Kinh nghiệm phát triển thị trường tiền tệ New Zealand và một số kiến nghị đối với Việt Nam

~H0ATD6N G NGAN HANG NAM 2015, DINH HU6NG NAM 2016 ^J '

T

hang 12/2015, Diln dan

Kinh te the gidi da cdng

bd Bdng xep hang nang

lye canh tranh toan cdu giai doan

2014-2015, theo do thi tiudng

tai chinh New Zealand dugc xep

hsmg thii 3 the gidi. Ddy Id mdt

thanh tich ddng nguong md ddi

vdi mdt qudc gia chi vdi 4,5 trieu

dan. Nhdm tac gid da nghien cihi

thi trudng tdi chmh, thi trudng

tien te New Zealand giai doan tu

sau cugc khung hoang todn cdu

ndm 2008 den cudi nam 2015

vd nhan thay, de dat dugc thdnh

tiiu ndy, New Zealand da xay

dyng mdt he thdng thanh quylt

toan, luu ky chung khoan hien

dai ket hgp vdi mdt thi trudng

tien te linh ddng, an toan va

hieu qud vdi nguyen ly "mgt he

thdng dil tien" (a fully cashed-up

settiement account syst&m). Hd

thdng ndy da giiip New Zealand

vugt qua cugc khiing hoang tai

chinh nam 2008 mgt cdch khd

nhe nhdng. Dudi day, nhdm tac

gid xin gidi thieu vdi ban dgc

mdt vdi net chinh ve thi trudng

tien te New Zealand cd so sdrih

vdi tinh hinh thyc te cua Viet

Nam.

1. He thong thanh quyet toan va

Idu ky chdng khoan

Mgt dac dilm ndi bat cua thi

hudng tai chinh New Zealand

hien nay la sy phdt trien manh

me ciia he thdng thanh quyet

todn vd luu ky chiing khoan.

Todn bd he thdng thanh toan tai

New Zealand du kien se boat

dgng theo thdi gian thyc vdo

nam 2017. Ca hai he thdng nay

deu do Ngdn hdng Tnmg uong

(NHTW) New Zealand (Reserve

*Giam (foe sa Giao dich, NHNN

"'SdGiao djch, NHNN

KINHNGHIEMPIIATTRI^N -r,

THITRIiilNGTIENTENEWZEAUlND

VA MOT SO KIEN NGH! DDI Vlil VIET NAM

^ ThS. Ph^m Bdo Lam *

TS. Nguyen Dire Tru&ng **

r ?.

Bank of New Zealand) true tiep

quan ly. Trung tam eua he thdng

thanh todn la he thdng tai khodn

quyet todn tai NHTW (Exchange

Settlement Account System

ESAS). Toan bg cdc hoat dgng

thanh quyet toan gia tri cao tai

New Zealand deu sir dyng ESAS

theo CO che thdi gian thyc.

De cdc nghiep vu thi trudng tien

te hoat ddng hieu qua, Iudn dam

bdo thanh khodn cho he thdng

thanh quyet toan, cac td chirc tin

dung (TCTD) tai New Zealand

duy hi mdt khdi lugng rat ldn

cac loai gidy td c6 gia (GTCG).

Theo udc tinh ciia NHTW New

Zealand, de he thdng thanh toan

hoat ddng tdt trong dieu kien

binh thudng cdn 8 ty NZD tiong

luu thdng. Tuy nhien, hien nay,

cdc TCTD dang luu ky khoang

200 ty NZD GTCG tai he thdng

quyet toan chiing khoan New

Zealand (NZClear Securities

Settlement System) ciia NHTW

New Zealand vd Iudn san sang

chuyen ddi thdnh tien khi cdn

thilt.

De tuang thich vdi he thong

ESAS, he thong NZClear ciing

boat ddng theo ea che thdi gian

thuc. Khi thyc hien cdc giao dich

thi trudng tien te, cdc biit todn

hach toan gidy td cd gia dugc

xir ly tai NZClear vd cdc biit

toan thanh todn tien dugc ESAS

thuc hien. Ngoai ra, GTCG cung

dugc luu ky tai Sd Giao dich

chiing khoan New Zealand.

Giiia NHTW New Zealand va

Sd Giao dich chiing khoan New

Zealand cd canh tranh ve gia luu

ky nhung vdn lien ket vdi nhau

de thyc hien cac nghiep vu thi

trudng tien te mdt cdch hieu qua.

v l mat thanh quyet toan tien vd

GTCG, NZClear va ESAS kit

ndi vdi nhau de hach todn theo

nguyen tdc DvP ddi vdi cac giao

dich tren thi trudng hen te. He

thdng ESAS ciing dugc ket ndi

vdi cdc he thdng ben ngodi nhu

SWIFT hay CLS dl xir ly cdc

giao dich ngoai hdi vd giao dich

quyet toan tu he thdng thanh

todn ban le chuyen sang. So

do sau the hien md hinh thanh

toan va luu ky GTCG tai thi

trudng tdi chinh New Zealand:

(So doi)

Nhu vay, md hinh he thdng

thanh quyet todn va luu ky chimg

khodn ciia New Zealand ciing

tuong tu nhu md hinh he thdng

thanh quyet todn vd luu ky chiing

khoan ciia Viet Nam,theo do cac

TCTD thuc hien thanh todn gid

hi cao qua he thdng thanh todn

lien ngan hang vd lim ky GTCG

tai NHNN va Trung tam luu ky

chiing khodn (VSD) de thuc hien

cac nghiep vu thi trudng tien te.

Diem khdc biet Id he thdng thanh

quyet toan va luu ky GTCG cua

New Zealand boat ddng theo ca

che thdi gian thuc, la co sd tien

quyet de cdc nghiep vu NHTW

hien dai dugc thuc hien mdt each

hieu qud, an todn.

5,

TAP CHi NGAN HANG | SO 3+4 | THANG 2/2016 ©