REPO transaction mumashoko akareruka, kuti inoshanda sei, chii chinobatsira chechibvumirano

Chii chinonzi buyback chibvumirano uye dhiri reREPO rinoshanda sei? Munyika yezvemari, kune zvakawanda zvakasiyana-siyana zvekutengeserana, kutenga, kutengesa, kuchinjana (kuchinjana). Pakati pavo pane REPO mashandiro (repurchase agreement), iyo inopa chikwereti chenguva pfupi, inoteverwa nekutengazve pfuma yemari. Kutengeserana kwakadaro kwakafanana nechikwereti pane pawnshop, chete ipapo mukwereti haagamuchiri mubereko pachikwereti, asi anopa mari yakaoma-yakawana kuti adzorere chinhu chake.
REPO chinhu chinodiwa munyika yekutsinhana kwemari. Kutenda kurudzi urwu rwekutengeserana, mamirioni evatengesi pasi rose vanowana mari yekutenga zvibatiso zvavanoona sekubatsira. Zviri nyore here kugumisa REPO, chii chinodiwa kune izvi uye kuti ndezvipi zvinhu zvinofanirwa kuverengerwa pakugadzira chibvumirano – zvese zvinokanganisa zvichaburitswa muchinyorwa chino.

REPO kushanda

A REPO transaction chibvumirano chekutengesa uye kutenga pfuma yemari ine chisungo chekutengazve. Sezvo mutemo, kutengeserana kunoitwa usiku, uye kudzoka kunoitwa mangwanani anotevera kana masikati. Mune mamwe mazwi, iyi ikwereti yenguva pfupi, ine chibatiso muchimiro chemari yemari: masheya, zvisungo. Zvakanakira REPO zvinhu zvemativi ese ekutengeserana:

1. Mutengesi , kazhinji mutengesi, anogamuchira mari pasina kubhengi red tape.
2. Mutengi , kazhinji bhuroka , anodyara pachiyero chakatarwa uye nengozi shoma.

Mune zviitiko zvipi zvinoshandiswa REPO mashandiro?

Iye investor anopedzisa chibvumirano chete nesangano repamutemo. Kazhinji kazhinji anoita semutengi: bhuroka, bhangi, maneja, mutengesi, nezvimwe. Nemhando dzinoverengeka dzekutengesa, chikwereti chinova chinhu chinodiwa. Sezvo mutemo, izvi ndezvi:

1. Marginal kubviswa kwemari ndiko kubviswa kwemari, umo masheya nezvimwe zvibatiso zvinoita basa rakakura.
2. Margin kutengesa – chinzvimbo chekufambisa.
3. Kutengeserana mumusika neCentral Agent.

Chibvumirano cheREPO chinoshanda sei pakubvisa mari?

Mazhinji masangano emutemo anokweretesa mari nekutora mabhondi, masheya uye zvimwe zvibatiso. Mari kubva kuchikwereti inobviswa kuaccount yako kuti ushandise wega. Iyo yakawanda yemari inopiwa kumunhu mumwe yakaenzana nemutengo weimwe chengetedzo ine yekutanga njodzi chiyero – kuderedzwa.

Transaction maitiro

Pakutanga, kondirakiti inogadzirwa, ine zvikamu zviviri: Kubva pagwaro iri, mutengesi anotamisa midziyo yemari kumutengi, mutengesi anozvipira kuzvigamuchira pazuva rataurwa uye kubhadhara mari yakafanotemerwa.
Pazuva rinotsanangurwa muchibvumirano, mutengesi anodzorera zvikamu kune mutengesi uye anobhadhara mubairo. Mubairo unogona kusiyana kubva kune yekutanga kukosha kwezvinhu zvemari pakuchinjana. REPO inoita kutengeserana kuviri panguva imwe chete: muzvibatiso uye chibvumirano chemberi.

Zvikamu zveREPO kutengeserana – kunanga uye kudzosera kumashure

Mhando mbiri dzekutengeserana dziriko nhasi: zvakananga uye reverse repos.

1. Kutengazve kwakananga kunoreva: munhu akakwereta mari anotengazve migove yake pazuva rakatarwa.
2. Reverse REPOs inosiyana zvakanyanya kubva kune yapfuura kutengeserana – mushambadzi anogamuchira nyaya yekontrakiti yenguva iripo uye anobhadhara iyo yakazara mari yayo. Pakupera kwekutengeserana, anodzorera mapepa, achigamuchira mari yakabvumirana.

Kune akatiwandei emhando dzekutengeserana nenguva yechokwadi:

1. Intraday – kutengeserana kunoitika mukati mezuva.
2. Kuita husiku hwese – chibvumirano chinotanga rimwe zuva uye chinopera rinotevera.
3. Inoshanda – nguva yekutengeserana inogona kutambanudza kwemwedzi. Nerudzi urwu, dhiri rinoshanda kusvika rimwe zuva, rine zuva rakatarwa rechikamu chekupedzisira chechibvumirano.
4. Vhura – nguva yekupedzisira yekuitwa kwechikamu chechipiri cheREPO haina kuiswa.

Semuenzaniso, mutengesi ane mamiriro anoda mari akapinda mune reverse REPO. Sangano repamutemo raishanda semukweretesi. 
Mutengesi uyu aive nezvikamu zviuru zvitatu zvakatengeswa nemadhora mamiriyoni matatu kunyange zvazvo aikosha madhora zviuru zvitatu nemazana mashanu. Kubva pachibvumirano cheREPO, nguva yacho yakagadzwa kwemwedzi.
Mushure menguva iyi, mutengesi anobvisa zvikamu zvake uye anobhadhara imwe mari pamusoro pemukuru. Somugumisiro, mwedzi gare gare akatora migove nokuda 3 mamiriyoni 200 zviuru. 200 zviuru – iyo muzana iyo yakauya kumwedzi wekushandisa mari yemubhuroka.Vanhu vazhinji vanofananidza repo ne pawnshop. Mukwereti anotengesawo chinhu chinodhura uye mushure memwedzi anodzorera chinhu chake, achibhadhara mubereko. Kana munhu asingauyi mapepa, saka broker akauraya REPO anogona kuvatengesa, sekutengesa kwavanoita zvinhu mumapawnshops. Maitiro akananga uye anodzosera REPO kutengeserana kunoshanda – tsananguro yevhidhiyo pachibvumirano chekutenga: https://youtu.be/p8Lx2dIUUj4

Nzira yekugamuchira sei ma dividends pa pledged shares?

Kana rondedzero yeavo vanofanira kugamuchira zvikamu zvakatemwa panguva yeREPO, ipapo mari yose yakagamuchirwa kubva kuzvikamu inoenda kumutengesi zvizere, nokuti ndiye muridzi wepamutemo wezvivimbiso, kunyange zvenguva pfupi. Asi mutemo “Pamusika wekuchengetedza” unodzivirira vatengesi vezvikamu. Muchiitiko chekugamuchira migove kubva kumasheya akavimbiswa, mutengi anofanira kuendesa mari iyi kumutengesi. Kana akafunga kuzvichengetera, saka huwandu hwekutengwazve kwezvibatiso huchatanga kudzikira nekuda kweiyo migove yakapihwa.

Panguva imwecheteyo, mutengesi wezvivimbiso anewo nhamba yezvirambidzo. Haakwanise kutora chikamu mumusangano wevagovani panguva yekutengeserana, uye zvakare haagone kukwidza pamusoro pezvisarudzo zvavo uye kutengeserana kweiyo joint-stock kambani.

Chii chinonzi REPO chibvumirano, chinodiwa nemuridzi uye mutengesi kuziva: https://youtu.be/u38hZgb5dIo

Njodzi pasi pechibvumirano cheREPO

Ngozi huru panguva yekutumirwa kwekutengeserana kwakadaro ndiko kukundikana kuzadzisa chikamu chechipiri chechibvumirano. Dzimwe nguva mutengesi wemasheya haana mari yakakwana yekudzikinura mapepa ake. Ipapo mutengi anozvitengesa uye anodzorera zvizere kurasikirwa. Mamiriro ezvinhu akaipisisa kune vatengesi ndeye apo mutengesi anodzoka mwedzi gare gare nemari uye mubereko, uye uyo akatenga chikwereti atochitengesa. Zvinowanzoitika kuti vose vari vaviri vepakati pekutengeserana vanoramba kuzadzisa chikamu chechipiri chechibvumirano. Izvi zvinowanzoitika kana stock yakwira kana kuderera mukukosha. Nemhaka yeizvi, kune ngozi yekusagadzikana kwemusika, nekuda kwekuti mumwe wemapato acharamba kuzadzisa zvisungo zvavo, nokuti chibvumirano chinotaura chiyero chimwe chete, uye zvigadziro zvinogona kudarika mutengo uyu, kana kuti vachatanga kudhura zvisingabatsiri.

Nzira yekudzikisa njodzi

Pane nzira mbiri dzekudzikisa njodzi: kuderedzwa uye maprimiyamu. Discount – musiyano pakati pemutengo wezvakapikirwa zvikamu pamusika uye mari inotsanangurwa muchibvumirano cheREPO. Muchiitiko chemuiti wemari mumuenzaniso, zvinogona kuonekwa kuti migove yakakosha zvikuru kudarika mari yaachadzokera kune mutengesi nemubereko. Naizvozvo, ane vavariro yekudzosa migove iyi kunyangwe nemutengo wepamusoro. Iyi mhando yekuderedzwa inonzi “yekutanga”. Saizi yekuderedzwa inoverengerwa senge muzana uye zvakananga zvinoenderana nekugadzikana kwezvikamu. Kana mutengesi akavimbisa stable
blue chips, ipapo chikamu chekudzikisa chichava chidiki pane chekambani isina kugadzikana. Mari yekubhadhara imwe nzira yekuzvidzivirira iwe paunenge uchiita REPO transaction. Iyi imari kana zvibatiso izvo mutengesi anotamisa kune bhuroka, kana zvinopesana, kana mutengo wezvibatiso zvakavimbiswa wachinja zvakanyanya. Uku kuita kwemahara kwechikamu chechipiri chechibvumirano chekudzikisa njodzi yekutadza. Kuti udzivise matare uye mamwe matambudziko, zvinodikanwa kuti unyore zvimwe zvisungo muREPO kune ese maviri mapato kana paine shanduko yakapinza mumutengo wekugovana. Muchiitiko ichi, avo vakapinda mukutengeserana vanosungirwa kuita ongororo uye, pahwaro hwayo, shandura mutengo wekutanga wekutenga, kana kuwedzera kubhadhara. Kana mutengo wemasheya uchikwira, mutengesi anosungirwa kuti ade kudzokororwa uye kuwedzera muripo wekurasikirwa nemari kana chikamu chezvikamu kuitira kuti awane mamwe mabhenefiti. Zvimwe chetezvo kune avo vakatenga mashare nemari yavo. Muchiitiko chekudonha kwemusika, zvichazoitika kuti akatenga mapepa akachipa emari inoshamisa uye, kana achitengesa, haazokwanisi kutsiva kurasikirwa kwake. Mutemo unodzivirira vatengi kubva kumatambudziko akadai uye saka vane kodzero yekukumbira kuongororwa uye kudzosera mari yavo kuti vagadzirise kukanganisa. Mipiro yeMargin ndiyo imwe nzira yekudzivirira kubva kune njodzi. Panguva imwecheteyo, rimwe remapato rinobhadhara mari isati yasvika kuitira kuti mumwe wacho arege kuramba zvisungo pane chikamu chechipiri chekutengeserana. Muchiitiko ichi, mari yekubhadhara haisi yekutumira kune chikamu chekupedzisira kana kubhadhara kwepamberi.

REPO revaluation

Kuongorora kwepamusoro uye kwakaderera kunofanira kunge kuripo muchibvumirano cheREPO. Muridzi wemigove ane kodzero yekuitisa kuongororwa kwepamusoro kana mutengo wezvibatiso wakakwira pamusoro peyero yakabvumidzwa.
Lower revaluation inogona chete kuitwa nemunhu akatenga securities. Izvi zvinoitika panguva iyo musika unoputsika uye zvibatiso zvinorasikirwa nekukosha kwavo. Deficit yemargin inofanira kusvika kana kudarika inobvumidzwa. Muchiitiko ichi, mutengi wezvivimbiso angada kuti mutengesi adzorere mari.

Pamberi pekuguma kweREPO, mapato anobvumirana pane imwe nguva iyo mutsara wekukura kwemutengo uye kudonha kwayo kuchava, uyewo kuverenga kukanganisa uye kuwedzera kwepamusoro.

Kana nguva yekuongororazve yasvika, mapato ese anobvumirana pakati pavo pane zvimwe zviito. Vanogona kusaita ongororo, asi ita chechipiri chiitiko cheREPO kutengeserana pamberi pechirongwa: mumwe anotengesa migove, uye wechipiri anoatenga nemubereko. Kufarira kuchave kwakasiyana zvachose kubva kune izvo zvinotsanangurwa muchibvumirano uye zvichasiyana kubva pakukura kwezvikamu. Mushure mekupedzwa kweREPO, mapato anogona kugadzira chibvumirano chitsva, achifunga nezvemitengo mitsva yezvibatiso uye nekuvhara kwekutanga kwekutengeserana. Pane mutsara wakasiyana zvachose wemaitiro apo mitengo inoshanduka uye revaluation. Bato rakarasikirwa zvakanyanya ringada kubhadharwa kwemari yezvipo nenzira yechikamu chemasheya nemari. Kana mubhadharo wakaitwa mune imwe mari, uye kwete muzvibatiso, ipapo mubereko unobhadharwa. Unogonawo kudzorera mari yacho yose pamwe nemubereko. Izvo zvinoshandawo kune zvivimbiso.

Kuongororwa kwechibvumirano cheREPO pane muenzaniso weCentral Bank

Ngatitarisei kuti securities inodzokororwa sei kuBhange reRussia. Munguva yechibvumirano cheREPO, bhangi rinodzokorodza zvivimbiso zvakavimbiswa zuva rega rega. Mushure mekuongororazve, sangano rinoisa miganho yepamusoro nepasi yezvidzikiso. Nekuda kwezviverengero izvi, mutengo uri pakati pezvibatiso uye huwandu hwese huchadzoswa nemukwereti hunotarwa. Nekuda kweizvi, mapato ese ari maviri anodzivirira chisungo chekubhadhara kukuvadzwa kwezvinhu. Zvisinei, Bhangi reRussia rinosungirwa kubhadhara kurasikirwa kwemukwereti kana REPO yakapedzwa pakutengesa uye kuderedzwa kwakapfuura muganhu wepamusoro. Kana iyo yakaderedzwa ikayambuka muganho wakaderera, Bhangi rinodzorera muripo nenzira yemari. Kana REPO yakapedzwa nevanhu vasiri mumaokisheni akarongeka vachishandisa akati wandei masisitimu akakosha, saka Bhangi harichasungirwa kubhadhara mipiro mumari. Chokutanga pane zvose, bhangi rine chikwereti rinovhara kukanganisa kwemukwereti nekuchengetedzwa. Mari inopihwa chete kana bhanga risina mashares anodiwa. Kune akati wandei mabhenefiti kune akadaro REPOs akagumisa kwete mumaokisheni uchishandisa iyo Bloomberg system: revaluation inoitwa neBhange reRussia kwete rakaparadzana kune yega kutengeserana, asi kune yese yakatevedzana yekutengeserana kwakaitwa neBhangi reRussia mukati mezuva.

Matemo anosungirwa echibvumirano cheREPO

Pakupedzisa chibvumirano, mapato ese ari maviri anofanira kutaurirana mamiriro akati wandei asati aita chibvumirano. Izvo zvinodikanwa zveREPO ndezvi:

1. Kugona kuongorora zvakare kukosha kwezvibatiso . Izvo zvinodikanwa kuisa chikamu ichi muchibvumirano kuitira kudzivirira zviitiko uye mamwe matambudziko.
2. Mamiriro epamutemo emapato ari maviri ari kupinda mukutengeserana . Pakupedzisa chibvumirano, mapato anobvumirana pakati pavo kuti chibvumirano chikuru chichapedzwa here, kana chibvumirano chebato rega rega muzita rayo.

REPO muRussia

Investment homwe migove, zvitupa, mapepa, migove – zvese zvine kukosha pane stock exchange zvinova midziyo yekutengesa pastock exchange. REPO inopedzwa pakati pemunhu nesangano repamutemo, kana iri: broker, mutengesi, depository, clearing company, credit institution. Vanhu vaviri havagone kupinda mukutengeserana
Zvimwe nezveREPO neBhangi reRussia paMoscow Stock Exchange pa https://www.moex.com/s968:
Muzviitiko zvakawanda zvemari, pane REPO transactions. Ichi chikwereti chenguva pfupi umo chibatiso chinopihwa, kazhinji masheya kana mabhondi (securities).

Muenzaniso we REPO transaction

Iye broker uye munhu akabatanidzwa mukutengesa akapinda mune yekumberi REPO dhiri pa09/23/2021. Munguva yechikamu chekutanga chekutengeserana, mutengesi akatengesa chikamu chezvikamu zve1,000 zvekambani yezvigadzirwa zvepanyama kune mutengesi uye akagamuchira 300,000 rubles kwavari. Mutengo wemugove wega wega muchikamu chekutanga cheREPO waiva mazana matatu emadhora. Chibvumirano chinotaura kuti mutengesi anovimbisa kutenga zvakare migove yake pa10/25/2021 ye303,160 rubles. Mhindu yemugove wega wega pakupera kwemwedzi yaive 3,16 rubles. Nekuda kweizvozvo, mutengesi akabhadhara chete 3,160 rubles, kana 12% pagore. Kutengeserana uku kwakananga, nekuda kwekuti zvikamu zvakadzoserwa nemuridzi wavo. Zvichienderana nemuenzaniso uyu, zviri pachena kuti mutengi akatengesa zvikamu chiuru zveimwe kambani inokosheswa ne20% discounts kuti iite hedge against the spike price. Nguva iyo kutengeserana kwakaitwa 24.09 – 25.10. Munguva iyi, pakanga pane kururamisa uye zvikamu zvekambani zvakatanga kudhura 309 rubles per share kare pa 28.09. Mabhangi eRussia anoita mabasa aya kutsigira mari mumabhangi ekutengesa. Kuti uite izvi, Central Bank inodana REPO kutengeserana kwekutengesa nekutenga kwezvivimbiso nechisungo chekutengesa kana kutengeswa pazuva rakatarwa. Kuti uite kutengeserana kwakadaro, pane rondedzero yezvikamu pane webhusaiti yepamutemo yeCentral Bank yakagadzirira kutenga / kutengeswa ipapo kuburikidza neREPO. Rine zvakare mazuva nemhedzisiro yekutengeserana kwakadaro. yakagadzirira kutenga / kutengesa nekukurumidza kuburikidza neREPO. Rine zvakare mazuva nemhedzisiro yekutengeserana kwakadaro. yakagadzirira kutenga / kutengesa nekukurumidza kuburikidza neREPO. Rine zvakare mazuva nemhedzisiro yekutengeserana kwakadaro.
Rondedzero yese iripo pa https://www.cbr.ru/hd_base/infodirectreporub/ Iye zvino vanhu vazhinji vanoshandisa REPO kwenguva pfupi. Mabasa anoitwa mukutengesa pamusika. Nerubatsiro rwavo, vanoisa mari nevatengesi vanovhura zvinzvimbo zvipfupi uye vanotengesa zvikamu zvisiri zvavo. Mutengesi anongokwereta mari yekudyara kuburikidza nerepo uye anotengesa ese masecurity. Mari inogamuchirwa inoiswa mune zvimwe zvibatiso, uye kana mutengo wayo wakwira, munhu wacho anogamuchira purofiti yake, anotenga kudzorera zvikwereti zvakatengeswa zvemukwereti uye anodzorera mari yekudyara. Mubairo kubva pamigove yakawedzerwa inoramba iri pamutengesi akatengesa migove.