Abathathi-nxaxheba abarhweba nge-Derivatives bahlawula umrhumo wekomishoni kwizivumelwano abazigqibayo. Ubungakanani bezi khomishini buyahluka ngokuxhomekeka kwintlawulo ekhethwe ngumthathi-nxaxheba. Siza kuthetha ngabo kwinqaku, kunye nazo zonke ezo ntlawulo (iikomishini) ekufuneka uzihlawule.
Iintlawulo eziphambili kutshintshiselwano lwaseMoscow
Itheyibhile ibonisa iireyithi zangoku zeMoscow Exchange (iVAT ayibizwa):
| Igama | Ukuqokelelwa kotshintshiselwano ngokwalo | Ingqokelela ye-HKO NCC (iZiko lokuCoca leSizwe) | IKomishini iyonke |
| Inombolo yoMrhumo 1 | |||
| Inxalenye esisigxina (iiruble) | – | – | – |
| ngasemva | 0.00575% | 0.00425% | 0.01% |
| Umrhumo №2 | |||
| Inxalenye esisigxina (iiruble) | 14.38 amawaka | 10.63 amawaka | 25 amawaka |
| ngasemva | 0.0053475% | 0.0039525% | 0.0093% |
| INombolo yoMrhumo yesi-3 | |||
| Inxalenye esisigxina (iiruble) | 143.75 amawaka | 106.25 amawaka | 250 amawaka |
| ngasemva | 0.0050025% | 0.0036975% | 0.0087% |
| Uluhlu lweerhafu ze-4 | |||
| Inxalenye esisigxina (iiruble) | 258.75 amawaka | 191.25 amawaka | 450 amawaka |
| ngasemva | 0.0047725% | 0.0035275% | 0.0083% |
| Umrhumo weNombolo yesi-5 | |||
| Inxalenye esisigxina (iiruble) | 460 amawaka | 340 amawaka | 800 amawaka |
| ngasemva | 0.0046% | 0.0034% | 0.0080% |
Inxalenye esisigxina (engatshintshiyo) – ihlawulwe ngosuku lokuqala lokurhweba (ixesha lexesha ngosuku xa utshintshiselwano luqhuba ukurhweba) kwinyanga nganye, kungakhathaliseki ukuba kukho isicelo (umyalelo) okanye ukugqitywa / ukugqitywa kweentengiselwano okanye cha.
Inxalenye yangasemva ihlawulwe kwisixa sokuthengiselana ngosuku lokuthengiselana, ikhomishini nganye ubuncinane i-ruble ye-0.01.
Ukutshintshwa kweerhafu kusekelwe kwisicelo somthathi-nxaxheba ekukhethweni kwesicwangciso sokurhweba esinjalo. Isicelo kufuneka singeniswe kwiBhanki ye-HKO NCC phakathi kweentsuku ezi-5 zokusebenza ngaphambi kokuqala kwenyanga elandelayo yekhalenda (intlawulo ekhethiweyo iya kusebenza kuyo).
Intlawulo yokwamkelwa ekuthatheni inxaxheba kwifandesi
Izixa-mali zeminikelo, ngokuxhomekeke kudidi lwaBathabathi-nxaxheba apho umthengisi engowabo, zithiwe thaca kwitheyibhile:
| Iindidi zabathathi-nxaxheba kwiNtengiselwano | Igalelo kwicandelo ngalinye |
| “O” | 5,000,000 |
| “O” (intlawulo eyongezelelweyo) | 250 000 |
| “F1” okanye “F2” | 3,000,000 |
| “T1” okanye “T2” | 1,000,000 |
| “D1” okanye “D2 | 1,000,000 |
Intlawulo eyongezelelweyo ithathwa kubathathi-nxaxheba bodidi “O” lokubhalisa. Ayisoloko ihlawuliswa. Isigqibo malunga nokufumaneka kwezizathu zokukhululwa kulo mrhumo senziwe ngokucetyiswa kweKomiti yeMarike yeDerivatives yePJSC Moscow Exchange.
Ngokufutshane malunga neendidi:
- “O”. Abathathi-nxaxheba kwintengiselwano banikwe ilayisenisi kwi-brokerage / imisebenzi yomthengisi okanye umsebenzi wokulawula izinto ezixabisekileyo. Amalungu olu didi anelungelo lokurhweba kwicandelo leSitokhwe, iMveliso kunye neMali. Banokuthengiselana ukusuka:
- egameni lakhe nangeendleko zakhe;
- igama lakhe kunye neendleko zomthengi;
- egameni kunye nangeendleko zabaxumi abacoca abathathi-nxaxheba, kunye nokwenza iintengiselwano kunye nesalathiso se-broker yokucoca (kuxhomekeke ekubeni bathobela inxalenye efanelekileyo yeemeko zokufikelela).
- “F1”. Abathathi-nxaxheba kufuneka babe nelayisenisi kwimisebenzi ye-brokerage okanye imisebenzi yolawulo lwee-asethi ezixabisekileyo. Amalungu olu didi anelungelo lokurhweba kwicandelo leMpahla ukusuka:
- igama lakhe kunye neendleko zabathengi;
- egameni kunye nangeendleko zabaxumi – ukucoca abathathi-nxaxheba, kunye nokugqiba iintengiselwano kunye nesalathiso somthengisi ococekileyo.
- “F2”. Abathathi-nxaxheba kufuneka babe nelayisensi yomthengisi. Olu didi lwabathathi-nxaxheba luvumelekile ukurhweba kwiCandelo lesitokhwe ukwenza intengiselwano:
- egameni lalo nangeendleko zalo;
- ebonisa umthengisi wokucoca.
- “T1”. Abathathi-nxaxheba kufuneka banikwe ilayisenisi ye-brokerage (ilayisensi yokuphunyezwa kweso sivumelwano ibalwa – i-derivative ye-asethi yemali kunye ne-asethi ephantsi ngendlela yempahla yorhwebo) okanye imisebenzi yolawulo lwee-asethi zexabiso. Aba bathathi-nxaxheba banikwe imvume yokufikelela kwiCandelo leeRhwebo kwiitransekshini:
- egameni layo nangeendleko zabaxumi;
- egameni kunye neendleko zabaxhasi – ukucima abathathi-nxaxheba;
- ebonisa umthengisi wokucoca.
- “T2”. Abathengi kufuneka babe nelayisenisi yomsebenzi womthengisi okanye kufuneka babe yimibutho enemali yemali yabo ubuncinane i-5 yezigidi zeeruble. Olu didi linofikelelo kwiCandelo leeRhwebo kwiitransekshini:
- egameni lalo nangeendleko zalo;
- ebonisa umthengisi wokucoca.
- “D1”. Abathathi-nxaxheba kufuneka babe nelayisenisi kwimisebenzi ye-brokerage okanye imisebenzi yolawulo lwee-asethi ezixabisekileyo. Aba bathathi-nxaxheba bavumelekile ukurhweba kwiCandelo leMali ukwenza iitransekshini:
- egameni layo nangeendleko zabaxumi;
- egameni kunye neendleko zabaxhasi – ukucima abathathi-nxaxheba;
- ebonisa umthengisi wokucoca.
- “D 2”. Abathathi-nxaxheba kufuneka babe nelayisensi yomthengisi okanye babe yikhredithi / umbutho wamazwe ngamazwe. Olu didi lwabathathi-nxaxheba luvumelekile ukurhweba kwicandelo leMali ukwenza iitransekshini:
- egameni lalo nangeendleko zalo;
- ebonisa umthengisi wokucoca.
Ngokuhambelana namalungiselelo eMithetho yokuLungelela, Abathathi-nxaxheba banokuvunyelwa ukuba bathengise kwiindawo zemarike enye okanye ngaphezulu ngexesha elinye, kubandakanywa iindidi enye okanye ezimbini kwicandelo elinye.
Imithetho yokwamkelwa ingafumaneka
apha .
Utshintshiselwano kunye nemali yokucoca
Zombini ezi ntlawulo zihlawuliswa kwixesha elizayo kunye neekhontrakthi zomda, kwaye imali yokutshintshiselana nayo ihlawuliswa kwiintengiso ze-scalping.
Intlawulo yeekontraki zexesha elizayo
Isixa seekhomishini zotshintshiselwano (iifizi) zokusebenzisa imiyalelo ekujoliswe kuyo okanye ekujoliswe kuyo kwixesha elizayo ibalwa ngolu hlobo lulandelayo:
FutFee = Round (Round (abs(FutPrice)) * Round(W(f)/R(f);5) ;2) * I-BaseFutFee;2)
I-FutFee ≥ 0.01 rub.
Ukwenziwa kweekhowudi kumaxabiso efomula kuthiwe thaca kwitheyibhile:
| Igama | Uguqulelo oluntsonkothileyo |
| imali yeenyawo | Ubungakanani bekhomishini kwixesha elizayo lokurhweba (kwii-ruble). |
| Umjikelo | Umsebenzi owakhelwe-ngaphakathi umsebenzi wawo ikukurhangqa inani ngokuchaneka okunikiweyo. |
| abs | Umsebenzi wokubala ixabiso elipheleleyo (eli nani alityikitywanga). |
| W(f) | Ixabiso lexabiso elincinci lexabiso, elichongwa ngokwexesha elizayo elihambelanayo (kwii-ruble). |
| R(f) | Ixabiso elincinci lokuhamba, elinqunywe ngokwexesha elizayo elihambelanayo. |
| I-BaseFutFee | Isiseko sotshintshiselwano lwesantya somthwalo wexesha elizayo weQela leSivumelwano ekulo:
|
| FootPrice | Ixabiso lexabiso lexesha elizayo, elinqunywe ngokuhambelana nemihlathi 3.4.2-3.4.3 yolu xwebhu (kwiiyunithi zokulinganisa eziboniswe kwixabiso labo xa zibeka umyalelo). |
Umrhumo wezivumelwano ezisekelwe kumda
Umda ngumahluko phakathi kwexabiso kunye neendleko (ezifana nengcamango yenzuzo). Kwaye iinketho ezicatshangelwayo ziyimisebenzi ehambelana nokuthengisa okukhethwa kukho, apho akukho mali engenayo kwi-akhawunti yabathengi kunye nabathengisi, kodwa yonke imali yokhuseleko igcinwe kwii-akhawunti zokurhweba zabathathi-nxaxheba kwi-transaction.
OptFee = Round (min [(FutFee * K); Round(I-Premium * Round(W(o))/R(o) ;5) ; 2) * BaseFutFee] ;2)
I-OptFee ≥ 0.01 rub.
Ukwenziwa kweekhowudi kumaxabiso efomula kuthiwe thaca kwitheyibhile:
| Igama | Uguqulelo oluntsonkothileyo |
| Intlawulo yokukhetha | Isixa sekhomishini (kwii-ruble) zokwenza isivumelwano. |
| Umjikelo | Kukho ucazululo kwicandelwana langaphambili. |
| imali yeenyawo | Isixa seKhomishini (ngee-ruble) kurhwebo lwexesha elizayo. |
| Intlawulo yanyanga le | Ixabiso leprimiyamu yokukhetha (kwiiyunithi zomlinganiselo ochazwe ngokomyalelo wexabiso lokukhetha). |
| W(o) | Ubungakanani benyathelo elincinci lexabiso (kwii-ruble). |
| R(o) | Ubuncinci bexabiso lokuhamba. |
| I-BaseFutFee | Ixabiso lomlinganiselo wesiseko apho ukhetho lugqitywe ngu-0.06325 (utshintshiselwano). Isiseko esibaliweyo senzala yesiphelo ngu-0.04675 (ukucoca). |
| Ukuya | I-coefficient eyongezelelweyo: K=2. |
Umrhumo worhwebo lwe-scalping
Urhwebo lwekamva le-Scalping lurhwebo olusekwe kwimiyalelo engajoliswanga. Bakhokelela ekuvuleni nasekuvaleni izithuba zexesha elizayo phakathi kwexesha elinye lokurhweba. Iinkcukacha ezithe vetshe malunga nezixhobo zezi zivumelwano kwitheyibhile:
| Igama | Iingcaciso | Ukuhlawula |
| Ikamva | Iintengiselwano eziya phambili ezenziwe ngesiseko semiyalelo engajoliswanga, zikhokelela ekuvuleni nasekuvaleni izikhundla kwixesha elizayo phakathi kwexesha elinye lokurhweba. | I-0.5 yeentlawulo zotshintshiselwano zizonke kwiintengiso ze-scalping. |
| Iinketho | Ukuthengiselana phambili okwenziwa ngesiseko semiyalelo engeyiyo ekujoliswe kuyo, ukuba ukhetho lusetyenziswa kwixesha elinye lokurhweba (kungakhathaliseki ukuba ixabiso), likhokelela ekuvuleni izikhundla ezichaseneyo. Ukuthengwa kwezinto ezikhethiweyo zokuthenga (Ukubiza) kunye nokuthengisa – ukuthengisa (I-Put) kunokukhokelela ekuvuleni izikhundla ezide kwixesha elizayo. Ukuthengisa iiKhetho zokuFowuna kunye nokuthenga iiKhetho zokuFaka kuya kubangela izikhundla ezimfutshane zekamva. Iinketho kwiperi ye-scalping:
|
Ikhomishini iyonke yokwenza urhwebo lwe-scalping usebenzisa iinketho ibalwa kusetyenziswa ezi fomula zilandelayo:
- Umrhumo = (OptFee(1) + OptFee(2)) * K → ukuba iOptFee(1) = OptFee(2);
- Umrhumo = 2 * OptFee(1) * K + (OptFee(2) – OptFee(1)) → ukuba iOptFee(1) < OptFee(2);
- Umrhumo = 2 * I-OptFee(2) * K + (OptFee(1) – OptFee(2)) → ukuba i-OptFee(1) > i-OptFee(2).
Ukucacisa iintsingiselo zeefomula kubonisiwe kwitheyibhile:
| Igama | Uguqulelo oluntsonkothileyo |
| Umrhumo | Ikhomishini yotshintshiselwano iyonke yemisebenzi ye-scalping (kwii-ruble). |
| Umrhumo wokukhetha(1) | Isixa esipheleleyo semirhumo yokwenziwa kwezorhwebo ngexesha elinye lokurhweba kunye neendlela ezikhokelela ekuvulweni kwexesha elizayo, kubalwa ngokwecandelwana “Intlawulo yeekontraki ezisekelwe kumda”. |
| Umrhumo wokukhetha(2) | Isixa esipheleleyo semirhumo yokwenziwa kweentengiselwano kwixesha lokurhweba …, elikhokelela ekuvalweni kwexesha elizayo, libalwe ngokwecandelwana elithi “Intlawulo … ngokusekelwe kumda”. |
| Ukuya | Inqaku elihlala li-0.5. |
Umrhumo wokuSasazwa kweKhalenda
Ukusasazeka kweKhalenda-Ukuthenga kunye nokuthengisa ikamva elinokukhula okwahlukeneyo ngokusekelwe kwii-odolo ezisasazekileyo ngaxeshanye.
FeeCS = ΣFutFeeCS * (1 – K) Ukutolikwa kwamaxabiso eefomula kuthiwe thaca kwitheyibhile:
| Amagama | Uguqulelo oluntsonkothileyo |
| FeeCS | Umrhumo (ngee-ruble) weKhalenda Ukusasazwa ngokusekelwe kwimiyalelo ekungajoliswanga kuyo ngexesha elinye lokurhweba. |
| Ukuya | Izinga lesaphulelo esisebenzayo ngexesha lentengiso, eyi-0.2. Eli xesha, ukuqala kusuku lokuqala lokurhweba, ziinyanga ezintandathu. Ngeli xesha, ungagqiba ikamva ngokusekelwe kwimiyalelo ekungajoliswanga kuyo. Ekupheleni kwexesha, izinga lesaphulelo alisetyenziswanga (nantsi = 0). |
| ΣFutFeeCS | Umrhumo wentengiselwano yexesha elizayo (ngee-ruble) ezihlawuliswa ngesiseko seeodolo zeKhalenda zokuSasaza zingajoliswanga zibalwa ngolu hlobo lulandelayo: FutFeeCS = Round ((Round ((abs FutPrice(1))) + abs(FutPrice(2))) * Round (W( f)/R(f);5)) ;2) * BaseFutFee;2) apho:
Ngokwamanye amaxabiso, kukho ushicilelo olungentla. |
Ifomula yokubala umrhumo weKhalenda iSasazwa kwixesha elizayo ngokusekwe kumyalelo we “Calendar Spread” deal ngosuku lokurhweba ngolu hlobo lulandelayo:
FeeCS = ΣFutFeeCS Iingcaciso zamaxabiso asetyenzisiweyo sele zinikwe ngasentla kwinqaku. .
Ezinye iintlawulo
Kukwakho le minikelo ilandelayo:
- Igalelo kwiNgxowa-mali yesiQinisekiso. Igalelo elincinci elinokubakho lelungu ngalinye eliCwangcisiweyo kule ngxowa-mali yi-ruble ye-10 yezigidi. Uxwebhu lwePJSC Moscow Exchange ngolu hlobo lweminikelo – ukukhuphela .
- Ukucima ikhomishini kunye namaxabiso. Iingqikelelo kunye neentsingiselo zinokufunyanwa kula maxwebhu:
- Iintlawulo zentengiselwano. Uxwebhu oluthi “Iintlawulo ezongezelelweyo …” inikezelwe kule ntlawulo ngokutshintshiselana – bona uxwebhu . Ihlawulelwe iitransekshini:
- ukungasebenzi kakuhle (ukuba umthengisi okanye umxhasi uqhuba iintengiselwano ezininzi, kodwa ngexesha elifanayo wenza ukuthengiselana okumbalwa);
- uLawulo lwezikhukula olunemposiso (ukuba umthengisi okanye umxhasi uqhuba iintengiselwano ezininzi ezinjalo ngekhowudi yempazamo engu-9999);
- iphunyezwe ngempazamo, kodwa yahlukile kuLawulo lweZikhukula (ukuba umthengisi okanye umxhasi wakhe wenza iintengiselwano ezininzi ezinjalo ngeekhowudi zemposiso 31, 332, 333, 4103, 3, 14, 50, 0).
Ukuze uhwebe kwiMarike yeeNtengiso, kufuneka uqale uqonde zonke iinuances zayo. Kubandakanywa neentlawulo, iikhomishini ezihlawuliswa kubo kunye neentlawulo ezinikezelwa kubathathi-nxaxheba kulolu hlobo lwefandesi.
