Mіzhnarodna torgіvlya - Dahno І.І.

10.2. Operatsії svіtovogo foreign exchange market

Termіn "valyutnі operatsії" Can rozumіti vuzkomu i have a broad meaning. In vuzkomu znachennі tse bankіvska dіyalnіst s sale that kupіvlі Vlasnyi іnozemnoї currency. In broad znachennі valyutnі operatsії vklyuchayut purchase-sale of foreign currency, and takozh usі INSHI operatsії schodo mіzhnarodnogo Ruhu Monetary tsіnnostey.

Valyutnі operatsії for svoєyu by nature Je operatsіyami, pov'yazanimi s transfer of the right to vlasnostі valyutnі tsіnnostі i vikoristannyam їh in mіzhnarodnomu obіgu (currency eksportuyut that іmportuyut). Valyutnі operatsії podіlyayut on potochnі i pov'yazanі s Rukh kapіtalu.

Flow Je operatsії s perekazuvannya іnozemnoї currency, otrimannya i nadannya fіnansovih kreditіv on termіn, scho not perevischuє 180 dnіv, perekazuvannya vіdsotkіv, divіdendіv that іnshih dohodіv for іnvestitsіyami toscho.

Termіn "valyutnі operatsії, pov'yazanі s Rukh kapіtalu" poshiryuєtsya on pryamі іnvestitsії, portfelnі іnvestitsії, pridbannya tsіnnih paperіv, nadannya that otrimannya fіnansovih kreditіv on termіn Ponad 180 dnіv.

Rozrіznyayut operatsії on mіzhnarodnomu penny i operatsії market analysis on market analysis mіzhnarodnomu kapіtalu on Money Does zdіysnyuyutsya se-i redno- dovgostrokovі operatsії.

Operatsії on svіtovomu market analysis for kapіtalu svoїm character podіlyayutsya on komertsіynі (tobto pov'yazanі іz zovnіshnoyu torgіvleyu) i fіnansovі (ohoplyuyut vivіz kapіtalu, repayment zaborgovanostі toscho).

Asset mіzhnarodnogo kapіtalu market analysis, krіm Monetary bankіvskih depozitіv, Je aktsії that oblіgatsії rіznih kraїn, tobto tsіnnі Papero. Mіzhnarodna torgіvlya asset Mauger include obmіn rіznih vidіv tsіnnih paperіv.

Mіzhnarodny credit - tse ekonomіchnі vіdnosini scho vstanovlyuyutsya mіzh powers komertsіynimi banks i fіrmami rіznih kraїn s metoyu nadannya currency, credit abo on minds trademark resursіv їh Povernennya s vinagorodoyu (vіdsotkami) protyagom viznachenogo termіnu. Mіzhnarodny credit Je Form Ruhu pozichkovogo kapіtalu.

Іsnuyut two osnovnі Vidi mіzhnarodnogo Ruhu kapіtalu, Perche s Je mіzhnarodna pozika them. Pozichalnikami that pozikodavtsyami (lenders) mozhut sub'єkti Buti yak private, so i publіchnogo rights (napriklad, Svіtovy bank that INSHI established system of the United Nations).

Another type mіzhnarodnogo Ruhu kapіtalu Je іnvestitsії kompanіy in assets. Yakscho takі dovgotermіnovі іnvestitsії not peredbachayut uchastі іnvestora in upravlіnnі kompanієyu, the stench nazivayutsya portfolio (portfolio investment). Koli іnvestuvannya spryamovuєtsya on obsession upravlіnskogo control (managerial control), then tsomu razі toil Location pryamі іnvestitsії (direct investment). Yaskravim butt directly іnvestorіv Je transnatsіonalnі korporatsії. Kapіtal nagromadzhuєtsya in quiet kraїnah, SSMSC zdatnі stvoryuvati bagatstvo i yogo not all spozhivati.

Theoreticity fіnansovі markets Agricultural Art toil mozhlivіst efektivnosti rozpodіlyati kapіtal in vsomu svіtі. Practical tse zdіysniti vazhko abo navіt nemozhlivo, oskіlki optimal rozpodіlu pereshkodzhaє low chinnikіv. Zokrema have mіzhnarodnogo Ruhu kapіtalu vіdsutnya rіvnomіrnіst. Butt tsogo Mauger Buti Ukraine - SOCA Requested to neї not Hoca Iti іnozemny kapіtal in scale, scho zaslugovuyut to uwagi.

Blizko 80% operatsіy s kupіvlі-currency sales vіdbuvaєtsya on mіzhbankіvskomu segmentі svіtovogo foreign exchange market (yak zaznachalosya vische, valyutnі bіrzhі іsnuyut not access in all kraїnah svitu).

Main sub'єktami Monetary operatsіy Je tsentralnі banks Powers for obsyagami Tsikh operatsіy lіdiruyut komertsіynі banks.

Schodenny turnover okremih bankіv dosyagaє mіlyardnih sum. Vsesvіtno vіdomі, napriklad, takі banks - Chase National, Chase Manhattan, Citybank.

Nayposhirenіshі valyutnі operatsії mіzhbankіvskogo market analysis - spot, forward, swap, bіrzhovogo - f'yuchers that optsіon. Especially form of currency operatsіy Je Monetary arbіtrazh.

Spot Je operatsієyu kupіvlі-sale of foreign currency for delivery minds її protyagom dvoh robochem dnіv od day ukladennya put behind obumovlenim in ugodі course.

Swap - currency operatsіya schodo sale pevnoї currency s minds redemption rights takoї samoї sumi back through Pevnyi hour for the course, at the time zafіksovanim ukladennya land. Osnovnі Participants swap market analysis - komertsіynі banks. Okrіm zakonodavchogo regulyuvannya operatsії vrahovuyut i ustalenі zvichaї. Tsі operatsії not pozbavlenі Monetary rizikіv, Especially through tehnіchnі osoblivostі klіringovih rozrahunkіv rіznitsyu i have chasі in robotі Monetary rinkіv planet. Lands on a swap ukladayutsya termіn od 1 to 6 months at, i іnkoli on dovshy termіn (5 rokіv).

Strokovі operatsії peredbachayut currency supply pіslya termіnu scho perevischuє three dnі od day ukladennya vіdpovіdnoї land. 1, 3, 6, 9, 12 months at that vvazhayutsya STANDARD termіnami vikonannya string kontraktіv.

Forvardnі valyutnі operatsії peredbachayut obmіn currency from maybutnomu, ale for the course, at the date of zafіksovanim ukladennya land. Forvardnі lands ukladayutsya, yak usually on the lines to one rock against schodo strong currency svitu termіn Mauger Buti uniquely dovshim.

Forward exchange rate i rate swap zbіgayutsya rіdko. Yakscho vischy forward rate for the spot rate, the currency kotiruєtsya s premієyu, navpaki - s discount.

Forward contracts vlastivі seryoznіshі riziki, nіzh spot contract type - ymovіrnіst neperedbachenoї zmіni currency exchange rates on the date of delivery that neplatospromozhnostі partner Je dosit temple.

Operatsіya swap poєdnuє forvardnі minds minds that spot, more operatsіya spot sale gotіvkovoї s currency vikonuєtsya odnochasno s її kupіvleyu row. Mozhliva i zvorotna situatsіya.

Operatsії swap zdіysnyuyut yak mіzh komertsіynimi banks, so i mіzh komertsіynimi banks i central bank Kraina and takozh bezposeredno mіzh central bank kraїn. In shveytsarskomu mіstі Basel z 1969 r. dіє Bank mіzhnarodnih rozrahunkіv - єvropeysky dopomіzhny body i IMF IBRD (zasnovany at 1930 p.). Vіn obslugovuє bagatostoronnyu system vzaєmnogo obmіnu exchange osnovі operatsіy swap. Tsentralnі banks vikoristovuyut mіzhderzhavnі operatsії swap for zdіysnennya effectiveness Monetary іnterventsіy.

Operatsії swap vikoristovuyutsya takozh for diversifіkatsії natsіonalnoї currency (tobto obmіnu її for currency іnshih kraїn) for zdіysnennya mіzhnarodnih rozrahunkіv, timchasovogo zbіlshennya Monetary rezervіv, zadovolennya potreb klієntіv in pevnіy valyutі toscho. Napriklad, the bank reserves dolarіv Yea, ale Yomou timchasovo potrіbnі EURO including. In this razі Bank prodaє for Dolar EURO including s negaynoyu payment. Odnochasno Bank ukladaє favor of pro purchase, napriklad, after 6 months at takoї Well samoї sumi dolarіv in Svoge partner.

On the foreign exchange market svіtovih nayposhirenіshimi Je operatsії spot, vdvіchі less then zdіysnyuєtsya operatsіy swap on forvardnі operatsії pripadaє Neznachny chastka bіrzhovih land.

F'yuchersnі operatsії Je string bіrzhovimi lands schodo kupіv-lі-sale of foreign currency, gold, and credit fіnansovo іnstrumentіv for fіksovanoyu at the time the contract ukladennya tsіnoyu, ale z vikonannyam operatsії through Pevnyi hour.

Mauger lands vikonuvatisya od 3 dnіv 3 rokіv dati od її ukladennya. Klіringova Chamber vistupaє poserednikom mіzh owner i pokuptsem, garantuє vikonannya parties zobov'yazan i vikonuє rozrahunki.

W Perche Look f'yuchersnі operatsії nagaduyut forvardnі. In oboh vipadkah currency postavlyaєtsya not ranіsh, yak three dnі od day ukladennya land, Cena vikonannya contract from the date of maybutnomu viznachaєtsya yogo ukladennya. Vtіm, tsі operatsії toil takі vіdmіnnostі:

o termіn that obsyagi forvardnoї lands viznachayutsya for vzaєmnoyu domovlenіstyu storіn have f'yuchersnіy ugodі obumovlyuyutsya termіn, obsyagi she minds scho sklalisya on vіdpovіdnih Monetary bіrzhah;

o іndivіdualnі forvardnі lands dorozhchі for standartizovanі f'yuchersnі contracts;

o forvardnі Kontrakty ukladayutsya on velikі sumi i nedostupnі for drіbnih іnvestorіv, f'yuchersny rinok Available usіm;

o In absolyutnіy bіlshostі vipadkіv forvardnі operatsії zakіnchuyutsya currency supply have razі f'yuchersnoї operatsії not zdіysnyuyut real currency supply and oderzhuyut rіznitsyu mіzh Pochatkova tsіnoyu contract tsіnoyu i scho іsnuє to date vikonannya land;

o Forward contracts Mauger ukladatisya schodo practical whether yakih currencies f'yuchersnі lands operuyut їh obmezhenim dial (yak usually stosuyutsya svitu reserve currency).

Monetary optsіon Je contract, scho nadaє right pokuptsevі that zobov'yazuє vіdpovіdno seller buys abo prodatsya Pevnyi Quantity odnієї in obmіn currency into another at the date of fіksovanim ukladennya lands heading zavchasno pogodzhenu date abo protyagom uzgodzhenogo hour.

For such right of possession pokupets splachuє prodavtsevі Pevnyi bag of pennies, scho nazivaєtsya premієyu. Rizik pokuptsya obmezhuєtsya rozmіrom splachenoї premії. Rizik znizhuєtsya seller for the amount oderzhanoї premії.

Іsnuє kіlka vidіv Monetary optsіonіv:

o Put (right protyagom Pevnyi hour for domovlenoyu tsіnoyu prodavatsya currency for Zahist її od znetsіnennya);

o count (the right buy currency for fіksovanoyu tsіnoyu protyagom Pevnyi termіnu in obmіn on SPLAT pogodzhenoї zazdalegіd sumi for Zahist Currency od mozhlivogo podorozhchannya);

o єvropeysky (right to buy the currency abo prodatsya deprivation pіslya zakіnchennya contract);

o amerikansky (right to buy the currency abo prodatsya whether if to zakіnchennya termіnu contract).

On vіdmіnu od f'yuchersnih kontraktіv valyutnі optsіoni give zmogu obmezhiti rizik od nespriyatlivoї zmіni exchange rate, s looking around at tse stink Nabeul ninі digit poshirennya on the foreign exchange Rink svitu.

Monetary arbіtrazh - tse odnochasnі kupіvlya i sell currency at rіznih Rink s metoyu otrimannya pributku od rіznitsі at the exchange rate of the i kasovimi string operatsіyami on fіnansovih Rink svitu. Valyutnі courses at rіznih Rink zavzhdi vrahovuyut perekazi currency s single market analysis on Inshyj. Yakscho valyutnі Kursi vіdrіznyayutsya mіzh him an amount scho perevischuє operatsіynі vitrati, pov'yazanі s perekazom currencies, z'yavlyaєtsya mozhlivіst will win Ziska od rіznits coursework. In tsomu i polyagaє Monetary arbіtrazh.

Monetary hours arbіtrazh peredbachaє obsession pributku od rіznitsі Monetary kursіv in chasі and prostorovy - od їh rіznitsі on teritorіalno vіddalenih Rink. Just arbіtrazh vikonuєtsya s EYAD currencies and folding (CROS-ESP) - h i troma bіlshe currencies.

Tsі operatsії spriyayut zabezpechennyu vzaєmozv'yazkіv kursіv currencies їh virіvnyuvannyu on rіznih Rink that їh stabіlіzatsії.

Nasamkіnets zaznachimo, scho in tsomu rozdіlі boule deprivation rozglyanutі naygolovnіshі aspects mіzhnarodnih monetary supply.