{
    "id": 52760,
    "date": "2025-10-24T09:34:00",
    "date_gmt": "2025-10-24T02:34:00",
    "guid": {
        "rendered": "https:\/\/hbbgroup.net\/se-cho-phep-cong-ty-chung-khoan-quoc-te-dat-lenh-truc-tiep\/"
    },
    "modified": "2025-10-24T09:34:00",
    "modified_gmt": "2025-10-24T02:34:00",
    "slug": "se-cho-phep-cong-ty-chung-khoan-quoc-te-dat-lenh-truc-tiep",
    "status": "publish",
    "type": "post",
    "link": "https:\/\/hbbgroup.net\/en_us\/se-cho-phep-cong-ty-chung-khoan-quoc-te-dat-lenh-truc-tiep\/",
    "title": {
        "rendered": "S\u1ebd cho ph\u00e9p c\u00f4ng ty ch\u1ee9ng kho\u00e1n qu\u1ed1c t\u1ebf \u0111\u1eb7t l\u1ec7nh tr\u1ef1c ti\u1ebfp?"
    },
    "content": {
        "rendered": "<div data-role=\"content\" itemprop=\"articleBody\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n<figure type=\"Photo\">\n<p><img fetchpriority=\"high\" decoding=\"async\" data-author src=\"https:\/\/cdn2.tuoitre.vn\/thumb_w\/730\/471584752817336320\/2025\/10\/23\/qdchungkhoanvietcap54-2-24-10-2561940-3read-only-1761234589777155094510.jpg\" id=\"img_186024502188007424\" w=\"2560\" h=\"1704\" alt=\"\u0111\u1eb7t l\u1ec7nh - \u1ea2nh 1.\" title=\"S\u1ebd cho ph\u00e9p c\u00f4ng ty ch\u1ee9ng kho\u00e1n qu\u1ed1c t\u1ebf \u0111\u1eb7t l\u1ec7nh tr\u1ef1c ti\u1ebfp? - \u1ea2nh 1.\" rel=\"lightbox\" photoid=\"186024502188007424\" data-original=\"https:\/\/cdn2.tuoitre.vn\/471584752817336320\/2025\/10\/23\/qdchungkhoanvietcap54-2-24-10-2561940-3read-only-1761234589777155094510.jpg\" type=\"photo\" width=\"2560\" height=\"1704\"><\/p><figcaption>\n<p data-placeholder=\"Nh\u1eadp ch\u00fa th\u00edch \u1ea3nh\">Giao d\u1ecbch ch\u1ee9ng kho\u00e1n t\u1ea1i C\u00f4ng ty c\u1ed5 ph\u1ea7n ch\u1ee9ng kho\u00e1n Vietcap, TP.HCM chi\u1ec1u 23-7 &#8211; \u1ea2nh: QUANG \u0110\u1ecaNH<\/p>\n<\/figcaption><\/figure>\n<p>FTSE Russell &#8211; t\u1ed5 ch\u1ee9c qu\u1ed1c t\u1ebf x\u1ebfp h\u1ea1ng th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam &#8211; \u0111\u00e3 khuy\u1ebfn kh\u00edch c\u00e1c b\u00ean li\u00ean quan \u0111\u00f3ng g\u00f3p \u00fd ki\u1ebfn li\u00ean quan n\u1ed9i dung n\u00eau tr\u00ean tr\u01b0\u1edbc \u0111\u1ee3t r\u00e0 so\u00e1t gi\u1eefa k\u1ef3 th\u00e1ng 3-2026 \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o qu\u00e1 tr\u00ecnh n\u00e2ng h\u1ea1ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n \u0111\u00fang k\u1ebf ho\u1ea1ch v\u00e0o th\u00e1ng 9-2026.\u00a0<\/p>\n<p>Theo c\u00e1c chuy\u00ean gia, m\u00f4 h\u00ecnh n\u00e0y s\u1ebd gi\u00fap Vi\u1ec7t Nam ti\u1ebfp c\u1eadn c\u00e1c chu\u1ea9n m\u1ef1c qu\u1ed1c t\u1ebf, gi\u1ea3m r\u1ee7i ro \u0111\u1ed1i t\u00e1c v\u00e0 t\u0103ng ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi v\u00e0o th\u1ecb tr\u01b0\u1eddng th\u00f4ng qua vi\u1ec7c h\u1ee3p t\u00e1c v\u1edbi c\u00e1c trung gian \u0111\u1ea7u t\u01b0.<\/p>\n<h2>Kh\u01a1i th\u00f4ng r\u00e0o c\u1ea3n v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 ngo\u1ea1i<\/h2>\n<p>Trao \u0111\u1ed5i v\u1edbi <i>Tu\u1ed5i Tr\u1ebb<\/i>, \u00f4ng Hu\u1ef3nh Anh Huy &#8211; CFA, gi\u00e1m \u0111\u1ed1c ph\u00e2n t\u00edch ng\u00e0nh c\u1ee7a Ch\u1ee9ng kho\u00e1n Kafi &#8211; cho bi\u1ebft vi\u1ec7c cho ph\u00e9p c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi n\u01b0\u1edbc ngo\u00e0i to\u00e0n c\u1ea7u \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n l\u1ec7nh tr\u1ef1c ti\u1ebfp \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp trong b\u00e1o c\u00e1o x\u1ebfp lo\u1ea1i th\u1ecb tr\u01b0\u1eddng c\u1ee7a FTSE trong k\u1ef3 \u0111\u00e1nh gi\u00e1 v\u1eeba qua.<\/p>\n<p>&#8220;D\u00f9 \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 \u0111i\u1ec1u ki\u1ec7n b\u1eaft bu\u1ed9c \u0111\u1ec3 \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng, nh\u01b0ng \u0111i\u1ec1u n\u00e0y l\u1ea1i gi\u00e1n ti\u1ebfp \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam v\u00e0 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn qu\u00e1 tr\u00ecnh ph\u00e2n lo\u1ea1i l\u1ea1i&#8221;, \u00f4ng Huy n\u00f3i.<\/p>\n<p>Theo \u00f4ng Huy, trong qu\u00e1 tr\u00ecnh \u0111\u00e1nh gi\u00e1, FTSE c\u0169ng \u0111\u00e3 c\u00f3 ghi nh\u1eadn nh\u1eefng n\u1ed7 l\u1ef1c c\u1ee7a c\u01a1 quan qu\u1ea3n l\u00fd trong vi\u1ec7c x\u00e2y d\u1ef1ng c\u01a1 ch\u1ebf cho ph\u00e9p c\u1ea3i thi\u1ec7n kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty m\u00f4i gi\u1edbi to\u00e0n c\u1ea7u. Do \u0111\u00f3 vi\u1ec7c s\u1edbm tri\u1ec3n khai c\u00e1c h\u01b0\u1edbng d\u1eabn v\u00e0 quy \u0111\u1ecbnh ph\u00e1p l\u00fd cho v\u1ea5n \u0111\u1ec1 n\u00e0y ch\u1ec9 c\u00f2n l\u00e0 c\u00e2u chuy\u1ec7n th\u1eddi gian.<\/p>\n<p>Vi\u1ec7c cho ph\u00e9p c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi qu\u1ed1c t\u1ebf \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u1ef1c ti\u1ebfp t\u1ea1i Vi\u1ec7t Nam s\u1ebd gi\u00fap kh\u01a1i th\u00f4ng nh\u1eefng r\u00e0o c\u1ea3n c\u00f2n t\u1ed3n t\u1ea1i \u0111\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i. Theo \u0111\u00f3, th\u00f4ng qua c\u01a1 ch\u1ebf giao d\u1ecbch qu\u1ed1c t\u1ebf tr\u1ef1c ti\u1ebfp, d\u00f2ng v\u1ed1n qu\u1ed1c t\u1ebf s\u1ebd v\u00e0o Vi\u1ec7t Nam d\u1ec5 d\u00e0ng h\u01a1n, c\u0169ng nh\u01b0 gia t\u0103ng kh\u1ea3 n\u0103ng &#8220;t\u00e1i t\u1ea1o ch\u1ec9 s\u1ed1&#8221; c\u1ee7a c\u00e1c qu\u1ef9 ETF.<\/p>\n<p>\u00d4ng Nguy\u1ec5n S\u01a1n, ch\u1ee7 t\u1ecbch T\u1ed5ng c\u00f4ng ty L\u01b0u k\u00fd v\u00e0 B\u00f9 tr\u1eeb ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam (VSDC), c\u0169ng cho bi\u1ebft VSDC \u0111ang g\u1ea5p r\u00fat tri\u1ec3n khai h\u00e0ng lo\u1ea1t d\u1ef1 \u00e1n c\u00f4ng ngh\u1ec7 tr\u1ecdng \u0111i\u1ec3m, t\u1eeb n\u1ec1n t\u1ea3ng giao ti\u1ebfp \u0111i\u1ec7n t\u1eed t\u1ef1 \u0111\u1ed9ng (STP) d\u00e0nh cho nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i \u0111\u1ebfn vi\u1ec7c th\u00e0nh l\u1eadp c\u00f4ng ty b\u00f9 tr\u1eeb trung t\u00e2m (CCP), nh\u1eb1m gi\u1ea3i quy\u1ebft c\u00e1c v\u01b0\u1edbng m\u1eafc k\u1ef9 thu\u1eadt c\u1ea5p thi\u1ebft v\u00e0 \u0111\u00e1p \u1ee9ng ti\u00eau ch\u00ed n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n<p>Theo \u0111\u00f3, m\u1ed9t trong nh\u1eefng nhi\u1ec7m v\u1ee5 c\u1ea5p b\u00e1ch l\u00e0 x\u00e2y d\u1ef1ng n\u1ec1n t\u1ea3ng giao ti\u1ebfp \u0111i\u1ec7n t\u1eed t\u1ef1 \u0111\u1ed9ng (STP) gi\u1eefa ng\u00e2n h\u00e0ng l\u01b0u k\u00fd v\u00e0 c\u00f4ng ty ch\u1ee9ng kho\u00e1n, ph\u1ee5c v\u1ee5 nhu c\u1ea7u c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c n\u01b0\u1edbc ngo\u00e0i. Vi\u1ec7c n\u00e0y xu\u1ea5t ph\u00e1t t\u1eeb th\u1ef1c t\u1ebf, sau khi Vi\u1ec7t Nam cho ph\u00e9p mi\u1ec5n k\u00fd qu\u1ef9 100% \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i (non-pre-funding), c\u00e1c \u0111\u1ecbnh ch\u1ebf qu\u1ed1c t\u1ebf y\u00eau c\u1ea7u h\u1ec7 th\u1ed1ng giao ti\u1ebfp ho\u00e0n to\u00e0n t\u1ef1 \u0111\u1ed9ng thay cho quy tr\u00ecnh th\u1ee7 c\u00f4ng hi\u1ec7n nay.<\/p>\n<p>Theo \u00f4ng S\u01a1n, VSDC \u0111\u00e3 c\u00f3 n\u1ec1n t\u1ea3ng k\u1ebft n\u1ed1i nh\u01b0ng hi\u1ec7u qu\u1ea3 c\u00f2n h\u1ea1n ch\u1ebf. D\u00f9 v\u1eady, c\u00e1c nh\u00e0 cung c\u1ea5p c\u00f4ng ngh\u1ec7 trong n\u01b0\u1edbc cho r\u1eb1ng s\u1edbm nh\u1ea5t ph\u1ea3i \u0111\u1ebfn cu\u1ed1i n\u0103m 2026 h\u1ec7 th\u1ed1ng m\u1edbi c\u00f3 th\u1ec3 ho\u00e0n th\u00e0nh, v\u00ec v\u1eady s\u1ef1 ph\u1ed1i h\u1ee3p c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng l\u01b0u k\u00fd to\u00e0n c\u1ea7u s\u1ebd l\u00e0 y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh ti\u1ebfn \u0111\u1ed9.<\/p>\n<h2>B\u01b0\u1edbc ngo\u1eb7t gi\u00fap ch\u1ee9ng kho\u00e1n Vi\u1ec7t h\u00f2a nh\u1eadp<\/h2>\n<p>Theo \u00f4ng Hu\u1ef3nh Anh Huy, vi\u1ec7c cho ph\u00e9p c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi to\u00e0n c\u1ea7u \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n l\u1ec7nh tr\u1ef1c ti\u1ebfp l\u00e0 &#8220;m\u1ed9t c\u01a1 h\u1ed9i t\u1ed1t \u0111\u1ec3 ch\u00fang ta c\u00f3 th\u1ec3 n\u1eafm b\u1eaft trong k\u1ef7 nguy\u00ean v\u01b0\u01a1n m\u00ecnh ra th\u1ebf gi\u1edbi&#8221;. C\u00e1c th\u00e1ch th\u1ee9c \u0111\u1eb7t ra c\u0169ng kh\u00f4ng ph\u1ea3i d\u1ec5 d\u00e0ng, nh\u01b0ng \u0111\u00e2y l\u00e0 y\u1ebfu t\u1ed1 t\u1ea5t y\u1ebfu c\u1ee7a qu\u00e1 tr\u00ecnh n\u00e2ng c\u1ea5p th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam.<\/p>\n<p>&#8220;Tuy nhi\u00ean, vi\u1ec7c c\u00f3 s\u1ef1 tham gia c\u1ee7a c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi qu\u1ed1c t\u1ebf s\u1ebd g\u00e2y \u00e1p l\u1ef1c v\u1ec1 th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi v\u00e0 doanh thu margin \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n trong n\u01b0\u1edbc khi ph\u1ea3i chia s\u1ebb m\u1ed9t ph\u1ea7n th\u1ecb tr\u01b0\u1eddng. \u0110\u1ec3 c\u00f3 th\u1ec3 c\u1ea1nh tranh s\u00f2ng ph\u1eb3ng \u0111\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c m\u00f4i gi\u1edbi to\u00e0n c\u1ea7u, vi\u1ec7c n\u00e2ng c\u1ea5p v\u1ec1 quy m\u00f4 v\u1ed1n, c\u00f4ng ngh\u1ec7, d\u1ecbch v\u1ee5 v\u00e0 n\u0103ng l\u1ef1c qu\u1ea3n tr\u1ecb l\u00e0 c\u1ea7n thi\u1ebft trong vi\u1ec7c duy tr\u00ec l\u1ee3i th\u1ebf c\u1ea1nh tranh&#8221;, \u00f4ng Huy nh\u00ecn nh\u1eadn.<\/p>\n<p>Theo c\u00e1c chuy\u00ean gia, vi\u1ec7c m\u1edf c\u1eeda cho c\u00e1c t\u1ed5 ch\u1ee9c m\u00f4i gi\u1edbi qu\u1ed1c t\u1ebf l\u00e0 b\u01b0\u1edbc ngo\u1eb7t chi\u1ebfn l\u01b0\u1ee3c gi\u00fap Vi\u1ec7t Nam h\u00f2a nh\u1eadp v\u00e0o h\u1ec7 sinh th\u00e1i t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u.\u00a0<\/p>\n<p>Tuy nhi\u00ean, \u0111\u00e2y c\u0169ng l\u00e0 &#8220;b\u00e0i ki\u1ec3m tra n\u0103ng l\u1ef1c h\u1ec7 th\u1ed1ng&#8221; v\u1ec1 ph\u00e1p l\u00fd, c\u00f4ng ngh\u1ec7 v\u00e0 qu\u1ea3n tr\u1ecb r\u1ee7i ro.\u00a0<\/p>\n<p>N\u1ebfu \u0111\u01b0\u1ee3c tri\u1ec3n khai \u0111\u00fang l\u1ed9 tr\u00ecnh (2025 &#8211; 2026), s\u1ebd h\u1ed7 tr\u1ee3 r\u1ea5t m\u1ea1nh cho vi\u1ec7c ch\u00ednh th\u1ee9c n\u00e2ng h\u1ea1ng v\u00e0 thu h\u00fat d\u00f2ng v\u1ed1n th\u1ee5 \u0111\u1ed9ng h\u00e0ng t\u1ec9 USD v\u00e0o th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam.<\/p>\n<p>Trong khi \u0111\u00f3, kinh t\u1ebf tr\u01b0\u1edfng m\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n cho r\u1eb1ng vi\u1ec7c c\u00e1c c\u00f4ng ty m\u00f4i gi\u1edbi to\u00e0n c\u1ea7u \u0111\u01b0\u1ee3c ph\u00e9p th\u1ef1c hi\u1ec7n l\u1ec7nh tr\u1ef1c ti\u1ebfp cho nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ea1i Vi\u1ec7t Nam kh\u00f4ng ph\u1ea3i l\u00e0 \u0111i\u1ec1u \u0111\u00e1ng lo ng\u1ea1i, b\u1edfi chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng cao v\u00e0 m\u00f4i tr\u01b0\u1eddng ph\u00e1p l\u00fd r\u00f5 r\u00e0ng s\u1ebd khi\u1ebfn c\u00e1c c\u00f4ng ty n\u00e0y kh\u00f3 c\u1ea1nh tranh n\u1ebfu kh\u00f4ng h\u1ee3p t\u00e1c v\u1edbi c\u00e1c c\u00f4ng ty trong n\u01b0\u1edbc.<\/p>\n<p>Trong th\u1ef1c t\u1ebf, \u0111\u1ec3 ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3, m\u1ed9t c\u00f4ng ty m\u00f4i gi\u1edbi qu\u1ed1c t\u1ebf t\u1ea1i Vi\u1ec7t Nam ph\u1ea3i duy tr\u00ec b\u1ed9 m\u00e1y nghi\u00ean c\u1ee9u, giao d\u1ecbch, ph\u00e1p ch\u1ebf v\u00e0 \u0111\u1ed9i ng\u0169 nh\u00e2n s\u1ef1 \u0111\u1ea1t ch\u1ee9ng ch\u1ec9 h\u00e0nh ngh\u1ec1 &#8211; nh\u1eefng y\u1ebfu t\u1ed1 khi\u1ebfn chi ph\u00ed cao v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi th\u1ea5p. V\u00ec v\u1eady, thay v\u00ec th\u00e0nh l\u1eadp m\u1edbi, xu h\u01b0\u1edbng c\u1ee7a c\u00e1c c\u00f4ng ty n\u01b0\u1edbc ngo\u00e0i l\u00e0 h\u1ee3p t\u00e1c v\u1edbi doanh nghi\u1ec7p n\u1ed9i \u0111\u1ecba, t\u1eadn d\u1ee5ng m\u1ea1ng l\u01b0\u1edbi, kinh nghi\u1ec7m ph\u00e1p l\u00fd v\u00e0 c\u01a1 s\u1edf kh\u00e1ch h\u00e0ng s\u1eb5n c\u00f3.<\/p>\n<p>Theo v\u1ecb n\u00e0y, v\u1ea5n \u0111\u1ec1 m\u00f4i gi\u1edbi to\u00e0n c\u1ea7u kh\u00f4ng ph\u1ea3i l\u00e0 ti\u00eau ch\u00ed c\u1ed1t l\u00f5i trong b\u1ed9 ti\u00eau chu\u1ea9n n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng c\u1ee7a FTSE Russell, m\u00e0 l\u00e0 m\u1ed9t ti\u00eau ch\u00ed b\u1ed5 sung nh\u1eb1m c\u1ea3i thi\u1ec7n t\u00ednh k\u1ebft n\u1ed1i qu\u1ed1c t\u1ebf. FTSE c\u0169ng ghi nh\u1eadn Vi\u1ec7t Nam \u0111\u00e3 \u0111\u00e1p \u1ee9ng c\u00e1c ti\u00eau ch\u00ed n\u1ec1n t\u1ea3ng cho vi\u1ec7c chuy\u1ec3n t\u1eeb nh\u00f3m &#8220;c\u1eadn bi\u00ean&#8221; l\u00ean &#8220;m\u1edbi n\u1ed5i&#8221;.<\/p>\n<p>Tuy nhi\u00ean, \u0111\u1ec3 c\u00e1c t\u1ed5 ch\u1ee9c m\u00f4i gi\u1edbi to\u00e0n c\u1ea7u th\u1ef1c s\u1ef1 tham gia, khung ph\u00e1p l\u00fd ph\u1ea3i r\u00f5 r\u00e0ng v\u00e0 th\u1ed1ng nh\u1ea5t. &#8220;Sau khi khung ph\u00e1p l\u00fd ho\u00e0n thi\u1ec7n, b\u1ed9 ph\u1eadn ph\u00e1p ch\u1ebf (compliance) c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n to\u00e0n c\u1ea7u s\u1ebd ph\u1ea3i xem x\u00e9t, ph\u00ea duy\u1ec7t tr\u01b0\u1edbc khi tham gia th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam &#8211; m\u1ed9t b\u01b0\u1edbc quan tr\u1ecdng trong quy tr\u00ecnh n\u00e2ng h\u1ea1ng&#8221;, v\u1ecb n\u00e0y n\u00f3i.<\/p>\n<div placeholder=\"Nh\u1eadp n\u1ed9i dung...\" data-back=\"#FFFBF2\" data-border=\"#F2D1AA\" data-text-color=\"#333333\" id=\"ObjectBoxContent_1761235297514\" type=\"content\">\n<h2>N\u00e2ng t\u1ea7m th\u1ecb tr\u01b0\u1eddng trong d\u00e0i h\u1ea1n<\/h2>\n<p>Theo c\u00e1c chuy\u00ean gia, m\u00f4 h\u00ecnh n\u00e0y s\u1ebd th\u00fac \u0111\u1ea9y c\u1ea3i c\u00e1ch to\u00e0n di\u1ec7n h\u1ec7 th\u1ed1ng h\u1ea1 t\u1ea7ng, ti\u1ebfn \u0111\u1ebfn ho\u00e0n thi\u1ec7n c\u01a1 ch\u1ebf clearing-settlement, qu\u1ea3n l\u00fd ngo\u1ea1i h\u1ed1i v\u00e0 pre-funding. C\u00e1c c\u1ea3i c\u00e1ch v\u1ec1 h\u1ec7 th\u1ed1ng s\u1ebd \u0111\u01b0a th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam s\u00e1nh ngang v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i l\u00e2u \u0111\u1eddi trong khu v\u1ef1c nh\u01b0 Th\u00e1i Lan, Malaysia, Indonesia.<\/p>\n<p>&#8220;Tuy nhi\u00ean, vi\u1ec7c thi\u1ebft l\u1eadp m\u00f4 h\u00ecnh &#8220;foreign investor &#8211; global broker &#8211; local clearing member&#8221; \u0111\u00f2i h\u1ecfi s\u1eeda \u0111\u1ed5i \u0111\u1ed3ng b\u1ed9 nhi\u1ec1u quy \u0111\u1ecbnh v\u1ec1 l\u01b0u k\u00fd, thanh to\u00e1n b\u00f9 tr\u1eeb, qu\u1ea3n l\u00fd ngo\u1ea1i h\u1ed1i. D\u00f9 \u0111\u00f2i h\u1ecfi nhi\u1ec1u n\u1ed7 l\u1ef1c nh\u01b0ng s\u1ebd gi\u00fap n\u00e2ng t\u1ea7m th\u1ecb tr\u01b0\u1eddng trong d\u00e0i h\u1ea1n, c\u0169ng nh\u01b0 m\u1edf \u0111\u01b0\u1eddng cho vi\u1ec7c n\u00e2ng h\u1ea1ng MSCI sau n\u00e0y&#8221;, \u00f4ng Huy n\u00f3i.<\/p>\n<\/p><\/div>\n<div placeholder=\"Nh\u1eadp n\u1ed9i dung...\" data-back=\"#FFFBF2\" data-border=\"#F2D1AA\" data-text-color=\"#333333\" id=\"ObjectBoxContent_1761235310472\" type=\"content\">\n<h2>S\u1ebd ho\u00e0n t\u1ea5t tr\u01b0\u1edbc \u0111\u1ee3t \u0111\u00e1nh gi\u00e1 gi\u1eefa k\u1ef3 th\u00e1ng 3-2026<\/h2>\n<p>Theo \u0111\u1ed9i ng\u0169 ph\u00e2n t\u00edch Ch\u1ee9ng kho\u00e1n SSI, m\u00f4 h\u00ecnh n\u00e0y s\u1ebd gi\u00fap \u0111\u01b0a th\u00f4ng l\u1ec7 giao d\u1ecbch trong n\u01b0\u1edbc ti\u1ec7m c\u1eadn chu\u1ea9n qu\u1ed1c t\u1ebf, gi\u1ea3m r\u1ee7i ro \u0111\u1ed1i t\u00e1c v\u00e0 t\u0103ng c\u01b0\u1eddng ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng qua vi\u1ec7c thi\u1ebft l\u1eadp c\u00e1c m\u1ed1i quan h\u1ec7 v\u1edbi t\u1ed5 ch\u1ee9c trung gian uy t\u00edn.<\/p>\n<p>M\u1ed9t l\u00e3nh \u0111\u1ea1o c\u1ee7a SSI cho bi\u1ebft c\u00e1c b\u00ean tham gia th\u1ecb tr\u01b0\u1eddng \u0111ang th\u1ea3o lu\u1eadn v\u1ec1 d\u1ef1 th\u1ea3o m\u00f4 h\u00ecnh nh\u1eb1m \u0111\u01a1n gi\u1ea3n h\u00f3a vi\u1ec7c tham gia c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i v\u00e0o th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam. Ph\u1ea3n h\u1ed3i ban \u0111\u1ea7u t\u1eeb c\u00e1c c\u00f4ng ty m\u00f4i gi\u1edbi to\u00e0n c\u1ea7u cho th\u1ea5y d\u00f9 khung \u0111\u1ec1 xu\u1ea5t v\u1ec1 m\u1eb7t kh\u00e1i ni\u1ec7m \u0111\u00e3 ph\u00f9 h\u1ee3p v\u1edbi th\u00f4ng l\u1ec7 qu\u1ed1c t\u1ebf, qu\u00e1 tr\u00ecnh tri\u1ec3n khai th\u1ef1c t\u1ebf v\u1eabn c\u1ea7n \u0111\u01b0\u1ee3c tinh ch\u1ec9nh th\u00eam \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o hi\u1ec7u qu\u1ea3 v\u1eadn h\u00e0nh.<\/p>\n<p>&#8220;Ch\u00fang t\u00f4i duy tr\u00ec quan \u0111i\u1ec3m r\u1eb1ng vi\u1ec7c s\u1eeda \u0111\u1ed5i c\u00e1c th\u00f4ng t\u01b0 li\u00ean quan c\u00f3 th\u1ec3 ho\u00e0n t\u1ea5t s\u1edbm tr\u01b0\u1edbc \u0111\u1ee3t \u0111\u00e1nh gi\u00e1 gi\u1eefa k\u1ef3 th\u00e1ng 3-2026, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n thu\u1eadn l\u1ee3i cho vi\u1ec7c xem x\u00e9t v\u00e0 tri\u1ec3n khai hi\u1ec7u qu\u1ea3&#8221;, v\u1ecb n\u00e0y n\u00f3i.<\/p>\n<\/p><\/div>\n<p>                      <a href=\"http:\/\/tuoitre.vn\/#\" title=\"\u0110\u1ecdc ti\u1ebfp\">                          <svg width=\"22\" height=\"17\" viewbox=\"0 0 22 17\" fill=\"none\">                              <rect width=\"22\" height=\"17\" fill=\"url(#pattern0_2234_10086)\" \/>                              <defs>                                  <pattern id=\"pattern0_2234_10086\" patterncontentunits=\"objectBoundingBox\" width=\"1\" height=\"1\">                                      <use xlink:href=\"http:\/\/tuoitre.vn\/#image0_2234_10086\" transform=\"matrix(0.0125 0 0 0.016129 -0.0625 -0.225806)\" \/>                                  <\/pattern>                                  <image id=\"image0_2234_10086\" width=\"90\" height=\"90\" xlink:href=\"http:\/\/tuoitre.vn\/data:image\/png;base64,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\" \/>                              <\/defs>                          <\/svg>                          \u0110\u1ecdc ti\u1ebfp                      <\/a>                      <a href=\"http:\/\/tuoitre.vn\/nhom-chu-de.htm\" title=\"V\u1ec1 trang ch\u1ee7 \u0111\u1ec1\">                          <svg width=\"12\" height=\"12\" viewbox=\"0 0 12 12\" fill=\"none\">                              <rect width=\"12\" height=\"12\" fill=\"url(#pattern0_2234_10094)\" \/>                              <defs>                                  <pattern id=\"pattern0_2234_10094\" patterncontentunits=\"objectBoundingBox\" width=\"1\" height=\"1\">                                      <use xlink:href=\"http:\/\/tuoitre.vn\/#image0_2234_10094\" transform=\"translate(-0.161765 -0.117647) scale(0.0147059)\" \/>                                  <\/pattern>                                  <image id=\"image0_2234_10094\" width=\"90\" height=\"90\" xlink:href=\"http:\/\/tuoitre.vn\/data:image\/png;base64,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\" \/>                              <\/defs>                          <\/svg>                          V\u1ec1 trang Ch\u1ee7 \u0111\u1ec1                      <\/a>                  <\/p>\n<\/p><\/div>",
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        "rendered": "<p>Giao d\u1ecbch ch\u1ee9ng kho\u00e1n t\u1ea1i C\u00f4ng ty c\u1ed5 ph\u1ea7n ch\u1ee9ng kho\u00e1n Vietcap, TP.HCM chi\u1ec1u 23-7 &#8211; \u1ea2nh: QUANG \u0110\u1ecaNH FTSE [&hellip;]<\/p>",
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