{"id":348,"date":"2026-04-23T14:13:01","date_gmt":"2026-04-23T05:13:01","guid":{"rendered":"https:\/\/copi-tools.com\/vn\/?p=348"},"modified":"2026-04-28T16:56:31","modified_gmt":"2026-04-28T07:56:31","slug":"abook-vs-bbook","status":"publish","type":"post","link":"https:\/\/copi-tools.com\/vn\/abook-vs-bbook\/","title":{"rendered":"S\u00e0n A-book v\u00e0 B-book Forex: Kh\u00e1c Bi\u1ec7t L\u00e0 G\u00ec v\u00e0 Lo\u1ea1i N\u00e0o An To\u00e0n H\u01a1n?"},"content":{"rendered":"\n

N\u1ebfu mu\u1ed1n giao d\u1ecbch forex hi\u1ec7u qu\u1ea3, b\u1ea1n c\u1ea7n hi\u1ec3u c\u00e1ch s\u00e0n m\u00f4i gi\u1edbi th\u1ef1c s\u1ef1 x\u1eed l\u00fd l\u1ec7nh c\u1ee7a m\u00ecnh<\/strong>. Hai m\u00f4 h\u00ecnh c\u1ed1t l\u00f5i quy\u1ebft \u0111\u1ecbnh \u0111i\u1ec1u n\u00e0y: A-book (NDD) v\u00e0 B-book (DD)<\/strong>. Ch\u00fang quy\u1ebft \u0111\u1ecbnh li\u1ec7u l\u1ee3i \u00edch c\u1ee7a b\u1ea1n c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi s\u00e0n \u2014 hay tr\u1ef1c ti\u1ebfp xung \u0111\u1ed9t.<\/p>\n\n\n\n

A-book (NDD) v\u00e0 B-book (DD): S\u1ef1 Kh\u00e1c Bi\u1ec7t C\u1ed1t L\u00f5i<\/h2>\n\n\n\n

S\u1ef1 ph\u00e2n bi\u1ec7t A-book\/B-book m\u00f4 t\u1ea3 l\u1ec7nh c\u1ee7a b\u1ea1n \u0111i \u0111\u00e2u<\/em> sau khi \u0111\u1eb7t. \u0110i\u1ec1u n\u00e0y c\u00f3 \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn \u0111\u1ed9 minh b\u1ea1ch gi\u00e1, ch\u1ea5t l\u01b0\u1ee3ng kh\u1edbp l\u1ec7nh, v\u00e0 li\u1ec7u s\u00e0n c\u00f3 ki\u1ebfm ti\u1ec1n t\u1eeb thua l\u1ed7 c\u1ee7a b\u1ea1n kh\u00f4ng.<\/p>\n\n\n\n

A-book (NDD): L\u1ec7nh c\u1ee7a b\u1ea1n \u0111i ra th\u1ecb tr\u01b0\u1eddng<\/h3>\n\n\n\n

S\u00e0n A-book (c\u00f2n g\u1ecdi l\u00e0 NDD \u2014 No Dealing Desk) chuy\u1ec3n l\u1ec7nh c\u1ee7a b\u1ea1n th\u1eb3ng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng li\u00ean ng\u00e2n h\u00e0ng ho\u1eb7c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n (LP)<\/strong>. S\u00e0n \u0111\u00f3ng vai trung gian, kh\u00f4ng ph\u1ea3i \u0111\u1ed1i t\u00e1c giao d\u1ecbch c\u1ee7a b\u1ea1n. \u0110\u00e2y l\u00e0 m\u00f4 h\u00ecnh th\u1ef1c thi STP ho\u1eb7c ECN trong th\u1ef1c t\u1ebf.<\/p>\n\n\n\n

\u0110\u1eb7c \u0111i\u1ec3m ch\u00ednh c\u1ee7a s\u00e0n A-book:<\/p>\n\n\n\n

    \n
  • L\u1ec7nh \u0111\u01b0\u1ee3c chuy\u1ec3n ra th\u1ecb tr\u01b0\u1eddng<\/li>\n\n\n\n
  • S\u00e0n ki\u1ebfm ti\u1ec1n t\u1eeb hoa h\u1ed3ng ho\u1eb7c ph\u1ea7n t\u0103ng th\u00eam v\u00e0o spread<\/li>\n\n\n\n
  • Kh\u00f4ng c\u00f3 xung \u0111\u1ed9t l\u1ee3i \u00edch c\u1ed1 h\u1eefu \u2014 s\u00e0n ki\u1ebfm ti\u1ec1n b\u1ea5t k\u1ec3 b\u1ea1n th\u1eafng hay thua<\/li>\n\n\n\n
  • Gi\u00e1 ph\u1ea3n \u00e1nh gi\u00e1 th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf<\/li>\n\n\n\n
  • C\u00f3 th\u1ec3 b\u1ecb tr\u01b0\u1ee3t gi\u00e1 trong bi\u1ebfn \u0111\u1ed9ng cao<\/li>\n<\/ul>\n\n\n\n

    \u01afu \u0111i\u1ec3m l\u1edbn nh\u1ea5t c\u1ee7a s\u00e0n A-book l\u00e0 minh b\u1ea1ch v\u00e0 l\u1ee3i \u00edch c\u00f9ng chi\u1ec1u<\/strong>: s\u00e0n mu\u1ed1n b\u1ea1n giao d\u1ecbch nhi\u1ec1u (v\u00e0 ti\u1ebfp t\u1ee5c giao d\u1ecbch), kh\u00f4ng mu\u1ed1n b\u1ea1n ch\u00e1y t\u00e0i kho\u1ea3n.<\/p>\n\n\n\n

    B-book (DD): L\u1ec7nh c\u1ee7a b\u1ea1n \u1edf l\u1ea1i b\u00ean trong s\u00e0n<\/h3>\n\n\n\n

    S\u00e0n B-book (c\u00f2n g\u1ecdi l\u00e0 DD \u2014 Dealing Desk, ho\u1eb7c Market Maker) n\u1ed9i b\u1ed9 h\u00f3a l\u1ec7nh c\u1ee7a b\u1ea1n<\/strong>. S\u00e0n tr\u1edf th\u00e0nh \u0111\u1ed1i t\u00e1c tr\u1ef1c ti\u1ebfp: b\u1ea1n mua, s\u00e0n b\u00e1n; b\u1ea1n b\u00e1n, s\u00e0n mua. L\u1ec7nh kh\u00f4ng bao gi\u1edd ra th\u1ecb tr\u01b0\u1eddng m\u1edf.<\/p>\n\n\n\n

    \u0110\u1eb7c \u0111i\u1ec3m ch\u00ednh c\u1ee7a s\u00e0n B-book:<\/p>\n\n\n\n

      \n
    • L\u1ec7nh x\u1eed l\u00fd n\u1ed9i b\u1ed9 \u2014 kh\u00f4ng ra th\u1ecb tr\u01b0\u1eddng<\/li>\n\n\n\n
    • S\u00e0n t\u1ef1 \u0111\u1eb7t gi\u00e1 mua\/b\u00e1n<\/li>\n\n\n\n
    • Ph\u00ed th\u01b0\u1eddng g\u1ed9p v\u00e0o spread (kh\u00f4ng c\u00f3 hoa h\u1ed3ng ri\u00eang)<\/li>\n\n\n\n
    • Kh\u1edbp l\u1ec7nh nhanh, \u1ed5n \u0111\u1ecbnh \u2014 tr\u01b0\u1ee3t gi\u00e1 hi\u1ebfm<\/li>\n\n\n\n
    • Xung \u0111\u1ed9t l\u1ee3i \u00edch ti\u1ec1m \u1ea9n: thua l\u1ed7 c\u1ee7a b\u1ea1n c\u00f3 th\u1ec3 l\u00e0 l\u1ee3i nhu\u1eadn c\u1ee7a s\u00e0n<\/li>\n<\/ul>\n\n\n\n

      \u01afu \u0111i\u1ec3m ch\u00ednh c\u1ee7a B-book: kh\u1edbp l\u1ec7nh nhanh v\u00e0 spread \u1ed5n \u0111\u1ecbnh<\/strong> ngay c\u1ea3 khi thanh kho\u1ea3n th\u1ea5p. R\u1ee7i ro: s\u00e0n c\u00f3 \u0111\u1ed9ng c\u01a1 t\u00e0i ch\u00ednh khi b\u1ea1n thua l\u1ed7.<\/p>\n\n\n\n\n \n <\/marker>\n <\/marker>\n <\/defs>\n \n Lu\u1ed3ng l\u1ec7nh: l\u1ec7nh \u0111i \u0111\u00e2u<\/text>\n \n A-book (NDD)<\/text>\n B-book (DD)<\/text>\n \n B\u1ea1n<\/text>\n (trader)<\/text>\n \n \n S\u00e0n<\/text>\n (chuy\u1ec3n ti\u1ebfp)<\/text>\n \n \n LP \/<\/text>\n th\u1ecb tr\u01b0\u1eddng<\/text>\n L\u1ec7nh ra s\u00e0n b\u00ean ngo\u00e0i \/ n\u01a1i kh\u1edbp LP.<\/text>\n S\u00e0n kh\u00f4ng<\/tspan> ph\u1ea3i \u0111\u1ed1i t\u00e1c giao d\u1ecbch c\u1ee7a b\u1ea1n.<\/text>\n \n B\u1ea1n<\/text>\n (trader)<\/text>\n \n \n \n S\u00e0n (n\u1ed9i b\u1ed9)<\/text>\n L\u00e0 b\u00ean \u0111\u1ed1i \u1ee9ng l\u1ec7nh<\/text>\n \n LP ngo\u00e0i<\/text>\n (th\u01b0\u1eddng kh\u00f4ng d\u00f9ng)<\/text>\n \n \u2014<\/text>\n N\u1ed9i b\u1ed9: P&L \u0111\u1ed1i l\u1eadp v\u1edbi b\u1ea1n.<\/text>\n Kh\u00f4ng c\u1ea7n li\u00ean ng\u00e2n h\u00e0ng cho fill.<\/text>\n<\/svg>\n\n\n\n

      So S\u00e1nh A-book v\u00e0 B-book<\/h3>\n\n\n\n
      <\/th>A-book (NDD)<\/th>B-book (DD)<\/th><\/tr><\/thead>
      \u0110\u1ed1i t\u00e1c giao d\u1ecbch<\/strong><\/td>Th\u1ecb tr\u01b0\u1eddng \/ LP<\/td>S\u00e0n m\u00f4i gi\u1edbi<\/td><\/tr>
      H\u00ecnh th\u00e0nh gi\u00e1<\/strong><\/td>Gi\u00e1 th\u1ecb tr\u01b0\u1eddng th\u1ef1c<\/td>S\u00e0n t\u1ef1 \u0111\u1eb7t<\/td><\/tr>
      Spread<\/strong><\/td>Th\u1ea3 n\u1ed5i, h\u01a1i r\u1ed9ng h\u01a1n<\/td>\u1ed4n \u0111\u1ecbnh, t\u1eeb r\u1ea5t ch\u1eb7t \u0111\u1ebfn r\u1ed9ng<\/td><\/tr>
      Hoa h\u1ed3ng<\/strong><\/td>Th\u01b0\u1eddng t\u00ednh ri\u00eang<\/td>G\u1ed9p v\u00e0o spread<\/td><\/tr>
      T\u1ed1c \u0111\u1ed9 kh\u1edbp l\u1ec7nh<\/strong><\/td>Ph\u1ee5 thu\u1ed9c th\u1ecb tr\u01b0\u1eddng<\/td>Nhanh v\u00e0 \u1ed5n \u0111\u1ecbnh<\/td><\/tr>
      Tr\u01b0\u1ee3t gi\u00e1<\/strong><\/td>C\u00f3 th\u1ec3 (bi\u1ebfn \u0111\u1ed9ng)<\/td>Hi\u1ebfm<\/td><\/tr>
      Xung \u0111\u1ed9t l\u1ee3i \u00edch<\/strong><\/td>Kh\u00f4ng<\/td>Ti\u1ec1m \u1ea9n
      (thua c\u1ee7a b\u1ea1n = l\u1eddi c\u1ee7a s\u00e0n)<\/td><\/tr><\/tbody><\/table>
      B\u1ea3ng so s\u00e1nh s\u00e0n A-book v\u00e0 B-book<\/figcaption><\/figure>\n\n\n\n

      R\u1ee7i ro xung \u0111\u1ed9t l\u1ee3i \u00edch B-book \u2014 \u0110i\u1ec1u trader c\u1ea7n \u0111\u1eb7c bi\u1ec7t ch\u00fa \u00fd<\/h3>\n\n\n\n

      V\u00ec s\u00e0n B-book c\u00f3 th\u1ec3 ki\u1ebfm l\u1eddi t\u1eeb thua l\u1ed7 c\u1ee7a kh\u00e1ch h\u00e0ng, m\u1ed9t s\u1ed1 s\u00e0n k\u00e9m uy t\u00edn \u0111\u00e3 l\u1ee3i d\u1ee5ng \u0111i\u1ec1u n\u00e0y. V\u1edbi trader s\u1eed d\u1ee5ng s\u00e0n offshore kh\u00f4ng c\u00f3 gi\u1ea5y ph\u00e9p, r\u1ee7i ro n\u00e0y cao h\u01a1n \u0111\u00e1ng k\u1ec3. C\u00e1c v\u1ea5n \u0111\u1ec1 th\u01b0\u1eddng g\u1eb7p:<\/p>\n\n\n\n

        \n
      • Thao t\u00fang gi\u00e1<\/strong>: B\u00e1o gi\u00e1 k\u00e9m h\u01a1n gi\u00e1 th\u1ecb tr\u01b0\u1eddng li\u00ean ng\u00e2n h\u00e0ng<\/li>\n\n\n\n
      • T\u1eeb ch\u1ed1i l\u1ec7nh<\/strong>: Kh\u00f4ng th\u1ef1c hi\u1ec7n l\u1ec7nh c\u00f3 l\u1eddi<\/li>\n\n\n\n
      • Requote (b\u00e1o gi\u00e1 l\u1ea1i)<\/strong>: \u0110\u01b0a ra gi\u00e1 k\u00e9m h\u01a1n t\u1ea1i th\u1eddi \u0111i\u1ec3m kh\u1edbp l\u1ec7nh<\/li>\n\n\n\n
      • Gi\u1edbi h\u1ea1n t\u00e0i kho\u1ea3n<\/strong>: H\u1ea1n ch\u1ebf ho\u1eb7c \u0111\u00f3ng t\u00e0i kho\u1ea3n c\u1ee7a trader li\u00ean t\u1ee5c c\u00f3 l\u1eddi<\/li>\n<\/ul>\n\n\n\n

        L\u01b0u \u00fd quan tr\u1ecdng<\/strong>: C\u00e1c v\u1ea5n \u0111\u1ec1 n\u00e0y ph\u1ed5 bi\u1ebfn h\u01a1n nhi\u1ec1u v\u1edbi s\u00e0n B-book kh\u00f4ng \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd<\/em>. S\u00e0n Market Maker \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p uy t\u00edn (ASIC, FCA, CySEC) ph\u1ea3i tu\u00e2n theo lu\u1eadt h\u1ea1n ch\u1ebf c\u00e1c h\u00e0nh vi n\u00e0y. T\u1ea1i Vi\u1ec7t Nam, do thi\u1ebfu khung ph\u00e1p l\u00fd b\u1ea3o v\u1ec7 trader s\u1eed d\u1ee5ng s\u00e0n offshore, vi\u1ec7c ch\u1ecdn s\u00e0n c\u00f3 gi\u1ea5y ph\u00e9p qu\u1ed1c t\u1ebf l\u00e0 c\u00e1ch b\u1ea3o v\u1ec7 t\u1ed1t nh\u1ea5t b\u1ea1n c\u00f3 th\u1ec3 l\u00e0m.<\/p>\n\n\n\n

        10 D\u1ea5u Hi\u1ec7u Nh\u1eadn Bi\u1ebft S\u00e0n A-book hay B-book<\/h2>\n\n\n\n

        H\u1ea7u h\u1ebft s\u00e0n s\u1ebd kh\u00f4ng t\u1ef1 n\u00f3i m\u00ecnh thu\u1ed9c lo\u1ea1i n\u00e0o. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 10 t\u00edn hi\u1ec7u \u0111\u1ec3 nh\u1eadn bi\u1ebft:<\/p>\n\n\n\n

        1. C\u1ea5u tr\u00fac spread v\u00e0 hoa h\u1ed3ng<\/h3>\n\n\n\n
          \n
        • A-book (ECN)<\/strong>: Spread th\u1ea3 n\u1ed5i ch\u1eb7t (\u0111\u00f4i khi t\u1eeb 0.0 pip) + hoa h\u1ed3ng m\u1ed7i l\u00f4<\/li>\n\n\n\n
        • A-book (STP)<\/strong>: Spread th\u1ea3 n\u1ed5i h\u01a1i r\u1ed9ng h\u01a1n, \u0111\u00f4i khi kh\u00f4ng hoa h\u1ed3ng<\/li>\n\n\n\n
        • B-book<\/strong>: Spread c\u1ed1 \u0111\u1ecbnh ho\u1eb7c th\u1ea3 n\u1ed5i, kh\u00f4ng hoa h\u1ed3ng ri\u00eang; n\u1ebfu spread c\u1ef1c ch\u1eb7t m\u00e0 kh\u00f4ng c\u00f3 hoa h\u1ed3ng, r\u1ee7i ro xung \u0111\u1ed9t l\u1ee3i \u00edch cao h\u01a1n<\/li>\n<\/ul>\n\n\n\n

          2. Ch\u00ednh s\u00e1ch th\u1ef1c hi\u1ec7n l\u1ec7nh v\u00e0 \u0111i\u1ec1u kho\u1ea3n d\u1ecbch v\u1ee5<\/h3>\n\n\n\n
            \n
          • D\u1ea5u hi\u1ec7u A-book<\/strong>: “STP”, “ECN”, “NDD”, “l\u1ec7nh chuy\u1ec3n th\u1eb3ng \u0111\u1ebfn LP”<\/li>\n\n\n\n
          • D\u1ea5u hi\u1ec7u B-book<\/strong>: “Market maker”, “Dealing Desk”, “DD”, “ch\u00fang t\u00f4i l\u00e0 \u0111\u1ed1i t\u00e1c giao d\u1ecbch”<\/li>\n<\/ul>\n\n\n\n

            3. M\u1ee9c \u0111\u00f2n b\u1ea9y t\u1ed1i \u0111a<\/h3>\n\n\n\n
              \n
            • S\u00e0n A-book<\/strong>: Th\u01b0\u1eddng 100:1\u2013200:1 (ph\u1ea3i ph\u00f2ng ng\u1eeba r\u1ee7i ro ph\u00eda th\u1ecb tr\u01b0\u1eddng)<\/li>\n\n\n\n
            • S\u00e0n B-book<\/strong>: Th\u01b0\u1eddng 400:1\u20131000:1 ho\u1eb7c cao h\u01a1n (r\u1ee7i ro qu\u1ea3n l\u00fd n\u1ed9i b\u1ed9)<\/li>\n<\/ul>\n\n\n\n

              4. M\u1ee9c \u0111\u1ed9 t\u01b0\u01a1ng quan gi\u00e1 v\u1edbi th\u1ecb tr\u01b0\u1eddng li\u00ean ng\u00e2n h\u00e0ng<\/h3>\n\n\n\n
                \n
              • A-book<\/strong>: Gi\u00e1 b\u00e1m s\u00e1t th\u1ecb tr\u01b0\u1eddng li\u00ean ng\u00e2n h\u00e0ng; spread m\u1edf r\u1ed9ng khi bi\u1ebfn \u0111\u1ed9ng<\/li>\n\n\n\n
              • B-book<\/strong>: Gi\u00e1 \u1ed5n \u0111\u1ecbnh h\u01a1n; c\u00f3 th\u1ec3 l\u1ec7ch nh\u1eb9 kh\u1ecfi th\u1ecb tr\u01b0\u1eddng trong giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng<\/li>\n<\/ul>\n\n\n\n

                5. T\u1ed1c \u0111\u1ed9 kh\u1edbp l\u1ec7nh v\u00e0 h\u00e0nh vi tr\u01b0\u1ee3t gi\u00e1<\/h3>\n\n\n\n
                  \n
                • A-book<\/strong>: Ph\u1ee5 thu\u1ed9c th\u1ecb tr\u01b0\u1eddng; tr\u01b0\u1ee3t gi\u00e1 c\u00f3 th\u1ec3 x\u1ea3y ra khi th\u1ecb tr\u01b0\u1eddng di chuy\u1ec3n nhanh<\/li>\n\n\n\n
                • B-book<\/strong>: Kh\u1edbp nhanh v\u00e0 \u1ed5n \u0111\u1ecbnh; tr\u01b0\u1ee3t gi\u00e1 hi\u1ebfm nh\u01b0ng requote c\u00f3 th\u1ec3 x\u1ea3y ra \u1edf tin t\u1ee9c l\u1edbn<\/li>\n<\/ul>\n\n\n\n

                  6. T\u1ea7n su\u1ea5t requote (b\u00e1o gi\u00e1 l\u1ea1i)<\/h3>\n\n\n\n
                    \n
                  • A-book<\/strong>: Hi\u1ebfm (tr\u1eeb bi\u1ebfn \u0111\u1ed9ng c\u1ef1c m\u1ea1nh)<\/li>\n\n\n\n
                  • B-book<\/strong>: Nhi\u1ec1u h\u01a1n, \u0111\u1eb7c bi\u1ec7t v\u1edbi l\u1ec7nh l\u1edbn v\u00e0 s\u1ef1 ki\u1ec7n kinh t\u1ebf quan tr\u1ecdng<\/li>\n<\/ul>\n\n\n\n

                    7. Gi\u1edbi h\u1ea1n kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0 s\u1ed1 lot<\/h3>\n\n\n\n
                      \n
                    • A-book<\/strong>: Gi\u1edbi h\u1ea1n lot cao h\u01a1n (b\u1ecb r\u00e0ng bu\u1ed9c b\u1edfi thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng, kh\u00f4ng ph\u1ea3i gi\u1edbi h\u1ea1n r\u1ee7i ro n\u1ed9i b\u1ed9)<\/li>\n\n\n\n
                    • B-book<\/strong>: Th\u01b0\u1eddng \u0111\u1eb7t tr\u1ea7n \u2014 \u0111\u1eb7c bi\u1ec7t v\u1edbi t\u00e0i kho\u1ea3n l\u1edbn \u2014 \u0111\u1ec3 h\u1ea1n ch\u1ebf r\u1ee7i ro n\u1ed9i b\u1ed9<\/li>\n<\/ul>\n\n\n\n

                      8. \u01afu \u0111\u00e3i v\u00e0 bonus<\/h3>\n\n\n\n
                        \n
                      • A-book<\/strong>: Hi\u1ebfm khi cung c\u1ea5p bonus l\u1edbn (m\u00f4 h\u00ecnh doanh thu theo hoa h\u1ed3ng kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ed1 ti\u1ec1n n\u1ea1p)<\/li>\n\n\n\n
                      • B-book<\/strong>: Th\u01b0\u1eddng xuy\u00ean cung c\u1ea5p bonus n\u1ea1p ti\u1ec1n l\u1edbn, bonus kh\u00f4ng c\u1ea7n n\u1ea1p \u2014 v\u00ec kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch cao c\u00f3 l\u1ee3i cho s\u00e0n b\u1ea5t k\u1ec3 k\u1ebft qu\u1ea3 trader<\/li>\n<\/ul>\n\n\n\n

                        9. M\u1ee9c \u0111\u1ed9 c\u00f4ng khai th\u00f4ng tin nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n<\/h3>\n\n\n\n
                          \n
                        • A-book<\/strong>: Th\u01b0\u1eddng c\u00f4ng khai th\u00f4ng tin LP (v\u00ed d\u1ee5 “\u0111\u1ed1i t\u00e1c bao g\u1ed3m Citi, Deutsche Bank”)<\/li>\n\n\n\n
                        • B-book<\/strong>: Hi\u1ebfm khi ti\u1ebft l\u1ed9 m\u1ed1i quan h\u1ec7 LP (l\u1ec7nh kh\u00f4ng r\u1eddi kh\u1ecfi s\u00e0n)<\/li>\n<\/ul>\n\n\n\n

                          10. C\u00e2u tr\u1ea3 l\u1eddi t\u1eeb b\u1ed9 ph\u1eadn h\u1ed7 tr\u1ee3 kh\u00e1ch h\u00e0ng<\/h3>\n\n\n\n

                          H\u1ecfi tr\u1ef1c ti\u1ebfp: “L\u1ec7nh c\u1ee7a t\u00f4i \u0111\u01b0\u1ee3c x\u1eed l\u00fd nh\u01b0 th\u1ebf n\u00e0o? C\u00f3 chuy\u1ec3n \u0111\u1ebfn nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n b\u00ean ngo\u00e0i kh\u00f4ng?” C\u00e2u tr\u1ea3 l\u1eddi m\u01a1 h\u1ed3 nh\u01b0 “ch\u00fang t\u00f4i s\u1eed d\u1ee5ng c\u00f4ng ngh\u1ec7 \u0111\u1ed9c quy\u1ec1n” th\u01b0\u1eddng c\u00f3 ngh\u0129a l\u00e0 Hybrid ho\u1eb7c B-book. C\u00e2u tr\u1ea3 l\u1eddi r\u00f5 r\u00e0ng “c\u00f3, t\u1ea5t c\u1ea3 l\u1ec7nh g\u1eedi \u0111\u1ebfn LP” l\u00e0 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c c\u1ee7a A-book \u2014 d\u00f9 l\u01b0u \u00fd r\u1eb1ng ngay c\u1ea3 s\u00e0n A-book c\u0169ng c\u00f3 th\u1ec3 d\u00f9ng B-book cho t\u00e0i kho\u1ea3n nh\u1ecf.<\/p>\n\n\n\n

                          Th\u1ef1c T\u1ebf: H\u1ea7u H\u1ebft S\u00e0n Ng\u00e0y Nay D\u00f9ng M\u00f4 H\u00ecnh Hybrid<\/h2>\n\n\n\n

                          S\u00e0n A-book thu\u1ea7n t\u00fay ng\u00e0y c\u00e0ng hi\u1ebfm. V\u1eadn h\u00e0nh \u0111\u1ecbnh tuy\u1ebfn l\u1ec7nh ho\u00e0n to\u00e0n ra ngo\u00e0i r\u1ea5t t\u1ed1n k\u00e9m v\u00e0 r\u1ee7i ro ho\u1ea1t \u0111\u1ed9ng cao. S\u00e0n B-book thu\u1ea7n t\u00fay c\u0169ng kh\u00f4ng ph\u1ed5 bi\u1ebfn v\u1edbi s\u00e0n uy t\u00edn \u2014 xung \u0111\u1ed9t l\u1ee3i \u00edch qu\u00e1 l\u1ed9 li\u1ec5u v\u00e0 \u00e1p l\u1ef1c qu\u1ea3n l\u00fd ng\u00e0y c\u00e0ng t\u0103ng.<\/p>\n\n\n\n

                          Trong th\u1ef1c t\u1ebf, h\u1ea7u h\u1ebft s\u00e0n l\u1edbn d\u00f9ng Hybrid<\/strong>, \u00e1p d\u1ee5ng A-book ho\u1eb7c B-book d\u1ef1a tr\u00ean:<\/p>\n\n\n\n\n \n <\/marker>\n <\/marker>\n <\/defs>\n \n Hybrid \u2014 \u0111\u1ecbnh tuy\u1ebfn (minh h\u1ecda)<\/text>\n C\u00f9ng m\u1ed9t s\u00e0n, m\u1ed7i l\u1ec7nh c\u00f3 th\u1ec3 \u0111i tuy\u1ebfn kh\u00e1c<\/text>\n \n S\u00e0n<\/text>\n R\u1ee7i ro + quy t\u1eafc<\/text>\n \n \n L\u1ec7nh v\u00e0o<\/text>\n \n A-book (g\u1eedi ra ngo\u00e0i)<\/text>\n LP \/ s\u00e0n b\u00ean ngo\u00e0i<\/text>\n \n B-book (n\u1ed9i b\u1ed9 h\u00f3a)<\/text>\n T\u1ea1i s\u00e0n \/ \u0111\u1ed1i t\u00e1c<\/text>\n Kh\u1ed1i l\u1edbn \u00b7 c\u1eb7p ch\u00ednh \u00b7 d\u00f2ng t\u00edn hi\u1ec7u m\u1ea1nh (v\u00ed d\u1ee5)<\/text>\n L\u1ec7nh nh\u1ecf \u00b7 exotic \u00b7 gi\u1edd m\u1ecfng (v\u00ed d\u1ee5)<\/text>\n<\/svg>\n\n\n\n
                          Y\u1ebfu t\u1ed1<\/th>A-book (G\u1eedi ra ngo\u00e0i)<\/th>B-book (X\u1eed l\u00fd n\u1ed9i b\u1ed9)<\/th><\/tr><\/thead>
                          Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch<\/td>L\u1ec7nh l\u1edbn<\/td>L\u1ec7nh nh\u1ecf<\/td><\/tr>
                          C\u1eb7p ti\u1ec1n<\/td>C\u1eb7p ch\u00ednh (EUR\/USD, GBP\/USD…)<\/td>C\u1eb7p ph\u1ee5 \/ exotic<\/td><\/tr>
                          Phi\u00ean giao d\u1ecbch<\/td>Gi\u1edd thanh kho\u1ea3n cao<\/td>Gi\u1edd thanh kho\u1ea3n th\u1ea5p<\/td><\/tr>
                          Lo\u1ea1i trader<\/td>Trader chuy\u00ean nghi\u1ec7p<\/td>B\u00e1n l\u1ebb \/ ng\u01b0\u1eddi m\u1edbi<\/td><\/tr>
                          \u0110i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng<\/td>Bi\u1ebfn \u0111\u1ed9ng b\u00ecnh th\u01b0\u1eddng<\/td>Bi\u1ebfn \u0111\u1ed9ng c\u1ef1c m\u1ea1nh<\/td><\/tr><\/tbody><\/table>
                          Ti\u00eau ch\u00ed \u0111\u1ecbnh tuy\u1ebfn A-book\/B-book c\u1ee7a s\u00e0n Hybrid<\/figcaption><\/figure>\n\n\n\n

                          \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a v\u1edbi b\u1ea1n: thay v\u00ec \u00e1m \u1ea3nh “s\u00e0n c\u1ee7a m\u00ecnh l\u00e0 A-book hay B-book?”, h\u00e3y t\u1eadp trung v\u00e0o vi\u1ec7c s\u00e0n c\u00f3 \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p uy t\u00edn, minh b\u1ea1ch v\u1ec1 ph\u00ed, v\u00e0 c\u00f3 l\u1ecbch s\u1eed kh\u1edbp l\u1ec7nh t\u1ed1t<\/strong> kh\u00f4ng.<\/p>\n\n\n\n

                          Ti\u00eau ch\u00ed l\u1ef1a ch\u1ecdn quan tr\u1ecdng b\u1ea5t k\u1ec3 m\u00f4 h\u00ecnh:<\/p>\n\n\n\n

                            \n
                          • \u0110\u01b0\u1ee3c c\u1ea5p ph\u00e9p b\u1edfi c\u01a1 quan uy t\u00edn (ASIC, FCA, CySEC)<\/li>\n\n\n\n
                          • T\u00e1ch bi\u1ec7t qu\u1ef9 kh\u00e1ch h\u00e0ng<\/li>\n\n\n\n
                          • C\u1ea5u tr\u00fac ph\u00ed r\u00f5 r\u00e0ng (spread + hoa h\u1ed3ng)<\/li>\n\n\n\n
                          • L\u1ecbch s\u1eed kh\u1edbp l\u1ec7nh t\u1ed1t, c\u00f3 th\u1ec3 ki\u1ec3m ch\u1ee9ng<\/li>\n\n\n\n
                          • B\u1ed9 ph\u1eadn h\u1ed7 tr\u1ee3 ph\u1ea3n h\u1ed3i nhanh<\/li>\n<\/ul>\n\n\n\n

                            C\u00e2u H\u1ecfi Th\u01b0\u1eddng G\u1eb7p<\/h2>\n\n\n\n
                            \n

                            T\u1ea1i sao s\u00e0n A-book \u0111\u00f4i khi c\u0169ng d\u00f9ng B-book cho m\u1ed9t s\u1ed1 l\u1ec7nh?<\/h3>
                            \n

                            \u0110\u1ec3 qu\u1ea3n l\u00fd r\u1ee7i ro v\u00e0 t\u1ed1i \u01b0u chi ph\u00ed. \u0110\u1ecbnh tuy\u1ebfn m\u1ecdi l\u1ec7nh ra ngo\u00e0i r\u1ea5t t\u1ed1n k\u00e9m v\u00e0 ph\u1ee9c t\u1ea1p. B\u1eb1ng c\u00e1ch n\u1ed9i b\u1ed9 h\u00f3a l\u1ec7nh nh\u1ecf (B-book), s\u00e0n gi\u1eef chi ph\u00ed th\u1ea5p trong khi v\u1eabn cung c\u1ea5p gi\u00e1 c\u1ea1nh tranh. \u0110i\u1ec1u quan tr\u1ecdng l\u00e0 s\u00e0n Hybrid uy t\u00edn \u00e1p d\u1ee5ng \u0111i\u1ec1u n\u00e0y c\u00f4ng b\u1eb1ng, kh\u00f4ng c\u1ed1 t\u00ecnh nh\u1eafm v\u00e0o trader c\u00f3 l\u1eddi.<\/p>\n<\/div><\/div>\n\n\n\n

                            A-book c\u00f3 t\u1ed1t h\u01a1n B-book kh\u00f4ng?<\/h3>
                            \n

                            Kh\u00f4ng h\u1eb3n t\u1ed1t h\u01a1n \u2014 ch\u1ec9 l\u00e0 kh\u00e1c nhau. A-book minh b\u1ea1ch h\u01a1n v\u00e0 kh\u00f4ng c\u00f3 xung \u0111\u1ed9t l\u1ee3i \u00edch c\u1ea5u tr\u00fac. B-book c\u00f3 th\u1ec3 cung c\u1ea5p spread ch\u1eb7t h\u01a1n kh\u00f4ng c\u00f3 hoa h\u1ed3ng v\u00e0 kh\u1edbp l\u1ec7nh nhanh h\u01a1n. L\u1ef1a ch\u1ecdn ph\u1ee5 thu\u1ed9c v\u00e0o phong c\u00e1ch giao d\u1ecbch. Scalper v\u00e0 trader kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn th\u01b0\u1eddng th\u00edch A-book\/ECN. Ng\u01b0\u1eddi m\u1edbi v\u00e0 swing trader c\u00f3 th\u1ec3 th\u1ef1c t\u1ebf h\u01a1n khi d\u00f9ng B-book ho\u1eb7c Hybrid t\u1eeb s\u00e0n \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p.<\/p>\n<\/div><\/div>\n\n\n\n

                            Chi ph\u00ed giao d\u1ecbch c\u1ee7a s\u00e0n B-book t\u1ea1i sao l\u1ea1i th\u1ea5p h\u01a1n?<\/h3>
                            \n

                            V\u00ec s\u00e0n kh\u00f4ng c\u1ea7n g\u1eedi l\u1ec7nh \u0111\u1ebfn LP b\u00ean ngo\u00e0i \u2014 lo\u1ea1i b\u1ecf ph\u00ed LP v\u00e0 chi ph\u00ed c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng. S\u00e0n ki\u1ebfm t\u1eeb spread v\u00e0 v\u1ec1 l\u00fd thuy\u1ebft c\u00f3 l\u1ee3i th\u1ebf khi trader thua. S\u00e0n B-book \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p b\u00f9 \u0111\u1eafp \u0111i\u1ec1u n\u00e0y th\u00f4ng qua ph\u00f2ng ng\u1eeba r\u1ee7i ro n\u1ed9i b\u1ed9 v\u00e0 tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh.<\/p>\n<\/div><\/div>\n\n\n\n

                            A-book hay B-book \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn \u0111\u1ed9 minh b\u1ea1ch giao d\u1ecbch nh\u01b0 th\u1ebf n\u00e0o?<\/h3>
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                            \u1ea2nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3. A-book g\u1eedi l\u1ec7nh ra th\u1ecb tr\u01b0\u1eddng th\u1ef1c \u2014 gi\u00e1 kh\u1edbp ph\u1ea3n \u00e1nh cung c\u1ea7u th\u1ef1c. B-book \u0111\u1eb7t gi\u00e1 theo s\u00e0n, ngh\u0129a l\u00e0 gi\u00e1 kh\u1edbp c\u00f3 th\u1ec3 l\u1ec7ch kh\u1ecfi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng th\u1ef1c. S\u00e0n B-book \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p ph\u1ea3i c\u00f3 ch\u00ednh s\u00e1ch b\u00e1o gi\u00e1 c\u00f4ng b\u1eb1ng, nh\u01b0ng s\u1ef1 thi\u1ebfu minh b\u1ea1ch c\u1ed1 h\u1eefu v\u1eabn l\u1edbn h\u01a1n so v\u1edbi A-book.<\/p>\n<\/div><\/div>\n<\/div>\n