Akusikho ukunyanisela ukuthetha ukuba abatyala-mali abathile, abathengisi kunye nabacebisi-mhlawumbi nawe-ungangena ngolunye usuku kwi-akhawunti ye-brokerage, impahla okanye i-future ukuthola kuphela ukuba i-asethi abaye bayichitha ixesha lokuphila eliqokelelwayo sele lihambe; babanjwe ngababolekisi beenkampani ngenxa yokuba umthengisi wathembisa imali yabaxhasi njengento yokubambisa kunye nokunyaniseka kwityala.
Kwimeko enjalo, ezi zinto ezilahlekileyo aziyi kukhuselwa yi- inshurensi ye-SIPC . Nangona ukubuyiswa okuyingcipheko kunokwenzeka ngeenkundla zentlawulo, akukho ziqinisekiso, ngokuqinisekileyo le nkqubo iya kuthatha iminyaka, kwaye ingabangela uxinzelelo olungakumbi.
Ngokukodwa, kukho izinto ezimbalwa ndifuna ukuba uthathe xa usuphelile ufunda le ngcezu:
- Ndifuna ukuba uyazi inkcazo ye-hypothecation kunye nencazelo yokuvuselelwa kwakhona.
- Ndifuna ukuba wazi ukuba ziphi iingozi kwaye phantsi kwazo ziphi iimeko ezingabonakalisa kwilahleko ezibi kakhulu kuwe nakwintsapho yakho njengoko imali yakho ibanjwe ukuhlawula ityala lomnye umntu.
- Ndifuna ukuba wazi iindlela onokuzikhusela ukuze ukhululeke ngokubambisa.
Yiyiphi i-Hypothecation
Ixesha elithi hypothecation libhekisela ekuthathe impahla ethile kwaye ibafungise njengento yokubambisa ityala; ibhonkco enokuthi ithathwe xa kwenzeka. Ngokomzekelo, ukuba uthengela ikhaya kwaye uthabathe imali yokuthenga imali, ungena kwisivumelwano sokuxhomekeka, kuba, ngelixa ugcina isihloko sendlu, ukungaphumeleli ukuhlawula imali kungabangela ibhanki okanye umboleki.
Iintlobo ezahlukeneyo zezivumelwano zokuxilongwa zilawulwa ngeendlela ezahlukeneyo. EUnited States, kulula ukumbamba imoto kunokuba yindlu, ekugqibeleni idinga ukuba ibe yinkcazo yemicimbi yezomthetho njengoko uluntu lucinga ukuba lungafaneleki ukuba abantu baphoswe ngaphandle kwezitrato Isaziso somzuzu.
Yiyiphi iRehypothecation
Xa umntu okanye isikhungo kuye okanye othe wathetha ukubambisa - ngokuphindaphindiweyo uxanduva-ujika kwaye ubole imali, usebenzisa udibaniso owamnike lona, kuye, okanye njengento yokubambisa, oku kubuyiselwa kwakhona.
Ngamanye amagama, cingela uboleka imali uze unikezele ngokubambisa. Umboleki we-original ujika kwaye uboleke imali, uphinde uphendule umlenze wakho njengesiqwenga. Umboleki wakho akasayi kubuya ulawulo olugqithiseleyo kwizinto ezithintekayo okanye into enokuyenza ngayo; wabo umboleki. Oku kuyenzeka ngento eyaziwa ngokuba yi-"Federal Reserve Board Regulation", okanye i-12 CFR §220-I-Code of Regulations Federal, isiGaba sesi-12, iSahluko II, iSahlulo se-A, iSahlulo 220 (iNkokhelo yabathengisi kunye nabathengisi).
Eli lungiselelo linokubangela iingxaki ezinkulu ukuba izinto zihamba kakuhle, ingakumbi ngenxa yento eyaziwa ngokuba yi-"arbitrage elawulwayo" apho indlu yomthengisi idlala imithetho yase-United States yemithetho yase-United Kingdom kwaye iyakususa ngempumelelo nayiphi na imida yonke inani leempahla ezinokubuyiselwa kwakhona ezinokusetyenziswa ukuboleka imali, ukuxhaswa ngemali ebhetshi eyingozi kwiimpahla, iibhondi, iimpahla, izinto ezikhethiweyo okanye iimveliso. Xa oko kwenzeka, ibizwa ngokuba yi-hyper hypothecation.
Umzekelo Wokuba I-Rehypothecation inokwenzeka njani kwi-Akhawunti yeRhafu
Khawucinge ukuba unayo i-$ 100,000 yeengxowa zeCoca-Cola ezifakwe kwi- akhawunti ye-brokerage . Ukhethile i- akhawunti ye-marginal , oku kuthetha ukuba unokuboleka kwisitokisi sakho ukuba unqwenela, nokuba wenze ukuhoxiswa ngaphandle kokuthengisa amasheya okanye ukuthenga utyalo-mali olongezelelweyo. Unquma ukuba ufuna ukuthenga i-Procter & Gamble eyi-100,000 ye-Intter kunye neGamble ephezulu kwizabelo zakho zeCokeke kunye nomlinganiselo oza kukwazi ukuza nemali kwiinyanga ezintathu okanye ezine ezizayo, ukuhlawula i-debt margin.
Ubeka umyalelo wokurhweba kwaye i-akhawunti yakho ngoku iqukethe i-$ 200,000 kwiimpahla (i-$ 100,000 kwi-Coke kunye ne-$ 100,000 kwi-P & G), kunye ne-$ 100,000 yemali-mboleko efunekayo kumthengisi. Uya kuhlawula umrhumo kwimali-mboleko yemida ngokuhambelana nesivumelwano se-akhawunti esilawula i-akhawunti yakho kunye namazinga omgangatho omncinci ngenjongo yokwenza ubukhulu betyala.
(Xa izinga lentengo liphantsi, abanye abathengisi kunye nabacebisi baxhamla ngokusabalala phakathi kwemveliso yee-asethi kunye nemilinganiselo yokubolekwa kwemali-mboleko ukubandakanya into eyaziwa ngokuba yimali .)
Iqumrhu lakho lokuthengisa umthengi lafuneka lifike nge $ 100,000 xa ufuna ukuboleka ukuze ulungise urhwebo xa uthenge iPutter & Gamble. (Umtyalo-mali ngaphesheya kwetafile akayi kukhishwa izitifiketi zakhe zesitokhi ngaphandle kokuba behamba ngeemali esandleni sabo.
Ukutshintshisana, uthembise i-100% ye-asethi kwi-akhawunti yakho yomrhweba, kunye nexabiso lakho lonke ukubuyisela imali mboleko njengoko unikeze isiqinisekiso somntu siqu (ukuba zombini iinkampani zihambela kwimeko ethile engafanelekiyo - inyaniso isimangaliso semathematika ezimbini zezibhengezo ze- blue chip kwi-world-kwaye ibhalansi ye-akhawunti yakho yehlile kwi-$ 0, kuya kufuneka ufike ngemali ukuhlawula imali ebolekelwe kuyo, nangona oko kuthetha ukuba uya kubhawulwa) . Oko kukuthi, wena kunye nomthengisi wakho ungenele ilungiselelo kwaye izabelo zakho ziye zacatshulwa. Ziyinto yokubambisa ityala kwaye unikezele ngempumelelo kwizabelo.
Wayephi na umthengisi ngemali eyakuboleka yona? Kwezinye iimeko, umthengisi angayifumana ingxowa-mali ngaphandle kwexabiso layo okanye izibonelelo; mhlawumbi likhulu kakhulu kwaye linezinto ezininzi ezikhoyo ngokungekho na matyala ahleliyo kwi- balance sheet .
Mhlawumbi ikhupha izibophelelwano zenkampani , ukwazi ukuba iyakwazi ukusasazeka phakathi kwentlawulo yemali yenzalo kunye nokuba ityala abaxhasi. Kungakhathaliseki ukuba umthengi uhlawula njani imali mboleko, kukho ithuba elihle lokuba, ngexesha elithile, liza kufuna i- capital capital ngaphezu kweyona nto ibaluleka ngayo kwincwadi yodwa.
Ngokomzekelo, ezininzi izindlu zedrakti zenza umcimbi kunye ne-ejenti yokucoca, njengeBhanki yaseNew York Mellon, ukuba ibhanki ibakhokhe imali ukuze icime ukuthengiselana, kunye nomthengisi ukulungelelanisa nebhanki kamva, ukwenza inkqubo yonke ngempumelelo.
Ukukhusela ama-depositors kunye nabanini-zimali, ibhanki idinga ukuxhamla. Umthengisi uthatha i-Procter & Gamble kunye ne-Coca-Cola izabelo ozifungele kuyo kwaye uzibuyisela kwakhona kwakhona, okanye uzibuyisela kwakhona, kwiBhanki yaseNew York Mellon njengesibophelelo semboleko.
Yintoni eyenzekayo Ukuba Ukukhwabanisa Kwamanqabileyo kuyahluleka kwaye iiAset Rehypothecated Accepted
Khawucinge nje into eyenzekayo eyenza indlu yomrhweba ingaphumeleli. Mhlawumbi ulawulo luthwala iibhetshi eziphezulu. Kwenzeka ngaphezu kokuba ucinga. Ngaphandle kwamaziko eemali athe awa phantsi ngo-2008-2009, kwakukho abangaphezu kwembalwa abasondeleyo kwaye basindiswa ngamagalelo amakhulu abalinganiswa abagciniweyo abagciniweyo.
Omnye umrhwebi omkhulu wemboleko wayeboleke imali emininzi ukuba atyalwe kwiimbopheleleko zetyala , ebenzela ukugembula kwiingxowa-mboleko ezihamba phambili. Kwasinda kodwa kungekafiki phambi kokuba abaxhasi baxhomeke ngokubanzi kwaye ishishini kufuneka lilethe ingcali ukuze kuzinze usebenze ngeengxaki.
Kwimeko enjalo, iBhanki yaseNew York Mellon okanye elinye iqela kuye okanye ukuba i-asethi ibuyelelwe kwakhona yinto yokuqala yokubambisa (oku kwaqinisekiswa ngoluhlu lwesigwebo senkundla ukususela ngo-2012 olubeka imfuno yabo ngaphezu kweenjongo zabathengi ).
Baya kuthatha izabelo zeCoca-Cola kunye ne-Procter neGamble ukubuyisela imali umboleki obolekayo. Oko kuthetha ukuba uza kungena kwi-akhawunti yakho kwaye ubone ezinye, ukuba kungekhona zonke, zemali yakho, amasheya, amabhondi kunye nezinye izinto ezikhoyo.
Kule ngongoma, ungoyena umboleki kwirejistra. Kufuneka unethemba lokuba kukho imali eyaneleyo efunyenweyo ngexesha lamatyala enkundla ukuba ubuyisele ngokuthe ngandlela-thile kodwa le ndlela yokuseta iphela ngokusemthethweni. Uhlawule iindleko zomnye umntu.
Ngaphantsi kwemimiselo ye-United States, kufuneka ukuba kunokwenzeka ukuba abathengi abaneengcawa zeakhawunti bazi ukuba ukubonakala kwabo kwintlekeleko ye-rehypothecation kungancinci; umzekelo, ukuba unayo i-akhawunti eyi-$ 100,000 kunye ne-$ 10,000 kuphela kwisikolo semali-mboleko ukuze uhlawule ngokuthe ngqo ukuthengwa kwe-position-equity position, akufanele uvezwe ngaphezulu kwama-$ 10,000.
Enyanisweni, akusoloko kunokwenzeka ngenxa yezithintelo ezithile ezifuna ukuhlulwa kwezinto ezikhoyo ezihlawulelwayo ngokugcwele kwi-US emva kokuPhukisa koMkhulu akusekho e-United Kingdom.
Abathengi abanogqirha banokuthi bathathe imali ngemibutho yabangaphandle, ama-subsidiary, okanye amanye amaqela ngendlela eyabavumela ukuba basuse ngokuthe ngqo imida yokuvuselelwa kwakhona. Oko kuthetha ukuba akusiyo nje impahla ebolekelwe kuyo. Baya kulandela konke.
I-MF Global Bankruptcy ibonisa iingozi ze-Rehypothecation
I-MF yehlabathi jikelele yintengiso ebalulekileyo yomthengisi wezemali kunye neemveliso ezingaphezulu kwama-42bhiliyoni kwiimpahla kunye nabasebenzi abayi-3,300. Yayiqhutywa nguJon Corzine, iRhuluneli yase-New Jersey, i-Senate yase-United States, kunye ne-CEO yangaphambili yeGoldman Sachs.
Ngo-2011, i-MF yehlabathi yonke inqume ukwenza ibhetri engqalileyo ngokutyalomali i-$ 6.3 yezigidigidi kwi-akhawunti yayo yorhwebo kwiibhonkethi ezikhutshwe yilizwe laseYurophu, elalibethe kanzima yi-credit crisis. Kunyaka owandulelayo, inkampani ibhengeze ixabiso elilinganiselwa kuma-R5.5 billion, elithetha ukuba utshintsho oluncinane kwisikhundla luya kubangela ukuguquka okukhulu kwenani leencwadi.
Ukudibanisa nohlobo lwe-balance-sheet ye-finance scheme eyaziwa njengesivumelwano sokuthengwa, i-MF ihlabathi lijongene nenhlekelele yentlekele ngenxa yenkqutyana yeziganeko. Le ntlekele iphoqelelwe ukuba ifike ngemali eninzi ukuze ihlangabezane nemigangatho yayo kunye nezinye iimfuno.
Ulawulo lwabahlasele ipahla kwiakhawunti yabaxhasi, inxalenye yalo yayiquka ukubolekisa imali engama-$ 175 yezigidi kwi-firm subsidiary e-United Kingdom ukuba ibambe iqela kwiqela lesithathu (ukulungiswa kwempahla, ngamanye amagama).
Xa yonke into yahlukana kwaye inkampani yaphoqeleka ukuba ifune ukukhusela i-bankruptcy, abathengi bafumene ukuba imali kunye ne-asethi kwi-akhawunti yabo-imali ababeyicinga yabo kwaye ikhuselekile ngamatyala awazange awenze ngawo-ayekho. Ababolekisi beMF bebonke bawuthathile, kubandakanywa nokugqithiswa kwempahla.
Ngethuba lonke lithe lenziwa kwaye lenziwa, abathengi beMF Global baye balahlekelwa i-$ 1.6 billion yeempahla zabo. Abaxhasi bavukela, ngokukhawuleza banenkxalabo enkulu malunga nokushicilelwa okulungileyo kwiimvumelwano zabo zeakhawunti, kwaye bakwazi ukufumana ijaji evelwano. Ekugqibeleni bavumile ukuhlaliswa kwempahla ye-bankruptcy eyabangela ukubuyiswa kokuqala kwama-93% eempahla zabathengi ezifunyenwe kwaye zibuyiselwe .
Abathengi abaninzi abaye baphumelela kwinkqubo yemithetho emininzi yeminyaka baphela ukufumana imali eyi-100% yemali yabo ngenxa yeyona nxalenye encinci kumajelo eendaba nakwazopolitiko. Babenenhlanhla. Okwangoku, baphoswa kwelinye leemarike eziqinileyo kuneenkomo ezimbalwa ezedlulileyo; imali yabo eboshwe kwiimfazwe zomthetho njengoko babephefumula ukuba babone ukuba baya kubuyiselwa.
Omnye umthengi wabhala malunga namava akhe ngokuvuselela ibhulogi yakhe. Wachaza ukuba wayenayo ixabiso elibiza i-$ 19,452.22 kwi-Global MF xa ibhengeze i-bankruptcy. Ngaloo nto, i-$ 1,900 yayikuyo "kwindawo ezayo ephezulu (ukubheja nge-euro)", kunye ne-$ 17,552.22 ekhoyo ekholelwa kuyo ukuba "i-akhawunti ekhethiweyo kunye ne-firewall engenawo umniki-mboleko we-MF Global".
Xa i-MF yehlabathi ivakalisa i-bankruptcy, imali yakhe yalahleka. Kuphela emva koko waqala ukufumana ukubuyiswa kwiprasti ye-bankruptcy njengoko kuhlolwa kuye. Le nto ayikho into ofuna ukuzifumana yona.
Khusela Ukuhlaselwa Kwe-Rehypothecation Ngokuvula "iAkhawunti yeCash" kwi-Broker yakho
Indlela eyona ndlela yokuzikhusela ngokuchasene nokuvuselela i-akhawunti ye-brokerage i-akhawunti ukukhanda ukuxhomekeka ekubanjweni kwakho kwindawo yokuqala. Ukwenza oko kulula: Musa ukuvula i-akhawunti ye-margin. Kunoko, ufuna into eyaziwa ngokuba yi "akhawunti yekheshi" okanye kwezinye iindawo, "I-akhawunti ye-1 ye-akhawunti". Ezinye izindlu zokuthengisa ziza kufaka i-marginal capacity ngokuzenzakalelayo ngaphandle kokuba kuchazwe ngenye indlela. Musa ukuzivumela ukuba zenze.
Oku kuza kwenza ukuthengiswa kwamasheya okanye ezinye ukuthenga okanye ukuthengisa i-oda, kubandakanywa neziphumo ezifana nokukhethwa kwezitokisi, ngokuthe kancinci ngamanye amaxesha njengoko kufuneka ube namazinga emali akwaneleyo kwi-akhawunti ukulungiselela ukuhlawula kunye nawaphi na amatyala angabakho (umz. , ukuba uya kubhala ukhetho olukhethiweyo , baya kudingeka ukuba baqiniseke ngokugcwele imali.) kodwa kufuneka uyenzele ukuthula kwengqondo. Ukongezelela, uya kuthuthuzelwa ukwazi ukuba awunakuze udibane nomnxeba okanye umngcipheko weemali ezingaphezulu kunokuba unayo okwangoku.
Ukongezelela, gcina imali yakho yokugcina imali kwi-akhawunti yase-FDC ebanjelwe kwi-bhanki yeqela lesithathu okanye, ukuba uyadlula loo mida, cinga ukubamba iindleko zeeNondyebo ngokuthe ngqo kwiSebe le-United States.