Міжнародні розрахунки та валюні операції - Savluk M.І.

11.1.7. Zakrttya prodzhenzhenya forward contract

Yak already signified, forward for the sake of obovjazykovoy for vikonannya. Ані клієнт, ані банк немоуть відмовитися від виконання операції, що it is marked in the contract, on підставі неприятливої ​​різниці між the course of the course that the course of the spot for any of the other reasons. The contract is to be paid to the currency of the currency. Тобто жодна зі сторін не може здійснити купівлю chi sales більшої або меншеї кількості валюти. In addition, please maie bouti vikonana on chitko oboumovlenu date neko prohodom chitko viznachenogo term. Bank vimagaє vіd klієnt exact vikonannya vsyh minds contract, azhe y razi їh zaslashenya vin nazhodyatsya kozhdany rizik. Tom, укладаючи з клієнтами предвардні угоди, bank зазвичай здійснює low operation for підтримання своєї позиції та з метю захисту від currency risk.

Zvichayno, klієnt mozhe ухилитися vід виконання форвардної угоди, за зміна курде буде такою, що йому вигіінніш буде полтити штрафні санкції, аіж виконати зі збіні-заняня за подієте. ALE slіd zaznachiti, scho perevazhna bіlshіst klієntіv zaineresovana at zberezhennіі its "pure" імені та добрих відносин із bank.

At his own cherry, the banks, as a rule, lay down the forward lands with clay, yak majut postyyny shingle koshtiv on rahunku і vimagayut tsey posht pidtrimuvati.

Alya is at the practice level, so, for payment, for the call-up of the business, to lie in the foundation of the forward lot, to pay taxes, to spend on the property, to be transferred to the written term (for example, the exportor strikes the supply).

Yaksho klієnt can not vikonati svoe zobov'azan for forward, then vin moe zakriti tsju for the sake of the spot market. Tobto yakshcho for the forward contract klієnt mav to buy currency, then all one buy and sell and sell to the spot market; Yakshcho forward of the boule is adjusted for sales to the currency bank, then buy currency for the spot rate and for the forward forward, sell the currency for the forward rate. In the case of a rose roachunku klіnta vіdobrazhaetsya lishe result, tobto rіznitsya mіzh komіvliyu ta sell somnієї th tієї samoі kіlostі currency, ala for different courses.

Приклад.Відповідно до форвардної угоди клієнт мав купувати 150 000 British pounds sterling for the US dollar at the rate of 1,5888, to be rozrahuvatysya with the supplier in Great Britain, or the contract for the delivery of the boole was anulovano. Клієнт не має rights анулювати також і forward to the favor, otzhe, on the date виконання її mє bouti закрито за допомогою ринку спот. The rate of spot on the date is 1.5850 - 1.5870. Кlієнт має здійснити дві обернені операції: buy 150 000 British pounds at the rate of 1.5888, and potim sell at the rate of 1.5870:

150,000 • 1,5888 = USD 238,320 (written off to the farmer),

150 000 • 1,5870 = USD 238 050 (covered by the rake).

The result of a curtailment of the forward contract will be written off for the loan of $ 200. USA.

This is the rank, the clint is not zobov'yaniyah mother on its rahunku povnu sumu, but faltered forward (especially that is important for the exporter, so laying forward contract with the method of selling the currency, yaku vin otderzhit vid delivery of the goods). When zakrtti forward for the sake of the market spot at the clayntah on rahunku mute bouti deprive kosti for raznitsi mizh operatsiami kupilivi that sale of currency. It can be takozh takozh і so, scho as a result of zakrtya forward klієnt to win the dohid.

Priklad.Povernemsya to the rear butt and it's easy, scho claynt mav to sell british pound sterling at the rate of 1.5885. As of the date of the loan, the spot rate is 1.5850 - 1.5870.

In this order, the credit for the purchase of a pound for the rate of 1.5850:

150,000 • 1,5850 = USD 237,750

That is sold for the forward rate of 1.5885:

150,000 • 1,5885 = USD 238,275.

After the results of two operations on rahunok klієnt Buda, 525 dollars were paid.

Ale, navyat girshomu vipadku, vitrati povyazyanny z zakrtytyam forward, do not overhaul 5-20% of sumi contract. Yaksho z klієnt vikoristvuє for hedgehyvanya currency riziku rinkok depositov, then vin navіt u razі skasuvannya Torgovelnoy proizvodstva torment vikonuvati her zobov'yazannya for poskoyu in pobnoi obyazi.

In razi, if the payment is not skewed, but the loan is uncovered, the order has no need for order, the forward contracts are new, and the payment for the new owner is punished. Zvichayno, tse not arche zruchno for klієnta. In such vipadkas, the bank is able to disregard the cliche of closing the site to the spot, not to creep in, but to pile up the old. The specialty of the operation of the field is in the fact that for the new contract, in the basis of a new spot, the spot rate on the date of depositing, scoring at the forward points on the external term, with the poddzhennyi forward land, it is so called the rule of the day. Vno lagaje in that, the course of the new earth is rooted in yak, the course of zakrtya alternately, scoring at the forward points on the dagagoni. The rate of curtailment is a course, it is a course for vicariously forwarding the land to the spot market, then the forward contract for the forward contract is placed on the purchase of the currency, then the rate of spot sale of the currency on the date of the contract is for the sales contract - the spot purchase rate. By this rank, with a wider forward yard, it is possible to apply the contract for a bil- lish wiggly course.

Can be reduced to application.

Butt. Clііnt with the bank forward contract for the purchase of 200,000 euros for the US dollar at the rate of 0.9587. Але платіж був відкладений на один місяць. On the date of the vikotannya pochatkoygo site the bank is quoted as follows:

EUR / USD 0.9460 - 0.9470

1m 13 18.

Кlієнт має закрити почаковий the contract for the spot at the rate 0,9460:

200 000 • 0.9587 = 191 740 (to be written off),

200 000 • 0.9460 = 189 200 (to be insured).

The result of curtailing the contract is a decommissioning of a clan of 2540 dol. USA.

Dalі klієnt mozhe ukasti novu abo podvzhiti kopatkovu please. Розглянемо обидва варіанти:

1. Rest of the new land.

The situation will be covered by the rate of 0.9488, on the date of the vikonannya: 200 000 • 0.9488 = 189 760.

Tsma suma will be written off to the rabhunka clint.

2. The suburb of the site.

The benefit will be pegged at the rate of 0.9478 on the date of the vikonannya: 200 000 • 0.9478 = 189 560.

Qiu sumu bude written off rahunku klієnta.

Yak bachimo, podovzhennya contract є vigіdnіshim for klієnta. One slyud zauvazhiti, but the bank is not zobov'yany podovzhuvati kontrakti. Subsequent to the contract, the loan shall be paid for the filed by the client to the bank of documents, but shall be pledged for the maintenance of the other subordination (the transfer of the term is due). Yak rule, the bank is allowed to grow on a podvizhennya contract once, jakschho z terminin zhynu bude zmіeno, klієntu bude zapovedonano vidkriti novy contract.

Слід зазначити, що на міжбанківському ринку понженження контрактів з використанням rules діагоналі not використовується, якщо виникає необхідність поджити дію forward contract, then tse vіdbuvaєtsya through ukladennya novosti.