Міжнародні розрахунки та валюні операції - Savluk M.І.

12.1.5. Vicarities

Swallows can be vicarious:

  • For продовження (пролонгації) відкритої валютної позиції на майбутнє. Prolonguvati (abo "swap", from the English to the swap out) to the foreign exchange position, signify zberegti stanziії (rozmіr і znak) on the last lines of the Maybutni;
  • For kerуvannya its assets are those zobov'azannni, for zbіlshennya pributkostі;
  • For zmenshennya currency risky;
  • For hedge advance operations forward.

For the sake of the swap, the banks can roll over their accounts in a way that is trivial in the course of the forecast for the ruble exchange rate. Wongs can be prolonged for the sake of the yak of one-day swaps (for one day), so it is trivalih for terms swap (for example, for two tizhni, misyats, kilka mіsyatsiv, on the river).

Укладення угод swap is cheaper cheaper for market-teickers, nizh укладення форвардних контраків у разі пролонгації валютної позиції.

Butt. The company LLC is more likely to extend a three-month forward contract for the purchase of 1 million non-German stamps, early grades. At the moment, the spot exchange rate is USD / DEM = 2.0120 / 25, the swap point for the term is three months before "-72 / -67". The bank can do it in two ways:

  • Zakriti positsіyu on umovah spot that uklasti new forward for the sake of pleasure,
  • For the sake of swap type "buy / sell DEM".

At forward rate, the rate will be 2.0048 (bid side of the spot exchange rate is 2.0120 - the forward bid side of the bid is 0.0072). Yakshto piling for a swap, then the company LLC zdischenn swap type "sell / buy DEM" for courses 2,0125 at the spot and 2,0053 at the forward (2,0125 - 0,0072). At укдаданні forward pogodi companіya LLC nese vitrati on the sum of 1908,46 USD, and if угоді swap - 1784,09 USD, which is cheaper by 124,37 USD.

Keruvannya assets are those zobov'azannymi based on the vicarious transition, yakі okremi poshchalniki mozhut oderat on the red currencies. So, zgіdno zі schemo pleases swap kozhny pozhchalnik maє mozhnivist to keep singing sumu currency is much cheaper, nizh yakbi vin beating credit for currency market.

Hedging of foreign currency for the import of foreign currency swaps is due to:

  • Fіksatsіy currency exchange rate on the Maybutny period;
  • Organisation of the grave streams.

Pokop swap nasampered є mizhbankovyskimi operatsiami і mayut bugato spilnogo z opitsiyami forward. On the practice of swap vikoristovuyutsya znachno private, nizh prosti forwarding operations. Perevagi vikoristani swap before the forwards:

  • At the time of a currency swap it is meaningful to change currencies, risks, risks, risks, risks, and the position of a hunter;
  • Vikoristannya svapiv dene mozhnivist zabezpechiti hedgevannya dovgostrokovykh operatsionnyh ta ekonomichnykh rizikiv.

ZHodo ruhu fіnnosovyh flow streams of swap can rozglyadati yak spivvidnoshennya short-term dovgoi currency positions.