Nzira Inishuwarenzi yeBoning Yakagadziriswa Yakapararira Yakaparadza Global Economy
Swaps inoshanda seinishuwarenzi. Vanobvumira vatengi kutenga kudzivirirwa pamusangano usingabviri asi unoparadza.
Iyo yakafanana neinishuwarenzi mukuti mutengi anoita zvikwereti nguva nenguva kune mutengesi. Kubhadharwa kwegore rimwe nerimwe panzvimbo pemwedzi.
Muenzaniso
Heano muenzaniso wekuenzanisira kuti swaps inoshanda sei. Kambani inoburitsa chisungo . Makambani matsva anotenga chikwereti, nokudaro achikweretesa kambani mari. Vanoda kuve nechokwadi kuti havasi kupiswa kana uyo akakwereta achifa. Vanotenga chikwereti chinotengeswa kubva kune mumwe wechitatu, uyo anobvumirana kubhadhara chikwereti chakanyanya chechibvumirano. Kazhinji kazhinji, wechitatu ndiye kambani ye inshuwarisi, mabhangi , kana hedge fund . Mutengesi wokutsvaga anounganidza premiums pakupa shanduko.
Pros
Swaps inodzivirira vatengesi kurwisana nekwereti. Izvi zvinoita kuti vatengi vatengesi vabatsire riskier ventures kupfuura zvavangadaro. Kuita zvekuchengetedzwa kwehuwandu kune ngozi kunowedzera mukurumbira uye kusimba, izvo zvinowedzera kukura kwezomnotho. Iyi ndiyo nzira iyo Silicon Valley yakava nayo inyanzvi yeAmerica .
Makambani anotengesa swapusi anozvidzivirira nekutaurirana.
Kana kambani kana kunyange iyo yose ikashambadzira, vanobhadhara kubva kune dzimwe swap dzakabudirira kuti vaite mutsauko. Kana zvikaitwa nenzira iyi, kukwaswa kunopa mukana wekubhadhara zvakakwana nechinetso chepasipo.
Cons
Shamba dzakanga dzisingabhadharwi kusvikira muna 2009. Izvozvo zvaireva kuti pakanga pasina mutongi kuti ave nechokwadi kuti mutengesi weCDS aiva nemari yekubhadhara muridzi kana chikwereti chakarambidzwa.
Zvechokwadi, zvikwereti zvezvemari zvinotengesa swaputi chete zvakachengetedza chikamu chiduku chezvaidiwa kubhadhara inshuwarisi. Vakanga vasingapfuuri. Asi sangano rakashanda nokuti chikwereti chikuru chakanga chisina kukwana.
Zvinosuruvarisa, s swaps dzakapa pfungwa dzenhema yekuchengetedzwa kune vasungwa vanotengesa. Vakatenga riskier uye riskier chikwereti. Vaifunga kuti CDS yakavadzivirira kubva pane kurasikirwa kupi zvako.
Mari yeCheck Crisis ya2008
Pakazosvika pakati pa2007, kwaive nemadhora anodarika $ 45 triliyoni muzvikwangwani. Izvo zvinopfuura mari inotengeswa mumusika wekuAmerica, mazvitoro, uye US Treasurys pamwe chete. Iko mari yeAmerica yaitenga US $ 22 trillion. Zvikwereti zvinokwana $ 7.1 trillion uye US Treasurys, $ 4.4 trillion. Chaizvoizvo, zvaive zvakangofanana nehupfumi hwepasi rose muna 2007, iyo yaiva $ 65 trillion.
Chikwereti swaps paLehman Brothers chikwereti chakabatsira kukonzera dambudziko remari ra2008 . Bhengi yekubhadhara inokwereta $ 600 mabhiriyoni mune chikwereti. Kubva ipapo, $ 400 mabhiriyoni "akafukidzirwa" nechikwereti chinoshandiswa swaps. Chikwereti icho chaingova nemadhora makumi matanhatu nematanhatu pamadhora. Makambani akatengesa swaps aiva American International Group , Pacific Investment Management Company, uye hedge fund, Citadel. Havana kutarisira kuti chikwereti chose chizouya panguva imwe chete.
Apo Lehman akazivisa bankrutpcy, AIG akanga asina mari yakakwana yekuti avhare zvibvumirano zvekushandura. The Federal Reserve yaifanira kuibhadhara.
Kunyanya kuipa, mabhandi anoshandiswa swaps kuti awane mari yakaoma yemishonga. Vaitengesa swaps mumisika dzisiri pamutemo. Vatengi vakanga vasina hukama nehupfumi hwezvinhu. Havana kunzwisisa njodzi inowanikwa mune izvi zvakagadzirwa . Pavakange vasipo, vatengesa vatengesi seMasipala Bond Insurance Association, Ambac Financial Group Inc., uye Swiss Reinsurance Co. vakarohwa zvakaoma.
Husiku husiku, mutengesi weCDS wakawa woga. Hapana akazvitenga nokuti vakaona inshuwarisi yaisakwanisa kuvhara huru kana kupararira. Somugumisiro, mabhenji haana kuita zvishoma kuti aite zvikwereti. Vakatanga kutora mari yakawanda, uye vakava nengozi yakawanda-inopera mukukweretesa kwavo. Izvozvo zvakabvisa mari yemabhizimisi maduku uye zvikwereti zvemusha.
Idzi idzi dzaiva mbiri huru dzakaita kuti urege kushanda mune zvinyorwa.
Dodd-Frank
Muna 2009, Dodd-Frank Wall Street Reform Act yakaronga chikwereti chinoshandiswa swaps munzira zvitatu. Chokutanga, Volcker Rule yakarambidza mabhenji kubva kushandiswa kwevatengi kuisa mari mune zvitsva, kusanganisira swaps.
Chechipiri, raida Commodity Futures Trading Commission kuti ironge swaps. Icho chainyatsoda kuti nzvimbo yekuchenesa iiswe panzvimbo yekutengeserana uye kuitengesa.
Chechitatu, yakabudisa CDS yakaipisisa.
Mabanki akawanda akachinja mashizha awo kune dzimwe nyika kuti asapinda mutemo weUnited States. Kunyange zvazvo nyika dzose dzeG-20 dzakabvumirana kuzvidzora, vazhinji vakange vari shure kweUnited States mukupedzisa mitemo. Asi izvi zvakachinja muna Gumiguru 2011. European Econom Area yakarongedza swaps neMiFID II.
IJP Morgan Chase Swap Loss
Musi waMay 10, 2012, JP Morgan Chase CEO Jamie Dimon akazivisa kuti bhangi yakarasikirwa ne $ 2 bhiriyoni kutengesa pamusoro pesimba rekwereti swaps. Pakazosvika gore ra2014, basa racho raive rakadhura $ 6 biliyoni.
Bhengi reLondon Desk rakaronga mhando dzezvinhu zvakaoma zvaizoita kuti zvibatsire kana zvikwereti zvekambani zvakasimuka. Imwe, iyo Markit CDX NA IG Series 9 yakakura muna 2017, yakanga iri chikwereti chekwereti swaps. Nhamba iyo yakatsvaga chikwereti chechikwereti chechi 121 chepamusoro-soro bhizinesi, dzinosanganisira Kraft Foods uye Wal-Mart. Apo bhizimisi rakatanga kutadza mari, vamwe vakawanda vatengesi vakatanga kutora nzvimbo yakasiyana. Vakatarisira kubatsirwa kubva kurasikirwa kwaJPMorgan, nokudaro kuwedzera.
Kurasikirwa kwaishamisa. JP Morgan Chase akatanga kutora chikwereti chinoshandiswa swaps muna 1994. Chakanga chichida kuzvidzivirira kubva pangozi yekusagadzikana pane zvikwereti zvaibata mumabhuku ayo.
IGreece Chikwereti Crisis uye CDS
Swaps 'pfungwa dzenhema yekuchengetedza dzakabatsira kuGreece dambudziko remari . Vatengesi vakatenga chikwereti cheGreece, kunyange zvazvo chikwereti chenyika-kusvika-yakawanda chezvibereko zveminda chaive chakakwirira kudarika yeEuropean Union ye 3 muzana. Ndizvo zvakaita kuti vatengesi vatenge CDS kuti vavadzivirire kubva pane zvingave zvisiri izvo.
Muna 2012, varimi ava vakaona kuti zvishoma zvakadini zvidziviriro zvaivadzivirira. Greece yaida kuti vashandi vatore chikamu chemazana makumi manomwe ekurasikirwa pamabasa avo. ICDS haina kuvadzivirira kubva pakurasikirwa uku. Izvozvo zvinofanira kunge zvakaparadza misika yeCDS. Yakaisa muenzaniso wakakwereta, kufanana neGrisi, inogona kukanganisa zvakananga CDS payout. International Swaps uye Derivatives Association yakatonga kuti CDS inofanira kubhadharwa, zvisinei.