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

Mіzhnarodnі rozrahunki that valyutnі operatsії - Savluk M.І.

10.6. Practice ukladannya lands at the market precisely konversіynih operatsіy.Orderi scho zastosovuyutsya on market analysis konversіynih operatsіy

On praktitsі dealers bankіv ukladayut lands on the phone abo for Relief transaktsіynoї Sistemi Reuters Dealing. Kohli lands zdіysnyuєtsya phone, її osnovnі parametric dealer zapisuє manually zapovnyuyuchi so titles tіket (tiket). When ukladannі lands for Relief Reuters Dealing tіket formuєtsya automatic and. Tіket - tse Papir viznachenoї form, de vkazuyutsya usі parametric land. On skin operatsіyu dealer vipisuє okremy tіket.

Osnovnі parametric land, scho obgovoryuyutsya dealers:

• Sumi i operatsії currency;
• Course zdіysnennya land;
• valyutuvannya date;
• The basic payment Thrace i rekvіziti kontragentіv.

Yakscho dealers UCLA favor th obumovili її osnovnі rekvіziti then potіm zmіniti schos mozhna tіlki for Zgoda oboh storіn.

Transaktsіyna system Reuters Dealing daє zmogu ukladati lands i negotiate in rezhimі dvostoronnogo zv'yazku s rіznimi svitu banks. Cutaneous bank yaky Je Korrespondent dilіngovoї Sistemi kompanії to Reuters, Got one abo kіlka chotirilіternі Cody. At the time of Danian bіlshe 6000 bankіv, brokerskih kompanіy іz rіznih kraїn svitu Je uchasnikami dilіngovoї system.

Іsnuyut rіznі Vidi zapitіv kotiruvan for Relief dilіngovoї system. Napriklad, Bank AAA zapituє kotiruvannya yaponskoї єni to $ 100 million Dolar єn. Vіn Mauger napisati (postaviti praporets):

• USD / JPY 100 JPY;
• 100 JPY AG USD;
• 100 JPY.

Zazvichay zaznachennya Dolar yak bazovoї US currency in zapitі opuskaєtsya, Yakscho Well zapituєtsya kotiruvannya CROS-rate, the base currency vkazuyutsya i, i kotiruvannya currency.

Napriklad, bank YYY 20.04.2001 p. neobhіdno Bulo buy 2 million anglіyskih funtіv sterlіngіv for amerikanskі Dolar in a jar DDD. Nizhche imposed zrazok dіalogu scho mіzh them vіdbuvaєtsya (usі being negotiated anglіyskoyu movoyu for Relief Sistemi Reuters Dealing):

Koli robitsya RFQ type «GBP / USD 2", the tse pokazuє scho market-Taker zapituє kotiruvannya 2 million bazovoї currency. When zapitі kotiruvannya for the amount of currency kotiruvannya, napriklad per 500 000 CHF, robitsya RFQ «0,5 USD / CHF» abo skorocheno «0,5 CHF».

In Ukraїnі mainly obsyag konversіynih operatsіy pripadaє US Dolar.

Osnovnі Vidi zapitіv "1 UAH TOD», «0,5 UAH TOM», «UAH 2 TOD», UAH 0,2 TOM ». Requests «1 UAH TOD», «0,5 UAH TOM» oznachayut scho market-Taker pratsyuє s 1 million ukraїnskoї grivnі that UAH 500 000 to US Dolar vіdpovіdno s datoyu valyutuvannya sogodnі i tomorrow. "Praportsі» «UAH 2 TOD», «UAH 0,2 TOM» oznachayut scho market-Taker zapituє kotiruvannya in a market-maker for 2 million dollars. US i USD 200 000 to ukraїnskoї grivnі vіdpovіdno s datoyu valyutuvannya sogodnі i tomorrow.

Digital scho vkazuєtsya bilja titles currencies poznachaє zapituvanu scrip currencies in mіlyonah. Yakscho zapituєtsya kotiruvannya for the amount of currency Mensch od one mіlyona, tsya scrip zapisuєtsya in viglyadі Desyatkova fractions napriklad:

«USD / DEM 0,5» abo, opuskayuchi zero, - «USD / DEM.5»

When zapitі kotiruvannya exchange rate at the serednorinkovu scrip, currency Quantity opuskaєtsya hour. When tsomu bank scho zdіysnyuє kotiruvannya, zobov'yazuєtsya buys abo prodatsya zaproponovanu pіznіshe Quantity currencies, napriklad:

# USD / DEM

2.01 54-59

# I SELL 2 MIO USD

I BUY 2 MIO USD AT 2,0154.

When tsomu bank scho kotiruє, guilty usvіdomlyuvati, chi zmozhe vіn zdіysniti kotiruvannya on the bag in the furrows lіmіtu, vstanovlenomu for banks, scho zapituє course and ostannіy not guilty zlovzhivati ​​rozmіrom sumi. When zapitі kotiruvannya Price not specified sumi currency and takozh Yakscho scrip zapituvana perevischuє lіmіt counterparty, the bank Mauger zdіysniti kotiruvannya, vkazavshi obmezhennya sumi vіdpovіdno to lіmіtu on bank counterparty, napriklad:

# USD / UAH 5

5. 4850/4950 IN 2

# OK BUY 2 MIO USD AT 5,4950.

Duzhe often praktitsі banks conductive one z one for kіlka operatsіy in the day, i they vinikayut zustrіchnі platezhі in odnakovіy valyutі. For zmenshennya operatsіynogo that credit riziku ekonomії that for an hour, the banks zastosovuyut vzaєmorozrahunki on osnovі netting.

Netting - vzaєmozalіk zobov'yazan mіzh Bank is the partner banks for the currency of skin, s yakoyu conductive operatsії. Vzaєmozalіk zdіysnyuєtsya on skin valyutuvannya date, zaznachenu pid hour ukladennya valyutoobmіnnih lands mіzh banks. When tsomu:

a) Sumi, scho viplachuyutsya one i note by the bank in the same odnіy i tіy valyutі, odnієyu s i g tієyu datoyu valyutuvannya, toil pіdsumovuvatisya;

b) zagalna Yakscho scrip zobov'yazan one bank in odnіy valyutі perevischuє zagalnu scrip zobov'yazan іnshogo bank in tsіy samіy valyutі, rіznitsya viplachuєtsya hand, yak Got bіlshu zobov'yazan the bag;

c) Yakscho zagalnі sumi zustrіchnih platіzhnih zobov'yazan bankіv in odnіy i tіy samіy valyutі on vstanovlenu date valyutuvannya dorіvnyuyut one alone, without vzaєmozalіk zdіysnyuєtsya Ruhu koshtіv.

Butt. Bank AAA Zroby kіlka operatsіy:

1. By purchasing from banks BBB 5.25 million dollars. proti kanadskogo Dolar 1.5676 per course.

2. Well tsomu sold bank 5,175,000 dollars. of course proti shveytsarskogo 1.6156 franc.

3. Having sold 6.5 million shveytsarskih frankіv for kanadskі Dolar 0.8945 per course.

AAA Bank

So rank, AAA bank will not bude rozrahovuvatisya s Bank BBB Povny Sumy for operatsіyami, and the results of netting Mensch Sumy, scho uniquely znizit rizik neotrimannya koshtіv i yogo pіdvischit platospromozhnіst. AAA Bank viplatit 2,415,650 kanadskih dolarіv that otrimaє 75,000 dollars. I US 1,860,730 shveytsarskih frankіv od bank BBB.

Rozglyanemo vikonannya konversіynoї operatsії s vikoristannyam transaktsіynoї Sistemi Reuters Dealing. Tse - text peregovorіv i preformed on yogo osnovі "tіket" for the sake of konversіynoyu mіzh EYAD counterparties. Nayavnіst in oboh kontragentіv kopії text peregovorіv, dostovіrnіst yakogo garantovana Reuters, garantuє vikonannya lands minds. In razі vіdmovi odnієї Zi storіn od land, ukladenoї for Relief dilіngovogo ustatkuvannya, Mauger other side to bring their case to pred'yavivshi sudі his kopіyu text peregovorіv.Priklad. Bank "Ukraine" zdіysniv konversіynu operatsіyu 100 million yaponskih єn Zi svoїm counterparty bank Comerzbank, Frankfurt 22 Dire 2000 r.

Dealer bank "Ukraine" zvernuvsya dealer to the bank s Prokhanov Comerzbank dati kotiruvannya USD / JPY at 100 million єn "100 JPY». In his Cherga dealer Kommerzbank vistaviv dіyuche on the Danian time kotiruvannya "111.18 / 22 'minds on the spot, i dealer bank" Ukraine "bought 100 million yaponskih єn for Dolar US 111.18 per course. Dali dealers obmіnyuyutsya rekvіzitami for pridbanimi currencies tobto to yakogo bank that at yaky rakhunok nadіslati groshі. Dealer bank "Ukraine" vkazuє svіy rakhunok in yaponskіy єnі The bank Bank of Tokyo, Tokyo, and the dealer bank Comerzbank vkazuє svіy rakhunok have amerikanskomu bank Bankers Trust Co, New York.

Duzhe often market-Taker did not Mauger stezhiti Rukh for foreign exchange market, ale in Demba Je pevnі zobov'yazannya abo namіri, kotrі vіn Hoca zdіysniti the Forex market analysis. For їh vikonannya vіn nadaє market maker zvanі so warrant. Warrant - tse in Pevnyi sposіb sformulovane i sent messages rozporyadzhennya market-Taker to the market-maker about vіdkrittya i / abo zakrittya pozitsіy for Pevnyi courses at dosyagnennі Rink rіvnya tasks. Yakscho market maker priynyav warrant the vіn not Got right vіdmovitisya od yogo vikonannya, Yakscho rinok dosyag zaznachenogo rіvnya tsіn.

For konversіynimi operatsіyami perevazhno vikoristovuyutsya three Vidi orderіv - market, lіmіt that stop. Slіd zauvazhiti, scho on market analysis derivativіv orderіv nabagato bіlshe.

: SPOT WE BUY 100,000,000.00 JPY at 111,18

: Dealing with COBA COMERZBANK, FRANKFURT - @

: Give: 899,442.35 USD THU 24FEB2000

: BTC, NY ACC 04-053-870

: Rcve: 100,000,000.00 JPY THU 24FEB2000

: BANK OF TOKYO, TOKYO ACC 6556407881

: Comment

: Comment

: 0ur User ANAT Terminal Controller BUKR

: CONVERSATION STARTING 0745GMT THE 22FEBOO

: REVIEW 1910 TICKET BUKR # 2 CONFIRMED 0800GMT THE 22FEBOO

JPY 100

# ANDY> HI 111,18 / 22

ANATOLY> HI I BUY JPY

# TO CONFIRM I SELL 100 MIO JPY AG USD AT 111.18

# VAL 24FEB2000

# MY USD BTC, NY ACC 04-053-870

# WHERE FOP U PLS?

TO CONFIRM I BUY 100 MIO JPY AT 111.18

VAL 24FEB2000

JPY TO BANK OF TOKYO, TOKYO ACC 6556407881

THNKS FOR THE DEAL DONE

GOOD LUCK! TILL WE MEET AGAIN! BI

# ALL AGREED! THNKS, BI

Market Order (market) - naytipovіshy warrant de vkazuyutsya tіlki takі parametric: currency exposure The Bazhana (kupіvlya sales) i vka- zіvka about vikonannya order for precisely rinkovoyu tsіnoyu. Rinkovі orders zdіysnyuyutsya vіdrazu Well pіslya rozmіschennya i povinnі zadovolnyatisya for naykraschoyu mozhlivoyu at the time vikonannya tsіnoyu.

Lіmіt orders (limit) ustanovlyuyut naygіrshu tsіnu for yakoyu klієnt dopuskaє vikonannya operatsії. Such lands at mozhlivostі Mauger Buti held for tsіnoyu maintained upstream, nіzh zaznachena in orderі, ale for not nіkoli gіrshoyu.

Lіmіt warrant on purchase vkazuє nayvischu tsіnu for yakoyu kupіvlya Mauger Buti zdіysnena, Hoca order Mauger Buti zadovoleny for maintained upstream (nizhchoyu) tsіnoyu, Yakscho Tse mozhlivo. Cena, zaznachena in lіmіt-orderі to purchase, Got Booty nizhchoyu rinkovoї tsіni rozmіschennya at the time of order.

Lіmіt warrant on sales - ukazuє naynizhchu tsіnu for yakoyu sales Mauger Buti zdіysneny, Hoca order Mauger Buti zadovoleny for maintained upstream (vischoyu) tsіnoyu, Yakscho Tse mozhlivo. Cena, zaznachena in lіmіt orderі-on sales, Got Booty vischoyu rinkovoї tsіni rozmіschennya at the time of order.

Lіmіt orders not garantuyut vikonannya, stink garantuyut tіlki those scho, Yakscho lіmіt-order zdіysnyuєtsya, then Cena vikonannya dorіvnyuvatime bude abo maintained upstream, nіzh zaznachena in orderі.

Stop orders vkazuyut, scho Got Booty performed to please, yak tіlki rinok dosyagne abo perevischit installed at nomu tsіnovy rіven - stop-tsіnu. Pіslya rozmіschennya Taqiy warrant zalishaєtsya inactive until the time dosyagnennya Rink zayavlenoї in nomu tsіni. Yak tіlki rinok dosyagaє stop tsіni abo move її warrant vikonuєtsya i operatsіya zdіysnyuєtsya negayno for naykraschoyu mozhlivoyu tsіnoyu.

Stop order to purchase rozmіschuєtsya vische potochnoї rinkovoї tsіni i do not vikonuєtsya Doty, docks rinkova Cena not to viroste rіvnya, zaznachenogo in nomu gіrshomu abo (at Shvidky rusі market analysis). A stop at the time of purchase in a market aktivatsії staє warrant for purchase.

A stop order to sell - rozmіschuyutsya nizhche potochnoї rinkovoї tsіni i do not vikonuyutsya Doty, docks rinkova Cena without falling to rіvnya, zaznachenogo in nomu gіrshogo abo (at Shvidky rusі market analysis). When vikonannі Taqiy stop order staє a market order to sell.

On vіdmіnu od lіmіt-orderіv, stop orders are not garantuyut vikonannya operatsії for viznachenoyu tsіnoyu abo maintained upstream. Pong shaping can Buti zadovolenі for tsіnoyu, rіvnoyu abo gіrshoyu, nіzh zaznachena in orderі. Stop orders vikoristovuyutsya yak for vіdkrittya novoї pozitsії, so i for zakrittya nayavnoї. Hoca naytipovіshe їh vikoristannya - for Zahist іsnuyuchoї pozitsії (obmezhennya vtrat abo zaoschadzhennya nerealіzovanogo pributku), a stop order takozh mozhut vikoristovuvatisya for vіdkrittya pozitsіy at dosyagnennі Rink yakogos znachuschogo rіvnya.

Trader guilty automatic and viznachati, yaky Got vikoristovuvatisya order type in the dermal specific vipadku, zokrema nobility yakoї s side of the market analysis warrant Got Booty rozmіscheny (nizhche abo vische) yaky i order type Got Booty zastosovany obsession for Bazhanov result.

Stop on the purchase, lіmіt on-line sales rozmіschuyutsya vische rіvnya market analysis (right for GBP / USD i EUR / USD). Stop on sales i lіmіt to purchase rozmіschuyutsya for tsіnami, nizhchimi od precisely rinkovih tsіn (right for GBP / USD i EUR / USD).

Іsnuyut spetsіalnі іnstruktsії dealer about skasuvannya ranіshe rozmіschenih orderіv, SSMSC slit zadovolenі not boule. Je skasuvannya three methods:

• Direct skasuvannya (straight cancel) - robitsya for zapobіgannya vikonannyu of order, scho s yakihos reasons bіlshe not potrіbno trader. Of normal brain TAKE skasuvannya robitsya to stop orderіv scho no boules Realized, i for lіmіt-orderіv scho no boules Realized.
• Skasuvannya poperednogo order (CFO - Cancel Former Order) - tse іnstruktsіya about skasuvannya poperednogo order yogo s odnochasnoyu zamіnoyu novim for minds, scho slit ranіshe rozmіscheny order not zadovoleny CCB.
• One skasovuє Inshyj (OCO - One Cancels Other) - tse іnstruktsіya s EYAD of order, tіlki one s yakih guilty Buti zadovoleny. When dosyagnennі Rink odnієї s statement tsіn i vikonannі one s orderіv other automatic and skasovuєtsya.

In the Forex market analysis zastosuvannya orderіv uskladnyuєtsya nayavnіstyu dvoh tipіv kotiruvan - direct zvorotnogo i scho utrudnyaє Shvidky viznachennya "kraschoї" abo "gіrshoї" tsіni. Truncated vikladene vische stosuєtsya currency іz zvorotnim kotiruvannyam - GBP / USD i EUR / USD. For currency іz directly kotiruvannyam: USD / CHF, USD / JPY, USD / CAD truncated tochnіstyu s right to navpaki.

Zapitannya for self-control

1. Shcho Takeo bid that offer at kotiruvannі currency that s yakih storіn kotiruvannya kupuyut that prodayutsya kotiruvannya currency market maker i-Market Taker?

• Spot Rate CHF / DEM 0,8845 / 50 i-Market Taker saying:. «I BUY 3,5»

Viznachte scho Zroby market-maker:

a) bought a 3.5 million DEM proti CHF;

b) selling 3.5 million CHF proti DEM;

c) purchasing 3.5 million CHF proti DEM;

d) selling 3.5 million DEM proti CHF.

3. Rozrahuvati CROS-rate GBP / JPY, Yakscho spot rate GBP / USD = = 1,5350 / 53 is the USD / JPY = 106,50 / 53.

a) 163.48 / 56;

b) 163.51 / 52;

c) 69.36 / 39;

g) 69.38 / 39.

4. Rozrahuvati CROS-rate CHF / DEM, Yakscho spot rate USD / CHF = = 1,6455 / 60 is the USD / DEM = 2,0350 / 53.

a) 3.3496 / 01;

b) 3.3485 / 90;

c) 1.2363 / 69;

g) 1.2345 / 49.

• Shcho Takeo netting in bankіvskіy praktitsі?
• Dealer Daily UCLA dekіlka lands s rіznimi banks:

- S Bank of AAA - bought 1.05 million USD, against 0.9663 EUR per course;

- Bank s BBB - selling 2.5 million GBP against the USD over the course of 1.5810;

- S Bank of AAA - sold 2.345 million USD, against 1.6545 CHF per course;

- S bank CCC - selling 3.0 million CHF GBP 2.3256 proti of course;

- S Bank of AAA - sold 1.45 million EUR proti 1.5835 CHF per course.

Rozrahuvati netting s Bank of AAA that pozitsіyu dealer for USD, GBP, CHF is the EUR.

7. Dealer zdіysniv takі operatsії schodo USD / DEM:

• bought USD 1 million over the course of 2.0378;
• selling USD 3 million over the course of 2.0365;
• bought USD 1.55 million in the course of 2.0332;
• bought USD 0.75 million for the rate 2.0345.

Rozrahuvati pozitsіyu dealer for Dolar US.

• Spot Rate market maker EUR / USD «0,9567 / 72" is the market -teyker say «SELL 3". Teper course zmіnivsya that becoming "0.9543 / 48" i-Market Taker Close pozitsіyu. Yaky Prybutok / zbitok market-Taker?

a) - 7200 USD;

b) + 5700 EUR;

c) + 5700 USD;

g) - 8700 EUR.

9. SSMSC orders vikoristovuyutsya on market analysis konversіynih operatsіy that yak їh role?