Yintoni ikhontrakthi yexesha elizayo kwaye isebenza njani, iinzuzo kunye neengozi zokurhweba kwixesha elizayo

Ikhontrakthi yexesha elizayo isetyenziselwa ukwenza iitransekshini zokuthengwa nokuthengiswa kwempahla yorhwebo okanye i-asethi kwixesha elizayo elicwangcisiweyo ngexabiso elimiselweyo. Esi sibophelelo yindlela olu khuseleko lwahluka ngayo kukhetho olunika ilungelo lokuthenga okanye ukuthengisa, kodwa alunyanzelwanga ukwenza njalo. Ikamva libophelela omabini amaqela kwintengiselwano ukuba azalisekise izibophelelo zawo. Ngexesha elifanayo, ukutshintshiselwa kwezinto eziphathekayo ngexesha lemisebenzi yorhwebo alwenziwa.

Liyintoni ikamva kwaye kutheni lisetyenziswa kwimarike yotyalo-mali

Izivumelwano zexesha elizayo zisetyenziselwa ukuseka ixabiso lokwenyani lemarike yesixhobo esithile. Banexabiso elithile elisetyenzisiweyo kubatyali-mali:

1. Iintengiselwano eziqikelelwayo , ukuvumela ukukhupha izibonelelo zezinto eziphathekayo.
2. I-inshurensi yomngcipheko ngokusebenzisa i-hedging , enomdla kubathengisi kunye nabathengi bempahla.

Ikamva lisetyenziswa kwiimarike zentengiso kunye neentengiso, ziphawulwa ziiparamitha eziphambili:

1. Ixesha lokwenziwa, elingumhla ekucwangciselwe ngawo intengiselwano.
2. Umxholo wentengiselwano, ngakumbi, imathiriyeli ekrwada, izibambiso okanye iimpahla, imali.
3. Utshintshiselwano olwenziwa ngalo intengiselwano.
4. Iiyunithi zokucaphula.
5. Ubungakanani bomda.

Ikhontrakthi yexesha elizayo iyingozi, kodwa ikwasisixhobo esingamanzi kakhulu esingazinzanga kakhulu. Umthengi uthembisa ukwamkela imveliso, okwangoku, ayilungiselelwanga ukuthengiswa. Nangona kunjalo, ekupheleni kwexesha elichaziweyo, akukho mntu unokumnyanzela ukuba athenge iimpahla eziboniswe kukhuseleko, kuba akukho kuhanjiswa kwangempela. Ikamva liyafuneka ukulungisa ixabiso lento, kwaye xa liphelelwa lixesha, enye yeemeko ezintathu inokuphunyezwa:

1. Ukugcina ibhalansi yamaqela omabini kwikhontrakthi.
2. Ukuzaliswa kwakhona kwebhalansi A kunye nokuncipha kwebhalansi B.
3. Ukuzaliswa kwakhona kwebhalansi ye-B ngokuchasene nemvelaphi yokuncipha kwebhalansi ye-A.

Ukuba kukho ukuzaliswa kwe-akhawunti yomthengi ngokubhekiselele kwimvelaphi yokunciphisa i-akhawunti yomthengisi, ngoko ixabiso lesixhobo landa. Oko kukuthi, umtyalo-mali A uya kukwazi ukuthenga imveliso ngexabiso eliphantsi kwaye ayithengise kwakhona ngexabiso eliphezulu, ngaloo ndlela ekhupha inzuzo yezinto eziphathekayo. Enyanisweni, ukutshintshiselana kusindisa abathathi-nxaxheba beemarike ekusebenzeni okufunekayo, ukuhlaliswa, ngokukhawuleza ukunika iqela lentengiselwano umahluko kwimali yangempela. Ukuba ixabiso alitshintshanga, ngoko ibhalansi ihlala ifana. Imeko yesithathu ibonwa ukuba ixabiso lempahla liwela, nto leyo yayiyinzuzo ekuqaleni kumthengisi. Ngoku ungathengisa iimpahla ngemimiselo evumayo ngakumbi, ixabiso lemarike langoku elingaphantsi kwelo libhaliswe kuqhagamshelwano. Ukuba sithetha ngemveliso yangempela, ngoko umthengisi unokuthenga ngexabiso lemarike kwaye athengise ngexabiso elichazwe kwixesha elizayo. Utshintshiselwano, kule meko, ikhulula amaqela kwiimfuno zokuthutha iimpahla zangempela, kodwa yenza nje izibalo eziyimfuneko kwaye izalise i-akhawunti yomthengisi ngesixa esithile, nto leyo umahluko phakathi kwexabiso lemarike kunye nexabiso elichazwe kwisivumelwano. Ukuba elinye lamaqela lilahla ikusasa ngaphambi komzuzu wokuphunyezwa kwayo, ngoko emva kokuphela kwemigaqo echazwe kwikhontrakthi, ixabiso eliboniswe kuxwebhu kunye nexabiso lemarike yempahla lifaniswa. Kwimeko yexesha elizayo, abathengi kufuneka bagqibe ukuthengiselana okucwangcisiweyo, kwaye xa kuthengwa ukhetho, izenzo ezongezelelweyo zithathwa ngokubona komtyalo-mali. Ngokomzekelo, isivumelwano siqukunjelwa ukunikezelwa kwezabelo, umninimzi ofuna ukuzithengisa kwixesha elizayo ngexabiso elithile. Ukuba ufumana umthengi, ngoko bagqiba isivumelwano, kwaye umthengisi ufumana imali ngokukhawuleza, kwaye ukuhanjiswa kuya kwenziwa ngexesha lokuphelelwa yisikhathi. Ukuba sithetha ngeekhontrakthi zokukhetha, umzekelo, uhlobo lokukhetha umnxeba, ngoko umthengi uvakalisa umnqweno wokuthenga izibambiso, kodwa okwangoku akanalo inani elifunekayo kule nto. Umthengisi uyavuma, kwimeko enjalo, ukubhala inketho enika ilungelo lokuthenga izabelo ngexesha lokuphelelwa yisikhathi. Ukuba ngeli xesha umthengi akagqibanga ukuthenga, ke ukhetho alusetyenziswanga nje. Nangona kunjalo, umthengisi uya kufunwa ukuba athengise izibambiso ukuba umthengi ufuna ukusebenzisa ukhetho, okwenzekayo xa ixabiso lemarike yezabelo litshintshile kakhulu ukususela ekubeni isivumelwano senziwe. Kule meko, ukuthengiselana kwenziwa ngexabiso logwayimbo. Lo mahluko phakathi kweenketho kunye nekamva ubonakaliswa ukuba abatyali-mali bajongana neekhontrakthi ezinokuziswa. Kwimeko eneekhontrakthi zokuhlaliswa, umda wokwahluka umiselwa imihla ngemihla kwaye umahluko osisiseko phakathi kokhetho kunye nekamva uyayeka ukuvakala. Kule meko, umthengisi akayi kuhlawulwa ixabiso lemarike xa ukuthengiselana kugqityiwe. Nangona kunjalo, utshintshiselwano luya kukwazi ukugcina isibambiso esithile ngokuchasene nezibophelelo ezithathwa ngamaqela. xa ixabiso lemarike lezabelo litshintshile kakhulu ukususela ekupheleni kwekhontrakthi. Kule meko, ukuthengiselana kwenziwa ngexabiso logwayimbo. Lo mahluko phakathi kweenketho kunye nekamva ubonakaliswa ukuba abatyali-mali bajongana neekhontrakthi ezinokuziswa. Kwimeko eneekhontrakthi zokuhlaliswa, umda wokwahluka umiselwa imihla ngemihla kwaye umahluko osisiseko phakathi kokhetho kunye nekamva uyayeka ukuvakala. Kule meko, umthengisi akayi kuhlawulwa ixabiso lemarike xa ukuthengiselana kugqityiwe. Nangona kunjalo, utshintshiselwano luya kukwazi ukugcina isibambiso esithile ngokuchasene nezibophelelo ezithathwa ngamaqela. xa ixabiso lemarike lezabelo litshintshile kakhulu ukususela ekupheleni kwekhontrakthi. Kule meko, ukuthengiselana kwenziwa ngexabiso logwayimbo. Lo mahluko phakathi kweenketho kunye nekamva ubonakaliswa ukuba abatyali-mali bajongana neekhontrakthi ezinokuziswa. Kwimeko eneekhontrakthi zokuhlaliswa, umda wokwahluka umiselwa imihla ngemihla kwaye umahluko osisiseko phakathi kokhetho kunye nekamva uyayeka ukuvakala. Kule meko, umthengisi akayi kuhlawulwa ixabiso lemarike xa ukuthengiselana kugqityiwe. Nangona kunjalo, utshintshiselwano luya kukwazi ukugcina isibambiso esithile ngokuchasene nezibophelelo ezithathwa ngamaqela. Kwimeko eneekhontrakthi zokuhlaliswa, umda wokwahluka umiselwa imihla ngemihla kwaye umahluko osisiseko phakathi kokhetho kunye nekamva uyayeka ukuvakala. Kule meko, umthengisi akayi kuhlawulwa ixabiso lemarike xa ukuthengiselana kugqityiwe. Nangona kunjalo, utshintshiselwano luya kukwazi ukugcina isibambiso esithile ngokuchasene nezibophelelo ezithathwa ngamaqela. Kwimeko eneekhontrakthi zokuhlaliswa, umda wokwahluka umiselwa imihla ngemihla kwaye umahluko osisiseko phakathi kokhetho kunye nekamva uyayeka ukuvakala. Kule meko, umthengisi akayi kuhlawulwa ixabiso lemarike xa ukuthengiselana kugqityiwe. Nangona kunjalo, utshintshiselwano luya kukwazi ukugcina isibambiso esithile ngokuchasene nezibophelelo ezithathwa ngamaqela.
Ukucocwa kwenziwa yonke imihla, ngaphakathi kwesakhelo apho iintlawulo ezifanayo zomda wotshintsho lwenzeka kude kube sekupheleni. Kwimeko enjalo, ukusebenzisa ukhetho luba lula kwezoqoqosho, kuba akunakwenzeka ukuhambisa i-asethi ngexabiso elifanelekileyo ngexesha lokugqitywa kwekhontrakthi. Kwixabiso lokhetho, kunye nophuhliso olunjalo lweziganeko, kuhlala kukho i-premium yesikhashana elahlekileyo ngokuqala kokuphelelwa yisikhathi. Ukuphunyezwa kokhetho akuyi kuchaphazela ibhalansi ye-akhawunti, kwaye ukhetho luya kutshintshwa likamva kwi-terminal. Ukuphelelwa kwexesha elizayo-kwenzeka ntoni kwesi sikhundla: https://youtu.be/QQjRRxXZP3Y

Umahluko phakathi kwexesha elizayo kunye neekhontrakthi zangaphambili

Kukwakho iyantlukwano phakathi kwekhontrakthi zangaphambili nezexesha elizayo abathi abatyali-mali bangene kuzo. Ukuqhubela phambili yintengiselwano yexesha elilodwa eyenziwa ngaphandle kotshintshiselwano kwaye ucinga ukuba ukuthengwa kwempahla, izibambiso okanye imali iya kwenzeka kwixesha elizayo. Amaqela axoxa ngeemeko eziphambili kwangaphambili:

• ixabiso;
• imigaqo;
• iimeko ezongezelelweyo.

Kule meko, ukuthengiselana kuqhutyelwa ngempahla yangempela, kwaye kungekhona njengekamva, xa singathethi malunga nokuhanjiswa kwempahla.

Ukuqhubela phambili kuyilelwe ukuqinisekisa abathathi-nxaxheba kwintengiselwano ngokuchasene nokuguquguquka kwexabiso okunokuthi kwenzeke kwixesha elizayo. Akukho migangatho engqongqo xa kugqitywa isivumelwano, ngoko ke, ukuthengiselana okunjalo akukwazi ukuqhutyelwa kutshintshiselwano.

Iikhontrakthi eziya phambili kunye nezexesha elizayo ziyahluka kwenye kule miba ilandelayo:

• iinjongo – phambili kuya kugqitywa ukuthengiswa okanye ukuthengwa kwempahla yangempela, oku kuthetha ukuqwalaselwa kwazo zonke iimeko eziluncedo kumaqela omabini. Kwimeko yesibini, iikontraka zexesha elizayo zikhusela izikhundla zazo okanye zixhamla kwiiyantlukwano zamaxabiso. Ikamva kuphela kwi-5% yamatyala akhokelela amaqela ekutshintshisweni kweempahla zangempela okanye izixhobo zemali;
• umthamo we-asethi – xa uqukumbela isivumelwano sangaphambili, abathathi-nxaxheba kwintengiselwano babala ngokuzimeleyo umthamo ofunekayo, ngokuqwalasela iimfuno zabo. Kwimeko yexesha elizayo, imiqulu inqunywe ngokutshintshiselana, kwaye abathathi-nxaxheba beemarike banelungelo lokuphumeza inani elithile leenkontileka;
• umgangatho wezixhobo – phambili kunika ithuba lokusebenzisa i-asethi yalo naluphi na umgangatho, kuxhomekeke kwizicelo ezivela kumthengi. Xa kuziwa kwixesha elizayo, umgangatho wezixhobo unqunywe yinkcazo yokutshintshiselana;
• ukuhanjiswa kwempahla – xa kusayinwa phambili, ii-asethi zihlala zihanjiswa, kwaye xa kugqitywa ukuhanjiswa kwexesha elizayo kuqhutywa ngendlela esekwe ngokutshintshiselana, kodwa kwiimeko ezininzi akufiki kule nto kwaphela;
• imigaqo – imigaqo yokunikezelwa xa usayinwa phambili igqitywe ngamaqela kwintengiselwano. Imiqathango yeekontraka zexesha elizayo igqitywe ngokutshintshiselana;
• imali yokuhlawula amatyala – ikhontrakthi eya phambili ibonakaliswe kukungabi namali, kuba imiqathango yokuqukunjelwa kwayo yamkelekile kwisangqa esithile samaqela ekugqitywe ngawo. Ixesha elizayo zizixhobo ezimanzi kakhulu, nangona kunjalo, umgangatho wesi salathisi uxhomekeke kumgangatho we-asethi ephantsi.

Abarhwebi banokuvula izikhundla ezimfutshane kunye nezide xa kuthengiswa izivumelwano zexesha elizayo. Olu buchule lubandakanya ukuthengwa kwekhontrakthi yokunikezelwa kwempahla ethile kwaye, xa kwenzeka ukunyuka kwexabiso lexesha elizayo, lithengisa nangaphambi kokuphela kwesivumelwano. Ukusebenza ngezithuba ezimfutshane kukuthengisa ikamva kwimeko yophuhliso olungathandekiyo. Ukuba imeko iphucula kamva, uthengela isivumelwano kwakhona, kodwa ngexabiso eliphantsi, efumana umvuzo kumahluko kwixabiso. Ixesha elizayo liya kuhamba ngongqamaniso kunye ne-asethi ephantsi, nangona kunjalo, kukho umahluko phakathi kwabo, ukulinganisa njengoko kusondela ukuphela. Liyintoni ikamva kunye nendlela yokurhweba kwiimarike eziphuma kwi-Moscow Exchange – izicwangciso zokurhweba kwizivumelwano zexesha elizayo: https://youtu.be/ZDg14Rya6LI

Iinzuzo kunye neengozi zokurhweba kwixesha elizayo

Kukho iinzuzo ezininzi zokurhweba kwixesha elizayo:

• akukho zindleko ezongezelelweyo kunye neentlawulo ezifihliweyo;
• kukho ukufikelela kwichibi lekamva elinokuphela konyaka;
• ukuthengiswa okuphezulu kwe-asethi, ukuguquguquka kunye norhwebo oluguqukayo.

Izinto ezingeloncedo kwiikhontrakthi zexesha elizayo:

• ayifanelekanga ukurhweba ixesha elide, njengoko livumelekile ixesha elithile;
• xa ukuphela kwenzeka, izivumelwano zivaliwe ngokuzenzekelayo, kuthathelwa ingqalelo ixabiso lemarike yangoku kunye nemiyalelo elindileyo iyacinywa;
• awukwazi ukudlulisela urhwebo oluvulekileyo kwikhontrakthi ephelelwa kwinyanga ezayo.

Qwalasela zonke izinto ezilungileyo kunye nezibi phambi kokuba uthengise ezi zixhobo ziyingozi kakhulu.

Iindidi zeekhontrakthi zexesha elizayo

Kukho iindidi ezimbini zeekhontrakthi zexesha elizayo:

1. Ukuhanjiswa.
2. Ukuhlaliswa – ngaphandle kokuziswa.

Ikamva eliza kuhanjiswa libophelela umthengi kunye nomthengisi ukuba ngokwenene athengise iimpahla kwaye azihlawulele ngokwemiqathango echazwe kwikhontrakthi. Ukuhlaliswa phakathi kwabo kuqhutyelwa kwixabiso elimiselweyo ngosuku lokugqibela lokurhweba. Ukuba, ngomhla omiselweyo, umthengisi akakwazanga ukubonelela umthengi ngempahla, ngoko ke utshintshiselwano lubeka izohlwayo kuye.
Uqikeleloikamva aliqhagamshelwanga nangayiphi na indlela kunye nonikezelo lwenyani lweemveliso. Kucingelwa ukuba elinye lamaqela liya kuhlawula elinye iqela kwintengiselwano umahluko phakathi kwexabiso le-asethi ngexesha lokuthengiselana kunye nexabiso langempela lemveliso ngexesha lokuphela kwesivumelwano. Ukuhlaliswa phakathi kwama-counterparties kwenziwa ngemali, kwaye ukuhanjiswa ngokomzimba kwempahla akubonelelwanga. Utshintshiselwano olunjalo lwenzelwa ukubiyela okanye ukukhohlisa ngokuqikelelwayo. I-Hedging ikuvumela ukuba ulinganise ilahleko enokwenzeka efunyenwe xa uqukumbela ikhontrakthi kwenye imarike.

Ixabiso lekhontrakthi yexesha elizayo-contango kunye nokubuyisela umva

Ikhontrakthi yexesha elizayo ihlelwa njengempahla yotshintshiselwano enye, enexabiso elahlukileyo kwixabiso le-asethi. Esi salathisi sinokuchatshazelwa luqikelelo kunye nemingcipheko ebangelwa lutshintsho olunokwenzeka kumxholo wezivumelwano ekufikelelwe kuzo ngaphambili. Ixabiso le-asethi kwimarike kunye nexabiso lexesha elizayo lale mveliso linokuba nenani elibi okanye elincomekayo.

Ukuba ikhontrakthi ibiza kakhulu kune-asethi, ke eli lizwe libizwa ngokuba yi-contango. Kwimeko xa imeko ibuyiselwa umva, sithetha ngokubuyela umva.

Kule meko, abaninzi abatyali-mali banethemba lokuba ixabiso le-asethi kutshintshiselwano liza kuhla ngokukhawuleza. Ixabiso lekamva lixabiso lemarike langoku lekhontrakthi enomhla othile wokuphelelwa. Ixabiso elifanelekileyo lichazwa njengeendleko zokufumana i-asethi eya kuhanjiswa ngokukhawuleza kwaye emva koko igcinwe, ngokusetyenziswa, ngokwenza inzuzo, intengiso okanye ukuyisebenzisa. Ngexesha elifanayo, ngexabiso elifanelekileyo, kunenzuzo kumthengisi ukuthenga isivumelwano se-asethi kunye nomhla othile wokuvuthwa. Umahluko phakathi kwexabiso elihambelanayo kunye nexabiso langoku libizwa ngokuba sisiseko sekhontrakthi, ekumazwe amabini xa kuthelekiswa nexabiso lendawo ye-asethi.

I-inshurensi

Ukurhweba kuqhutyelwa ngokuxhomekeke ekuboneleleni kwentengiselwano, ngediphozithi, isixa-mali esiyi-2 – 10% yexabiso le-asethi yekhontrakthi. Le yi-inshurensi efunwa lutshintshiselwano lwamaqela omabini angena kwikhontrakthi. Isixa esimiselweyo sivaliwe kwii-akhawunti, senza uhlobo lwesibambiso. Ukuba ixabiso lexesha elizayo liyenyuka, ngoko umda womthengisi uyanda, kwaye ukuba uyahla, uyancipha. Le ndlela ikuvumela ukuba uphephe inkqubo yokuhlawula xa ugqiba isivumelwano. Xa ikamva libanjwe de livalwe, amaqela azalisekisa izibophelelo zawo ngokuzisa ii-asethi okanye ukudlulisela imali. Xa omnye wabathathi-nxaxheba engafuni ukuzalisekisa izibophelelo zakhe, utshintshiselwano luyenzela yena, ezishiya isixa esithile kwisiqinisekiso. Esi sikim sisebenza kuphela kwiikhontrakthi ezibonelela ngokuziswa kwe-asethi.

Imihla yokuphelelwa

Kukho imihla emininzi yokuphela kwekhontrakthi. Ngokomzekelo, kwi-index ye-dollar, amasheya, izixhobo zemali, umhla wokuphelelwa yisikhathi kwikota ngoLwesihlanu wesithathu wenyanga yokugqibela yekota. Kukho ikamva ngokuphuma kwenyanga, ngakumbi i-CME eKrwada ye-Oli. Ezinye iintlobo zeekhontrakthi zinokuphela ngezinye iintsuku. Ukurhweba ngekamva elinemveliso, kufuneka ukhumbule umhla wokuphelelwa kwekhontrakthi. Ukuba kukho ukuhla okungalindelekanga kwivolumu emva kokuphela kosuku olulandelayo lokurhweba, ngoko ixesha lilungile, kwaye abaninzi abahwebi baqala ukuvala ukuthengiselana ngaphambi kokupheliswa kwekhontrakthi. Ikhontrakthi nganye yexesha elizayo inomhla wokuphelelwa. Jonga iinkcukacha zekontraki ngemihla yokuphela kwekhontrakthi yakho. Ngokuqhelekileyo kukho ukuhla okuphawulekayo komthamo njengoko isivumelwano sexesha elizayo sifika phakathi kweentsuku ezimbalwa zokuphelelwa kwayo. Oku kungenxa yokuba bonke abarhwebi bexesha elifutshane bavala izikhundla zabo kwaye abantu kunye neenkampani kuphela ezifuna ukuthenga okanye ukuthengisa imveliso ephantsi baqhubeka bethengisa kwaye babambe izikhundla zabo kude kube ngumhla wokuphelelwa yisikhathi. Abarhwebi bexesha elifutshane abangeni kwiikontraka zexesha elizayo ngaphambi kokuphelelwa yisikhathi, benza nje okanye balahlekelwe yimali ngokusekelwe ekuguquguqukeni kwexabiso okwenzeka emva kokuthenga okanye ukunciphisa isivumelwano.