t6 chiic thénh vién 1.4.2.2 Md hinh cc quan nha nu‹ic 1.4.2.3 Md hinh cong ty co ph6n 21 22 22 23 24 25 Qu én 1y vien o mot so nu‹ic va bai hpc kinh nghi(m 26 2.1 Mo hinh quan ly thitnh vién ci mftt sG nucic 26 2.1.1 Séi giao dich chiiiig khoén Han Qufic 26 2.1.1.1 Go cau so him 26 1.1.2 Méi hinh Séi giao dich Hén Quoc hi e) n 27 l 2.1 C:ie loai hinh thiic vién 27 1.1.2.2 Diéu ki(n de trci thiinh thiinh vien 27 1 2.3.C:ic n8i dung quan 1y ciia so giao dich 28 2.1.2 56 giao dich chiing khoén Théi Lan 29 2.1.2.1 Co c6u sci him 29 2.1.2.2 M8 hinh 56 giao dich Th4i Lan 29 2.1.2.2.1 Did:u ki(n di: trci thénh vién 29 2.1.2.2.2 N8i dung quan 1y ciia so giao d|ch 30 1.3 SP giao d)ch chiiiig khoin New York 31 2.1.3.1 Co c6u sci him 31 1.3.2 Mb hinh Sé giao dich 31 2.1.3.2.1 C:ic loai thénh vién 31 1.3.2.2 C:ic n6i dung quén 1y ciia NYSE 32 2.1.4 SP giao d)ch chiing khoan Hfing Kdng 33 1.4.1 Go c6u tti chiic vé sci him 33 2.1.4.2 MG hinh Séi giao d|ch H0ng KGng 34 1.4.2 D:ie di£m cua sci giao dJch Hong KGng 34 2.1.4.2.2 Di6 u ki(n de trci thanh vien 35 2.1.4.2.3 Chiic nang vé quyt:n han quan ly ciia set giao d(ich 35 2.2 Biii hpc kinh nghic:in 35 ChH R ºº.- THUC TRA.NG C©NG TAC QUAN LY THANH VIEN TAI TTGDCK TP.HCM Mb hinh quén ly thénh vi6n o Vi(t Nam 38 1.1 Mot sG dac thii vi(c x6y diJng va phét trién thi tniimg chiing kho4n Vi(t Nam 1.1.1 Su c6n thic:t doi th) truéng chfmg kho:in Vi(t Nam l 1.2 Thirc trang va su phat tri£n thi truéing chiirig khoan Vi(t Nam thiii gian qua 39 1.2 Mét s6 dac thii hoat dGng quan ly vién theo qiiy d)nh phép lu I 40 1.2.1 C:ic van biin ph:ip quy chi ph0i hoat dong quén ly vi6n tai Trung t6m Giao dich Chfmg khoiin Tp.HCM 40 1.2.2 Mb hinh quén ly vi6n tai Tiung t6in Giao dich Chiing khoiin Tp.HCM 43 45 Thqc trang c6ng téc quan ly thltnh vi8n tai Vi(t Nam 2.1 Thuc trang v6 hoat d rig quan 1y vit:n tai Trung tain Giao d|ch 45 chiing khoén Thanh phfi Hii Chi Minh 1.1 Quan ly di6u ki(n tro thitnh thiinh vi6n 46 47 1.2 Quan ly ve quy6n h:ii va nghia vu ciia thénh vién bfi thdng tin 2.1.3 Quan ly v6 ch6 d b:to céo va 47 48 1.4 Qu:in ly c:ic ng[ii(p vu cua vién 2.1.4.1 Quan ly thting qua c:ic bao céo dinh ky 48 2.1.4.2 Quan ly th6ng qiia c4c bao cao ddt xu6t, theo yéu c6ii va kit:in tra CTCK 53 1.5 Quén ly thiinh vi8n v$ tinh hinh nhtin su 54 1.6 Qiiiin ly thénh vi6n vé tinh hinh tiii chinh 55 2.2 D:inh gi:i chung vé thuc tr:yig hoat dong quan 1y thénh vién tai Trung t6m Giao d)ch 57 2.3 Nhfmg v8n d6 dat 58 2.3.1 Thuttn lpi 58 2.3.2 Kh‹i khtin 60 Ch on$ III.- GIAI PHAP HOAN THIEN HOAT DONG QUAN LY THANH VIEN 65 Dinh hitting ph:it trién TTGDCK, d|nh hu‹ing quén ly vi6n 65 1.1 T6ng quan v6 chi6n luoc ph:it trién thi trifling chiiiig kho:in Vi(t Nam din nd 2010 65 1.2 Tfing quan v6 chién lupc ph:it trien TTGDCK Tp.HCM 67 Giéi phiip hoiin thi(n cdng t:ic quén ly thénh vién tai Trung tAm Giao d)ch Chiing khoan Thiinh phfi H6 Chi Minh 68 I Khung ph4p ly 68 2.1.1 Quy dinh vt: nghi(p vu qu:in ly danh muc d6u tu 69 2.1.2 Quy d)nh vé nghi(p v9 REPO 70 2.1.3 Quy dinh v6 kiém soat n0i bé› 71 2.2 Ph6n cdp chii thé thfinh vi6n theo timg giai doan phét trién ciia thi Gritting chfmg khoan 2.2.1 Mt› hinh Séi giao d|ch chiing khoén Vi(t Nam 74 2.2.2 Ph6n c6p quiin ly 76 2.2.3 Ndng cao hoat d8ng quiin ly vi6n giai do:jn hi6n 78 2.3 Tting cuéng hoat délng tra gi:inn sét 79 2.4 Var trh cua Hi(p h0i kinh doanh chiing kho:in DANH MUC KG HIEU CAC CHG VIET TAT Chiing kho4n CK Th| truimg chiing kho4n TTCK Séi giao d)ch chiing SGDCK khoiin Uy ban UB Uy ban chiing kho:in UBCK Uy ban chiing kho:in nha nu6c UBCKNN Hi(p h0i kinh doanh chiiiig HHKDCK kho:in Trung thin giao d)ch ITGDCK chfmg khoén Thanh ph0 HO Chi TP.HCM Minh CTCK C ›ng ty chiiiig khoén QLTV DK-LK-TTBT Dang ky — Luu ky va Thanh to:in bii trii I TINH CAP THIET, Y NGHIA KHOA HOC YA THIIC TIEN CUA DC TAI So véii thiii gian hoat ddng ciia c:ic th( truimg chiiiiy khoén céc nu‹ic trén th6 gidi thi th) truimg chiing kho:in Vi(t Nam vIn khé non tré — chi moi hoat d0ng dupe hon nam Do v8y, cfing téc ’ chiic va nhiéu long léo cling chua d[nh hu‹ing ducic muc tién ro rang Trong déi, cbng ty chiiiig kho:in la in t nhfmg d|nh ché tai chinh trung gian quan trpng c‹i vai tro két n0i c:ie chit the tham gia th )i truimg chimp khoén lai chua dwoc quén 1y in t c:ich hi(u qué Vi(c quan ly hoat dfing cau cfing ty chiiiig kho:in tai Trung tlm giao d]ch chfmg khoén hi(n tai va 56 giao dich ch iing kho:in sau se‘ g‹ip phtin d:ing ké vao su ph:it trién cua th) truimg chiiiig kho:in nhi6n, cfing t:ie qu ly chiu inh huéing 16n boi cci c6u td chiic ciia Séi giao d|ch chiiiig kho4n, bi chi phfii bmi nhfmg muc ti6u ph4t tri6n cha th) truimg Vi(c nghién ciiu m6 hinh va cfing téc quén ly thénh vi6n tai Séi giao d|ch chiiiig kho:in c:ie nii‹ic st: giiip vach hir‹ing quén ly thii nh vi6n tai Trung t6m giao d[ch chiiiig kho:in phii hpp v‹ii m9c tiéu phét trién cua th( truimg nufic ta II MUC THU VA PHU0NG PHAP NGHIEN CIJU Dé tai ti6n hitnh nghi6n ciiu nhfmg da) c thii ciia n6n kinh té nfii chiing vit th( truitng chiing kho:in Vi(t Nam r6i ri6ng va nhfmg dac thii v6 cc cfu so him vIt c:ich thuc quin ly thiinh vitn ciia giao chiing kho:in ti6ii biéu tr6n th6 gi‹ii, cling nhu mGi quan h( gifra chiing B6n canh d‹i, dé tar ciing ti6n hitnh phdn tich thuc trang hi(n cfing téc quan ly thilnh vi6n tai TTGDCK TP.HCM, so sanh voi chi6n lupc phét tri6n th) tririmg chfmg khoiin dé tim m)at mo c6n thich hpp, maj t nao ci›n han ché, t0n t:u, lltm cc so d)nh hu‹ing c0ng téc tuong lai ’n I ’ vi6n tai TTGDCK TP.HCM d6 tai sir dung c:ic phuong phap nghit:n elm nhu ph6ii t ich, so siinh, dfii chi6u, tfing h pp, k$t hpp giiia ly 1u5n vé thuc tién tren cci so sir dung phuong ph:ip v4t bi(n chiirig III KET CAU DE TAI Ngoai ph6n mo dau, kit lu9n, muc luc, tai li(u tham khao, phtln n0i dung cua d6 tai bao g6m: - Mo ddu - Chuong I: Nhfmg v tfn dé 1y lu 6n cci ban v6 quén ly vién - Chuong II: Thuc trang c8ng téc quan ly thii nh vi6n tai TTGDCK TP.HCM - Chuorig III: Gi:ii ph:ip hoan thi(n hoat dGng quan ly vi6n