home Finance Books Фінансовий менеджмент банку - Primostka L.O.

Фінансовий менеджмент банку - Primostka L.O.

ROZDIL 8. MANAGEMENT OF FOREIGN EXCHANGE OPERATING BANK

8.1. THE CURRENCY OF THE CURRENCY AND THE CURRENCY OF THE CURRENCY

Commerical banks are engaged in the settlement of transactions in foreign currency, but in the same way: they purchase the sales of foreign currencies, conduct banking activities in foreign currencies, leverage the position of repayment of loans from currencies, deposit operations in foreign currencies, discontinuation of payment in foreign currencies, І т. Ін. Currency transactions are conducted by yak at the tamer for the rajunok klієntіv, so і for the satisfaction of the needs of the bank.

Currency rizik vіdobrazhaye ymovіrnість фінансових втрат внаслідок того, що rate odnієї currency shodo іншої зміниться stretching the piano hour. In the real life of currencies, the curriculum arises rudely into the bil'shi chi mensh dovgo vtrimati on one th one to the very rivny. Otzhe, currencies rizik існує майже завжди, if zdіysnayutsya operatsії zinozemnoyu currency. Rozmіr currency risk to be deposited in the currency of the currency positions, the loan is taken from the participants at the specific moment of the hour, that is, from the exchange rate to the market.

At international markets, the trading of currency pairs is subject to the reduction of the conversion (exchange) and deposit-lending operations in the foreign currencies, which is to be set up against the market price by the interest rate. Dominoychoyuyu currency in the system of groshnik signiv svitu - US dollar, the financial standard, I vysnachaetsya high-level positions of the US economy. Operational orders for the sale of pevni sumi odnієї currency in the exchange for a definite currency - a foreign exchange rate - are held in the international currency markets - FX (FOREX markets - Foreing Exchange Operations). Deposits and loans are accounted for in a penny market (Money Markets Operations). Ці ринки в сукупності утворюють міжнародний валюний ринок, який є найбільшим у світі. Shodenny oath of foreign exchange operations reach 750 - 800 billion dollars. United States, річний оборот перевищує 100 трильйонів дол. USA. Щорічний приріст обсягів міжнародної торгівлі in currencies to become 5 - 7%.

Currency denominations of gold (close to 80%) are pozabirzhovim, and 20% of foreign exchange transactions are conducted on the basis of foreign currency bills. Головні центри торгівлі - London, New York, Токіо, Zurich, Singapore. The largest is the market in the London Sity, the share of which is close to 480 billion dollars. USA of converting operations for the r. The rates of trade in New York are estimated at 220 billion dollars, Tokio - 170 billion dollars, in Singapore - 90 billion dollars. Geografichte roztashuvannya tsentriv at riznyh points svitu otvozvorye conduct currency exchange operations in the course of 24 years for a dowry, starting a day at Tokio, letting you change from Europe and the day before New York to Los Angeles in the hour, if the rivets are screeched at the Distant Gather.

Without interruption, the function of the currency market is голов head yogo specialty, yak, to bring up before that, the bank that sows the position of the foreign currency, accrue to the currencies of the currency, if not. Having filled up in the evening with a foreign currency position, the Vratsy can vyaviti zbotki abo pributki yak nalidok zmіni exchange rate for nich.

The main participants of the currency market are banks, which account for 50 - 70% of all foreign exchange transactions and that are called "individuals, but form the tiny". Active part of trading is taken by brokers, central banks, corporations, investors, speculators, importers, exporter, tourists.

Valutnie operatsii, pov'yazhі z komіvleju ta sell iznoznnoi currency, podiljajutsja on kasovi (gotіvkovі) that line. Prior to the casino operations, overlap with "overnight" type, if the currency of the purchase is bought in the retail order of the day of arrival, that spot is spotted, which is used to deliver the currency in two days after the date. Yaksho period on the date of the deposit of monetary assets before the date of the real exchange of currencies - the date of currency exchange, becoming two robot days, then the operation is called line, non forward. Up to the minds of the currency operations, two types of markets are formed: the kasoviy (spotovy) rink and the string (forward) tin.

I kasovoi і strokoyuyu please fobsachaetsya fіsatsіya pevnogo currency rate at the moment її укладення. Kasovi lands ukladayutsya for pochnchnym rinkovym course - so zvaniem spot exchange rate, and that often the very rink of such contracts nazivayut spotovim. The exchange rate, for some contract, contract on the line of stringed ones, call the forward rate, and the line inward - forward.

Ліквідність currency rіnku вимірюється різницею в ціні купівлі і sale of the currency. Невелика різниця між курсам купівлі та sale сідччить about високу ліквідність ринку, і навпаки, нижька ліквідність супроводжується значною різницею в цінах. Здейільшого ліквідність spot rinku вища за ліквідність forward.

OPERATING SPOT

Переважна більшість усіх валютных опцій здійснюється на мовов спот. Two robotic days, you can enter the spot operation, allow you to transfer kosti in the yaku kraїnu і and finish the registration of the land, unaware of the redistrict in the watch belts participants of the auction. The basis for conducting an operational spot is servicing the bank accounts of correspondents.

Process zdіysnennya currencies operatsіy zakazdaetsya k kilkok etapiv. At the preparatory stage, analyze the rate of foreign currencies, the trends in foreign exchange rates, the causes of such fluctuations, and the forecast of the Maybut trends in the currencies of foreign exchange rates. Result of analizu to give zmogu viznachiti nayeektivnіsі naprymki conducted currency operations, tobto vibrati currency and type of operation - purchase of sales chi.

At the great banks, analogs will become foreign currency markets for special purposes, to enter the warehouse for some economists-analysts, finance. Dealers, spirayuchis on nadanu informatsiiu that predict, obsolyayut sprymki conducted currency operations. In the banks behind the rozmirs, the dealers themselves have the function of analyzing the business without a hindrance.

On the other, the dealers for the telecommunications authorities are instructed to talk about the sales and sales of the currency. The procedure for the storage of monetary assets includes: 1) the currency of currencies, which will be exchanged; 2) the exchange rate; 3) vyzachennya sumi lands; 4) currency exchange rates; 5) the address of the delivery of foreign currency. At the turnaround stage, the tailings are to be reorganized, that documentary is to be documented for operations for rahunks.

In the process of settling down the spot operations, the bank can be changed to:

• purchase of consumer goods in a bank in foreign currency;

• Transferring one currency to another;

• Conducting speculative operations.

Banks vikoristovuyot operatsії spot for pіdtrimannya mіnіmalnyh robotnyh zalishkіv on rahunk nostro in foreign banks, and takozh for zmenshennia nadliski in one currency and pokrtya consumer in іншій валюі.

Unexpectedly for short lines of supply of non-terrestrial currency for spot operations, counter-parties are accustomed to currency risks and for such havens, hocs and mines are up to minima. In the minds of the floating exchange rates, the seamless billing of the currency exchange market, the course of one currency, the shodo, and the other, can be exchanged for two days, so that you will not have to face the risk.

In the process of foreign exchange operations, participants are traded on the basis of the visibility of rizikiv. On the spot currency market, the most important is the risk of the visibility of supplies, a kind of vicarious through the unsynchronous robot of the rinks. Reducing in the hourly belts to bring up to that one payment is carried out earlier, nizh zostrychny pay. Hour між здійсненням зустрічних переказів a stream of currencies є ризиковим періодом. For zmenshennia risiku visibility of supply neobhіdno perevіryati fіnansovyi stan uchasnika, z yakim is conducted currency exchange operations. At raz sumnovіv it is possible obmoviti in kontraktii, scho zostrychnyi plizhiz bude zdіysneno pislja otrimannya viznachenoi sumi kostyhov koshtiv.

Інший type ризику, по'яязаний з перерахунком валюних потоів, - операційний, виникає through помилки і зловживання у платіжних та клірингових систем. The method of hurting this type of risk is to strengthen the internal control of the communal systems.

STROKOVІ OPERATSІЇ

The method of conducting a string operation with currency can make a hedge of currency exchange risk of maintaining speculative pributkiv. In a stringent manner, the fissure of all minds, at the same number of forward exchange rates, at the moment of writing down the contract, is faked.

Yak rule, the forward exchange rate of currency is to be observed in the spot, the incidence on the currencies of the exchange rate is a number of economical factors, which should be reduced to the increased rate of forward exchange rates visually with the spot rate.

Forward exchange rates are formed in the form of such basic information:

1) internally popit and propositions;

2) parity of purchase opportunities;

3) the stock capital of the penny rinkyv kraїni;

4) різниця в рівнях інфляції однієї країни щодо іншої;

5) trading and payment balance;

6) political factors;

7) vtruchaniya contract edge khalayni:

• Carrying out operations on the external market (purchase and sale of currency);

• established norms of reservoir;

• regulation of the regional central bank rate;

• alignment of moral clicam (rhetorical method vplyiv);

8) сприйняття або очікування майбутніх змін у рівнях валюних курсів.

Signed chink, krim ostannnogo, at pidssumu formyut riven svidotkovyh rates for currencies. Such a chink yak ochikuvannya may vidchutno vlyavati on kurshinni kursi nelelezhno vіd rіvnya відсоткових bets, ala stretching an unknown promijki hour. Especially in a jasperly vplyiv chyogo chinnika vyavlyaetsya on currency birzhah. Міркування одного чи групи дилерів іноді призводять до виникнення ажіотажного попиту або пропозиції окремої валюти. Napriklad, yakshcho dealer sell pound sterling, ochikuyuchi znizhennya course, then the propose pound sterling is able to knowfully perepishchit popit. Otzhe, stlyovoyatsya azhіotazhna propositsііya with popitі, scho vіdbіvyа real consumers, but not speculative operations. Tse to bring up to дійсного зниження to a rate pounds sterlingov. Takі situatsії vinikayut prohodom short periodniv, if vplyiv reschi chinnikіv neznachny, i can not really get acquainted with the exchange rates.

Forward exchange rates do not vyobrazhayut ochikuvannya rinkom maybutnyogo spot exchange rate, and to be deposited in the rivnya vidosnitkovyh rates in currencies that are quoted. Рівні відсоткових bid вібитьвають насамперед діючий та очікуваний рівні інфляції. Оскільки очікуваний рівень інфляції, на відміну від діючого, не мона розрахувати, а лише предгнозувати, то й відсоткові rates on майбутні періоди також прогнозуються. Forward exchange rates on the basis of interest rates.

For European minds, if the quotation is shown as a currency for one US dollar, short-stems (up to rock), the forward exchange rate to the US dollar F / Kv / $ can be forexed for the formula:

(8.1)

De S / Qu / $ - the spot exchange rate to the US dollar; Rв - відсоткова rate for the given currency; R $ is the interest rate for the US dollar; T - forward period in days; B - base rozraunku in days (360 chi 365).

For rozraunku dovgostrokovyh forward courses, the formula is:

(8.2)

de n - Quantity rokіv.

The forward exchange rate can be lowered for the spot exchange rate in the course of the year, from the currencies to bring the interest-bearing interest at the investment level. Zauvazhimo, scho riznitsya mіzh forward and ta spot-rate to deposit yak vіd rіznitsі in рівних річних відсоткових rates for currencies, and for triviality of the forward period. З подовженням rowsів різниця між потоженвим та строковим валютними курсы зростатиме.

For normal minds, the development of economics, the number of people who can not get a glimpse of the grotesque-credit chi of political shocks, rivnyi vidoskotkovyh rates can vvazhati nezalozhnimi values, yakі vidbiivayut realny tschikuvany rivnі іnflyatsії. Forward exchange currencies є pokhidnimi (out-of-pocket) values ​​of interest rates. Otzhe, Lisha odikovi tempi інфляції in both edges of the march of currencies can be at the trivial hour of the exchange rate.

When conducted in stringed operations with currency, the main risks are the risk of the visibility of the supply, the risk of the unknowing minds of forward-looking businesses being one of the participants. Rizik visualization of the delivery of the construction and the spot operations and the forward operations, ale the lease in the course of one day at the date of the sale. Rizik neobikonannya pleas vimiryuetsya not obznim osoyagom contract, and more zhisoyu yogo part, kotra become, as a rule, 3 - 10% of sumi lands. Yakshtso one of the participants of the operation is responsible for taking the zobov's affairs, then you can find a contract with the zombies, having lost the most important expenses. On the rizik of the unfamiliar lands, the abusive participants of the string operation are accentuated.

By the method of obmenzhenya such rizikіv management bank can vikoristovuvati method lіmіtuvannya, zaklyuchayuyuchi maximum rozmіr sumi one contract. In addition, rozraunok can be conducted not by one, but by two repetitions of foreign currencies, if other payment is due to the receipt of the payment of the amount of money in the currency. Tse otvozlyaet zakonkovo ​​zniziti rizik one z uchasnikiv, almo tidy neobhidno uzhodogoti pid hour pokadannya lands. Yakshcho in one clayent folded a string of stringent foreign exchange contracts, then the dates of the currency exchange wither to the letters. Zagalom so priyomi dopomagayut partchno zniziti riziki, scho conduit of currency exchange operations.

CURRENCY OPERATIONAL SWAP

Currency swap transactions in a one-hour holding of two antishifts for zmistom operations: the purchase (sale) of foreign currencies on the spot that sale (purchase) on the forfeits of the forward. Yaksho sales currency to be spent on a spot market і one-time укладається убеда about купівлю тієї самої currency to the forward market, then the currency of the swap transaction, I call the report. Yaksho zhidetsya about buying currency on the spot, at the spot, in one-hour sales at the forward, then in the operation, call deport.

Currency transactions of swaps in the Zdislov'shego zdіysnjutsja on mіzhbankіvskomu to a rink on lines to 6 місяців. Ugod ukladayutsya mіzh komercіynimi banks, mіzh komercіynymi ta central banks, mіzh central banks kraїn. On the basis of the currency exchange operations, a swap-based system of the interchange of currencies through the Bank of international roses at Basel.

When the foreign currency swap transactions are executed, the forward exchange rate is calculated on the basis of the spot exchange rate, that is the value of the pre-discount value for the losses on the line of the line. Різниця між forward rate п певної валюти та rate spot узвожує премію або discount - so zvanі swap points. Yakshto forward exchange rate for the kasoviy, then tse means, scho currency forwards quoted from the premiere (zmitsnyuyutsya z hour). This is the currency that is called the pre term and the lower interest rate. Znizhka abo discount means protidezhne, tobto currency in an hour is cheap and is discounted. Z of the two currencies, which will be quoted, the discount will be in the interest rate. Znachennya premyі ta discount on lines 1, 3, 6 місяців публікуться у фінансовій пресі. Mayuchi's value is a spot-rate of those swap points, you can calculate the forward rate.

Swaps for the European minds of quoting currencies are calculated for the formula:

. (8.3)

For viznachennya forward rate of the discount currency swaps punctu slid dodati to the spot rate. For the premiere currency, swaps are counted as a percentage of the exchange rate.

Zauvazhimo, sho klassichnyi kapitannyi operatsi swap, about yakі ydetsya, not miyut nichogo spilnogo zі swap-contracts, oskilki ostannnyi znakomayut ombin zobov'yaznannymi nakim vimogami. Currency risk in the course of an operation is swap vinikaє vnasledok zmіni v protylezhny bіk dіkontu abo premіії extension of the forward period. Ale procedure for the forward fizaksії forward exchange rate allow the participants svidomo keruwati process, udladayuchi dodatkovі fіnansovі ugodi nespyatlivoї zmіni course.

In case of commercial banking, a bank loan in the foreign currency is subject to a risk of incurring losses due to unauthorized kostya chi dostrokovym poverennyam credit, if the problem is reenvestuvannya. Such a type of risk can be seen in the credit and currency of currencies, zastosovochi vidpovidnі management methods.