Abeetabye mu kusuubula derivatives basasula ssente z’akasiimo ku ddiiru ze bakola. Enkula y’obukiiko buno bwawukana okusinziira ku musolo eyeetabye mu kugezesebwa gw’alonze. Tujja kubyogerako mu kiwandiiko, awamu n’ebisale ebyo byonna (obukiiko) bw’olina okusasula.
Emisolo emikulu ku Moscow Exchange
Omulongooti gulaga emiwendo gya Moscow Exchange egy’omulembe guno (VAT tesasulwa):
| Erinnya | Okukung’aanya kw’okuwanyisiganya kwennyini | Okukung’aanya HKO NCC (Ekifo ky’eggwanga eky’okusasula) . | Akakiiko Omugatte |
| Omusolo No. 1 | |||
| Ekitundu ekinywevu (rubles) . | — . | — . | — . |
| mabega | 0.00575% ebitundu . | 0.00425% nga . | 0.01% . |
| Omusolo No2 | |||
| Ekitundu ekinywevu (rubles) . | emitwalo 14.38 | emitwalo 10.63 | emitwalo 25 |
| mabega | 0.0053475% nga bwe kiri. | 0.0039525% nga bwe kiri. | 0.0093% . |
| Omusolo No. 3 | |||
| Ekitundu ekinywevu (rubles) . | emitwalo 143.75 | emitwalo 106.25 | emitwalo 250 |
| mabega | 0.0050025% nga . | 0.0036975% ebitundu . | 0.0087% . |
| Omusolo No. 4 | |||
| Ekitundu ekinywevu (rubles) . | emitwalo 258.75 | emitwalo 191.25 | emitwalo 450 |
| mabega | 0.0047725% nga bwe kiri. | 0.0035275% nga bwe kiri. | 0.0083% nga . |
| Omusolo No. 5 | |||
| Ekitundu ekinywevu (rubles) . | emitwalo 460 | emitwalo 340 | emitwalo 800 |
| mabega | 0.0046% . | 0.0034% . | 0.0080% nga . |
Ekitundu eky’enkalakkalira (ekitali kya kukyuka) – ekisasulwa ku lunaku lw’okusuubula olusooka (ekiseera mu lunaku okuwanyisiganya we kukola okusuubula) ekya buli mwezi, awatali kulowooza oba waaliwo okusaba (ekiragiro) oba okumaliriza/okumaliriza emirimu oba nedda.
Ekitundu eky’emabega kisasulwa okuva ku muwendo gw’okutunda ku lunaku lw’okutunda, buli kakiiko kaba waakiri 0.01 rubles.
Enkyukakyuka mu misolo yeesigamiziddwa ku kusaba kw’omuntu eyeetabye mu kulonda enteekateeka y’okusuubulagana ey’okuwanyisiganya ng’eyo. Okusaba kulina okuweebwayo mu Bbanka ya HKO NCC mu nnaku 5 ez’omulimu ng’omwezi gwa kalenda oguddako tegunnatandika (omusolo ogwalondebwa gujja kuba gukola okuva mu gwo).
Ssente z’okuyingira okwetaba mu ffulaayi
Emiwendo gy’ensimbi eziweebwayo, okusinziira ku kibinja ky’Abeetabyemu broker ky’ali, ziragiddwa mu kipande:
| Ebika by’abeetabye mu nkolagana | Okuwaayo buli mutendera |
| “O”. | 5,000,000 |
| “O” (ebisale ebirala) | 250 000 |
| “F1” oba “F2”. | 3,000,000 |
| “T1” oba “T2”. | 1,000,000 ezaaliwo |
| “D1” oba “D2.” | 1,000,000 ezaaliwo |
Ssente endala ziggyibwa ku Abeetabye mu mutendera gwa “O” okwewandiisa. Si bulijjo nti esasulwa. Okusalawo ku kubeerawo kw’ensonga ezisonyiyibwa ssente zino kukolebwa ku kuteesa kw’akakiiko k’akatale k’ebintu ebiva mu PJSC Moscow Exchange.
Mu bufunze ku biti:
- “O”. Abeetabye mu nkolagana eno baweebwa layisinsi okukola emirimu gya brokerage/dealer oba okukola ku nzirukanya y’ebintu eby’omuwendo. Bammemba b’omutendera guno balina eddembe okusuubula mu bitundu bya Stock, Commodity ne Money. Basobola okukola emirimu okuva ku:
- mu linnya lye era ku ssente ze;
- erinnya lye era ku ssente za kasitoma;
- ku lwa era ku nsimbi za bakasitoma nti beetabye mu kulongoosa, awamu n’okukola emirimu nga balagiddwa omusuubuzi w’okusasula (okusinziira ku oba bagoberera ekitundu ekikwatagana eky’obukwakkulizo bw’okuyingira).
- “F1”. Abeetabye mu kutendekebwa balina okuba ne layisinsi y’emirimu gya brokerage oba emirimu gy’okuddukanya eby’obugagga eby’omuwendo. Bammemba b’omutendera guno balina eddembe okusuubula mu kitundu kya Sitooki okuva ku:
- erinnya lye era ku ssente za bakasitoma;
- ku lwa era ku nsimbi za bakasitoma – abeetabye mu kulongoosa, wamu n’okumaliriza emirimu nga balagiddwa omusuubuzi w’okusasula.
- “F2”. Abeetabye mu mpaka zino balina okuba ne layisinsi ya diiru. Ekika kino eky’Abeetabamu kikkirizibwa okusuubula mu Kitundu kya Sitooki okukola emirimu:
- ku lwayo era ku ssente zaayo;
- okulaga omusuubuzi w’okusasula.
- “T1”. Abeetabye mu kutendekebwa balina okuba n’olukusa lw’okusuubulagana (layisinsi y’okussa mu nkola endagaano ng’eyo ebalibwa – eby’obugagga eby’ensimbi ebivaamu n’eby’obugagga ebikulu mu ngeri y’ekintu eky’okutunda) oba emirimu gy’okuddukanya eby’obugagga eby’omuwendo. Abeetabye mu kutendekebwa bano bakkirizibwa okuyingira mu kitundu ky’ebintu ebikozesebwa mu kukola emirimu:
- ku lwayo era ku nsimbi za bakasitoma;
- ku lwa era ku nsimbi za bakasitoma — okusasula abeetabye mu kutendekebwa;
- okulaga omusuubuzi w’okusasula.
- “T2”. Abagenda okutunda balina okuba ne layisinsi y’emirimu gya diiru oba balina okuba ebibiina ebirina omuwendo gw’ensimbi zaabwe waakiri obukadde butaano. Ekika kino kirina olukusa okuyingira mu kitundu ky’ebintu ebikozesebwa mu kukola emirimu:
- ku lwayo era ku ssente zaayo;
- okulaga omusuubuzi w’okusasula.
- “D1”. Abeetabye mu kutendekebwa balina okuba ne layisinsi y’emirimu gya brokerage oba emirimu gy’okuddukanya eby’obugagga eby’omuwendo. Bano Abeetabye mu kutendekebwa bakkirizibwa okusuubula mu Kitundu kya Ssente okukola emirimu:
- ku lwayo era ku nsimbi za bakasitoma;
- ku lwa era ku nsimbi za bakasitoma — okusasula abeetabye mu kutendekebwa;
- okulaga omusuubuzi w’okusasula.
- “D 2”. Abeetabye mu kutendekebwa balina okuba ne layisinsi ya diiru oba okuba ekitongole ekiwola/eky’ensi yonna. Ekika kino eky’Abeetabyemu kikkirizibwa okusuubula mu kitundu kya Ssente okukola emirimu:
- ku lwayo era ku ssente zaayo;
- okulaga omusuubuzi w’okusasula.
Okusinziira ku bigambo ebiri mu Mateeka g’Ebisaanyizo, Abeetabye mu kutendekebwa bayinza okukkirizibwa okusuubula mu kitundu ky’akatale kimu oba ebisingawo omulundi gumu, nga mw’otwalidde n’ekika kimu oba bibiri mu kitundu kimu.
Amateeka agafuga okuyingira osobola okugasanga
wano .
Ssente z’okuwanyisiganya n’okusasula
Ssente zino zombi zisasulwa ku ndagaano z’ebiseera eby’omu maaso n’eza margin, ate ssente z’okuwanyisiganya nazo zisasulwa ku busuubuzi bw’okusiba.
Ssente z’endagaano z’ebiseera eby’omu maaso
Omuwendo gw’obusuulu bw’okuwanyisiganya (ebisale) olw’okukozesa ebiragiro ebitaliiko kiruubirirwa oba ebigendererwa ku biseera eby’omu maaso gubalirirwa bwe guti:
FutFee = Round (Round (abs(FutPrice) * Round(W(f)/R(f);5) ;2) * BaseFutFee;2) .
FutFee ≥ 0.01 okusiiga.
Okuggya enkoodi y’emiwendo gy’ensengekera (fomula values) kulagiddwa mu kipande:
| Erinnya | Okuggya ensirifu |
| footfee | Enkula y’akakiiko k’okusuubula ebiseera eby’omu maaso (mu rubles). |
| Okwetooloola | Omulimu oguzimbibwamu omulimu gwagwo kwe kuzingulula namba n’obutuufu obuweereddwa. |
| abs | Omulimu okubala omuwendo omutuufu (namba eno terina kabonero). |
| W(f) . | Omuwendo gw’omutendera gw’omuwendo omutono, ogusalibwawo okusinziira ku biseera eby’omu maaso ebikwatagana (mu rubles). |
| R(f) . | Entambula y’ebbeeyi entono, esalibwawo okusinziira ku biseera eby’omu maaso ebikwatagana. |
| BaseFutFee nga bwe kiri | Omuwendo gw’ensimbi ezisookerwako ogw’omuwendo gw’emigugu egy’omu maaso ogw’Ekibiina ky’Endagaano mwe kiri:
|
| EkigereEbbeeyi | Omuwendo gw’omuwendo gw’ebiseera eby’omu maaso, ogusaliddwawo okusinziira ku butundu 3.4.2-3.4.3 obw’ekiwandiiko kino ( mu yuniti z’okupima eziragiddwa mu bbeeyi yaabwe nga bateeka oda). |
Ssente z’endagaano ezisinziira ku margin
Margin ye njawulo wakati w’ebbeeyi n’omuwendo (okufaananako n’endowooza y’amagoba). Era margined options ze mirimu egyekuusa ku kusuubula options, nga muno tewali nsimbi nnyingi ku akawunti z’abaguzi n’abatunzi, wabula omuwendo gwonna ogw’obukuumi guterekebwa ku akawunti z’okusuubula ez’abeetabye mu nkolagana.
OptFee = Round (min [(FutFee * K); Round(Premium * Round(W(o)/R(o) ;5) ; 2) * Ebisale bya BaseFut] ;2) .
OptFee ≥ 0.01 okusiiga.
Okuggya enkoodi y’emiwendo gy’ensengekera (fomula values) kulagiddwa mu kipande:
| Erinnya | Okuggya ensirifu |
| Opt Ssente | Omuwendo gw’akakiiko (mu rubles) olw’okukola ddiiru. |
| Okwetooloola | Waliwo okumenyawo mu katundu akayise. |
| footfee | Omuwendo gw’akakiiko (mu rubles) olw’okusuubula ebiseera eby’omu maaso. |
| Sente ezisasilibwa mundagano | Omuwendo gw’omutemwa gw’okulonda (mu yuniti z’okupima eziragiddwa mu ndagiriro y’omuwendo gw’okulonda). |
| W(o) . | Enkula y’omutendera gw’ebbeeyi entono (mu rubles). |
| R(o) . | Entambula y’ebbeeyi entono. |
| BaseFutFee nga bwe kiri | Omuwendo gw’omuwendo ogw’omusingi ogw’okusalawo kwe gukomekkerezeddwa guli 0.06325 (okuwanyisiganya). Amagoba agabaliriddwa aga base ag’okumaliriza gali 0.04675 (clearing). |
| Ku | Omugerageranyo ogw’okugattako: K=2. |
Ssente z’obusuubuzi bw’okukuba omutwe
Scalping futures trading kwe kusuubula nga kwesigamiziddwa ku biragiro ebitaliiko kigendererwa. Ziviirako okuggulawo n’okuggalawo ebifo eby’omu maaso mu kiseera kimu eky’okusuubula. Ebisingawo ku bikozesebwa mu ddiiru zino mu kipande:
| Erinnya | Ennyonyola | Okusasula ssente |
| Ebiseera eby’omu maaso | Enkolagana ez’omu maaso ezikolebwa ku musingi gw’ebiragiro ebitali bigendererwa, ziviirako okuggulawo n’okuggalawo ebifo mu biseera eby’omu maaso mu kiseera kimu eky’okusuubula. | 0.5 ku ssente zonna ez’okuwanyisiganya ssente z’okusuubula scalping. |
| Eby’okulondako | Enkolagana ez’omu maaso ezikolebwa ku musingi gw’ebiragiro ebitali bigendererwa, singa eky’okulonda kikozesebwa mu kiseera kimu eky’okusuubula (nga tetufuddeeyo ku muwendo), kiviirako okuggulawo ebifo ebikontana. Okugula options okugula (Call) n’okutunda – okutunda (Put) kiyinza okuvaako okuggulawo ebifo ebiwanvu mu futures. Okutunda Call Options n’okugula Put Options kijja kuvaamu ebifo eby’omu maaso ebimpi. Enkola z’okukola scalping pairs:
|
Akakiiko gwonna ak’okukola emirimu gy’okusala scalping nga tukozesa options kabalibwa nga tukozesa ensengekera zino wammanga:
- Ebisale = (OpFee (1) + OptFee (2)) * K → singa OptFee (1) = OptFee (2);
- Ssente = 2 * OkulondaSsente (1) * K + (OptFee (2) – OkulondaSsente (1)) → singa OptFee (1) < OkulondaSsente (2);
- Ssente = 2 * OptFee (2) * K + (OptFee (1) – OptFee (2)) → singa Okwesalirawo (1) > OptFee (2).
Okuvvuunula amakulu g’ensengekera (formulas) kyanjuddwa mu kipande:
| Erinnya | Okuggya ensirifu |
| Sente | Omugatte gw’akakiiko k’okuwanyisiganya ssente olw’emirimu gy’okukuba omutwe (mu rubles). |
| Opt Ssente(1) . | Omuwendo gwonna ogw’ebisale by’okukola emirimu mu kiseera kimu eky’okusuubula nga waliwo eby’okulonda ebivaako okuggulawo ebiseera eby’omu maaso, ebibalirirwa okusinziira ku katundu “Ssente z’endagaano ezisinziira ku margin”. |
| Opt Ssente(2) . | Omuwendo gwonna ogw’ebisale by’okukola emirimu mu kiseera ky’okusuubula …, ebivaako okuggalawo ebiseera eby’omu maaso, ebibalirirwa okusinziira ku katundu “Ssente … okusinziira ku margin”. |
| Ku | Ensonga bulijjo ebeera 0.5. |
Ssente z’okusaasaana kwa Kalenda
Calendar Spread – Okugula n’okutunda futures ezirina maturities ez’enjawulo okusinziira ku spread orders mu kiseera kye kimu.
FeeCS = ΣFutFeeCS * (1 – K) Entaputa y’emiwendo gy’ensengekera eragiddwa mu kipande:
| Amannya | Okuggya ensirifu |
| EbisaleCS | Ssente (mu rubles) za Calendar Spread okusinziira ku biragiro ebitali bigendererwa mu kiseera kimu eky’okusuubula. |
| Ku | Omuwendo gw’okusasula ogukola mu kiseera ky’okutunda, nga guno guli 0.2. Ekiseera kino, okutandika okuva ku lunaku olusooka olw’okusuubula, kiba kya myezi mukaaga. Mu kiseera kino, osobola okumaliriza futures nga osinziira ku no-target orders. Ku nkomerero y’ekiseera, omuwendo gw’okusasula tegukozesebwa (wano guli = 0). |
| ΣFutFeeCS nga bwe kiri | Ebisale by’okutunda eby’omu maaso (mu rubles) ebisasulwa ku musingi gw’ebiragiro bya Calendar Spread ebitali bigendererwa bibalirirwa bwe biti: FutFeeCS = Round ((Round ((abs FutPrice(1)) + abs(FutPrice(2))) * Round (W( f)/R (f); 5)) ;2) * BaseFutFee;2) nga:
Ku miwendo emirala, waliwo ekiwandiiko waggulu. |
Enkola y’okubalirira omuwendo gwa ssente za Calendar Spreads ku futures okusinziira ku order ya ddiiru ya “Calendar Spread” mu lunaku lw’okusuubula eri bweti:
FeeCS = ΣFutFeeCS Ennyinyonnyola z’emiwendo egyakozesebwa zaweebwa dda waggulu mu kiwandiiko .
Ebisale ebirala
Waliwo n’ebintu bino wammanga:
- Okuwaayo mu nsawo y’omusingo. Ensimbi entono esoboka buli omu ku Clearing Members mu nsawo eno ye bukadde bwa rubles 10. Ekiwandiiko kya PJSC Moscow Exchange ku kika kino eky’ebiweebwayo – download .
- Akakiiko k’okusasula n’emisolo. Endowooza n’amakulu osobola okubisanga mu biwandiiko bino:
- Ebisale by’okutunda ebintu. Ekiwandiiko ku “Ssente ez’okwongerako …” kiweereddwayo ku bisale bino okuwanyisiganya – laba ekiwandiiko . Basasulwa ku nkolagana:
- obutakola bulungi (singa diiru oba kasitoma akola emirimu mingi, naye mu kiseera kye kimu n’akola emirimu mitono);
- erroneous Flood Control (singa omusuubuzi oba kasitoma akola emirimu mingi egy’engeri eno nga alina ensobi code 9999);
- ekoleddwa mu bukyamu, naye nga ya njawulo ku Flood Control (singa omusuubuzi oba kasitoma we akola emirimu mingi egy’engeri eno nga alina koodi z’ensobi 31, 332, 333, 4103, 3, 14, 50, 0).
Okusobola okusuubula ku katale ka Derivatives, olina okusooka okutegeera nuances zaako zonna. Nga kwotadde n’emisolo, obukiiko obubasasulwako n’ebisale ebiweebwa abeetabye mu ffulaayi ey’ekika kino.
