{"id":580298,"date":"2023-12-28T03:16:45","date_gmt":"2023-12-28T03:16:45","guid":{"rendered":"https:\/\/proxyelite.info\/glossary\/mifid-markets-in-financial-instruments-directive\/"},"modified":"2023-12-28T03:16:45","modified_gmt":"2023-12-28T03:16:45","slug":"mifid-markets-in-financial-instruments-directive","status":"publish","type":"glossary","link":"https:\/\/proxyelite.info\/vi\/glossary\/mifid-markets-in-financial-instruments-directive\/","title":{"rendered":"MiFID (Ch\u1ec9 th\u1ecb v\u1ec1 th\u1ecb tr\u01b0\u1eddng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh)"},"content":{"rendered":"<h3>T\u1ed5ng quan ng\u1eafn g\u1ecdn v\u1ec1 MiFID<\/h3>\n<p>Ch\u1ec9 th\u1ecb v\u1ec1 Th\u1ecb tr\u01b0\u1eddng C\u00f4ng c\u1ee5 T\u00e0i ch\u00ednh (MiFID) l\u00e0 lu\u1eadt n\u1ec1n t\u1ea3ng c\u1ee7a Li\u00ean minh Ch\u00e2u \u00c2u nh\u1eb1m qu\u1ea3n l\u00fd c\u00e1c c\u00f4ng ty cung c\u1ea5p d\u1ecbch v\u1ee5 li\u00ean quan \u0111\u1ebfn c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh (c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu, \u0111\u01a1n v\u1ecb trong c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3 v\u00e0 c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh) v\u00e0 \u0111\u1ecba \u0111i\u1ec3m giao d\u1ecbch c\u00e1c c\u00f4ng c\u1ee5 \u0111\u00f3. M\u1ee5c ti\u00eau ch\u00ednh c\u1ee7a MiFID l\u00e0 t\u0103ng c\u01b0\u1eddng c\u1ea1nh tranh v\u00e0 b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng trong c\u00e1c d\u1ecbch v\u1ee5 \u0111\u1ea7u t\u01b0.<\/p>\n<h3>Th\u00f4ng tin chi ti\u1ebft v\u1ec1 MiFID<\/h3>\n<h4>B\u1ed1i c\u1ea3nh v\u00e0 s\u1ef1 ti\u1ebfn h\u00f3a<\/h4>\n<p>MiFID, \u0111\u01b0\u1ee3c tri\u1ec3n khai l\u1ea7n \u0111\u1ea7u ti\u00ean v\u00e0o n\u0103m 2007, l\u00e0 m\u1ed9t ph\u1ea3n \u1ee9ng tr\u01b0\u1edbc s\u1ef1 ph\u00e1t tri\u1ec3n v\u00e0 ph\u00e1t tri\u1ec3n c\u00f4ng ngh\u1ec7 c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. N\u00f3 nh\u1eb1m m\u1ee5c \u0111\u00edch t\u1ea1o ra m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh t\u00edch h\u1ee3p, hi\u1ec7u qu\u1ea3 v\u00e0 minh b\u1ea1ch h\u01a1n \u0111\u1ed3ng th\u1eddi cung c\u1ea5p m\u1ee9c \u0111\u1ed9 b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng cao h\u01a1n. MiFID II, m\u1ed9t phi\u00ean b\u1ea3n s\u1eeda \u0111\u1ed5i, c\u00f3 hi\u1ec7u l\u1ef1c v\u00e0o th\u00e1ng 1 n\u0103m 2018, ti\u1ebfp t\u1ee5c ho\u00e0n thi\u1ec7n c\u00e1c m\u1ee5c ti\u00eau n\u00e0y trong b\u1ed1i c\u1ea3nh cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008.<\/p>\n<h4>M\u1ee5c ti\u00eau v\u00e0 ph\u1ea1m vi<\/h4>\n<p>M\u1ee5c ti\u00eau c\u1ee7a ch\u1ec9 th\u1ecb n\u00e0y r\u1ea5t \u0111a d\u1ea1ng:<\/p>\n<ol>\n<li>H\u00e0i h\u00f2a h\u00f3a ch\u1ebf \u0111\u1ed9 qu\u1ea3n l\u00fd \u0111\u1ed1i v\u1edbi c\u00e1c d\u1ecbch v\u1ee5 \u0111\u1ea7u t\u01b0 tr\u00ean to\u00e0n Khu v\u1ef1c Kinh t\u1ebf Ch\u00e2u \u00c2u (EEA).<\/li>\n<li>T\u0103ng c\u01b0\u1eddng t\u00ednh minh b\u1ea1ch tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/li>\n<li>C\u1ea3i thi\u1ec7n c\u1ea1nh tranh b\u1eb1ng c\u00e1ch lo\u1ea1i b\u1ecf c\u00e1c r\u00e0o c\u1ea3n \u0111\u1ed1i v\u1edbi th\u01b0\u01a1ng m\u1ea1i xuy\u00ean bi\u00ean gi\u1edbi.<\/li>\n<\/ol>\n<h4>C\u00e1c l\u0129nh v\u1ef1c tr\u1ecdng t\u00e2m ch\u00ednh<\/h4>\n<p>MiFID bao g\u1ed3m m\u1ed9t s\u1ed1 l\u0129nh v\u1ef1c quan tr\u1ecdng:<\/p>\n<ul>\n<li>Quy \u0111\u1ecbnh v\u1ec1 c\u1ea5p ph\u00e9p v\u00e0 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00f4ng ty \u0111\u1ea7u t\u01b0.<\/li>\n<li>Quy \u0111\u1ecbnh v\u1ec1 \u0111\u1ecba \u0111i\u1ec3m giao d\u1ecbch.<\/li>\n<li>C\u00e1c bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0<\/li>\n<li>Y\u00eau c\u1ea7u v\u1ec1 b\u00e1o c\u00e1o v\u00e0 minh b\u1ea1ch.<\/li>\n<\/ul>\n<h3>Ph\u00e2n t\u00edch c\u00e1c t\u00ednh n\u0103ng ch\u00ednh c\u1ee7a MiFID<\/h3>\n<p>C\u00e1c t\u00ednh n\u0103ng ch\u00ednh c\u1ee7a MiFID bao g\u1ed3m:<\/p>\n<ul>\n<li><strong>Th\u1ef1c thi t\u1ed1t nh\u1ea5t:<\/strong> C\u00e1c c\u00f4ng ty ph\u1ea3i th\u1ef1c hi\u1ec7n t\u1ea5t c\u1ea3 c\u00e1c b\u01b0\u1edbc h\u1ee3p l\u00fd \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c k\u1ebft qu\u1ea3 t\u1ed1t nh\u1ea5t c\u00f3 th\u1ec3 cho kh\u00e1ch h\u00e0ng c\u1ee7a m\u00ecnh khi th\u1ef1c hi\u1ec7n \u0111\u01a1n \u0111\u1eb7t h\u00e0ng.<\/li>\n<li><strong>Ph\u00e2n lo\u1ea1i kh\u00e1ch h\u00e0ng:<\/strong> Kh\u00e1ch h\u00e0ng \u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i l\u00e0 \u0111\u1ed1i t\u00e1c b\u00e1n l\u1ebb, \u0111\u1ed1i t\u00e1c chuy\u00ean nghi\u1ec7p ho\u1eb7c \u0111\u1ed1i t\u00e1c \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n, m\u1ed7i \u0111\u1ed1i t\u00e1c c\u00f3 m\u1ee9c \u0111\u1ed9 b\u1ea3o v\u1ec7 kh\u00e1c nhau.<\/li>\n<li><strong>Y\u00eau c\u1ea7u v\u1ec1 t\u00ednh minh b\u1ea1ch:<\/strong> T\u0103ng t\u00ednh minh b\u1ea1ch tr\u01b0\u1edbc v\u00e0 sau giao d\u1ecbch \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 v\u1ed1n c\u1ed5 ph\u1ea7n v\u00e0 phi v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu.<\/li>\n<li><strong>Qu\u1ea3n tr\u1ecb s\u1ea3n ph\u1ea9m:<\/strong> C\u00e1c c\u00f4ng ty ph\u1ea3i \u0111\u1ea3m b\u1ea3o c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u c\u1ee7a c\u00e1c nh\u00f3m ng\u01b0\u1eddi ti\u00eau d\u00f9ng \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh v\u00e0 \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i ph\u00f9 h\u1ee3p.<\/li>\n<\/ul>\n<h3>C\u00e1c lo\u1ea1i MiFID<\/h3>\n<table>\n<thead>\n<tr>\n<th><strong>MiFID t\u00f4i<\/strong><\/th>\n<th><strong>MiFID II<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Th\u1ef1c hi\u1ec7n n\u0103m 2007<\/td>\n<td>C\u00f3 hi\u1ec7u l\u1ef1c v\u00e0o n\u0103m 2018<\/td>\n<\/tr>\n<tr>\n<td>Khu\u00f4n kh\u1ed5 ban \u0111\u1ea7u cho vi\u1ec7c \u0111i\u1ec1u ti\u1ebft th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>Ph\u1ea1m vi \u0111i\u1ec1u ch\u1ec9nh m\u1edf r\u1ed9ng<\/td>\n<\/tr>\n<tr>\n<td>B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u01a1 b\u1ea3n<\/td>\n<td>T\u0103ng c\u01b0\u1eddng b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0<\/td>\n<\/tr>\n<tr>\n<td>B\u1ecb gi\u1edbi h\u1ea1n v\u1ec1 ph\u1ea1m vi v\u00e0 chi\u1ec1u s\u00e2u<\/td>\n<td>To\u00e0n di\u1ec7n trong c\u00e1ch ti\u1ebfp c\u1eadn<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>C\u00f4ng d\u1ee5ng, v\u1ea5n \u0111\u1ec1 v\u00e0 gi\u1ea3i ph\u00e1p li\u00ean quan \u0111\u1ebfn MiFID<\/h3>\n<h4>C\u00f4ng d\u1ee5ng<\/h4>\n<ul>\n<li>\u0110\u1ea3m b\u1ea3o th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh c\u00f4ng b\u1eb1ng v\u00e0 minh b\u1ea1ch.<\/li>\n<li>B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng qua c\u00e1c ti\u00eau chu\u1ea9n tu\u00e2n th\u1ee7 nghi\u00eam ng\u1eb7t.<\/li>\n<\/ul>\n<h4>V\u1ea5n \u0111\u1ec1 v\u00e0 gi\u1ea3i ph\u00e1p<\/h4>\n<ul>\n<li><strong>S\u1ef1 ph\u1ee9c t\u1ea1p trong vi\u1ec7c tu\u00e2n th\u1ee7:<\/strong> C\u00e1c c\u00f4ng ty th\u01b0\u1eddng ph\u1ea3i v\u1eadt l\u1ed9n v\u1edbi s\u1ef1 ph\u1ee9c t\u1ea1p c\u1ee7a vi\u1ec7c tu\u00e2n th\u1ee7 MiFID II. <strong>Gi\u1ea3i ph\u00e1p:<\/strong> S\u1eed d\u1ee5ng ph\u1ea7n m\u1ec1m v\u00e0 c\u00f4ng c\u1ee5 tu\u00e2n th\u1ee7 ti\u00ean ti\u1ebfn.<\/li>\n<li><strong>Nh\u1eefng th\u00e1ch th\u1ee9c v\u1ec1 qu\u1ea3n l\u00fd d\u1eef li\u1ec7u:<\/strong> X\u1eed l\u00fd l\u01b0\u1ee3ng l\u1edbn d\u1eef li\u1ec7u \u0111\u1ec3 b\u00e1o c\u00e1o. <strong>Gi\u1ea3i ph\u00e1p:<\/strong> Tri\u1ec3n khai h\u1ec7 th\u1ed1ng ph\u00e2n t\u00edch v\u00e0 qu\u1ea3n l\u00fd d\u1eef li\u1ec7u m\u1ea1nh m\u1ebd.<\/li>\n<\/ul>\n<h3>\u0110\u1eb7c \u0111i\u1ec3m ch\u00ednh v\u00e0 so s\u00e1nh<\/h3>\n<table>\n<thead>\n<tr>\n<th><strong>\u0111\u1eb7c tr\u01b0ng<\/strong><\/th>\n<th><strong>MiFID<\/strong><\/th>\n<th><strong>Ch\u1ec9 th\u1ecb t\u00e0i ch\u00ednh kh\u00e1c<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ph\u1ea1m vi<\/td>\n<td>\u0110\u1ed9 bao ph\u1ee7 th\u1ecb tr\u01b0\u1eddng to\u00e0n di\u1ec7n<\/td>\n<td>Th\u01b0\u1eddng c\u1ee5 th\u1ec3 cho c\u00e1c l\u0129nh v\u1ef1c<\/td>\n<\/tr>\n<tr>\n<td>B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0<\/td>\n<td>Cao<\/td>\n<td>Kh\u00e1c nhau<\/td>\n<\/tr>\n<tr>\n<td>Y\u00eau c\u1ea7u v\u1ec1 t\u00ednh minh b\u1ea1ch<\/td>\n<td>Nghi\u00eam kh\u1eafc<\/td>\n<td>\u00cdt nghi\u00eam ng\u1eb7t<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Quan \u0111i\u1ec3m v\u00e0 c\u00f4ng ngh\u1ec7 c\u1ee7a t\u01b0\u01a1ng lai li\u00ean quan \u0111\u1ebfn MiFID<\/h3>\n<p>Xu h\u01b0\u1edbng t\u01b0\u01a1ng lai c\u1ee7a MiFID c\u00f3 th\u1ec3 bao g\u1ed3m:<\/p>\n<ul>\n<li>T\u00edch h\u1ee3p c\u00e1c c\u00f4ng ngh\u1ec7 ti\u00ean ti\u1ebfn nh\u01b0 AI \u0111\u1ec3 tu\u00e2n th\u1ee7 v\u00e0 gi\u00e1m s\u00e1t.<\/li>\n<li>S\u1ef1 h\u00e0i h\u00f2a h\u01a1n n\u1eefa c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh EU.<\/li>\n<li>T\u0103ng c\u01b0\u1eddng t\u1eadp trung v\u00e0o t\u00e0i ch\u00ednh b\u1ec1n v\u1eefng v\u00e0 c\u00e1c ti\u00eau ch\u00ed ESG (M\u00f4i tr\u01b0\u1eddng, X\u00e3 h\u1ed9i v\u00e0 Qu\u1ea3n tr\u1ecb).<\/li>\n<\/ul>\n<h3>Vi\u1ec7c s\u1eed d\u1ee5ng m\u00e1y ch\u1ee7 proxy li\u00ean quan \u0111\u1ebfn MiFID<\/h3>\n<p>M\u00e1y ch\u1ee7 proxy c\u00f3 th\u1ec3 \u0111\u00f3ng m\u1ed9t vai tr\u00f2 quan tr\u1ecdng trong b\u1ed1i c\u1ea3nh MiFID:<\/p>\n<ul>\n<li>T\u0103ng c\u01b0\u1eddng b\u1ea3o m\u1eadt v\u00e0 quy\u1ec1n ri\u00eang t\u01b0 c\u1ee7a c\u00e1c giao d\u1ecbch v\u00e0 truy\u1ec1n d\u1eef li\u1ec7u.<\/li>\n<li>T\u1ea1o \u0111i\u1ec1u ki\u1ec7n thu\u1eadn l\u1ee3i cho vi\u1ec7c tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh th\u01b0\u01a1ng m\u1ea1i xuy\u00ean bi\u00ean gi\u1edbi.<\/li>\n<li>Cung c\u1ea5p t\u1ed1c \u0111\u1ed9 v\u00e0 \u0111\u1ed9 tin c\u1eady \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n cho giao d\u1ecbch t\u1ea7n s\u1ed1 cao.<\/li>\n<\/ul>\n<h3>Li\u00ean k\u1ebft li\u00ean quan<\/h3>\n<p>\u0110\u1ec3 bi\u1ebft th\u00eam th\u00f4ng tin chuy\u00ean s\u00e2u v\u1ec1 MiFID, h\u00e3y xem x\u00e9t truy c\u1eadp c\u00e1c t\u00e0i nguy\u00ean sau:<\/p>\n<ol>\n<li>Trang web Lu\u1eadt Li\u00ean minh Ch\u00e2u \u00c2u ch\u00ednh th\u1ee9c: <a target=\"_new\" rel=\"noopener\">eur-lex.europa.eu<\/a><\/li>\n<li>C\u01a1 quan qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh (FCA): <a target=\"_new\" href=\"https:\/\/www.fca.org.uk\/\" rel=\"noopener\">fca.org.uk<\/a><\/li>\n<li>T\u1ed5ng quan v\u1ec1 MiFID c\u1ee7a Investopedia: <a target=\"_new\" rel=\"noopener\">Investopedia.com<\/a><\/li>\n<\/ol>","protected":false},"featured_media":580299,"menu_order":0,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-580298","glossary","type-glossary","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/proxyelite.info\/vi\/wp-json\/wp\/v2\/glossary\/580298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/proxyelite.info\/vi\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/proxyelite.info\/vi\/wp-json\/wp\/v2\/types\/glossary"}],"version-history":[{"count":0,"href":"https:\/\/proxyelite.info\/vi\/wp-json\/wp\/v2\/glossary\/580298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/proxyelite.info\/vi\/wp-json\/wp\/v2\/media\/580299"}],"wp:attachment":[{"href":"https:\/\/proxyelite.info\/vi\/wp-json\/wp\/v2\/media?parent=580298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}