Chii chiri hedging namashoko nyore? MUENZANISO ruzhowa. vatorwa Exchange hedging

Mazuva zvoupfumi mazwi, unogona kusangana yakawanda yakanaka, asi isinganzwisisiki mashoko. Somuenzaniso, "hedging". Chii? Mumashoko nyore mubvunzo uyu havazokwanisi kupindura mumwe nomumwe. Zvisinei, kunyatsoongorora kunoratidza kuti iri izwi inogona Zvisinei kunorondedzerwa musika inishuwarenzi kwema, zvishoma pachangu.

Hedging - zviri mashoko nyore

Saka ngatitangei kubata. Shoko iri rakasvika kwatiri kubva kuEngland (ruzhowa) uye zvakananga shanduro achishandisa fenzi, uye sezvo rechiito, rinoshandiswa kureva "azvidzivirire," kureva kuedza kuderedza mukana wokuti kurasikirwa kana kudzivisa navo zvachose. Chii chiri hedging munyika yanhasi? Tinogona kutaura kuti izvi ndizvo chibvumirano pakati mutengesi uye mutengi kuti ngaakuitirei hakuzochinji mune ramangwana, uye nhumbi chichange kutengeswa pane imwe (wakaiswa) mutengo. Saka, kuziva mutengo chaiyo panguva iyo chigadzirwa iri yakatengwa, vatori vari kutengeserana ruzhowa ngozi dzavo kubva zvichibvira Gengi nokufamba pamusoro mari pamusika uye, somugumisiro, kuchinja pamusika mutengo kuti nhumbi. Market vechikamu tichiita hedging kwema, kureva insuring njodzi yavo, vanonzi hedgers.

Sezvo zvinoitika

Kana uchiri kwete zvakajeka, unogona kuedza kurerutsa kunyange zvakawanda. Kunzwisisa hedging zviri nyore ari muenzaniso diki. Sezvaunoziva, mutengo zvokurima zvigadzirwa chero nyika kunobva kusanganisira ekunze, uye sei zvakanaka gohwo. Saka, kuita kudyara rutsigiro, zvakaoma chaizvo kuti kufungidzira chii chichava mutengo zvigadzirwa kuwa. Kana mamiriro okunze akanaka, nezviyo uchava mugove, uye mutengo harisi kukwirira, asi kana kuchauya kwemvura, kana, Asiwo zvakare kakawanda mvura, mugove zvibereko inogona kurasika, nokuda kwezvandakaitirwa mutengo wezviyo vanozokura kazhinji pamusoro. Kuti vazvidzivirire kubva vagaries zvakasikwa, kugara vadyidzani vangagumisa chaiyo chibvumirano, kutara panzvimbo mutengo kutungamirirwa musika ezvinhu panguva kwemamiriro kondirakiti. Pahwaro kutengeserana ichi, murimi zvinoda kutengesa uye mutengi kutenga chirimwa panguva mutengo rakanga chinyatsotsanangurwa ari chibvumirano pasinei mutengo sokuti kutengeswa panguva.

Pano uye kunouya pfungwa kana anova pachena kuti hedging kwakadaro. Panyaya iyi, kunogona kukura ezvinhu ane mikana mishoma:

• mutengo chirimwa kutengeswa anodhura nezvaro chibvumirano - ichi zvazvingava, mugadziri, Chokwadi, kwete kufara, nokuti aigona kuwana zvakawanda;
• nepamusika mutengo idukusa raanotaura chibvumirano - iri iyi, kurasikirwa ichitova mutengi, nokuti anotakura okuwedzera mari;
• mutengo zvinoratidzwa chibvumirano pachiyero mumusika - mumamiriro ezvinhu akadaro, vose vakaguta.

Zvakaratidza kuti ruzhowa - muenzaniso sei kushandisa zvinobatsira yesangano zvisati zvaitika. Zvisinei, Positioning kwakadaro hakuiti haabatanidzi mikana kwokurasikirwa.

Nzira uye zvinangwa, currency ruzhowa

Ukuwo, tinogona kutaura kuti ngozi hedging - inishuwarenzi pamusoro zvakasiyana yaivhuvhuta kuchinja vatorwa Exchange pamusika kurerutsa Nokurasikirwa chokuita Gengi nokufamba. Izvozvo noruzhowa arege chete kuva chaizvo chigadzirwa, asi mari yesangano sezvo yaivapo uye akaronga kutenga.

Zvinofanira rinotiwo zvakarurama mari hedging haina zvainanga kuwana vaifanira okuwedzera mari, zvingaita sezvinoshamisa pakutanga. Its chikuru basa iri kurerutsa ngozi, apo makambani akawanda vari nemaune kuramba mamwe mukana nokukurumidza kuwedzera ravo guru: yacho ekisipota Somuenzaniso, aigona kutamba pamusoro yemasiraidhi Chokwadi, uye anogadzira zvinhu - kuwedzera musika kukosha nhumbi. Asi kushandisa pfungwa rinotitaurira kuti zviri nani zvikuru kurasikirwa zvakawandisa purofiti kunyange pane kurasikirwa nezvose.

Pane 3 nzira huru kuramba ayo dzimwe Exchange reserves:

1. Kushandiswa zvibvumirano (neramangwana) nokuti kutenga mari. Panyaya iyi, iyo Gengi nokufamba havazovi kukanganisa kwako nezvinhu, uyewo kuda kuuya nemari. Purchase vemamwe mari zvichava zvakasimba maererano kondirakiti.
2. Kuwedzera chibvumirano unodzivirira clauses. zvinhu kwakadaro vanowanzofarira bilateral uye zvinoreva kuti kana iwe achinje Gengi panguva yacho kutengeserana fungidzira nezvinhu, uyewo kubatsira vakakamurwa zvakafanana pakati mapato. Zvisinei, dzimwe nguva, zvinoitika kuti dziviriro acho kushandisa chete kudivi rimwe, apo mumwe inoramba kudzivirirwa, uye mari nemakwenzi rinozivikanwa madziro.
3. Variations kubva kumahombekombe mubereko. Somuenzaniso, kana pashure 3 months munozova kuva mari kuti nzvimbo, asi panguva imwe chete, pane mazano kuti mwero zvichachinja hombe nzira, zvingava nomusoro kuchinjana mari panguva kuitika Gengi odzipfeka dhipoziti. Ungangove, kubhengi yechimbadzo dhipoziti kuchaita kuti azvipire nokufamba, uye kana achifanotaura asingadi kuuya zvechokwadi, zvichida kuwana kunyange zvishoma.

Saka, tinogona kutaura kuti ruzhowa - muenzaniso sei deposits ako anodzivirirwa zvichibvira chimbadzo nokufamba.

Nzira uye Tools

Kakawanda, zvakafanana nzira basa vakashandisa hedgers nevaya vanofungidzira dzose, asi regai kufunga pfungwa mbiri idzi.

Asati kungotaura pamusoro zvakasiyana zviridzwa, zvinofanira kucherechedzwa - kunzwisisa mubvunzo "chii noruzhowa" ndiko kunonyanya nechinangwa kuvhiyiwa, pane nzira basa. Saka, hedger achiitisa kutengeserana kuitira kuderedza mukana wokuti nengozi kuchinja kukosha nhumbi, asi speculator chose nokungwaririra anoenda pamutanhiko zvakadaro, apo achitarisira kugamuchira chete zvakanaka mugumisiro.

Zvichida guru dambudziko chisarudzo chakarurama pakati hedging zvinoridzwa, izvo zvinogona kukamurwa 2 pakufara mumapoka:

• OTC nechipiriso swaps uye mberi zvibvumirano; kwema yakadaro pakati mativi pachake kana kuburikidza nyanzvi - munyengeri;
• Exchange hedging zviridzwa, izvo zvinosanganisira kusarudza uye neramangwana; ichi kana kutengeswa kunoitika inokosha yokuitira - exchanges, chero ngaakuitirei kuti akapedzisa, mugumisiro uri tripartite; wechitatu Bato anoita zvikurukuru Exchange Kubvisa marara House, inova rubatso vemapato kuti chibvumirano wazvipira;

Vose vari pangozi hedging nzira vane dzavo zvakanakira nekuipira. Tichataura zvakawanda pamusoro pavo.

unganidza

The chikuru chinodiwa kuti nhumbi pamusoro Stock Exchange - kukwanisa fananidza navo. Izvi zvinogona kuva zvinhu mumapoka zvokudya: shuga, nyama, but, bota , nezvimwewo, uye maindasitiri - gasi, nesimbi dzinokosha, mafuta uye vamwe ...

The chikuru zvakanakira wemari wokutengesera vari:

• kunonyanyisa kuwanikwa - muzera rino michina yemhando yepamusoro dzokutengeserana pamusoro Stock Exchange anogona kuitwa kubva chinenge pakona rimwe nerimwe nyika;
• nouchapupu liquidity - kuvhura uye pedyo zvokutengeserana nzvimbo chero nguva zvayo chete ungwaru;
• Kuvimbika - nayo kunovimbisa pamberi neimwe kutengeserana kufarira Exchange clearinghouse, iyo anoita somunhu rubatso;
• zvikuru pasi mari pakutevedzera ngaakuitirei.

Zvechokwadi, kwete pasina ayo kutadza - zvichida inokosha inogona kunzi zvikuru rinodzvinyirira panyaya wezvokutengeserana: mhando chigadzirwa, ayo uwandu, kukurukura nguva uye zvichingodaro - zvinhu zvose pasi pesimba.

OTC

Zvinodiwa akadaro anenge aisatombowanika, kana uri vanotengesa voga kana rubatsiro peanoita. OTC anorega napo kufungawo yeGmail.END_STRONG anoda, iwe pachako unogona kudzora batch mangé saizi musununguke nguva - zvichida iyi ndiyo guru, asi rinenge chete ndinoiitawo.

Zvino zvainovhiringidzawo. Ivo, sezvamunoziva, zvikuru:

• aiomerwa kusarudzwa Muvaki - nyaya iri ikozvino iwe kugadzirisa voga;
• refu unogona kukundikana vamwe mapato zvavo wazvipira - chakasimba chekuchengetedzwa muchimiro yaitonga exchange iyi, kwete;
• yakaderera liquidity - kugumisa kare akapedzisa kutengeserana unokwanisa chero kwaye zvemari mari;
• yakawanda panhongonya mari;
• yakareba zviito - Vamwe hedging unyanzvi rifukidze nguva akawanda, sezvo kwokudiwa inopoteredza ukomba pano hakusi kushanda.

Chisingafaniri kururama pamwechete Kusarudza hedging zvinoridzwa, zvakakodzera kuitisa zvizere Kuongorora ungangotarisa tarisiro uye peculiarities imwe nzira. Muchiitiko chino, unofanira zvachose kufunga upfumi unhu uye tarisiro yacho indasitiri, uyewo zvimwe zvinhu zvizhinji. Zvino ngatitarise kunyatsotarisisa vatowanda yakakurumbira hedging zviridzwa.

mberi

Saka pfungwa akasarudzwa kwema vane imwe nguva iyo mapato vabvumirana nerubatsiro zvikurukuru zvinhu (mari twa) dzimwe raanotaura zuva mune ramangwana, pamwe mutengo nenhumbi ndee panguva iyo kutengeserana. Izvi zvinorevei uchidzidzira?

Somuenzaniso, vamwe kambani anoronga kutenga kubhangi kuti madhora Eurocurrency, asi kwete nemusi kusaina chibvumirano, uye, muti, 2 months. Muchiitiko chino, kamwe wakaiswa, kuti mwero iri $ 1,2 muzana Euro. Kana pashure pemwedzi miviri dhora kune kweeuro achava 1.3, ipapo akasimba achagamuchira zvikuru nemari - 10 masendi pamusoro dhora kuti kukosha chibvumirano Somuenzaniso, mamiriyoni, achaponesa $ 100,000. Kana panguva ino mwero ruchawira 1,1, zvakaenzana vachaenda kurasikirwa wekambani, uye kudzima ichocho hakuchina zvichibvira, sezvo mberi kondirakiti chiri mutoro.

Uyezve, pane zvishoma zvisingafadzi nguva:

• sezvo chibvumirano chakadaro haripi kutema imba Exchange, mumwe mapato angangova vanoramba paruri panowanikwa rwakashata ezvinhu nokuti;
• chibvumirano chakadaro hunovakirwa pakuvimbana, izvo yekudyidzana akazoita nhamba yemakambani vamwe;
• kana mberi chibvumirano ndiyo chikamu womumwe bhuroka (munyengeri), yekudyidzana richikura ishandise, panhongonya uye anotuma.

neramangwana

ngaakuitirei Izvi zvinoreva kuti investor inozviita imwe nguva kuzotenga (ikatengesa) chakaratidza uwandu kwenhumbi kana mari yesangano - migove nedzimwe kuchengetedzeka - on yakamisirwa chawo mutengo. Zvichitaurwa zviri nyore - chinhu chibvumirano yemberi delivery, asi neramangwana Exchange chibereko, izvo zvinoreva kuti muzviruva ayo kwezvipimo.

Hedging neramangwana mutengo yaita chando ramangwana chokuendesa chinokosha (zvinhu), apo kana gwapa mutengo (mutengo waakazvitengesa kwenhumbi pamisika chairo, pamwe mari chaiyo, uye akapa pakarepo hurukuro) kuti kuderera, kuti vanodzishayiwa iri ndanyarara hangu nokuda pfuma mari kutengeswa yakatarwa-rokuti zvibvumirano. Ukuwo, hapana nzira yokushandisa kuwedzera panzvimbo mutengo, mamwe mari iyi zvichabviswa neutralized Nokurasikirwa kubva kutengeswa neramangwana.

Chimwe drawback pamusoro pehupenyu hwamangwana hedging inova kudiwa kushanduka mumucheto, iyo inotsigira rwakashama-rokuti nezvenzvimbo kushanda ezvinhu, saka kutaura, rudzi anondibatsira. Kana kukurumidza kukura gwapa mutengo, ungada mimwe majekiseni guru.

Tingati hedging neramangwana vari chaizvo zvakafanana zvatinosiita yokufungidzira, asi pane musiyano pano, uye dzinokosha chaizvo.

Hedger kushandisa neramangwana kwema, hedging remapazi iwayo, inoitiswa pamusoro pamusika ari (chaiwo) zvinhu. Nokuti speculator neramangwana chibvumirano - izvi chete mukana vaunze mari. Pane mutambo uri musiyano iri mutengo uye kwete pamusoro kutengwa uye kutengeswa chinokosha, nokuti chaiye chigadzirwa hakuwaniki zvakasikwa. Saka, chero nazvo kana mari kuti nevaya vanofungidzira ari neramangwana pamusika haasi mumwe kunze yokupedzisira mugumisiro remapazi ayo.

inishuwarenzi mikana

Chimwe chezvinhu dzakakurumbira zviridzwa simba pamusoro chezvinonhuwira zvibvumirano njodzi ndiyo kuti ruzhowa zvokusarudza, tichataura zvakawanda pamusoro pavo:

Option mhando akaisa:

• Wokuisira of American mhando Ipfungwa akapinza zvizere kodzero (asi kwete kuti ibasa ravo) chero nguva kushandisa neramangwana kondirakiti panguva yakatarwa muviri mutengo;
• titenge nezvechisarudzo yakadaro, chinokosha twa mutengesi unocherekedza shoma pakutengeswa mutengo, apo reserves kodzero kushandisa achimufarira mutengo;
• Akawira neramangwana mitengo pazasi mari kusarudza muviri, muridzi akazvitengesa (ndikazviita), nokudaro offsetting kurasikirwa pamusika chaiye;
• ane kuwedzera mitengo, anogona kuramba kuva kusarudza nokutengesa zvinhu panguva yakanakisisa ukoshi pachavo.

Musiyano mukuru kubva neramangwana chibvumirano ndechokuti kana ukatenga nezvechisarudzo akagovera imwe shoma, kunopisa panyaya asiri kuzadzika. Nokudaro, akaisa pfungwa anogona kuenzaniswa yaizivikanwa kwatiri inishuwarenzi traditional - pakuparwa vanoshorwa zviitiko (insured chiitiko) wokuisira pakati kusarudza anogamuchira shoma, uye haarambi pasi kwomuzvarirwo ezvinhu.

Option mhando runhare:

• anaro pakati kusarudza anekodzero (asi kwete mutoro) kutenga pfupi neramangwana kondirakiti chero panguva chaiyo kurovedza mutengo, kureva, kana neramangwana mutengo pamusoro wakaiswa, pfungwa inogona kushandiswa;
• Mutengesi ose pamusoro zvinopesana - nokuti shoma akagamuchira pamusoro kutengeswa nezvechisarudzo anosungwa kutengesa kuti anotenga rokutanga, neramangwana chibvumirano panguva ranwa mutengo.

Saka pane rubatso akachengeteka, akafanana akashandiswa neramangwana zvibvumirano (neramangwana musika). A chepfungwa mhando kudanwa nzira ndechokuti compensates kuti vasanyanye chinokosha twa mune mari kwete kupfuura shoma yakagamuchirwa mutengesi.

Types uye hedging nzira

Kutaura inishuwarenzi yakadaro ngozi, tinofanira kunzwisisa kuti, sezvo chero kutengeserana kune mativi zviviri, uye mhando hedging unogona kukamurwa:

• Ruzhowa investor (mutengi);
• ruzhowa Provider (mutengesi).

Chokutanga zvinodiwa kuderedza investor ngozi chokuita kunge kuwedzera mari yaida kutengwa. Panyaya iyi, zvakanaka mutengo nokufamba hedging kuita zvichava:

• tengesa akaisa nzira;
• kutengwa neramangwana chibvumirano kana kufona kuita.

Kana yechipiri, mamiriro acho ezvinhu akasiyana zvachose pakatarisana - mutengesi zvakakodzera kuzvidzivirira kubva vasawire pamusika mitengo nekuda nhumbi. Saizvozvowo, pane nzira ruzhowa zvinopesana neizvi:

• kutengesa neramangwana;
• kutenga akaisa kuita;
• Kutengeswa nezvechisarudzo runhare.

A nzira inofanira kunzwisiswa mumwe akagadzirwa dzakananga zvishandiso uye yakarurama pamusoro chikumbiro kwavo kubudirira zvinodiwa mugumisiro. Kazhinji, zvose hedging nzira inobva chokwadi chokuti neramangwana uye gwapa mutengo kwenhumbi siyana dzinenge dziri zvakafanana. Izvi zvinoita kuti kubhadhara neramangwana pamusika Nokurasikirwa chakakonzerwa namaneja kubva kutengeswa chaiyo zvinhu.

Kusiyana mutengo vakatsunga parutivi counterparty kunyatsonzwisisa chigadzirwa, uye mutengo hwamangwana nechibvumirano unogamuchirwa se "hwaro". Its chaizvoizvo anoratidzwa ne parameters dzakadai musiyano iri mhando kwenhumbi, chaiye mubereko rates, mutengo yefuma uye kuchengetera ezvinhu. Kana okuchengetera Rinobatanidzwa ne mamwe mari, hwaro ndiyo yakanaka (mafuta, gasi, non-ferrous nesimbi), uye avo zviitiko apo vaiva nenhumbi kusvikira kutapurirana wayo mutengi kunounza mamwe mari (somuenzaniso, simbi dzinokosha) achava asina kunaka. Zvinonzwisiswa kuti mutengo wayo haasi kugara uye kazhinji zvinoderedza sezvo anosvika izwi iri neramangwana kondirakiti. Zvisinei, kana nhumbi chaivo panomuka pakarepo kwakawedzera (dzokufungidzira) kudiwa, musika vaende ezvinhu akadaro, kana mutengo chaiye achava zvakawanda neramangwana.

Nokudaro, muna tsika, kunyange zvakanakisisa nzira hakuwanzoshandi - Kune chaihwo ngozi nechokuita chimbichimbi kuchinja "hwaro", iro kunodokuva kusingabviri neutralize achishandisa hedging.