GII THIUTh trng tin t hot ng t nhng nm 1800 nhng tr nn quan trong hn k t nm 1970, khi li sut tng cao cha tng c trong lch s by gi. Tht ra, s gia tng li sut ngn hn, kt hp vi quy nh trn li sut m ngn hng c th tr cho cc khon tin gi, dn n kt qu l mt dng vn ra nhanh chng ca cc nh ch ti chnh vo cui nhng nm 1970, u nhng nm 1980. Dng vn ra ny khin nhiu ngn hng, t chc nhn tin gi v cho vay b sp . Nn cng nghip ny ch phc hi sau nhng s thay i ln c lin quan n li sut th trng tin t c thc hin.Chng ny xem xt cn thn th trng tin t v cc chng khon c giao dch. Thm , chng ti tho lun ti sao th trng tin t li quan trng i vi th trng ti chnh.

1. NH NGHA TH TRNG TIN TCm t "th trng tin t" tht s l 1 s nhm ln. Tin t khng c giao dch trn th trng tin t. Bi v cc chng khon giao dch c k hn ngn v tnh thanh khon cao, do vy chng rt gn ngha vi tin. Chng khon trn th trng tin t c 3 c tnh c bn sau: Thng c bn in large denominations. Ri ro default thp K hn 1 nm hoc thp hn 1 nm t ngy pht hnh ban u. Hu ht cc cng c trn th trng tin t c k hn thp hn 120 ngy.S chuyn giao trn th trng tin t khng xy ra ti 1 v tr hay ta nh c th. Ngi giao dch thng sp xp mua bn gia ngi tham gia thng qua in thoi v hon tt giao dch bng in t. V c im ny, chng khon th trng tin t thng c th trng th cp si ni. C ngha rng sau khi chng khon c bn ln u, rt d dng tm thy ngi s tip tc mua trong tng lai. Th trng th cp si ng lm chng khon trn th trng tin t tr thnh cng c linh hot tha mn cc nhu cu ca cng c ti chnh ngn hn. V d, bn bo co hng nm ca Mirosoft "Chng ti xem xt tt c khon u t thanh khon cao sinh li c k hn 3 thng hoc ngy quy i thnh tin thp hn 3 thng.Mt c im khc ca th trng tin t, y l th trng bn bun. C ngha rng hu ht cc giao dch chuyn i u rt ln, thng thng vt qu 1triu USD. Khi lng giao dch ngn cn hu ht cc nh u t c nhn tham gia trc tip vo th trng tin t. Thay vo , mi gii v trung gian, iu hnh cc phng giao dch ca cc ngn hng ln v nh mi gii, mang khch hng li vi nhau. Nhng ngi ny mua hoc bn 50 - 100 triu USD ch trong vi giy, chc chn khng phi l cng vic dnh cho ngi au tim.Trong chng 2 cp, s linh hot v i mi l 2 c im quan trong ca bt c th trng ti chnh no, v th trng tin t cng khng ngoi l. Mc d bn cht bn bun ca th trng tin t, nhng chng khon v phng php thng mi tn tin pht trin nh u t nh thm nhp th trng tin t. Chng ta s tho lun nhng chng khon ny v c im ca n chi tit hn trong chng 20.

TI SAO CHNG TA CN TH TRNG TIN T?Trong mt th gii khng c kim sot ni chung, th trng tin t khng cn thit. Cng nghip ngn hng tn ti ban u cung cp n ngn hn v chp nhn khon tin gi ngn hn. Ngn hng nn c li th hiu qu trong thu thp thng tin, li th m loi tr nhu cu cho th trng tin t. Nh vo mi quan h lin tc vi khch hng, ngn hng nn cung cp khon n r hn cc th trng c a dng ha, nh gi ngi vay mi ln sn phm mi c cung cp. Hn na, chng khon ngn hn c bn trn th trng tin t khng thanh khon cng nh an ton bng tin gi ti ngn hng v qu tit kim. C tt c li th m ngn hng c, ti sao th trng tin t tn ti?Cng ngh ngn hng tn ti ch yu lm trung gian iu chnh vn thng tin bt cn xng gia ngi d vn - ngi cho vay v ngi vay - ngi dng vn, v ngn hng c th kim li nhun bi cch nm bt tnh kinh t theo quy m khi cung cp dch v. Tuy nhin, cng nghip ngn hng l thuc vo quy nh v chi ph c lin quan n chnh quyn nhiu hn th trng tin t. Trong trng hp vn thng tin bt cn xng khng nghim trong, th trng tin t c li th chi ph khc bit so vi ngn hng trong vic cung cp tin ngn hn.

LI TH CHI PH CA TH TRNG TIN TNgn hng phi mt phn tin gi vo d tr ti Cc d tr lin bang khng c tnh li. V vy, ngn hng khng th u t 100% trn mi la tin gi.1 C ngha l ngn hng phi tr mc li sut cho ngi gi tin thp hn so vi khi tt c tin gi c th u t.Quy nh v li sut l tr ngi mang tnh cnh tranh th hai cho ngn hng. Mt trong nhng mc ch nguyn tc ca lut ngn hng nhng nm 1930 l gim cnh tranh trong ngnh ngn hng. Vi cnh tranh t hn, cc nh qun l cm thy, ngn hng t c kh nng tht bi. Gi i vi ngi tiu dng mang li li nhun ln hn m ngn hng kim c t s thiu cnh tranh trn th trng t do c iu chnh bi s n nh kinh t ln hn do h thng ngn hng khe mnh cung cp.Mt cch m li nhun ngn hng c m bo l cc quy nh thit lp mt mc trn cho li sut m cc ngn hng c th tr tin cho qu.The Glass-Steagall Act of 1933 cm tr li sut trn ti khon sc v gii hn li c th c th tr trn tin gi ng k hn. Gii hn v li sut khng thch hp cho mi n cui nhng nm 1950. th 11.1 ch r gii hn ny gy rc ri cho ngn hng vo cui nhng nm 1970 u 1980 khi lm pht y li sut ngn hn cao hn mc m ngn hng c th chi tr ng lut. Cc nh u t rt tin ra khi ngn hng v y tin vo th trng tin t c cho mi bi nhiu cng ty mi gii. Nhng nh u t mi lm cho th trng tin t pht trin nhanh chng.Trn li sut ngn hng thng mi b xa b vo thng 3 nm 1986, nhng k t th trng tin t bn l c thit lp.Ngn hng tip tc gi vai tr trung gian, chng ta s nghin cu trong cc chng sau. Tuy nhin, trong mt vi trng hp, cu trc chi ph ca ngnh cng nghip ngn hng khin n khng th cnh tranh hiu qu trong th trng dnh cho vn ngn hn khi so snh vi th trng tin t t hn ch hn.2. MC CH CA TH TRNG TIN TTh trng th cp pht trin mnh m l cng c cho th trng tin t, lm th trng tin t thnh ni l tng cho cc cng ty hoc nh ch ti chnh lu tr vn d n khi cn. Tng t, th trng tin t cung cp ngun vn chi ph thp cho cc cng ty, chnh ph, v t trc trung gian cn vn ngn hn.Hu ht cc nh u t trn th trng tin t, ngi tm thi ct gi vn, thng thng khng c gn kim li nhun cao bt thng t vn ca h trn th trng tin t. ng hn l, h s dng th trng tin t nh mt cch u t tm thi mang v li nhun cao hn gi tin trong ngn hng. H c th cm thy rng iu kin th trng khng m bo vic mua thm c phiu, hoc rng h mong i li sut tng v v vy khng mun mua tri phiu. Cn lu rng gi tin mt d tha nhn ri l t i vi nh u t v tin khng mang li thu nhp cho ngi s hu. Tin mt nhn ri i din cho chi ph c hi khi mt thu nhp t li sut. Chng 4, chi ph c hi ca ti sn l s tin li b mt i do khng nm gi ti sn khc. Th trng tin t cung cp phng tin u t vn nhn ri v gim chi ph c hi. Cc nh t vn u t thng gi vn trn th trng tin t c th nhanh chng tn dng li th ca cc c hi u t m h xc nh c. Hu ht cc qu u t v trung gian ti chnh cng gi cc chng khon trn th trng tin t p ng u t hoc lung tin gi chy ra.Ngi bn chng khon trn th trng tin t cho rng th trng tin t cung cp ngun vn tm thi chi ph thp. Bng 11.1 ch r li sut ca cc cng c th trng tin t c bn bi nhiu loi cng ty v nh ch lun a dng. V d, ngn hng c th pht hnh qu lin bang (chng ti s nh ngha chng khon th trng tin t sau trong chng ny) huy ng vn t th trng tin t nhm p ng thiu ht d tr vn ngn hn. Cc cng ty ti chnh nh GMAC (General Motors Acceptance Company) c th gia nhp th trng tin t tng vn nhm s dng cho cc khon vay mua t.Ti sao cc cng ty v chnh ph M thnh thong cn dng vn ny? L do u tin l dng tin mt ra-vo him khi xy ra ng thi. Doanh thu thu ca chnh ph, v d, thng vo mt thi im c th trong nm, nhng chi tiu th quanh nm. Chnh ph c th mn vn ngn hn v hon tr li khi nhn c doanh thu thu. Doanh nghip cng i mt vi vn doanh thu v chi ph xut hin ti cc thi im khc nhau. Th trng tin t cung cp gii php hiu qu v chi ph thp cho vn ny.

3. NHNG CH TH THAM GIA TRN TH TRNG TIN TNgi cho vay v ngi i vay l nhng ngi tham gia th trng tin t. Hu ht h u thc hin c i vay v cho vay. V d, bt c ngn hng no cng vay tin trn th trng tin t bng cch bn CDs thng mi. ng thi, h s cho doanh nghip vay vn ngn hn thng qua phng cho vay thng mi. Chng ta c th xc nh c nhng ngi ban u tham gia vo th trng tin t: Kho bc nh nc US, Cc d tr lin bang (FED), ngn hng thng mi, doanh nghip, cng ty u t v kinh doanh chng khon, C nhn.Kho bc nh nc M Kho bc nh nc c tnh c trng duy nht l ngi cu tin t ch khng bao gi l ngi cung ng tin t. Kho bc nh nc M l ngi vay tin ln nht th gii trn th trng tin t. Kho bc nh nc pht hnh tn phiu kho bc nh nc ( T- Bill) v mt vi chng khon thng dng khc. V ngn hn gii quyt vn ngn sch cho chnh ph khi cha c cc khon thu v thu. Kho bc cng pht hnh tn phiu thay th cc sn phm n hn.Cc d tr lin bang (FED) Cc d tr lin bang l i l phn phi cc chng khon chnh ph ca kho bc nh nc. FED gim hay tng lng cung tin bng cch bn mt lng ln tri phiu chnh ph hay nm gi chng, chnh v vy m FED c vai tr nh hng ln nht trong th trng tin t M. Vai tr ca FED c thng qua cc nghip v trn th trng m c tho lun trong chng 9 v chng 10.Ngn hng thng mi Ngn hng thng mi gi mt t l phn trm chng khon chnh ph M ng th 2 sau qu hu tr. y l mt phn do cc quy nh hn ch cc c hi u t ca ngn hng. C th , ngn hng u b cm s hu cc loi chng khon ri ro nh c phiu hoc tri phiu doanh nghip nhng khng c bt k hn ch no i vi tri phiu kho bc nh nc bi chng c ri ro thp v tnh thanh khon cao. Ngn hng thng mi pht hnh cc chng ch tin gi, hi phiu, chng ch qu, cc hp ng mua li ( chng ta s tho lun phn ny trong chng tip theo). Ngoi ra, vic s dng chng khon trn th trng tin t gip cc ngn hng qun l thanh khon d dng hn, cc ngn hng thng mi thay mt khch hng ca h kinh doanh trn th trng ny. Khng phi tt c ngn hng thng mi u c giao dch trn th trng tin t th cp cho khch hng, m ch nhng ngn hng ln nht trong nc v c gi l ngn hng trung tm tin. Cc ngn hng trung tm tin ln nht bao gm: Citigroup, Bank of America, JP Morgan v Wells Fargo.Doanh nghip Nhiu doanh nghip mua v bn chng khon trong th trng tin t, hot ng nh vy c gii hn trong cc tp on c lng la ln. Nh tho lun trc , th trng tin t c s dng m rng thng d tn kho v huy ng vn ngn hn. Chng ti s tho lun v th trng chng khon m doanh nghip pht hnh trong chng sau.Cng ty u t v kinh doanh chng khon Nhng nh ch ti chnh khc tham gia vo th trng tin t c lit k trong bng 11.2 Cng ty u t: cng ty mi gii a dng ha bi cc hot ng trn th trng tin t, ln nht trong s ny gm c: Bank of America, Merrill Lynch, Barclay Capital, Credit Suisse v Goldman Sach. Chc nng chnh ca h l nhng nh to lp th trng bng cch duy tr mt lng chng khon c th thc hin mua v bn.Chc nng quan trng ca cc doanh nghip ny l to tnh thanh khon cho th trng v h m bo rng ngi bn d dng c th trng i vi chng khon ca h. Chng ti s tho lun v cc cng ty u t trong chng 22 Cng ty ti chnh: Cng ty tng qu vn bng cch bn cc thng phiu trn th trng s cp. Sau h cho ngi tiu dng vay tin mua cc hng ha lu bn nh: t, tu thuyn, sa cha nh .Cng ty ti chnh v cc cng ty lin quan c tho lun trong chng 26. Cng ty bo him: Cc cng ty bt ng sn v cng ty bo him phi duy tr mt t l thanh khon nht nh chi tr cho nhng nhu cu khng th d on trc. Vo nm 2004 cn bo tuyt b vo Florida , cng ty bo him chi tr hng t li ch bo him. p ng nhu cu ny cho qu, cc cng ty bo him bn chng khon ca h trn th trng tin t. Trong nm 2012, ngnh cng nghip bo him nm gi lng chng khon ngang bng vi cc ngn hng thng mi (196 t la so vi 199 t la) Qu hu tr: qu u t u t mt phn tin mt ca h trong th trng tin t h c th tn dng c hi xc nh loi chng khon no ph hp vi h, Nh cc cng ty bo him, qu hu tr h phi duy tr tnh thanh khon p ng nhng ngha v pht inh ca mnh. Tuy nhin, nhng ngha v c th d on trc c , nn u t mt lng ln vo th trng tin t l khng cn thit. Qu hu tr s c tho lun trong chng 24. C nhn: Vo cui nhng nm 1970, lm pht tng cao lc ny li sut cho tin gi ngn hng khng cn sc hp dn cho cc nh u t c nhn. Ti cng thi gian ny, cc cng ty chng khon lp ra cc qu tng h tr vi li sut hp dn hn. Cc ngn hng khng th rt tin mt ra khi qu tng h bi nhng quy nh v tr li cho tin gi.Cc ngn hng tng li sut tin gi ko cc nh du t cc nhn nhng cc qu tng h vn l s la chn ph bin cho nhng nh u t , bi ch mt lng vn nh nhng cc nh u t c th tip cn vi cc m chng khon c mnh gi ln. Chng ti s phn tch qu tng h su hn trong chng 20.Bng 1.1.2: Cc ch th tham gia th trng tin t:Ch th tham gia th trng tin tVai tr ca cc ch th

Kho bc nh nc MPht hnh cc chng khon kho bc nhm trang tri cc khaorn n quc gia

Cc d tr lin bang M( FED)Mua v bn cc chng khon kho bc iu hnh lng cung tin trn th trng.

Ngn hng thng miMua cc loi chng khon kho bc, pht hng cc chng ch tin gi, cho vay ngn hn, m ti khon u t cho c nhn u t trn th trng tin t.

Doanh nghipMua v bn cc chng khon ngn hn nh l cch thc qun l lng tin mt ca h

Cng ty u ti din cho cc ti khon thng mi u t

Cng ty ti chnh ( cng ty cho thu thng mi)Cho c nhn vay tin

Cng ty bo himD tr t l thanh khon p ng cc nhu cu khng d on trc c

Qu hu trDuy tr qu u t vo cc cng c ti chnh nh tri phiu v c phiu trn th trng tin t

C nhnKinh doanh th trng tin t thng qua qu tng h.

Qu tng hCho php cc nh u t nh tham gia vo th trng tin t bng cch tp hp s vn nh nhng vn u t vo cc chng khaosn c mnh gi ln trn th trng.

4. NHNG CNG C TRN TH TRNG TIN TTrn th trng tin t c rt nhiu cng c cc ch th tham gia a dng ha danh mc ca h, chng khon ny tt cho ngi ny nhng chng khon khc li l ti u i vi ngi khc.Trong chng ny chng ta s tm hiu cc c trng ring bit ca chng v cc ch th s dng chng qun l tin u t ca h.TRI PHIU KHO BC trang tri cc khon n quc gia, kho bc nc M pht hnh nhiu loi chng khon n, trong chng khon pht hnh nhiu v c thanh khon cao nht l tn phiu, tn phiu c bn vi cc k hn 28,81,182 ngy.Cc tn phiu c mnh gi ti thiu l 1,000 la m cho n nm 2008, lc mnh gi mi 100 la m. Mt n lc lm cho tri phiu kho bc ph bin rng ri l vo thng 9 nm 1998 phng php mua chng khon c FED thit lp cho php c nhn c th mua trc tip tri phiu kho bc nh nc qua Internet.Chnh ph khng thc s phi tr li sut tri phiu kho bc , thay vo h c pht hnh vi gi gim so vi mnh gi lc mn hn. Li nhun ca nh u t l s gia tng v gi tr ca khon chng khon trn gia thi gian mua cho ti thi gian o hn.CASE: Chit khu gi ca tri phiu kho bcHu ht cc chng khon trn th trng tin t khng phi tr li, thay vo nhng nh u t c c hi mua c gi thp hn so vi mnh gi ca chng khon phng php gi l chit khu.Cng thc tnh li sut chit khu hng nm:

Ick: li sut chit khu hng nmF: mnh gi khi o hnP: gi mua chng khonN: thi gian nm gi chng khon cho ti o hn.Cng thc trn ch cho ta rng th nht v s tin phi tr ca nh u t l thp hn c nm gi chng khon, th hai thi gian c tnh l 360 ngy cho mt vng quay nin hn.Cng thc cho php nh u t tnh ton chnh xc hn v t sut sinh li l thay i vng quay nin hn l 365 ngy , s ngy ny c p dng tnh cho nm nhun:

I: t sut u tF: mnh gi khi o hn.P: gi mua chng khon.N: thi gian nm gi chng khon cho ti thi hn o hn.

Ri ro Tri phiu kho bc dng nh khng c ri ro bi v thm ch nu chnh ph khng c tin th vn c th in thm o hn khi cc tri phiu n hn. Ri ro do s thay i bt thng ca lm pht cng mc thp bi v cc tri phiu ny c thi hn rt ngn. Th trng tri phiu kho bc rt su v c tnh thanh khon. Mt th trng pht trin su l ni c nhiu ngi bn v nhiu ngi mua khc nhau. Mt th trng c tnh thanh khon l ni trong cc tri phiu c th c giao dch mua bn nhanh chng vi chi ph rt thp. Cc nh u t trong th trng ny c rt t ri ro khng bn c tri phiu lc h cn bn.Trong mt s kin lch s, u nm 1996 nhiu cuc tranh lun v ngn sch l nguyn nhn chnh ph v n, mc d t lu c mt nim tin rng iu khng xy ra. Quc hi c gng buc chnh ph Clinton k mt d lut ngn sch bng cch t chi mt gi chi tiu tm thi. Nu s b tc cn ko di, chng ta s chng kin ln u tin Chnh ph M v n. Chng ta cng c th tnh ton c tc ng di hn ln li sut nu tt c cc tri phiu ca Chnh ph c bo him.u gi tri phiu kho bc Mi tun Kho bc s thng bo loi v s lng tri phiu c bn v Kho bc s chp nhn bn i vi lnh t mua gi cao nht. Kho bc chp nhn cc lnh mua cnh tranh nhau theo th t tng dn ca gi cho n khi lnh mua c chp nhn s lng cn bn. Mi lnh mua c chp nhn phi cht gi mc cao nht c tr bi cc lnh mua khc.Ngc li i vi u gi tri phiu kho bc l tri phiu khng u gi. Trong khi u gi th cc nh u t s a ra lng tri phiu v gi mun tr, th th trng khng u gi nh u t ch a ra lng cn mua. Gi bn ca tri phiu c xc nh theo gi tri phiu c u gi trc . V vy cc nh u t tham gia u gi tri phiu v cc nh u t mua tri phiu khng qua u gi phi tr mc gi nh nhau. iu khc nhau c bn gia hai phng php ny l i vi cc nh u t tham gi u gi th c th c hoc khng thc hin lnh mua ca mnh, ring nh u t khng tham gia u thu th phi cam kt mua cc tri phiu t. Nm 1976 Kho bc chuyn ton b tri phiu lin bang thnh cc chng khon lu k, thay th cho chng khon trn giy. Trong h thng lu k chng khon, quyn s hu tri phiu ch hin th trong my tnh ca FED. V c bn vic lu k ny thay th cc tri phiu thc s, iu ny lm gim chi ph pht hnh tri phiu chnh ph v chi ph chuyn nhng mua bn trn th trng th cp. Vic u gi chng khon ca Kho bc nhm mc tiu tng tnh cnh v cng bng. m bo tnh cnh tranh, khng c i l no c php mua hn 35% ca tri phiu. Khong hn 40 cc i l chnh thc tham gia trong bui u gi. Salomon Smith Barney b bt do v phm cc iu kin v t l tri phiu m i l c th mua vi hu qu nghim trng.Li sut tri phiu kho bc Li sut ca tri phiu kho bc thp nht trong nn kinh t bi v tri phiu kho bc l gn nh khng c ri ro. Do , cc nh u t vo tri phiu kho bc nhn thy rng trong vng vi nm li tc t tri phiu thm ch khng b p cho chi ph mua vo. Hnh 11.2 th hin li sut ca tri phiu kho bc v t l lm pht t 1973 n 2006. Nh cp t Chng 3, li sut thc him khi b hn khng. V d: giai on t 1973-1977, 1990-1991 v 2002-2004 t l lm pht bng v vt qua li sut tri phiu Kho bc. R rng, tri phiu kho bc khng phi l mt knh u t m ch l ni ct gi tm thi ngun vn, bi v n hu nh khng gn lin vi lm pht.MINI CASEu gi tri phiu kho bc i HaywireVo mi th nm, Kho bc thng bo s lng ca cc tri phiu 28 ngy, 91 ngy v 182 ngy s c bn l bao nhiu ? Cc nh u t phi t lnh mua vo th hai tun k tip c kt qu vo th ba tip theo. Kho bc s chp nhn gi mua cao nht. Cuc u gi tri phiu hng ti s cnh tranh cao v cng bng nht. m bo mc cnh tranh, khng c i l no c php mua hn 35% mt loi tri phiu. C khong 40 i l s cp tham gia vo cuc u gi ny. Nm 1991, pht hin ra Salomon Smith Barney ph lut khi u c th trng v tnh cng bng ca cuc u gi b nghi ng. Salomon mua 35% tri phiu hp php di tn minh v tip tc mua thm tri phiu bng tn ca khch hng m khng thng qua nhng khch hng ny. Kt qu ca cc giao dch ny l Salomon u c th trng v nm c quyn. Cc cuc iu tra cho thy trong cuc u gi vo thng 5/1991, nh mi gii qun l 94% s tri phiu c bn. Trong thi gian v vic ca Salomon b phanh phui, John Gutfreund ch tch cng ty v vi qun l cao cp cng Salomon ngh hu. Sau Kho bc ban hnh cc quy nh mi m bo tnh cnh tranh cho th trng.QU LIN BANGQu lin bang l ngun vn ngn hn c chuyn nhng gia cc nh ch ti chnh, thng c thi hn 1 ngy. Qu ny th thng b hiu nhm. N chng lin quan g n hot ng ca chnh quyn lin bang. Ch l qu ny c gia ti ngn hng d tr lin bang m thi. Ngun vn lin bang ny xut hin t nm 1920 khi cc ngn hng tha vn cho cc ngn hng thiu vn vay. Li sut ca n thng gn vi li sut chit khu. Mc ch Qu lin bang D tr lin bang thit lp mt t l d tr ti thiu m tt c cc ngn hng phi duy tr. m bo thc hin iu ny cc ngn hng phi gi mt lng phn trm trn tng s tin gi ti Cc d tr lin bang. Mc ch chnh ca qu d tr lin bang l cung cp cho cc ngn hng mt mc d tr ngy khi cn. Cc ngn hng c th vay trc tip t Qu d tr lin bang, tuy nhin Cc d tr lin bang ch ng khuyn khch ngn hng vay mn t mnh. V li sut ca qu d tr lin bang thp nn n l ngun vn khng th thay th. thy c s ph bin ca qu ny, mi ngy c n hn hn 250 t USD c giao dch.

Rate (%)

FIGURE 11.2 Treasury Bill Interest Rate and the Inflation Rate, January 1973-January 2010iu khon ca Qu d tr lin bang Qu d tr lin bang thng c u t qua m. Cc ngn hng mc d tr hng ngy ca mnh quyt nh u t hay vay mn trn qu ty vo mc tha hay thiu ca vn d tr. Gi s rng ngn hng thu 50 triu USD.Ngn hng ny s gi cho ngn hng i l (ngn hng c ti khon i ng) xem c cn d tr vo ngy hm hay khng. Ngn hng s bn vn tha cho ngn hng no cho gi cao nht. Mt khi t c tha thun vi nhau ngn hng tha vn s lin h qu d tr lin bang chuyn tin t ti khon ca mnh ti FED sang ngn hng mua vn. V ngy hm sau khon vn s c chuyn tr li, v qu trnh mua bn bt u li t u.Li sut Qu d tr lin bang p lc t pha cung v cu hnh thnh nn li sut ca vn d tr lin bang. l mt th trng cnh tranh ni m cc nh phn tch c th d on c xu hng ca li sut ngn hn. Li sut ca vn FED v lng giao dch qua cc mi gii Newyork c cng b trn bo ca Qu d tr lin bang.

Cc d tr lin bang khng trc tip iu hnh li sut vn FED. Li sut ny nh hng gin tip thng qua cc d tr lin bang bng cch iu chnh d tr ca cc ngn hng trong ton h thng. FED c th tng tin bng cch mua cc tri phiu, tin thu c li c u t v chuyn vo cc ti khon ca cc ngn hng ny ti FED. iu ny lm tng cung d tr v y li sut ca vn FED gim xung. Nu FED gim d tr bng cc bn tri phiu, li sut qu FED s tng. FED s thng bo nh s tng hoc gim li sut FED trc tin. Mc d li sut ny c th tc ng n cc nh kinh doanh v ngi tiu dng, cc nh phn tch s xem xt mc quan trng ca cc hng m FED mun nh hng cho nn kinh t.THA THUN MUA LITha thun mua li c c ch hot ng nh l qu FED nhng c iu l cc ngn hng khng th tham gia. Cc cng ty c th bn Tri phiu Kho bc v tha thun mua li vo mt ngy trong tng lai. Hu ht vic mua li c thi hn rt ngn, hu ht c thi hn t 3 n 2 tun.Cng dng ca tha thun mua li Cc i l chng khon chnh ph thng tham gia tha thun mua li. Cc i l c th bn chng khon cho 1 ngn hng vi cam kt mua li vo ngy tip theo. iu ny khin REPOS tr thnh mt khon vay ngn hn. Cc i l s dng REPOS qun l tnh thanh khon v chim li th tc ng n li sut. Cc d tr lin bang s dng RPOS thc hin cc chnh sch tin t - c cp trong chng 10. Vic thc hin chnh sch tin t i hi FED iu chnh d tr ca cc ngn hng mt cc tm thi. thc hin cc iu chnh ny, FED s mua hoc bn Tri phiu chnh ph trn th trng REPOS.thi hn mua li khng vt qu 15 ngy.Interest Rate (%)

FIGURE 11.3 Federal Funds and Treasury Bill Interest Rates, January 1990-January 2010Li sut Respo Bi v REPOS c m bo bng cc Tri phiu Kho bc , nn v th th trng c ri ro thp v v vy cng c mc li sut rt thp.. V th, him khi c thua l trn th trng ny. V d: nm 1985 khi ESM Government Securities and Bevill, Bresler & Schulman tuyn b ph sn. Nhng cng ty ny dng cng mt chng khon m bo cho nhiu khon vay. Kt qu l thu l cho cc n v mua REPOS hn 500 triu USD. Vic thua l ny cng l nguyn nhn dn n b ca h thng tit kim bo him ti Ohio.CHNG CH TIN GI C TH CHUYN NHNGChng ch tin gi c th chuyn nhng c l mt chng khon c ngn hng pht hnh nh khon tin gi v c li su v thi gian o hn. Bi v ngy o hn c ghi r nn Chng ch tin gi c th chuyn nhng c l chng khon c k hn, tri ngc vi tin gi khng k hn. Chng khon c k hn ghi r ngy o hn, tin gi khng k hn c th rt bt c lc no. Chng ch tin gi c th chuyn nhng c cn c gi l cng c v danh. C ngha l bt c ai gi cng c ny vo ngy o hn s nhn c vn gc v tin li. Chng ch tin gi c th chuyn nhng c c th c mua v bn cho n ngy o hn.iu khon ca chng ch tin gi c th chuyn nhng c. Mnh gi ca Chng ch tin gi c th chuyn nhng trong phm vi t 100.000 USD n 10 triu USD. Mt vi Chng ch tin gi c th chuyn nhng c c mnh gi hn 1 triu USD. Nguyn nhn lm cho nhng cng c ny qu ln l nhng ngi thng nhn t chc l trn c 1 triu USD. Mt l trn l s lng ti thiu c th giao thng khng c gnh chu cao hn ph mi gii bnh thng.Chng ch tin gi c th chuyn nhng c thng c thi hn t 1- 4 thng. Mt vi c thi hn 6 thng, nhng c t nhu cu chng ch c k hn di hn.Lch s ca chng ch tin gi c th chuyn nhng c. Citibank l ngn hng u tin pht hnh chng ch tin gi c th chuyn nhng c vo nm 1961. Ngn hng xut chng ch tin gi c th chuyn nhng c lt ngc xu hng gim st ca tin gi khng k hn trong thi gian di va qua ti cc ngn hng ln. Th qu cc cng ty ang ti thiu ha lng tin mt v u t vo cc qu an ton, cng c th trng tin t to ra thu nhp nh l T-bills (tn phiu_treasury bill). S thu ht ca chng ch tin gi c th chuyn nhng c l n tr li sut th trng. Tuy nhin y cng l vn . Li sut m ngn hng c th tr cho chng ch tin gi c th chuyn nhng c c gii hn bi quy nh Q. Khi li sut trn hu ht cc chng khon l thp th quy nh ny khng nh hng n cu. Nhng khi li sut vt qua mc gii hn ca quy nh Q, th trng ca chng ch tin gi c th chuyn nhng c b bin mt. Phn ng li ngn hng bt u xut chng ch nc ngoi, ni m h c min nhng gii hn ca quy nh Q. Vo nm 1970, Quc hi sa i quy nh Q chng ch tin gi trn $100,000 khng b iu chnh bi quy nh Q. Vo 1972, chng ch tin gi c th chuyn nhng c hin din 40% lng tin gi cc ngn hng. Chng ch tin gi by gi l cng c ph bin th 2 trong th trng tin t, ch ng sau tn phiu.Li sut ca chng ch tin gi c th chuyn nhng c. th 11.4 biu th li sut trn chng ch tin gi c th chuyn nhng c cng vi tn phiu. T gi tr cho chng ch tin gi c th chuyn nhng c l s tha thun gia ngn hng v khch hng. H c s t l chi tr ging nhau cho nhng cng c th trng tin t khc bi v mc ri ro l tng i thp. Nhng ngn hng trung tm tin t ln c th xut li sut hi thp hn nhng ngn hng khc bi v nhiu nh u t trong th trng tin rng chnh ph s khng bao gi chp nhn nhng ngn hng quc gia ln b sp . Nim tin ny to ra ngha v ca ngn hng t ri ro hn.

Li sut (%)

FIGURE 11.4: Li sut ca chng ch tin gi c k hn v tn phiu, 01/1990-01/2010THNG PHIUChng khon thng phiu l giy n khng an ton, c pht hnh bi doanh nghip, k hn khng qu 270 ngy. Bi v nhng chng khon ny khng an ton, nn ch c nhng tp on ln v c s ng tin cy v kh nng tr n pht hnh thng phiu. Li sut thng phiu tp on tr phn nh mc ri ro ca h.iu khon v pht hnh Thng phiu ny lung c k hn o hn gc thp hn 270 ngy. y l ngn nga cu ng k pht hnh chng khon vi y ban chng khon v hi oi. ( c min ng k t ESC, s pht hnh phi c k hn o hn gc thp hn 270 ngy v phi c dnh cho giao dch hin ti). Hu ht cc thng phiu ch c k hn t 20-45 ngy. Ging nh tn phiu, hu ht cc thng phiu c pht hnh trn c s c chit khu.Khong 60% thng phiu c bn trc tip t ngi pht hnh n ngi mua. S cn li c bn bi mi gii trn th trng thng phiu. Mt th trng th cp mnh cho thng phiu khng tn ti. Mt ngi bn s mua li thng phiu nu ngi mua c nhu cu tin mt, mc d iu ny thng khng cn thit.Lch s ca Thng phiu Thng phiu c s dng di nhiu hnh thc khc nhau t nm 1920. Nm 1969, mi trng tin t khan him l nguyn nhn lm cho ngn hng bt tay vi cc tp on pht hnh thng phiu ti tr cc khon vay mi. Phn ng li, kim sot lng cung tin, Cc d tr lin bang p t yu cu d tr vo cc ngn hng pht hnh thng phiu nm 1970. Nhng yu cu d tr loi b cc li th ca nhng ngn hng s dng thng phiu. Ngn hng kt hp vi cty vn s dng thng phiu ti tr cho qu cho thu v ti chnh c nhn.Vic s dng thng phiu tng ng k vo u nhng nm 1980 v chi ph tin vay ca ngn hng tng ln. th 11.5 th hin th li sut ca thng phiu so vi li sut c bn ca ngn hng trong giai on 01/1990 n 02/2010. Thng phiu tr thnh mt s la chn thay th quan trng cho nhng khon vay ngn hng trc y v chi ph thp.Th trng ca thng phiu Cc tp on phi ngn hng s dng thng phiu rng ri ti tr cho cc khon n m h gia hn cho khch hng ca h. V d, cng ty GMAC mn tin bng cch pht hnh thng phiu v dng tin cho khch hng vay. Tng t, GE capital and Chrysler Credit dung thng phiu to ra cc qu vay cho khch hng. Tng cc cng ty s dng thng phiu dao ng t 600-800, ph thuc vo mc li sut. Hu ht nhng cng ty s dng khong 30 thng phiu ca nhng thng gia m va l ngi mua va l ngi bn. Trung tm tin t ngn hng ln New York rt tch cc trong th trng ny. Mt s cc nh pht hnh thng phiu ln chn phn phi chng khon ca h bi pht hnh chng khon trc tip. Khi pht hnh trc tip, ngi pht hnh b qua cc i l v bn trc tip n nh u t cui cng. Li th ca phng php ny l ngi pht hnh tit kim c 0.125% hoa hng cho cc i l.Hu ht cc nh pht hnh thng phiu d phng thng phiu ca h vi hn mc tn dng ngn hng. iu ny c ngha l, trong trng hp ngi pht hnh khng th chi tr hoc b qua giy o hn, ngn hng s cho vay t qu cng ty cho mc ch ny. Hn mc tn dng s gim xung, ri ro cho ngi mua thng phiu cng gim v v vy li sut cng h thp xung. Ngn hng m cung cp hn mc tn dng d phng ng trong vic pht hnh mt khon n n ngi pht hnh nu cn thit tr ht cc giy n. Ngn hng tnh ph t 0,5-1% cho cam kt ny. Ngi pht hnh s tr ph ny v h c th tit kim nhiu hn khi chi ph li vay thp do c c hn mc tn dng.Ngn hng thng mi l nhng ngi mua ban u ca thng phiu. Ngy nay, th trng ny c m rng ng k gm nhng cng ty bo him ln, cc doanh nghip phi ti chnh, bank trust departments, cc qu hu tr ca chnh ph. Cng ty ny b thu ht bi ri ro th trng thp, thi gian o hn ngn, v li tc cao. Hin nay, khong 1.25 nghn t USD thng phiu vn ang tn ti.Vai tr ca thng phiu c ti sn bo m trong khng hong ti chnh Mt loi c bit ca thng phiu c bit nh l thng phiu bo m bng ti sn (ABCP) ng vai tr trong khng hong th chp i c nm 2008. ABCP l chng khon ngn hn vi hn mt na c k hn t 1 n 4 ngy. K hn trung bnh l 30 ngy. ABCP khc vi thng phiu thng thng l c bo m bng mt vi gi ti sn. Vo 2004-2007, hu ht u l ti sn th chp an ton. Phn ln cc nh ti tr ca chng trnh ABCP u c xp hng tn dng t cc t chc nh gi, tuy nhin cht lng ca ti sn m bo thng khng bit c. Th trng ca ABCP gn nh tng gp i t 2004-2007 n 1 nghn t USD nh th trng th chp chng khon bng n.Khi cht lng ca nhng khon th chp c dng bo m cho ABCP b phi by vo nm 2007-2008, hnh trnh ca APCBs bt u. Khng ging nh tin gi ngn hng, y khng c s bo him tin gi cho nh u t.Cc nh u t c gng bn chng vo th trng bo ha. Nhng vn m rng n cc qu ca th trng tin t, cho thy cc t chc pht hnh ca ABCP thc hin la chn ca h m rng k hn t gi thp. Rt tin t cc qu ca th trng tin t gn nh v vng l nguyn nhn gi b sp , ni m gi 1 USD trong qu ch c th mua li c ci g thp hn 1USD, ni l 90 cents. Thng 09/2008, chnh ph thit lp 1 chng trnh bo lnh ngn s sp ca cc qu trong th trng tin t v cho php trt t ca nhng ngi nm gi ABCP.HI PHIU C NGN HNG CHP NHN THANH TONHi phiu c ngn hng chp nhn thanh ton l mt yu cu thanh ton mt khon tin ghi r cho ngi gi hi phiu vo ngy nh trc. Hi phiu c ngn hng chp nhn thanh ton c dng t th k 12. Tuy nhin, n khng phi l chng khong th trng tin t chnh cho n khi lng giao dch ca thng mi quc t tng vo nhng nm1960. N c dng ti tr cho hng ha cha c chuyn giao t ngi bn n ngi mua. V d: gi s nh cng ty xy dng Builtwell mun mua mt xe i t t cty Komatsu Nht Bn. Komatsu khng mun chuyn xe i t m cha nhn c thanh ton bi v Komatsu cha bao gi nghe n Builtwell v nhn ra rng s rt kh thu hi nu thanh ton khng c thc hin trc. Tng t, Builtwell khng sn lng gi tin n Nht trc khi nhn thit b. Ngn hng c th can thip vo tnh hung ny bng cch pht hnh Hi phiu c ngn hng chp nhn thanh ton ni m ngn hng dng uy tn v kh nng tr n thay th cho ngi mua.Bi v Hi phiu c ngn hng chp nhn thanh ton l chi tr cho ngi gi hi phi, n c th c bn, mua cho n khi ht k hn. N c bn trn c s chit khu nh thng phiu v tn phiu. Trung gian trong th trng kt ni vi cng ty mun chit khu Hi phiu c ngn hng chp nhn thanh ton (bn n ngay lp tc) vi nhng cng ty mun u t vo Hi phiu. Li sut trn Hi phiu c ngn hng chp nhn thanh ton l thp v ri ro th trng thp.EURODOLLARNhiu hp ng trn khp th gii yu cu thanh ton bng USD v s n nh ca USD. V vy ny nn nhiu cng ty v chnh ph quyt nh gi USD. Trc chin tranh th gii ln 2, hu ht cc tin gi ny c nm gi trong ngn hng trung tm tin t New York. Tuy nhin, hu qu ca chin tranh lnh l s e ngi tin gi M c th b tch thu. Mt s ngn hng ln London nm ly c hi ny bng ngh gi tin gi mnh gi USD ngn hng Anh. Nhng tin gi ny c gn tn l Eurodollar.Th trng eurodollar tip tc pht trin mnh nhanh chng. Nguyn nhn u tin l nhng ngi gi tin nhn c t l li nhun cao hn khi gi th trng trong nc. Cng thi gian , ngi vay tin c th nhn c li sut thch hp hn th trng trong nc. iu ny l do cc ngn hng a quc gia khng l thuc nhng quy nh hn ch ngn hng M v bi v h sn sng v c th chp nhn khon chnh lch hp gia li sut chi tr cho tin gi v li sut thu c t cho vay.Th trng lin ngn hng London Mt s cc ngn hng ln London thc hin mi gii trong th trng eurodollar lin ngn hng. Nh li rng fed funds c s dng bi ngn hng b p thiu ht tm thi trong d tr. Eurodollar l mt s thay th cho fed funds. Ngn hng khp ni trn th gii mua v bn vn qua m trn th trng ny. Li sut c tr bi ngn hng mua vn l li sut lin ngn hng London (LIBID). Tin c cho bn trong th trng ny m li sut ca cc ngn hng trn th trng lin ngn hng London (LIBOR). Bi v nhiu ngn hng tham gia trong th trng ny nn n rt cnh tranh. Khong cch gia li sut mua v cho bn t khi vt qu 0.125%. Tin gi eurodollar l tin gi k hn iu ny c ngha l khng c rt cho n thi hn nht nh. Mc d thi hn ph bin nht l qua m, nhng k hn khc nhau lun c sn. Nhng k hn khc nhau s c li sut khc nhau. Li sut qua m gia cc ngn hng trong trn th trng lin ngn hng London v li sut fed funds c khuynh hng rt gn nhau. Bi v chng l nhng sn phm thay th gn nh hon ho. Gi s rng li sut fed funds vt qu li sut qua m LIBOR. Ngn hng cn vay vn s vay eurodollar qua m, do vy xu hng li sut s tng v ngn hng c vn cho vay s cho vay fed funds, v vy li sut s thp. p lc cung-cu s l nguyn nhn gy ra iu chnh nhanh chng v s a hai li sut li gn nhau.Cng mt thi gian, hu ht cc khon vay ngn hn vi li sut c th iu chnh c gn lin vi li sut tn phiu kho bc. Tuy nhin, th trng eurodollar th rt su v rng n ni tr thnh li sut chun cho nhng th trng khc so snh. V d, th trng thng phiu M by gi nh li sut theo LIBOR hn l li sut tn phiu.Th trng EuroDollars khng gii hn cho cc ngn hng London na. Nhng ngi m gii u tin trong th trng c vn phng chnh trong ton b trung tm ti chnh ton cu.Chng ch tin gi eurodollar Bi v eurodollar l tin gi c k hn vi k hn c nh, n c tnh km thanh khon nht nh. Nh thng l, th trng ti chnh to ra mt loi chng khon mi chng li vn ny. y l loi chng khon mi l chng ch tin gi c th chuyn nhng. Bi v hu ht cc tin gi eurodollar u c thi hn ngn hn tng i, th trng ca chng ch tin gi c th chuyn nhng eurodollar b gii hn, bao gm cha y 10% tng s tin gi eurodollar. Th trng cho chng ch tin gi c th chuyn nhng vn cn hn ch.

2 Part 5 Fina ncial Markets

280 Part 5 Financial Markets

Source: http://www.federalreserve.gov/releases/H15/data.htm/.

Cc ng tin Chu u khc Cc th trng Eurodollar khc n nay l th trng chng khon ngn hn ln nht th gii. iu ny l do s ph bin quc t ca ng la M cho thng mi. Tuy nhin, th trng khng gii hn la. C th c mt ti khon ng yn Nht Bn ti mt ngn hng London hay New York. Mt ti khon nh vy s c gi l mt ti khon Euroyen. Tng t, bn cng c th c Euromark hoc Europeso, ti khon ng mark v peso, tng ng, v ti cc ngn hng khc nhau trn ton th gii. Hy ghi nh rng nu ngi tham gia th trng c nhu cu cho mt chng khon c bit v sn sng tr tin cho n, th trng ti chnh sn sng to ra n. 5. SO SNH CC CHNG KHON TRN TH TRNG TIN TMc d chng khon th trng tin t c nhiu c im, chng hn nh thanh khon, an ton, v thi gian o hn ngn, tt c chng khc nhau mt s kha cnh.Li sut Hnh 11.7 so snh li sut trn rt nhiu cc cng c th trng tin t m chng ta tho lun. Cc tnh nng ng ch nht ca th ny l tt c cc cng c th trng tin t dng nh di chuyn rt cht ch vi nhau theo thi gian. iu ny l do tt c u c ri ro rt thp v ngn hn. Tt c u c th trng hiu qu v gi cnh tranh. Ngoi ra, do cc cng c c rt nhiu ri ro v c im ging nhau, chng d dang thay th tt cho nhau. Do , nu mt t gi tm thi lch khi nhng ci khc, lc cung cu th trng s mau chng iu chnh. Thanh khon Nh chng ta tho lun trong chng 4, tnh thanh khon ca chng khon cp n chng khon c th chuyn i sang tin mt nhanh chng, d dng v r nh th no. Tiu biu, s hiu qa ca th trng th cp, ni chng khon c th c bn li quyt nh bi tnh thanh khon ca n. V d, th trng th cp cho tri phiu kho bc c m rng v pht trin tt. Kt qu l, tri phiu kho bc c th c chuyn i thnh tin mt mt cch nhanh chng v vi chi ph thp. Ngc li, thng phiu khng pht trin tt th trng th cp. Hu ht cc ch s hu ca thng phiu gi chng khon cho n khi o hn. Trong trng hp mt nh u t thng phiu cn bn n ly tin mt, c th bn mi gii s tnh ph tng i cao. Trong mt s cch, s hiu qu ca th trng th cp i vi chng khon th trng tin t khng quan trng bng so vi chng khon di hn nh c phiu v tri phiu. iu ny l do th trng tin t l th trng ngn hn. Tuy nhin, nhiu nh u t mong mun s can thip thanh khon: H tm kim mt trung gian cung cp thanh khon m n khng tn ti trc . y l mt chc nng ca cc qu tng h th trng tin t (c tho lun trong chng 20). Bng 11.4 tm tt cc loi chng khon th trng tin t v su ca th trng th cp. LM TH NO CHNG KHON TH TRNG TIN T C GI TRGi s rng bn lm vic cho Merrill Lynch v rng cng vic ca bn l t gi cho tri phiu kho bc trong tun ny. Lm sao bit mc gi no c t? Bc u tin l xc nh li tc mong mun. Chng ta hy gi s rng, da trn s hiu bit ca bn v li sut hc chng 3 v 4, bn quyt nh bn cn 2% li nhun. n gin ha cc tnh ton, chng ta cng gi s chng ta ang t gi trn chng khon vi k hn mt nm. Chng ta bit rng tn phiu Kho bc s tr $1,000 khi n hn, do , tnh ton chng ta phi tr bao nhiu ngy hm nay c c gi hin ti $1,000. Qu trnh tnh ton mt gi tr hin ti c tho lun trong V d 1 trong Chng 3. Cng thc PV = Trong v d ny FV = $ 1000, mc li sut = 0,02, v thi gian cho n khi o hn l 1, v vyGi = = $980.39Lu nhng g s xy ra i vi gi chng khon khi li sut tng. Bi v chng ta ang chia s ln, gi tr hin ti s gim. V d, nu li sut tng 3%, gi chng khon s gim $970.87 [$1,000/(1.03) = $970.87]Phng php chit khu gi tr n hn tng lai li v hin ti l phng php c s dng tnh hu ht cc chng khon th trng tin t.Bng 11.4 Th trng v cc chng khon th trng tin t

Th trng tin tNgi pht hnhNgi muaK hn thng thng

TT th cp

Tn phiu kho bcCP MNgi tiu dng, cng ty4, 13, and26 weeksExcellent

Qu lin bangNHNH1 to 7 daysNone

Tha thun mua liCty v NHCty v NH1 to 15 daysGood

CC tin gi c th chuyn nhngNH trung ngCty14 to120 daysGood

Thng phiuCty ti chnh, ctyCty1 to270 daysPoor

Chp nhn NHNHCty30 to180 daysGood

Tin gi EurodolarCc NH # MCty, CP, NH1 day to1 yearPoor

TIN TC TI CHNHLi sut th trng tin tThe Wall Street Journal hng ngy xut bn mt danh sch cc li sut nhiu cng c ti chnh khc nhau trong ct "Li sut tin"ca n "Tin gi" ct. Bn li sut trong "tin gi" ct c tho lun thng xuyn nht trong cc phng tin truyn thng l: Li sut c bn: Li sut c bn cho vay ngn hng ca cng ty, mt ch s v chi ph vay kinh doanh t ngn hng Li sut Qu lin bang: Li sut tnh trn cho vay qua m trn th trng qu lin bang, mt ch s nhy cm chi ph cho cc ngn hng vay tin t cc ngn hng khc v lp trng ca chnh sch tin t Li sut tn phiu kho bc: Li sut tri phiu kho bc M, mt ch s ca cc s dch chuyn li sut thng thngLi sut Tp on cho vay mua nh tr gp Lin bang FHLMC: Li sut th chp "Freddie Mac" m bo bng ti sn, mt ch s v chi ph ti chnh mua nh .TM TT1. Chng khon th trng tin t l cng c ngn hn c thi hn khng qu mt nm. Cc chng khon ny bao gm tn phiu kho bc, thng phiu, cc qu lin bang, tho thun mua li, chng ch tin gi c th chuyn nhng, chp nhn ca ngn hng, v Eurodollars.2. Chng khon th trng tin t c s dng nh mt ci "kho" cho n khi cn thit. Li nhun thu c trn cc khon u t thp do ri ro thp v thanh khon cao. 3. Nhiu ngi tham gia th trng tin t c mua v bn chng khon th trng tin t. B Ti chnh M, ngn hng thng mi, cc doanh nghip, c nhn c hng li bng cch tham gia vi ri ro thp u t ngn hn.4. Li sut tt c chng khon th trng tin t c xu hng theo nhau cht ch theo thi gian. Li nhun tri phiu kho bc l thp nht bi v chng hu nh khng c ri ro th trng. Chp nhn thanh ton ca ngn hng v chng ch tin gi c th chuyn nhng l thp tip theo bi v h c m bo chi tr ca cc ngn hng trung tm tin ln.