{"id":10695,"date":"2026-07-27T16:29:12","date_gmt":"2026-07-27T08:29:12","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=10695"},"modified":"2026-07-27T16:29:15","modified_gmt":"2026-07-27T08:29:15","slug":"%e6%9e%81%e7%ab%af%e8%a1%8c%e6%83%85%e4%b8%8b%e7%9a%84%e6%b5%81%e5%8a%a8%e6%80%a7%e5%8d%b1%e6%9c%ba%ef%bc%9a%e8%b4%b5%e9%87%91%e5%b1%9e%e4%ba%a4%e6%98%93%e5%b9%b3%e5%8f%b0%e5%a6%82","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/10695","title":{"rendered":"Kh\u1ee7ng ho\u1ea3ng \"thanh kho\u1ea3n\" trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t: S\u00e0n giao d\u1ecbch kim lo\u1ea1i qu\u00fd l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o giao d\u1ecbch su\u00f4n s\u1ebb?"},"content":{"rendered":"

L\u00e0 t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn tr\u00ean to\u00e0n c\u1ea7u, v\u00e0ng v\u00e0 b\u1ea1c lu\u00f4n l\u00e0 c\u00f4ng c\u1ee5 quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang t\u00ecm c\u00e1ch l\u01b0u tr\u1eef gi\u00e1 tr\u1ecb trong b\u1ed1i c\u1ea3nh b\u1ea5t \u1ed5n. Tuy nhi\u00ean, ngay c\u1ea3 \u201cn\u01a1i tr\u00fa \u1ea9n an to\u00e0n\u201d theo ngh\u0129a truy\u1ec1n th\u1ed1ng nh\u01b0 kim lo\u1ea1i qu\u00fd v\u1eabn s\u1ebd ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi th\u1eed th\u00e1ch suy gi\u1ea3m thanh kho\u1ea3n trong nh\u1eefng bi\u1ebfn \u0111\u1ed9ng kh\u1eafc nghi\u1ec7t c\u1ee7a th\u1ecb tr\u01b0\u1eddng. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia giao d\u1ecbch \u0111\u00f2n b\u1ea9y kim lo\u1ea1i qu\u00fd, vi\u1ec7c hi\u1ec3u nguy\u00ean nh\u00e2n v\u00e0 bi\u1ec3u hi\u1ec7n c\u1ee7a kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n c\u0169ng nh\u01b0 c\u01a1 ch\u1ebf ph\u1ea3n \u1ee9ng c\u1ee7a n\u1ec1n t\u1ea3ng giao d\u1ecbch trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t l\u00e0 \u0111i\u1ec1u ki\u1ec7n ti\u00ean quy\u1ebft \u0111\u1ec3 qu\u1ea3n l\u00fd r\u1ee7i ro v\u00e0 b\u1ea3o v\u1ec7 qu\u1ef9.<\/p>\n

1. \u201cKh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n\u201d tr\u00ean th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd l\u00e0 g\u00ec?<\/p>\n

T\u00ednh thanh kho\u1ea3n, n\u00f3i m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n, \u0111\u1ec1 c\u1eadp \u0111\u1ebfn kh\u1ea3 n\u0103ng m\u1ed9t t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c giao d\u1ecbch nhanh ch\u00f3ng \u1edf m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd. Trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh th\u01b0\u1eddng, th\u1ecb tr\u01b0\u1eddng v\u00e0ng v\u00e0 b\u1ea1c th\u01b0\u1eddng c\u00f3 \u0111\u1ee7 thanh kho\u1ea3n do kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch l\u1edbn v\u00e0 s\u1ef1 ph\u00e2n b\u1ed5 r\u1ed9ng r\u00e3i c\u1ee7a nh\u1eefng ng\u01b0\u1eddi tham gia tr\u00ean to\u00e0n c\u1ea7u - ch\u00eanh l\u1ec7ch gi\u00e1 ch\u00e0o mua nh\u1ecf v\u00e0 c\u00e1c l\u1ec7nh l\u1edbn c\u00f3 th\u1ec3 nhanh ch\u00f3ng t\u00ecm \u0111\u01b0\u1ee3c \u0111\u1ed1i t\u00e1c.<\/p>\n

Nh\u01b0ng trong \u0111i\u1ec1u ki\u1ec7n kh\u1eafc nghi\u1ec7t, t\u00ecnh h\u00ecnh c\u00f3 th\u1ec3 ho\u00e0n to\u00e0n kh\u00e1c. Khi m\u1ed9t s\u1ef1 ki\u1ec7n \u0111\u1ecba ch\u00ednh tr\u1ecb l\u1edbn n\u1ed5 ra, ch\u00ednh s\u00e1ch c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng thay \u0111\u1ed5i b\u1ea5t ng\u1edd, ho\u1eb7c s\u1ef1 ho\u1ea3ng lo\u1ea1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u1eadp trung, b\u00e1o gi\u00e1 c\u1ee7a ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n c\u00f3 th\u1ec3 nhanh ch\u00f3ng m\u1edf ra, v\u00e0 \u0111\u1ed9 s\u00e2u th\u1ecb tr\u01b0\u1eddng gi\u1ea3m m\u1ea1nh. L\u00fac n\u00e0y, ngay c\u1ea3 khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n \u0111\u00f3ng v\u1ecb th\u1ebf v\u00e0 r\u1eddi kh\u1ecfi th\u1ecb tr\u01b0\u1eddng, h\u1ecd c\u0169ng c\u00f3 th\u1ec3 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi t\u00ecnh th\u1ebf ti\u1ebfn tho\u00e1i l\u01b0\u1ee1ng nan l\u00e0 kh\u00f4ng th\u1ec3 ho\u00e0n t\u1ea5t giao d\u1ecbch \u1edf m\u1ee9c gi\u00e1 h\u1ee3p l\u00fd, th\u1eadm ch\u00ed l\u00e0 t\u00ecnh tr\u1ea1ng \u201cc\u00f3 gi\u00e1 m\u00e0 kh\u00f4ng c\u00f3 th\u1ecb tr\u01b0\u1eddng\u201d.<\/p>\n

Ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng c\u1ee7a Wmax t\u1eebng ch\u1ec9 ra r\u1eb1ng m\u00f4i tr\u01b0\u1eddng thanh kho\u1ea3n v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 k\u1ef9 thu\u1eadt \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong bi\u1ebfn \u0111\u1ed9ng c\u1ee7a v\u00e0ng - \"kho\u1ea3ng tr\u1ed1ng thanh kho\u1ea3n\" do kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch OTC s\u1ee5t gi\u1ea3m s\u1ebd c\u00e0ng khu\u1ebfch \u0111\u1ea1i t\u00e1c \u0111\u1ed9ng v\u1ec1 gi\u00e1. Khi th\u1ecb tr\u01b0\u1eddng thi\u1ebfu \u0111\u1ee7 \u0111\u1ed1i t\u00e1c, ngay c\u1ea3 nh\u1eefng l\u1ec7nh mua v\u00e0 b\u00e1n nh\u1ecf c\u0169ng c\u00f3 th\u1ec3 khi\u1ebfn gi\u00e1 t\u0103ng v\u1ecdt.<\/p>\n

Ho\u1ea1t \u0111\u1ed9ng trao \u0111\u1ed5i trong n\u01b0\u1edbc c\u0169ng kh\u1eb3ng \u0111\u1ecbnh r\u1ee7i ro n\u00e0y. Khi x\u1ea3y ra \u201ckho\u1ea3ng c\u00e1ch gi\u00e1\u201d tr\u00ean th\u1ecb tr\u01b0\u1eddng qu\u1ed1c t\u1ebf b\u00ean ngo\u00e0i, n\u1ebfu h\u1ec7 th\u1ed1ng gi\u1edbi h\u1ea1n gi\u00e1 qu\u00e1 h\u1eb9p c\u00f3 th\u1ec3 d\u1ec5 d\u1eabn \u0111\u1ebfn s\u1ef1 c\u1ea1n ki\u1ec7t ngay l\u1eadp t\u1ee9c thanh kho\u1ea3n h\u1ee3p \u0111\u1ed3ng, g\u00e2y gi\u00e1n \u0111o\u1ea1n giao d\u1ecbch v\u00e0 t\u00edch t\u1ee5 r\u1ee7i ro m\u1ed9t c\u00e1ch m\u1ea5t tr\u1eadt t\u1ef1. \u0110\u00e2y l\u00e0 l\u00fd do t\u1ea1i sao c\u00e1c s\u00e0n giao d\u1ecbch l\u1edbn ch\u1ee7 \u0111\u1ed9ng gi\u1ea3i quy\u1ebft c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n ti\u1ec1m \u1ea9n th\u00f4ng qua \"m\u1edf r\u1ed9ng \u0111\u1ea3m b\u1ea3o\" - ch\u1ee7 \u0111\u1ed9ng m\u1edf r\u1ed9ng t\u00ednh linh ho\u1ea1t v\u1ec1 gi\u00e1 v\u00e0 n\u00e2ng ng\u01b0\u1ee1ng v\u1ed1n.<\/p>\n

2. Bi\u1ec3u hi\u1ec7n \u0111i\u1ec3n h\u00ecnh c\u1ee7a kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t<\/p>\n

\u0110\u00e1nh gi\u00e1 t\u1eeb kinh nghi\u1ec7m l\u1ecbch s\u1eed, kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd th\u01b0\u1eddng bi\u1ec3u hi\u1ec7n c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m sau:<\/p>\n

Ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd. Trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh th\u01b0\u1eddng, ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 mua v\u00e0 gi\u00e1 b\u00e1n v\u00e0ng giao ngay c\u00f3 th\u1ec3 ch\u1ec9 v\u00e0i ch\u1ee5c cent; khi thanh kho\u1ea3n th\u1eaft ch\u1eb7t, ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 th\u1ec3 t\u0103ng l\u00ean g\u1ea5p v\u00e0i l\u1ea7n, th\u1eadm ch\u00ed h\u00e0ng ch\u1ee5c l\u1ea7n, tr\u1ef1c ti\u1ebfp \u0111\u1ea9y chi ph\u00ed giao d\u1ecbch l\u00ean cao.<\/p>\n

\u0110\u1ed9 tr\u01b0\u1ee3t t\u0103ng \u0111\u00e1ng k\u1ec3. C\u00f3 th\u1ec3 c\u00f3 s\u1ef1 sai l\u1ec7ch \u0111\u00e1ng k\u1ec3 gi\u1eefa b\u00e1o gi\u00e1 m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u00ecn th\u1ea5y v\u00e0 gi\u00e1 giao d\u1ecbch th\u1ef1c t\u1ebf. \u0110\u00e1nh gi\u00e1 r\u1ee7i ro c\u1ee7a Wmax \u0111\u00e3 nh\u1eafc nh\u1edf r\u1eb1ng v\u00e0o cu\u1ed1i n\u0103m, khi thanh kho\u1ea3n m\u1ecfng, bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u00f3 th\u1ec3 b\u1ea5t th\u01b0\u1eddng v\u00e0 quy m\u00f4 c\u1ee7a m\u1ed9t giao d\u1ecbch c\u1ea7n \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd \u0111\u1ec3 ng\u0103n ng\u1eeba r\u1ee7i ro tr\u01b0\u1ee3t gi\u00e1.<\/p>\n

Vi\u1ec7c th\u1ef1c hi\u1ec7n l\u1ec7nh b\u1ecb tr\u00ec ho\u00e3n ho\u1eb7c kh\u00f4ng th\u00e0nh c\u00f4ng. Khi \u0111\u1ed9 s\u00e2u th\u1ecb tr\u01b0\u1eddng kh\u00f4ng \u0111\u1ee7, l\u1ec7nh th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n \u0111\u1ea7y \u0111\u1ee7 \u1edf m\u1ee9c gi\u00e1 d\u1ef1 ki\u1ebfn \u200b\u200bv\u00e0 l\u1ec7nh gi\u1edbi h\u1ea1n c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u01b0\u1ee3c k\u00edch ho\u1ea1t trong m\u1ed9t th\u1eddi gian d\u00e0i.<\/p>\n

Hi\u1ec7u \u1ee9ng khu\u1ebfch \u0111\u1ea1i thu\u1eadn chu k\u1ef3 c\u1ee7a c\u00e1c qu\u1ef9 c\u00f3 \u0111\u00f2n b\u1ea9y. \u0110\u00e2y l\u00e0 m\u1eaft x\u00edch th\u1eadn tr\u1ecdng nh\u1ea5t trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n. D\u1eef li\u1ec7u gi\u00e1m s\u00e1t \u0111\u00f2n b\u1ea9y th\u1ecb tr\u01b0\u1eddng c\u1ee7a Wmax cho th\u1ea5y r\u1eb1ng trong giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng, c\u00e1c qu\u1ef9 c\u00f3 \u0111\u00f2n b\u1ea9y s\u1ebd h\u00ecnh th\u00e0nh ph\u1ea3n h\u1ed3i t\u00edch c\u1ef1c v\u1ec1 \"d\u00f2ng v\u1ed1n v\u00e0o \u2192 khu\u1ebfch \u0111\u1ea1i \u0111\u00f2n b\u1ea9y \u2192 t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu \u2192 d\u00f2ng v\u1ed1n v\u00e0o nhi\u1ec1u h\u01a1n\"; nh\u01b0ng m\u1ed9t khi th\u1ecb tr\u01b0\u1eddng chuy\u1ec3n sang suy gi\u1ea3m, chu\u1ed7i s\u1ebd ho\u1ea1t \u0111\u1ed9ng theo h\u01b0\u1edbng ng\u01b0\u1ee3c l\u1ea1i - t\u00e0i s\u1ea3n c\u1ee7a qu\u1ef9 c\u00f3 \u0111\u00f2n b\u1ea9y b\u1ecb thu h\u1eb9p v\u00e0 bu\u1ed9c ph\u1ea3i gi\u1ea3m thi\u1ec3u r\u1ee7i ro m\u1ed9t c\u00e1ch th\u1ee5 \u0111\u1ed9ng, c\u00e0ng l\u00e0m t\u0103ng th\u00eam \u00e1p l\u1ef1c b\u00e1n. C\u01a1 ch\u1ebf n\u00e0y c\u0169ng \u00e1p d\u1ee5ng cho th\u1ecb tr\u01b0\u1eddng kim lo\u1ea1i qu\u00fd v\u00e0 s\u1ebd khu\u1ebfch \u0111\u1ea1i \u0111\u00e1ng k\u1ec3 bi\u1ebfn \u0111\u1ed9ng hai chi\u1ec1u.<\/p>\n

\"a7131661cefe693d8ed4f3fe24515762\"<\/p>\n

3. C\u01a1 ch\u1ebf chung \u0111\u1ec3 s\u00e0n giao d\u1ecbch \u1ee9ng ph\u00f3 v\u1edbi kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n<\/p>\n

\u0110\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c v\u1ec1 thanh kho\u1ea3n trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t, c\u00e1c lo\u1ea1i n\u1ec1n t\u1ea3ng giao d\u1ecbch kh\u00e1c nhau \u0111\u00e3 \u00e1p d\u1ee5ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u1ee9ng ph\u00f3 kh\u00e1c nhau. Khi ch\u1ecdn m\u1ed9t n\u1ec1n t\u1ea3ng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng \u0111\u1ea3m b\u1ea3o thanh kho\u1ea3n c\u1ee7a n\u00f3 t\u1eeb c\u00e1c kh\u00eda c\u1ea1nh sau:<\/p>\n

1. \u0110a d\u1ea1ng h\u00f3a v\u00e0 m\u1ee9c \u0111\u1ed9 c\u1ee7a nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n (LP)<\/p>\n

Kh\u1ea3 n\u0103ng \u0111\u1ea3m b\u1ea3o thanh kho\u1ea3n c\u1ee7a m\u1ed9t n\u1ec1n t\u1ea3ng giao d\u1ecbch tr\u01b0\u1edbc h\u1ebft ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ed1 l\u01b0\u1ee3ng v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n m\u00e0 n\u00f3 k\u1ebft n\u1ed1i. Th\u00f4ng th\u01b0\u1eddng, n\u1ec1n t\u1ea3ng s\u1ebd thi\u1ebft l\u1eadp k\u1ebft n\u1ed1i v\u1edbi m\u1ed9t s\u1ed1 ng\u00e2n h\u00e0ng qu\u1ed1c t\u1ebf l\u1edbn, c\u00e1c nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng v\u00e0 m\u1ea1ng truy\u1ec1n th\u00f4ng \u0111i\u1ec7n t\u1eed (ECN) \u0111\u1ec3 h\u00ecnh th\u00e0nh nh\u00f3m thanh kho\u1ea3n \u0111a c\u1ea5p. Khi m\u1ed9t nh\u00e0 cung c\u1ea5p nh\u1ea5t \u0111\u1ecbnh r\u00fat l\u1ea1i b\u00e1o gi\u00e1 trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t, c\u00e1c nh\u00e0 cung c\u1ea5p kh\u00e1c v\u1eabn c\u00f3 th\u1ec3 cung c\u1ea5p thanh kho\u1ea3n thay th\u1ebf, do \u0111\u00f3 duy tr\u00ec b\u00e1o gi\u00e1 li\u00ean t\u1ee5c tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

2. L\u1ef1a ch\u1ecdn ch\u1ebf \u0111\u1ed9 th\u1ef1c hi\u1ec7n<\/p>\n

C\u00e1c ch\u1ebf \u0111\u1ed9 th\u1ef1c hi\u1ec7n l\u1ec7nh kh\u00e1c nhau c\u00f3 hi\u1ec7u su\u1ea5t kh\u00e1c nhau \u0111\u00e1ng k\u1ec3 trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t. M\u1ed9t s\u1ed1 n\u1ec1n t\u1ea3ng \u00e1p d\u1ee5ng m\u00f4 h\u00ecnh x\u1eed l\u00fd xuy\u00ean su\u1ed1t (STP) ho\u1eb7c ECN \u0111\u1ec3 k\u1ebft n\u1ed1i tr\u1ef1c ti\u1ebfp c\u00e1c \u0111\u01a1n \u0111\u1eb7t h\u00e0ng c\u1ee7a kh\u00e1ch h\u00e0ng v\u1edbi c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n ng\u01b0\u1ee3c d\u00f2ng thay v\u00ec \u0111\u01b0\u1ee3c n\u1ec1n t\u1ea3ng x\u1eed l\u00fd n\u1ed9i b\u1ed9. \u01afu \u0111i\u1ec3m c\u1ee7a m\u00f4 h\u00ecnh n\u00e0y l\u00e0 gi\u00e1 \u0111\u1eb7t l\u1ec7nh g\u1ea7n v\u1edbi gi\u00e1 giao d\u1ecbch th\u1ef1c t\u1ebf tr\u00ean th\u1ecb tr\u01b0\u1eddng qu\u1ed1c t\u1ebf. \u0110i\u1ec3m b\u1ea5t l\u1ee3i l\u00e0 khi thanh kho\u1ea3n c\u1ea1n ki\u1ec7t, kh\u00e1ch h\u00e0ng c\u00f3 th\u1ec3 tr\u1ef1c ti\u1ebfp \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ecdi bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng - bao g\u1ed3m c\u1ea3 t\u00ecnh tr\u1ea1ng tr\u01b0\u1ee3t gi\u00e1 c\u1ef1c \u0111\u1ed9 v\u00e0 thi\u1ebfu b\u00e1o gi\u00e1.<\/p>\n

C\u00e1c n\u1ec1n t\u1ea3ng kh\u00e1c \u00e1p d\u1ee5ng m\u00f4 h\u00ecnh t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng, v\u1edbi ch\u00ednh n\u1ec1n t\u1ea3ng \u0111\u00f3 cung c\u1ea5p b\u00e1o gi\u00e1 v\u00e0 t\u00ednh thanh kho\u1ea3n. M\u00f4 h\u00ecnh n\u00e0y c\u00f3 th\u1ec3 cung c\u1ea5p ch\u00eanh l\u1ec7ch t\u01b0\u01a1ng \u0111\u1ed1i \u1ed5n \u0111\u1ecbnh trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh th\u01b0\u1eddng, nh\u01b0ng trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t, n\u1ec1n t\u1ea3ng c\u00f3 th\u1ec3 ch\u1ee7 \u0111\u1ed9ng m\u1edf r\u1ed9ng ch\u00eanh l\u1ec7ch, h\u1ea1n ch\u1ebf giao d\u1ecbch ho\u1eb7c th\u1eadm ch\u00ed t\u1ea1m d\u1eebng b\u00e1o gi\u00e1 \u0111\u1ec3 c\u00e2n nh\u1eafc ki\u1ec3m so\u00e1t r\u1ee7i ro.<\/p>\n

3. \u0110i\u1ec1u ch\u1ec9nh linh ho\u1ea1t c\u00e1c th\u00f4ng s\u1ed1 ki\u1ec3m so\u00e1t r\u1ee7i ro<\/p>\n

Trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t, n\u1ec1n t\u1ea3ng th\u01b0\u1eddng th\u1ef1c hi\u1ec7n m\u1ed9t lo\u1ea1t bi\u1ec7n ph\u00e1p ki\u1ec3m so\u00e1t r\u1ee7i ro: t\u0103ng t\u1ef7 l\u1ec7 k\u00fd qu\u1ef9, gi\u1ea3m \u0111\u00f2n b\u1ea9y t\u1ed1i \u0111a, th\u1eaft ch\u1eb7t gi\u1edbi h\u1ea1n kho\u1ea3ng c\u00e1ch cho l\u1ec7nh d\u1eebng l\u1ed7, v.v. M\u1ee5c \u0111\u00edch c\u1ed1t l\u00f5i c\u1ee7a c\u00e1c bi\u1ec7n ph\u00e1p n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 \"c\u1ea3n tr\u1edf\" giao d\u1ecbch m\u00e0 l\u00e0 \u0111\u1ec3 ng\u0103n kh\u00e1ch h\u00e0ng kh\u00f4ng th\u1ec3 \u0111\u00f3ng v\u1ecb th\u1ebf k\u1ecbp th\u1eddi khi thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng kh\u00f4ng \u0111\u1ee7 (t\u00e0i kho\u1ea3n thua l\u1ed7 v\u01b0\u1ee3t qu\u00e1 t\u1ef7 l\u1ec7 k\u00fd qu\u1ef9) - m\u1ed9t t\u00ecnh hu\u1ed1ng kh\u00f4ng ch\u1ec9 g\u00e2y h\u1ea1i cho kh\u00e1ch h\u00e0ng m\u00e0 c\u00f2n mang \u0111\u1ebfn r\u1ee7i ro n\u1ee3 x\u1ea5u cho n\u1ec1n t\u1ea3ng.<\/p>\n

Kinh nghi\u1ec7m c\u1ee7a c\u00e1c s\u00e0n giao d\u1ecbch trong n\u01b0\u1edbc c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m t\u00e0i li\u1ec7u tham kh\u1ea3o: b\u1eb1ng c\u00e1ch \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ed3ng b\u1ed9 gi\u1edbi h\u1ea1n gi\u00e1 v\u00e0 t\u0103ng t\u1ef7 l\u1ec7 k\u00fd qu\u1ef9 giao d\u1ecbch, c\u00f3 th\u1ec3 ng\u0103n ch\u1eb7n c\u1ea3 b\u00ean mua v\u00e0 b\u00ean b\u00e1n g\u1eb7p kh\u00f3 kh\u0103n khi \u0111\u00f3ng v\u1ecb th\u1ebf th\u00f4ng th\u01b0\u1eddng trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t v\u00e0 g\u00e2y t\u1eafc ngh\u1ebdn thanh kho\u1ea3n giao d\u1ecbch li\u00ean t\u1ee5c. Logic t\u01b0\u01a1ng t\u1ef1 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng trong c\u00e1c s\u00e0n giao d\u1ecbch kim lo\u1ea1i qu\u00fd b\u00e1n l\u1ebb.<\/p>\n

4. D\u1ef1 ph\u00f2ng h\u1ec7 th\u1ed1ng v\u00e0 h\u1ed7 tr\u1ee3 k\u1ef9 thu\u1eadt<\/p>\n

Nh\u1eefng \u0111\u1ea3m b\u1ea3o v\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt c\u0169ng kh\u00f4ng th\u1ec3 b\u1ecb b\u1ecf qua. S\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng giao d\u1ecbch, t\u1ed1c \u0111\u1ed9 x\u1eed l\u00fd l\u1ec7nh, v\u1ecb tr\u00ed l\u01b0u tr\u1eef m\u00e1y ch\u1ee7, v.v. \u0111\u1ec1u s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn tr\u1ea3i nghi\u1ec7m giao d\u1ecbch trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t. V\u00ed d\u1ee5, Chicago Mercantile Exchange Group (CME) t\u1eebng \u0111\u00ecnh ch\u1ec9 giao d\u1ecbch c\u00e1c m\u1eb7t h\u00e0ng quan tr\u1ecdng nh\u01b0 kim lo\u1ea1i qu\u00fd do s\u1ef1 c\u1ed1 trung t\u00e2m d\u1eef li\u1ec7u, li\u00ean quan \u0111\u1ebfn c\u00e1c h\u1ee3p \u0111\u1ed3ng tr\u1ecb gi\u00e1 h\u00e0ng ngh\u00ecn t\u1ef7 \u0111\u00f4 la - \u0111i\u1ec1u n\u00e0y cho th\u1ea5y ngay c\u1ea3 t\u1ea1i c\u00e1c s\u00e0n giao d\u1ecbch h\u00e0ng \u0111\u1ea7u th\u1ebf gi\u1edbi, r\u1ee7i ro k\u1ef9 thu\u1eadt v\u1eabn t\u1ed3n t\u1ea1i.<\/p>\n

4. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean xem ch\u01b0\u01a1ng tr\u00ecnh khuy\u1ebfn m\u00e3i \u0111\u1ea3m b\u1ea3o thanh kho\u1ea3n c\u1ee7a n\u1ec1n t\u1ea3ng nh\u01b0 th\u1ebf n\u00e0o?<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n duy tr\u00ec s\u1ef1 th\u1eadn tr\u1ecdng v\u00e0 t\u01b0 duy ph\u1ea3n bi\u1ec7n khi \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng \u0111\u1ea3m b\u1ea3o thanh kho\u1ea3n c\u1ee7a s\u00e0n giao d\u1ecbch kim lo\u1ea1i qu\u00fd. Nh\u1eefng \u0111i\u1ec3m sau \u0111\u00e2y \u0111\u00e1ng \u0111\u01b0\u1ee3c quan t\u00e2m \u0111\u1eb7c bi\u1ec7t:<\/p>\n

\u0110\u1ea7u ti\u00ean, h\u00e3y ph\u00e2n bi\u1ec7t gi\u1eefa \u201ctuy\u00ean truy\u1ec1n\u201d v\u00e0 \u201cs\u1ef1 th\u1eadt\u201d. Nhi\u1ec1u n\u1ec1n t\u1ea3ng nh\u1ea5n m\u1ea1nh c\u00e1c bi\u1ec3u th\u1ee9c nh\u01b0 \"thanh kho\u1ea3n s\u00e2u\" v\u00e0 \"b\u00e1o gi\u00e1 ng\u00e2n h\u00e0ng h\u00e0ng \u0111\u1ea7u\" trong c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh khuy\u1ebfn m\u00e3i c\u1ee7a h\u1ecd, nh\u01b0ng s\u1ed1 l\u01b0\u1ee3ng v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n th\u1ef1c t\u1ebf m\u00e0 h\u1ecd k\u1ebft n\u1ed1i c\u00f3 th\u1ec3 kh\u00e1c nhau. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean ki\u1ec3m tra xem n\u1ec1n t\u1ea3ng c\u00f3 ti\u1ebft l\u1ed9 c\u00f4ng khai th\u00f4ng tin \u0111\u1ed1i t\u00e1c thanh kho\u1ea3n c\u1ee7a m\u00ecnh hay kh\u00f4ng.<\/p>\n

Th\u1ee9 hai, ch\u00fa \u00fd \u0111\u1ebfn hi\u1ec7u su\u1ea5t th\u1ef1c t\u1ebf trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t. Tr\u1ea3i nghi\u1ec7m giao d\u1ecbch trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh th\u01b0\u1eddng kh\u00f4ng ph\u1ea3n \u00e1nh kh\u1ea3 n\u0103ng th\u1ef1c s\u1ef1 c\u1ee7a n\u1ec1n t\u1ea3ng trong th\u1eddi k\u1ef3 kh\u1ee7ng ho\u1ea3ng. B\u1ea1n c\u00f3 th\u1ec3 t\u00ecm hi\u1ec3u v\u1ec1 hi\u1ec7u su\u1ea5t th\u1ef1c t\u1ebf c\u1ee7a n\u1ec1n t\u1ea3ng trong c\u00e1c s\u1ef1 ki\u1ec7n th\u1ecb tr\u01b0\u1eddng l\u1edbn tr\u01b0\u1edbc \u0111\u00e2y (ch\u1eb3ng h\u1ea1n nh\u01b0 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u v\u00e0o th\u00e1ng 3 n\u0103m 2020, s\u1ef1 leo thang xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0o n\u0103m 2026, v.v.) th\u00f4ng qua c\u00e1c trang web \u0111\u00e1nh gi\u00e1 c\u1ee7a b\u00ean th\u1ee9 ba, di\u1ec5n \u0111\u00e0n nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00e1c k\u00eanh kh\u00e1c.<\/p>\n

Th\u1ee9 ba, h\u00e3y c\u1ea3nh gi\u00e1c v\u1edbi s\u1ef1 c\u00e1m d\u1ed7 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y qu\u00e1 m\u1ee9c. M\u1ed9t s\u1ed1 n\u1ec1n t\u1ea3ng cung c\u1ea5p \u0111\u00f2n b\u1ea9y cao t\u1edbi 1:500, \u0111i\u1ec1u n\u00e0y d\u01b0\u1eddng nh\u01b0 gi\u00fap t\u0103ng l\u1ee3i nhu\u1eadn trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh th\u01b0\u1eddng, nh\u01b0ng trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n, \u0111\u00f2n b\u1ea9y cao c\u00f3 ngh\u0129a l\u00e0 r\u1ee7i ro thanh l\u00fd c\u0169ng t\u0103ng l\u00ean. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean ch\u1ecdn m\u1ee9c \u0111\u00f2n b\u1ea9y ph\u00f9 h\u1ee3p d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a b\u1ea3n th\u00e2n, thay v\u00ec m\u00f9 qu\u00e1ng theo \u0111u\u1ed5i m\u1ee9c \u0111\u00f2n b\u1ea9y cao nh\u1ea5t.<\/p>\n

\u3010C\u1ea3nh b\u00e1o r\u1ee7i ro\u3011<\/p>\n

Giao d\u1ecbch \u0111\u00f2n b\u1ea9y b\u1eb1ng kim lo\u1ea1i qu\u00fd c\u00f3 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro cao v\u00e0 c\u00f3 th\u1ec3 kh\u00f4ng ph\u00f9 h\u1ee3p v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. B\u1ea3n ch\u1ea5t c\u1ee7a giao d\u1ecbch \u0111\u00f2n b\u1ea9y l\u00e0 ki\u1ec3m so\u00e1t v\u1ecb th\u1ebf c\u00f3 gi\u00e1 tr\u1ecb l\u1edbn h\u01a1n v\u1edbi s\u1ed1 ti\u1ec1n k\u00fd qu\u1ef9 nh\u1ecf, c\u00f3 ngh\u0129a l\u00e0 nh\u1eefng bi\u1ebfn \u0111\u1ed9ng b\u1ea5t l\u1ee3i nh\u1ecf tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn t\u1ef7 l\u1ec7 thua l\u1ed7 l\u1edbn h\u01a1n. Trong tr\u01b0\u1eddng h\u1ee3p c\u1ef1c \u0111oan, kho\u1ea3n l\u1ed7 c\u00f3 th\u1ec3 v\u01b0\u1ee3t qu\u00e1 s\u1ed1 ti\u1ec1n k\u00fd qu\u1ef9 ban \u0111\u1ea7u trong t\u00e0i kho\u1ea3n.<\/p>","protected":false},"excerpt":{"rendered":"

Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng thanh kho\u1ea3n trong giao d\u1ecbch \u0111\u00f2n b\u1ea9y v\u00e0ng v\u00e0 b\u1ea1c. B\u00e0i vi\u1ebft n\u00e0y ph\u00e2n t\u00edch nguy\u00ean nh\u00e2n c\u1ee7a vi\u1ec7c m\u1edf r\u1ed9ng ch\u00eanh l\u1ec7ch gi\u00e1 th\u1ea7u, \u0111\u1ed9 tr\u01b0\u1ee3t gi\u00e1 t\u0103ng m\u1ea1nh v\u00e0 hi\u1ec7u \u1ee9ng khu\u1ebfch \u0111\u1ea1i thu\u1eadn chu k\u1ef3 c\u1ee7a \u0111\u00f2n b\u1ea9y trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t, ti\u1ebft l\u1ed9 c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n (LP) \u0111a c\u1ea5p v\u00e0 c\u01a1 ch\u1ebf ki\u1ec3m so\u00e1t r\u1ee7i ro linh ho\u1ea1t c\u1ee7a n\u1ec1n t\u1ea3ng giao d\u1ecbch, \u0111\u1ed3ng th\u1eddi gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 h\u1ee3p l\u00fd kh\u1ea3 n\u0103ng c\u1ee7a n\u1ec1n t\u1ea3ng v\u00e0 thi\u1ebft l\u1eadp h\u1ec7 th\u1ed1ng ph\u00f2ng ng\u1eeba r\u1ee7i ro trong c\u00e1c th\u1ecb tr\u01b0\u1eddng kh\u1eafc nghi\u1ec7t.<\/p>","protected":false},"author":1,"featured_media":10696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[122],"tags":[1515,161,1514],"class_list":["post-10695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-stp","tag-161","tag-1514"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=10695"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10695\/revisions"}],"predecessor-version":[{"id":10698,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10695\/revisions\/10698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/10696"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=10695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=10695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=10695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}