Chii chaunofanira kuziva pamusoro pekuchinja kwemari?

Currency swaps iri kuwedzera kuwanda kubva muzvikwereti zvemakambani capital zvimiro. Kana masangano akaongorora kana chigadzirwa ichi chakavakodzera, vanotarisa nyaya dzakasiyana siyana, kubva pakurongwa kwekutengeserana kusvika pakurapa accounting. Uyezve, remangwana rekubhanga riri mukuchengetedza uye portfolio diversification yezvikwereti. Musika wepasi rose wekuchinja mari uchaita basa rakakosha mukushandurwa uku.

Muchikamu chino, ndinokupa iwe zvakakosha zvezvaunoda kuziva pamusoro pekuchinja kwemari. Asi chekutanga, heino kosi yekudzidziswa yakabhadharwa iyo inokutendera iwe tanga nekudzidziswa online.

Chii chinonzi shanduko yemari

Kuchinjanisa mari ichibvumirano pakati pemapato maviri chekuchinjana mafambisirwo emari yechikwereti kubva kune rimwe bato kuenda kune rimwe mune imwe mari yakasiyana. Vanobvumira makambani kuti apinde mumisika yemari yepasirese zvine hukasha nekuti vanopa chinongedzo chekubatana pakati pemitengo yemubereko munyika dzakasiyana dzakasimukira.

Kuchinjana kwemari ingori chibvumirano chekuchinjana kuyerera kwemari mune imwe mari yekufamba kwemari mune imwe mari pamitengo yakatarwa.

Semuyenzaniso, kambani inogona kupinda muchibvumirano nehedge bank kuti igamuchire imwe mari yeUSD pamutengo wakatarwa wemubereko kuti ibhadharwe imwe mari yatarwa yeEUR pamutengo wakasiyana. Izvo zvakakosha kuti uzive kuti nhanho yega yega yekutengeserana inogona kunge yakagadziriswa kana kuyerera mwero.

Kungofanana nechero OTC inotorwa, izvi kutengeserana zvinogoneka. Mune zvimwe zviitiko, pane yekutanga notional exchange. Kune zvimwe zviitiko, pane yekupedzisira notional exchange. Muzviitiko zvese kune muripo wenguva pfupi yemubereko, unogona kana kusasanganisirawo notional swaps. Chati iri pasi apa inopa muenzaniso wakafanana.

Historical kwakabva swaps

Kuchinjana kwakatanga kumakore ekuma1960 apo FED (US central bank) yakapindira mumusika wemari yekunze kuti itsigire dhora nekuchinjana magreenbacks kuti vawane mamakisi neBundesbank (bhanga guru reGermany). FED yakabva yaita chisungo chekuti reverse exchange (kudzoka kwemamaki uye kudzoreredzwa kwemadhora) kwaizoitika pazuva rakatarwa.

Sei kushandisa currency swap?

Swaps inoshandiswa nevamwe vanoisa mari semidziyo yekufungidzira kubheja pakushanduka kwemitengo yemisika yakasiyana. Saka iwe uchawana swaps pamari, pamitengo, pamasheya, pane zvigadzirwa, nezvimwe.

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Kuchinjana kunofanirwa kusanganisira zvinhu zvakaita sehurongwa, nguva, zuva rekutanga, kukosha kwechiyero chakatarwa, chimiro chepasi, huwandu hwezita, hwaro hwekuverenga uye referensi yechiyero chakasiyana.

Swap Muenzaniso

Ngatitorei semuenzaniso kubva kuUS-based kambani tichadaidza Acme Tool & Die. Acme yakasimudza mari nekupa Swiss franc-denominated Eurobond ine yakatarwa semi-pagore coupon kubhadhara kwe6% pa100 miriyoni Swiss francs.

Pakutanga, kambani inogamuchira 100 mamiriyoni eSwiss francs kubva pamari yeEurobond nyaya (isingateereri chero kutengeserana kana imwe mari) uye inokwanisa kushandisa maSwiss francs kubhadhara mabasa ayo muUnited States.

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Sezvo nyaya iyi iri kupa mari kuUS-based mashandiro, zvinhu zviviri zvichafanirwa kuitika: Acme ichafanirwa kushandura zana remamiriyoni eSwiss francs kumadhora ekuUS, uye ingade kubhadhara chikwereti chayo chekubhadhara makuponi mumadhora ekuUS. mwedzi mitanhatu yega yega.

Kambani iyi inogona kushandura chikwereti cheSwiss franc ichi kuita chikwereti chakafanana nedhora reUS nekupinda mukuchinjana kwemari neFirst London Bank.

Anobvuma kutengesa 100 mamiriyoni eSwitzerland francs kutanga mumadhora ekuAmerica, pamwe chete nekutambira mari dzemacoupon muSwiss francs pamazuva mamwechete ayo kubhadhara makuponi kunofanirwa kuitwa neAcme Eurobond investimendi uye kubhadhara makuponi ekubhadhara mumadhora ekuAmerica akabatana neindexer uye kuchinjanisa zvakare dhora rekuAmerica reUS kuSwitzerland. mafranc pakukura.

Acme's U.S. mashandiro anoita mari yeU.S vanobhadhara index index muUS madhora. Nenzira iyi, kuchinja kwemari kunoshandiswa kuvhara kana kuvhara mumutengo wakawedzerwa weEurobond nyaya, ndicho chikonzero mhando idzi dzekuchinja dzinowanzotengeswa sechikamu chepurogiramu yose yekubudiswa nekambani huru inopa mari.

Kuchinja-chinja

Kusiyana nemubereko wekuchinjana, izvo zvinobvumira makambani kuti atarise mukana wavo wekuenzanisa nekukwereta mumari imwe chete munguva pfupi, kuchinja kwemari kunopa makambani mukana wekuwedzera mukana wekushandisa mukana wavo wekuenzanisa mumisika yavo.

Ivo zvakare vanopa kugona kukwirisa mabhenefiti pane network yemari uye maturities. Kubudirira kwemusika wekuchinja mari uye kubudirira kwemusika weEurobond kwakabatana zvakajeka.

The kuratidzwa

Kuchinjana kwemari kunounza njodzi huru yechikwereti pane kuchinja kwemitengo. Izvi zvinokonzerwa nekuchinjana uye kutengeserana patsva kwemari yekufungidzira. Makambani anofanirwa kuwana mari yekuendesa fungidziro pakupera kwekondirakiti uye anosungirwa kuchinjanisa pfungwa yeimwe mari kune imwe pamwero wakatarwa.

Kunyanya kutsauka kwemitengo yemusika kubva pachiyero chekondirakiti ichi, ndiko kukura kwekurasikirwa kana kuwana.

Izvi zvinogona kuitika zvinowedzerwa sezvo kushanduka kunowedzera nekufamba kwenguva. Kana kondirakiti yarebesa, ndipo paunowana mukana wekuti mari ifambe mativi ese emutengo wakabvumiranwa wekutanga wekuchinjana. Izvi zvinotsanangura kuti sei kuchinjana kwemari kuchiunganidza mitsara yechikwereti yakawanda kupfuura kuchinja kwemitengo yechinyakare.

Mutengo

Kuchinja kwemari kunokosheswa kana kukosheswa nenzira imwechete nekuchinjana kwemhindu. Izvi zvinoitwa uchishandisa yakaderedzwa ongororo yekuyerera kwemari wawana zero coupon vhezheni yekuchinjana macurves.

Kazhinji, shanduko yemari pakutanga inotengesa pasina mambure akakosha. Pamusoro pehupenyu hwechiridzwa, kushandura mari kunogona kuenda "mu-mu-mari", "kunze kwemari" kana kuti inogona kugara "mu-mu-mari".

Mhando dzeSwaps

Midziyo inotsinhaniswa mukutsinhana haifanire kunge iri mari yemumba. Muchokwadi, kune isingaverengeke misiyano yeexotic swap madhiri. Zvibvumirano zvakajairika zvinosanganisira kuchinjisa mari, kuchinjisa chikwereti, commodity swaps, uye zvachose kudzoka swaps.

Interest Rate Swaps

Iyo yakapfava uye yakajairika mhando yekuchinjisa inozivikanwa sevanilla nyore kufarira chinjana. Mukuchinjana kwakadaro, Bato A rinobvuma kubhadhara Bato B chiyero chakatarwa, chakafanotemerwa chemhindu pamukuru wechikoro kwenguva yakatarwa pamazuva chaiwo.

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Naizvozvo, Bato B rinobvuma kuita chero mubhadharo kuBato A pachiyero chemhindu chakasiyana nemukuru wepfungwa mumwechete kwenguva imwe chete pamazuva akataurwa.

Mune yechinyakare mubereko wekuchinjana, inozivikanwawo sekuti vanilla nyore mubereko wekuchinja, iyo imwe mari inoshandiswa kubhadhara ese ari maviri mari inoyerera. Mazuva ekubhadhara akatemerwa anonzi mazuva ekugadzirisa, uye nguva iri pakati pawo ndiyo nguva yekugadziriswa.

Sezvo swaps ari zvibvumirano zvemunhu, kubhadhara kunogona kuitwa pamwedzi, kota, gore negore kana chero nguva yakatarwa nemapato.

Muenzaniso wekuchinjana kwemhindu

Ngatitii masangano maviri ari kutsvaga "kunyepedzera" kusandura zvisungo zvekubhadhara mubereko. Kambani A inogona kutsvaga kuchinjanisa mari yekubhadhara mubereko yakasiyana-siyana nechiyero chakatarwa ichiibvumira, semuenzaniso, kuwana chimwe chikwereti.

Mumwe wayo, Kambani B, ingangosarudza kushandura mari dzayo kuti dzive chiyero chinoyangarara, zvichienderana netarisiro yemitengo yakaderera.

Kuchinja kwemari

Mukuchinjana kwemari, mapato maviri aya anotsinhana mukuru uye kubhadhara mubereko pachikwereti chine mari dzakasiyana. Kusiyana nemubereko wekuchinjanisa, mukuru wechikoro kazhinji haasi mari yekufungidzira asi anotsinhaniswa nezvisungo zvemhindu. Kuchinja kwemari kunogona kuitika munyika dzakasiyana.

Semuyenzaniso, Argentina neChina vakashandisa shanduko iyi, kunyanya kuitira kuti China igone kudzikamisa matura ayo ekunze kwenyika.

Semuenzaniso wechipiri, kunyangwe iyo US Federal Reserve yakapinda mune hukasha hwekutsinhana mari nemabhanga epakati eEuropean. Izvi zvakaitwa panguva yedambudziko remari muna 2010 muEurope, iro rakanangana nekudzikamisa euro iyo yaive ichidonha zvichitevera dambudziko rechikwereti cheGreece.

Currency Swap Muenzaniso

Muenzaniso unonyanya kucherechedzwa werudzi urwu rwekuchinjana wakapinda muna 1981, World Bank payakagamuchira bond yeUSD, ikazochinjana mari yekubhadhara dhora nekambani yekuAmerica IBM vachichinjana nechikwereti chekuvhara. DM) uye Swiss francs (CHF).

Kuchinjana uku kwakabvumira World Bank kuti iwedzere kuratidzwa kwayo kumari dzeSwitzerland neGermany, idzo dzaive nemhindu pakati pe8% ne12%, zvichienzaniswa ne17% muUnited States - nepo IBM yakasunga zvisungo zvayo mumari idzi.

The Total Return Swap

Mukutengeserana kwekuchinja kwekudzoka kwese, kudzoserwa kwese kwechimwe chinhu kunotsinhaniswa kune yakatarwa mubereko. Bato rinozobhadhara iyo yakatarwa chiyero kuratidzwa kune iri pasi peasset, ingave stock kana index.

Somuenzaniso, munhu anodyara mari anogona kubhadhara chiyero chakatarwa kune bato mukutsinhana nekukoshesa mari mukuwedzera kune kugoverwa kwemari kubva padziva remasheya.

Commodity swaps

Kutengeserana mutengo wezvinhu zvinoyangarara ndizvo zvinoonekwa mukuchinjana kwezvinhu. Tora somuenzaniso mutengo wenzvimbo yeBrent crude oil, pamutengo unotarwa panguva yakabvumiranwa. Sezvinoratidzwa nemuenzaniso, shanduko yezvinhu inowanzobatanidza mafuta asina kuchena.

Chikwereti-che-equity swaps

Sezvinoratidzwa nezita racho, chikwereti-che-equity swap chinosanganisira kuchinjana kwehutano kune chikwereti uye zvakasiyana. Kana uchishanda nekambani inotengeswa pachena, izvi zvinoreva kuchinjana mabhondi emasheya. Chikwereti-ku-equity swaps inzira yekuti kambani itsigire chikwereti chayo pamwe nekutamisa chimiro chayo chikuru.

The credit risk swap

Kuchinjanisa kwechikwereti kunosanganisira chibvumirano chebato rimwe chete chekubhadhara mari yakabviswa pamwe nemubereko pachikwereti kune mutengi ane njodzi, chero bedzi mukwereti akatadza kubhadhara paanenge akagadzirira. Kutadza kutonga kwenjodzi uye kuwandisa kwakanyanyisa mumusika wechikwereti ndizvo zvakakonzera dambudziko remari ra2008.

Muenzaniso we a chikwereti ngozi kuchinja

Ngatitii kuti mukutsinhana nechikwereti chinokwezva (chinokosha), homwe yepenjeni "FP" yakasarudza kuisa mari nekukweretesa mari yakawanda kukambani yeABC. Kudzikamisa njodzi yayo, FP (mutengi) anosarudza kuvhura chibvumirano chechikwereti nekambani yeinishuwarenzi (inoburitsa) mukutsinhana nechidimbu chemubereko unogamuchirwa pakudyara kwayo.

Nekuchinja uku, FP inokwanisa kuzvidzivirira kubva kune yakasarudzika (isina kubhadhara) yekambani ABC, nekuendesa chisungo chekuvhara kurasikirwa kukambani yeinishuwarenzi.

Mamwe marudzi e swaps

• The basic swap: inobvumidza iwe kuchinjanisa mareti maviri akasiyana akaiswa kumatengo enguva pfupi, mumari imwechete kana mumari mbiri dzakasiyana.
• Iyo inogara ichikura maturity rate inochinja: inoita kuti zvikwanisike kuchinjana chiyero chakasiyana chakaiswa pamibereko yenguva pfupi ichipikisa imwe chiyero chakachinjika chakaiswa pachiyero chepakati kana chenguva refu.
• Kuchinja kweasset: iko kubatanidzwa pakati pechinjo chemubereko nereti yakatarwa bond kugadzira chibatiso chinoyangarara chemhando yebhondi.
• The total return swap: inokubvumira kuchinjanisa mari uye njodzi yekuchinja mukukosha kwezvinhu zviviri zvakasiyana panguva yakatarwa.
• Kuchinja kweinflation : Kutsinhana kwemwero wakatarwa kana kuchinjika uchipesana nekukwira kwemitengo
• Equity swaps: inoshanda zvakafanana nekuchinjana kwemhindu
• Curve Swap: mhindu kuchinjanisa (variable against variable) mari imwe chete kubheja pachimiro chegoho.

Musiyano uripo pakati pekuchinja kwemari nekuchinja kwemitengo

Kuchinjana kwemhindu kunosanganisira kuchinjana kwemari inoyerera inoenderana nekubhadhara mubereko pamari yakatarwa. Iko hakuna kuchinjika kwekufungidzira pakutanga kwekondirakiti, saka mari yekufungidzira yakafanana kumativi ese emari uye inoganhurwa mumari imwe chete. Kuchinjana kukuru hakuna basa.

Nyaya yekuverenga : Nzira yekugadzira mufananidzo wekambani yekambani?

Panyaya yekuchinjana kwemari, zvisinei, iyo principal exchange haina kushaikwa nekuda kwekusiyana kwemari. Kutsinhana kwemukuru pamari yekufungidzira kunoitwa pamitengo yemusika, kazhinji uchishandisa mwero wakafanana wekutamisa pakutanga seunoshandiswa pakukura.

Zvakanakira uye zvakaipira zvekuchinjanisa

Swaps haashandiswe kwete chete kune hedging mashandiro anoda kukanzura kana kuderedza kuratidzwa kwenjodzi kwekambani kana munhu, asiwo nekuita zvekufungidzira. Iyo huru drawback ye swaps inoramba iine hukama kune imwe neimwe njodzi.

Ichokwadi nguva dzose zvinogoneka kuti mubatanidzwa hauzadzise zvisungo zvekubhadhara. Nekusarudzira shanduko yezvikonzero zvekufungidzira, iwe zvakare uri panjodzi yekurasikirwa kana fungidziro yako isiri yechokwadi.

mhedziso

Iko kuchinjisa mudziyo wakaoma wemari unonyanya kushandiswa nenyanzvi dzekudyara mari. Iyi nzira iripo pamusika wemari zvakare inotorwa kubva mune zvemari chigadzirwa chinobvumira mari yekutengeserana uye kiredhiti optimization.

Inoshandiswa nevamwe vatengesi kugadzira purofiti yenguva refu yeforex nekutora mukana wekusiyanisa mubereko pakati pemari kuburikidza ne " ita zvekutengeserana ". Nekudaro, vatengesi vezvitoro vanorayirwa kuti vatsvage kunzwisisa iyo yakakosha nzira nekuisanganisa mupotfolio yako.

Asi usati waenda, heino premium kudzidziswa iyo ichakubatsira iwe kutora kutonga kwemari yako pachako.