Izvo zvinonzi zvinonzi vanilla kupatsanangurira ndezvakanyanya kunyanya. Ndiyo apo chikamu chekambani chinosvitsa kutengesa-kutengesa zvikwereti nezvimwe chikwereti chakaratidzika chekubhadhara chikwereti.
Iko kutengesa-mubhadharo kunosungirirwa kuRibor , iyo inowanikwa mubhadharo mabhanji anotengesana kune imwe nguva kwenguva pfupi chikwereti. Libor yakavakirwa pane zvakadyiwa mari yakawanda . Nhamba shomanana ye swapopi iri pakati pemapandi maviri emitambo ine kutengesa-kutengesa mari.
Inotsanangurwa
Kuti zvive nyore kuti zvitsanangure, pepanhare iyo inoda kuchinja mitero inotenderera ichi uye kugamuchira zvikwereti zvisingatarisirwi inonzi inonzi receiver kana mutengesi . Nhengo yekambani inoda kuchinja iyo yakasarudzwa-mubhadharo yebhadharo ndiye mubhadhari .
Vamwe vanokweretesa kubhadhara zvikwereti kana zvisungo zvemazana akaenzana. Izvi zvinonzi chirevo chekuita . Mukutsinhanisa, ivo vanongotengesa kubhadhara mutengo, kwete chisungo chairo.
Mukuwedzera, kukosha kwezvino kwemitsara miviri yekubhadhara inofanira kunge yakafanana. Izvozvo zvinoreva kuti pamusoro pehurefu hwechibvumirano, imwe nhengo yekambani ichabhadhara mari yakafanana. Zviri nyore kuverenga ne-fixed-rate bond nokuti kubhadhara nguva dzose kwakafanana.
Zvakaoma zvikuru kufanotaura nehutambo hwechikwata. Nzira yekubhadhara inobva kuRibor inogona kuchinja. Kubva pane zvavanoziva nhasi, mapato maviri anofanira kubvumirana ipapo pane zvavanofunga kuti zvichida kuitika nemari yezvibereko.
Chimwe chepikicha chinoshandiswa chinotora chikamu chemakore gumi nemashanu. Izvi zvinozivikanwa sechirongwa.
Muchiridziro anogona kugumisa chibvumirano pekare kana zvikwereti zvinokwira zvikasvika. Asi ivo vanowanzoita muupenyu chaihwo. (Kubva: " Kunzwisisa Mufaro Wakachinja Kuchinja Matanho uye Mutengo ," California Dhete uye Investment Advisory Commission.)
Munguva yakapfuura, vateresi nevatengesi vanga vawana mumwe nomumwe kana kuti vakaunganidzirwa nekutengesa uye mabhengi ezvokutengeserana akabhadhara mari yekupa kambani. Mumusika wekushandurwa kwemazuva ano, mabhanga makuru anoita sevatengesi vemisika kana vatengesi. Izvi zvinoreva kuti vanoita saiye kana mutengi kana mutengesi pachavo. Kupikisa mapoka chete kunofanira kunetseka pamusoro pekodzero yakakodzera yebhangi uye kwete yeimwe chikamu chekambani. Panzvimbo yekubhadhara mari, mabhangi akaisa mabhizimusi uye anokumbira mitengo kune rumwe rutivi rwechibvumirano. (Inobva: "Ndeipi Inofarira Matsipa uye Anoshanda Sei?," Pacific Investment Management Company, January 2008.)
Muenzaniso
- ACME Anvil Co. inopa ACME Catapult Corp.
- ACME Catapult inobhadhara ACME Inotarisa chiyero pamwedzi mitanhatu yeMari yeHurumende pamwe ne 2 muzana
- Izvo ndeyemakore matatu, uye kubhadhara kwemwedzi yese mitanhatu.
- Makambani maviri aya ane Mutemo weNhetional we $ 1 mamiriyoni.
| Period | T-Bill Rate | ACME Catapult Corp. Nyika | ACME Anvil Co. Nyika |
|---|---|---|---|
| 0 | 4% | ||
| 1 | 3% | $ 30,000 | $ 40,000 |
| 2 | 4% | $ 25,000 | $ 40,000 |
| 3 | 5% | $ 30,000 | $ 40,000 |
| 4 | 7% | $ 35,000 | $ 40,000 |
| 5 | 8% | $ 45,000 | $ 40,000 |
| 6 | $ 50,000 | $ 40,000 |
(Mhedziso: " Chido Chokutengesa ," New York University Stern School of Business, 1999.)
Makomborero eShoko Rinofarira-Swaps
Munhu anogamuchira angave nechisungo nemari inoderera yemari iyo inopfuura pamusoro pe Libor. Asi zvingave zviri kutsvaga kufanirwa kwekubhadhara mari yakasarudzwa kunyange kana yakanyanya kudarika. Bhizinesi iri rinogona kufungidzira zvarinowana zvakajeka. Uku kubviswa kwedambudziko kunowedzera kuwedzera mutengo wayo. Kubhadhara kubhadhara kunobvumira bhizinesi kuti ive nediki shoma rekuchengetedza mari iyo inogona kurima.
Mabhangi anofanirwa kuenzanisa migero yavo yekuwana nematambudziko avo. Mabhangi anoita zvakawanda zvakagadziriswa-kutora zvikwereti. Sezvo idzi zvikwereti kwenguva refu zvisingabhadharwi kwemakore, mabanki anofanira kutora chikwereti chemazuva mashomanana kuti abhadhara mari yezuva nezuva. Izvo zvikwereti zvinokwira. Nokuda kwechikonzero ichi, bhagheni inogona kupindira yakarongeka-kutengesa mari nekodhi-yekutengesa-mubhadharo.
Sezvo mabhengi achiwana mari yakanakisisa yemari, vangatowana kuti mari yekambani yakakwirira kudarika iyo bhadha inokwereta pachikwereti chayo chemazuva mashomanana. Iko kukunda-kukunda kubhangi.
Mubhadharo anogona kuva nechisungo nemari yepamusoro yekubhadhara uye achitsvaga kuderedza mari dziri pedyo neRibor. Inotarisira kuti mitengo igare yakaderera saka inoda kutora ngozi yakawanda inogona kuitika mune ramangwana. (Mhedziso: "Chido Chokutora Swaps Chitsanangurwa," MoneyCrashers.com .)
Saizvozvowo, mubhadhari aizobhadhara zvakanyanya kudai iyo yakangotora chikwereti chakasarudzwa. Mune mamwe mazwi, chikwereti chechido chekukweretesa-chikwata chechikwata uye mari yezvitsvaga ichiri kudhura kudarika mazano ayo aigona kuwana pane imwe chikwereti chakaratidzika. (Mhedziso: "Chido Chokutora Swaps: Inoshanda Sei?," ABN-Amro, May 2014.)
Kukanganisika
Mari yeHedge nevamwe vanosimudza mari vanoshandisa chidimbu chechirwere chechi swaps kuti vafungidzire. Vanogona kuwedzera mungozi mumisika nekuti vanoshandisa zvikwereti zvinongoda zviduku zvishoma-kubhadhara. Vanobvisa pangozi yekambani yavo nedzimwe chibvumirano. Izvi zvinovabvumira kutora njodzi yakawandisa nokuti havafungi nezvekuva nemari yakakwana yekubhadhara chiwanikwa kana misika inopesana navo. Kana vakakunda, vanobhadhara mukati. Asi kana vakarasikirwa, vanogona kugumbura mararamiro ose ari kuita nekudaidza maitiro akawanda panguva imwechete.
Migumisiro yehupfumi hweUnited States
Kune $ 421 trillion muzvikwereti uye zvisungo izvo zvinosanganiswa mu swaps. Izvi ndezvakawandisa zvakawanda zve $ 692 trillion pane-the-counter kubva pamusika. Inofungidzirwa kuti zvigadzirwa zvekutengesa zvinokwana $ 600 trillion. Izvi zvinopfuura gumi kudarika huwandu hwehupfumi hwepasi rose. Ichokwadi, 92 muzana yemakambani mazana mashanu enyika makuru anoshandisa iyo kuderedza ngozi. Semuenzaniso, sangano rinouya rinogona kuvimbisa kubhadhara zvinhu zvakagadzirwa pamutengo unobvumirana. Nenzira iyo kambani inodzivirirwa kana mitengo ichikwira. Vanogonawo kunyora zvibvumirano kuti vadzivirire pachavo kubva kuchinja mukutengesa mitengo uye chido chekuda. (Kubva: "Bhanga Rakatarisana Natsva Chekutengeserana Kunowedzera," New York Times, January 3, 2013. " Dhiyabhorosi 19: Zvikwereti Zvikuru zveZvitsauko zveTTC ," Bank for International Settlements, June 2014.)
Kufanana nemitengo yakawanda, idzi zvibvumirano zviri OTC. Kusiyana nezvibvumirano zvavari kubva, hazvisi kutengeswa pakutsinhanisa. Somugumisiro, hapana munhu anoziva kuti vangani varipo kana kuti zvinokonzerwa nehupfumi.
Zvimwe Zviitiko
- Ndiani Anowedzera muHedge Funds?
- Hedge Funds Inobata Sei Iko Stock Market?
- Ndingaita Hedge Pasina Chikwama Here?
- Hedge Funds Inobatsira sei Economy?
- Vakakonzera Crisis Financial?
- Chii Chaizvo Chakaita Kuti Mortgage Crisis Iripo?
- Chii chaive nebasa rezvakaitika pakugadzira dambudziko re2008?
- Chii chakanga chiri LTCM Hedge Fund Crisis?