Mіzhnarodnі rozrahunki that valyutnі operatsії - Savluk M.І.

10.3. Kotiruvannya currencies. Courcy pokuptsya i Sellers

Exchange rate - tse Cena groshovoї odinitsі odnієї Kraina, Virage in penny odinitsyah іnshoї Kraina. Tsіni on vіlnomu mіzhnarodnomu foreign exchange market viznachayutsya vihodyachi s i popitu Offers on Pevnyi currency in kraїnah s obmezhenim stage konvertatsії Cena natsіonalnoї currency vstanovlyuєtsya central bank.

Flow konversіynim operatsіyam vіdpovіdaє obmіnny spot rate. Exchange rates in the spot market analysis Je base rate for rozrahunku vsіh termіnovih ground - forvardіv, svopіv, f'yuchersіv, optsіonіv. Tsey course - the cornerstone, the fact scho at zmіnі spot rate zmіnyuєtsya kotiruvannya lands іz derivatives.

On ekranah monіtorіv at ukladennі lands on the phone dealer zvichayno vkazuyut Dvi Currency: the base currency of the currency i kotiruvannya.

1 USD = 106,53 JPY abo USD / JPY = 106,53,

1 EUR = 0,9567 USD abo EUR / USD = 0,9567,

1 CHF = 0,8935 CAD abo CHF / CAD = 0,8935.

Lіva Chastina kotiruvannya - tse base currency (USD, EUR, CHF), right Chastina - kotiruvannya currency (JPY, USD, CAD). Exchange rates ustanovlyuyut to bazovoї currency, yak tobto Quantity Currency kotiruvannya vіdpovіdaє odinitsі bazovoї currency. When zdіysnennі lands duzhe vazhlivo viznachiti, s yakoyu currency vie pratsyuєte - Basic s chi s currency kotiruvannya. Yakscho vi saying scho kupuєte USD / JPY, the Tse mean scho vie kupuєte US Dolar i prodaєte yaponsku єnu (Dolar US - the base currency). Coley in noviny peredayut scho Pocha dorozhchati GBP / JPY, the OAO All know scho anglіysky pound sterlіngіv podorozhchav vіdnosno yaponskoї єni. Well Yakscho vi wants uklasti in favor sumі currency kotiruvannya then neobhіdno negotiations tse vkazuvati.

In bіlshostі kraїn Kursi іnozemnih currency virazhayutsya in natsіonalnіy valyutі. Direct kotiruvannya viznachaє Pevnyi Quantity natsіonalnoї currency per unit іnozemnoї. So sklalosya іstorichno scho practical OAO All currency prirіvnyuyutsya to amerikanskogo Dolar: Pevnyi Quantity natsіonalnoї currency per US Dolar. In viglyadі direct kotiruvannya ofіtsіyno ustanovlyuyutsya Kursi bіlshostі svitu currencies - USD / CHF, USD / DEM, USD / ITL, USD / JPY toscho. Kotiruvannya «USD / DEM 2,0156» oznachaє scho $ 1. US dorіvnyuє nіmetskoї 2.0156 mark (1 USD = 2,0156 DEM). In the Forex market analysis rates of major currencies rozglyadayut yak kotiruvannya currency to US Dolar, Dolar US tobto Je base currency for practical vsіh currencies. Tse svіdchit about the role amerikanskoї currency yak i zagalnoviznanoї nayprivablivіshoї rozrahunkovoї odinitsі, vikoristovuvanoї in mіzhnarodnіy torgіvlі.

Indirect (zvorotne) kotiruvannya viznachaє Pevnyi Quantity іnozemnoї currency per unit natsіonalnoї currency. When vikoristannі indirect kotiruvannya Dolar rate to shveytsarskogo franc bude so: CHF / USD = 0,5898 s rounding to the fourth decimal pіslya Komi.

In indirect kotiruvannі Dolar Je currency kotiruvannya and іnsha currency (in Nashomu prikladі tse CHF) - bazoyu kotiruvannya. Course low rates ofіtsіyno ustanovlyuyutsya to US Dolar at viglyadі indirect kotiruvannya. Tse course Dolar to єvropeyskoї valyutnoї odinitsі EURO including, pound anglіyskogo sterlіngіv and takozh to penny odinits kraїn, kolishnіh kolonіy Velikobritanії - EUR / USD, GBP / USD, AUD / USD, NZD / USD, IEP / USD i series іnshih.

Napriklad exchange rate EUR / USD = 0,9658 oznachaє, scho EURO including odne dorіvnyuє 0.9658 Dolar USA.

Reason kotiruvannya pound sterlіngіv in viglyadі bazovoї currency kriyutsya in rolі anglіyskogo pound yak nayposhirenіshoї in svіtі currency chasіv Britanskoї іmperії scho obslugovuvala velicheznu Chastain svіtovogo torgovelnogo turnover. W pound sterlіngіv spіvvіdnosili svoї currency INSHI Kraina on cob XX century., In addition chislі i USA.

Mozhlivy naymenshy rozmіr zmіni Exchange rates nazivaєtsya point (points), abo pіpsom (pips). Tse - ostannі figures at napisannі exchange rate. To pound sterlіngіv, nіmetskoї brand ukraїnskoї grivnі th bіlshostі іnshih currency - tse 0.0001 to yaponskoї єni - 0.01. Hundred punktіv skladayut fіguru Velika (big figure).

Napriklad, Pound sterlіngіv zmіnivsya s 1.6142 to 1.6122. Tse mean scho anglіysky pound sterlіngіv podeshevshav 20 punktіv vіdnosno US Dolar. When zmіnі rate yaponskoї єni z 110.54 to 108.54 of the speaker, scho єna podorozhchala vіdnosno US Dolar on Dvi fіguri, abo Dolar becoming deshevshe vіdnosno єni on Dvi fіguri.

On the foreign exchange market valyutnі Kursi kotiruyutsya s vikoristannyam dvoh storіn - bid is the offer (ask).

Bid - tse course kupіvlі bazovoї currency (rate of sale of foreign currency kotiruvannya) market maker.

Offer - Sale tse course bazovoї currency (currency exchange rate kupіvlі kotiruvannya) market maker.

Yak usually kotiruvannya Got Taqiy viglyad:

Kotiruvannya market maker = bid / offer

EUR / USD = 0,9956 (bid) / 0,9960 (offer)

abo EUR / USD = 0,99 56/60

CHF / JPY = 65,27 / 65,32

abo CHF / JPY = 65,27 / 32.

Slіd zapam'yatati: from kotiruvannі side bid zavzhdi Mensch side of the offer.

On ekranah іnformatsіynoї Sistemi Reuters currency rates is know to rіznih storіnkah - FX = (usі mozhlivі currency exchange rates), EFX = (exchange rates, scho kotiruyutsya in Єvropі), EUR =, GBP =, JPY =, UAH = (Kursi Pevnyi currency) . Napriklad, yaponska єna, EURO including, pound anglіysky sterlіngіv pokazanі on ekranі in viglyadі tablitsі:

RIC

Bid / Ask

Contributor

Loc

Screen

Deal

Time

High

Low

JPY =

107.67 / 71

CHASE

LON

CHCA

CHCL

15:46

107.88

106.56

EUR =

0.9787 / 91

CITIBANK

VIE

CITN

CATS

15:45

.9756

.9810

GBP =

1.5864 / 69

ABN AMRO

PAR

AABN

AABP

15:45

1.5840

1.5893

In tablitsі Je takі danі:

  • yak currency;
  • third-party bid that ask;
  • bank scho vistaviv courses;
  • Yogo mіstseznahodzhennya (location), (LON - London, NYC - New York, VIE - Vіden, PAR - Paris, SIN - Sіngapur);
  • Hosting Project storіnki bank in іnformatsіynіy sistemі Reuters;
  • dilіngovy code bank in sistemі Reuters Dealing;
  • hour, if vistavili kotiruvannya;
  • nayvische i naynizhche The rate for Dobou.

In the market analysis zavzhdi Je two tipi uchasnikіv - market-maker (market-maker) i market-Taker (market-taker), abo, yak slit їh nazivayut, market-users (market-user).

Market Maker - the active participant market analysis, yaky zv'yazuє pokuptsіv that prodavtsіv, vistavlyaє Exchange rates i diktuє svoї minds.

Market Taker - Passive participant market analysis, scho zapituє kotiruvannya i Slabko vplivaє on situatsіyu on market analysis, yogo dіyalnіst deposits od Market-meykerіv. Prote Yakscho market-Taker volodіyut digit kapіtalami i vihodyat іz them on rinok, the market makers brought korektuvati svoї kotiruvannya. Zvichayno tse drіbnі komertsіynі banks klієnti bankіv - rіznі Fondi, kompanії, speculators, hedgers, fіzichnі individuals. Slіd zauvazhiti, i scho bank Mauger Buti great market-Taker, Yakscho vіn zapituє exchange rate іnshogo bank. Market Taker zavzhdi is staying in bіlsh nevigіdnomu stanovischі porіvnyano s market maker: vіn zavzhdi kupuє dorozhche and prodaє deshevshe.

Vazhlivo viznachiti for yourself, Kim Je vie at the market, not pomilitisya dwellers, yakoї s side of the course vie ukladaєte favor. Napriklad, AAA Bank zapituє EURO including Dolar rate to the US in the bank BBB. Bank from BBB danomu razі Je market maker i vistavlyaє rate 0.9870 / 0.9880. In danomu prikladі Bank BBB kupuє EURO including (prodaє US Dolar) for tsіnoyu 0.9870 and EURO including prodaє (kupuє Dolar) for tsіnoyu 0.9880. AAA Bank, at its Cherga, Je-Market Taker prodaє i EURO including course for 0.9870 (kupuє US Dolar), and EURO including kupuє (prodaє Dolar US) for a course of 0.9880.

Rozglyanemo slit butt. Bank XXX YYY put kotiruvannya bank 1 million shveytsarskih frankіv: «USD / CHF = 1,6545 / 55" (pid hour zvichayno write side offer Velika fіguru vzhe not vkazuyut, to scho Won zmіnyuєtsya not Shvydko, yak points). Kotiruvannya straight - Dolar US Je base currency, shveytsarsky franc - the currency kotiruvannya. Bank YYY Je market-Taker, vіn zapituє course to vіn Mauger buy 1 million in the bank shveytsarskih frankіv XXX tіlki the path of 1.6545 and prodatsya shveytsarsky franc of 1.6555 rate. Bank XXX - market maker, vіn diktuє svoї minds of the base currency (US Dolar) vіn kupuє Zi side of the bid - 1,6545, and prodaє Zi side of the offer - 1,6555.

Rіznitsya mіzh his right i lіvoyu parties kotiruvannya nazivaєtsya spread (spread). Spread Je pributkom bank market maker od Conducting operatsіy іz klієntami abo іnshimi banks. Spread rozglyadatisya Mauger yak "fee Hotel" market maker kupuє zavzhdi deshevshe and prodaє dorozhche. Napriklad, Yakscho bank put kotiruvannya "1.9567 / 75", the spread of becoming 8 punktіv.

On rozmіr spreads vplivaє kіlka reasons:

  • Contractor status i character vіdnosin mіzh counterparties. Rozmіr spreads bіlshy for klієntіv bank nіzh for іnshih bankіv mіzhbankіvskomu on market analysis. Yakscho mіzh counterparty banks protyagom number rokіv sklalisya stіykі pozitivnі vіdnosini, vіdsutnі vipadki nevikonannya drain lands Dealers bankіv i know one good one, it spreads rozmіr bіlsh vuzky.
  • Rinkova kon'yunktura. In the minds, if the course Shvydko zmіnyuєtsya, rozmіr spread zvichayno bіlshy. Napriklad in the minds rіzkoї zmіni rate Dolar on mіzhnarodnih Rink bagato bankіv bude kotiruvati for sake of not less then 10 punktіv, not yak zvichayno 3-5.
  • Kotiruvana currency that lіkvіdnіst market analysis. Rozmіr spreads bіlshy at kotiruvannі Bank rіdkіsnih "ekzotichnih" currency abo for land in the Mensch lіkvіdnomu market analysis.
  • Suma land. Chim bіlsha scrip lands, team less then spread to scho market maker to please vigіdno Robit s great Sumy - from Demba bіlshy Prybutok and vitrati Ti w samі. Tom for zaluchennya klієntіv with lands on velikі sumi market-mayker kotiruє Mensch spread. Napriklad, AAA Bank - market-maker on the market analysis GBP / CHF up Demba i s Prokhanov zdіysniti kotiruvannya zvernulisya two banks - Bank BBB іz sumoyu to 20 000 000 GBP i bank CCC іz sumoyu 200 000 GBP. Zvichayno bank AAA bіlsh vigіdno zdіysniti operatsіyu s Bank of the BBB, to deliver a course vіn іz spread at 2-3 points (h urahuvannyam svoїh іnteresіv), i vodnochase zaproponuє bank CCC kotiruvannya Zi spread punktіv 5-7.