Structured mankhwala mabanki

Kukopa makasitomala, magombe akubwera ndi ambiri chimachititsanso malonda. Mmodzi wa iwo - aganyali mankhwala kusasintha. Iwo pabwino monga limathetseratu vuto lina lililonse ku msika chuma. Kodi zipangizo zopindulitsa kapena wina chiwembu piramidi?

mtima

Structured mankhwala - zipangizo kuti ayenera kuteteza ndalama koyamba ndi kupanga phindu kwa kukula mu chuma. wapadera mankhwala osakaniza zipangizo amakulolani kuchepetsa chiopsezo cha ndalama.

Mu zikhalidwe za kusakhazikika kwa zachuma kuti aganyali ndalama ndi oopsa chifukwa kusintha lakuthwa kumene, koma malonda akhalire zovuta chifukwa osakhalitsa mkulu. zinthu imavuta chifukwa chakuti m'pofunika osati kukhalabe komanso kuonjezera likulu. njira imodzi kungakhale ndalama mankhwala zosanjidwa, amene kuphatikiza ndi digiri yapamwamba ya chitetezo kakatundu ndi luso kupanga phindu kuposa gawo lapansi.

Market structural mankhwala zikuphatikizapo:

• madipoziti;
• sheya;
• malonda pa "Ndalama Zakunja";
• zitsulo zamtengo wapatali;
• Zosintha ndi zam'tsogolo;
• mwagwirizana ndalama;
• Msungidwe mu malo, ndi zina zotero. d.

Kandalama mankhwala popangidwa ndi kaphatikizidwe chuma ndi magulu chiopsezo:

• madipoziti ndi magawo;
• CB kwambiri odalirika ndi akutulukira makampani;
• msinga ndi options katundu;
• madipoziti ndi inshuwalansi ndalama, ndi zina zotero. d.

Chiŵerengero amasankhidwa kuti ndalama ku "otetezeka" chuma kuphimba zomvetsa zotheka.

Mwachitsanzo

Structured mankhwala ndi 90% ya dipo ndi zokolola za 10% ndipo 10% - pa magawo a makampani latsopano ndi zokolola za 300%. Atagula mankhwala, pali zochitika zitatu zotheka.

Ngati inu kuwotcha kudzera m'matangadza, chidwi pa madipoziti kuchepetsa ndi ndalama koyamba. Patapita chaka kasitomala apeza molimbira kuchuluka monga padera, chopanda phindu, komanso popanda kumawononga. Ngati ndalama ku Bank ku Central ntchito zokolola za 300% zokolola okwana mbiri adzakhala 40%. Ngati ndalama adzabweretsa 2/3 la phindu anakonza, mankhwala zipatso ndi 30% ndi zina zotero. D. Ndiko kuti, mbali yaikulu ankaimba ndendende kanthu anasankhidwa, ndipo popanda ndalama yowopsa ndi tchinga ndi zomvetsa.

nzika

mankhwala Structured mu msika ndalama zoperekedwa ndi mabanki, kuchita malo ndi AMC. Akuti mankhwala banki yodalirika. Mu AMC, inu mukhoza kutenga katundu pa "zokonda": kwa ndiwofatsa kuti riskier. Chachuma malo ndalama chifukwa chogulitsa anapanga ndi chiopsezo ndi Super-yowopsa chuma (mwachitsanzo, ndalama options).

Kugula katundu limodzi ndi kusaina mgwirizano pakati pa Investor ndi kampani. Bwino chinanena kuchuluka, ndalama akuti, mndandanda wa katundu mlingo chiopsezo ndi zinthu zina zokhudzana ndi kulanda ndalama.

Chiwembu cha ntchito

Pofuna kuteteza ndi kuonjezera ndalama zilipo, anthu amapita kwa banki kapena ndalama kampani ndi kupeza mankhwala structural. Gawo la padera ndalama m'khalapakati invests mu otetezeka zida chuma (ngongole, mgwirizano, madipoziti), ndipo chachiwiri - anali wofunika womangidwa kwa zakuya (katundu, ndalama), koma zochepa oyaka (Sberbank, mlingo golidi, RTS index, etc ...) . Kasitomala amasankha kalembera chimapangitsa ndi mlingo wa chiopsezo, ndiyo gawo la ndalama zimene zidzakhala zimatumizidwa kwa msika katundu. Kasitomala ndi kudzikonda malamulo mlingo nawo (Ku), ndiko kuti, Mzimuyo kuchuluka kwa ndalama tsogolo izo mudzamulandira.

nthawi ndalama ranges kuchokera miyezi ingapo zaka ziwiri. Komanso, inu mukhoza kutsimikiza ndalama zanu kapena kugula ndi ndalama mbiri ndi kuponi. Ngati chachiwiri, makasitomala adzalandira mwezi kuliika kuchuluka kwa ndalama zimene sikudalira kusintha mu mtengo wa kalembera chimapangitsa.

Mitundu ya mankhwala ndondomeko

zotsatsa zonse phukusi anawagawa m'magulu awiri:

• Chiopsezo wopanda mankhwala sitingakumane ndi adzabwerenso 100% mwa likulu. Chiopsezo chachikulu kwambiri n'chakuti nthawi ya ndalama kubwerera ndi Investor akhoza kupeza okha ndalama koyamba, nkhani akanayesetsa ka devaluation kudzera kufufuma. Mayiwo amalipira okha mwayi phindu, ngati zonse za chuma katundu.
• Zamgululi ndi chiopsezo zochepa. The gawo la chuma ndi anagawira kuti kuphimba zomvetsa zotheka. The Investor angasiye mbali yokhayo ya likulu. Ndi zinthu zabwino msika mumapezera ndalama akhoza kufika 50% ya ndalama koyamba.

ubwino

• mankhwala Structured ndalama Bank kapena bungwe ngongole - ndalama chabe. Kasitomala yekha alibe kupanga mbiri ya chuma. Kwa iye, ntchitoyi ikuchitika ndi m'khalapakati ndalama.
• Palibe chifukwa kuti akudziwa ndi zida ndalama.
• N'zotheka kusintha mlingo wa imfa kwa ndalama ndi aganyali zinthu zoti palibe mu mawonekedwe woyera.
• The katundu structural wa mankhwala wotere kuti kugula osachepera mmodzi wa iwo ndi osiyana a ndalama.
• Ndi mphamvu msika wabwino Investor wolandira phindu lalikulu ndi chiopsezo pang'ono.

zolakwa

• Choyesera mankhwala ndalama pabwino mu msika monga chinthu chovuta. Ndipotu, izi ndi malangizo analipira pa kaikidwe ka ndalama mu katundu osiyana.
• 100% chitsimikizo cha obwezeredwa mwina ngakhale kupereka mabanki. madipoziti onse inshuwaransi ndi Agency Insurance Gawo. Mwina imfa nthawi zonse. Koma funso ndi mlingo wa chiopsezo. Izi chiphiphiritso malonda cholinga okha malonda.
• mankhwala Structured a mabanki, amene sanalandire phindu, opanda pake. Izi zikutanthauza kuti chidwi gawo anakonzedwa kuphimba zomvetsa mitundu ina kunyakhe. Ngati kasitomala yomweyo anaika ndalama zonsezo ndalama mu gawo banki, iye anaphunzira ndalama zambiri kuposa mankhwala apadera.
• Pa makasitomala olemera cholinga mankhwala ndondomeko. Feedback kuchokera kwa ogwiritsa zikutsimikiziridwa. Pitani ku msika ndalama ndi kuchuluka kwa 10 zikwi. Opaka. Izo sizimatanthauza.
• ntchito kasamaliridwe kakatundu amalipidwa. amalipiritsa The wapatsidwa kaya ndalama adzabweretsa ndalama kapena ayi.
• Pa kuphatikiza mankhwala si ataphimbidwa ndi boma. Ngati banki amapita zinatha, kapena AMC, ndi Investor sadzatha kuti achire ndalama zawo.
• Mu msika kusankha Russian mankhwala wapadera, pafupifupi aliyense.
• The Investor sichikwiya mwini chuma chenicheni, chotero izo sizingakhoze kulamulira ndalama.

kuopsa chobisika

Structured mankhwala - osakaniza katundu ndi ena ofanana. Iwo kusonkhanitsa ndi kugulitsa mabanki dziko mu maonekedwe a zolemba (kumangidwa). Iwo kutsimikiza okha ndi opereka ndondomeko mankhwala malo zosiyana. banki zonse amalandira mphamvu. Aliyense kasitomala munthu ndi amapezera osachepera, koma pa makasitomala ena amene adagula chuma riskier. M'kupita kwa makasitomala tonse tiluza ndalama. Choncho, kuonjezera chikoka cha zatsopano ndi mavuto awo, "chitetezo". Osadandaula mabanki?

zolemba chotchinga

Ngati onse a m'matangadza anasankha kusunga mtengo pamwamba kuika malire, ophatikizana zopalira mankhwala mubwerera ndalama zawo ndi chinaneneratu ndalama. Zolemba kuyamba ntchito monga kumangidwa. Ngati mmodzi wa chuma anasankha adzakhala kuchepa mtengo mtengo wa mbiri ndalama adzakhala wofanana ndi zoipitsitsa magawo a. Mwina kuchepetsa mtengo osachepera 1 3 magawo ndi apamwamba kuposa aliyense payekha. Choncho, imfa ingathandize kwambiri kuposa ndalama zotheka.

Avtokoll

ndalama mbiri nthawi zambiri anagulitsa ndi njira zina. Kodi chofunika avtokolla? Ngati magawo onse adzauka mu mtengo, makasitomala adzatha kugula cholemba china, ngati banki ndi - kupeza ndalama zina. Pamene msika chikamakula, madera onse a banki amalandira umafunika, kasitomala - koitanitsira latsopano. Izi zimachitika malinga ngati mmodzi wa Bank ku Central alibe kusiya kwa chinachake.

Chitsanzo china - ngongole cholemba. Kasitomala adzalandira 100% kukula mu mtengo gawo, ndi vuto la kuchepa - 100% obwezeredwa ndi anakaika ndalama. Chabwino, ngati si ntchito chida kwambiri oyaka ngati n'chinthu chabwino zedi. Iwo likukhalira kuti mbali ya cholemba, cholinga kuonetsetsa chitetezo cha likulu, padera pa malonda akhalire index. Zokolola - 20%.

zopezera yogawa

Vuto sikuti mavuto. Banks simungakhoze basi kuphimba msika lonse. Amabwera mu sewerolo nkhoswe. Aliyense kugwirizana mu unyolo "banki - pa wogulitsa - woyang'anira" kumapangitsa akagulitse. Kapangidwe ka mankhwala amenewa lapadera banki mwina pa nthawi iliyonse recalculate mawu a pakuika ndalama. Apa zonse zimadalira wogulitsa. Wina adzagulitsa coupon ndi ndalama kuvomerezedwa 99,5% ya ndalama zimene% 0.5 okha, ndi munthu adzatha kugulitsa katundu ndi zinthu zoipa kupeza 5% yomweyo. Kusiyana pazipita akhale ndi 35%.

Intermediaries zambiri kugulitsa katundu riskier. Chifukwa cha m'chuma ndiwofatsa modzaza chotchinga anati avtokollom ndi chaka chimodzi imfa 80%. Panthawi imeneyi, ndi osunga ndalama ndi nthawi 0.5% ndi 4 zina 3% ntchito kwa ogulidwa cholemba latsopano.

Pa cholemba, limene linapatsa 100% kubwerera pa ndalama mu katundu malipiro awo, RTS index, ndi banki amenewa kuwirikiza kawiri. Chotero mankhwala structural zikuphatikizapo njira kuitana pa index, pakuti nthawi ya zaka ziwiri (17%), ndi mbiri kumangidwa illiquid, amene pambuyo alipire kupereka 100% likulu koyamba. Avereji msika ubale zipatso ndi 18% wa mbiri okwana - 62%. Kuchokera ndikupeleka banki apeza 21%, otsala 79% - kasitomala.

Pomaliza

mankhwala Structured - uwu si piramidi. Ngati inu ntchito zida izi mkati chifukwa, mukhoza kusanduliza zambiri. Yemweyo katundu index kuli koyenera kuteteza likulu ngati ulemerero chiopsezo ndi otsika. Koma ambiri a mankhwala osakaniza ndi otsika m'zonse okha kuphatikizapo iwo derevativov. Komanso, palibe zimafika ulamuliro waukulu wa malonda: manenjala mbiri akupanga phindu ndi makasitomala, ndi wogulitsa - pa kasitomala.