Ukutshintshana kwexesha elizayo Ukusebenza kweNkontileka yesiKontrakthi
Ukutshintshiselwa kwexesha elizayo yindawo apho abathengi, abavelisi, abahwebi, arbitrageurs, abaxeli, kunye nabatyalomali beza kubathengisa izivumelwano zexesha elizayo. Inkontileka yexesha elizayo yintrakthi emela ubuninzi bebakala kwibakala elithile lempahla okanye isitya sezimali kunye nomhla wokunikezelwa obekwe ngexesha elichaziweyo kwixesha elizayo.
Abathengi kunye nabathengisi beemvumelwano zexesha elizayo bahlanganisane ngokutshintshiselana, okuyiindawo zokuthengisa ngokucacileyo apho aba bathathi-nxaxheba beemarike bebeka amanani alungileyo ngokusekelwe kwiimeko zemarike zangoku.
Ixabiso langoku le khontrakthi yexesha elizayo yintengo yakutshanje apho abathengi kunye nabathengisi bavumelene ukuba batshintshe. Ngako oko, ukutshintshana kwexesha elizayo kubeka amanani entengiso ebonakalayo kwixesha langempela.
Impumelelo ixhomekeke kubathengi kunye nabathengisi beMibutho yoTywala
Impumelelo yemarike yexesha elizayo ixhomekeke kwintembelo yokuba abathengi kunye nabathengisi bafezekisa uxanduva lwabo. Ngamanye amaxesha utshintshiselwano lunezindlu zokucoca. Isiqinisekiso sokuqinisekisa ukuba zombini amaqela, umthengi kunye nomthengisi, benza kwiikhontrakthi abazithengisayo.
Ngokungafani nezinye iintlobo zentengiselwano apho umthengi uthengwa kumthengisi kwaye ngamnye kuxhomekeke kwenye into yokusebenza, ekutshintshiseni kwixesha elizayo yindlu yokucima ukuba ibe ngumlingani wequmrhu ngalinye kwi-transaction once executed.
Ngoko ke, akukho mngcipheko wekhredithi phakathi komthengi kunye nomdayisi- ngamnye ukhangele kwindawo yokucima ukulungiselela ukusebenza. Intlawulo yokutshintshisiswa imali encinci kwisivumelwano ngasinye sokuthengiswa ngenjongo yokuxhasa ukulawulwa kwezindlu zokucoca.
Iintlobo ezimbini zeMargin
Ukuze uqiniseke ngokusebenza kwendawo nganye yexesha elizayo, indlu yokucoca ifuna abathengi kunye nabathengisi abavula izikhundla ezintsha ukuthumela umda . I-Margin yintlawulo efanelekileyo yokwenza imali. Kukho ezimbini iindidi zomgama, umda wokuqala (ngezinye iindawo ekubhekiswa kuwo njengomgama wokuqala) kunye nomda wokuhluka (ngamanye amaxesha ubizwa ngokuba ngumda wokulondoloza).
Umgudu uyaqinisekisa ukuba ixabiso lihambelana nomthengi okanye umdayisi ukuba le nkampani inemali eyaneleyo yokufihla ezo ilahleko. Imida ingaba ngohlobo lwemali okanye ukuthengiselana kunye nokukhuseleka kwamanzi.
Xa umthengi okanye umdayisi evula indawo entsha kwi-mkontrakthi yexesha elizayo, kufuneka ukuba iqela lize lifake umgama wokuqala (wokuqala). Iimfuno zokuqala zamanqaku eziphambili (eziphambili) ziphezulu kunokuba ziguquke (ukugcinwa) iimfuno zomda. Ixesha elizayo liza kudlala xa inani lemali yasekuqaleni lipostile ihlazi ngaphantsi kwezinga lokuma. Xa oku kwenzeka, iqela liyadingeka ukuba ungeze umgama ophezulu ngokukhawuleza. Makhe sibone umzekelo kumthengi wekontrakthi enye yeCME / COMEX yexesha elizayo:
- Intengo yeGold- $ 1180 nganye
- Isivumelwano ngasinye sithetha ama-ounces ayi-100
- Imfuneko yokuqala / yokuqala yeMargin: i-$ 6,600 ngesivumelwano
- Imfuno yokuguquguquka / yokulondolozwa kweMargin: i-$ 6,000 nganye kwisivumelwano
- Umthengi kwi-1180 yee-akhawunti kufuneka athathe ii-$ 6,600 ngokukhawuleza
- Ukuba igolide iwela ngaphantsi kwe-$ 1174 (ukulahleka kweedola ezingama-600) umthengi kufuneka anonge umgama ongaphezulu
Kule ngqungquthela, le nkqubo iqinisekisa ukuba kuya kubakho izinto ezifumanekayo kubathengi kunye nabathengisi ukuhlangabezana neemfanelo zabo. Ixabiso lexesha elizayo lingaba lincinci kakhulu ukuze kubekho iifowuni ezingaphezulu kweyodwa kwikota.
Utshintshiselwano lwexesha elizayo lunoxanduva lokumisela iimfuno zemida.
Xa amaxabiso angabi nanyanga, ukutshintshisana kuya kudla ukuphakamisa iimfuno zamanqaku ukwenzela ukuba i-akhawunti yengozi eyongeziweyo yoluhlu lwamanani eentsuku zonke. Ngakolunye uhlangothi, xa ukunyanzeliswa kwintengiso kwinciphisa ukutshintshana kuya kulungelelanisa umlinganiselo wemida efunekayo ukuze uthengise umzantsi ukubonisa umngcipheko ophantsi.
Amanqanaba eMargin acacisa ukuzithoba
Amanqanaba omdaka abonakalisa ukunganyaniseki kunye neemarike ezithintekayo kakhulu zifuna umda ophezulu njengepesenti yenani lexabiso lemvumelwano. Kwimodeli yegolide umda wokuqala oyimfuneko u-5.6% kuphela wexabiso lentengo yenkontileka (i-$ 1180 ngama-ounces angama-100 kwi-kontraki = $ 118,000-$ 6,600 / i-118,000 = 5.6%).
Ngoko ke, umthengi okanye umthengisi kuphela kufuneka afake i-5.6% yexabiso lentengo yenkontileka yokulawula isivumelwano esipheleleyo segolide. Iimarike zexesha elizayo zibonelela ngexabiso elikhulu kubathengi nabathengisi.
Ngokuqinisekileyo, izivumelwano ezininzi ezizayo ezizayo ziya kufuna imida engaphezulu kwipesenti. Ixesha elizayo legesi yendalo lifuna malunga ne-7% yemida yokuqala ebonisa ukunyanzeliswa okuphezulu kwexabiso lentengo yegesi.
Amaziko okucoca asebenza njengengqungquthela yabathengi kunye nabathengisi kwixesha elizayo. Umgama ukhusela indlu yokucima ukulahleka kunye nokuqinisekisa ukuba abathengi kunye nabathengisi bazalisekisa uxanduva lwabo.
Ukuhlaziywa kwiMargin nokuCoca
Nangona i-margin isesigxina esithile kwixesha elizayo okanye iikontraki zentengiso, abo abangathengisanga izikhundla ezide okanye ezifutshane ngokuqhelekileyo baya kubona amanqanaba ahlukeneyo emanqanaba kwizikhundla zabo. Umzekelo, i- intra-commodity prositys , okanye indawo ede kwinyanga enye ngokumalunga nesithuba esifutshane kwenye inyanga yempahla enye okanye ixa elizayo ifumana unyango olulungileyo xa lufika kwiimida.
Iimida eziselunxwemeni zolu hlobo lwesigxina zisasazeka kunezona zikhundla ezide okanye ezifutshane kwiinyanga zonke. Ukongezwa koko, ukuthengiswa kwempahla phakathi okanye isikhundla esinexesha elide elichasene nelo elifutshane kwenye into enxulumene nayo isoloko sinomda osezantsi kunani leemfuno zokungena kwemida ngokuthe ngqo. Oku kungenxa yokuba ukutshintshiselana kusebenzisa inkqubo yeSSPAN. I-SPAN isebenzisa isethi esiyinkimbinkimbi yemigqaliselo ecacisa umgama ekuqwalaseleni ukutyhila kwimihla ngemihla kwipotfoliyo yomthengisi kunokuba isithuba ngasinye sithile.
Ukutshintshisana kukuxanduva lwamanqanaba emida. Bangatshintsha naliphi na ixesha kuba ngamanye amaxabiso amanani athengiswayo kwaye athile, awanjalo. Xa utshintshiswano ngokukhawuleza lushintsha imfuno yomda wekontrakthi yexesha elizayo kunokubangela ukuhamba kwintengo yemarike.
Oku kwenzeka ngo-Apreli no-Meyi ka-2011 xa isahlulo se-COMEX se- CME sikhulise umgama wesilivere xa kuthengiswa ngokuphakama ngaphantsi kwama-$ 50 ngeeyunce. Ukunyuka komda kubangele ukuba abathathi-nxaxheba bathengise izikhundla ezide, ezongezelelekileyo ekunyuseni okukhulu kwintengo yesilivere ngelo xesha.
Imida ibaluleke kakhulu kubahwebi ukuba baqonde njengoko kunokuchaphazela amaxabiso. Imida iyindlela eqinisekisa ukuba indlu yokucoca ingakwazi ukuhlangabezana neemfanelo kubo bonke abathathi-nxaxheba bemarike.