Mazano Ekutsinhanisa Guaranty Contract Performance
Sangano rekutsinhanisa ibasa rinoshandiswa nevatengi, vatengesi, vatengesi, arbitrageurs, vatsoropodzi, uye vatengesi vanouya kuzotengesa zvigaro zvemagariro ehutano. Izvo ramangwana chibvumirano chibvumirano chinomiririra zviyero zvakananga zveganda chaiyo yezvigadzirwa kana chiridhi chemari rine zuva rokutarirwa rakagadzirirwa panguva yakatarwa munguva yemberi.
Vatengi nevatengesi venguva dzekontrakiti vanouya pamwe chete pakutsinhanisa, iyo inowanikwa mushambadziro apo mabhizimusi avo vanobatana vanogadzira mutengo wakarurama zvichienderana nemamiriro ekutengeserana.
Mutengo wamangwana wechibvumirano chemangwana ndiyo mutengo wapfuura apo vatengi nevatengesi vakabvumirana kuti vaite. Nokudaro, ramangwana rekutsinhanisa inoisa pachena mashizha emisika pamusana-nguva chaiyo.
Kubudirira kunoenderana nevatengi uye vatengesi Kusangana Mutoro
Kubudirira kwemakisi emangwana kunobva pane chivimbo chokuti vatengi nevatengesi vanosangana pamwe chete. Chimwe nechimwe chine nguva yekushandurwa ine nzvimbo yekuchenesa. Iyo yekuchenesa inotsigira kuti mapato maviri, mutengi, uye mutengesi, vanoita pazvibvumirano zvavanoshambadzira.
Kusiyana nedzimwe mhando dzekutengeserana apo mutengi achitenga kubva kune mutengesi uye umwe neumwe unofanirwa nezvimwe zvekushanda, mune ramangwana rekutsinhanisa ndiyo yekuchenesa iyo inova chibvumirano chomukambani wega yega yega kutengeswa kamwechete kuurayiwa.
Nokudaro, hapana chikwereti chekwereti pakati pemutengi uye mutengesi- mumwe nomumwe anotarisa kuimba yekuchenesa kuitira basa. Kutengesa mhosva kudhura mari shoma pane imwe kambani inoshandiswa kuitira kuti itsigire kutungamira kwekuchenesa.
Marudzi maviri eMargin
Kuti ave nechokwadi chekushanda pane imwe nguva yemazuva ano, nzvimbo yekuchenesa inoda vatengi nevatengesi vanozarura mamiriro matsva pakuisa marita . Marginal is a good faith deposit deposit. Kune mhando mbiri dzemuganhu, chikamu chepakutanga (dzimwe nguva chinonzi marginal margin) uye marginal variation (dzimwe nguva kunonzi segadziriro yekuchengetedza).
Margin anovimbisa kuti kana mutengo wacho unotarisana nomutengesi kana mutengesi kuti bato racho rine mari yakakwana yekuvhara kurasikirwa. Margin inogona kunge yakafanana nemari kana kuti inobvumirana uye kuchengetedzwa kwemhepo.
Kana mutengi kana mutengesi azarura nzvimbo itsva mune ramangwana rechibvumirano, bato racho rinofanira kutumira marangi ekutanga (kutanga) margin. Chapakutanga (kutanga) maringe zvinodiwa zvakakwirira kudarika kusiyana (kuchengetedza) marginal requirements. Iyo inotevera inotamba apo chikamu chemuganhu wepakutanga chakanyorera madonhwe pasi pekusiyana kwemajiro emvura. Kana izvi zvikaitika, bato racho rinodiwa kuwedzera mamwe margin pakarepo. Ngationei muenzaniso kune mutengi wekambani imwe yeCME / COMEX yegoridhe yeramangwana:
- Mutengo wegoridhe- $ 1180 per ounce
- Zvose zvibvumirano zvinomiririra masero zana
- Pakutanga / Kutanga Margin inotarisirwa: $ 6 600 pamvumo
- Kusiyana / Maintenance Maringe zvinodiwa: $ 6,000 pamvumo
- Mutengi pa $ 1180 anofanira kubva atora $ 6 600
- Kana goridhe inowira pasi pe $ 1174 ($ 600 yekurasikirwa) mutengi anofanira kuwedzera mamwe margin
Panofungidzira, iri sangano rinovimbisa kuti pachava nezvinhu zvakakwana zvinowanikwa kune vatengi nevatengesi kuti vaite zvido zvavo. Nguva dzinotengeswa dzinogona kuva dzakanyanya kuwanda zvokuti zvinogona kunge zvichishandiswa kudarika imwe chete kudanwa mumazuva.
Izvo ramangwana rinoshandiswa pacharo rinotarisirwa kuisa zvinodiwa.
Kana mitengo inowedzera kuwedzera, kugoverana kunowanzoita kuti pave nemiganhu yepamusoro kuitira kuti kuve nehuwandu hwehuwandu hwehuwandu hwomukati hwemazuva ose. Kusiyana neizvi, apo kusagadzikana mune imwe kemukari kunoderedza kupesana kuchagadzirisa huwandu hwomuganhu hunodiwa kutengesa pasi kuti uratidze njodzi yakaderera.
Margin Levels Anoratidza Kuratidzira
Nhamba dzemashure dzinoratidza kusagadzikana uye misika inonyanya kudikanwa inoda kuwedzera kwemazana sezana rezana rechibvumirano chekukosha. Muenzaniso wegoridhe muganhu wepakutanga unotarisirwa ndewe 5.6% chete yekodhi yekodhi yemari ($ 1180 mara 100 ounces per contract = $ 118,000-$ 6 600 / $ 118,000 = 5.6%).
Nokudaro, mutengi kana mutengesi chete anofanira kutora 5.6% yehandiro yekontiniti yekutarisira kudzora kambani yakazara yegoridhe. Futures yemakambani inopa kukudzwa kukuru kune vatengi nevatengesi.
Zvechokwadi, dzimwe nguva dzisingatauriki zvingatengeswa zvinoda mhirizhonga yakawanda pamatengo. Gasi rezvemagariro yemazuva ano inoda kusvika ma7% kubva mumuganhu wepakutanga kuratidza kukwirira kwakanyanya kwezvinhu zvegasi.
Clearinghouses inoshanda sechibvumirano chevatengi nevatengesi mune ramangwana rekugoverana. Margin anochengetedza imba yekuchenesa kubva pakurasikirwa uye inoita kuti vatengi nevatengesi vaite zvido zvavo.
Kuvandudzwa kweMargin uye Clearing
Nepo margin ari pane imwe nhanho yemangwana ega kana yekutengeserana kwezvinhu, avo vasina kutengesa zvigaro zvenguva refu kana zvidimbu zvishoma vanozoona maitiro akasiyana-siyana pazvinzvimbo zvavo. Semuenzaniso, intra-commodity inopararira , kana nzvimbo yakareba mumwedzi umwe kupikisa nzvimbo pfupi mune imwe mwedzi yezvinhu zvakafanana kana mune ramangwana kazhinji inogamuchira mushonga unonyanya kufadza kana uchisvika kumashure.
Mitsara yezvirevo zvekugadzirwa kwemashoko yakapararira yakaderera pane yakananga nguva refu kana zviduku mune imwe mwedzi umwe. Kuwedzerwa, mutauro we-inter-spreads kana kuti chinzvimbo chinenge chakareba chimwe chinhu chinopesana nepfupi mune chimwe chinhu chakakodzana chinowanzova nemuganhu wakadzika kupfuura chiyero chezvakanakira zvido zvezvinhu zvose. Izvi ndezvekuti kutengeserana kunoshandisa chirongwa cheSSPAN. SPAN inoshandisa sarudzo yepamusoro yezvigadziriswe zvinogadzirisa marita zvichifunga kuburitswa kwezuva nezuva kwehutengi wevatengesi pane pane imwe nzvimbo yakasiyana.
Kushandirana kunokonzera mazera ekudzivirira. Vanogona kuchinja panguva ipi zvayo nokuti dzimwe nguva mutengo wematengo unowedzera uye kune vamwe, hausi. Apo kushandurana kamwe kamwe kunoshandura kudiwa kwemazamu kwekanguva kontrakiti inogona kutanga kutama mumutengo wemusika.
Izvi zvakaitika munaMuvhuro neMay ra2011 apo kubudiswa kwe COMEX kweCME kwakasimudza rutivi rwechirivheri apo yakatengeserana nepamusoro kune pasi pe $ 50 pamusi wega. Kuwedzera kwemahombekombe kwakaita kuti vamwe vatengesi vemisika vavhare nzvimbo dzakareba, izvo zvakawedzera kuwandisa kukuru kwekutsika mumutengo wesirivha nenguva iyoyo.
Margin ndiyo pfungwa inokosha yevatengesi kuti vanzwisise sezvo inogona kukonzera mitengo. Margin ndiyo nzira inogonesa kuti imba yekuchenesa inokwanisa kusangana nemitemo kune vose vanobatana nemusika.