REPO transaction m’mawu osavuta, momwe imagwirira ntchito, phindu la mgwirizano ndi chiyani

Kodi mgwirizano wogula ndi chiyani ndipo mgwirizano wa REPO umagwira ntchito bwanji? M’dziko lazachuma, pali zochitika zambiri zosiyanasiyana, kugula, kugulitsa, kusinthanitsa (kusinthanitsa). Zina mwazo ndi ntchito za REPO (mgwirizano wowombola), zomwe zimapereka ngongole yanthawi yochepa, zotsatiridwa ndi kugulidwanso kwa chuma chandalama. Kugulitsa kotereku kuli kofanana ndi ngongole pa pawnshop, kokha komwe wobwereka salandira chiwongola dzanja pa ngongoleyo, koma amapereka ndalama zolemetsa kuti abweze chinthu chake.
REPO ndi chinthu chofunikira pakusinthana kwachuma. Chifukwa cha malonda amtunduwu, amalonda mamiliyoni ambiri padziko lonse lapansi amapeza ndalama zogulira zitetezo zomwe amawona kuti ndizopindulitsa. Kodi ndizosavuta kumaliza REPO, zomwe zikufunika pa izi ndi zomwe ziyenera kuganiziridwa popanga mgwirizano – misampha yonse idzawululidwa m’nkhaniyi.

REPO ntchito

Mgwirizano wa REPO ndi mgwirizano wogulitsa ndi kugula zinthu zandalama zomwe zili ndi udindo wogulanso. Monga lamulo, zochitika zimachitika usiku, ndipo kubwerera kumapangidwa m’mawa kapena madzulo. Mwa kuyankhula kwina, iyi ndi ngongole yaifupi, ndi chikole mu mawonekedwe a chuma chachuma: masheya, ma bond. Ubwino wa REPO ndi zinthu za mbali zonse ziwiri zamalondawo:

1. Wogulitsa , nthawi zambiri wochita malonda, amalandira ndalama popanda tepi yofiira ya banki.
2. Wogula , kawirikawiri broker , amaika ndalama pamtengo wokhazikika komanso chiopsezo chochepa.

Kodi ntchito za REPO zimagwiritsidwa ntchito bwanji?

Wogulitsa ndalama amamaliza mgwirizano ndi bungwe lovomerezeka. Nthawi zambiri amakhala ngati wogula: broker, banki, manejala, wogulitsa, etc. Ndi mitundu ingapo ya malonda, ngongole imakhala yofunikira. Monga lamulo, izi ndi:

1. Kuchotsa ndalama pang’onopang’ono ndikuchotsa ndalama, momwe masheya ndi zotetezedwa zina zimagwira ntchito yayikulu.
2. Kugulitsa malire – kusamutsa malo.
3. Kugulitsa pamsika ndi Central Agent.

Kodi mgwirizano wa REPO umagwira ntchito bwanji pochotsa ndalama?

Mabungwe ambiri amabwereketsa ndalama potenga ma bond, masheya ndi zotetezedwa zina. Ndalama zochokera ku ngongole zimachotsedwa ku akaunti yanu kuti mugwiritse ntchito. Kuchuluka kwa ndalama zomwe zimaperekedwa kwa munthu mmodzi ndizofanana ndi mtengo wa chitetezo chimodzi ndi chiopsezo choyamba – kuchotsera. [id id mawu = “attach_11674” align = “aligncenter” wide = “710”]
Zitetezo zovomerezedwa kumsika wa REPO[/ mawu]

Kachitidwe kawo

Pachiyambi, mgwirizano umapangidwa, womwe uli ndi magawo awiri: Kutengera chikalatachi, wogulitsa amasamutsa chuma chandalama kwa wogula, wogulitsa amavomereza kuvomereza pa tsiku lomwe lanenedwa ndikulipira ndalama zokonzedweratu.
Patsiku lomwe lafotokozedwa mu mgwirizano, wogulitsa ndalama amabwezera magawo kwa wogulitsa ndikulipira malipiro. Malipiro amatha kusiyana ndi mtengo woyambira wachuma pakusinthana. REPO imachita zochitika ziwiri nthawi imodzi: muchitetezo ndi mgwirizano wopita patsogolo.

Magulu a zochitika za REPO – molunjika ndi kumbuyo

Mitundu iwiri yamalonda ilipo lero: ma repos olunjika ndi obwerera kumbuyo.

1. Kuwombola mwachindunji kumatanthawuza kuti: munthu amene adabwereka ndalamayo adzawombola magawo ake pa tsiku lomwe lasankhidwa.
2. Reverse REPOs zimasiyana kwambiri ndi zomwe zachitika kale – wobwereketsa amalandira nkhani ya mgwirizano pakalipano ndikulipira ndalama zonse. Kumapeto kwa malondawo, amabwezera mapepala, kulandira ndalama zomwe anagwirizana.

Pali mitundu ingapo ya zochitika ndi nthawi yovomerezeka:

1. Intraday – kugulitsa kumachitika masana.
2. Kuchita usiku wonse – mgwirizano umayamba tsiku lina ndikutha lotsatira.
3. Chowonadi – nthawi yogulitsirayo imatha kutambasula kwa mwezi umodzi. Ndi mtundu uwu, mgwirizanowu ndi wovomerezeka mpaka tsiku linalake, lili ndi tsiku lokhazikika la gawo lomaliza la mgwirizano.
4. Tsegulani – tsiku lomaliza la kuphedwa kwa gawo lachiwiri la REPO silinakhazikitsidwe.

Mwachitsanzo, wochita malonda wofuna ndalama adalowa mu REPO yosiyana. Bungwe lovomerezeka linali ngati ngongole. 
Wogulitsayo anali ndi magawo 3,000 omwe adagulitsidwa $ 3 miliyoni ngakhale anali ofunika $ 3,500,000. Kutengera mgwirizano wa REPO, nthawiyo idakhazikitsidwa kwa mwezi umodzi.
Pambuyo pa nthawiyi, wogulitsa amachotsa magawo ake ndikulipira ndalama zowonjezera pamwamba pa wamkulu. Chifukwa chake, patatha mwezi umodzi adatenga magawo 3 miliyoni 200 zikwi. 200 zikwi – peresenti yomwe yabwera mwezi wogwiritsa ntchito ndalama za broker.Anthu ambiri amafanizitsa repo ndi sitolo ya pawnshop. Wobwereka amagulitsanso chinthu chamtengo wapatali ndipo pambuyo pa mwezi amabwezera katundu wake, akulipira chiwongoladzanja. Ngati munthu sabwera kudzafuna mapepala, ndiye kuti broker yemwe adapha REPO akhoza kugulitsa, monga momwe amagulitsira zinthu m’mapawnshop. Momwe mayendedwe achindunji ndi osintha a REPO amagwirira ntchito – mafotokozedwe a kanema pa mgwirizano wogula: https://youtu.be/p8Lx2dIUUj4

Kodi mungalandire bwanji zopindulitsa pa magawo omwe mwalonjeza?

Ngati mndandanda wa omwe akuyenera kulandira malipiro atsimikiziridwa panthawi ya REPO, ndiye kuti ndalama zonse zomwe zalandilidwa kuchokera ku malipiro zimapita kwa wogulitsa zonse, chifukwa ndiye mwiniwake wa zotetezedwa, ngakhale kuti ndizosakhalitsa. Koma lamulo “Pa msika wa chitetezo” limateteza ogulitsa magawo. Ngati alandira malipiro kuchokera ku magawo omwe adalonjeza, wogula ayenera kusamutsa ndalamazi kwa wogulitsa. Ngati aganiza zodzisungira yekha, ndiye kuti ndalama zowombolanso zitetezo zidzayamba kuchepa chifukwa cha magawo omwe aperekedwa.

Panthawi imodzimodziyo, wogulitsa zitetezo amakhalanso ndi zoletsedwa zingapo. Sangathe kutenga nawo mbali pamisonkhano ya omwe ali ndi masheya panthawi yomwe akugulitsa, komanso sangadandaule ndi zisankho zawo ndi zomwe achita ndi kampaniyo.

Kodi mgwirizano wa REPO ndi chiyani, zomwe wogulitsa ndi wogulitsa ayenera kudziwa: https://youtu.be/u38hZgb5dIo

Zowopsa pansi pa mgwirizano wa REPO

Choopsa chachikulu pa nthawi ya ntchito yotereyi ndikulephera kukwaniritsa gawo lachiwiri la mgwirizano. Nthawi zina wogulitsa masheya alibe ndalama zokwanira kuti awombole mapepala ake. Kenako wogula amawagulitsa ndikubweza zonse zomwe zatayika. Mkhalidwe woipa kwambiri kwa amalonda ndi pamene wogulitsa akubwerera patatha mwezi umodzi ndi ndalama ndi chiwongoladzanja, ndipo amene adagula mbiriyo adagulitsa kale. Nthawi zambiri zimachitika kuti onse omwe ali pakati pazochitikazo amakana kukwaniritsa gawo lachiwiri la mgwirizano. Izi nthawi zambiri zimachitika pamene katundu wakwera kapena wotsika mtengo. Chifukwa cha ichi, pali chiopsezo cha kusakhazikika kwa msika, chifukwa chomwe mmodzi wa maphwando adzakana kukwaniritsa udindo wawo, chifukwa mgwirizanowu umanena ndalama imodzi, ndipo zotetezedwa zimatha kupitirira mtengo uwu, kapena zidzayamba kuwononga mtengo mopanda phindu.

Momwe mungachepetsere zoopsa

Pali njira ziwiri zochepetsera chiopsezo: kuchotsera ndi ma premium. Kuchotsera – kusiyana pakati pa mtengo wa magawo omwe adalonjeza pamsika ndi ndalama zomwe zafotokozedwa mu mgwirizano wa REPO. Pankhani ya Investor mu chitsanzo, zitha kuwoneka kuti magawowa ndi ofunika kwambiri kuposa kuchuluka komwe angabwerere kwa broker ndi chiwongola dzanja. Chifukwa chake, ali ndi cholinga chogulanso magawowa ngakhale pamtengo wapatali. Kuchotsera kwamtunduwu kumatchedwa “choyamba”. Kukula kwa kuchotsera kumawerengedwa ngati peresenti ndipo mwachindunji zimadalira kukhazikika kwa magawo. Ngati wamalonda walonjeza
tchipisi tabuluu tokhazikika, ndiye kuti chiwongola dzanja chidzakhala chocheperapo kuposa cha kampani yosakhazikika. Ndalama zolipirira ndi njira ina yodzitetezera pochita malonda a REPO. Izi ndi ndalama kapena zotetezedwa zomwe wogulitsa amasamutsira kwa broker, kapena mosemphanitsa, ngati mtengo wazinthu zolonjezedwa zasintha kwambiri. Uku ndikuchita kwaulere kwa gawo lachiwiri la mgwirizano kuti muchepetse chiopsezo cha kusakhulupirika. [id id mawu = “attach_11676” align = “aligncenter” wide = “675”]
Kuwongolera zoopsa[/caption] Pofuna kupewa milandu ndi mavuto ena, m’pofunika kutchula maudindo owonjezera mu REPO kwa onse awiri pakakhala kusintha kwakukulu kwa mtengo wagawo. Pachifukwa ichi, omwe adalowa mumalondawo amakakamizika kuwunikiranso ndipo, pazifukwa zake, kusintha mtengo wamtengo wapatali, kapena malipiro owonjezera. Mtengo wa magawo ukakwera, wogulitsa amakakamizika kufuna kuwunikiranso komanso kubweza ndalama zowonjezera pakutayika kwandalama kapena gawo lina la magawo kuti apindule kwambiri. Zomwezo zimagwiranso ntchito kwa omwe adagula magawo ndi ndalama zawo. Msika ukagwa, zitha kuwoneka kuti adagula mapepala otsika mtengo pamtengo wapamwamba kwambiri ndipo, pakugulitsanso, sangathe kubweza zotayika zake. Lamulo limateteza ogula ku milandu yotereyi ndipo chifukwa chake ali ndi ufulu wofuna kuwunikiranso ndikubweza ndalama zawo kuti zithandizire kuwonongeka. Kupereka malire ndi njira ina yodzitetezera ku zoopsa. Panthawi imodzimodziyo, mmodzi wa maphwando amapereka malipiro asanafike nthawi kuti winayo asakane maudindo pa gawo lachiwiri la malondawo. Pamenepa, malipiro a malire si kutumizidwa komaliza kapena kulipira pasadakhale.

Kusintha kwa mtengo wa REPO

Kuwunika kwapamwamba ndi kutsika kuyenera kupezeka mu mgwirizano wa REPO. Mwiniwake wa magawo ali ndi ufulu wochita kuwunikiranso kwapamwamba ngati mtengo wa zotetezedwa unakwera pamwamba pa mlingo wololedwa.
Kuwerengera kwapansi kungatheke kokha ndi munthu amene adagula zitetezo. Izi zimachitika panthawi yomwe msika ukuwonongeka ndipo zotetezedwa zimataya mtengo wake. Kuperewera kwa malire kuyenera kufikira kapena kupitilira malire ololedwa. Pankhaniyi, wogula zotetezedwa angafune kuti wogulitsa abweze ndalamazo.

Asanafike kumapeto kwa REPO, maphwando amavomereza nthawi yomwe mzere wa kukula kwa mtengo ndi kugwa kwake kudzakhala, komanso kuwerengera kuchepa ndi malire owonjezera.

Ikafika nthawi yoti aunikenso, onse awiri amavomerezana pazochita zina. Sangathe kubwerezanso, koma pangani gawo lachiwiri la REPO pasadakhale: wina amagulitsa magawo, ndipo wachiwiri amawagula ndi chidwi. Chidwicho chidzakhala chosiyana kwambiri ndi zomwe zafotokozedwa mu mgwirizanowu ndipo zidzasiyana ndi kukula kwa magawo. Pambuyo pa kutha kwa REPO, maphwando amatha kupanga mgwirizano watsopano, poganizira za mitengo yatsopano yachitetezo komanso kutseka koyambirira kwa malondawo. Pali mzere wosiyana kwambiri wa khalidwe pamene mitengo ikusintha ndi kukonzanso. Phwando lomwe lawonongeka kwambiri lingafunike kulipidwa kwa ndalama zomwe zimaperekedwa munjira ya gawo la magawo ndi ndalama. Ngati malipirowo anapangidwa mu ndalama, osati mu zotetezedwa, ndiye kuti chiwongoladzanja chimaperekedwa. Mukhozanso kubwezera ndalama zonse ndi chiwongoladzanja. Zomwezo zikugwiranso ntchito kuchitetezo.

Kuwunikanso kwa mgwirizano wa REPO pachitsanzo cha Banki Yaikulu

Tiyeni tiwone momwe zotetezedwa zimasinthidwanso ku Bank of Russia. Panthawi ya mgwirizano wa REPO, banki imawerengera ndalama zomwe zalonjeza tsiku lililonse. Pambuyo powunikiranso, bungwe limakhazikitsa malire apamwamba ndi otsika pakuchotsera. Chifukwa cha mawerengedwe awa, mtengo pakati pa zotetezedwa ndi ndalama zonse zomwe wobwereka adzabweza zatsimikiziridwa. Chifukwa cha izi, mbali zonse ziwiri zimapewa udindo wolipira zowonongeka. Komabe, Bank of Russia imayenera kubweza zotayika za wobwereketsa ngati REPO idamalizidwa pakugulitsako ndipo kuchotserako kudapitilira malire apamwamba. Ngati kuchotsera kwadutsa malire otsika, Banki ibweza chipukuta misozi ngati ndalama. Ngati REPO idamalizidwa ndi anthu omwe sali pamalonda okonzedwa pogwiritsa ntchito njira zingapo zapadera, ndiye kuti Bank sikuyeneranso kupereka ndalama. Choyamba, banki yomwe ili ndi ngongole imaphimba kuwonongeka kwa wobwereka ndi zotetezedwa. Ndalama zimaperekedwa pokhapokha ngati banki ilibe chiwerengero chofunikira cha magawo. Pali maubwino angapo ku REPOs omwe adamaliza osati pazogulitsa pogwiritsa ntchito dongosolo la Bloomberg: kuwunikanso kumachitika ndi Bank of Russia osati padera pazochita zilizonse, koma pazogulitsa zonse zomwe Bank of Russia idachita masana.

Malamulo ovomerezeka a mgwirizano wa REPO

Pomaliza mgwirizano, onse awiri ayenera kukambirana zinthu zingapo asanamalize mgwirizano. Zofunikira za REPO ndi:

1. Kuthekera kuwunikanso mtengo wa zotetezedwa . Ndikofunikira kuphatikiza ndimeyi mumgwirizanowu kuti tipewe zochitika ndi zovuta zina.
2. Mkhalidwe wovomerezeka wa onse omwe akulowa mumgwirizano . Pomaliza mgwirizano, maphwando amavomerezana mwa iwo okha ngati mgwirizano waukulu udzakwaniritsidwa, kapena mgwirizano wa gulu lirilonse m’dzina lake.

REPO ku Russia

Magawo a thumba la Investment, satifiketi, mapepala, magawo – chilichonse chomwe chili ndi phindu pamisika yamasheya chimakhala zida zogulitsira pamsika. REPO imatsirizidwa pakati pa munthu ndi bungwe lovomerezeka, ngati ndi: broker, wogulitsa, depository, clearing company, credit institution. Anthu awiri sangathe kulowa
mumalonda Zambiri za REPO ndi Bank of Russia pa Moscow Stock Exchange pa https://www.moex.com/s968:
Muzochitika zambiri zachuma, pali zochitika za REPO. Iyi ndi ngongole yanthawi yochepa yomwe chikole chimaperekedwa, nthawi zambiri masheya kapena ma bond (chitetezo).

Chitsanzo cha zochitika za REPO

Wogulitsayo ndi munthu yemwe akuchita nawo malonda adalowa nawo mgwirizano wa REPO pa 09/23/2021. Pa gawo loyamba la malondawo, wogulitsayo adagulitsa phukusi la magawo 1,000 a kampani yachilengedwe kwa broker ndipo adalandira ma ruble 300,000 kwa iwo. Mtengo wa gawo lililonse mu gawo loyamba la REPO unali ma ruble 300. Mgwirizanowu umanena kuti wogulitsa akuyenera kugulanso magawo ake pa 10/25/2021 kwa ma ruble 303,160. Chiwongola dzanja cha gawo lililonse kumapeto kwa mwezi chinali ma ruble 3.16. Zotsatira zake, wogulitsa adalipira ma ruble 3,160 okha, kapena 12% pachaka. Ntchitoyi ndi yolunjika, chifukwa chakuti magawowo adabwezeredwa ndi eni ake. Kutengera chitsanzo ichi, n’zachionekere kuti wogulayo anagulitsa magawo 1,000 a kampani inayake yamtengo wapatali pa kuchotsera 20% kuti atsekereze kukwera kwa mtengo. Nthawi yomwe ntchitoyo idapangidwa 24.09 – 25.10. Panthawi imeneyi, panali kuwongolera ndipo magawo a kampani anayamba kuwononga 309 rubles pagawo kale pa 28.09. Mabanki aku Russia amachita izi kuti athandizire ndalama zamabanki azamalonda. Kuti tichite izi, Banki Yaikulu imayitanira REPO ntchito yogulitsa ndi kugula zitetezo ndi kuwomboledwa kovomerezeka kapena kugulitsa pa tsiku lodziwika. Kuti muchite izi, pali mndandanda wa magawo patsamba lovomerezeka la Central Bank omwe ali okonzeka kugula / kugulitsa pompopompo kudzera mu REPO. Lilinso ndi masiku ndi zotsatira za zochitika zoterezi. okonzeka kugula/kugulitsa pompopompo kudzera mu REPO. Lilinso ndi masiku ndi zotsatira za zochitika zoterezi. okonzeka kugula/kugulitsa pompopompo kudzera mu REPO. Lilinso ndi masiku ndi zotsatira za zochitika zoterezi.
Mndandanda wonse ukupezeka pa https://www.cbr.ru/hd_base/infodirectreporub/ Tsopano anthu ambiri amagwiritsa ntchito REPO yanthawi yochepa. Ntchito zimachitika pochita malonda pamsika. Ndi chithandizo chawo, osunga ndalama ndi amalonda amatsegula malo achidule ndikugulitsa magawo omwe sali awo. Wogulitsa amangobwereka ndalamazo kudzera mu repo ndikugulitsa zotetezedwa zonse. Ndalama zomwe zimalandiridwa zimayikidwa muzitsulo zina, ndipo mtengo wake ukakwera, munthuyo amalandira phindu lake, amabwezera ngongole zomwe wabwereka ndikubwezera ndalamazo. Phindu lochokera ku magawo owonjezereka limakhalabe ndi wamalonda amene anagulitsa magawo.