Amakhomishana nezinkokhelo zemisebenzi yesikhathi esizayo

Ngaphambi kokuthi uqale ukuhweba ngekusasa, udinga ukuzijwayeza nawo wonke ama-nuances alesi sifundo. Kubandakanya – ukutadisha amakhomishini okuzodingeka akhokhwe lapho uhweba ngokushintshaniswa ngokwawo kanye ne-HKO NCC (Isikhungo Sikazwelonke Sokusula).

Ayini amakusasa?

Amakhomishini ngekusasa eMoscow Exchange

Wonke amakhomishana lapho kuthengwa akhokhelwa umhwebi, ngaphandle komnikelo weSikhwama Sesiqinisekiso – zonke izinhlangothi zifaka izimali kuso.

Ukuze unikeze imvume yokuhweba

Kunezinhlobo ezimbalwa zeminikelo, kuye ngesigaba soMhlanganyeli:

• “O” – 5 million ruble (ukufinyelela kuzo zonke izinketho: stock, imali kanye lezimpahla);
• “F1” noma “F2” – ama-ruble ayizigidi ezingu-3 (ukufinyelela ekukhethweni kwesitoko);
• “T1” noma “T2” – ruble million 1 (ukufinyelela ukukhetha lezimpahla);
• “D1” noma “D2” – ruble million 1 (ukufinyelela ukukhetha imali).

EsiKhwameni Sesiqiniseko

Lesi sikhwama semakethe sokuphuma kokunye sakhiwe yi-Clearing Centre ngezindleko zeminikelo evela kubo bonke Abahlanganyeli abamukelwe ukuthi basuliwe. Izimali zesiqinisekiso zihloselwe ukumboza ubungozi obuvela ngenxa yokwehluleka okungenzeka kwabahlanganyeli ukufeza izibopho zabo.

Umnikelo omncane kakhulu kulesi sikhwama Samalungu Asulayo ama-ruble ayizigidi eziyi-10.

Okokuphothulwa kwezinkontileka zesikhathi esizayo

Inani lezinkokhelo kuleli cala libalwa ngendlela elandelayo: I-FutFee = Umjikelezo (Umjikelezo (abs(FutPrice) * Umjikelezo(W(f)/R(f);5) ;2) * I-BaseFutFee;2), lapho:

• I-FutFee — imali yokuhweba yesikhathi esizayo (ngama-ruble), njalo ≥ 0.01 ruble;
• I-FutPrice – inani lekusasa;
• W(f) – izindleko zesinyathelo senani esincane sekusasa eliphothuliwe;
• R(f) yisinyathelo senani esincane sekusasa eliphethiwe;
• Umjikelezo – umsebenzi ozungeza inombolo ngokunemba okunikeziwe;
• abs – umsebenzi wokubala wemojula (inombolo engasayiniwe).
• I-BaseFutFee — inani lezinga eliyisisekelo lamaQembu ezinkontileka elikhona ngale ndlela elandelayo: uhlobo lwemali — 0.000885%; inzalo – 0.003163%; isitoko – 0.003795%; inkomba – 0.001265%; impahla – 0.002530%.

Ukuze kuphothulwe izinkontileka ngesisekelo somkhawulo

Izimali ezilinganiselwe zekusasa zibalwa ngale ndlela elandelayo: I-OptFee = Umjikelezo (umzuzu [(FutFee * K); Umjikelezo(I-Premium * Umjikelezo(W(o)/R(o);5) ;2) * I-BaseFutFee] ;2), lapho:

• I-OptFee — ikhomishini yokushintshanisa (ngama-ruble), njalo ≥ 0.01 ruble;
• I-FutFee ne-Round – efana namanani esigaba sangaphambilini;
• W(o) — usayizi wesinyathelo senani esincane sekusasa (ngama-ruble);
• R(o) — ubuncane besinyathelo senani lekusasa;
• U-K uyi-coefficient elingana no-2;
• I-Premium — usayizi weprimiyamu yenketho (ngamayunithi okulinganisa ashiwo ngohlelo lwentengo yesikhathi esizayo);
• I-BaseOptFee – inani lezinga eliyisisekelo lokushintshanisa ngu-0.06325 (ukushintshanisa), izinga lokusula eliyisisekelo ngu-0.04675.

Ezohwebo ze-scalping

Ikhomishini yokuhweba nge-scalping ngekusasa ibalwa kusetshenziswa amafomula alandelayo:

• Imali = (OptFee(1) + OptFee(2)) * K → if OptFee(1) = OptFee(2);
• Imali = 2 * OptFee(1) * K + (OptFee(2) – OptFee(1)) → uma i-OptFee(1)< I-OptFee(2);
• Inkokhelo = 2 * I-OptFee(2) * K + (OptFee(1) – I-OptFee(2)) → uma i-OptFee(1) > I-OptFee(2).

Kuphi:

• I-OptFee(1) — inani eliphelele lemali ekhokhwayo yemisebenzi eholela ekuvulweni kwekusasa;
• I-OptFee(2) – inani eliphelele eliholela ekuvaleni kwesikhathi esizayo;
• U-K uyi-coefficient, ehlala ilingana no-0.5.

ukuhlanza

Inqunywa ngama-ruble ase-Russian ngawodwana ekushintshisaneni ngakunye kwemakethe kokuphuma kokunye. Konke mayelana nokusula amakhomishini kungatholakala
kudokhumenti enikezwe i-Moscow Exchange.

Ngezentengiselwano

Izinkokhelo zihlukaniswe ngezinhlobo ezi-3, zokuthengiselana:

• Ukungasebenzi kahle. Zisetshenziswa uma kwenziwa ukuthengiselana okuningi, kodwa kumbalwa okwenziwayo. Ifomula yokubala: I-TranFee = 0.1 ubuningi (K – (f * l) ;0), lapho:
  • k – amaphuzu okwenziwayo (athathwe etafuleni elingezansi);
  • f – imali ekhokhiwe ngeqiniso lokuthengiselana;
  • l – amaphuzu esivumelwano (ethathwe etafuleni elingezansi).
• Ukulawulwa Kwezikhukhula Okuyiphutha. Zisetshenziswa uma kukhona ukuthengiselana okuningi okunjalo ngekhodi yephutha 9999. Ikhomishini engaphansi kwama-ruble ayizinkulungwane ezingu-1 ngeseshini yokuhweba ayikhokhiswa. Imali enkulu yeseshini eyodwa ingama-ruble ayizinkulungwane ezingama-45. Ifomula eyisisekelo yokubala: Sbor (l) = min (ubukhulu (x, x2 / 50), 250) * 3.
• Kwenziwe ngephutha kodwa kuhlukile kokuthi Ukulawulwa Kwezikhukhula. Isetshenziswa uma kunemisebenzi eminingi enjalo enamakhodi ephutha 31, 332, 333, 4103, 3, 14, 50 kanye no-0. Ifomula yokubala: TranFee2 = min (Cap(max); ubuningi (2 * Σх(i); Σх (i)2)). Imali ithathwa uma i-TranFee2 > Cap(min). Incazelo yamanani:
  • I-TranFee2 – inani lekhomishini yokuthengiselana okuyiphutha (ngama-ruble afaka i-VAT);
  • I-Cap(max), elingana ne-30,000 – umkhawulo omkhulu wekhomishini wokuthengiselana okuyiphutha (ngama-ruble);
  • I-Cap(min) elingana ne-1,000 – umkhawulo wekhomishana encane yokuthengiselana okuyiphutha (ngama-ruble);
  • х(i) inani elihlala libalwa ngalinye ngalinye kusukela enambeni yawo wonke amaphuzu wesekhondi lika-i-th kanye nomkhawulo wokungena.

Ithebula lamaphuzu lemisebenzi nekusasa:

Ulwazi ngenani lemali lungatholakala emibikweni yokusula

Wonke amafomula anikezwa ngenhloso yokujwayelana nokuqonda okujulile kwemvelo yamakhomishini kanye nezimali ezikhokhwayo, kungcono ukuthi ungabali lutho ngokwakho.

Ukuze Ikhalenda Lisabalala

Inkokhelo yezohwebo ngokusekelwe kuma-oda angewona amakheli ibalwa ngefomula: Imali(CS) = FutFee(CS) * (1 – K), lapho:

• I-FutFee(CS) — ikhomishini yokusebenza kwesikhathi esizayo, ekhokhiswa ngama-ruble ngesisekelo sama-oda angakhulunywanga ngawo;
• Imali(CS) – inani lemali ekhokhiswa ngama-ruble ngesisekelo sama-oda angakalungiswa ngosuku olulodwa lokuhweba;
• K yi-coefficient yokubheja, elingana no-0.2.

Inkokhelo yezohwebo ngokusekelwe kuma-oda aqondisiwe ibalwa ngefomula: Imali(CS) = ΣFutFee(CS), lapho izincazelo zamanani zifana nalezo zangaphambilini.

Ithini idethi yokuphelelwa yisikhathi yekusasa?

Uma ufuna ukubamba isikhundla isikhathi eside, ngemva kokuqedwa kokugcina kwekusasa likaJuni (noma ngemva kokuvala isikhundla ngaphambi nje kosuku lokuphelelwa yisikhathi), uzodinga ukuthenga okulandelayo, kakade ngo-September, ikusasa (lokhu kubizwa ngokuthi ukugingqa). Uma uthenga kabusha (ngemuva kosuku lokuphelelwa yisikhathi), uzodinga ukukhokha ikhomishini futhi ku-exchange kanye nomthengisi.

Isizathu sokubamba isikhundla, isibonelo, kungase kube ukuzethemba ekukhuleni kwedola laseMelika.

Ingozi yemakethe ye-derivatives

Kubathengisi abasafufusa nabatshalizimali, le makethe igcwele izingozi ezesabekayo. Kule makethe, okuningi kungenzeka ngokushesha futhi kungalindelekile. Ukwehla kwansuku zonke kwephothifoliyo kungaba amaphesenti ayishumi. Ngaphezu kokuvala iphothifoliyo yakho, ungathola futhi isikweletu kumthengisi. Esimeni esibucayi, ukuwa kwesinye noma enye insimbi kungafinyelela ku-20-60% phakathi namahora ambalwa. Lokhu kufana nokuhweba ngesilinganiso esingu-1×20 noma ngaphezulu.

Kuyadingeka ukuqonda ubungozi obungaba khona futhi ungaqondisi zonke izimali ezitholakalayo emakethe yokuphuma kokunye.

Wonke amakhomishana kanye nezimali okufanele zikhokhwe ku-Moscow Exchange kanye ne-HKO NCC (Isikhungo Sikazwelonke Sokusula) sinemithetho yabo kanye namafomula wokubala. Amanye amagama awashintshi, kanti amanye awawodwa.