{"id":357,"date":"2026-04-23T15:26:58","date_gmt":"2026-04-23T06:26:58","guid":{"rendered":"https:\/\/copi-tools.com\/vn\/?p=357"},"modified":"2026-04-28T16:50:17","modified_gmt":"2026-04-28T07:50:17","slug":"stp-trade-model","status":"publish","type":"post","link":"https:\/\/copi-tools.com\/vn\/stp-trade-model\/","title":{"rendered":"M\u00f4 H\u00ecnh Giao D\u1ecbch Forex: STP, ECN, Market Maker v\u00e0 Hybrid L\u00e0 G\u00ec?"},"content":{"rendered":"\n

Khi giao d\u1ecbch forex, nhi\u1ec1u trader ch\u1ec9 quan t\u00e2m \u0111\u1ebfn spread v\u00e0 \u0111\u00f2n b\u1ea9y m\u00e0 b\u1ecf qua m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng h\u01a1n: m\u00f4 h\u00ecnh giao d\u1ecbch c\u1ee7a s\u00e0n m\u00f4i gi\u1edbi<\/strong>. C\u00e1ch s\u00e0n x\u1eed l\u00fd l\u1ec7nh c\u1ee7a b\u1ea1n \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn \u0111\u1ed9 minh b\u1ea1ch, chi ph\u00ed giao d\u1ecbch, r\u1ee7i ro xung \u0111\u1ed9t l\u1ee3i \u00edch, v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng kh\u1edbp l\u1ec7nh.<\/p>\n\n\n\n

C\u00f3 ba m\u00f4 h\u00ecnh giao d\u1ecbch forex ch\u00ednh: STP\/ECN, Market Maker (Nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng), v\u00e0 Hybrid (H\u1ed7n h\u1ee3p)<\/strong>. Hi\u1ec3u r\u00f5 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u00fap b\u1ea1n ch\u1ecdn \u0111\u00fang s\u00e0n ph\u00f9 h\u1ee3p v\u1edbi phong c\u00e1ch giao d\u1ecbch c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n

Ba M\u00f4 H\u00ecnh Giao D\u1ecbch Forex: STP\/ECN, Market Maker v\u00e0 Hybrid<\/h2>\n\n\n\n

M\u1ed7i s\u00e0n m\u00f4i gi\u1edbi forex \u0111\u1ec1u x\u1eed l\u00fd l\u1ec7nh theo m\u1ed9t trong ba c\u00e1ch d\u01b0\u1edbi \u0111\u00e2y. M\u1ed7i m\u00f4 h\u00ecnh c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m ri\u00eang \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn tr\u1ea3i nghi\u1ec7m giao d\u1ecbch, chi ph\u00ed v\u00e0 m\u1ed1i quan h\u1ec7 l\u1ee3i \u00edch gi\u1eefa s\u00e0n v\u00e0 trader.<\/p>\n\n\n\n\n \n Ba m\u00f4 h\u00ecnh \u2014 t\u00f3m t\u1eaft<\/text>\n L\u1ec7nh \u0111\u01b0\u1ee3c \u0111\u01b0a \u0111i \u0111\u00e2u khi x\u1eed l\u00fd<\/text>\n \n STP \/ ECN<\/text>\n T\u1edbi LP ho\u1eb7c<\/text>\n m\u1ea1ng ECN (NDD)<\/text>\n Gi\u00e1 theo th\u1ecb tr\u01b0\u1eddng, c\u00f3 th\u1ec3<\/text>\n tr\u01b0\u1ee3t l\u1ec7nh khi bi\u1ebfn \u0111\u1ed9ng.<\/text>\n \n Market Maker<\/text>\n N\u1ed9i b\u1ed9 \/ DD<\/text>\n S\u00e0n = \u0111\u1ed1i \u1ee9ng<\/text>\n B\u00e1o gi\u00e1 n\u1ed9i b\u1ed9, spread<\/text>\n \u1ed5n, \u00edt tr\u01b0\u1ee3t gi\u00e1.<\/text>\n \n Hybrid<\/text>\n Ch\u1ecdn ngo\u00e0i \/ trong<\/text>\n theo r\u1ee7i ro & quy t\u1eafc<\/text>\n C\u00f9ng m\u1ed9t s\u00e0n, v\u1eeba g\u1eedi<\/text>\n ra LP v\u1eeba n\u1ed9i b\u1ed9 h\u00f3a.<\/text>\n<\/svg>\n\n\n\n

M\u00f4 h\u00ecnh STP\/ECN: K\u1ebft n\u1ed1i tr\u1ef1c ti\u1ebfp v\u1edbi th\u1ecb tr\u01b0\u1eddng<\/h3>\n\n\n\n

C\u00e1c s\u00e0n STP (Straight Through Processing \u2014 X\u1eed l\u00fd th\u1eb3ng) v\u00e0 ECN (Electronic Communication Network \u2014 M\u1ea1ng giao ti\u1ebfp \u0111i\u1ec7n t\u1eed) 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 m\u1ea1ng l\u01b0\u1edbi nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n (LP)<\/strong>, kh\u00f4ng qua b\u00e0n giao d\u1ecbch (Dealing Desk).<\/p>\n\n\n\n

STP<\/strong>: S\u00e0n chuy\u1ec3n l\u1ec7nh t\u1edbi nhi\u1ec1u LP v\u00e0 kh\u1edbp t\u1ea1i m\u1ee9c gi\u00e1 t\u1ed1t nh\u1ea5t. ECN<\/strong>: L\u1ec7nh v\u00e0o m\u1ea1ng c\u1ea1nh tranh gi\u00e1, c\u00f3 th\u1ec3 kh\u1edbp v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh \u2014 th\u01b0\u1eddng cho spread nguy\u00ean b\u1ea3n (Raw Spread) r\u1ea5t ch\u1eb7t nh\u01b0ng k\u00e8m ph\u00ed hoa h\u1ed3ng.<\/p>\n\n\n\n

\u0110\u1eb7c \u0111i\u1ec3m<\/th>STP<\/th>ECN<\/th><\/tr><\/thead>
\u0110\u1ecbnh tuy\u1ebfn l\u1ec7nh<\/td>Chuy\u1ec3n t\u1edbi nhi\u1ec1u LP, ch\u1ecdn gi\u00e1 t\u1ed1t nh\u1ea5t<\/td>M\u1ea1ng kh\u1edbp l\u1ec7nh, c\u00f3 th\u1ec3 ngang h\u00e0ng<\/td><\/tr>
Spread<\/td>Th\u1ea3 n\u1ed5i, h\u01a1i r\u1ed9ng h\u01a1n<\/td>Nguy\u00ean b\u1ea3n (t\u1eeb 0.0 pip) + hoa h\u1ed3ng<\/td><\/tr>
Hoa h\u1ed3ng<\/td>\u0110\u00f4i khi kh\u00f4ng c\u00f3 (\u0111\u00e3 c\u1ed9ng v\u00e0o spread)<\/td>T\u00ednh theo l\u00f4 (v\u00ed d\u1ee5 $3\u2013$7\/l\u00f4)<\/td><\/tr>
Ph\u00f9 h\u1ee3p v\u1edbi<\/td>Trader th\u00f4ng th\u01b0\u1eddng<\/td>Scalper, trader kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u01afu \u0111i\u1ec3m STP\/ECN:<\/strong><\/p>\n\n\n\n

    \n
  • Kh\u00f4ng xung \u0111\u1ed9t l\u1ee3i \u00edch<\/strong>: S\u00e0n ki\u1ebfm ti\u1ec1n t\u1eeb spread\/hoa h\u1ed3ng, kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c b\u1ea1n th\u1eafng hay thua.<\/li>\n\n\n\n
  • B\u00e1o gi\u00e1 minh b\u1ea1ch<\/strong>: Ph\u1ea3n \u00e1nh \u0111\u00fang di\u1ec5n bi\u1ebfn th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf.<\/li>\n\n\n\n
  • Spread c\u1ea1nh tranh<\/strong>: Nhi\u1ec1u LP c\u1ea1nh tranh b\u00e1o gi\u00e1, gi\u1ea3m chi ph\u00ed giao d\u1ecbch.<\/li>\n<\/ul>\n\n\n\n

    Nh\u01b0\u1ee3c \u0111i\u1ec3m STP\/ECN:<\/strong><\/p>\n\n\n\n

      \n
    • R\u1ee7i ro tr\u01b0\u1ee3t gi\u00e1 (slippage)<\/strong>: Khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh (nh\u01b0 c\u00f4ng b\u1ed1 NFP, Fed t\u0103ng l\u00e3i su\u1ea5t), spread m\u1edf r\u1ed9ng, l\u1ec7nh c\u00f3 th\u1ec3 tr\u01b0\u1ee3t gi\u00e1.<\/li>\n\n\n\n
    • Hoa h\u1ed3ng ECN<\/strong>: Spread nguy\u00ean b\u1ea3n th\u1ea5p nh\u01b0ng ph\u00ed hoa h\u1ed3ng m\u1ed7i l\u00f4 t\u00edch l\u0169y nhanh v\u1edbi trader t\u1ea7n su\u1ea5t cao.<\/li>\n<\/ul>\n\n\n\n

      C\u00e1c s\u00e0n STP\/ECN th\u01b0\u1eddng \u0111\u01b0\u1ee3c trader \u0111\u1ecba ph\u01b0\u01a1ng so s\u00e1nh: Exness<\/strong> (Raw Spread \/ Pro), IC Markets<\/strong> (Raw Spread), Vantage<\/strong> (Raw ECN) \u2014 \u0111\u1ec1u \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p b\u1edfi ASIC.<\/p>\n\n\n\n

      M\u00f4 h\u00ecnh Market Maker: S\u00e0n l\u00e0 \u0111\u1ed1i t\u00e1c giao d\u1ecbch c\u1ee7a b\u1ea1n<\/h3>\n\n\n\n

      S\u00e0n Market Maker (c\u00f2n g\u1ecdi l\u00e0 s\u00e0n DD \u2014 Dealing Desk) t\u1ef1 t\u1ea1o th\u1ecb tr\u01b0\u1eddng n\u1ed9i b\u1ed9<\/strong>. Khi b\u1ea1n \u0111\u1eb7t l\u1ec7nh, s\u00e0n \u0111\u1ee9ng \u1edf ph\u00eda \u0111\u1ed1i di\u1ec7n \u2014 b\u1ea1n mua, s\u00e0n b\u00e1n; b\u1ea1n b\u00e1n, s\u00e0n mua.<\/p>\n\n\n\n

      S\u00e0n t\u1ef1 \u0111\u1eb7t gi\u00e1 mua\/b\u00e1n v\u00e0 h\u01b0\u1edfng l\u1ee3i t\u1eeb spread. L\u1ec7nh \u0111\u01b0\u1ee3c x\u1eed l\u00fd n\u1ed9i b\u1ed9, kh\u00f4ng ra th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i.<\/p>\n\n\n\n

      \u01afu \u0111i\u1ec3m Market Maker:<\/strong><\/p>\n\n\n\n

        \n
      • H\u1ea7u nh\u01b0 kh\u00f4ng tr\u01b0\u1ee3t gi\u00e1<\/strong>: L\u1ec7nh \u0111\u01b0\u1ee3c kh\u1edbp ngay l\u1eadp t\u1ee9c theo gi\u00e1 hi\u1ec3n th\u1ecb v\u00ec x\u1eed l\u00fd n\u1ed9i b\u1ed9.<\/li>\n\n\n\n
      • Spread \u1ed5n \u0111\u1ecbnh<\/strong>: C\u1ed1 \u0111\u1ecbnh ho\u1eb7c g\u1ea7n c\u1ed1 \u0111\u1ecbnh ngay c\u1ea3 khi thanh kho\u1ea3n th\u1ea5p.<\/li>\n\n\n\n
      • \u0110\u00f2n b\u1ea9y cao<\/strong>: Do qu\u1ea3n l\u00fd r\u1ee7i ro n\u1ed9i b\u1ed9, c\u00f3 th\u1ec3 cung c\u1ea5p \u0111\u00f2n b\u1ea9y 500:1 tr\u1edf l\u00ean.<\/li>\n<\/ul>\n\n\n\n

        Nh\u01b0\u1ee3c \u0111i\u1ec3m Market Maker:<\/strong><\/p>\n\n\n\n

          \n
        • Xung \u0111\u1ed9t l\u1ee3i \u00edch<\/strong>: Khi b\u1ea1n thua, s\u00e0n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c l\u1ee3i \u2014 t\u1ea1o ra xung \u0111\u1ed9t l\u1ee3i \u00edch c\u1ed1 h\u1eefu.<\/li>\n\n\n\n
        • R\u1ee7i ro thao t\u00fang gi\u00e1<\/strong>: Gi\u00e1 s\u00e0n b\u00e1o c\u00f3 th\u1ec3 l\u1ec7ch kh\u1ecfi gi\u00e1 th\u1ecb tr\u01b0\u1eddng th\u1ef1c, \u0111\u1eb7c bi\u1ec7t v\u1edbi s\u00e0n kh\u00f4ng \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd.<\/li>\n<\/ul>\n\n\n\n

          L\u01b0u \u00fd: Kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 s\u00e0n Market Maker \u0111\u1ec1u kh\u00f4ng trung th\u1ef1c. S\u00e0n \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p uy t\u00edn (ASIC, FCA) ph\u1ea3i tu\u00e2n theo quy t\u1eafc ki\u1ec3m so\u00e1t xung \u0111\u1ed9t l\u1ee3i \u00edch. R\u1ee7i ro cao h\u01a1n v\u1edbi s\u00e0n offshore kh\u00f4ng c\u00f3 gi\u1ea5y ph\u00e9p.<\/p>\n\n\n\n

          M\u00f4 h\u00ecnh Hybrid: Ti\u00eau chu\u1ea9n ph\u1ed5 bi\u1ebfn hi\u1ec7n nay<\/h3>\n\n\n\n

          M\u00f4 h\u00ecnh Hybrid<\/strong> k\u1ebft h\u1ee3p STP\/ECN v\u00e0 Market Maker. S\u00e0n quy\u1ebft \u0111\u1ecbnh \u2014 d\u1ef1a tr\u00ean quy m\u00f4 l\u1ec7nh, lo\u1ea1i c\u1eb7p ti\u1ec1n, h\u1ed3 s\u01a1 trader v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u2014 li\u1ec7u c\u00f3 chuy\u1ec3n l\u1ec7nh ra th\u1ecb tr\u01b0\u1eddng hay x\u1eed l\u00fd n\u1ed9i b\u1ed9.<\/p>\n\n\n\n

          H\u1ea7u h\u1ebft c\u00e1c s\u00e0n l\u1edbn hi\u1ec7n nay \u0111\u1ec1u d\u00f9ng m\u00f4 h\u00ecnh Hybrid:<\/p>\n\n\n\n

            \n
          • L\u1ec7nh l\u1edbn \/ c\u1eb7p ti\u1ec1n ch\u00ednh<\/strong> \u2192 Chuy\u1ec3n ra LP (A-book \/ STP\/ECN)<\/li>\n\n\n\n
          • L\u1ec7nh nh\u1ecf \/ c\u1eb7p ti\u1ec1n ph\u1ee5 \/ t\u00e0i kho\u1ea3n b\u00e1n l\u1ebb<\/strong> \u2192 X\u1eed l\u00fd n\u1ed9i b\u1ed9 (B-book \/ Market Maker)<\/li>\n<\/ul>\n\n\n\n\n \n <\/marker>\n <\/marker>\n <\/defs>\n \n Hybrid: l\u1ec7nh th\u01b0\u1eddng t\u00e1ch 2 tuy\u1ebfn<\/text>\n C\u00f9ng s\u00e0n, m\u1ed9t b\u1ed9 x\u1eed l\u00fd \u2014 hai h\u01b0\u1edbng<\/text>\n \n S\u00e0n<\/text>\n R\u1ee7i ro + engine<\/text>\n L\u1ec7nh t\u1eeb ticket<\/text>\n \n \n \n STP\/ECN (ra ngo\u00e0i)<\/text>\n T\u1edbi LP \/ A-book<\/text>\n \n MM (n\u1ed9i b\u1ed9)<\/text>\n B-book \/ s\u1ed5 n\u1ed9i b\u1ed9<\/text>\n V\u00ed d\u1ee5: l\u1ec7nh l\u1edbn, c\u1eb7p ch\u00ednh, news<\/text>\n V\u00ed d\u1ee5: l\u1ec7nh nh\u1ecf, exotic, b\u00e1n l\u1ebb<\/text>\n<\/svg>\n\n\n\n

            \u01afu \u0111i\u1ec3m Hybrid:<\/strong><\/p>\n\n\n\n

              \n
            • Linh ho\u1ea1t cao<\/strong>: Th\u00edch \u1ee9ng v\u1edbi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng v\u00e0 nhu c\u1ea7u trader.<\/li>\n\n\n\n
            • C\u1ea5u tr\u00fac chi ph\u00ed t\u1ed1i \u01b0u<\/strong>: S\u00e0n cung c\u1ea5p spread c\u1ea1nh tranh trong khi ki\u1ec3m so\u00e1t r\u1ee7i ro.<\/li>\n<\/ul>\n\n\n\n

              Nh\u01b0\u1ee3c \u0111i\u1ec3m Hybrid:<\/strong><\/p>\n\n\n\n

                \n
              • Thi\u1ebfu minh b\u1ea1ch trong x\u1eed l\u00fd l\u1ec7nh<\/strong>: B\u1ea1n kh\u00f4ng bi\u1ebft l\u1ec7nh c\u1ee7a m\u00ecnh \u0111\u01b0\u1ee3c A-book hay B-book x\u1eed l\u00fd.<\/li>\n\n\n\n
              • V\u1eabn c\u00f2n xung \u0111\u1ed9t l\u1ee3i \u00edch<\/strong>: Ph\u1ea7n B-book v\u1eabn mang xung \u0111\u1ed9t c\u1ee7a m\u00f4 h\u00ecnh Market Maker.<\/li>\n<\/ul>\n\n\n\n

                So S\u00e1nh STP\/ECN vs Market Maker vs Hybrid<\/h2>\n\n\n\n
                <\/th>STP\/ECN<\/th>Market Maker<\/th>Hybrid<\/th><\/tr><\/thead>
                Kh\u1edbp l\u1ec7nh<\/strong><\/td>Th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i<\/td>N\u1ed9i b\u1ed9 s\u00e0n<\/td>T\u00f9y t\u00ecnh hu\u1ed1ng<\/td><\/tr>
                Xung \u0111\u1ed9t l\u1ee3i \u00edch<\/strong><\/td>Kh\u00f4ng<\/td>Cao (v\u1ec1 l\u00fd thuy\u1ebft)<\/td>M\u1ed9t ph\u1ea7n<\/td><\/tr>
                Spread<\/strong><\/td>Th\u1ea3 n\u1ed5i, ch\u1eb7t h\u01a1n<\/td>\u1ed4n \u0111\u1ecbnh, c\u00f3 th\u1ec3 r\u1ed9ng h\u01a1n<\/td>H\u1ed7n h\u1ee3p<\/td><\/tr>
                Hoa h\u1ed3ng<\/strong><\/td>C\u00f3 (ECN) \/ t\u00f9y STP<\/td>Kh\u00f4ng<\/td>T\u00f9y lo\u1ea1i t\u00e0i kho\u1ea3n<\/td><\/tr>
                Tr\u01b0\u1ee3t gi\u00e1<\/strong><\/td>C\u00f3 th\u1ec3 x\u1ea3y ra (bi\u1ebfn \u0111\u1ed9ng)<\/td>Hi\u1ebfm<\/td>Ph\u1ea7n A-book c\u00f3 th\u1ec3 x\u1ea3y ra<\/td><\/tr>
                \u0110\u00f2n b\u1ea9y t\u1ed1i \u0111a<\/strong><\/td>Th\u1ea5p h\u01a1n (100x\u2013200x)<\/td>Cao (500x+)<\/td>Cao (th\u01b0\u1eddng 500x+)<\/td><\/tr>
                \u0110\u1ed9 minh b\u1ea1ch<\/strong><\/td>Cao<\/td>Th\u1ea5p\u2013Trung b\u00ecnh<\/td>Trung b\u00ecnh<\/td><\/tr><\/tbody><\/table>
                B\u1ea3ng so s\u00e1nh m\u00f4 h\u00ecnh giao d\u1ecbch forex<\/figcaption><\/figure>\n\n\n\n

                M\u00f4 h\u00ecnh n\u00e0o ph\u00f9 h\u1ee3p v\u1edbi phong c\u00e1ch giao d\u1ecbch c\u1ee7a b\u1ea1n?<\/h3>\n\n\n\n
                  \n
                • STP\/ECN<\/strong>: Ph\u00f9 h\u1ee3p v\u1edbi scalper, day trader v\u00e0 trader kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn c\u1ea7n spread ch\u1eb7t v\u00e0 minh b\u1ea1ch. C\u00e1c s\u00e0n th\u01b0\u1eddng \u0111\u01b0\u1ee3c so s\u00e1nh: Exness (Raw\/Pro), IC Markets (Raw Spread), Vantage (Raw ECN).<\/li>\n\n\n\n
                • Market Maker<\/strong>: Ph\u00f9 h\u1ee3p v\u1edbi ng\u01b0\u1eddi m\u1edbi v\u00e0 swing trader mu\u1ed1n spread \u1ed5n \u0111\u1ecbnh, kh\u00f4ng hoa h\u1ed3ng \u2014 mi\u1ec5n l\u00e0 s\u00e0n \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p uy t\u00edn.<\/li>\n\n\n\n
                • Hybrid<\/strong>: Ph\u00f9 h\u1ee3p v\u1edbi h\u1ea7u h\u1ebft trader, t\u1eeb m\u1edbi \u0111\u1ebfn chuy\u00ean nghi\u1ec7p. \u0110i\u1ec1u quan tr\u1ecdng l\u00e0 ch\u1ecdn s\u00e0n uy t\u00edn, \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd. Th\u01b0\u1eddng \u0111\u01b0\u1ee3c so s\u00e1nh: XM (ASIC\/CySEC\/FSC), FP Markets (ASIC).<\/li>\n<\/ul>\n\n\n\n

                  T\u1ea1i sao Hybrid \u0111\u00e3 tr\u1edf th\u00e0nh ti\u00eau chu\u1ea9n ng\u00e0nh?<\/h3>\n\n\n\n

                  V\u1eadn h\u00e0nh thu\u1ea7n t\u00fay STP\/ECN r\u1ea5t t\u1ed1n k\u00e9m \u2014 m\u1ed7i l\u1ec7nh \u0111\u1ec1u ph\u1ea3i \u0111\u1ecbnh tuy\u1ebfn ra th\u1ecb tr\u01b0\u1eddng, chi ph\u00ed c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng cao. Thu\u1ea7n Market Maker th\u00ec ch\u1ecbu r\u1ee7i ro \u0111\u1ed1i t\u00e1c kh\u00f4ng gi\u1edbi h\u1ea1n. M\u00f4 h\u00ecnh Hybrid gi\u1ea3i quy\u1ebft c\u1ea3 hai v\u1ea5n \u0111\u1ec1: s\u00e0n c\u00f3 th\u1ec3 cung c\u1ea5p gi\u00e1 c\u1ea1nh tranh trong khi ki\u1ec3m so\u00e1t r\u1ee7i ro c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n

                  Ngay c\u1ea3 nh\u1eefng s\u00e0n qu\u1ea3ng c\u00e1o “NDD” (No Dealing Desk) th\u01b0\u1eddng v\u1eabn d\u00f9ng Hybrid cho c\u00e1c t\u00e0i kho\u1ea3n nh\u1ecf. Khi c\u00f3 nghi ng\u1edd, h\u00e3y \u0111\u1ecdc k\u1ef9 ch\u00ednh s\u00e1ch th\u1ef1c hi\u1ec7n l\u1ec7nh<\/strong> c\u1ee7a s\u00e0n, ho\u1eb7c li\u00ean h\u1ec7 tr\u1ef1c ti\u1ebfp v\u1edbi b\u1ed9 ph\u1eadn h\u1ed7 tr\u1ee3.<\/p>\n\n\n\n

                  C\u00e1ch X\u00e1c \u0110\u1ecbnh M\u00f4 H\u00ecnh Giao D\u1ecbch C\u1ee7a S\u00e0n M\u00f4i Gi\u1edbi<\/h2>\n\n\n\n

                  H\u1ea7u h\u1ebft s\u00e0n kh\u00f4ng c\u00f4ng khai n\u00f3i m\u00ecnh l\u00e0 Hybrid. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 5 c\u00e1ch th\u1ef1c t\u1ebf \u0111\u1ec3 nh\u1eadn bi\u1ebft:<\/p>\n\n\n\n

                  1. \u0110\u1ecdc ch\u00ednh s\u00e1ch th\u1ef1c hi\u1ec7n l\u1ec7nh v\u00e0 \u0111i\u1ec1u kho\u1ea3n s\u1eed d\u1ee5ng<\/h3>\n\n\n\n
                    \n
                  • D\u1ea5u hi\u1ec7u STP\/ECN<\/strong>: “NDD”, “l\u1ec7nh \u0111\u01b0\u1ee3c chuy\u1ec3n th\u1eb3ng \u0111\u1ebfn LP”, “STP”, “ECN”<\/li>\n\n\n\n
                  • D\u1ea5u hi\u1ec7u Market Maker<\/strong>: “Dealing Desk”, “DD”, “ch\u00fang t\u00f4i l\u00e0 \u0111\u1ed1i t\u00e1c giao d\u1ecbch c\u1ee7a b\u1ea1n”, “market making”<\/li>\n<\/ul>\n\n\n\n

                    2. Ph\u00e2n t\u00edch c\u1ea5u tr\u00fac spread v\u00e0 hoa h\u1ed3ng<\/h3>\n\n\n\n
                      \n
                    • Spread th\u1ea3 n\u1ed5i + hoa h\u1ed3ng m\u1ed7i l\u00f4<\/strong>: \u0110\u1eb7c tr\u01b0ng ECN\/STP<\/li>\n\n\n\n
                    • Spread c\u1ed1 \u0111\u1ecbnh, kh\u00f4ng hoa h\u1ed3ng<\/strong>: \u0110\u1eb7c tr\u01b0ng Market Maker<\/li>\n\n\n\n
                    • Spread c\u1ef1c ch\u1eb7t (t\u1eeb 0.0 pip) + hoa h\u1ed3ng<\/strong>: Kh\u1ea3 n\u0103ng cao l\u00e0 ECN thu\u1ea7n<\/li>\n<\/ul>\n\n\n\n

                      3. Ki\u1ec3m tra m\u1ee9c \u0111\u00f2n b\u1ea9y t\u1ed1i \u0111a<\/h3>\n\n\n\n

                      \u0110\u00f2n b\u1ea9y r\u1ea5t cao (500:1 tr\u1edf l\u00ean) th\u01b0\u1eddng l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a Market Maker ho\u1eb7c Hybrid. S\u00e0n STP\/ECN ph\u1ea3i ph\u00f2ng ng\u1eeba r\u1ee7i ro tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ef1c, n\u00ean th\u01b0\u1eddng gi\u1edbi h\u1ea1n \u0111\u00f2n b\u1ea9y \u1edf 100:1\u2013200:1.<\/p>\n\n\n\n

                      4. Theo d\u00f5i t\u1ed1c \u0111\u1ed9 kh\u1edbp l\u1ec7nh v\u00e0 tr\u01b0\u1ee3t gi\u00e1<\/h3>\n\n\n\n
                        \n
                      • STP\/ECN<\/strong>: C\u00f3 th\u1ec3 x\u1ea3y ra tr\u01b0\u1ee3t gi\u00e1 trong bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh; gi\u00e1 kh\u1edbp c\u00f3 th\u1ec3 l\u1ec7ch nh\u1eb9 so v\u1edbi gi\u00e1 \u0111\u1eb7t.<\/li>\n\n\n\n
                      • Market Maker<\/strong>: Kh\u1edbp ngay theo gi\u00e1 hi\u1ec3n th\u1ecb; tr\u01b0\u1ee3t gi\u00e1 hi\u1ebfm nh\u01b0ng requote (b\u00e1o gi\u00e1 l\u1ea1i) c\u00f3 th\u1ec3 x\u1ea3y ra.<\/li>\n<\/ul>\n\n\n\n

                        5. H\u1ecfi tr\u1ef1c ti\u1ebfp b\u1ed9 ph\u1eadn h\u1ed7 tr\u1ee3<\/h3>\n\n\n\n

                        H\u1ecfi th\u1eb3ng: “L\u1ec7nh c\u1ee7a t\u00f4i c\u00f3 \u0111\u01b0\u1ee3c chuy\u1ec3n ra nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n b\u00ean ngo\u00e0i kh\u00f4ng?” ho\u1eb7c “S\u00e0n s\u1eed d\u1ee5ng A-book hay B-book?” S\u1ef1 r\u00f5 r\u00e0ng (hay n\u00e9 tr\u00e1nh) trong c\u00e2u tr\u1ea3 l\u1eddi t\u1ef1 n\u00f3 \u0111\u00e3 l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u.<\/p>\n\n\n\n

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

                        STP, ECN, NDD, A-book c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t kh\u00f4ng?<\/h3>
                        \n

                        C\u00f3 li\u00ean quan nh\u01b0ng kh\u00f4ng ho\u00e0n to\u00e0n gi\u1ed1ng nhau. NDD (No Dealing Desk) l\u00e0 danh m\u1ee5c l\u1edbn; STP v\u00e0 ECN l\u00e0 c\u00e1c ph\u01b0\u01a1ng th\u1ee9c th\u1ef1c hi\u1ec7n c\u1ee5 th\u1ec3 trong NDD; A-book l\u00e0 c\u00e1ch g\u1ecdi vi\u1ec7c chuy\u1ec3n l\u1ec7nh ra th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i \u2014 t\u1ee9c c\u00e1ch l\u00e0m c\u1ee7a s\u00e0n NDD\/STP\/ECN; B-book l\u00e0 c\u00e1ch l\u00e0m c\u1ee7a Market Maker. C\u00e1c thu\u1eadt ng\u1eef n\u00e0y c\u00f3 li\u00ean quan nh\u01b0ng mang ngh\u0129a k\u1ef9 thu\u1eadt kh\u00e1c nhau.<\/p>\n<\/div><\/div>\n\n\n\n

                        S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa STP v\u00e0 ECN l\u00e0 g\u00ec?<\/h3>
                        \n

                        STP chuy\u1ec3n l\u1ec7nh t\u1edbi c\u00e1c LP \u0111\u00e3 ch\u1ecdn v\u00e0 kh\u1edbp t\u1ea1i gi\u00e1 t\u1ed1t nh\u1ea5t. ECN \u0111\u01b0a l\u1ec7nh v\u00e0o m\u1ea1ng c\u1ea1nh tranh gi\u00e1 th\u1eddi gian th\u1ef1c, c\u00f3 th\u1ec3 kh\u1edbp v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh \u2014 th\u01b0\u1eddng cho spread r\u1ea5t ch\u1eb7t nh\u01b0ng k\u00e8m hoa h\u1ed3ng m\u1ed7i l\u00f4. ECN th\u01b0\u1eddng c\u00f3 t\u00ednh c\u1ea1nh tranh gi\u00e1 cao h\u01a1n; STP \u0111\u01a1n gi\u1ea3n h\u01a1n v\u00e0 \u0111\u00f4i khi kh\u00f4ng c\u00f3 hoa h\u1ed3ng.<\/p>\n<\/div><\/div>\n\n\n\n

                        T\u1ea1i sao s\u00e0n STP\/ECN hay b\u1ecb tr\u01b0\u1ee3t gi\u00e1 h\u01a1n?<\/h3>
                        \n

                        V\u00ec l\u1ec7nh \u0111\u01b0\u1ee3c g\u1eedi ra th\u1ecb tr\u01b0\u1eddng th\u1ef1c, gi\u00e1 kh\u1edbp ph\u1ee5 thu\u1ed9c v\u00e0o thanh kho\u1ea3n t\u1ee9c th\u1eddi. Trong c\u00e1c s\u1ef1 ki\u1ec7n bi\u1ebfn \u0111\u1ed9ng l\u1edbn (c\u00f4ng b\u1ed1 NFP, Fed thay \u0111\u1ed5i l\u00e3i su\u1ea5t), th\u1ecb tr\u01b0\u1eddng d\u1ecbch chuy\u1ec3n tr\u01b0\u1edbc khi l\u1ec7nh \u0111\u01b0\u1ee3c \u0111i\u1ec1n \u0111\u1ea7y \u2014 g\u00e2y tr\u01b0\u1ee3t gi\u00e1. Market Maker tr\u00e1nh \u0111\u01b0\u1ee3c \u0111i\u1ec1u n\u00e0y v\u00ec kh\u1edbp l\u1ec7nh n\u1ed9i b\u1ed9 theo gi\u00e1 hi\u1ec3n th\u1ecb.<\/p>\n<\/div><\/div>\n\n\n\n

                        S\u00e0n Market Maker c\u00f3 ph\u1ea3i l\u00e0 s\u00e0n x\u1ea5u kh\u00f4ng?<\/h3>
                        \n

                        Kh\u00f4ng nh\u1ea5t thi\u1ebft. S\u00e0n Market Maker \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p uy t\u00edn (ASIC, FCA, CySEC) ph\u1ea3i tu\u00e2n theo quy t\u1eafc h\u1ea1n ch\u1ebf xung \u0111\u1ed9t l\u1ee3i \u00edch. R\u1ee7i ro t\u0103ng cao v\u1edbi s\u00e0n offshore kh\u00f4ng c\u00f3 gi\u1ea5y ph\u00e9p, n\u01a1i thao t\u00fang gi\u00e1 v\u00e0 t\u1eeb ch\u1ed1i l\u1ec7nh d\u1ec5 x\u1ea3y ra h\u01a1n. H\u00e3y lu\u00f4n x\u00e1c minh gi\u1ea5y ph\u00e9p tr\u01b0\u1edbc khi ch\u1ecdn s\u00e0n.<\/p>\n<\/div><\/div>\n\n\n\n

                        L\u00e0m sao bi\u1ebft s\u00e0n c\u1ee7a t\u00f4i d\u00f9ng m\u00f4 h\u00ecnh Hybrid?<\/h3>
                        \n

                        H\u1ea7u h\u1ebft s\u00e0n kh\u00f4ng c\u00f4ng khai th\u00f4ng tin Hybrid. H\u00e3y \u0111\u1ec3 \u00fd: c\u00f3 c\u1ea3 t\u00e0i kho\u1ea3n ti\u00eau chu\u1ea9n mi\u1ec5n hoa h\u1ed3ng (th\u01b0\u1eddng B-book cho l\u1ec7nh nh\u1ecf) l\u1eabn t\u00e0i kho\u1ea3n ECN (th\u01b0\u1eddng A-book cho l\u1ec7nh l\u1edbn) kh\u00f4ng; n\u1ebfu s\u00e0n cung c\u1ea5p c\u1ea3 \u0111\u00f2n b\u1ea9y c\u1ef1c cao l\u1eabn spread r\u1ea5t ch\u1eb7t, g\u1ea7n nh\u01b0 ch\u1eafc ch\u1eafn l\u00e0 Hybrid.<\/p>\n<\/div><\/div>\n<\/div>\n