Fіnansova dіyalnіst sub'єktіv gospodaryuvannya - Tereshchenko OO

6.3.6. Varant

Oskіlki Varant Got characteristics optsіona, zgadaєmo viznachennya ostannogo. Optsіon - standard document yaky zakrіplyuє right (not zobov'yazannya ale) Yogo vlasnika on pridbannya od emіtenta optsіona (optsіon to purchase) chi on sales emіtentu optsіona (optsіon on sales) in termіn, viznacheny in nomu, zaznachenu Quantity underlying assets for zafіksovanoyu when ukladannі tsіnoyu (tsіnoyu vikonannya).

Varant - rіznovid optsіona to purchase (optsіon call), yaky vipuskaєtsya emіtentom time іz Vlasnyi privіleyovanimi aktsіyami chi oblіgatsіyami that nadaє yogo vlasnikovі right to pridbannya simply aktsіy chi oblіgatsіy danogo emіtenta protyagom Pevnyi perіodu on zazdalegіd uzgodzhenih minds. Varant, yak usually emіtuyutsya in paketі s oblіgatsіyami.

Zgіdno s vіtchiznyanimi regulations Varant mozhut vipuskatisya deprivation vіdkritimi aktsіonernimi tovaristvami i tіlki in dokumentarnіy formі. Termіn dії Varant not guilty perevischuvati 1 Year and obsyag underlying assets emіtenta varantіv - 50% obsyagu aktsіy danogo emіtenta, Key infrastructure (Key infrastructure) yakih Bulo zareєstrovano.

Sertifіkat Varant guilty mіstiti takі rekvіziti:

a) Povny titles emіtenta varantіv that yogo Yurydychna address;

b) zaznachennya kіlkostі tsіnnih paperіv, SSMSC Je Varant underlying assets;

c) Quantity zagalnu varantіv danogo Key infrastructure;

g) termіn rozmіschennya;

d) termіn dії Varant;

e) pіdpis upovnovazhenoї individuals that signet emіtenta.

Varant mozhut kupuvatisya that prodavatsya on market analysis okremo od tsіnnih paperіv (oblіgatsіy) s yakimi stink boule emіtovanі.

Zabezpechenіst vikonannya varantіv Mauger garantuvatisya:

a) by a new emіsієyu aktsіy, SSMSC Je underlying assets schodo danih varantіv;

b) ukladannyam contract (dogovorіv) komіsії s vlasnikom (vlasnikami) the underlying asset at kіlkostі, peredbachenіy minds Key infrastructure varantіv rozmіschennyam tsogo s asset base in zberіgacha;

c) the redemption rights in aktsіonerіv nalezhnih їm aktsіy that utrimannyam їh to zakіnchennya termіnu dії varantіv.

Minds Key infrastructure varantіv not peredbachaєtsya obmіn tsіnnih paperіv, s yakimi stink vipuskayutsya on the underlying asset. Tobto pіslya realіzatsії optsіonnogo right oblіgatsії zalishayutsya in obіgu i zasvіdchuyut zobov'yazannya emіtenta schodo їh maturity.

In praktitsі fіnansovoї dіyalnostі nayvіdomіshimi Je Dvi varantіv FORMS:

s right pridbannya oblіgatsіy;

SSMSC vipuskayutsya time s i oblіgatsіyami entitle їh vlasnikam pridbati prostі aktsії emіtenta.

Otzhe, underlying assets, subject tobto vikonannya zobov'yazan for Varant, shaping can Buti oblіgatsії abo aktsії.

Varant s right pridbannya oblіgatsіy (Interest Warrants, Bond Warrants) Especially poshirennya Nabeul on єvrorinku kapіtalіv. Tsey view optsіonіv zasvіdchuє right to pridbannya in maybutnomu odnієї abo kіlkoh oblіgatsіy emіtenta on the minds peredbachenih їh Key infrastructure. Pributkovіst varantіv deposits od spіvvіdnoshennya mіzh serednoyu dohіdnostі bet on market analysis kapіtalіv i pributkovіstyu oblіgatsіy.

Varant s right pridbannya simply aktsіy (Stock Warrant Bonds). On vіdmіnu od konvertovaniya oblіgatsіy pid hour vikoristannya tsogo mind varantіv obmіn oblіgatsіy on aktsії not vіdbuvaєtsya. Vlasnik optsіona Got right pridbati prostі aktsії on the minds peredbachenih Key infrastructure oblіgatsіy have paketі s yakimi emіtuvalis Varant. So rank, transformatsії Borg have not vlasnіst vіdbuvaєtsya: zmіnyuєtsya deprivation magnitude statutory kapіtalu abo aktsіonerіv warehouse.

Analogіchno to konvertovaniya oblіgatsіy emіsіya oblіgatsіy in paketі s Varant on pridbannya simply aktsіy potrebuє rіshennya zagalnih zborіv aktsіonerіv chi іnshogo upovnovazhenogo those body vlasnikіv AT. Aktsіoneri toil at tsomu perevazhne right to pridbannya oblіgatsіy s Varant. At about povіdomlennі emіsіyu oblіgatsіy s optsіonom on pridbannya oblіgatsіy, okrіm standartnoї information The oblіgatsії, slіd zaznachiti:

tsіnu vikonannya optsіona (course pridbannya novih aktsіy);

optsіonne spіvvіdnoshennya (Quantity aktsіy, SSMSC mozhna pridbati one Varant);

termіn dії i vikonannya Varant;

perevazhnі rights pridbannya oblіgatsіy (Zahist against "rozmivannya" Vlasnyi kapіtalu).

Reason Key infrastructure oblіgatsіy s Varant on pridbannya aktsіy Je zdebіlshogo timey themselves, scho second at Key infrastructure konvertovaniya oblіgatsіy. Cena (abo Premia) Varant - tse not dobutok nomіnalnoї tsіni tsіnnih paperіv on їh Quantity and value of deposits yak od forecast kursovoї vartostі (the underlying asset). Premia bude tim vischoyu, denote dovshim Je dії Varant lines that denote bіlshy ROZMA varіatsії (rіven Oscillations) ochіkuvanogo rate aktsіy protyagom tsogo perіodu. For the temple rіvnya Oscillations rate zbіlshuyutsya vlasnika Varant Shanxi otrimati Prybutok in viglyadі coursework rіznits at vikoristannі optsіona. W іnshogo side, zbitki vlasnika Varant obmezhuyutsya tsіnoyu yogo kupіvlі. For nespriyatlivogo rozvitku rate vіdpovіdnih aktsіy rinkova Cena optsіona Mauger fall to zero. Yak naslіdok holder Varant vtratit Costa, zatrachenі on yogo pridbannya.

Cena, abo Premia, viplachuєtsya vіdrazu at kupіvlі Varant, samі Well tsіnnі Paper the (nomіnal multiplied by Quantity) oplachuyutsya bezposeredno at їh oderzhannі. Vid kupіvlі tsіnnih paperіv mozhna vіdmovitisya, ale at tsomu paysite Premia not povertaєtsya.

Key infrastructure varantіv guilty Buti zareєstrovany in Derzhavnіy komіsії s tsіnnih paperіv is the Stock market. W tsієyu metoyu emіtent podaє to Komіsії takі documents:

a) Claim;

b) zrazok sertifіkata Varant;

c) zareєstrovanu іnformatsіyu about Key infrastructure tsіnnih paperіv, SSMSC Je underlying assets;

g) rіchny zvіt poperednіy Year for that (at razі nayavnostі) ostannіy pіslya rіchnogo pіvrіchny zvіt.

Pіdkreslimo, scho not dozvolyaєtsya Key infrastructure varantіv for pokrittya zbitkіv od gospodarskoї dіyalnostі emіtenta іz zarahuvannyam nadhodzhen od sale varantіv yak result potochnoї gospodarskoї dіyalnostі.