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Mіzhnarodnі fіnansi - Petrashko LP
TOPIC 6. OSOBLIVOSTІ FUNKTSІONUVANNYA ЄVRORINKU
- Єvrorinok
Єvrorinok - Chastina svіtovogo Rinku pozichkovih kapіtalіv on Money Does banks zdіysnyuyut deposit-kreditnі operatsії in єvrovalyutah.
Єvrovalyuta - tse string deposit scho znahoditsya in bank roztashovanomu for mezhami Kraina in yakіy vipuskaєtsya given currency.
Factory rozvitku єvrovalyut market analysis:
- Ob'єktivna required in gnuchkomu mіzhnarodnomu monetary mehanіzmі for obslugovuvannya zovnіshnoekonomіchnoї dіyalnostі.
- Gone konvertuvannya klyuchovih s currency kіntsya 50s - 60s cob rokіv.
- Lіberalne natsіonalne zakonodavstvo stimulyuvalo rozmіschennya koshtіv bankіv i have fіrm zakordonnih banks for otrimannya pributku.
- Gone єdinoї currency in ЄS - EURO including.
Spetsifіchnі characteristics єvrovalyut market analysis:
- Mіnіmalne Uriadovy regulyuvannya that incentives for uchasnikіv nerezidentіv dіyati-ri on NKU.
- Wholesale rinok de operuyut great Sumy, perevazhno mіzhbankіvskі operatsії (4/5 market analysis).
- Contribution, yak usually in abo strokovі viglyadі zaoschadzhen.
- Funktsіonalna bankіvska system scho spriyaє mіzhnarodnim operatsіyam.
- Nayavnіst velikoї kіlkostі fіnansovih іnstrumentіv scho zabezpechuyut freedom Vibor pozichalnikam that lenders.
- Vnutrіshnya polіtichna stabіlnіst for zabezpechennya bezperervnostі operatsіy.
- Nayavnіst kvalіfіkovanoї robochoї Seeley that komunіkatsіy for dosyagnennya efektivnoї robots s mіzhnarodnoyu bankіvskoyu spіlnotoyu.
- Nabіr rules SSMSC neobhіdno vikonuvati for zabezpechennya mіnіmalnogo natsіonalnogo th vnutrіshnogo regulyuvannya that vіdsutnіst torn down at the market
- Vіdsutnіst on Rink mіzhnarodnogo regulyuvannya.
Participants market analysis:
- mіzhnarodnі fіnansovі organіzatsії;
- tsentralnі that komertsіynі banks;
- Uryadov she uryadovі vіdomstva;
- nebankіvskі Set (brokerskі fіrmi, strahovі kompanії, dіlovі korporatsії, bagatі individuals).
Іnstrumenti market analysis:
Termіnovі deposits
- Main іnstrument єvrovalyutnogo market analysis, Costa, vkladenі depositor viznacheny perіod at (yak Typically, less then rock) pid viznacheny percent.
- Vidi: deposits zapitannya, dobovі, mіsyachnі, trimіsyachnі, shestimіsyachnі, dvanadtsyatimіsyachnі, bіlshe 1 rock.
Depozitnі sertifіkati
- For Key infrastructure novih deposit sertifіkatіv vkazuyutsya: ob'єm deposit; Yogo zakіnchennya date; interest rates; Minds narahuvannya protsentnoї rates.
- Widi deposit sertifіkatіv: the heat, tranche rollover.
- Єvrovalyutny mіzhbankіvsky rinok
Operatsії mіzh banks. Ukladennya kapіtalu in head office that fіlіalah bankіv in іnshih kraїnah for fіnansuvannya pozik bankіvskim install.
Participants: banks, groshovі brokers tsentralnі banks kerіvnі penny-kreditnі Install, velikі korporatsії.
Funktsії:
- rozpodіlcha;
- hedzhuvannya;
- zabezpechennya zruchnogo mehanіzmu nadannya pozik korektsії for balance sheet items;
- zabezpechennya Ruhu koshtіv through rinok names.
Іnstrumenti: mіzhbankіvskі Deposits (s fіksovanimi korotkostrokovі contribution rates (lines 3 mіsyatsі that less then 6 months at 1 Year).
Protsentnі rates for єvrovalyutnomu mіzhbankіvskomu Je competitive market analysis. Rіznitsya mіzh interest rates on Central that vnutrіshnіh Rink usuvaєtsya for Relief arbіtrazhu short termіn, oskіlki Participants market analysis dosit quickly otrimuyut іnformatsіyu about nespriyatlivі zmіni on Rink. Mіzhbankіvska margin Je abo abo Duzhe nizkoyu її vzagalі Absent. Єvrodolarovy arbіtrazh mіzhnarodnogo mіzhbankіvskogo Rinku klasifіkuyut yak zovnіshnіy that vnutrіshnіy, fallow od napryamku Ruhu koshtіv.
Riziki, scho banks carry Participants mіzhbankіvskogo market analysis:
- neplatospromozhnostі;
- rinkovy;
- pov'yazany s dіyalnіstyu in odnіy kraїnі;
- foreign exchange;
- lіkvіdnostі;
- viniknennya Creasy;
- polіtichny.
- Єvrovalyutne kredituvannya
Bіlsha Chastina єvrovalyutnih kreditіv denomіnovana in Dolar. Vikoristovuєtsya dekіlka forms єvrovalyutnih sindikovanih kreditіv. Zmіni minds on market analysis takozh vplivayut on line єvrovalyutnih kreditіv. For one perіod stanovlyat 10 rokіv line for Inshyj - 3 Rocky.
tABLE 10
Sindikovanі credits (Єvropa)
Organіzator |
Quantity in the 1 st polovinі1998 p. |
Kіlkіstu 1997 p. |
Suma (bn.) In the 1st polovinі1998 p. |
Suma (bn.) In 1997 p. |
Barclays capital |
252 |
153 |
64.2 |
22.7 |
Chase Manhatten |
269 |
124 |
62.0 |
14.9 |
Deutsche Bank |
206 |
94 |
59.8 |
20.5 |
Greenwich NatWest * |
184 |
103 |
49.9 |
17.4 |
Citicorp |
189 |
99 |
49.4 |
17.1 |
JP Morgan |
112 |
54 |
41.7 |
15.6 |
UBS |
186 |
83 |
40.2 |
14.6 |
HSBC |
153 |
69 |
38.0 |
25.4 |
ABN AMRO |
187 |
121 |
36.4 |
17.6 |
CSFB |
106 |
65 |
25.2 |
12.8 |
* Until 1998, p. - NatWest Markets.
Dzherelo: The IFR Top 250, 1998, IFR Publishing.
Sindikovany credit (SC) - a loan syndicate nadany bankіv. When tsomu riziki, pov'yazanі s nevikonannyam obov'yazkіv, rozpodіlyayutsya mіzh uchasnikami syndicate.
Sindikatsіya - grupa bankіv scho ob'єdnalisya for uchastі in kreditі one pozichalnika. Golovna meta - rozpodіl riziku mіzh uchasnikami. When tsomu Leather Bank Nese samostіynu vіdpovіdalnіst for their Chastain nadanogo loan
Banks Insurance nadayut for dwellers zniziti rizik, pov'yazany s pozichannyam pennies in suspіlnomu sektorі.
Sindikatsіya vikonuє low funktsіy and the Same:
- daє zmogu fate of banks to have nadannі pozik, Square od Svoge rozmіru;
- usі banks Participants takoї operatsії bear riziki that otrimuyut Prybutok;
- daє zmogu pozichalniku otrimati great credit, not yaky Mauger Buti nadany one lender.
Form єvrokreditіv:
- Klasichnі sindikovanі єvrokrediti.
Dovgostrokovі loans on the great scrip peredbachayut stvorennya spetsіalnoї structure. Je lіd Kerіvnik bank manager, scho formuє bankіvsky syndicate that viznachaє minds loan for uchastі pozichalnika. Members of the syndicate are taking on themselves zobov'yazannya Nadachi Chastain loan.
- Єvrokrediti s obmovkoyu about Monetary optsіon.
Pozichalniku nadaєtsya mozhlivіst Vibor Currency Maturity Borg (odnієї abo kіlkoh) for nastannya line payment. Nayavnіst tsієї obmovki daє zmogu pozichalniku vіdobraziti Prybutok that vitrati penny koshtіv in єdinіy valyutі th uniknuti riziku currency.
Vartіst єvrokreditіv:
- komіsіynі;
- bankіvska margin;
- Interest rates for loans;
- podatki.
Process organіzatsії loan:
- poperednі negotiations;
- sheet about zobov'yazannya;
- lands about the credit (zvichayna abo vіdnovlyuvana);
- about the fate of lands;
- lands about perepostupki.
Fig. 19. Organіzatsіya sindikovanogo loan: Look around [2, p. 166]
tABLE 11
In Riziki RAZІ sindikovanoGO kredituvannYa [2, p. 167]
View riziku |
Dzherelo riziku |
Strategіya znizhennya riziku |
Rizik, pov'yazany s dіyalnіstyu in danіy kraїnі |
Zdatnіst abo nebazhannya pozichalnikіv danoї Kraina vikonuvati svoї zobov'yazannya |
Sindikatsіya loan that diversifіkatsіya zagalnoї sumi debіtorskoї zaborgovanostі |
Rizik, pov'yazany s mozhlivіstyu non-payment for a loan |
Zdatnіst organіzatsії splachuvati svoї Borg |
Sindikatsіya loan that diversifіkatsіya zagalnoї sumi debіtorskoї zaborgovanostі |
Rizik zmіni interest rates |
Rozbіzhnіst vimog that zobov'yazan for strings i zmіni interest rates, SSMSC nemozhlivo sprognozuvati |
Bringing in vіdpovіdnіst aktivіv to pasivіv viznachennyam tsіni loan on rollovernіy osnovі (osnovі prolongatsії) |
Rizik regulyuvannya (zmіni practice sovereign regulyuvannya) |
Gone Backing vimog chi podatkіv on dіyalnіst bankіv |
Paragraph contract, scho Bank zobov'yazuє pozichalnika carry Tsey rizik |
- Rinok єvrooblіgatsіyta yogo іnstrumenti
Іnstrumentami Єvrorinku Je єvrooblіgatsіya that іnozemna oblіgatsіya. Uryadov bagatoh kraїn ustanovlyuyut obmezhennya on іnvestitsії in іnozemnі tsіnnі Papero. Tom pozichalnikam vigіdnіshe prodavatsya fondovі assets in іnshih kraїnah.
Єvrooblіgatsіya - oblіgatsіya, rozmіschena for mezhami Kraina yak pozichalnika so i Kraina have valyutі yakoї vkazano nomіnal єvrooblіgatsії; єvrooblіgatsії rozmіschenі odnochasno on Rink kіlkoh kraїn through mіzhnarodnі syndicate їhnіh fіnansovih іnstitutіv.
Іnozemna oblіgatsіya - oblіgatsіya, rozmіschena vnutrіshnіm syndicate on market analysis odnієї Kraina; poziki currency for pozichalnika іnozemnoyu Yea, and for the lender - natsіonalnoyu.
Widi єvrooblіgatsіy:
Emіsії єvrooblіgatsіy іz fіksovanoyu Rate:
- standartnі oblіgatsії;
- oblіgatsії scho konvertuyutsya in aktsії;
- oblіgatsії s Varant chi sertifіkatom on pіdpisku;
- bagatovalyutnі oblіgatsії;
Emіsії єvrooblіgatsіy s plavayuchoyu Rate:
- oblіgatsії mіnіmaks;
- oblіgatsії FLIP-FLOP;
- oblіgatsії s regulyuyuchimi rates;
- oblіgatsії s fіksovanoyu upper mezheyu;
- oblіgatsії s Monetary optsіonom;
INSHI Vidi oblіgatsіy mіzhnarodnih rinkіv:
- oblіgatsії s nulovim coupon;
- oblіgatsії, garantovanі іpotekoyu.
Key infrastructure Organіzatsіya єvrooblіgatsіy
Purshia Etap. Zvernennya pozichalnika to bank obranogo kerіvnikom konsortsіumu chi kerіvnim manager.
Other Etap. Stvorennya garantіynogo konsortsіumu.
Tretіy Etap. Stvorennya syndicate s rozmіschennya.
Chetvertyy Etap. Viznachennya vitrat for emіsієyu.
Zvichayno vitrati for emіsієyu evrooblіgatsіy on mіzhnarodnomu uniquely nizhchі market analysis for similar vartіst Key infrastructure for the basic parameters oblіgatsіy natsіonalnomu on market analysis.
tABLE 12
Feature borgovih rinkіv Єvropi [7, p. 331]
Krayina |
Characteristic |
Basis rozrahunku protsentіv |
|||
Dozvіl Uryadov on emіsіyu |
Mіnіmalny rows repayment |
Viplati kuponіv |
Podatok scho styaguєtsya on kuponnі platezhі |
||
Velika Britanіya |
Tіlki Notification |
5 rokіv |
Pіvrіchnі |
25% |
fact 365 |
Frantsіya |
Notification Treasury Yakscho scrip perevischuє 500 million francs. Fr.. |
7 rokіv |
Rіchnі |
ni |
Actual / 365 |
Nіderlandi |
Notification that skhvalennya Avenue |
ni |
Rіchnі |
ni |
30/360 |
Zittau |
So |
ni |
Rіchnі |
Ni (for konvertovaniya - 25%) |
30/360 |
Shveytsarіya |
So, Yakscho scrip bіlshe 10 million Swiss francs. fr. |
ni |
Rіchnі (pіvrіchnі for konvertovaniya) |
35% for natsіonalnih emіtentіv |
30/360 |
Avstrіya |
So |
ni |
Rіchnі |
25% |
30/360 |
Belgіya |
So |
5 rokіv |
Rіchnі |
10 % |
30/360 |
Єvrorinok |
ni |
ni |
Rіchnі |
ni |
30/360 |
Bazovі characteristics єvropeyskih borgovih rinkіv in tsіlomu podіbnі. Oblіgatsії on Tsikh Rink vipuskayutsya mіstsevimi chi munіtsipalnimi authorities Vladi, natsіonalnimi korporatsіyami and takozh nonresidents.
tABLE 13
Traditsіyna komіsіy [7 structure with. 334]
View komіsії |
5 rokіv |
7-10 rokіv |
Bіlshe 10 rokіv |
For upravlіnnya |
0.375% |
0.375% |
0.500% |
For participation |
0.375% |
0.375% |
0.500% |
For rozmіschennya |
1.250% |
1,150% |
1,500% |
at once |
2,000% |
2,250% |
2,500% |
tABLE 14
Єvrooblіgatsіynі poziki at 1998 p. [7. 293]
Organіzator |
Quantity |
Suma billion. |
JP Morgan |
99 |
26.2 |
Deutsche Bank |
150 |
25.7 |
SBC Warburg DR |
102 |
24.0 |
CSFB |
103 |
20.0 |
Merrill Lynch |
129 |
19.6 |
ABN AMRO |
91 |
19.2 |
Paribas |
70 |
17.0 |
Morgan Stanley DW |
92 |
13.8 |
Nomura Int |
181 |
12.9 |
Barclays Capital |
54 |
12.5 |
- Єvrooblіgatsії in "EURO including"
H, 1999. Pocha operatsіy holding currency in EURO including that Key infrastructure єvrooblіgatsіy s nomіnalom in novіy valyutі. In zv'yazku s CIM rizik obmіnu currency skorotivsya that uniquely Dali zmenshuvatimetsya s EURO including Zoni rozshirennyam that vhodzhennyam to її warehouse novih kraїn. Venue of Neobhіdnіst єdinoї ekonomіchnoї polіtiki єvropeyskih uryadіv, pov'yazana s Bazhanov stabіlіzuvati EURO including course, given to zmenshennya іnflyatsіynogo riziku that riziku zmіni ekonomіchnih i gris legal minds at the market. Odnochasno Zi znizhennyam rizikіv rozpochnetsya th postіyne znizhennya protsentnoї rates for єvrooblіgatsіyami.
Cena єvronot scho vipuskayutsya perevazhno kraїnami s visokorozvinenoyu rinkovoyu ekonomіkoyu, viznachaєtsya on bazі rating pozichalnika scho prisvoyuєtsya mіzhnarodnimi rating agentsіyami. Zi stvorennyam Єvropeyskogo Monetary Union reytingovі agentsії exchange glances system reytingіv єvropeyskih kraїn in napryamі to їhnogo zblizhennya. Otzhe, pributkovіst for їhnіmi єvrooblіgatsіyami bude takozh priblizno on one rіvnі. Tse given to Poshuk іnvestorami novih visokopributkovih іnstrumentіv, Hoca єvroborgu rinok bude slit Dovgy privablyuvati emіtentіv svoєyu stabіlnіstyu.
Year 1998 is already possible nazvati rock oblіgatsіy, denomіnovanih in єvropeyskіy valyutnіy odinitsі.
tABLE 15
Єvrooblіgatsії in "EURO including" [7, p. 295]
Organіzator |
Suma billion EURO including |
Quantity |
Paribas |
15.2 |
16 |
SBC Warburg DR |
10.2 |
13 |
JP Morgan |
5.8 |
4 |
Merrill Lynch |
3.6 |
5 |
CSFB |
3.1 |
4 |
Goldman Sachs |
2.0 |
1 |
Deutsche Morgan Grenfell |
1.5 |
4 |
Societe Generale |
1.3 |
4 |
Salomon Smith Barney |
1.3 |
3 |
Barclays Capital |
1.2 |
2 |
Zmіni on fіnansovih Rink vplinut at Perche Cherga on organіzatsіynu іnfrastrukturu that uchasnikіv market analysis. Seryoznі reshuffle will take place Sered єvropeyskih bіrzh. Buda novі target markets Agricultural Art and dіyuchі vtyagnutsya in Novi gostroї konkurentsії round.
Stvorennya ЄVS pіdvischit konkurentsіyu Sered bankіv that nebankіvskih setup. For forecasts zahіdnih ekspertіv have Pevnyi kraїnah dozvіl stvoryuvati Fondi, SSMSC іnvestuyut svoї іnstrumenti Costa in Stock market, Porush bankіvsku monopolіyu operatsіy on penny Rink. In Money Does razі whether banks vtratyat pributki od operatsіy the Forex market analysis.
Zi stvorennyam ЄVS cutaneous emіsіya Reigning oblіgatsіy kraїn-uchasnits in EURO including bude zdіysnyuvatis. Together s note єvropeyskі fіnansovі markets Agricultural Art zberezhut deyakі spetsifіchnі RISS, pov'yazanі s rіznitseyu їhnіh podatkovih systems and takozh vіdsutnіstyu єdinogo pozichalnika (Yakima in the US Je Mіnіsterstvo fіnansіv). Rіznitsya in pributkovostі bude vіdobrazhati, yak rinok otsіnyuє rizik nevikonannya zobov'yazan. Zroste znachimіst єvropeyskih currency in mіzhnarodnih portfolios tsіnnih paperіv: їhnya chastka for ostannі 15 rokіv mayzhe podvoїlas i dosyagla 40%. Zrostannya popitu on єvroaktivi bude suprovodzhuvatis I zbіlshennyam їhnoї Offers.
- Rinok єvrokomertsіynih paperіv (ECP)
Tse rinok nomіnovanih in Dolar US komertsіynih paperіv, vipuschenih for US mezhami through єvropeysku distrib'yutorsku trammel. Іnstitutsіonalna structure taka Well, yak i in EURO including market analysis, oblіgatsіynogo: іnvestorami Je velikі korporatsії, banks, іnvestitsіynі kompanії.
Osnovnі RISS ECP market analysis:
- Lines repayment od 2 to 365 dnіv, zvichayno 180 dnіv, scho uniquely bіlshe, nіzh amerikanskomu on market analysis (30-90 dnіv).
- Percentage s ECP rozrahovuyutsya on bazі 30/360 (in the US the basis of a real Quantity dnіv in mіsyatsі).
- ECP torguєtsya bazі on the spot; rozrahunki conductive through Euroclear chi Cedel on another day robochem pіslya dati operatsії.
- ECP torguєtsya bіlsh actively porіvnyano s amerikanskim Rink, de komertsіynі Papero, vnaslіdok їhnіh short strokіv, zvichayno trimayutsya іnvestorami to zakіnchennya Tsikh strokіv.
- Rinok єvronot
Єvronoti vipuskayutsya pozichalnikom for spetsіalno triptych grafіkom. Banks that brokerskі kompanії stvoryuyut ob'єdnannya rozmіschennya for realіzatsії notes Sered rіznih іnvestorіv for vstanovlenoyu rates. Rozmіschennya pass through bankіvskih torgіv system. The amount of deposits od protsentnoї rate of naskіlki easily єvronoti shaping can Buti rozmіschenі.
Komіsіynі splachuyutsya for upravlіnnya for pіdtverdzhennya - two on Razi Year s neviplachenoї Chastain loan; for vikoristannya - often splachuyutsya deprivation pochinayuchi s viznachenogo percent od Sumi loan.
Іnstrument market analysis - kreditnі prog pіdtrimki emіsії єvronot. Єvronoti duzhe All related characteristics for svoїmi s komertsіynimi Papero. Vіdmіnnіst deprivation in the fact scho stink garantuyutsya іnvestitsіynim Bank abo Well GROUP bankіv, SSMSC samі їh vikupovuyut chi podovzhuyut Credit lіnіyu pozichalniku. Іsnuє tsіla low vidіv єvronotnih program: NIF (NOTE ISSUANCE FACILITY, NIF), RUF (REVOLVING UNDERWRITING FACILITY, RUF), SNIF (SHORT-TERM NIF, SNIF) toscho.
tABLE 16
Єvronoti EMTNs, dolarіv billion [7, p. 293]
Organіzator |
1998 p. |
1997 p. |
Deutsche Bank |
8.5 |
6.9 |
Merrill Lynch |
7.7 |
4.1 |
- Rinok derivativіv (pohіdnih tsіnnih paperіv)
Іnstrumenti market analysis:
- oblіgatsії, Costa zabezpechenі a credit card;
- oblіgatsії, zabezpechenі mortgages;
- vtorinnі kreditnі th oblіgatsіynі zobov'yazannya.
tABLE 17
Veduchі underwriter W pohіdniH tsіnnIH paperІV [7, p. 294]
Organіzatori |
Quantity |
Suma billion. |
Share market analysis,% |
Morgan Stanley DW |
150 |
26.0 |
15.0 |
Goldman Sachs |
37 |
15.1 |
8.7 |
Merrill Lynch |
66 |
14.7 |
8.4 |
JP Morgan |
33 |
14.6 |
8.4 |
Lehman Brothers |
66 |
12.6 |
7.2 |
CSFB |
45 |
12.0 |
6.9 |
Salomon SB |
39 |
11.2 |
6.4 |
Greenwich NatWest |
24 |
8.8 |
5.1 |
Bear Stearns |
31 |
6.6 |
3.8 |
Deutcshe |
27 |
5.3 |
3.0 |
Factors scho viznachili Activity zrostannya Rinku pohіdnih tsіnnih paperіv:
- zrostannya spozhivchih kreditіv in Pіvnіchnіy Ameritsі;
- Gone EURO including;
- Masov znіmannya koshtіv s Savings vkladіv.
Іmpuls for Suchasnyj pіdyomu sector іpotechnih oblіgatsіy Bulo otrimano s Avstralії, if in 1997, p. on єvrorinku Bulo vipuscheno Dvi velikі єvropoziki (1.7 billion dolarіv) zabezpechenі avstralіyskimi mortgages. Pіslya tsogo єvropeyskі banks Pocha sek'yuritizatsіyu іpotechnih kreditіv. When tsomu Bulo fonduvannya not bunt tsіllyu: rates bіlshostі єvropeyskih іpotek boule vischimi od bankіvskih.
In sektorі vtorinnih zobov'yazan banks of Namangan zmenshiti vpliv rinkovih rizikіv and takozh uniknuti temple rezervuvannya standards for rakhunok vihodu for balance vіdpovіdnih aktivіv.
literature
1. Daniels John D., Li X Radebe. International business: the external environment and business operations: Per. from English. - 6 th ed. - M .: Delo, 1998. - P. 287-304.
2. Maximo B. Eng, Francis A. Lees, J. Lawrence. Mauer. Global finance: the Lane with English. - M .: OOO Izd.-Consult. Comp. "Deca", 1998. - S. 144-187, 390-447.
3. International monetary and financial relations: Textbook / Ed. LN Krasavina. - 2 nd ed., Revised. and ext. - M .: Finance and Statistics, 2000. - P. 375-416.
4. The World Economy: A Textbook / Ed. prof. A. Bulatov. - M .: Lawyer, 2000. - P. 197-205. - ( «Homo faber» series).
5. Pebre M. International economic, monetary and financial relations: Trans. with France. / Common. Ed. NS Babintseva. - M .: Progress: Univers, 1994. - P. 301-369.
6. NS Ryazanov. Mіzhnarodnі fіnansi: Navch. method. posіb. for self. vivch. discitis. - K .: KNEU, 2001. - P. 39-62.
7. & nbsp; Sarkisyants AG. The system of international debt. - M .: Dean, 1999. - P. 308-385.
Plan to take semіnarskih
1. Rinok єvrovalyut.
2. Єvrovalyutny mіzhbankіvsky rinok.
3. Єvrovalyutne kredituvannya.
4. Rinok єvrooblіgatsіy that yogo іnstrumenti.
5. Rinok єvrokomertsіynih paperіv.
6. Rinok єvronot.
7. Rinok derivativіv.
Termіnologіchny vocabulary
Єvrovalyuta - tse string deposit scho znahoditsya in the bank, yaky roztashovany for mezhami Kraina have yakіy vipuskaєtsya given currency abo whether yak currency scho zberіgaєtsya in the bank for mezhami Kraina її pohodzhennya.
Єvrorinok - Chastina svіtovogo Rinku pozichkovih kapіtalіv on Money Does banks zdіysnyuyut deposit-kreditnі operatsії in єvrovalyutah.
Rolover - Contract deposit minds yakogo pogodzhuyutsya mіzh emіtentom is the depositor.
Sindikatsіya - grupa bankіv scho ob'єdnalisya for uchastі in kreditі one pozichalnika. Mainly methane - rozpodіl riziku mіzh uchasnikami at tsomu Leather Bank Nese samostіynu vіdpovіdalnіst for their Chastain nadanogo loan.
Sindikovany loan - a loan syndicate nadany bankіv; at tsomu riziki, pov'yazanі s nevikonannyam obov'yazkіv, rozpodіlyayutsya mіzh uchasnikami syndicate.
Tep - kind of deposit sertifіkata s fіksovanimi lines.
Термінові депозити — кошти, вкладені депонентом на визначений час (як правило, менше року) під певний процент.
Транш — вид депозитного сертифіката, що ділиться на кілька частин та використовується інвесторами, які оперують невеликими сумами.
Запитання для перевірки знань
1. Дайте визначення «євроринку» та «євровалюти».
2. Назвіть специфічні характеристики ринку євровалют.
3. Які ви знаєте інструменти ринку євровалют?
4. Розкрийте поняття євровалютного міжбанківського ринку та його інструментів.
5. Перерахуйте ризики, які несуть суб'єкти міжбанківського ринку.
6. Що таке «синдикація» та «синдикований кредит»?
7. Назвіть форми єврокредитів та як розраховується їхня вартість.
8. Дайте визначення інструментів ринку єврооблігацій.
9. Назвіть етапи організації випуску єврооблігацій.
10. Коротко схарактеризуйте боргові ринки Європи.
11. Що ви знаєте про єврооблігації в євро?
12. Назвіть основні риси ринку єврокомерційних паперів.
13. Дайте характеристику інструментам ринку євронот.
14. Що таке ринок деривативів та які його інструменти?
Самостійна робота студентів
Студентам пропонується підготувати реферати та зробити на їхній основі доповіді за такими темами:
1. Сучасні тенденції розвитку євроринку.
2. Євровалютний міжбанківський ринок.
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