Njengoko sibonile kwiminyaka emibini edlulayo, iimarike zemali zehlabathi jikelele zibubambano bamaziko axhunyiwe kunye neenkqubo. Abathathi-nxaxheba bemarike bathembele omnye komnye ukuzinza kunye nenzuzo. Nangona kunjalo, ngoxa ingqalelo ihlawulwe ngokuqhelekileyo kwicala lomvuzo we-equation, ukusebenza kakuhle kwesi sixhobo kuncike ekuqondeni ngokucacileyo ukulawulwa kwengozi. Lo mboniso ugxininisa indima ebalulekileyo edlalwa yindlu yokucoca, izingozi eziphambili kunye ne-CCP) kunye nezixhobo ezisetyenziselwa ukunciphisa loo mingcipheko.
Indima yoCocahousehouse
Ukufanisana kwabathengi nabathengisi kuphela ukuqala kokuthengisana ngempumelelo. Xa kungabikho ukuhanjiswa kweempahla ngokukhawuleza kwintlawulo, kukho isidingo sabathengisi bezemali ukulawula ingozi "yokubambisana nomntu," okanye inokwenzeka ukuba nayiphi na icala lingayifezekisi izibophelelo zabo. Olu mngcipheko lukhulu kakhulu kwiimveliso ezivela kwiindawo zokuhlala apho ukulungiswa kuninzi ngaphezu kwexesha le-T + 3 lokulingana kwemali.
Ukucocwa kwamaziko ngamaziko alawula le mngcipheko kunye nokuqinisekisa ukusebenza kwekhontrakthi ngokudlala indima yomlingani ophakathi. Oku kufezwe ngokusebenzisa ukusetyenziswa kweengongoma ezibini eziphambili - ukungabikho kunye nokubambisa.
- I-Novation yindlela yokutshintshana kwesivumelwano phakathi kwama-contraparties asekuqaleni kunye nezivumelwano ezintsha ezimbini; omnye phakathi komthengisi wokucima umthengi kunye neCCP, kunye nomnye phakathi kweCCP kunye nomthengisi wokucoca umthengisi. Ngokungena kwi-yorhwebo, i-CCP ngokufanelekileyo iba yinto ebhaliweyo yomthetho abachaphazelekayo bemakethi kufuneka babexhalabele. Njengoko inkohlakalo ivela kwinqanaba elikhulu, amashishini athathwe; ngaloo ndlela ukunciphisa inani lezikhundla ezivulekileyo kunye nokwandisa ukusebenza kakuhle kwemali.
- I-CCP ikwazi ukuqinisekisa intsebenzo yeengcingo kwimbono yesibini yokubambisa. Ngethuba lekhontrakthi, iintlawulo zentsebenzo zithunyelwa ngumthengi / umdayisi ukuze asuse yonke ingozi yemarike imihla ngemihla kwaye avuselele isivumelwano kwixabiso lentengiso ngoku, oko kukuthi "ukumakisha-kumakethi." Ukongeza kwiilahleko ezingapheliyo, i-marginal for loss potential may be called. Iibhanki zeendawo zokuhlala ziindawo eziququzelela ukutshintshwa kwalo mbambano ukusuka kubathengisi bokucima kwi-CCP, kwaye kubhekiselele kwisikhonkco esibalulekileyo kule nkqubo. Ngendlela efanayo, nawuphi na umda wokuhlala owenziwe ngamalungu okucima kwi-CCP yinkcazo emele ilawulwe ngokucophelela, njengoko ixhomekeke kwinkqubo yokuhlawula ngokufanelekileyo.
Iingozi kunye nabaThibi
Ngaphandle kwemali eyaneleyo ejikelezayo kwicala ngalinye njengoko kulindelwe, ukusetyenziswa ngokuhlelekile kweenkqubo zethu zemali ezidibeneyo kuya kuba yingozi. Ngako oko, ngelixa kunokuba kunzima ukuthabatha imisebenzi yoshishino emva kwexesha, kuyimfuneko kumntu ngamnye kwiimarike ukuba abe nolwazi lokuqhawula indlu kunye nokubeka ingozi kwenkqubo, kwaye ubeke iliso ngendlela elawulwayo.
- Umngcipheko weNgxowa-mali: Njengoko kuthethwe ngaye ngaphambili, i-CCP ithatha ingozi yemboleko egameni lama-original counterparties. I-CCP inciphisa lo mngcipheko ngokusebenzisa ukusetyenziswa kwamatyala amaninzi kunye nokumakisha amanqaku emakethe ngosuku ngemali efanelekileyo yokubambisana kwebhondi. Ukuba kufuneka ilungu lokucoca lingagqibekanga, kwaye i-margined margined is insufficient to cover the obligations, i-lossalization mutualalization ingasetyenziselwa - apho imali ichongiwe kwi-fund yesiqinisekiso kunye negalelo evela kwamalungu asele eCCP.
- Ubungozi bokungcola : Ukuzalisekisa izibophelelo zokuhlawula ngexesha elifanelekileyo kubaluleke ngokukodwa kwiindawo zokucoca, ngokungahambisani ne-Solvency. Ingaba kukho intlawulo yokukhethwa kwe-premium pass-throughs, inzuzo kwizivumelwano ezigqityiweyo, ukubuyiselwa kwemali engundoqo yemali, okanye iintlawulo zokuthunyelwa, izakhiwo zokucoca kufuneka zilandelelanise ixabiso kunye neendleko zemali. Emva kokukhatyiswa kwebhanki eposwe yilungu lokuhlengahlengayo, indlu yokucoca ingathatha umgca wekhredithi ukuze kulungiswe i-akhawunti. Ngokomzekelo, iCME Clearing inesibonelelo esiya kunika i-$ 800 yezigidi ngemali kwisithuba seyure.
- Umngcipheko omkhulu: Nangona uninzi lweentengiselwano luyimimandla ekhethiweyo yemali, kukho ezinye ezifuna ukuthunyelwa ngokomzimba, kunye nokuThumela ngokuPhathiswa kweNtlawulo (DVP). Ngenxa yoko, ukukhutshwa kweendawo zokungcebeleka kubeka ingozi kwinkokhelo ukuba iimpahla zinganikelwa, kwaye zibeka umngcipheko kwimpahla ukuba ngaba akukho ntlawulo efunyenweyo.
- Iingcipheko zebhanki zokuhlala: Kwimeko yebhanki yokuhlaliswa kweebhanki ezenzeka emva kokuba imali ihlawulwe kwiakhawunti yelungu lokucima kunye nekredit kwi-akhawunti yokucoca, kodwa ngaphambi kokuba idluliselwe kwelinye ibhanki yokuhlawulela, indlu yokucoca iya kuba noxanduva. Izivumelwano zomthetho zinokunciphisa umngcipheko ngokubiza ukuhlawulwa kweentlawulo zokucima amalungu avela kwindlu yokucoca, okanye ukulahleka okwabelwana ngawo kwiibhanki zokuhlawula eziye zacetywa ukufumana imali.
- Umngcipheko wezomthetho: Ukuba neenkqubo ezichanekileyo zebhanki kwindawo ephakamileyo kusemgangathweni xa kusenzeka ngokungagqibekanga ngoluphi na ilungu okanye ibhanki yokuhlawula. Ukunikwa kwamatyala amaninzi yinkqubo enokuxhalabisa ngokukhethekileyo indima yayo ekunciphiseni izikhundla ezivulekileyo, nokuthintela ukuhlawula kwiqela elitshintshayo ngaphandle kokuba imali ingabikho ukuqokelelwa kwindlu yokucoca.
- Umngcipheko osebenzayo: Iingozi ezivela kwi-teknoloji ephazamisayo okanye iphutha lomntu libandakanya ingozi ekhankanywe ngasentla. Ngokomzekelo, ukubala okungachanekanga kwemilinganiselo yamanqaku kuya kwandisa umngcipheko weentengo zemali , ngelixa kungenakho inkqubo efanelekileyo yoluntu kwindawo eya kubangela ukuba kubekho ukubeka esweni ukulandelwa kwempahla okanye ukulawulwa kwamaxwebhu. Amaziko eedatha ahlukeneyo kwaye ahlukeneyo kunye neenkomfa ze-resiliency zexesha elifanelekileyo ziyakwazi ukugcina imeko yokulungiswa kweengxaki.
Njengoko kuninzi lweengozi ezijongene nezicwangciso zokucoca, ukugunyaza zonke iikontraki ze-OTC ezisemgangathweni eziza kucinywa yi-CCP phantsi kweenguqu ze -Dodd-Frank ziza kwandisa kuphela ukubaluleka kwale maziko. Ubuchule bokuchaphazela yonke inkqubo yezemali kubangela umngcipheko wobuchule ohlolisisiweyo kwaye uya kuqhutyelwa phambili njengoko iimarike zehlabathi kunye nezixhobo zayo ziguqukela kwiminyaka ezayo.
Isiphelo
Ukucocwa kwebala kudlala indima ebalulekileyo kwiimarike zemali. Amanqanaba aphakathi kweDTCC ancedisa ekunciphiseni ukuwa kweziklasini ezilahlekisayo, njengoko kubonakala ekuvukeni kukaLehman Brothers '. Njengoko ukwanda kweemveliso zophuhliso-mali kuhamba ngokukhawuleza, isidingo sokucima kokubini - ntengiso-ntengiso kunye ne- OTC-transactions ikhula ngokulinganayo.
Nangona kunjalo, njengoko ukuhlengahlengiswa kwezinto zokunciphisa umngcipheko, ukwandisa ukusebenza kakuhle kwemali, nokuphucula intengo ngokubonakalayo ngokulawulwa kabuhlungu, nabo kufuneka bahlolwe ngenyameko kwaye balawulwe ngokukhuselekileyo kubathathi-nxaxheba kunye nabachaphazelekayo. Njengokuba i-SEC kunye ne-CFTC inikezela ngongoma-mbono, ilungele ngalinye ilungu lokucoca ukuba liqhube ukuphononongwa okuqinileyo kunye nokuqinisekisa ukuba izinga eliphezulu lokulawulwa kweengozi kunye nokukhuselwa kwemali.
1. Iimveliso ezibandakanya i-future-trading and options, kunye neenkontileka ze-OTC ezithethathethwano ngokubanzi, oko kukuthi izinga lentengo ye-swaps kunye ne-swaps default default.
2. Inzuzo encedisayo yeendawo zokucoca iindawo zokufumana ukuthengwa kwentengo kunye nokungaziwa kwabathathi-nxaxheba.
3. I-National Securities Clearing Corporation (iNSCC) inqamla inani elipheleleyo leemfuno zokurhweba ezifuna ukulungiswa kwemali ngo-98% kuzo zonke i-US broker-to-broker ezithengisayo, ezibandakanya amatyala, amashishini kunye noomasipala, iirisithi zokugcina imali, kunye neengxowa-mali zokuthengiselana kunye iyunithi yokutshala imali.
4. Imali ekhoyo "yokuguqulwa kwemimiselo" okanye "umda wokuhluka" kufuneka ukuba ube kwisiseko esiphezulu okanye umnxeba wazo zonke izikhundla ezide kunye nezifutshane. Iimpahla ezinokuthi zifanelekile kwiimfuno zoxanduva lwebhondi ziquka imali, iimali zobuncwane base-US kunye namashishini.
5. Nangona iiplanga ezimbini zekontrakthi zizahlukana ngokuthe ngqo, ukhetho olunxibelelwano lunomgangatho olinganiselwe - abathengi abanalo imfuno yokuqhubeka kwemida engaphaya kwekhefu yokuqala, kodwa abathengisi banetyala ngemali eyongezelelweyo xa ukhetho lubhala ukwanda xabiso. Ukulahlekelwa kwintlekeleko ngokuqhelekileyo kuqikelelwa njengexabiso lokuguqulwa kwamanani kwi-95-99% yexesha lokuzithemba.
6. Ngokomzekelo, ngoFebruwari 2011, ubudlelwane bebhanki ye-CME Clearing buquka: JP Morgan Chase, Harris Trust & Savings, iBhanki yaseNew York, i-Lakeside Bank, i-Burling Bank, i-Bank of America, i-Brown Brothers Harriman kunye ne-Fifth Bank Bank.
7. Ukucocwa kwamaziko afana ne-Clearing Corporation igcina iirekhodi ezipheleleyo - ukulahleka kwamakhasimende abo ngenxa yokuchithwa komntu oshenxisayo-ukufeza oku ngokuqokelela umda wokuqala okokuqala ngenye imini, ukubeka iliso rhoqo uxanduva lokumaketha kwamanani kunye nezikhundla ezivulekileyo, kwaye ukubiza umgama wokuhlukahluka okungenani i-2x imihla ngemihla.
8. I-DTCC incedise ekuhlahleni iibhiliyoni zamaRandi ezigidi eziyi-500 zama Lehman ezikhundleni zokuhweba ezivulekileyo kuwo wonke amashishini, i-MBS kunye ne-US securities securities. I-European Central Counterparty (i-EuroCCP), i-subsidiary yase-DTCC yangaphandle, ivalwe ize ihlalise i-€ 21 yezigidi ngeziganeko ezilindelekileyo nguLehman Brothers International.