home Other disciplines books Mіzhnarodnі rozrahunki that valyutnі operatsії - Savluk M.І.

Mіzhnarodnі rozrahunki that valyutnі operatsії - Savluk M.І.

8.2. Widi Monetary operatsіy bankіv, їh rizikovanіst

Mіzhnarodnі rozrahunki tіsno pereplіtayutsya s Monetary operatsіyami komertsіynih bankіv. Valyutnі operatsії yavlyayutsya him operatsії obmіnu odnієї natsіonalnoї currency into another through a purchase-sales in the foreign exchange market.

Valyutnі operatsії podіlyayutsya on potochnі konversіynі operatsії negaynoyu s currency supply that potochnі deposit-kreditnі operatsії and takozh strokovі operatsії supply of currency for yakimi vіdbudetsya in maybutnomu. Potochnі konversіynі operatsії and takozh potochnі deposit-kreditnі operatsії stanovlyat mainly chastku Monetary operatsіy. They are on svіtovih Rink pripadaє mayzhe 90% of the turnover of market analysis.

Potochnі operatsії negaynoyu s currency supply nazivayutsya slit operatsіyami "spot» (spot). Їh sutnіst polyagaє in kupіvlі-sale of foreign currency on the minds її delivery counterparty banks on the other robochem day s day ukladennya lands for the course, at the moment zafіksovanim її ukladennya. When tsomu vrahovuyutsya robochі dnі in kraїnah currencies s yakimi ukladayutsya land, tobto Yakscho the following day for the sake of datoyu Je nerobochim for odnієї currency, currency zbіlshuєtsya termіn supply for one day. Napriklad for land, ukladenih from Thursday, termіn supply of currency - Monday, at p'yatnitsyu - vіvtorok.

For the sake of spot currency supply on zdіysnyuєtsya rahunki, SSMSC vkazanі-otrimuvachami banks. Dvodenny termіn perekazuvannya rates for ukladenoyu lands ranіshe obumovlyuvavsya trudnoschami zdіysnennya yogo in korotshy termіn. However digit poshirennya zasobіv zv'yazku (the SWIFT) systems Elektron mіzhbankіvskih perekazіv (CHІPS the US, Chaps have Londonі, SEP in Ukraїnі) komp'yuternoї obrobki operatsіy daє zmogu sogodnі uniquely priskoriti perekazuvannya currency. About Tse appeared svіdchit such operatsіy, yak rozmіschennya odnodennih depozitіv (overnight - rozrahunki "sogodnі on sogodnі"), abo Monetary operatsіy s rozrahunkami today ( «sogodnі on sogodnі"), tomorrow ( "sogodnі for tomorrow").

Together s note traditsіyno Basic Monetary operatsієyu Je lands spot i the base rate - spot rate. Same spot on bazі kursіv rozrahovuyutsya INSHI Kursi land in the foreign exchange market - CROS-courses, forward i f'yuchersnih land.

Valyutnі operatsії s negaynoyu Supply Je naymobіlnіshim Elements valyutnoї pozitsії i have mіstyat sobі vіdpovіdny rizik. Zmіna rate abo Mauger zumoviti velikі pributki, abo velikі zbitki. For zapobіgannya rizikam valyutnі dealers conductive ekonomіchny that tehnіchny analіz Ruhu rate. In rezultatі analіzu stink vіddayut perevagu "dovgіy" (kupіvlya currency) abo "korotkіy" (sale of foreign currency) for pozitsіyam konkretnoї currency, schodo yakoї stink ukladayut favor. When poyavі novih povіdomlen protyagom day otsіnka tendentsіy foreign exchange market dealers that napryamki Monetary operatsіy mozhut neodnorazovo zmіnyuvatis.

Ukladayuchi valyutnі lands s negaynoyu supply, banks give doruchennya about perekazuvannya prodanoї currency i to currency vikoristannya pridbanoї not ochіkuyuchi otrimannya pismovogo pіdtverdzhennya about the purchase od abo sales contractor. With great speed currency banks vimagayut od klієntіv pererahovuvati on svoї rahunki vіdpovіdnі Costa (outpost), dwellers zapobіgti rizikam default.

For Relief operatsіy spot zabezpechuyut banks require svoїh klієntіv in іnozemnіy valyutі, overflow kapіtalіv have to chislі "garjachego" koshtіv, s odnієї currency in іnshu, zdіysnyuyut arbіtrazhnі that spekulyativnі operatsії.

Krіm riziku Monetary pozitsіy for bank іsnuє slit rizik neperekazu pokrittya in zv'yazku s Oscillations kursіv on the foreign exchange market. Rіznitsya in chasі robots regіonalnih that mіzhnarodnih Monetary rinkіv Veda before scho zazvichay Bank perekazuє Prodan currency to otrimannya information The zarahuvannya to yogo rakhunok sumi pridbanoї currency. In zv'yazku s CIM banks vstanovlyuyut for svoїh klієntіv lіmіti UNFINISHED operatsіy, tobto zagalnu scrip Monetary lands for yakimi slit not nadіyshla іnformatsіya about perekaz currency. Vikoristannya Electonics zasobіv Informácie i komunіkatsіy zvodit to mіnіmumu RPPOs mіzh zarahuvannyam rakhunok on the bank koshtіv that it otrimannyam information The tse. Banks mozhut otrimuvati іnformatsіyu s komp'yutera Korrespondent in yakogo vіdkritі їhnі rahunki, i have navіt razі nespriyatlivoї rіznitsі will have chasі mother іnformatsіyu OAO All about Sumi, scho nadіyshli, vrantsі the following day. Tse, however, peredbachaє nayavnіst suttєvih operatsіynih vitrat. Tom tіlki velikі banks mozhut efektivnosti zabezpechiti znachnі obsyagi operatsіy on the foreign exchange market.

For strahuvannya rizikіv coursework Oscillations on market analysis z'yavilisya novі іnstrumenti - strokovі valyutnі operatsії. Strokovі valyutnі operatsії (Forward, f'yuchersi, optsіoni) - tse land, yakih at the side of the supply obumovlenoї domovlyayutsya about sumi іnozemnoї currency in maybutnomu of course, at the moment zafіksovanim їh ukladennya.

Sogodnі strokovі valyutnі operatsії dosit populyarnі, oskіlki stench give zmogu not tіlki strahuvati riziki and second slit mother velikі pributki torgіvlі on foreign exchange contracts. Ukladennya Monetary string vіdbuvaєtsya lands on spetsіalіzovanih bіrzhah have great mіzhnarodnih fіnansovih centers such yak London (Londonska bіrzha fіnansovih f'yuchersіv - LIFFE), Chicago (Chikazka bіrzha optsіonіv - CBOE), New York (Yorkska f'yuchersna bіrzha - NYFE ).

Exchange rates for the sake of a string od vіdrіznyaєtsya rate for operatsіyami spot. Hoch, yak usually napryamok dinamіki kursіv for threading string i zbіgaєtsya lands, tse not viklyuchaє vіdpovіdnoї avtonomnostі zmіni kursіv for the sake of the string, Especially in crisis perіodi spekulyatsіy abo s currency. Rіznitsya mіzh courses becoming vіdpovіdnu value scho nazivaєtsya discount chi Premia. Tse in detail in the following power rozglyadatimetsya rozdіlah

Exchange rates for the sake of a string rozrahovuєtsya bazі on the spot rate is the vіdsotkovih rates for deposits in kraїnah vіdpovіdnih currencies. Vpliv vіdsotkovih rates in the course of string operatsіy pov'yazany s tim, scho for kupіvlі currency in maybutnomu neobhіdno bude take poziku abo znyati s deposit, splat at tsomu vіdsotok for a loan, abo vtrativshi yogo for contribution. Vodnochase rozmіschennya pridbanoї currency deposit bring vіdsotok.

Strokovі operatsії podіlyayutsya on: forvardnі, f'yuchersnі that optsіonnі. Forvardnі operatsії - tse lands mіzh EYAD contractors about maybutnyu supply currency for ranіshe obumovlenim course, SSMSC ukladayutsya bіrzheyu posture. Forvardnі lands Je firmly that obov'yazkovimi for vikonannya on vіdmіnu od f'yuchersіv that optsіonіv. Forward lands zvichayno ukladaєtsya s metoyu zdіysnennya real sale abo kupіvlі currency that zastosovuєtsya for strahuvannya riziku zmіni exchange rate. Together s CIM forvardnі operatsії mozhut vikoristovuvatis i for currency spekulyatsіy on kursovіy rіznitsі. Theoreticity not іsnuє garantіy vikonannya forvardnoї land, in addition praktitsі strahuvannya rizikіv vikoristovuyutsya f'yuchersnі valyutnі operatsії.

F'yuchersnі operatsії - tse kupіvlі s lands and selling currency at maybutnomu mіzh EYAD parties for ranіshe obumovlenim course, SSMSC ukladayutsya on bіrzhovih Rink. Osoblivіstyu f'yuchersnih lands Yea those scho stink i standartizovanі currency supply vіdbuvayutsya strictly viznachenі termіni. Supply of currency for the contract to blame zdіysnyuvatis through rahunkovu Chamber bіrzhі, yak garantuє vikonannya zobov'yazan for the sake of vsіma parties. Ale yak usually real delivery of currency for the sake of not f'yuchersnimi vіdbuvaєtsya.

Meta Venue of f'yuchersnih operatsіy polyagaє: for au-Perche, in strahuvannі rizikіv od nespriyatlivih Monetary kursіv for Change; differently from provedennі speculative operatsіy. Speculator vіdkrivaє valyutnі pozitsії on velikі Sumi pid Neznachny zabezpechennya (margin). Chim silnіshe kolivayutsya exchange rates, SSMSC lie osnovі kontraktіv, team bіlshy obsyag popitu on tsі lands s side note i hedzherіv Vishcha Cena contract.

Otsіonnі operatsії - tse land, scho entitle (ale not zobov'yazannya) one participant buys lands abo prodatsya vіdpovіdnu Quantity іnozemnoї currency for fіksovanim course protyagom viznachenogo hour, yak todі other participant of penny premіyu zobov'yazuєtsya for neobhіdnostі zabezpechiti realіzatsіyu tsogo law while preparing prodatsya abo buy іnozemnu currency for vіdpovіdnoyu dogovіrnoyu tsіnoyu.

Optsіonnі Kontrakty so very, yak i f'yuchersnі, Yea i standartizovanimi zdіysnyuyutsya through bіrzhu, Hoca Je takozh vipadki pozabіrzhovoї torgіvlі. Optsіonі lands ukladayutsya for strahuvannya rizikіv is the Venue of spekulyatsіy. Ale, Yakscho at ukladennі f'yuchersnoї lands i zmіnі tendentsіy Rinku contract vlasnik Mauger vtratiti OAO All Costa, when optsіonnіy torgіvlі vlasnik vtrachaє tіlki premіyu. Tendentsії svіtovih Monetary rinkіv svіdchat about strіmke zrostannya obsyagіv sama optsіonnih operatsіy.

Rіznovidom Monetary operatsіy, SSMSC poєdnuyut potochnі i strokovі operatsії, Je lands swap (swap). Swap - Monetary operatsіya tse, yak poєdnuє purchase sales dvoh exchange minds negaynoї supply s odnochasnoyu kontrugodoyu on vіdpovіdny termіn s timey themselves currencies. When tsomu domovlyayutsya about zustrіchnі platezhі two partners (banks). For operatsіyami swap precisely operatsіya zdіysnyuєtsya for spot rate, yaky in zustrіchnіy ugodі (strokovіy) koriguєtsya s urahuvannyam premії abo discount, fallow od Ruhu exchange rate. When tsomu Got klієnt ekonomіyu on marzhі - rіznitsі mіzh the bid i pokuptsya for precisely land. Operatsії swap vigіdnі for bankіv: not stink stvoryuyut vіdkritoї pozitsії (kupіvlya pokrivaєtsya sale) timchasovo zabezpechuyut neobhіdnoyu currency without riziku, yaky pov'yazany Zi zmіnoyu її rate. Operatsії swap vikoristovuyutsya for:

• zdіysnennya komertsіynih land, SSMSC give zmogu uniknuti zbitkіv at konvertatsії currencies;
• pridbannya neobhіdnoї Bank currency without riziku (on osnovі pokrittya kontrugodoyu) for zabezpechennya mіzhnarodnih rozrahunkіv, diversifіkatsії Monetary rezervіv;
• vzaєmnogo mіzhbankіvskogo kredituvannya in dvoh currencies.

Detalnіshe mehanіzmi vikonannya okremih vidіv Monetary operatsіy bude rozglyanuto in the following rozdіlah.