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Mіzhnarodnі rozrahunki that valyutnі operatsії - Savluk M.І.

Rozdіl 11. FORVARDNІ OPERATSІЇ

Pіslya vivchennya tsogo rozdіlu vie zmozhete:

• poyasniti scho Takeo forvardnі lands that yak for Relief Tsikh lands eksporteri that іmporteri mіnіmіzuyut rizik foreign currency;
• zrozumіti phone reception mіzh forward contracts that Rink depozitіv in іnozemnіy valyutі;
• rozrahuvati forward rate and the forward side of the takozh kotiruvannya bid that offer;
• dati characteristic rіznim kinds forward kontraktіv;
• poyasniti osoblivostі viznachennya rate for the forward optsіonami;
• rozrahuvati forward rate on the "Laman date";
• usvіdomiti vіdpovіdalnіst storіn forward for lands that mehanіzm zakrittya forward areas;
• zrozumіti fun- podovzhennya forward kontraktіv that rozrahuvati course podovzhennya;
• poyasniti principle dії lands striker / forward rozrahunok that interest rates for Tsikh areas;
• zrozumіti mehanіzm dії lands for the forward rates that rozrahuvati kompensatsії the bag.

11.1. Valyutnі forvardnі lands

11.1.1. Sutnіst that tsіlі forward kontraktіv

Mіzhnarodna torgіvlya zavzhdi pov'yazana s Monetary rizikom, Aje in kozhnіy ugodі take counterparties s rіznih kraїn i Zi prinaymnі one storіn zmushena provoditi rozrahunki in іnozemnіy valyutі. Tom whether yak zovnіshnotorgovelna lands Je Jerel currency riziku for eksportera abo іmportera (abo for oboh storіn, Yakscho currency the contract is not Yea natsіonalnoyu currency zhodnogo partnerіv s). Bіlshіst of companies namagaєtsya zahistiti currently od Monetary riziku yakomoga ranіshe. Yak rule, in order to please the Parties ukladannі obumovlyuyut termіn payment that obsyagi currency, ale zazvichay date of payment vіddalena dati od ukladannya lands on kіlka months at. Eksporter іmporter know that the spot exchange rate at the date of ukladennya land, Ale hour, scho s mine pіdpisannya time contract to the time of payment, the exchange rate Mauger zmіnitisya nespriyatlivo for odnієї Zi storіn.

To dwellers zahistiti currently od Monetary riziku, eksporter abo Mauger іmporter uklasti s Bank of forward contracts.

Forward contracts - tse mіzh Bank lands that klієntom about purchase abo sales pevnoї kіlkostі іnozemnoї currency within established termіn (abo protyagom vstanovlenogo perіodu) for the course, at the moment yaky viznachaєtsya ukladennya land.

Ukladennya forward to please - Hotel, scho її nadaє komertsіyny Bank svoїm klієntam - eksporteram that іmporteram, SSMSC zdіysnyuyut platezhі abo otrimuyut in Costa іnozemnіy valyutі that bazhayut zahistiti currently od riziku currency.

Tsey view poslug z'yavivsya porіvnyano recently (banks Pocha vikoristovuvati Taqiy type fіnansovih pohіdnih іnstrumentіv on the cob 80 rokіv), ale stink Nabeul digit poshirennya in usomu svіtі zavdyaki svoїy zruchnostі * 1.

* 1: {Ukrainian banks timchasovo vіdmovilisya od ukladennya forward kontraktіv Zi svoїmi klієntami. Tse zumovleno zaboronoyu ukladennya forward lands at mіzhbankіvskomu foreign exchange market, scho dіє vіdpovіdno to zatverdzhenih Holds NBU Pravlіnnya od 13.12.99 number 585 "Change log that dopovnen to Regulation zdіysnennya operatsіy mіzhbankіvskomu on the foreign exchange market."}

Forvardnі lands Je lands type OTC (over-the-counter) , tobto pozabіrzhovimi land, SSMSC not toil chіtkoї standartizatsії schodo sumi, strokіv vikonannya toscho. Pong shaping can ukladatisya on whether yaky termіn - od one tizhnya to p'yati rokіv, ale naybіlsh lіkvіdnimi Je Kontrakty termіnom dії to a rock. Zazvichay Bank daє kotiruvannya forward kursіv on so zvanі standartnі dati:

one Tyzhden

two tizhnі

one mіsyats

two mіsyatsі

three mіsyatsі

shіst months at

dvanadtsyat months at.

Prote bіlshіst ukladaєtsya lands on one, three months at abo shіst.

Hoca forward contracts Je obov'yazkovim for vikonannya on vіdmіnu od bіrzhovih land, de vikonannya kontraktіv garantuєtsya vneskіv system of margin, the bank is not Got tverdoї garantії vikonannya klієntom svoїh zobov'yazan, to forvardnі Kontrakty pov'yazanі s Pevnyi rizikom.

• For the bank - tse rizik, scho Mauger klієnt vіdmovitisya bude abo not zmozі vikonati forward contracts.
• For klієnta rizik polyagaє in fact, scho vіn not matim dostatno koshtіv for vikonannya land (Aje forvardnі lands Je obov'yazkovimi for vikonannya).

Yak rule, the bank vimagaє od klієnta pіdtrimuvati on svoєmu rozrahunkovomu rahunku in bank postіyny zalishok koshtіv in obsyazі not less then 5-20% od sumi contract scho daє zmogu in razі nemozhlivostі vikonannya klієntom zobov'yazan for the sake of Closed-forward її for Relief spot market analysis ( zakrittya bude rozglyanuta nizhche) procedure.