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International markets and foreign exchange operations - Savluk M.І.

13.3. Birzhova trading in futures contracts and margin system

Leather, as a rule, trading in futures contracts, the right to establish our own procedure for conducting trading. Main food, on which I am given the rules in these rules, are: bidders; the procedure for filling out applications and health operations; rights and obligations to staff and trading participants; the rules of the bidding; Viznachennya price vidkrittya, closed and rozrahunkovih prices of trading sessions; region of posits; Likvidatsiya zobov'yazan і vikonannya contractіv, supervising situations; the order of information exchange.

There are three types of participants in trading at home. Brokers - individuals who want to lay down for the handy grades; dealers - individuals, which should be placed to please their own name; brokers-dealers - individuals who are willing to lay their own name for commissioned clients. Pіd by individuals mi rozumієmo legal osib (organizatsії), but otherwise physical osib. On dealerships, for example CME, participants in bargain trading, you can use the broker's office, yak с power of the singing individual (tobo, non-corporate participants). In the first place, for example, on DTB (Deutsche Termin Borse), there are only banks that are pleased with the song vimogs of the most lofty capital.

Kolos osib, so always take a good share of trading, you can be great even (3000 on CME), so remember (about 150 on DTB), just wait for me to get married. Improve your individuality, as well as provide a positive position on the futures market, change your broker’s privileges and place a contract with him on the brokerage service.

Registration of transactions with all contracts and all deals with them of the sale of the license, as may be done by the legal profession, and are subject to prior agreement. Legal individuals - members of the clearing set may not be members of the bargaining, so themselves and participants in the trading may not be members of the clearing.

Clearing - the whole hall of mutual vimog and goiters. Birzhovy kliring - all kliring between the participants in the bargain trading, who are obliged to go to the region of the one who, if they are, are guilty of overshooting the assets. Basic Functions of Exchange Clearing:

secure registration of operations and the oblast;

zalіk vzaimnykh zobov'yazan і payment;

Guarantee of security of operations for the margin of out-of-office and guarantee funds;

the organization of groshy roses and the security of the posting of commodity goods for stowed corners.

For a guarantee of the weekend, the operation on the market of financial services is to have three types of margins: Pochatkov, Varіatsіynu (Підтримуючу), Додаткову.

Pochatkova margin. For valuation, one-time margin for one futures contract, you are guilty of changing the price of the contract (for markets, do not change the availability of the contract, - the amount is paid). In order to identify the margin of victorious vibration statistics about the price and the statistical methods, I can give a chance to intervene for the maximum value of the pitch.

Meta-on-the-margin - to protect the power of primus barriers, as well as parts of the financially safe and impaired participant of the financial trading system, we have the opportunity to choose the most convenient ones. The margin є ownership of the trading participants was entered upon completion of the contract, and the contract was completed after the contract was cleared, however, closed delivery is closed (closed posits).

The specialty of the margin systems of the liquid market is that the margin of the spread position can be significantly reduced, the lower margin of the maximum position spread, the differences in the standard spread may be much smaller.

Dodatkov margin. This type of margin can be entered immediately before the date of the end of the contract by the method of guaranteeing the end of the mind, as well as at the same time the unstable market is unstable.

Variation margin. A part of the procedure is to clear the contract for a new dermal contract for a new, high price contract for a long trading session. The result of the whole є vimog (to the singing group of participants in the market) about the introduction of margin margins, meta yako - not to allow the accumulation of goiters' participation in the market.

We take a look at the butt, which is a position. Dearly, two participants in the A & B market have been paid for one contract for US dollars (the total cost of the contract is 1000 dollars). And A having bought a contract, and B having sold for a price C = 5.93 UAH. At the trading session, rozrahunkova price = 5.94 UAH.

Zauvazhimo, scho procedures for installing rozrahunkovo ​​price can be better. In the case of vicious falls, you can have the price of staying a trading session, and there’s a chance to become a member of a group of experts. Naybilsh by an extensive procedure for the establishment of rozrahunkovoy price †‹вЂ‹ viznennenya mid-valued price of lodging the land by the stretch of the session, but only the remaining stay of the session. Vagi priznachenyayutsya obedyami vіdpovіdnih lands.

Zmіna rakhunka variatsіyno margin purchase A stavitime ; Зміна рахунку Variation of the margin of sales B dearly . As a rule, it’s irrelevant that there is a constant need for a certain price for one of the participants in the market for margin rake, you can have a great deal of value, so that you can have a good day. So, at a vipadka, I’ll take a look, the margin margin of the buyer is changed And A becomes 1000 (5.94 - 5.93) UAH = 10 UAH., And seller B : - 10 UAH. As a rule, on the shovel of varied sales margin, there is no reason to put it, you can put it in your hands to rewind them to the cob of an on-going trading session. As a matter of fact, such a vimoga will not be vikonana, a representative of the clearing set up can primusovo close the position of participant B , so that you can enter your personal offset letter for the sake of buying one contract). You can get a little bit of it, have a look at a vipad, if you want to offset the price of an offset, please be sure to look at the front of the participant, take a look at the curly hand on the margin.

It is permissible now that I’m better not to settle the land until the end of the contract. Protein margin margin can be insured, independent of those who don’t take an uninterrupted participation in trading. After the n -day trading session, a new rosarakhunkova price is established . Zmіna rakhunka variatsіyno margins for A will become , for B - .

As a matter of fact, for a trading session, if you stay before the contract, then the amount of margin margin purchase is total. And for the entire period of purchase, the contract is considered to be the sum of all the required amount and price of the contract. , and for seller B - .

Butt. Nekhai Pn = 6.03, for the whole period of purchase of a purchase A is reduced by 100 UAH, and seller B is changed by the same amount.

Now z'yasuєmo, who will be able to be among the participants A and B on the day of the end of the contract - the next working day after the rest of the trading session. Let’s take a look at the contract for supplies. On the day of the end of the contract, the buyer And re-buy 5930 UAH in exchange for 1000 dollars, which are delivered by seller B. Over-paid for rachunok buytsya var_atsіyna margin (100 UAH), rotated on rakhunok B. Both sides are turning the same margin and cob.

Why should you be aware that one of the third parties didn’t get the minds of the contract? It is permissible that the spot rate on the day of the weekend be 6.04, and on the side, who did not go around, think the contract, if you are participant B.

At the whole time of the Kling ringing, the purchase is $ 1,000. for 6040 UAH for the market price and the re-insurance of the price for rachunka A , we can see the entire participant 5930 UAH. But for that reason, the clearing order didn’t recognize zbitkiv, but won’t accept 110 UAH. Dzherelami dodatkovih koshtіv є, in the first place, 100 UAH for a rakhunka variatsіyno margin A , like bullets overdid on a new rakhunka B that Mali used to turn back to B after the completion of the contract. Crowd 10 UAH for pokritiy for cochlea margin, contributed by B.

Now we can see a vipadok contract without delivery. The freeze between the parties v_dbuvayutsya for the price of the price of the accommodation and the spot rate on the day of the end of the contract. Nagadaєmo, behind our allowances for the favor of the bull, the price is set at 5.93, and the spot rate has become 6.04. Oskіlki A buyer with a contract and an agreement to please the lower spot rate, the win rate is 110 UAH. Ale 100 UAH. even earlier boules were previously re-licensed to the participants' Variety Margin of participant A , that B would be paid to pay more than 10 UAH. Since it’s impossible to kill, it’s necessary to have the clearing set up on the cob margin B.

P_dkreslimo, but at times I don’t have a clear mind for a contract that doesn’t allow the outsider to go to the right. Before the new day, the pre-dichotomy spectrum is zoomed out, so there are administrative sanctions on the side of the house, so set up a clearing.

Guarantee Fund. Zrozumіlo, scho during the critical development of the market and frequent entrances of the second day (offset of offsetting operations), the need to enter the margin may be enough to reduce the margin of appreciation. With a twofold decrease in the price of the primus box, the position can be increased by the difference in the cob margins. They stink at me for the guarantee of a guarantee and reserve fund in a clearing, install and exchange. Cі funds are formed from outside the participants ’market and members’ clearing establish. Water hour, take a look at the flanks of the side, the yak has programmed in birzhovy gr_, for a racket of money and money, for that (including) and for a racket of money, you can’t play, it’s impossible to respect the whole nature. I will show you more information about how to show these funds for the manifestation of such funds.

Limitations. An important factor in managing riziks is the unavailable stowage of the property, which is important for participants in the new market (which includes the option of contracting, as well as the option). In simplified systems, stinks can be set to gross-positions.

At times there is a wider system of ceruvanny rizikami, shcho vikoristovu ryznі rates of cob margins for clean and spread positions, spreads and clean net positions can be insured and be okremo. Whenever there is a change in the lukewarmness of the market, gross consumption is limited, fractions of the gross rate of the world’s participants are limited. The water hour at a long-term limited range of positions is possible on a second-rate basis.

Pridtrimka dostatnі і іvkіdnostі market - one more important in managing rizikami. Help me, so I can close the position of the non-participating participants in the market for the period, by shaving at the cob margin.

There is much respect for such superlativeness: weakened limitiv, on one side, stimulative liquidity of the market, and on the other hand, we can give an oath to the position of an unprotected participant in the market, I have to pay attention to it. Due to the situation, for any liquidity, there may be a lack of security for closing the position at the time of the hour and for the acceptable prices. At a calm situation on a market in which there is a lot of great trouble. Ale fіnansova lack of help especially vіyavlyatsya pіd hour crisis.