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Financial management bank - Primostka LO

6.2. Method HEDZHUVANNYA RIZIKІV

Pid hedzhuvannyam (od English hedge -. Zahischatisya od mozhlivih vtrat, uhilyatisya, obmezhuvati) rozumіyut dіyalnіst, yak spryamovana on stvorennya Zahist od mozhlivih vtrat in maybutnomu. Hedzhuvannya - tse zagalny termіn, yaky vikoristovuєtsya for inventory Act reasonably s mіnіmіzatsії tsіnovih rizikіv.

Strategіya hedzhuvannya vіdbivaє zagalny pіdhіd, kontseptsіyu upravlіnnya asset i pasiv, zmіst yakoї viznachaєtsya abo yak obmezhennya mіnіmіzatsіya rizikіv.

Tsіnovі riziki pov'yazuyutsya s neviznachenіstyu maybutnіh tsіn on fіnansovі tovarnі assets. Before fіnansovih aktivіv vіdnosyat, nasampered, currency groshovі Costa, Paper the tsіnnі. Pid goods rozumіyut pevnі Vidi resursіv that sirovini, takі yak naphtha, gas, grain, metal, elektroenergіya toscho. Tsіni on takі groupies tovarіv іstotno vplivayut on zagalny camp Economy i zreshtoyu formuyut vartіst produktіv spozhivannya. Hoca zmіni tsіn on sirovinu bezposeredno not torkayutsya bankіvskih SET, oposeredkovany їh vpliv through klієntіv that pozichalnikіv bezperechny. Protyagom 80 - naprikіntsі 90 rokіv stіyke znizhennya on mіzhnarodnih Rink tsіn on elektroenergіyu, naphtha, neruhomіst target velikі trudnoschі not deprivation for virobnikіv and minutes for bankіv, SSMSC pratsyuvali s such pozichalnikami.

In ekonomіchnіy lіteraturі ponyattya fіnansovih іnstrumentіv that tovarіv, SSMSC pov'yazuyutsya s tsіnovimi rizikami often ob'єdnanі one termіnom "assets". In this kontekstі just past about realnі assets (on vіdmіnu od of active balance sheet items), SSMSC shaping can Buti subject kupіvlі-sale is the Venue of yak active i Passive bankіvskih operatsіy. Yakscho specific items please do not suttєvy for rozglyaduvanogo materіalu, termіni "asset", "underlying assets", "fіnansovy іnstrument" vzhivayutsya yak sinonіmi. Tacke tlumachennya tsіlkom vipravdane, if vikladayutsya power, pov'yazanі s bankіvskoyu dіyalnіstyu, hedzhuvannyam, fіnansovimi Rink. Aje sama in tsіy sferі takі fіnansovі іnstrumenti, yak groshovі Costa, currency tsіnnі Je Paper the core subjects (real assets) is the holding of lands ukladenih operatsіy. Nadalі doderzhuvatimemo zaznachenogo pіdhodu.

Nayznachnіshimi tsіnovimi rizikami in fіnansovіy dіyalnostі Je riziki zmіni vіdsotkovih rates that obmіnnih Monetary kursіv and takozh rinkovy rizik, pov'yazany Zi zmіnoyu vartostі tsіnnih paperіv. Tsіnovі riziki nalezhat to the category fіnansovih rizikіv, oskіlki pov'yazanі s іmovіrnimi vtratami koshtіv penny, and for that scale mozhlivimi naslіdkami stink Yea nayvagomіshimi. Tom іnodі pid fіnansovimi rizikami rozumіyut deprivation tsіnovі riziki - vіdsotkovy, a currency that rinkovy.

The very sutnіst fіnansovogo poserednitstva - to the category tsієї nalezhat nasampered komertsіynі banks - peredbachaє obsession dohodіv od rіznitsі in tsіnah kupіvlі that sale. Koli balansovі pozitsії chutlivі to Change log vіdsotkovih rates, exchange kursіv that stock іndeksіv, zavdannya efektivnosti upravlіnnya Bank uskladnyuєtsya. Mіnlivіst that nestabіlnіst fіnansovih rinkіv protyagom ostannіh desyatirіch zmusili fіnansovih menedzherіv shukati rіznomanіtnі Method mіnіmіzatsії rizikіv. In mіzhnarodnіy bankіvskіy praktitsі nayposhirenіshim pіdhodom to upravlіnnya tsіnovimi rizikami Je hedzhuvannya.

In broad rozumіnnі hedzhuvannyam vvazhayut whether SSMSC dії, spryamovanі on obmezhennya chi mіnіmіzatsіyu tsіnovih rizikіv. Before hedzhuvannya nalezhat vplivu way to the structure of the balance s metoyu obmezhennya tsіnovih for Change that stvorennya systems Zahist od rizikіv ukladannyam dodatkovih fіnansovih land, SSMSC dozvolyayut kompensuvati mozhlivі vtrati. Before metodіv hedzhuvannya nalezhat:

• Structurally balansuvannya;
• upravlіnnya rozrivom mіzh chutlivimi assets that zobov'yazannyami (GEO-management);
• upravlіnnya serednozvazhenim of-line repayment (dyuratsіya);
• ukladennya forward that f'yuchersnih lands s metoyu stvorennya kompensuyuchoї pozitsії;
• Venue of operatsіy strahuvannya optsіonіv for Relief;
• obmіn payments zgіdno s carrying characteristics uchasnikіv land (swap contracts).

Yakscho dobіr aktivіv i zobov'yazan of Sumy zdіysnyuєtsya that lines within the carrying pozitsіy then Taqiy pіdhіd to upravlіnnya tsіnovimi rizikami nazivayut natural (natural ABO) hedzhuvannyam. Before this type nalezhat Pershi three methods Zi schoyno zgadanih. Vikoristannya pozabalansovih vidіv dіyalnostі rozglyadaєtsya chi yak boxed hedzhuvannya is synthetic. Zmіst such Priya polyagaє in stvorennі pozabalansovoї (shtuchnoї) pozitsії, yak dozvolyaє win a kompensatsіyu fіnansovih vtrat for carrying pozitsієyu in razі realіzatsії tsіnovogo riziku.

Pozabalansova pozitsіya utvoryuєtsya vnaslіdok ukladennya fіnansovih land, mehanіzm dії yakih dozvolyaє mіnіmіzuvati tsіnovі riziki. These lands Je pohіdnі fіnansovі іnstrumenti, abo derivatives (od English derivative -. Pohіdny) vartіst yakih Je pohіdnoyu od vartostі underlying asset (groshі, Currency, Paper the tsіnnі).

Operatsії s derivatives market analysis performed in the string. In vertical zrіzі fіnansovy rinok representations EYAD segments: the spot i string. On the spot market analysis ukladayutsya lands, minds yakih peredbachaєtsya Venue of realnoї operatsії (kupіvlі, sale, nadannya kreditіv toscho) protyagom not bіlsh yak dvoh robochem dnіv dati od pіdpisannya contract. Hosting Project Іnsha such market analysis - gotіvkovy (kasovy). On the spot market analysis for the sake of ukladayutsya dіyuchoyu rinkovoyu tsіnoyu.

Yakscho perіod od dati dati ukladennya lands to її vikonannya becoming Ponad two robochі dnі, please nazivayut string and rinok - string, abo forward. On praktitsі zaznacheny perіod Mauger syagati kіlkoh rokіv, Hoca zdebіlshogo vіn becoming 1 - 3 mіsyatsі. On the ground of the string market analysis for ukladayutsya forward tsіnoyu, yak vіdbivaє ochіkuvannya schodo maybutnіh tsіnі for Change in the underlying asset. String contracts peredbachaєtsya poperednє viznachennya vsіh drain land, in addition chislі th kontraktnoї tsіni for yakoyu vіdbudetsya real operatsіya in maybutnomu. Tse dozvolyaє obom participant Why Square od Oscillations rinkovih tsіn protyagom perіodu od dati dati ukladennya lands to її vikonannya.

Rinok string kontraktіv yavlyaє him Folding i rozvineny organіzm. Infrastructure market analysis vklyuchaє provіdnі bіrzhі svitu, mіzhnarodnі Sistemi pozabіrzhovoї torgіvlі on bazі Electonics zasobіv zv'yazku that a wide range of organіzatsіy, SSMSC vikonuyut brokerskі th dilerskі funktsії. Nayaktivnіshimi th bezposerednіmi uchasnikami string fіnansovogo Rinku Je komertsіynі banks, scho yak s zdіysnyuyut operatsії Vlasnyi Costa, so i s Costa klієntіv for їhnіm doruchennyam. Pohіdnimi fіnansovimi іnstrumentami Je forvardnі land, fіnansovі f'yuchersi, optsіoni i swap contracts, and takozh gіbridnі іnstrumenti - svoptsіoni, optsіonnі forvardnі land, optsіoni to purchase (sales) f'yuchersіv i t іn..

Operatsії s s Conductive derivatives metoyu yak hedzhuvannya tsіnovih rizikіv so i obsession pributkіv speculative nature (for rakhunok spriyatlivih tsіnovih for Change). Operatsіya Zi string lands klasifіkuєtsya yak hedzhuvannya in addition razі, if the bank Got carrying pozitsіyu for yakoyu іsnuє rizik fіnansovih vtrat through zmіnu rinkovih tsіn and mіzh tsіnoyu underlying assets, scho oblіkovuєtsya for danoyu carrying pozitsієyu, i tsіnoyu derivatives іsnuє zalezhnіst, yak daє zmogu іstotno zniziti zagalny tsіnovy rizik. Yakscho scrip that line pozabalansovoї pozitsії zbіgayutsya s vіdpovіdnimi parameters balansovoї pozitsії, the tse dozvolyaє kompensuvati vtrati for odnієyu іz Tsikh pozitsіy pributkami for іnshoyu. Іnodі pid hedzhuvannyam rozumіyut deprivation Venue of operatsіy s derivatives SSMSC zabezpechuyut Zahist od tsіnovih rizikіv.

Fallow od methylene, s yakoyu zdіysnyuєtsya operatsіya market analysis on a string, usіh uchasnikіv mozhna podіliti on Dvi groups: i hedzherіv torgіvtsіv (spekulyantіv). Hedger - tse chi fіzichna Yurydychna person, yak Got carrying pozitsіyu i spend operatsії s derivatives Abi hedzhuvati rizik for tsієyu pozitsієyu. Sutnіst operatsії hedzhuvannya polyagaє in perenesennі tsіnovih rizikіv s hedger on іnshogo participant market analysis. Hedger zatsіkavlenі in kіntsevomu rezultatі yak sumі pributkіv i vtrat for carrying that pozabalansovoyu pozitsіyami. Torgіvtsі, navpaki, rozrahovuyut deprivation on obsession pributku od rіznitsі mіzh tsіnoyu kupіvlі that derivativіv sale. Spodіvayuchis on otrimannya speculative pributkіv, torgіvtsі take on itself rizik hedzherіv. For efektivnoї robots Rinku neobhіdnі i i torgіvtsі hedgers, SSMSC zabezpechuyut Yomou lіkvіdnіst temple.

G od metoyu Zahist mozhlivih vtrat in maybutnomu of order s operatsіyami hedzhuvannya on string fіnansovih Rink conductive operatsії strahuvannya. Operatsіya strahuvannya polyagaє in ukladennі lands participant s market analysis, yaky for Pevnyi vinagorodu zobov'yazuєtsya kompensuvati vtrati, pov'yazanі Zi zmіnoyu tsіni asset. Otzhe, rizik zmіni tsіni asset transferred to the participant, yaky otrimav vinagorodu - Insurance premіyu. Operatsіya strahuvannya bazuєtsya on poperednіy viplatі premіy for mozhlivu kompensatsіyu maybutnіh zbitkіv, Square od, the chi will tsі zbitki chi ni. Tse did not viklyuchaє mozhlivostі otrimannya perevag od spriyatlivih Change log tsіni asset. Mіzh operatsіyami hedzhuvannya that strahuvannya іsnuє іstotna rіznitsya.

Naslіdki hedzhuvannya simetrichnі. Yakscho for odnієyu s pozitsіy Prybutok is gained, over іnshoyu matimut Location vtrati. A naslіdki strahuvannya asimetrichnі. Oznachaє Tse, scho strahuvannya kompensuє negativnі naslіdki, dozvolyayuchi otrimati perevagi od spriyatlivoї kon'yunkturi market analysis. Tsіnoyu for mozhlivіst otrimati dodatkovy Prybutok Je insurance Premia. Vartіst INSURANCE operatsіy uniquely perevischuє vartіst operatsіy hedzhuvannya, vitrati for yakimi dosit neznachnі i, porіvnyano іz Sumy operatsіy, mozhut not to take up uwagi. Operatsії hedzhuvannya conductive for Relief of іnstrumentіv, yak forvardnі that f'yuchersnі contracts swap lands and operatsії strahuvannya fіnansovih rizikіv zdіysnyuyutsya for Relief optsіonіv.

The I hedzhuvannya i strahuvannya underwrite metі Zahist od rizikіv and to tsіlkom pravomіrno rozglyadati tsі operatsії yak skladovі processes hedzhuvannya zagalom. Same to optsіoni, mehanіzm dії yakih vіdbivaє sutnіst strahuvannya, vіdnosyat to іnstrumentіv hedzhuvannya riziku of order іz forwards, swaps f'yuchersami that. A report tehnіku hedzhuvannya vіdsotkovogo that rizikіv Monetary Relief for pohіdnih fіnansovih іnstrumentіv rozglyanuto Dali (pіdrozd. 6.3, 6.4, breather. 7, 8).

Dobirayuchi balansovі pozitsії for strings that Sumy (tobto zdіysnyuyuchi natural hedzhuvannya), the bank is not required in the Got uchastі іnshih uchasnikіv market analysis, SSMSC b priynyali on itself rizik. Golovnі principle the mehanіzm hedzhuvannya uzgodzhennyam of the balance pozitsіy bank rozglyanuto nizhche (pіdrozd. 7.1, 7.2).

In tsіlomu processes hedzhuvannya dozvolyaє vіdchutno zmenshiti abo povnіstyu usunuti rizik. Theoreticity hedzhuvannya sluguє іmunіtetom for bankіvskogo balance, zahischayuchi od neperedbachenih tsіnovih Change log at the market. Je Hedzhuvannya way stabіlіzatsії rinkovoї vartostі bankіvskoї install. Ale oskіlki mіzh rizikom i pributkom іsnuє zalezhnіst is straight, then nizky rіven riziku oznachaє obmezhennya mozhlivostey pributku obsession. Otzhe, nedolіk hedzhuvannya polyagaє in fact scho vono not daє zmogi hedger vikoristati spriyatlivy rozvitok kon'yunkturi market analysis.

Tom managers of banks mozhut hedzhuvati not OAO All balansovі pozitsії and deprivation Pevnyi їh Chastain. Stvorennya Zahist od tsіnovih rizikіv for vsogo bankіvskogo balance nazivaєtsya Povny, abo makrohedzhuvannyam, and the holding operatsіy, SSMSC hedzhuyut okremі aktivnі, pasivnі chi pozabalansovі pozitsії - chastkovim abo mіkrohedzhuvannyam.

Riziki, SSMSC vinikayut vnaslіdok zmіni maybutnoї tsіni fіnansovogo іnstrumentu, hedzhuvati not obov'yazkovo. Banks in mozhut rizikuvati of Hope on spriyatlivі zmіni tsіn, SSMSC gave b zmogu win a speculative Prybutok. Taqiy pіdhіd to upravlіnnya nazivayut strategієyu nehedzhuvannya.

W look around to nemozhlivіst otrimati perevagi od spriyatlivih obstavin at operatsіyah hedzhuvannya riziku banks that їh klієnti mozhut svіdomo vikoristovuvati strategіyu nehedzhuvannya, if deyaka Chastina aktivіv chi pasivіv lishaєtsya chutlivoyu to zmіni parametrіv market analysis (vіdsotkovoї rates, exchange rates). Strategіya nehedzhuvannya Got to metі maksimіzatsіyu pributku i suprovodzhuєtsya pіdvischenim rіvnem riziku. For such a bank is not pіdhodu zahischeny od nespriyatlivih Change log at the market i Mauger zaznati chimalih fіnansovih vtrat.

Strategіya hedzhuvannya stabіlіzuє Prybutok for mіnіmalnogo rіvnya riziku i nadaє mozhlivіst will ultimately result odnakovі Square od mіnlivostі fіnansovih rinkіv. Vibіr strategії deposits od bagatoh chinnikіv, i nasampered - od skhilnostі bank to riziku.

Against non zavzhdi vibіr strategії upravlіnnya rizikami vnutrіshnoyu Yea right. Deyakі banks shaping can not dozvoliti svoїm klієntam spekulyuvati. When nadannі poslug klієntovі bank Got the right to napolyagati hedzhuvannі, oskіlki riziki on SSMSC narazhaєtsya klієnt, mozhut prizvesti zbitkіv to the bank. In deyakih kraїnah organic bankіvskogo lucid zaboronyayut komertsіynim Bank study operatsіy speculative nature. A іnodі kerіvnitstvo bank samostіyno obmezhuє rіven permissible riziku vstanovlennyam lіmіtіv. Otzhe, will require operatsіy hedzhuvannya postaє before bagatma uchasnikami market analysis.

On mіzhnarodnih fіnansovih Rink іsnuє bagato potentsіynih hedzherіv:

• Dealers torgіvlі s Reigning tsіnnimi Paper the іnozemnoyu that currency, SSMSC zahischayutsya od znizhennya dohіdnostі she Monetary kursіv;
• іnvestitsіynі banks SSMSC vikoristovuyut string rinok for sale bіlshoї kіlkostі korotkostrokovih aktivіv, nіzh tse mozhna zrobiti on gotіvkovomu market analysis;
• eksporteri that іmporteri for Zahist maybutnіh platezhіv od zmіni Monetary kursіv;
• korporatsії for fіksatsії vіdsotkovoї rates for zaluchenimi abo rozmіschenimi Costa;
• kompanії, SSMSC zdіysnyuyut operatsії іz vlasnіstyu at Key infrastructure konvertovaniya aktsіy zahischayutsya od mozhlivogo zrostannya vіdsotkovih rates until the completion of that rozmіschennya Key infrastructure;
• pensіynі Fondi zahischayut dohіd od іnvestitsіy in pershoklasnі tsіnnі Papero that kaznacheyskі zobov'yazannya;
• banks, SSMSC zahischayutsya od znizhennya Credit vіdsotkovih pіdvischennya rates that deposit rates have maybutnomu;
• іnvestitsіynі Fondi zahischayut nomіnalnu vartіst fіnansovih aktivіv, yakimi stink volodіyut, abo fіksuyut tsіni on Ti fіnansovі іnstrumenti, SSMSC zaplanovano buy in maybutnomu.

Tsey perelіk hedzherіv far Povny, ale vіn daє uyavlennya about rіznomanіtnіst tipіv organіzatsіy, SSMSC mozhut vikoristovuvati rinok string ground for zmenshennya riziku Monetary kursіv, vіdsotkovih Rates chi riziku on the stock market analysis.