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International markets and foreign exchange operations - Savluk M.І.

8.2. See foreign exchange operations, іх rizikovіst

The international rozrakhunki tisno intertwined with currency operations of commercial banks. Currency operations are transactions of exchange of one national currency for foreign currency through purchase and sale on foreign exchange markets.

Currency operations are based on thread-wise conversion operations with inaccurate supply of currency and flow-rate deposit-credit operations, as well as string transactions, currency delivery for any kind of transaction will be possible on May. Streamline conversion operations, as well as streamline deposit-credit operations, become the main part of foreign exchange transactions. On them, on the old market of the seizure, even 90% of the turnover of the market.

Streaming operations with a non-random supply of currency are referred to as spot operations. Сутх days of absence of the currency in buying-selling currency on the minds of її delivery by counterparty banks on another business day from day one to day, please follow the course, we will fix at the time of the week. At the same time, working days in the currencies of the country will be covered, please pay less, so that the very next day after the date will please do not work for one currency, the term for delivering currencies is one day. For example, for land, accommodation for four, termin delivery of currency - ponidilok, for pyatnitsyu - vvtorok.

For the sake of spot supply, the supply of currency is appreciated by rakhunki, as indicated by banks-denominators. The current term for transferring currencies over the settled land was previously contemplated by the difficulties of the building in the short term. However, a significant increase in interest (SVIFT), electronic banking systems (CHIPS in the USA, CHAPS in London, CEP in Ukraine), computer processing operations makes it possible to slightly increase the speed of conversion. For the sake of complying with such operations, such as making one-day deposits (overnight - “for year-on-year”), for foreign exchange operations with today’s lottery (“on-year for today”), tomorrow (“for today”).

At the same time, we have a traditional basic currency operation опера for spot and basic rate - spot rate. Itself on the basis of the spot rate, the exchange rate for the foreign exchange market - cross-rates, forward rates and futures.

Currency operations with a non-stop supply є the most advantageous element of the currency position and revenge at their own right. Zmіna to a course can zoomovity as big benefits, but great zbitski. For zabobigany to currency exchange dealers conduct economic and technical analysis rukhu course. The result of the stink analysis is the overdrive “dovgy” (purchase of currency) or “short” (sales of currency) positions for a particular currency, which should be done to please the stink. When new ones appear, over the course of a day evaluating the trend of the foreign exchange market by dealers and straightforward currency transactions, they can repeatedly take over.

Settling currency with a non-delivery supply, banks give a hand in order to re-sell the sold currency and on the second hand in foreign currency, without overshadowing the written confirmation of the purchase of the sale of the counterparty. At great currency turnovers, banks will be able to re-register their own reunions for outlets (outposts), so that they can pay the default payments.

For additional spot operations, banks should secure their consumption in foreign currencies, overflowing capital, including the number of “hot” cash, in the same currency, in general, and operating spec.

Crisis of currency positions, for the bank, if it isn’t, the risk of non-repayment is closed at the link with currencies on currency markets. Riznitsya in the part of the robot of regional and international currency markets, before you ring the bank, I will sell the currency before the information about the transfer of money to the currency sum sum. I have to set up banks for my clients to limit their incomplete operations, because I’m ignoring the sum of foreign exchange lands, but I haven’t received any information about refusal of currency. Victory of electronic information and communication facilities to minimize the amount of money for the bank and the bank can recognize the information about the price. Banks can clean up information from a companion’s computer of correspondent, in a certain way, and at any time have a mother’s information about the whole of the day, so I have a good day. Tse, odnak, transfer otavnitst suttvih operational operation vitrates. In addition, large banks can effectively secure significant operational debts on currency markets.

For the insurance of exchange rates, new instruments were introduced to the market - string currency operations. String currency operations ( forwards , futures, options) - please be assured that, on some sides, you are domiciled about the delivery of enriched sums of foreign currency to May for exchange rate, which is fixed at the moment of burden.

This year’s string foreign exchange operations are popular, the stink of money doesn’t give much money to insurance, but only a few big profits from trading in foreign exchange contracts. Settlement of currency string lands in the special currency markets at great international financial centers, such as London (London Currency Exchange - LIFFE), Chicago (New York - NYSE - NYSE - NYSE) )

Currency exchange rate for line-of-line prices vіdrіznyaєsya vіd the exchange rate for spot transactions. I want, as a rule, to straighten out the dynamics of the courses for more precise and string pleasures to get rid of them, without the need for independent autonomy of courses for string pleases, especially in the period of crisis and speculation with currencies. Rіznitsya middle courses become the maximum value, what is called a discount premium. In detail, the price of food in

The exchange rate for string loans is covered by the base exchange rate of spot and interest rates for deposits in national currency currencies. After the inflow of interest rates on the rate of string operations, then, for buying currency in May, you will need to take a position or take it from a deposit, paying the interest rate for a loan at the same time, or paying it back for a deposit. The water hour of the exchange of dowry currency on a deposit is to bring money.

String operations are available for: forward, optional and optional. Forward operations - please contact your counterparties about Maybutnya supply of currency for the earlier contemplated exchange rate, as the position is positioned birzheyu. Forward to є firm and obov'yazkovymi for the weekend on the video vіd f'yumersіv that optіonіv. Forward of pleasure to be soundly arranged by the method of real sale or purchase of currencies and stagnation for insurance exchange rates. At the same time, they can forward the operations for currency speculation in exchange rate trading. Theoretically, there is no guarantee of a forward forgiveness, that is, in practice, insurance risks are not guaranteed in currency exchange operations.

Futures operations - in order to buy and sell currencies from May two of the parties behind the previously devalued exchange rate, they can be settled on exchange markets. The special features are those that are standardized and the supply of currency is strictly determined by the term. The supply of currency under the contract is guilty of being through the Rakhunkov Chamber of Birzh, Yak Garantu, the Visa of Zobov’yazan for the pleas of all parties. Ale, as a rule, the supply of currency for real futures is not real.

A meta of the futures operations of the pole: in the first place, in the insurance market, there are unpleasant reserves of foreign exchange rates; in a different way, in speculative operations. The speculator vidkriva currency positions on a large sum slightly insured (margin). How much more curious are currencies, to lie in the basis of contracts, to have the greatest oath to drink on the side of the hedgers and to keep the price of the contract.

Estimated operations - please be sure to grant the right (ale no interest) to one participant to buy or sell the foreign currency for a fixed course stretch of the agreed hour, but there is no other reason to lose it. being prepared to sell ABO, buy foreign currency for a contractual price.

Options contracts are so self-explanatory, such as standardization and standardization through an exchange, although they also require extra trading. Options are arranged for insurance and performance speculation. Ale, as a rule, when the contract is arranged and the price is trendy, the contractor can spend all the money, then during the optional trading, the client will receive the prize. Tendencies of foreign currency markets to talk about the growth of the operating options.

With the form of foreign exchange operations, such as streamline and string operations, you can swap (swap). Swap is the currency of operations, the day of the day of buying and selling two currencies on the minds of non-silent supply with an instant counter-delay to the current term with the currencies themselves. At tsomu two partners (banks) are dominated about the complicated payments. For swap operations, the operation is flow-through; the operation is to follow the spot rate, which is the same as for the string (line) to reckon with the premium premium discounts, fall in sight of the exchange rate. When there is a key savings on margin - reznitsі mіzh courses sellers and buyers for continuous supply. Operational swap times for banks: you don’t have to take advantage of the open position (buy at a time to sell), save hours without any currency, like any kind of exchange rate. Operational swap is open for:

  • Zdіsnennya commercial land, so as to give you the opportunity to unlimited zbitkіv when converting currencies;
  • added by the bank of the necessary currency without riziku (on the basis of counterparty) for securing the international razrakhunіv, diversification of foreign exchange reserves;
  • Much bank credit in two currencies.

A detailed mechanism for understanding the appearance of currency transactions in foreign currency transactions will be considered in the upcoming deals.