home Other disciplines books Mіzhnarodnі rozrahunki that valyutnі operatsії - Savluk M.І.

Mіzhnarodnі rozrahunki that valyutnі operatsії - Savluk M.І.

11.2. Protsentnі Forward

11.2.1. To please forward / striker

Whether yak deposit operatsіya in іnozemnіy valyutі pov'yazana for banks not deprivation s foreign currency, and th s interest rizikom. Zvichayno, nayprostіshy varіant - zaluchennya that rozmіschennya odnakovoї sumi koshtіv in odnіy valyutі on odnakovy termіn. However praktitsі often traplyaєtsya so scho termіni zaluchennya that rozmіschennya koshtіv not zbіgayutsya. Such vipadkah potrіbno on au-Perche, proanalіzuvati that sprognozuvati mozhlivіst zmіni interest rates have maybutnomu, and in another, priynyati rіshennya about those chi Varto hedzhuvati rizik that yaky SAME method to address.

Odnієyu s mozhlivih forms Zahist od percentage riziku Je lands striker / forward (forward / forward).

Uyavіmo, scho in bank deposit vіdkrita dovga pozitsіya three mіsyatsі that is short in tіy samіy valyutі TER three mіsyatsі. So rite for three Pershi mіsyatsі pozitsіya Closed-and at nastupnі three mіsyatsі Bank Got a short deposit pozitsіyu. Zvichayno bank Mauger at zakіnchennі trimіsyachnogo deposit zaluchiti ot on Taqiy samy termіn, ale Yakscho protsentnі zrostut rates, the bank Mauger at opinitisya skrutnomu stanovischі.

Forward / Forward daє zmogu bank deposit uklasti favor pro operatsіyu in maybutnomu in pevnіy valyutі on Pevnyi termіn i fіksovanoyu for interest rates.

To please forward / striker mozhna vikoristovuvati for hedzhuvannya that for spekulyatsії.

In osnovі tsogo fіnansovogo іnstrumentu lezhit striker / forward rate. Vaughn is not forward-looking Je rates maybutnogo perіodu and deprivation vіdobrazhennyam interest rates at the market on the date ukladennya land. Not vіdomo, yakoyu bude rate trimіsyachnogo deposit three mіsyatsі, ale sogodnі vіdomі protsentnі bet tri shestimіsyachnogo that the deposit on the Same їh bazі i rozrahovuєtsya maybutnya forward rates.

Nekhay Dovgy perіod dorіvnyuє T (FIG 11.1.), And vіdsotka rate Tsey perіod dorіvnyuє the RT, short perіod dorіvnyuє t, interest rates - rt, neobhіdno rozrahuvati, yakoyu bude interest rates RT-t have perіod T - t.

Fig. 11.1

Zauvazhennya: rozrahunku rates for forward / striker for formula tsієyu interest potrіbno brother in absolute, not in vіdnosnomu znachennі (interest rate podіlena 100).

Butt. Interest rates trimіsyachnogo deposit in US Dolar dorіvnyuє 6,15% pa, interest rates on deposit shіst months at - 6,52% pa Rozrahuєmo rate forward / forward deposit termіnom three mіsyatsі scho bude zalucheny mіsyatsі three (3 v6).

Banks by market makers kotiruyut rate forward / forward for zaluchennya yak, so i for rozmіschennya depozitіv. For rozrahunku values ​​storіn kotiruvannya bid offer that rate forward / forward neobhіdno take vіdpovіdnі kotiruvannya interest rates scho take fate in rozrahunku.

Bids forward / striker, yak usually kotiruyutsya for naybіlsh lіkvіdnimi currencies - US Dolar, britansky sterlіngіv Pound, EURO including, shveytsarsky Franc is the yaponska єna, ale shaping can Buti i rozrahovanі to whether yakoї іnshoї currency.

Lands forvar / forward not Nabeul digit poshirennya. Tse pov'yazano nasampered s tim, scho Got zaznacheny fіnansovy іnstrument low nezruchnostey. According au-Perche, operatsіya zaluchennya chi rozmіschennya koshtіv in furrows to please forward / striker Got Booty vіdobrazhena in balansі, and, in another, digit spread mіzh vіdsotkami for zaluchenimi that rozmіschenimi Costa Mauger uniquely zavischiti spravzhnyu interest rate for the forward land.

Prote rate forward / forward lezhit in osnovі interest f'yuchersіv that zastosovuєtsya in іnshomu іnstrumentі, scho Got digit poshirennya - in ugodі of forward rates.