MariTrading

Credit default swaps. International Swaps uye Dérivés Association

Credit default swaps havasi mukurumbira pakati mari machinda zvakare zvakanaka. Kakawanda akanzwa pfungwa kuti CDS vasataura zvoupfumi mufananidzo ari akaipa negwara. Chii uye nei kuwedzera mutengo wavo zvikuru kunetseka vechikamu mumusika?

Nyaya

Wokutanga munhoroondo chikwereti default swaps akazviratidza muna 1990 nemhaka vagari zvinoitwa nyanzvi Nemabhengi Trust uye JP Morgan. Kudiwa chichityisa pakuonekwa nokuda kudzivirira ngozi huru yemakambani zvikwereti, izvo zvinopa chekambani vatengi. Pakutanga, chishandiso aiva duku shoma, uye zvadaro kuguma kuma1990, akanga akaenzana anoverengeka mazana emabhiriyoni emadhora, uye ikozvino akabhururuka kuti 28 matiririyoni emadhora.

Vanoita basa kuita?

Kana isu kutsanangura chikwereti default swaps pamusoro minwe, ndiko rinokosha chisungo inishuwarenzi, nemhaka iyo mutengi anokwanisa uchatamisa panjodzi kuti investor ari anokwereta defaulting mubereko kubhadhara. mitengo inishuwarenzi zvakadaro akayera mune hundredths ane muzana kana hwaro muzano.

Somuenzaniso, kana chikwereti default swaps mhindu ngozi mumwe zana hwaro pfungwa, izvo zvinoreva kuti kudzivirira $ 10 miriyoni chisungo achaita mari 10 zviuru. kutengeserana kudaro (swap) inopa mamwe nevimbiso musoro mutengo.

Ungazviita sei?

Mumwe nomumwe acharumbidzwa default swaps kuEurope akasikwa na "vakawanda vanobvumirana", iro akasunungurwa Trade Association International Swapsand Dérivés Association (ISDA). Kunoita vose kupfuura mari-mabhanga, uye vamwe vanoita zviri OTC nomukaka. Izvi zvinhu zvinokosha zvikuru, nokuti chikwereti default swaps havasi pa akaronga exchanges. At paro, vanoita somugumisiro chibvumirano pakati vatengesi nevatengi, sezvo ndiwo investor uye mari-mabhanga.

Sei CDS sei?

International Swaps uye Dérivés Association rinoumbwa mumatare mashanu remunharaunda kukosha, zvinosanganisira makambani makuru uye mabhanga. Izvi imhaka yokuti pfungwa kadhi chiitiko uye default akatsunga zvakaoma. Chambotaurwa nezvacho Matare ndivo yokupedzisira mugoveri panyaya iyi.

Inoshanda sezvinotevera. Chero investor ane mukana kutumira chikumbiro kuna komiti, chiri madikanwa kuti wokurera. Next ichakurukurwa mubvunzo kana pane chikwereti chiitiko uye Pazvinotanga zvingava kuti makava.

Swap ari upfumi ano - chii chaigona kuenda zvakaipa?

Sezvo huchashandiswa zvemari iri contractual zvakasikwa, pane zvinhu zvakawanda kuti zvinofanira zvakateerera, uye murayiridzo yakatarwa. Chinonyanya kukosha ndechokuti chikwereti default swaps conditionally tichifunga anokwereta kuti midziyo. Kana chiri twa yachinja zita raro, mugumisiro anogona kuti Kuramba yokubhadhara CDS. A dzakawanda makambani atarisana chokwadi ichi apo zvoupfumi kuGreece, apo paiva kusauka vamwe mabhanga makuru.

Nhasi, vanoita vakawanda vanofarira kuwana chizvarwa chitsva zviridzwa zvemari nechinangwa bhizimisi zviwanikwa zvayo. Ndicho ichi uye nokuda kukura vakawanda chikwereti default swaps. Maererano nenyanzvi, default swaps pamusoro zvikwereti kwakakosha mumamiriro ezvinhu ano.

CDS iri US

Over achangopfuura makore, chikwereti default swaps vava kupfuura rakakurumbira muUnited States, nokuda unopinza kuwedzera chikwereti pangozi. Sezvo chokushandisa ichi haisi pasi kudzorwa exchanges kana hurumende masangano, hazvibviri kuwana mashoko akavimbika pamusoro Vhoriyamu turnover yavo. sei iwe vaongorore mamiriro ezvinhu ISDA, mari ruzhowa zvikuru achishingaira mhindu default swaps mushure dambudziko ra2008, uye zvino mamiriro acho ezvinhu undulating.

Kwekutanga mari kubva munyika yose kwaiitwa dzakawanda nokufungidzira chokuita chikwereti default swaps. Mugumisiro nezviito izvi chakaitwa pokuwa anoverengeka zvikuru zvemari masangano. Vazhinji mabhanga makuru uye makambani inishuwarenzi chaizvoizvo vakanga vashatisa nokuda CDS kwema.

Credit default swaps muRussia

Ngatitarisei kuitika nhasi. Cherechedza kuti mune Russian chikwereti default swaps kwete nokuwana kukurumbira zvakafanana kunze. Izvi imhaka zvimwe zvinetso zvinofanira kugadziriswa tichibatsirwa zvakaitika dzimwe nyika. Sezvo bhizimisi default swaps vaiva nezvishoma inotungamirwa, kuparadzirwa yavo kumusika Russia ndiyo zvishoma zvakaoma.

Huru chinhu kunodzivisa kupararira CDS muRussia - izvi kunyanya nemamiriro musika nokukwereta. Kutaura zvazviri, zvinoitika kuti kwokudiwa zvikwereti zvedu zvikuru outstrips nemushonga, uye izvi zvinopa pemahombekombe mukana kuisa zvinhu zvavo panyaya prices uye mazwi. Russian chikwereti musika ane mumwe katsika chokuita pokumuka zvikwereti pfupi-izwi kuti kupa pamwero wakasimba. Uyewo, kuti kuyangarara mwero aripo chete Tera rakapa kwenguva yakareba (gore rimwe kana kupfuura), uye zvikwereti yakadaro inogona ipiwe chete anokwereta vane chikwereti nhoroondo yakanaka. Mukuwedzera, vari kuzviita chete pemahombekombe guru. Izvi zvose zvinoratidza kuti pane matambudziko pamusoro hedging kuchinja. Mukuwedzera, paumbwe yepamusoro CDS pamusika Russia kungava chipingamupinyi muchimiro yokufungidzira mu nomukaka hwakatozadzika kuchengetwa dzimwe nyika uye akanga inokanganisa.

Pasinei nokuti tinyatsonzwisisa zvikwereti default swaps, uyewo avo mukurumbira chinoreva zvakawanda chaizvo, vadzidzi mari pamusika yeRussia tariro pamusoro kuparadzirwa zvavo. Izvi zvinonzwisisika, nokuti chikwereti kuchengetedzeka yokuisira vachakwanisa kurerutsa zvikwereti ngozi, uyewo nokubudiswa mari parutivi pasi chikwereti. Izvi zvichava zvinogoneka ngaavongwe chokuti pashure kutenga nengozi asiri kudzoka swap mari vachava kutakurwa nebato wechitatu. izvi zvose ane zvinogona kuwedzera musika liquidity chikwereti rose. Vendors, zvichaita mukana kuti zvimwe mari kuburikidza kusunungura nomukaka.

The mhedziso kubva izvi zvose zvinogona kuitwa sezvinotevera: chikwereti default swaps zvinogona zvinobudirira rakatangwa muna musika wokuRussia, asi uyu zvaida nokungwarira chengetedza uye kuronga basa ravo. Uyezve, zvinokosha uye asike zvinhu nokuda kwaita vazhinji kubatsira CDS sechinhu kuti unhu ruzhowa pamusoro default, uye kwete sezvinoita chinhu dzokufungidzira Resale.

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