Swaps Credit okuzenzakalelayo. International Swaps futhi Derivatives Association

Swaps Credit okuzenzakalelayo akuzona idumela elihle kakhulu phakathi bezimali izikhulu. Ngokuphindaphindiwe wezwa umbono ukuthi CDS phendulela isithombe kwezomnotho ohlangothini ezimbi. Kuyini futhi kungani ukwanda izindleko zabo kanjalo ukhathazekile kakhulu mayelana abahlanganyeli emakethe?

Indaba

Eyokuqala emlandweni Swaps-credit default uvele 1990 ngenxa yemizamo ahlangene ochwepheshe Bankers Trust futhi JP Morgan. Isidingo sokuba ukubonakala kwawo ngenxa isivikelo izingozi kwemalimboleko yezinkampani ezinkulu, okunikeza amaklayenti enkampani. Ekuqaleni, ithuluzi waba lemali elincane, bese ekupheleni kwawo-1990, lapho zazilingana emakhulwini amaningana zezigidi zamaRandi, futhi manje lenyukele ku-28 izindodla zezimali.

Iyiphi indima efezwa eziyenzayo?

Uma sichaza Swaps-credit default phezu iminwe, kuba uhlobo olukhethekile isibopho umshwalense, sibonga ngalo umthengi uyakwazi ukuze uthumele ingozi ukuze zimali ka umboleki emiselwe izinkokhelo isithakazelo. ku ezifana amanani yomshuwalense kulinganiswa in hundredths of amaphesenti noma isisekelo amaphuzu.

Ngokwesibonelo, uma Swaps-credit default adayiswa ngemali eziyikhulu ngesisekelo amaphuzu, okusho ukuthi ukuvikelwa $ 10 million isibopho izobiza ayizinkulungwane 10. ukuthengiselana okunjalo (eguqulayo) inikeza abanye isiqinisekiso ngemali ephansi.

Isebenza kanjani?

Uhlobo ngalunye kwezingu-Swaps-credit default ongumLungu owadalwa "sivumelwano jikelele", eyakhishwa Trade Association International Swapsand Derivatives Association (ISDA). It ihlanganisa zonke enkulu kunazo zonke utshalomali-amabhange, kanye nezinye zimali ku OTC nemikhiqizo. Lezi zimo zibalulekile kakhulu, ngoba Swaps-credit default azitholakali Ukuhwebelana ihlelwe. Enkabeni yalo, benza ngenxa yesivumelwano phakathi abathengi kanye nabathengisi, njengoba okungukuthi zimali kanye nokutshalwa kwezimali-amabhange.

kanjani CDS?

International Swaps futhi Derivatives Association yakhiwa amakomiti ezinhlanu ukubaluleka zesifunda, ehlanganisa zimali ezinkulu namabhange. Lokhu kungenxa yokuthi umcabango we umcimbi esikweletu okuzenzakalelayo kunqunywa nzima impela. La makomiti eziphawulwe ngenhla okunzima kukhona arbiter sokugcina kule ndaba.

Isebenza ngendlela elandelayo. Abatshali bemali unethuba ukuthumela isicelo ekomidini, okuyinto esiyisibopho osazokwamukelwa. Okulandelayo kuzofundwa kokuphetha ngokuthi kukhona umcimbi esikweletu ukuqala kungaba ukwenza into.

Shintshanisa emnothweni yesimanje - lokho esingambona yonakale?

Njengoba lokhu instrument yezimali kuyinto izivumelwano ngokwemvelo, kukhona izinto eziningi kakhulu okufanele bayiqaphelile, futhi imfundo set. Into ebaluleke kakhulu ukuthi Swaps-credit default kunemibandela esekelwe amafa umboleki sika. Uma yefa langaphansi iye yashintsha igama layo, siwumphumela angenza nokunqatshelwa nokukhokhwa CDS. Inani elikhulu zimali ebhekene nale qiniso lapho kunezinkinga zemali, lapho kwakukhona ucabanga amanye amabhange ezinkulu.

Namuhla, abatshalizimali abaningi unentshisekelo yokuthola isizukulwane esisha kwezezimali ngenjongo imali nemithombo yawo. Kuyinto lokhu futhi ngenxa ukuthandwa okwandayo Swaps-credit default. Ngokusho kochwepheshe, okuzenzakalelayo Swaps emalini ebolekwe kubaluleke kakhulu ezimweni yesimanje.

CDS e-US

Ngokuhamba Eminyakeni yamuva, Swaps-credit default babé ethandwa kakhulu e-United States, ngenxa waba ukwanda okukhulu kwezincwadi credit ingozi. Njengoba leli thuluzi akuyona ngaphansi kokulawula Ukuhwebelana noma ama-ejensi kahulumeni, akunakwenzeka ukuthola ukwaziswa okunokwethenjelwa ngokuphathelene nakho ivolumu inzuzo yabo. Kanjani ukuhlola isimo ISDA, izimali uthango kakhulu ngenkuthalo adayiswa Swaps okuzenzakalelayo ngemva inhlekelele 2008, futhi manje isimo inamagquma.

bezimali Ngasekuqaleni ezivela emhlabeni wonke abaye bakwenza IMIBONO eminingi mayelana Swaps-credit default. Umphumela wale izenzo esenziwa wokugoqa weemali eziningana ezinkulu. amabhange Abaningi esikhulu izinkampani zomshuwalense empeleni zonakala ngenxa CDS ukuthengiselana.

Swaps Credit okuzenzakalelayo eRussia

Ake sibheke ukuthi kwenzekani namuhla. Qaphela ukuthi kule Russian-credit default Swaps ayizange ithole ukuthandwa efanayo phesheya. Lokhu kungenxa ezinye zezinkinga kumelwe zixazululwe ngosizo isipiliyoni kwamanye amazwe. Njengoba ukuhweba okuzenzakalelayo Swaps waba ukwakheka kancane kancane, ukusatshalaliswa yabo emakethe eRussia kancane nzima.

Isici esiyinhloko evimbela ukusabalala CDS eRussia - lena ikakhulukazi isakhiwo se-izicathulo emakethe. Eqinisweni, kuvela ukuthi ukufuneka credit izinsiza kakhulu zisishiya ukuthengisela, futhi lokhu kwenza amabhange ithuba ukubeka izimo zabo mayelana amazinga kanye nemigomo. izikweletu emakethe Russian enokuthambekela ethile ehambisana ne-ukuthuthukiswa imalimboleko yesikhathi esifushane ezinikeza izinga elilungisiwe. Ngakwelinye ihlangothi, izinga elintantayo likhona kuphela credits ekhishwe term eside (unyaka owodwa noma ngaphezulu), kanye loans abanjalo bangase banikwe kuphela ababoleka ngomlando ezinhle credit. Ngaphezu kwalokho, benza-ke kuphela amabhange amakhulu. Konke lokhu kubonisa ukuthi kukhona izinkinga mayelana hedging izinguquko. Ngaphezu kwalokho, ukwakheka eliphezulu CDS emakethe eRussia kungenzeka isithiyo ngesimo kokuqagela e nemikhiqizo ukuthi sezivele ebonwe kwamanye amazwe futhi kwaba nethonya elibi.

Naphezu kweqiniso lokuthi ukuhlolwa Swaps-credit default, kanye idumela lawo kuyadida kakhulu, kubahlanganyeli kwezimakethe Russia banethemba ukusatshalaliswa yabo. Lokhu kuyaqondakala, ngoba izikweletu izibambiso abanikazi uzokwazi ukunciphisa credit izingozi, kanye ukukhululwa kwezimali ubeke eceleni ngaphansi loan. Lokhu kuyoba Sibonga kungenzeka yokuthi ngemva ukuthengwa ingozi non-ukubuya eguqulayo izimali uzobe iletha yi-third party. Konke lokhu unakho ukwandisa impahla ibe yimali emakethe yesikweletu iyonke. Abathengisi, kuyobe ithuba lokwenza imali eyengeziwe ukukhulula nemikhiqizo.

Isiphetho kuzo zonke lokhu kungenziwa ngendlela elandelayo: Swaps-credit default kungenziwa ngokuphumelelayo ukusebenza emakethe Russian, kodwa lokhu kuzodinga ngokucophelela alawule futhi bahlele umsebenzi wabo wezandla. Ngaphezu kwalokho, kubalulekile futhi ukudala izimo ukuvela uyaca ukuze kusizakale CDS njengoba ithuluzi izinga uthango ngokumelene okuzenzakalelayo, hhayi njengento kabusha zokucabangela.