Ndezvipi Zvinotambudza Nezvikomborero?
Derivatives inowanzoshandiswa zvezvinhu , zvakadai samafuta, petroli kana ndarama. Imwe yemafisi eklasi ndiyo mari, kazhinji idhora reU.S. Iko kune zvigadzirwa zvichibva pamatokisi kana zvisungo. Vamwewo vanoshandisa chido chekuda , zvakadai sezvibereko pamakore gumi nemakumi matatu emari .
Mutengesi wevatengesi haafaniri kuva neyemari inoshandiswa. Anokwanisa kuzadzisa chibvumirano kuburikidza kupa mutengi mari yakakwana yekutenga iyo pfuma pamutengo wakakosha. Anokwanisa kupawo mutengi chimwe chibvumirano chebvumirano chinokanganisa kukosha kwekutanga. Izvi zvinoita kuti zvibvumirano zvive nyore nyore kutengeserana kupfuura iyo yega pachake.
Derivatives Trading
Muna 2016, mabhizimisi makumi maviri nemakumi maviri ezvibvumirano zvakatengeswa. Asia yakarayira 36 muzana yehuwandu, asi North America yakatengesa 34 muzana. Zvikamu makumi maviri zvezvibvumirano zvakatengeswa muEurope. Izvi zvikwereti zvaive zvakakosha madhora 570 trillion muna 2016. Izvo zvakapetwa katanhatu kupfuura hupfumi hwepasi.
Zvinopfuura 90 kubva muzana zvemakambani mazana mashanu emakona makuru anoshandisa zviyero kuderedza ngozi. Semuenzaniso, ramangwana rechibvumirano chinopikira kutakura kwezvinhu zvakagadzirwa pamutengo unobvumirana. Nenzira iyo kambani inodzivirirwa kana mitengo ichikwira. Makambani anonyorawo zvibvumirano kuti vadzivirire pachavo kuchinja kwekushandurwa kwemitengo uye chido chekuda.
Derivatives anoita mari yemangwana yemangwana inofanirwa kutarisirwa. Vanobvumira makambani kuti aongorore maitiro avo zvakanyatsorurama. Izvozvo zvinotarisirwa zvinowedzera nhamba dzematengo. Mabhizimisi anobva ada mari shoma shoma kuti avhare njodzi. Vanogona kudzorera zvakawanda mubhizimisi ravo.
Nzvimbo dzakawanda dzinotengeserana dzinoshandiswa nehedge funds uye nevamwe vashandi kuti vawane huwandu hwakawanda.
Izvozvo ndezvokuti zvinowanikwa chete zvinoda chikwereti chiduku, chinonzi "kubhadhara pamuganhu." Zvibvumirano zvakawanda zvezvibvumirano zvinogadziriswa, kana zvakasvibiswa, nedzimwe dhiyabhorosi vasati vauya kune nguva. Izvozvo zvinoreva kuti vatengesi ava havafungi nezvekuva nemari yakakwana yekubhadhara chibvumirano kana misika inopesana navo. Kana vakakunda, vanobhadhara.
OTC
Zvinodarika 95 kubva muzana zvezvose zvakagadzirwa zvinoshandiswa pakati pekambani mbiri kana vatengesi vanozivana pachavo pachavo. Izvi zvinonzi " pamusoro pekambani " zvisarudzo. Inotengeswawo kuburikidza nemubatanidzwa, kazhinji bhanhi guru.
Kugoverana
Zvine 4 kubva muzana zvezvigadzirwa zvenyika zvinoshandiswa pakugoverana. Iko kushamwaridzana kwevanhu vose kunoisa mitemo yakagadziriswa. Vanotsanangurira premiums kana kutengesa pamutengo wechibvumirano. Iyi miitiro inovandudza kushandiswa kwezviwanikwa. Izvo zvinoita kuti zviwedzere kushandiswa, zvichiita kuti zvive zvakakosha pakukomberedza .
Kugoverana kunogonawo kuva imba yekuchenesa, inoshanda semutengi chaiyo kana mutengesi wezvinobva. Izvo zvinoita kuti zvive zvakachengeteka kune vatengesi, sezvo vanoziva kuti chibvumirano chichazadzikiswa. Muna 2010, Dodd-Frank Wall Street Reform Act yaida kuti zvigadziriswa zve OTC zviendeswe kune imwe shanduko. Mashoko ekuti ungaita sei izvi achiri kushandiswa.
(Chinobva: " Chiziviso kuGlobal Derivatives Market ," Deutsche Bourse Group.)
Iko kushandiswa kukuru kune CME Group. Iko kuwirirana pakati peChicago Board of Trade, yeChicago Mercantile Exchange (inonziwo CME kana Merc) uye New York Mercantile Exchange. Iyo inoshandisa zviwanikwa mune zvidzidzo zvose.
Nzira dzekutsvaga dzinoshandiswa pane NASDAQ kana Chicago Chicago Options Exchange. Nguva dzinoita zvibvumirano zvinotengeswa kuIntercontinental Exchange. Yakawana New York Board of Trade muna 2008. Inotarisa kune zvibvumirano zvekurima uye zvemari, kunyanya kofi, kota uye mari. Iko kugoverana kunotungamirirwa neCommodities Futures Trading Commission kana Securities and Exchange Commission . Kuti uwane mazita ekutengeserana, ona Sangano reBritain, Clearing Organizations uye SEC Self-Regulating Organisations.
Mhando dzeMari Derivatives
Mhedzisiro inonyanya kuzivikanwa ndeyezvikwereti zvinokwereta chikwereti . CDO dzaive chikonzero chinonyanya kukonzera matambudziko emari muna 2008 . Izvi zvikwereti semari chikwereti chemotokari, chikwereti chikwereti chikwereti kana mari yekuchengetedza muhutete. Kukosha kwayo kunobva pane zvakasimbiswa zvezvikwereti. Kune miviri miviri mikuru. Pepa rekutengeserana reAset-backed rinowanikwa pane chikwereti chebhizimisi uye bhizinesi. Kubhadhara-kutsigirwa kuchengetedzwa kunowanikwa pane zvikwereti. Apo misika yemumba yakaputsika muna 2006, ndizvo zvakaitawo kukosha kweBMBS uye zvakare ABCP.
Rudzi rwakakurumbira rwezvakagadzirwa nderimwe shanduko. Icho chibvumirano chekutsinhanisa imwe yefa (kana kuti chikwereti) kune imwecheteyo. Chinangwa ndechokuderedza ngozi yevamwe vaviri. Vazhinji vavo vane swaps mari kana kuti swap rate interest . Semuenzaniso, mutengesi anogona kutengesa zvigadzirwa muUnited States uye achizvitenga mune imwe nyika mari yekuisa mari yekutengesa . Idzi ndidzo OTC, saka haitengeserwi kugoverana. Imwe kambani inogona kupindira iyo yakagadzirirwa-kutengesa kwekukwikwidza kwechibvumirano chechibvumirano chekutsinhanisa-kutengesa kutengesa kushandiswa kwechisungo chekambani.
Kunyanya kusakanganiswa kwezvi swap idzi idzi zvikwereti zvisiri zvechikwereti swaps . Ndiko nokuti vakabatsirawo chinokonzera 2008 matambudziko emari. Vakatengeswa kuti vatsigire pamusoro pekusavapo kwemasimende emasisita, chikwereti chekambani kana mari yekuchengetera mari . Apo misika yeMBS yakagumburwa, pakanga pasina mari yakakwana yekubhadhara vatengesi veCDS. Ndicho chikonzero nei hurumende yehurumende yaifanira kugadzirisa AIG . MaCDS iko zvino anotungamirirwa neCFTC.
Pamwe pane imwe nhamba yeOTC. Izvo zvibvumirano zvekutenga kana kutengesa zvinhu zvakasikwa pamutengo unobvumirana pane imwe nguva mune ramangwana. Iyo mapato maviri anogona kuchinja mavari mberi kwazvo. Pamwechete inoshandiswa kuisa panjodzi mune zvigadzirwa , mutengo wekutengesa, kuchinja kwehuwandu kana hutengo. (Chinyorwa: "Kuburitswa kweZvirevo," CBOE.)
Imwe mhando yakakosha yezvakagadzirwa isimboti chesangano . Iyo yakanyanya kushandiswa ndeyemangwana yezvigadzirwa . Pakati peizvi, iyo inonyanya kukosha ndeyemagetsi emangwana. Ndiko nokuti vanoisa mutengo wamafuta uye, pakupedzisira, petoro.
Imwe rudzi rwekuwanikwa inopa muchengeti sarudzo yekutenga kana kutengesa iyo pfuma pane imwe mutengo uye zuva. Inonyanya kushandiswa-inoshandiswa ndeyekusarudza. Iko kodzero yekutenga chikwata chiri foni yekusarudza , uye kodzero yekutengesa isarudzo yekuisa .
Imwe rudzi rwekuwanikwa inopa muchengeti sarudzo yekutenga kana kutengesa iyo pfuma pane imwe mutengo uye zuva. Inonyanya kushandiswa-inoshandiswa ndeyekusarudza. Kodzero yekutenga iyo inosarudzo , uye kodzero yekutengesa chikwata ndeyekusarudza.
Ngozi Dzine dzeDerivatives
Derivatives ane zvikanganiso zvina zvikuru. Chinhu chinonyanya kuipa ndechekuti hazvikwanisike kuziva chero chibereko cheicho chinokosha. Ndiko nokuti yakabva kune kukosha kweimwechete kana akawanda pasi peassetsi. Kunetseka kwavo kunoita kuti zvive zvakaoma kutengesa. Ndicho chikonzero chikonzero chekuchengetedzwa kwekodzero-yakatsigirwa kune zvakanyanya kuipa kumunyika . Hapana, kunyange kunyange makombiyuta mapurogiramu akavasika, aiziva kuti mutengo wavo ndei apo dzimba dzeimba dzakaderera. Mabhangi ngaashuke kuvatengesa nokuti havakwanise kuakosha.
Imwe ngozi ndeyeimwe yezvinhu zvinoita kuti zvive zvakakosha zvikuru . Somuenzaniso, ramangwana vatengesi vanongodiwa chete kuisa 2-10 kubva muzana yekontrakiti mumabhadharo ega kuti varambe vachiita. Kana kukosha kwebasa iri pasi richidonha, vanofanira kuwedzera mari kumabhadharo ega kuti varambe varipo kusvikira chibvumirano chinopera kana kuti chinogumburwa. Kana iyo mutengo wemari ichiramba ichidonha, kuvhara mazamu egaini kunogona kukonzera kurasikirwa kukuru. ICFTC Education Centre inopa ruzivo rwakanyanya pamusoro pezvigadzirwa.
Dambudziko rechitatu ndiyo nguva yavo yekudziviswa. Icho chinhu chimwe chete kutengesa kuti madhiyo emagetsi achakwira. Icho chimwe chinhu chose kuti uedze kufanotaura chaizvo kana izvo zvichaitika. Hapana munhu akatenga MBS kufunga kuti dzimba dzeimba dzichidonha. Ndiko nokuti nguva yekupedzisira yavakaita yaiva Kukuru Kuwedzerwa . Vaifungawo kuti vakachengetedzwa neCDS. Izvo zvakabatanidzwa zvinoreva kuti kana kurasika kwaitika, vakakurudzirwa muhupfumi hwose. Uyezve, vakanga vasingatenderwi uye vasina kutengeswa pamakwikwi. Icho chinopisa ngozi kune zviito zveOTC.
Pakupedzisira asi kwete zvishoma ndiyo inogona kukanganisa. Bernie Madoff akavaka Ponzi chirongwa pane zviwanikwa. Kunyengera kwakapararira mumatengesi emitengo. Kuti ufukidze zvinokonzera zvishoma mune ramangwana rekushandisa, ona iyi mazano eCCTFC. (Zvinyorwa: "Mabhenji Anotarisana Natsva Chekuita Kudhindwa Kwezvakawanda," New York Times, yaJanuary 3, 2013. "Global Derivatives Volume Survey, Market Voice, March 10, 2017." Global OTC Derivatives Market: Chikamu chekutanga cha 2016, "" Exchange-Traded Futures uye Ongororo, Q2 2016, "Bank for International Settlements, April 20, 2017.)
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