Iikomishini kunye neentlawulo kwintengiselwano yexesha elizayo

Ngaphambi kokuba uqale ukurhweba ngekamva, kufuneka uziqhelanise nazo zonke iinuances zesi sifundo. Kubandakanya – ukufunda iikomishini eziya kufuneka zihlawulwe xa kuthengiswa ngokutshintshiselana ngokwawo kunye ne-HKO NCC (iZiko leSizwe lokuCoca).

Yintoni ikamva?

Iikomishini kwikamva kwi Moscow Exchange

Zonke iikhomishini xa zithengiwe zihlawulwa ngumrhwebi, ngaphandle kwegalelo kwiNgxowa-mali yesiQinisekiso – onke amaqela afaka imali kuyo.

Ukunika imvume yokurhweba

Kukho iindidi ezininzi zeminikelo, ngokuxhomekeke kudidi loMthathi-nxaxheba:

• “O” – i-ruble yezigidi ezi-5 (ukufikelela kuzo zonke iinketho: isitokhwe, imali kunye nempahla);
• “F1” okanye “F2” – i-ruble yezigidi ezi-3 (ukufikelela ekukhethweni kwesitokhwe);
• “T1” okanye “T2” – i-ruble yezigidi ezi-1 (ukufikelela ekukhethweni kwempahla);
• “D1” okanye “D2” – i-ruble ye-1 yezigidi (ukufikelela ekukhethweni kwemali).

KwiNgxowa-mali yesiQinisekiso

Le ngxowa-mali yemalike ephuma kwi-Derivatives isekwe liZiko Lokucoca ngeendleko zeminikelo evela kubo bonke abathathi-nxaxheba abavunyiweyo ukuba bacocwe. Iimali zesiqinisekiso zijolise ekuhlawuleni imingcipheko evela ngenxa yokungaphumeleli okunokwenzeka kwabathathi-nxaxheba ukuzalisekisa izibophelelo zabo.

Igalelo elincinci kule ngxowa-mali yaMalungu aCalayo yi-ruble ye-10 yezigidi.

Ukuqukunjelwa kweekontraka zexesha elizayo

Isixa-mali semirhumo kule meko sibalwa ngolu hlobo lulandelayo: FutFee = Round (Round (Round (abs(FutPrice)) * Round(W(f)/R(f);5) ;2) * BaseFutFee;2), apho:

• I-FutFee – imali yokurhweba kwixesha elizayo (kwii-ruble), rhoqo ≥ 0.01 ruble;
• FutPrice – ixabiso elizayo;
• W(f) — iindleko zenyathelo lexabiso eliphantsi lexesha elizayo eliqukunjelweyo;
• R(f) linyathelo lexabiso eliphantsi lekamva ekuqukunjelwe ngalo;
• Round – umsebenzi ojikeleza inani ngokuchaneka okunikiweyo;
• abs – umsebenzi wokubala wemodyuli (inani elingabhalwanga).
• I-BaseFutFee – isixa sexabiso lesiseko samaQela eekhontrakthi ezikhoyo ngolu hlobo lulandelayo: imali – 0.000885%; inzala – 0.003163%; isitokhwe – 0.003795%; isalathisi – 0.001265%; imveliso – 0.002530%.

Ukuqukunjelwa kweekhontrakthi ngokwesiseko somda

Imirhumo ejongelwe phantsi yexesha elizayo ibalwa ngolu hlobo lulandelayo: OptFee = Round (min [(FutFee * K); Round(Premium * Round(W(o)/R(o);5) ;2) * BaseFutFee] ;2), apho:

• I-OptFee — ikhomishini yokutshintshiselana (kwi-ruble), rhoqo ≥ 0.01 ruble;
• I-FutFee kunye ne-Round-ifana namaxabiso omhlathi odlulileyo;
• W (o) – ubungakanani benyathelo elincinci lexabiso lexesha elizayo (kwii-ruble);
• R(o) – ixabiso eliphantsi lenyathelo lekamva;
• U-K ngumlingani olingana no-2;
• I-Premium – ubungakanani beprimiyamu yokukhetha (kwiiyunithi zokulinganisa ezichazwe kumyalelo wexabiso elizayo);
• I-BaseOptFee – ixabiso lexabiso lesiseko sotshintshiselwano ngu-0.06325 (utshintshiselwano), izinga lokucoca isiseko ngu-0.04675.

Kurhwebo lwe-scalping

Ikhomishini yorhwebo lwe-scalping kwixesha elizayo 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).

Apho:

• I-OptFee(1) – isixa sisonke sentlawulo yeentengiselwano ezikhokelela ekuvulweni kwexesha elizayo;
• I-OptFee(2) – imali iyonke ekhokelela ekuvaleni kwexesha elizayo;
• U-K ngumlinganiso, uhlala elingana no-0.5.

ukucoca

Igqitywe kwii-ruble zaseRashiya ngokuzimeleyo kwintengiselwano nganye yotshintshiselwano kwimarike ye-derivatives. Yonke into malunga nokucoca iikhomishini inokufumaneka
kuxwebhu olunikezwe yiMoscow Exchange.

Ngeentengiselwano

Imirhumo yahlulwe yaba ziindidi ezi-3, zentengiselwano:

• Ukungasebenzi kakuhle. Ziyasetyenziswa ukuba zininzi iintengiselwano ezenziwayo, kodwa zimbalwa iintengiselwano ezenziwayo. Ifomula yokubala: TranFee = 0.1 max (K – (f * l) ;0), apho:
  • k – amanqaku entengiselwano (athathwe kwitheyibhile engezantsi);
  • f – umrhumo ohlawulwe kwinyani yentengiselwano;
  • l – amanqaku esivumelwano (ethathwe kwitheyibhile engezantsi).
• Ulawulo lwezikhukula oluyimpazamo. Ziyasetyenziswa ukuba zininzi iintengiselwano ezinjalo kunye nekhowudi yephutha 9999. Ikhomishini engaphantsi kwe-ruble eyi-1 yewaka kwiseshoni yokurhweba ayihlawuliswa. Umrhumo omkhulu kwiseshoni enye ngama-ruble angama-45 amawaka. Ifomula esisiseko yokubala: Sbor (l) = min (ubuninzi (x, x2 / 50), 250) * 3.
• Iphunyezwe ngempazamo kodwa yahlukile kuLawulo lweSikhukula. Isetyenziswe ukuba kukho utshintshiselwano oluninzi olunjalo ngeekhowudi zephutha 31, 332, 333, 4103, 3, 14, 50 kunye no-0. Ifomula yokubala: TranFee2 = min (i-Cap (max); max (2 * Σх (i); Σх (i)2)). Umrhumo uthathwa ukuba TranFee2 > Cap(min). Ingcaciso yamaxabiso:
  • I-TranFee2 – isixa sekhomishini yeentengiselwano eziphosakeleyo (kwii-ruble ezibandakanya i-VAT);
  • I-Cap (max), ilingana ne-30,000 – umda omkhulu wekhomishini yeentengiselwano eziphosakeleyo (kwii-ruble);
  • I-Cap (min) ilingana ne-1,000 – umda wekhomishini encinci yeentengiselwano eziphosakeleyo (kwii-ruble);
  • х(i) lixabiso elisoloko libalwa ngokukodwa ukusuka kwinani lamanqaku onke e-i-th yesibini kunye nomda wokungena.

Itheyibhile yamanqaku yentengiselwano kunye nentengiselwano yexesha elizayo:

Ulwazi malunga nesixa somrhumo unokufumaneka kwiingxelo zokucoca

Zonke iifomyula zinikezelwa ngenjongo yokuqhelanisa kunye nokuqonda okunzulu kobume beekhomishini kunye neentlawulo, kungcono ukuba ungabali nantoni na ngokwakho.

YeKhalenda iSasazwa

Intlawulo yorhwebo esekelwe kwimiyalelo engeyiyo idilesi ibalwa ngefomula: Imali (CS) = FutFee (CS) * (1 – K), apho:

• I-FutFee (CS) – ikhomishini yemisebenzi yexesha elizayo, ehlawuliswa kwii-ruble ngesiseko semiyalelo engaqwalaselwanga;
• Umrhumo (CS) – isixa-mali semali ehlawuliswa kwii-ruble ngesiseko semiyalelo engaqwalaselwanga ngosuku olunye lokurhweba;
• U-K ngumlinganiso wokubheja, olingana no-0.2.

Umrhumo wokurhweba ngokusekelwe kwimiyalelo ekujoliswe kuyo ibalwa ngefomula: Imali (CS) = ΣFutFee (CS), apho iinkcazo zamaxabiso zifana nezidlulileyo.

Uthini umhla wokuphelelwa kwexesha elizayo?

Ukuba ufuna ukubamba isikhundla ixesha elide, emva kokupheliswa kokugqibela kwekamva likaJuni (okanye emva kokuvala isikhundla kungekudala ngaphambi komhla wokuphelelwa), kuya kufuneka uthenge olandelayo, osele ungoSeptemba, ikamva (lo msebenzi ubizwa ngokuba ukuqengqeleka). Xa uphinda uthenge (emva komhla wokuphelelwa yisikhathi), kuya kufuneka uhlawule ikhomishini kwakhona kutshintshiselwano kunye nomthengisi.

Isizathu sokubamba isikhundla, umzekelo, sinokuthembela ekukhuleni kwedola laseMelika.

Ingozi yemarike ye-derivatives

Kubathengisi abasaqalayo kunye nabatyali-mali, le ntengiso igcwele iingozi ezoyikekayo. Kule marike, ininzi inokwenzeka ngokukhawuleza kwaye ingalindelekanga. Ukuhla kwemihla ngemihla kwipotfoliyo kunokufikelela kumashumi eepesenti. Ukongeza ekubhangiseni ipotifoliyo yakho, usenokufumana ityala kumthengisi. Kwimeko enzima, ukuwa kwesinye okanye esinye isixhobo kunokufikelela kwi-20-60% kwiiyure ezimbalwa. Oku kufana nokurhweba nge-avareji ye-1×20 okanye ngaphezulu.

Kuyimfuneko ukuqonda ubungozi obunokubakho kwaye ungalathisi zonke iimali ezifumanekayo kwimarike yezinto eziphuma kuyo.

Zonke iikomishoni kunye neentlawulo ezimele zihlawulwe kwi-Moscow Exchange kunye ne-HKO NCC (iZiko lokucoca leSizwe) zinemithetho yazo kunye neefomula zokubala. Amanye amagama ahlala rhoqo, ngelixa amanye eyedwa.