Ukuthengiselana kwe-REPO ngamagama alula, indlela esebenza ngayo, yintoni inzuzo yesivumelwano

Yintoni isivumelwano sokuthenga kwakhona kwaye isebenza njani i-REPO deal? Kwilizwe lezemali, kukho ukuthengiselana okuhlukeneyo, ukuthenga, ukuthengisa, ukutshintshiselana (i-barter). Phakathi kwazo kukho imisebenzi ye-REPO (isivumelwano sokuthenga kwakhona), esibonelela ngemali mboleko yexesha elifutshane, elandelwa kukuthengwa kwakhona kwee-asethi zemali. Ukuthengiselana okunjalo kufana nokubolekwa kwi-pawnshop, kuphela apho umboleki akafumani nzala kwi-mboleko, kodwa unika imali enzima ukubuyisela into yakhe.
I-REPO yinto eyimfuneko kwihlabathi lotshintshiselwano lwezemali. Ngombulelo kolu hlobo lwentengiselwano, izigidi zabarhwebi emhlabeni jikelele bafumana imali yokuthenga izibambiso abazibona njengenzuzo. Ngaba kulula kakhulu ukugqiba i-REPO, yintoni efunekayo kule nto kwaye yeyiphi imiba ekufuneka ithathelwe ingqalelo xa usenza isivumelwano – yonke imigibe iya kuchazwa kweli nqaku.

Ukusebenza kweREPO

Intengiselwano ye-REPO sisivumelwano sokuthengisa nokuthengwa kwezinto zexabiso eziyimali nesibophelelo sokuthenga kwakhona. Njengomthetho, ukuthengiselana kwenziwa ebusuku, kwaye ukubuyiswa kwenziwa kusasa okanye emva kwemini elandelayo. Ngamanye amazwi, le mboleko yexesha elifutshane, kunye nesibambiso ngendlela yempahla yemali: amasheya, iibhondi. Uncedo lwe-REPO zizinto zamacala omabini entengiselwano:

1. Umthengisi , ngokuqhelekileyo ungumrhwebi, ufumana imali ngaphandle kwe-red tape yebhanki.
2. Umthengi , ngokuqhelekileyo umthengisi , utyala imali kwizinga elimiselweyo kunye nomngcipheko omncinci.

Kweziphi iimeko apho imisebenzi yeREPO isetyenziswa?

Umtyali-mali ugqiba isivumelwano kuphela nequmrhu elisemthethweni. Uninzi lusebenza njengomthengi: umthengisi, ibhanki, umphathi, umthengisi, njl. Ngeentlobo ezininzi zokurhweba, ityala liba yimfuneko. Njengomthetho, oku:

1. Ukuhoxiswa kweemali ezincinci kukurhoxiswa kwemali, apho izitokhwe kunye nezinye izibambiso zidlala indima enkulu.
2. Urhwebo lomda – ukudluliselwa kwesikhundla.
3. Ukurhweba kwimarike kunye ne-Central Agent.

Sisebenza njani isivumelwano seREPO xa kutsalwa imali?

Amaqumrhu asemthethweni amaninzi abolekisa ngemali ngokuthatha iibhondi, izitokhwe kunye nezinye izibambiso. Imali ebolekwayo itsalwa kwi-akhawunti yobuqu ukuze isetyenziswe buqu. Isixa esikhulu semali esinikwe umntu omnye silingana neendleko zesibambiso esinye kunye nezinga lokuqala lomngcipheko – isaphulelo.

Inkqubo yentengiselwano

Ekuqaleni, ikhontrakthi yenziwe, equlethwe ngamacandelo amabini: Ngokusekelwe kolu xwebhu, umthengisi udlulisela ii-asethi zemali kumthengi, umthengisi uthembisa ukuwamkela ngomhla ochaziweyo kwaye ahlawule isixa esimiselweyo.
Ngomhla ochazwe kwisivumelwano, umtyalo-mali ubuyisela izabelo kumthengisi kwaye ahlawule umvuzo. Umvuzo unokwahluka kwixabiso lokuqala le-asethi eyimali kutshintshiselwano. I-REPO yenza iintengiselwano ezimbini ngexesha elinye: kwizibambiso kunye nekhontrakthi eya phambili.

Ukuhlelwa kweentengiselwano ze-REPO – ngqo kunye nokubuyisela umva

Zimbini iintlobo zentengiselwano ezikhoyo namhlanje: ngqo kunye nokubuyisela umva repos.

1. Ukuthenga kwakhona ngokuthe ngqo kuthetha ukuba: umntu oboleke imali uya kusithenga kwakhona izabelo zakhe ngosuku olumiselweyo.
2. I- REPO ebuyisela umva ihluke kakhulu kwintengiselwano yangaphambili – umtyali-mali ufumana umxholo wekhontrakthi okwangoku kwaye uhlawule imali epheleleyo kuyo. Ekupheleni kwentengiselwano, ubuyisela amaphepha, efumana imali ekuvunyelwene ngayo.

Kukho iintlobo ezininzi zentengiselwano ngexesha lokuqinisekisa:

1. Intraday – ukuthengiselana kwenzeka emini.
2. Yenza isivumelwano ubusuku bonke – isivumelwano siqala ngolunye usuku kwaye siphele ngolulandelayo.
3. Iyasebenza – ixesha lentengiselwano linokolula inyanga. Ngolu hlobo, isivumelwano sisebenza kude kube ngumhla othile, unomhla omiselweyo wenxalenye yokugqibela yesivumelwano.
4. Vula – umhla wokugqibela wokuphunyezwa kwenxalenye yesibini ye-REPO awumiselwanga.

Ngokomzekelo, umthengisi onemiqathango ofuna imali wangena kwi-REPO ejikelezayo. Iqumrhu elisemthethweni lalisebenza njengombolekisi. 
Umrhwebi wayenezabelo ze-3,000 ezithengiswa nge-3 yezigidi zeedola nangona zixabisa i-3,500,000 yeedola. Ngokusekelwe kwisivumelwano seREPO, ixesha lalimiselwe inyanga.
Emva kolu xesha, umrhwebi uhoxisa izabelo zakhe kwaye ahlawule imali eyongezelelweyo phezu kwenqununu. Ngenxa yoko, emva kwenyanga wathatha izabelo kwi-3 yezigidi ezingama-200 amawaka. I-200 lamawaka – ipesenti efikileyo kwinyanga yokusebenzisa imali yomthengisi.Abantu abaninzi bathelekisa irepo kunye nevenkile yokuthengisela. Umboleki ukwathengisa into ebiza kakhulu kwaye emva kwenyanga ubuyisela into yakhe, ehlawula inzala. Ukuba umntu akezi ukufumana amaphepha, ngoko ke umthengisi owenze iREPO unokuwathengisa, kanye njengokuba ethengisa izinto kwiipawnshops. Ukusebenza ngokuthe ngqo kunye nokubuyisela umva intengiselwano ye-REPO-ingcaciso yevidiyo kwisivumelwano sokuthenga kwakhona: https://youtu.be/p8Lx2dIUUj4

Ungazifumana njani izabelo kwizabelo ezithenjisiweyo?

Ukuba uluhlu lwalabo bafanele bafumane izabelo lunqunywe ngexesha le-REPO, ngoko yonke imali efunyenwe kwizabelo iya kumthengisi ngokupheleleyo, kuba ungumnikazi osemthethweni we-securities, nangona ungowexeshana. Kodwa umthetho othi “Kwimarike yokhuseleko” ukhusela abathengisi bezabelo. Kwimeko yokufumana izabelo kwizabelo ezithenjisiweyo, umthengi kufuneka adlulisele le mali kumthengisi. Ukuba uthatha isigqibo sokuzigcinela yena, ke isixa sokuthengwa kwakhona kwezibambiso siya kuqalisa ukuhla ngenxa yezahlulo ezabiweyo.

Ngexesha elifanayo, umthengisi we-securities unenani lezinto ezithintelweyo. Akakwazi ukuthatha inxaxheba kwintlanganiso yabanini-zabelo ngexesha lentengiselwano, kwaye akakwazi ukubhena kwizigqibo zabo kunye nokuthengiselana kwenkampani edibeneyo.

Yintoni isivumelwano se-REPO, yintoni umtyali-mali kunye nomrhwebi kufuneka bayazi: https://youtu.be/u38hZgb5dIo

Imingcipheko phantsi kwesivumelwano seREPO

Ingozi ephambili ngexesha lekhomishini yokuthengiselana okunjalo kukungaphumeleli ukuzalisekisa inxalenye yesibini yesivumelwano. Ngamanye amaxesha umthengisi wezabelo akanayo imali eyaneleyo yokukhulula amaphepha akhe. Emva koko umthengi uyazithengisa kwaye abuyisele ngokupheleleyo ilahleko. Imeko embi kakhulu kubathengisi xa umthengisi ebuya emva kwenyanga ngemali kunye nenzala, kwaye lowo uthenge iphothifoliyo sele eyithengisile. Ngokuqhelekileyo kwenzeka ukuba bobabini abalamli bentengiselwano bayala ukuzalisekisa inxalenye yesibini yekhontrakthi. Oku kwenzeka rhoqo xa isitokhwe sinyuke okanye sehla ngexabiso. Ngenxa yoko, kukho umngcipheko wokuguquguquka kweemarike, ngenxa yokuba elinye lamaqela liya kwenqaba ukuzalisekisa izibophelelo zabo, kuba inkontileka ithi isixa esinye, kwaye izibambiso zingadlula eli xabiso, okanye ziya kuqala ukubiza ngokungenanzuzo.

Indlela yokunciphisa imingcipheko

Kukho iindlela ezimbini zokunciphisa umngcipheko: izaphulelo kunye neeprimiyamu. Isaphulelo – umahluko phakathi kwexabiso lezabelo ezithenjisiweyo kwimarike kunye nemali echazwe kwisivumelwano seREPO. Kwimeko yomtyali-mali kumzekelo, kunokubonwa ukuba izabelo zixabisa kakhulu kunemali eya kubuyela kumthengisi kunye nenzala. Ke ngoko, unenjongo yokuthenga kwakhona ezi zabelo nokuba ngexabiso eliphantsi. Olu hlobo lwesaphulelo lubizwa ngokuba “esokuqala”. Ubungakanani besaphulelo bubalwa njengepesenti kwaye ngokuthe ngqo kuxhomekeke ekuzinzeni kwezabelo. Ukuba umrhwebi uthembise ngeetshiphusi
eziluhlaza ezizinzile, ke ipesenti yesaphulelo iya kuba ngaphantsi kwenkampani engazinzanga. Intlawulo yembuyekezo yenye indlela yokuzikhusela xa usenza intengiselwano yeREPO. Le yimali okanye izibambiso ezithunyelwa ngumrhwebi kwi-broker, okanye ngokuchaseneyo, ukuba ixabiso lee-securities ezibambisiweyo litshintshile kakhulu. Oku kukuphunyezwa ngokukhululekileyo kwegatya lesibini lekhontrakthi yokunciphisa umngcipheko wokusilela. Ukuze ugweme ukumangalelana kunye nezinye iingxaki, kuyimfuneko ukumisela izibophelelo ezongezelelweyo kwi-REPO kumacala omabini xa kukho utshintsho olubukhali kwixabiso lesabelo. Kule meko, abo bangene kwintengiselwano banyanzelekile ukuba baqhube ukuhlaziywa kwaye, ngokwesiseko sayo, batshintshe ixabiso lokuthenga lokuqala, okanye intlawulo eyongezelelweyo. Xa ixabiso lezabelo liphakama, umthengisi unyanzelekile ukuba afune ukuhlaziywa kwakhona kunye nembuyekezo eyongezelelweyo yelahleko ngemali okanye inxalenye yezabelo ukuze afumane inzuzo eninzi. Kukwanjalo ke nakwabo bathenga izabelo ngemali yabo. Kwimeko yokuwa kweemarike, kuya kuvela ukuba uthenge amaphepha aphantsi ngemali eninzi kwaye, xa ethengisa kwakhona, akayi kukwazi ukubuyisela ilahleko yakhe. Umthetho ukhusela abathengi kwiimeko ezinjalo kwaye ngoko banelungelo lokufuna ukuhlaziywa ngokutsha kunye nokubuyisela imali yabo ukuze bahlawule umonakalo. Imirhumo yemida yenye indlela yokukhusela imingcipheko. Ngelo xesha, elinye lamaqela lenza intlawulo yangaphambi kwexesha ukwenzela ukuba elinye iqela lingakwazi ukwala izibophelelo kwicandelo lesibini lentengiselwano. Kule meko, intlawulo ye-margin ayikona ukuhanjiswa kwangaphambili kwinqanaba lokugqibela okanye intlawulo yangaphambili.

Ukuhlaziywa kweREPO

Uvandlakanyo oluphezulu naphantsi kufuneka lubekho kwisivumelwano seREPO. Umnini wezabelo unelungelo lokuqhuba uhlaziyo oluphezulu ukuba ixabiso le-securities linyuke ngaphezu kwenqanaba elivumelekileyo.
Ukuphononongwa okuphantsi kunokuqhutywa kuphela ngumntu othenge izibambiso. Oku kwenzeka ngeli xesha xa iimarike ziphazamiseka kwaye izibambiso zilahlekelwa ixabiso labo. Intsilelo yomda kufuneka ifikelele okanye igqithe kumda ovumelekileyo. Kule meko, umthengi we-securities unokufuna ukuba umthengisi abuyisele iindleko.

Ngaphambi kokugqitywa kwe-REPO, amaqela avumelana ngexesha apho umgca wokukhula kwexabiso kunye nokuwa kwayo kuya kuba khona, kwaye kwakhona ubale ukusilela kunye nomda ongaphezulu.

Xa kufika ixesha lokuphononongwa kwakhona, omabini amaqela ayavumelana phakathi kwawo malunga nezenzo ezingaphezulu. Basenokungakwazi ukwenza uhlengahlengiso, kodwa benze isenzo sesibini sentengiselwano ye-REPO ngaphambi kweshedyuli: omnye uthengisa izabelo, kwaye owesibini uzithenga ngenzala. Inzala iya kwahluka ngokupheleleyo kwinto echazwe kwikhontrakthi kwaye iya kwahluka ekukhuleni kwezabelo. Emva kokugqitywa kwe-REPO, amaqela angenza isivumelwano esitsha, ngokuqwalasela amaxabiso amatsha ezibambiso kunye nokuvalwa kwangaphambili kwentengiselwano. Kukho umgca wokuziphatha owahluke ngokupheleleyo xa amaxabiso etshintsha kunye nokuhlaziywa. Iqela eliye lafumana ilahleko eninzi lisenokufuna ukuhlawulwa kwemirhumo yongqalelo ngendlela yenxalenye yezabelo kunye nemali. Ukuba intlawulo yenziwe kwiyunithi yemali, kwaye kungekhona kwizibambiso, ke inzala ihlawuliswa. Unako kwakhona ukuyibuyisela yonke imali kunye nenzala. Oku kuyasebenza nakwizibambiso.

Ukuvavanywa ngokutsha kwesivumelwano seREPO kumzekelo weBhanki Enkulu

Makhe sijonge indlela izibambiso zihlaziywa ngayo kwiBhanki yaseRashiya. Ngexesha lesivumelwano seREPO, ibhanki ihlaziya izibambiso ezithenjisiweyo yonke imihla. Emva kohlaziyo, iqumrhu libeka imida ephezulu nangaphantsi yezaphulelo. Ngombulelo kwezi zibalo, ixabiso phakathi kwezibambiso kunye nesixa esipheleleyo ukuba umboleki uya kubuya uzimisele. Ngombulelo koku, omabini amaqela ayakuphepha uxanduva lokuhlawula umonakalo wezinto eziphathekayo. Nangona kunjalo, iBhanki yaseRashiya inyanzelekile ukuba ibuyekeze ilahleko yomboleki ukuba i-REPO yagqitywa kwifandesi kwaye isaphulelo sigqithise umda ophezulu. Ukuba isaphulelo siwela umda osezantsi, iBhanki ibuyisela imbuyekezo ngendlela yemali. Ukuba iREPO yagqitywa ngabantu abangekho kwiifandesi ezicwangcisiweyo kusetyenziswa inani leenkqubo ezizodwa, iBhanki ayisanyanzelekanga ukuba ihlawule iminikelo ngemali. Okokuqala, ibhanki ebolekiweyo igubungela umonakalo womboleki kunye nezibambiso. Imali ikhutshwa kuphela xa ibhanki ingenalo inani elifunekayo lezabelo. Kukho inani leenzuzo kwiiREPO ezinjalo eziqukunjelwe kungekhona kwiifandesi kusetyenziswa inkqubo yeBloomberg: uhlaziyo lwenziwa yiBhanki yaseRashiya hayi ngokwahlukeneyo kwintengiselwano nganye, kodwa kulo lonke uthotho lweentengiselwano ezenziwe yiBhanki yaseRashiya emini.

Imiqathango enyanzelekileyo yesivumelwano seREPO

Xa begqibezela isivumelwano, omabini amaqela kufuneka athethathethane eziliqela ngaphambi kokuba agqibe isivumelwano. Izinto ezifunekayo kwi-REPO zezi:

1. Ukubanakho ukuphonononga kwakhona ixabiso lee-securities . Kuyimfuneko ukubandakanya eli solotya kwisivumelwano ukwenzela ukuphepha iziganeko kunye neengxaki ezingaphezulu.
2. Ubume bomthetho bamaqela omabini angena kwintengiselwano . Xa begqibezela isivumelwano, amaqela avumelana phakathi kwawo ukuba isivumelwano ngokubanzi siya kugqitywa, okanye isivumelwano seqela ngalinye egameni lalo.

I-REPO eRashiya

Izabelo zengxowa-mali yotyalo-mali, izatifikethi, amaphepha, izabelo – yonke into enexabiso elithile kwi-stock exchange iba zizixhobo zokurhweba kwi-stock exchange. I-REPO iqukunjelwa phakathi komntu kunye nequmrhu elisemthethweni, ukuba ngaba: i-broker, umthengisi, i-depository, inkampani yokucoca, iziko lekhredithi. Abantu ababini abakwazi ukungena kwi-transaction
Okunye malunga ne-REPO kunye neBhanki yaseRashiya kwi-Moscow Stock Exchange kwi-https://www.moex.com/s968: Kwiintengiselwano
ezininzi zemali, kukho ukuthengiselana kwe-REPO. Le yimali-mboleko yexesha elifutshane apho kukhutshwa isibambiso, ngokuqhelekileyo i-stocks okanye iibhondi (izibambiso).

Umzekelo wentengiselwano yeREPO

Umrhwebi kunye nomntu obandakanyekayo kurhwebo bangene kwisivumelwano seREPO sangaphambili nge-09/23/2021. Ngethuba lokuqala lentengiselwano, umrhwebi wathengisa ipakethe yezabelo ze-1,000 zenkampani yemithombo yendalo kumthengisi kwaye wafumana i-ruble ye-300,000 kubo. Ixabiso lesabelo ngasinye kwinxalenye yokuqala ye-REPO yayingama-ruble angama-300. Isivumelwano sichaza ukuba umthengisi uthembisa ukubuyisela izabelo zakhe kwi-10/25/2021 kwi-ruble ye-303,160. Inzala yesabelo ngasinye ekupheleni kwenyanga yayiziiruble ezi-3,16. Ngenxa yoko, umrhwebi uhlawule kuphela i-ruble ye-3,160, okanye i-12% ngonyaka. Le ntengiselwano ithe ngqo, ngenxa yokuba izabelo zibuyiswe ngumnini wazo. Ngokusekelwe kulo mzekelo, kucacile ukuba umxhasi uthengise izabelo ze-1,000 zenkampani ethile exabisa isaphulelo se-20% ukuze iheje ngokuchasene nokunyuka kwexabiso. Ixesha apho intengiselwano yenziwe 24.09 – 25.10. Ngeli xesha, kwakukho ukulungiswa kwaye izabelo zenkampani zaqala ukubiza i-ruble ye-309 ngesabelo ngasinye sele sisele kwi-28.09. Iibhanki zaseRussia zenza le misebenzi ukuxhasa imali kwiibhanki zorhwebo. Ukwenza oku, iBhanki Ephakathi ibiza i-REPO ukuthengiselana ukuthengiswa kunye nokuthengwa kwezibambiso kunye nokuthengwa kwakhona okunyanzelekileyo okanye ukuthengiswa ngomhla ochaziweyo. Ukuqhuba intengiselwano enjalo, kukho uluhlu lwezabelo kwiwebhusayithi esemthethweni yeBhanki ePhakathi ekulungele ukuthenga / ukuthengiswa kwangoko nge-REPO. Ikwanayo nemihla kunye neziphumo zentengiselwano enjalo. ilungele ukuthengwa / ukuthengiswa kwangoko nge-REPO. Ikwanayo nemihla kunye neziphumo zentengiselwano enjalo. ilungele ukuthengwa / ukuthengiswa kwangoko nge-REPO. Ikwanayo nemihla kunye neziphumo zentengiselwano enjalo.
Uluhlu lonke lufumaneka ku-https://www.cbr.ru/hd_base/infodirectreporub/ Ngoku abantu abaninzi basebenzisa i-REPO yexesha elifutshane. Imisebenzi iqhutyelwa kwintengiso kwimarike. Ngoncedo lwabo, abatyali-mali kunye nabarhwebi bavula izikhundla ezimfutshane kwaye bathengise izabelo ezingezizo ezabo. Umrhwebi uboleka ngokulula ipotifoliyo yotyalo-mali nge-repo kwaye athengise zonke izibambiso. Imali efunyenweyo ityalwe kwezinye izibambiso, kwaye xa ixabiso lazo linyuka, umntu ufumana inzuzo yakhe, athenge kwakhona izibambiso ezithengisiweyo zomboleki kwaye abuyisele ipotifoliyo yotyalo-mali. Inzuzo eseleyo kwizabelo ezandisiweyo isala kumrhwebi othengise izabelo.