Okuthiwa yi-vanilla swap yinto eqhelekileyo kakhulu. Ngaloo nto iqela eliphikisanayo lishintsha iintlawulo zentlawulo ejikelezayo kunye nezinye iintlawulo zenzalo ezithintekayo zentlawulo.
Inkokhelo yentlawulo ejikelezayo ibophelelwe kwiLibor , leyo ibhanki yemingxola ibhankelana ngomnye-mboleko wesikhashana. I-Libor isekelwe kwizinga lemali elondliwe . Inani elincinci le-swaps liphakathi kwamaqela amabini anamanani atyala.
Kuchazwe
Ukwenza kube lula ukuchaza, iqela leqela elifuna ukutshintshisa iintlawulo zentlawulo ejikelezayo kwaye ufumana iintlawulo ezithe zatshintshiweyo zibizwa ngokuba ngumkeli okanye umthengisi . Iqela eliphikisayo elifuna ukutshintshisa iintlawulo zerhafu echanekileyo ngumhlawuli .
Amanqanaba atyala iintlawulo kwiingxowa-mboleko okanye iibhondi ezifanayo. Oku kubizwa ngokuba ngumgaqo-siseko . Ngokutshintshiselwa, batshintshisana kuphela neentlawulo zenzalo, kungekhona ubophelelo ngokwawo.
Ukongezelela, ixabiso langoku leemilambo ezimbini zokuhlawula kufuneka lifanayo. Oko kuthetha ukuba ngaphezu kobude bebhondi, iqela elilodwa ngalinye liza kuhlawula inani elifanayo. Kulula ukubala nge-bond-fixed bond rate kuba intlawulo ihlala ifana.
Kunzima kunzima ukuqikelela nge-bonding floating bond. Umrhumo wokuhlawula ususelwe kwi-Libor enokutshintsha. Ngokusekelwe kwinto abazi ngayo namhlanje, zombini amaqela kufuneka avume ngoko oko bacinga ukuba mhlawumbi kuya kwenzeka ngexabiso lentlawulo.
Inkontileka yokutshintshiselwa ngokuqhelekileyo ihlala iminyaka eli-15. Oku kwaziwa ngokuba yi- tenor .
Umlingani angagqithisa isivumelwano esingaphambilanga xa amazinga omyinge aya kwi-haywire. Kodwa baqhelana nangoko kubomi bokwenene. (Umthombo: " Ukuqonda iMatriki yokuTshintshisa iMathematika kunye neNtengo ," iKomishoni yeeNkcazo zeCalifornia neNtengiso.
Kwixesha elidlulileyo, abamukeli kunye nabathengisi bafumene okanye bahlanganiswe ngokutyalomali kunye neebhanki zorhwebo ezihlawulisa umrhumo wokulawula isivumelwano. Kwiimakethe zoshishino zanamhlanje, iibhanki ezinkulu zisebenza njengabenzi bemarike okanye abathengisi. Oku kuthetha ukuba benza njengomthengi okanye umthengisi ngokwabo. Amaqela okuphikisana kuphela kufuneka akhathazeke ngetyala lokuthenga ngetyala lebhanki kwaye kungekhona elinye iqela leqela. Esikhundleni sokuhlawula intlawulo, iibhanki zenze iibhidi kwaye zicele amanani kwicala ngalinye lento. (Umthombo: "Yiyiphi Inzala Yomdla kunye Neyayisebenza Kanjani," I-Pacific Investment Management Company, ngoJanuwari 2008.)
Umzekelo
- I-ACME Anvil Co ihlawula i-ACME Catapult Corp.
- I-ACME Catapult ihlawula i-ACME Yenza isantya kwinyanga yesithandathu-mali kunye ne-2 ekhulwini
- Iqonga le minyaka emithathu, kunye neentlawulo ezifunekayo emva kweenyanga ezintandathu.
- Zombini iinkampani zinomgaqo-siseko we-$ 1 yezigidi.
| Ikhefu | I-Bill-T Rate | I-ACME Catapult Corp. Izwe | ACME Anvil Co. Ihlabathi |
|---|---|---|---|
| 0 | 4% | ||
| 1 | 3% | $ 30,000 | $ 40,000 |
| 2 | 4% | $ 25,000 | $ 40,000 |
| 3 | 5% | $ 30,000 | $ 40,000 |
| 4 | 7% | $ 35,000 | $ 40,000 |
| 5 | 8% | $ 45,000 | $ 40,000 |
| 6 | $ 50,000 | $ 40,000 |
(Umthombo: " Ukutshintsha kweMali ," iYunivesithi yaseNew York kwiShishini loShishino, 1999.)
Iingenelelo zeSpredish Rate Swaps
Ummkeli unokufumana unxulumano olunemivuzo engaphantsi ephantsi kweLibor. Kodwa kunokufuna ukuqikelelwa kweentlawulo ezichanekileyo nangona ziphezulu. Eli shishini linokuthi libikezele imbuyekezo yalo ngokuchanekileyo. Oku kupheliswa komngcipheko kuya kuphucula ixabiso lentengo. Umzila wokuhlawula ozinzileyo uvumela ukuba ishishini libe nendawo encinci yokugcinwa kwemali yengxakeko engayilima.
Amabhanki kufuneka afanise imifuno yabo engenayo kunye namatyala abo. Amabhanki enza amanqaku amaninzi ebhalisiweyo. Ekubeni ezi mboleko zangexesha elide azihlawulwanga iminyaka, iibhanki kufuneka zithathe iitalente zexeshana ezihlawulwa iintsuku zentsuku. Ezi mboleko zinamanani ajikelezayo. Ngenxa yeso sizathu, ibhanki ingatshintsha iintlawulo zayo zerhafu ezichanekileyo kunye neentlawulo zentlawulo ejikelezayo yenkampani.
Ekubeni iibhanki zifumana ixabiso elincomekayo lemali, zinokufumanisa ukuba iintlawulo zeenkampani ziphezulu kunokuba ibhanki ihlawulwa kwixesha elifutshane letyala. Yiyo yokuphumelela kwibhankini.
Umhlawuli-mali angaba nekhonkco kunye neentlawulo ezenzalo eziphezulu kwaye afune ukuhlawula iintlawulo ezikufutshane neLibor. Ikulindele ukuba izinga lihlale liphantsi kangangokuba likulungele ukuthatha umngcipheko owongezelelweyo onokuvela kwikamva. (Umthombo: "Intlawulo yeMali Swaps ichazwe," MoneyCrashers.com .)
Ngokufanayo, umhlawuli-mali uza kuhlawula ngakumbi xa kuthe kwagqitywa umrhumo wezinga elimisiweyo. Ngamanye amazwi, inzala yomyinge wemali-mboleko kunye neendleko ezitshintshisayo zingabizi ngaphaya kwemigqaliselo engayifumana kwimali-mboleko emiselweyo. (Umthombo: "Umvuzo weNtshisekelo: Isebenza njani?," ABN-Amro, Meyi 2014.)
Iingxaki
Iimali ze-Hedge kunye nabanye abatyali-mali bathatha isantya somlinganiselo we-swaps ukuba bacacise. Zinokwandisa umngcipheko kwiimarike kuba zisebenzisa iiferenti ezifuna kuphela intlawulo encinci. Benza umngcipheko wekhontrakthi yabo ngenye inzuzo. Oko kuvumela ukuba bathathe umngcipheko olungakumbi kuba bengakhathazeki ngokufumana imali eyaneleyo yokuhlawula i-derivative ukuba imarike iyawachasa. Ukuba baphumelela, bafaka imali. Kodwa xa belahlekelwa, banokukhubaza i-market esebenzayo ngokufuna iindawo ezininzi zokuthengisa ngokukhawuleza.
Umphumo kwi-Economics yase-US
Kukho i-421 trillion kwiingxowa-mboleko kunye nezibophelelo ezibandakanyeka kwiintsimbi. Oku kukude ubuninzi beeRandi ezingama-692 zama-trillion ngaphezu kwe-market counter derived market. Kuqikelelwa ukuba ukuthengiswa kweemveliso kuxabisa i-$ 600 trillion. Ezi zihlandlo ezilishumi ngaphezu kwesiphumo sezoqoqosho lonke lehlabathi. Enyanisweni, iipesenti ezingama-92 zeenkampani ezinkulu zehlabathi ezi-500 zizisebenzisela ukubeka ingozi. Ngokomzekelo, isivumelwano sexesha elizayo sinokuthembisa ukuhanjiswa kwezinto ezisetyenziswayo kwixabiso elivunyelweneyo. Ngale ndlela inkampani ikhuselwe ukuba amaxabiso aphakame. Bakwazi ukubhala izivumelwano zokuzikhusela kwiinguqu kwizinga lokutshintshiselwa kunye namanani entengo. (Umthombo: "iBhanki ibhekane neeKhenketha ezintsha kwiShishini eziThengisiweyo," iNew York Times, ngoJanuwari 3, 2013. " Itheyibhuli 19: Iimali ezibalaseleyo zee-OTC Derivatives ," iBhanki yeeNgqungquthela zamazwe ngamazwe, ngoJuni 2014.)
Njengamaninzi amaninzi, ezi zivumelwano ziyi-OTC. Ngokungafani nezibophelelo ezisekelwe kuzo, abazithengiswanga ngokutshintshiselana. Ngenxa yoko, akukho mntu uyayazi ngokwenene ukuba zininzi okanye zithintela ntoni kwizoqoqosho.
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