Isivumelwano sokuThengwa: Iingozi zeRepo Market, Imimiselo

Iingxowa Zeebhanki Zingaphumelela njani Uqoqosho-kwakhona

Inkcazo: Isivumelwano sokuthengwa, okanye i-repo, ngumboleko wexesha elifutshane. Amabhanki , i- hedge funds , kunye neefarhwebo zokurhweba iimali zorhwebo kwixesha elifutshane elikarhulumente njengemithetho- mali ye-Treasury . Bavuma ukutshintshela ukuthengiselana. Xa bebuyisela imali, i-premium ye-2 -3. I-repo idla ngobusuku, kodwa ezinye zihlala zivule iiveki.

Ukuthengiselana kwakhona kwintengiso ephathwayo kwiincwadi ezifana nomboleko.

Umthengisi ugcina ukhuseleko kwiincwadi zakhe, ungeze imali efunyenwe kwiimpahla zayo, kwaye ungeze umboleko kwiimfanelo zayo. Yindlela elula yokwenza imali ngokukhawuleza.

Uhlobo oluqhelekileyo lwe-repo yisivumelwano sesithathu . Iibhanki ezinkulu zorhwebo zisebenza njengomntu ophakathi, ngokuqhelekileyo phakathi kwesikhwama se-hedge efuna imali kunye nekhredithi yemarike yemali engathanda ukukhulisa ngokukhuselekileyo ukubuyela kwayo. (Umthombo: "Ukuqonda iMarike yeRepo," i-BlackRock Investments.)

Iingozi kwiRekeni Market

Ehlabathini lonke, iinkampani zibamba phantse ii-5 trillion kwi-repos nanoma yimiphi imini. Nangona oku kungaphantsi kwama-dollar ayi-6 trillion eyayiqhutywe ngo-2008, iyenze imfuno enkulu yeebhondi zexesha elifutshane.

Iingxowa-mali ze-Nondyebo zase-US zisetyenziselwa i-$ 2.4 trillion kwii-repo. Abahlalutyi abaninzi abanxunguphayo akwanele ukugcina imarike ye repo isebenza kakuhle.

Imfuno yezi bhondi zivela:

1. Iibhanki ezinkulu zorhwebo kufuneka zihambisane nemimiselo emitsha.

1. I-2.7 trillion yemali yemarike yemarike engabamba kuphela izibophelelo ezikhuselekileyo.
2. Iimali zeeHedge ezimele zifake iinketho zazo kunye nezinye iziphumo .

Iimali zeHedge zixhalabisa ngokwenene kwimarike ye-repo ngenxa yokuba abazange bazi ukuba baya kufuna nini imali eninzi ngokukhawuleza ukukhawuleza utsalo-mali olubi. Ezi mali zizama ukugqithisa imarike ngokusebenzisa iziphumo ezinobungozi kunye nokukhetha, ezifana nokuthengisa okufutshane .

Xa utyalo-mali lwabo luhamba ngendlela engafanelekanga, kwaye abanako ukufumana imali eyaneleyo ngokukhawuleza ukuyifihla, bafumana ilahleko ezinkulu. Oku kungathatha i-market kunye nabo.

Umzekelo wezinto ezinokuthi zenzeke ngo-Oktobha 2014 ukuphahlazeka kombane xa isivuno kwiNqaku leNondyebo le- 10 leminyaka liye laphela ngemizuzu embalwa. (Umthombo: uKaty Burne, "I-Market Market ivela phantsi kwengcinezelo," iWall Street Journal, ngo-Ephreli 3, 2015.)

Amanye amabhunga aseburhulumenteni ase- Federal Reserve akhathazeke ukuba iibhanki, njengeGoldman Sachs, ziye zaqalisa ukunciphisa ibhizinisi labo. Oku kwenza kube nzima ukuba i-hedge funds ifumane imali efuna ukuyifaka imali. Oku kunokudala ukungazinzi kwiimarike zemali, ukwenza iitaliti zibiza kakhulu kwaye kunzima ukufumana njengoko uqoqosho luqokelela umbane. (Umthombo: "Iimpawu zeMarokethi zikhathazeka ngamagosa aseGoli," iThe Wall Street Journal, ngo-Agasti 14, 2014.)

Umgaqo weRepos

UMthetho we- Dodd-Frank Wall Street Reform ulawula i-hedge funds eneebhanki, ukuqinisekisa ukuba ayisebenzisi imali yabatyalo-mali ukuba benze amalungiselelo ngokwabo. Ezinye i-hedge funds ngoku ilawulwa yiKhomishana ye-Securities and Exchange (i-SEC).

I-Federal Reserve ifune ukuba ibhanki ibambe inani elikhulu lemali yokubambisa ngesandla ukuze kuqinisekiswe le mivuzo emfutshane yesikhashana.

Esi sizathu esinye isizathu sokuba amabhanki ahlehlise ngaphesheya kwoshishini lawo. Kuyinto emangalisa - lo mgaqo owenzelwe ukunciphisa ukungabi nantoni kukudala ngaphezulu. Nangona kunjalo, i-Fed yathi iyayixabisa, kuba iimarike zezemali zazixhomekeka kakhulu kwixesha elidlulileyo. (Umthombo: "I-Market Market Kwi-Glance," I-Wall Street Journal.)

Amalungu aseFuthi axwayisa ukuba iimali zeentambo kufuneka zigcinwe ngaphezulu kweemali zazo ngokukhawuleza ukuba zifake iilahleko, kunokuba zithembeke kakhulu kwiimarike ze repo. Ukuxhaswa kunye neSibini kufuneka basebenzisane kunye nokuphuhlisa imilinganiselo efanayo yemigangatho yeengxowa-mali ezijongene nazo. Abalawuli bamanye amazwe kufuneka bafakwe, kunye. Ngaphandle koko, iinkampani zase-US ziza kuba neendleko eziphezulu, kwaye zibe ziingxaki zokukhuphisana.

Imimiselo ingabonakalisa ingozi ngokungabonakali kwimarike ye-repo, ngokuphazamisa amabhanki ukuba abekho shishini.

Iibhanki ezinkulu ze-US zinciphise i-repos yazo ngama-28 ekhulwini kwiminyaka emine edlulileyo. Ukuzalisa i-empty, i-REITS, kunye nezinye iifenimali zezimali ezingabhalwanga zikhupha i-repos ngokuzenzekelayo okanye zisebenze njengezidibanisi. Oku kuphazamisa ingxaki yobuninzi kwiibhondi ezibhalwe phantsi. (Umthombo: uKary Burne, "Ukuboleka iiShift njengeMithetho," iWall Street Journal, ngo-Ephreli 8, 2015.)

Reverse Repos

I-Federal Reserve yaqala ukukhupha i-repos njengenkqubo yovavanyo ngoSeptemba 2013. Amabhanki atyala imali ye-Fed ngokubuyisela ukubamba iiNondyebo zebhanki eziphambili ngobusuku bobusuku. I-Fed ihlawula i-bhanki inzala encinci xa ithengisa uNondyebo ngosuku olulandelayo.

Kutheni i-Fed yenza oku? Ngokuqinisekileyo akufuneki ukuboleka imali ukuze kuhlawulele imali-mali (sithemba!) Kunoko, uzama ithuluzi elitsha lokukhokela amazinga omyinge wexeshana. Ngaloo ndlela, akudingeki ukuba ivakalise ukuba iphakamisa izinga le- Fed mali , ngokuqhelekileyo igxininise imakethe yemasheya.

Inkqubo yeFed iphumelele kakhulu ngoku. Amabhanki ashintshe irekhodi i-$ 242 yezigidigidi kwiimarike ezizimeleyo kwiNondyebo kwiincwadi ze-Fed. Enyanisweni, inokuba yinto eninzi kakhulu. I-Fed manje iphakamisa ukuhlala ngokuphindaphindiweyo kunokunye umntu. Esi sizathu esinye i-Goldman Sachs kunye nabanye banciphisa iinkqubo zabo.

Kwaye, yile nto iFed ifuna. Sekuyisikhathi eside unqwenela ukukwazi ukulawula eli shishini. Inendima yayo enkulu kukunika impembelelo emininzi kwimithetho emitsha. (Umthombo: "I-Reverse-Repos-Refpos ye-Fed ihlaziya i-Securities-iMarketing Borrowing," I-Wall Street Journal, ngoJuni 23, 2014.)

Indlela yokuxhaswa kweNdawo yokuThuthukiswa kweMali iHlanganisiweyo kwiNkcazo yeMali

Iibhanki ezininzi zotyalo-mali, ezifana ne- Bear Stearns kunye neLehman Brothers, zithembele kakhulu kwiimali ezivela kwixesha elifutshane lokwenza imali ukuze zixhaswe imali-mali. Xa abaninzi ababolekisi bebizela ityala labo ngexesha elifanayo, kwakunjengokugijima kwexesha elidala kwibhankini.

Okokuqala, i-Bear Stearns kwaye kamva uLeehman akakwazanga ukuthengisa i-repos eyaneleyo yokuhlawula abo babolekisi. Kungekudala, akukho mntu wayefuna ukuboleka kubo. Kwafika apho uLehman engenayo imali eyaneleyo ukuze enze ukuhlawula. Ngaphambi kweengxaki, ezi bhanki zokutyalomali kunye neengxowa zemali zazingekho phantsi kwazo zonke. (Umthombo: "Indima yeRepo kwiCrisis Financial," iStanford Business School, ngoMatshi 8, 2012.)