Derivatives asitsatsa gomekpɔlawo xea kɔmiunfe ɖe nubabla siwo wowɔ ta. Dɔdzikpɔha siawo ƒe lolome toa vovo le adzɔ si gomekpɔla la tia nu. Míaƒo nu tso wo ŋu le nyatia me, eye míaƒo nu tso fe mawo katã (dɔdzikpɔfewo) siwo wòle be nàxe ŋu.
- Adzɔ vevi siwo woxena ɖe Moscow ƒe Asitsaƒea ta
- Fe si woaxe ɖe amewo xɔxɔ ɖe gomekpɔkpɔ le nudzadzra me ta
- Fe si woxena ɖe amewo ɖɔliɖɔli kple wo ɖeɖeɖa ta
- Fe si woxena ɖe etsɔme nubablawo ta
- Fetu na nubabla siwo wotu ɖe margin dzi
- Fetu si woxena ɖe taɖa ƒe asitsatsa ta
- Fexexe ɖe Ɣletigbalẽa ƒe Kakaɖedziwo Ta
- Fe bubuwo
Adzɔ vevi siwo woxena ɖe Moscow ƒe Asitsaƒea ta
Tabla la ɖe Moscow ƒe Asitsatsa ƒe asi siwo li fifia fia (womexɔa VAT o):
Ŋkɔ | Nuƒoƒoƒu tso asitɔtrɔa ŋutɔ ŋu | Nuƒoƒoƒu HKO NCC (Dukɔa ƒe Dɔwɔƒe si Kpɔa Nuwo Gbɔ) . | Dɔdzikpɔha bliboa |
Adzɔxexe ƒe Ðoɖo No. 1 | |||
Akpa si woɖo ɖi (rubles) . | — . | — . | — . |
megbe | 0.00575% ƒe xexlẽme. | 0.00425% ƒe xexlẽme. | 0.01% ƒe xexlẽme. |
Adzɔxexe ƒe Ðoɖo No2 | |||
Akpa si woɖo ɖi (rubles) . | ame akpe 14.38 ye | 10.63 akpe | ame akpe 25 |
megbe | 0.0053475% ƒe xexlẽme. | 0.0039525% ƒe xexlẽme. | 0.0093% ƒe xexlẽme. |
Adzɔxexe ƒe Ðoɖo No. 3 | |||
Akpa si woɖo ɖi (rubles) . | 143.75 akpe 100 | 106.25 akpe | ame akpe 250 ye |
megbe | 0.0050025% ƒe xexlẽme. | 0.0036975% ƒe xexlẽme. | 0.0087% ƒe xexlẽme. |
Adzɔxexe ƒe Ðoɖo No. 4 | |||
Akpa si woɖo ɖi (rubles) . | 258.75 akpe | ame akpe 191.25 ye | ame akpe 450 ye |
megbe | 0.0047725% ƒe xexlẽme. | 0.0035275% ƒe xexlẽme. | 0.0083% ƒe xexlẽme. |
Adzɔxexe ƒe Ðoɖo No. 5 | |||
Akpa si woɖo ɖi (rubles) . | ame akpe 460 ye | ame akpe 340 ye | ame akpe 800 ye |
megbe | 0.0046% ƒe xexlẽme. | 0.0034% ƒe xexlẽme. | 0.0080% ƒe xexlẽme. |
Akpa si nɔa anyi ɖaa (si metrɔna o) – si woxena le asitsatsa ŋkeke gbãtɔ dzi (ɣeyiɣi si le ŋkeke aɖe me si me asitsaƒea wɔa asitsatsa) le ɣleti ɖesiaɖe me, eɖanye be dɔbiagbalẽvi aɖe nɔ anyi (sedede) alo asitsatsaawo ƒe nuwuwu/wu enu alo womewɔe o.
Woxea megbe akpaa tso ga home si wowɔ le ŋkeke si dzi wowɔ asitsatsa la dzi, kɔmiun ɖesiaɖe nye ruble 0.01 ya teti.
Wotu adzɔxexe ƒe tɔtrɔa ɖe gomekpɔla ƒe biabia be woatia asitsatsa ƒe ɖoɖo ma tɔgbe dzi. Ele be woatsɔ dɔbiagbalẽvia ayi na HKO NCC Gadzraɖoƒea le dɔwɔŋkeke 5 me hafi ɣletigbalẽ dzinu si gbɔna nadze egɔme (adzɔxexe si wotia la awɔ dɔ tso eme).
Fe si woaxe ɖe amewo xɔxɔ ɖe gomekpɔkpɔ le nudzadzra me ta
Woɖe nudzɔdzɔ ƒe agbɔsɔsɔmewo, le Gomenɔlawo ƒe hatsotso si me asitsaha la le nu la fia le kplɔ̃a dzi:
Asitsatsa me Gomenɔlawo ƒe Ƒomewo | Nudzɔdzɔ le hatsotso ɖesiaɖe me |
“O” . | 5,000,000 ƒe xexlẽme |
“O” (fetu bubu) . | 250 000 ƒe xexlẽme |
“F1” alo “F2” . | 3,000,000 ƒe xexlẽme |
“T1” alo “T2” . | 1,000,000 ƒe xexlẽme |
“D1” alo “D2.” | 1,000,000 ƒe xexlẽme |
Woxɔa fe bubu tso Gomenɔla siwo le hatsotso “O” me gbɔ hena ŋkɔ ŋɔŋlɔ. Menye ɣesiaɣie woxɔa ga le eme o. Wotso nya me le nusiwo dzi woanɔ te ɖo aɖe asi le fe sia ŋu le PJSC Moscow Exchange ƒe Derivatives Market Committee ƒe aɖaŋuɖoɖo nu.
Kpuie tso hatsotsoawo ŋu:
- “O”. Wona mɔɖegbalẽ gomekpɔlawo le asitsatsa la me hena asitsahabɔbɔ/nudzralawo ƒe dɔwɔnawo alo dɔwɔwɔ le nunɔamesi xɔasiwo dzi kpɔkpɔ ŋu. Gome le hatsotso sia me tɔwo si be woawɔ asitsadɔ le akpa siwo nye Stock, Commodity kple Money me. Woate ŋu awɔ asitsadɔ tso:
- le eya ŋutɔ ƒe ŋkɔ me kple eya ŋutɔ ƒe gazazãwo me;
- eya ŋutɔ ƒe ŋkɔ kple le asisi la ƒe gazazã me;
- le asisi siwo le gomekpɔlawo ƒe nudzraɖoƒewo teƒe kple woƒe gazazãwo nu, kpakple be woawɔ asitsatsa kple nugblẽfexeha ƒe asitsaha aɖe ƒe dzesi (le alesi wowɔ ɖe mɔɖeɖe ƒe nɔnɔmewo ƒe akpa si sɔ dzi hã nu).
- “F1” ƒe ŋkɔ. Ele be mɔɖegbalẽ nanɔ gomekpɔlawo si na asitsadɔwo alo dɔwɔna siwo wowɔna hena nunɔamesi xɔasiwo dzi kpɔkpɔ. Gome le hatsotso sia me tɔwo si be woawɔ asitsadɔ le Stock ƒe akpaa dzi tso:
- eya ŋutɔ ƒe ŋkɔ kple asisiwo ƒe asixɔxɔ;
- le asisiwo teƒe kple woƒe gazazãwo nu – gomekpɔlawo le xɔxlɔ̃ me, kpakple be woawu asitsatsa nu kple nudzraɖoƒe ƒe asitsaha ƒe dzesi.
- “F2” ƒe ŋkɔ. Ele be nudzrala ƒe mɔɖegbalẽ nanɔ gomekpɔlawo si. Woɖe mɔ na Gomenɔlawo ƒe hatsotso sia be woawɔ asitsadɔ le Stock Section me atsɔ awɔ asitsadɔwo:
- le eya ŋutɔ teƒe kple eya ŋutɔ ƒe gazazãwo nu;
- si fia be nudzrala si le nuawo dzram ɖo la.
- “T1” ƒe ŋkɔ. Ele be woana mɔɖegbalẽ gomekpɔlawo hena asitsatsa (woxlẽa mɔɖegbalẽ si woatsɔ awɔ nubabla ma tɔgbe ŋudɔ – ganyawo ƒe nunɔamesi siwo woɖe tso eme kple nunɔamesi si le ete le adzɔnu ƒe nɔnɔme me) alo dɔwɔnawo hena nunɔamesi xɔasiwo dzi kpɔkpɔ. Wonaa mɔnukpɔkpɔ Gomenɔla siawo be woage ɖe Adzɔnuwo ƒe Akpa la me hena asitsatsa:
- le eya ŋutɔ teƒe kple le asisiwo ƒe gazazã me;
- le asisiwo teƒe kple le gazazã me — gomekpɔlawo ƒe kɔklɔ;
- si fia be nudzrala si le nuawo dzram ɖo la.
- “T2” ƒe ŋkɔ. Ele be mɔɖegbalẽ nanɔ nudzralawo ƒe dɔwɔnawo si alo ele be woanye habɔbɔ siwo si woawo ŋutɔ ƒe ga home si nye ruble miliɔn 5 ya teti le. Ƒome sia ate ŋu age ɖe Adzɔnuwo ƒe Akpa la me hena asitsatsa:
- le eya ŋutɔ teƒe kple eya ŋutɔ ƒe gazazãwo nu;
- si fia be nudzrala si le nuawo dzram ɖo la.
- “D1” ƒe nyawo. Ele be mɔɖegbalẽ nanɔ gomekpɔlawo si na asitsadɔwo alo dɔwɔna siwo wowɔna hena nunɔamesi xɔasiwo dzi kpɔkpɔ. Woɖe mɔ na Gomenɔla siawo be woawɔ asitsadɔ le Ga ƒe Akpa la me atsɔ awɔ asitsatsa:
- le eya ŋutɔ teƒe kple le asisiwo ƒe gazazã me;
- le asisiwo teƒe kple le gazazã me — gomekpɔlawo ƒe kɔklɔ;
- si fia be nudzrala si le nuawo dzram ɖo la.
- “D 2” ƒe nyawo. Ele be nudzralawo ƒe mɔɖegbalẽ nanɔ gomekpɔlawo si alo woanye gaxɔgbalẽvi/dukɔwo dome habɔbɔ. Woɖe mɔ na Gomenɔlawo ƒe hatsotso sia be woawɔ asitsadɔ le Ga ƒe akpaa dzi atsɔ awɔ asitsatsa:
- le eya ŋutɔ teƒe kple eya ŋutɔ ƒe gazazãwo nu;
- si fia be nudzrala si le nuawo dzram ɖo la.
Le Dzedze ƒe Sewo ƒe sededewo nu la, woate ŋu aɖe mɔ na Gomenɔlawo be woawɔ asitsadɔ le asitsatsa ƒe akpa ɖeka alo esi wu nenema me zi ɖeka, eye hatsotso ɖeka alo eve hã le akpa ɖeka me.
Àte ŋu akpɔ amewo xɔxɔ ƒe sewo le
afisia .
Fe si woxena ɖe amewo ɖɔliɖɔli kple wo ɖeɖeɖa ta
Woxɔa fe siawo evea siaa le etsɔme kple margin ƒe nubablawo ta, eye woxɔa gaɖɔlife hã le scalping asitsatsa me.
Fe si woxena ɖe etsɔme nubablawo ta
Wobua asitɔtrɔ ƒe dɔdzikpɔfewo (fewo) ƒe agbɔsɔsɔ ɖe taɖodzinu manɔmee alo taɖodzinu ƒe sededewo zazã hena etsɔme ŋu ale:
FutFee = Round (Round (abs(FutPrice) * Round(W(f)/R(f);5) ;2) * GɔmeɖoanyiFutFee;2) .
FutFee ≥ 0.01 ƒe ʋuʋu.
Woɖe formula ƒe asixɔxɔwo ƒe decoding fia le kplɔ̃a dzi:
Ŋkɔ | Nya ɣaɣlawo ɖeɖeɖa |
afɔfetu | Kɔmiunisttɔwo ƒe lolome na asitsatsa le etsɔme (le rubles me). |
Nogo | Dɔwɔwɔ si wotu ɖe eme si ƒe dɔe nye be wòaƒo xexlẽdzesi aɖe nu ƒu kple pɛpɛpɛ si wona. |
abs | Dɔwɔwɔ si woatsɔ abu asixɔxɔ bliboa ƒe akɔnta (xexlẽdzesi sia nye esi womede asi ete o). |
W(f) . | Asixɔxɔ si le asixɔxɔ suetɔ kekeake ƒe afɔɖeɖe ŋu, si wokpɔna le etsɔme si sɔ kplii nu (le rubles me). |
R(f) . | Asixɔxɔ ƒe ʋuʋu suetɔ kekeake, si woɖona le etsɔme siwo sɔ ɖe enu nu. |
BaseFutFee ƒe gɔmeɖoanyi | Etsɔme agbawo ƒe asi ƒe asitɔtrɔ ƒe asi si wotu ɖe edzi na Nubabla ƒe Ƒuƒoƒo si me wòle:
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Afɔ ƒe Asi | Asixɔxɔ si le etsɔme asi ŋu, si woɖo le agbalẽ sia ƒe memamã 3.4.2-3.4.3 nu (le dzidzenu ƒe akpa siwo woɖe fia le woƒe asi me ne wole nudɔdɔ wɔm me). |
Fetu na nubabla siwo wotu ɖe margin dzi
Margin nye vovototo si le asixɔxɔ kple gazazã dome (si sɔ kple viɖe ƒe nukpɔsusu). Eye tiatiawɔblɔɖe siwo woɖe ɖe vovo nye dɔwɔna siwo ku ɖe tiatiawɔblɔɖe ƒe asitsatsa ŋu, siwo me ga aɖeke mele nuƒlelawo kple nudzralawo siaa ƒe gakɔntawo me o, ke boŋ wodzraa dedienɔnɔ ƒe ga home bliboa ɖo ɖe gomekpɔla siwo le asitsatsa la me ƒe asitsatsa ŋuti gakɔntawo me.
Zã mɔfiame si gbɔna nàtsɔ abu akɔnta le ga home si woaxe ɖe asitɔtrɔ ƒe dɔdzikpɔdɔa ŋu na tiatiawɔblɔɖe ƒe nubabla siwo woɖe ɖe aga si wotu ɖe nudɔdɔ siwo womeɖo taɖodzinu na o alo esiwo woɖo taɖodzinu na dzi:
OptFee = Round (min [(FutFee * K); Round(Premium * Round(W(o)/R(o)) ;5) ; 2) * GɔmeɖoanyiFutFee] ;2) .
OptFee ≥ 0.01 ƒe ʋuʋu.
Woɖe formula ƒe asixɔxɔwo ƒe decoding fia le kplɔ̃a dzi:
Ŋkɔ | Nya ɣaɣlawo ɖeɖeɖa |
Tiatia Fetu | Dɔdzikpɔha ƒe home (le rubles me) ɖe nubabla aɖe wɔwɔ ta. |
Nogo | Woma eme le akpa sue si do ŋgɔ me. |
afɔfetu | Kɔmiunist ga home (le rubles me) na etsɔme asitsatsa. |
Si xɔ asi | Tiatiawɔblɔɖe ƒe fetu ƒe asixɔxɔ (le dzidzenu ƒe akpa siwo wogblɔ le tiatiawɔblɔɖe ƒe asi ƒe ɖoɖoa me). |
W(o) . | Asixɔxɔ suetɔ kekeake ƒe afɔɖeɖe ƒe lolome (le rubles me). |
R(o) . | Asixɔxɔ suetɔ kekeake ƒe ʋuʋu. |
BaseFutFee ƒe gɔmeɖoanyi | Asixɔxɔ si le gɔmeɖoanyi ƒe agbɔsɔsɔme si dzi wowu tiatia la nu le la nye 0.06325 (ɖɔliɖɔli). Wobu akɔnta be gɔmeɖoanyi deme ƒe agbɔsɔsɔme si wotsɔ ƒo nya tae nye 0.04675 (clearing). |
Yi | Xexlẽdzesi bubu: K=2. |
Fetu si woxena ɖe taɖa ƒe asitsatsa ta
Scalping futures trading nye asitsatsa siwo wotu ɖe sedede siwo womeɖo taɖodzinu na o dzi. Wonana woʋua etsɔmenuwo ƒe nɔƒewo hewua wo nu le asitsatsa ƒe ɣeyiɣi ɖeka me. Nyatakaka bubuwo tso nubabla siawo ƒe dɔwɔnuwo ŋu le kplɔ̃a dzi:
Ŋkɔ | Gɔmesesewo | Fexexe ƒe Fexexe |
Etsɔmewo | Do ŋgɔ ƒe asitsatsa siwo wowɔ ɖe sedede siwo menye taɖodzinu o dzi, wokplɔa ame yia ʋuʋu kple nuwuwu ƒe nɔƒewo le etsɔme le asitsatsa ƒe ɣeyiɣi ɖeka me. | 0.5 le ga si woxena ɖe scalping ƒe asitsatsa ta la katã me. |
Tiatiawɔblɔɖewo | Do ŋgɔ ƒe asitsatsa siwo wowɔ ɖe sedede siwo menye taɖodzinu o dzi, ne wowɔ tiatia la ŋudɔ le asitsatsa ƒe ɣeyiɣi ɖeka me (asixɔxɔ ka kee ɖale wo ŋu o), hea ɖoƒe siwo tsi tre ɖe wo nɔewo ŋu ƒe ʋuʋu vɛ. Tiatiawɔblɔɖe ƒeƒle be woaƒle (Yɔ) kple dzadzra – be woadzra (Tsɔe) ate ŋu ana woaʋu nɔƒe didiwo le etsɔme. Call Options dzadzra kple Put Options ƒle ana etsɔme nɔnɔme kpuiwo nasu asiwò. Tiatia siwo nàte ŋu awɔ na taɖa eve eve:
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Wobua kɔmiun bliboa hena scalping asitsatsawo wɔwɔ to tiatiawɔblɔɖewo zazã me to mɔfiame siwo gbɔna zazã me:
- Fetu = (Tiatia Fetu (1) + Tiatia Fetu (2)) * K → ne Tiatia Fetu (1) = Tiatia Fetu (2);
- Fetu = 2 * Tiatia Fetu (1) * K + (Tiatia Fetu (2) – Tiatia Fetu (1)) → ne Tiatia Fetu (1) < Tiatia Fetu (2);
- Fetu = 2 * Tiatia Fetu (2) * K + (Tiatia Fetu (1) – Tiatia Fetu (2)) → ne Tiatia Fetu (1) > Tiatia Fetu (2).
Woɖe gɔmesese siwo le mɔfiameawo ŋu gɔme le kplɔ̃a dzi:
Ŋkɔ | Nya ɣaɣlawo ɖeɖeɖa |
Fe | Total exchange commission na scalping dɔwɔwɔwo (le rubles me). |
Tiatia Fetu(1) . | Fe siwo katã woaxe ɖe asitsatsawo wɔwɔ ta le asitsatsa ƒe ɣeyiɣi ɖeka me kple tiatia siwo ana woaʋu etsɔme nu, si wobu le akpa sue si nye “Fe na nubabla siwo wotu ɖe margin dzi” nu. |
Tiatia Fetu(2) . | Fe siwo katã woxe ɖe adzɔnuwo wɔwɔ ta le asitsatsa ƒe ɣeyiɣia me …, si hea etsɔme ƒe nuwuwu vɛ, si wobu le akpa sue si nye “Fe … si wotu ɖe margin dzi” nu. |
Yi | Nusi nye 0.5 ɣesiaɣi. |
Fexexe ɖe Ɣletigbalẽa ƒe Kakaɖedziwo Ta
Ɣletigbalẽ ƒe Kakaɖedzi – Etsɔme siwo ƒe ɣeyiɣiwo to vovo ƒeƒle kple wo dzadzra le kaka ƒe sededewo dzi le ɣeyiɣi ɖeka me.
Woɖoa fetu ƒe home le asitsatsa ƒe ɣeyiɣi ɖesiaɖe me na xɔxlɔ̃ ƒe agbalẽa ƒe akpa ɖesiaɖe le fe si woaxe tso etsɔme asitsatsa ɖesiaɖe me si wotu ɖe “Ɣletigbalẽ ƒe Kaka” ƒe sedede siwo womeɖo taɖodzinu na o alo esiwo woɖo taɖodzinu na dzi. Wowɔ akɔntabubua le mɔfiame si gbɔna nu:
FeeCS = ΣFutFeeCS * (1 – K) Woɖe nɔnɔmetataawo ƒe asixɔxɔwo gɔmeɖeɖe fia le kplɔ̃a dzi:
Ŋkɔwo | Nya ɣaɣlawo ɖeɖeɖa |
FeeCS ƒe fetu | Fetu (le rubles me) le Ɣletigbalẽ ƒe Kakaɖedzi si wotu ɖe nudɔdɔ siwo womeɖo taɖodzinu na o dzi le asitsatsa ƒe ɣeyiɣi ɖeka me. |
Yi | Asiɖeɖe le nu ŋu ƒe agbɔsɔsɔ si wɔa dɔ nyuie le asitsatsa ƒe ɣeyiɣia me, si nye 0.2. Ɣeyiɣi sia si dzea egɔme tso asitsatsa ŋkeke gbãtɔ dzi la nye ɣleti ade. Le ɣeyiɣi sia me la, àte ŋu aƒo nya ta le etsɔme ŋu le sedede siwo womeɖo taɖodzinu na o nu. Le ɣeyiɣia ƒe nuwuwu la, womewɔa asiɖeɖe le ga ŋu ƒe agbɔsɔsɔme ŋudɔ o (afisiae nye = 0). |
ΣFutFeeCS ƒe ƒuƒoƒo | Wobu fetu si woaxe ɖe etsɔme asitsatsa ta (le rubles me) si woxɔ ɖe Ɣletigbalẽ ƒe kaka ƒe nudɔdɔ siwo womeɖo taɖodzinu na o dzi ale: FutFeeCS = Round ((Round ((abs FutPrice(1)) + abs(FutPrice(2))) * Round (W( f)/R (f);5)) ;2) * GɔmeɖoanyiFutFee;2) afisi:
Le asixɔxɔ bubuwo gome la, nuŋlɔɖi aɖe le etame. |
Mɔfiame si woatsɔ abu fetu ƒe agbɔsɔsɔme si woaxe na Ɣletigbalẽ ƒe Kakaɖedziwo le etsɔme ŋu si wotu ɖe ɖoɖo si wowɔ ɖe “Ɣletigbalẽ ƒe Kakaɖedzi” ƒe nubabla ŋu le asitsatsa ŋkekea dzi lae nye esi:
FeeCS = ΣFutFeeCS Wona asixɔxɔ siwo wozã ŋuti numeɖeɖewo le etame xoxo le nyatia me .
Fe bubuwo
Nudzɔdzɔ siwo gbɔna hã li:
- Nudzɔdzɔ na Kakaɖedzigaxɔa. Nu suetɔ kekeake si Kpekpeɖeŋunalawo dometɔ ɖesiaɖe ate ŋu adzɔ ɖe gaxɔ sia mee nye ruble miliɔn 10. PJSC Moscow Exchange ƒe agbalẽ si ku ɖe nudzɔdzɔ sia ƒomevi ŋu – kɔpi .
- Kpekpeɖeŋunakɔmiti kple adzɔxexe ƒe ɖoɖowo. Woateŋu akpɔ nukpɔsusuawo kple gɔmeseseawo le nuŋlɔɖi siawo me:
- Fe siwo woxena ɖe asitsatsa ta. Nuŋlɔɖi si ku ɖe “Fe bubuwo …” ŋu la nye esi wotsɔ na fe siawo to asitɔtrɔa dzi – kpɔ nuŋlɔɖia . Woxɔa ga ɖe asitsatsa ta:
- mewɔa dɔ nyuie o (ne nudzrala alo asisi aɖe wɔa asitsatsa geɖe, gake le ɣeyiɣi ma ke me la, ewɔa asitsatsa ʋɛ aɖewo ko);
- Tsiɖɔɖɔ Dzi Kpɔkpɔ si mesɔ o (ne nudzrala alo asisi la wɔ asitsatsa mawo tɔgbe geɖe kple vodada ƒe dzeside 9999);
- wowɔe vodadatɔe, gake eto vovo na Tsiɖɔɖɔ Dziɖuɖu (ne nudzrala alo eƒe asisi wɔ asitsatsa mawo tɔgbe geɖe kple vodada ƒe dzesi 31, 332, 333, 4103, 3, 14, 50, 0).
Be nàte ŋu awɔ asitsadɔ le Derivatives Market la, ele be nàse eƒe nuances katã gɔme gbã. Wo dometɔ aɖewoe nye adzɔxexe, dɔdzikpɔfe siwo woxɔna ɖe wo ta kple fe siwo wotsɔna naa gomekpɔlawo le nudzadzra sia ƒomevi me.