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

Mіzhnarodnі rozrahunki that valyutnі operatsії - Savluk M.І.

Rozdіl 13. FІNANSOVІ F'YUCHERSI

Pіslya vivchennya tsogo rozdіlu vie zmozhete:

• rozumіti bіrzhі maintained upstream role in the one place the klіringovoї organіzatsії fіnansovih f'yuchersіv market analysis;
• otsіnyuvati vartіst fіnansovih f'yuchersіv that pributki / zbitki for vіdkritimi pozitsіyami;
• zastosovuvati valyutnі f'yuchersnі contracts to hedzhuvannya Monetary rizikіv zovnіshnoekonomіchnoї dіyalnostі that interest rizikіv Monetary pozichok.

13.1. Ponyattya fіnansovih f'yuchersіv that viznachalnі RISS f'yuchersnih rinkіv

The contract for the supply of an asset to Pevnyi uzgodzhenu date in maybutnomu nazivayut f'yuchersnim contract Yakscho vіn vrahovuє pevnі vimogi:

• usі minds contract standartizovanі (vstanovlenі bіrzheyu);
• parties to a contract making penny deposit i pіdtrimuyut neobhіdny rozmіr deposits dati vikonannya contract denote garantuєtsya yogo vikonannya;
• vikonannya contract zdіysnyuєtsya through rozrahunkovo -klіringovu Chamber bіrzhі abo rozrahunkovo-klіringovy Bank.

Happy vikonannya f'yuchersnogo contract nazivayut day, yaky PARTIES povinnі vikonati minds contract.

An asset yaky delivered daily vikonannya vіdpovіdno to f'yuchersnogo contract nazivayut underlying asset. Tse Mauger Buti materіalny asset: naphtha, gas elektroenergіya, gold, srіblo, platinum, corn, olіya toscho. In tsomu vipadku toil cope ztovarnimi f'yuchersami. Ale Yakscho zgіdno s contract zdіysnyuєtsya delivery fіnansovogo asset, the contract Taqiy f'yuchersny nazivayut fіnansovim f'yuchersom. Butt fіnansovogo f'yuchersa Je Monetary f'yuchers, tobto contract zgіdno s Yakima from day vikonannya postavlyaєtsya Pevnyi Quantity іnozemnoї currency.

Potrіbno rozrіznyati f'yuchersnogo side of the contract. Party yak zobov'yazana vikonati delivery of the underlying asset, the seller nazivaєtsya f'yuchersnogo contract. Party yak zobov'yazana pererahuvati groshovі Costa proti delivery asset nazivaєtsya pokuptsem. Vvazhayut scho pokupets f'yuchersnih kontraktіv zaymaє dovga pozitsіyu, and the seller - short.

Dovga abo short pozitsії shaping can Buti zakritі for Relief rіvnoznachnoї for obsyagom i protilezhnoї lands s tim same underlying asset, so the title of tobto offset lands. Offset lands lіkvіduє poperednyu pozitsіyu, tobto zobov'yazannya vіdnosno kupіvlі / sale of assets a day vikonannya. Ale in tsomu razі vinikayut kursovі pributki / zbitki, SSMSC viznachayutsya on osnovі tsіn vіdkrittya i zakrittya pozitsії that її obsyagu.

Contracts SSMSC zakіnchuyutsya supply base asset nazivayut f'yuchersami s supply. Fіnansovі f'yuchersi mozhut not peredbachati delivery fіnansovogo asset and tіlki vzaєmorozrahunki storіn from day vikonannya contract. In tsomu razі day vikonannya klіringova setups zakrivaє OAO All іsnuyuchі pozitsії offset lands for tsіnoyu scho dorіvnyuє potochnіy rinkovіy tsіnі asset. Vzaєmorozrahunki storіn vinikayut in zv'yazku s coursework pributkami / zbitkami vіdnosno tsіn vіdkrittya pozitsіy i potochnoї rinkovoї tsіni asset per day vikonannya and takozh obsyagіv pozitsіy. Takі Kontrakty nazivayut rozrahunkovimi f'yuchersami.

Usі minds Pevnyi f'yuchersnogo contract (the form that obsyag asset, the delivery day is the іn.) Vstanovlyuyutsya bіrzheyu. Username Lost Password i prodavtsі kontraktіv pogodzhuyut tіlki one option contract - Yogo tsіnu. Uzgodzhennya tsіni zdіysnyuєtsya vіdpovіdno to rules torgіvlі, SSMSC suttєvo rіznyatsya on rіznih bіrzhah. The structure of the market analysis f'yuchersіv s Look motivіv dіyalnostі utvoryuyut two tipi osіb - i hedgers speculators. Hedger kupuyut i prodayutsya f'yuchersi s metoyu strahuvannya pozitsіy on the market analysis of the underlying asset, more in protsesі main bіznesu stench abo viroblyayut vikoristovuyut underlying asset. Speculators kupuyut i prodayutsya f'yuchersi tіlki s metoyu otrimannya pributku for rakhunok i rіznitsі tsіn kupіvlі sale. Pong is not vikoristovuyut i do not viroblyayut underlying asset.

Butt spetsifіkatsії f'yuchersnih kontraktіv. Sogodnі naybіlshim Monetary Rink f'yuchersіv in svіtі Je Chikazka trademark bіrzha (Chicago Mercantile Exchange, abo skorocheno CME), to rozglyanemo spetsifіkatsіyu exchange contract sama tsієї bіrzhі. Nizhche imposed (without perekladu) spetsifіkatsіyu contract nіmetsku our brand s comment.

Krіm Dolar US that nіmetskoї brand nayposhirenіshimi currencies lands on Rink f'yuchersіv Je britansky pound shveytsarsky that frantsuzky Franks, kanadsky Dolar, EURO including that yaponska єna.

Podіbny viglyad toil takozh spetsifіkatsії kontraktіv on INSHI fіnansovі іnstrumenti, to require Absent їh navoditi. In the foreign exchange market analysis perіod іsnuvannya f'yuchersіv on Ukraїnskіy mіzhbankіvskіy valyutnіy bіrzhі (Interbank Currency Exchange) analogіchnі spetsifіkatsії boule rozroblenі for kontraktіv US Dolar nіmetsku that mark.

table 13.1

SPETSIFІKATSІYA F'YUCHERSNOGO contract for NІMETSKU MARK

Meta spetsifіkatsії polyagaє in standartizatsії vіdpovіdnogo bіrzhovogo product.

Randomness іnformatsіya f'yuchersіv market analysis. For a quiet, hto Hoca stezhiti for uzagalnenoyu іnformatsієyu Rinku f'yuchersіv (Ti, scho take fate in the auction, toil dokladnіshu іnformatsіyu about tsіni th obsyagi land, ukladenih protyagom sesії) fіnansova Presa podaє danі in viglyadі standartnoї tablitsі, yak imposed nizhche.

table 13.2

Typical forms filed information The result TORGІV ON F'YUCHERSNOMU Rink

In pershіy grafі takoї tablitsі vkazuyut mіsyatsі on SSMSC vіdkrito torgіvlyu contracts. Another graph (Open) podaє vіdomostі about tsіni vіdkrittya trading sesіy, the third (High) - vkazuє on nayvischu tsіnu lands protyagom torgovoї sesії, fourth (Low) - mіnіmalna Cena. P'yata Count (Settle) podaє values ​​rozrahunkovoї tsіni, Sens yakoї mi rozglyanemo descho pіznіshe. Shostya Count (Change) on the value of vkazuє zmіni rozrahunkovoї tsіni vіdnosno rozrahunkovoї tsіni poperednogo day. Soma is the eighth Earl podayut naynizhchu i nayvischu tsіni lands protyagom usogo hour h cob vіdkrittya torgіvlі vіdpovіdnim contract. Nareshtі, dev'yata Count (Open interest) viznachaє vіdkrity іnteres, tobto Quantity kontraktіv s vіdpovіdnim mіsyatsem vikonannya, SSMSC zalishilis zareєstrovanimi pіslya provedenoї torgovoї sesії (dorіvnyuє kіlkostі vіdkritih short abo vіdkritih Dovgy pozitsіy).