Indlela Inkontileka Yomshuwalense We-Boring Iphantse Yayichitha I-Economic Economy
I-Swaps isebenza njengenqubomgomo yomshuwalense. Bavumela abathengi ukuba bathenge ukhuseleko kwisiganeko esingenakwenzeka kodwa esonakalisayo.
Bafana nenqubomgomo yomshuwalense kuba umthengi wenza iintlawulo zexesha elikhoyo kumthengisi. Intlawulo yimizuzu yeshumi kunenyanga.
Umzekelo
Nasi umzekelo ukubonisa indlela yokuphelisa umsebenzi. Inkampani ikhiphe isondlo . Iinkampani ezininzi zithenga i-bond, kwaye ke iboleka imali yenkampani. Bafuna ukuqinisekisa ukuba abayi kutshiswa xa umntu obolekayo efa. Bathengisa ukutshintsha kwetyala kumntu wesithathu, ovuma ukuhlawula imali ephumayo. Ngokuqhelekileyo, iqela lesithathu yinkampani yomshuwalense, ibhanki , okanye i- hedge fund . Umthengisi otshintshisayo uqokelela ama-premiums ekuboneleleni ngokutshintsha.
Iinkonzo
I-Swaps ikhusela ababolekisi ngokuchasene neengozi zemboleko. Oko kwenza abathengi bekhonkco baxhomekeke kwiinkampani ezikhuselekileyo kunokuba bangenjalo. Utyalo-mali kwimisebenzi enobungozi bangela ukutsha kunye nokudala, okukhuthaza ukukhula koqoqosho. Yile ndlela iSilicon Valley yaba ngayo inzuzo eNew America .
Iinkampani ezithengisa i-swaps zizikhusela ngokwahlukileyo .
Ukuba inkampani okanye lonke i-shishini lifezekanga, inayo imirhumo ukusuka kwezinye iinguqu ze-swaps zokwenza umehluko. Ukuba kwenziwe ngale ndlela, ama-swaps anikezela ngokukhawuleza kweentlawulo kunye nomngcipheko omncinci.
Umxhasi
I-Swaps yayingavunyelwanga ngo-2009. Oku kuthetha ukuba akukho mlawuli wokuqinisekisa ukuba umthengisi we-CDS wayenayo imali yokuhlawula umniniyo ukuba ibhondi ilahlekile.
Enyanisweni, amaziko amaninzi emali athengisa i-swaps kuphela abambe ipesenti encinci yezinto ababezifuna ukuhlawula i-inshurensi. Babengaphantsi. Kodwa le nkqubo yasebenza ngenxa yokuba ininzi yetyala ayizange ilahleke.
Ngelishwa, i-swaps yanikela ubungqina bobuxoki kwiintengo zabathengi. Bathengela ityala elikhuselekileyo kunye neengxaki. Bacinga ukuba i-CDS ibabakhusele kuzo nayiphi na ilahleko.
Inkcazo yeMali ka-2008
Ngomnyaka ka-2007, kwakukho imali engaphezu kwama-45 trillion ezityalomali kwiingxowa. Oku kungaphezulu kwemali ebekelwe imali kwi-stock market yase-United States, iimali zemali kunye ne-US Treasury edibeneyo. Imarike yemasheya yase-US ibanjwe i $ 22 trillion. Ama-Mortgages ayifanele i-$ 7.1 trillion kunye ne-US Treasury, i-$ 4.4 trillion. Enyanisweni, bekuphantse kufumaneke ukuveliswa koqoqosho lwehlabathi lonke ngo-2007, okuyi-$ 65 trillion.
Ukunyaniseka kwetyala kwi-Lehman Brothers matyala kuncede kubangela ukuba iingxaki zemali zango - 2008 . Ibhanki yotyalo-mali ihlawulwe iibhiliyoni ezingama-600 zezigidi. Kuloo, i-$ 400 yezigidigidi "yahlanganiswa" yi-default default swaps. Lelo matyala lilinganiselwa ku-8.62 i-dollar. Iinkampani ezithengisa i-swaps kwakuyi- American International Group , i-Pacific Investment Management Inkampani, kunye ne-hedge fund, iCitadel. Abazange balindele ukuba zonke iitalato zifike ngokukhawuleza.
Xa uLehman ebhengeze i-bankrutpcy, i-AIG yayingenayo imali eyaneleyo yokubambisana nezivumelwano zokutshintsha. I-Federal Reserve yayifanele ibhawule.
Okubi nakakhulu, iibhanki zasebenzisa i-swaps zokuqinisekisa iimveliso zemali ezilukhuni. Bathengisa i-swaps kwiimarike ezingalawulwayo. Abathengi babengenalo ubudlelwane kwixabiso eliphantsi. Abazange baqonde ingozi ekhoyo kulezi ziphumo . Xa behlehlisiwe, batshintshe abadayisi njengoMbutho we-Insurance Bond Municipal, i-Ambac Financial Group Inc., kunye ne-Swiss Reinsurance Co.
Ngobusuku, imarike yeCDS yahlukana. Akukho bani owathengileyo kuba bafumene ukuba i-inshorensi ayikwazanga ukukhupha iimpazamo ezinkulu okanye ezixhaphakileyo. Ngenxa yoko, ibhanki yaba yinto encinci yokwenza imali mboleko. Baqala ukubamba inkunzi enkulu , kwaye babe mngcipheko ophezulu-ekuphambeni kwabo. Ukunqumla umthombo wemali yamashishini amancinci kunye nemali mboleko yasekhaya.
Zizo zombini izinto ezinkulu ezigcina ukungasebenzi kwinqanaba lokurekhoda.
Dodd-Frank
Ngo-2009, i- Dodd-Frank Wall Street Reform Act ilawula i-credit default swaps ngeendlela ezintathu. Okokuqala, uMthetho we-Volcker wenqabela amabhanki ekusebenziseni imali yokuthengisa imali kwiingxowa-mali, kuquka i-swaps.
Okwesibini, kwakufuneka iKomishoni yokuThengiswa kweeNkxaso zeeMveliso ukulawula i-swaps. Kwakudingeka ukuba i-clearinghouse ibekwe ngokufanelekileyo ukuze ithengiswe kunye nexabiso.
Okwesithathu, ikhuphe i-CDS eyingozi kakhulu.
Iibhanki ezininzi zatshintshile i-swaps eziphesheya ukuze ziphephe umgaqo-nkqubo wase-US. Nangona onke amazwe e -G-20 avumile ukulawula, abaninzi babesemva kwe-United States ekugqityeni imigaqo. Kodwa oko kwatshintsha ngo-Oktobha 2011. I- Economic Area yaseYurophu yalawula i- swaps ne-MiFID II.
I-JP Morgan Chase Loss Swap Loss
Ngomhla we-Meyi 10, 2012, i-CEO ye-JP Morgan Chase uJamie Dimon wamemezela ukuba ibhanki yalahleka i-$ 2 billion ukubheja kwi-credit default swaps. Ngo-2014, uhwebo lwalubiza i-$ 6 billion.
Ideskiti yaseLondon yaseBhanki yenze ilandelelwano lwezentengiselwano ezinokuthi zizuze ukuba iikhompyutyana zentsebenziswano zihambelana. Enye, i-Markit CDX NA IG Series 9 ekhula ngo-2017, yayiyi-portfolio ye-default swaps. Olu lathiso lulandelelanise ikhwalithi yekhredithi ye-121 ephakamileyo yokukhupha i-bond, kuquka iKraft Foods kunye neWal-Mart. Xa urhwebo lwaqala ukulahlekelwa yimali, abanye abaninzi abathengisi baqala ukuthatha indawo eyahlukileyo. Babenethemba lokuzuza kwilahleko likaJPMorgan, ngaloo ndlela baqulunqa.
Ilahleko yayimangalisa. I-JP Morgan Chase yaqala ukufaka i-credit default swaps ngo-1994. Yifuna ukuziqinisekisa ekungciphekweni kwemali ebolekwe kuyo kwiincwadi zayo.
Ingxaki yeGrits yeGrisi kunye neCDS
I-Swaps 'ingqiqo yecandelo lonqabiseko yokhuseleko lenze igalelo kwi- crisis yeGrisi . Abatyalomali bathenga amatyala eGrike , kodwa nangona umlinganiselo wexabiso lomhlaba we -intanethi wawuphezulu kunomlinganiselo we-European Union. Kungenxa yokuba abatyali-mali bathenga i-CDS ukuba bawakhusele ekungenakwenzeka.
Ngo-2012, aba batyali-mali bafumanisa ukuba zincinane kangakanani ii-swaps ezizikhuselekileyo. IGrisi ifuna ukuba abanini-mboleko bathathe ilahleko ezingama-75 kwiindawo zabo. I-CDS ayibakhuseli kule lahleko. Oko kwakufanele kutshabalalise imarike ye-CDS. Yabeka umzekelo ababolekayo, njengeGrisi, banokubakhokela ngenjongo yokukhupha i-CDS yokuhlawula. I-International Swaps and Derivatives Association yalawula ukuba i-CDS kufuneka ihlawulwe, kungakhathaliseki.