Ziziphi iingozi ngeMbuyekezo?
Iimveliso eziqhelekileyo zihlala zisetyenziselwa iimveliso , ezifana neoli, i-petroli okanye igolide. Enye iklasi ye-asethi yi-currencies, ngokuqhelekileyo i- dollar yase - US . Kukho iziphumo ezisekelwe kwiimpahla okanye iibhondi. Kanti abanye basebenzisa intlawulo yesithakazelo , njengesivuno kwiNqaku leNondyebo ye-10 .
Umthengisi wekhontrakthi ayinayo i-asethi. Unako ukuzalisekisa isivumelwano ngokunika umthengi imali eyaneleyo yokuthenga ixabiso lexabiso kwixabiso. Unako kwakhona ukunika umthengi esinye isivumelwano esivumelanisiweyo esenza ukuba ixabiso leyokuqala liphuculwe. Oku kwenza ukuba izixhobo ezivela kwizinto zifumaneke lula ukuthengisa ngaphandle kweempahla ngokwazo.
ZoThengiso
Ngo-2016, ii-25 zezigidi zezivumelwano ezithengiswayo zathengiswa. I-Asiya yalela iipesenti ezingama-36 zexabiso, ngoxa iNorth America yayithengisa ama-34 ekhulwini. Iipesenti ezingamashumi amabini zeenkontileka zathengiswa eYurophu. Ezi zivumelwano zifanele i-$ 570 trillion ngo-2016. Ezi zihlandlo ezithandathu ngaphezu koqoqosho lwehlabathi.
Amaphesenti angaphezu kwe-90 eenkampani ezinkulu zehlabathi ezi-500 zisebenzisa iziphumo ezivela kumngcipheko ophantsi. Ngokomzekelo, isivumelwano sexesha elizayo sithembisa ukuhanjiswa kwezinto ezisetyenziswayo kwixabiso elivunyelweneyo. Ngale ndlela inkampani ikhuselwe ukuba amaxabiso aphakame. Iinkampani zibhale kwakhona izivumelwano zokuzikhusela ngokweenguquko kwizinga lokutshintshiselwa kunye namanani entengo.
Iimveliso eziza kwenza iifom cashmlows ezizayo ziqikelele ngakumbi. Ivumela iinkampani ukuba ziqikelele imbuyekezo yazo ngokuchanekileyo. Oko kuqikelela ukunyusa amaxabiso emasheya. Amashishini kufuneka afune imali encinci ngokukhawuleza ukulungiselela ukukhawuleza. Bayakwazi ukubuyisela ngaphezulu kwi shishini labo.
Uninzi lwezentengiselwano zorhwebo luyenziwa ngetyala le-hedge kunye nabanye abatyali-mali ukuba bafumane umgangatho ophezulu .
Kungenxa yokuba iimveliso zifuna kuphela intlawulo encinci, ebizwa ngokuba "ukuhlawula umda." Izivumelwano ezininzi ezivela kwiimvumelwano ziyanqanyulwa, okanye zichithwe, enye ivela ngaphandle kokufika kwikota. Oko kuthetha ukuba aba bathengisi abazikhathazeki ngokuba nemali eyaneleyo yokuhlawula i-derivative ukuba imarike iyawachasa. Ukuba baphumelela, bafaka imali.
OTC
Amaphesenti angaphezulu kwama-95 azo zonke iziphumo ezithengiswayo phakathi kweenkampani ezimbini okanye abahwebi abazanazana ngabanye. Ezi zibizwa ngokuba " ngaphaya kwee-counter " zokukhetha. Baye bathengiswe nge-intermediary, ngokuqhelekileyo ibhanki enkulu.
Ukutshintshiselana
Iipesenti ezi-4 kuphela zeemveliso zehlabathi zithengiswa ngokutshintshiselana. Ezi zintengiso zorhulumente zibeka imiqathango yemvumelwano. Bachaza iiprayimenti okanye izaphulelo kwixabiso lesivumelwano. Le migaqo iphucula ukuthengiswa kweemveliso. Ibenza ukuba bancishiswe ngokuthe ngqo, ngaloo ndlela benze kube luncedo ngakumbi ekubambeni .
Ukutshintshisana nako kunokuba yindlu yokucoca, usebenza njengomthengi wangempela okanye umthengisi we-derivative. Oku kwenza kubekho ukukhusela kubahwebi, kuba bayazi ukuba isivumelwano siya kuzaliseka. Ngo-2010, uMthetho we- Dodd-Frank Wall Reform Act wawudinga ukuba i-OTC izithintelo zihanjiswe kutshintshiselwano. Iinkcukacha zendlela yokwenza oku zisasebenza.
(Umthombo: " Ukwazisa kwiMakethe eDrivatives Global ," iDesutsche Bourse Group.)
Intsebenziswano enkulu kunazo zonke yiCME Group. Kuhlanganisana phakathi kweBhodi yezoThengiso yaseCichigo, i-Chicago Mercantile Exchange (ebizwa ngokuba yiCME okanye i-Merc) kunye ne-New York Mercantile Exchange. Ithengisa iziphumo ezivela kuzo zonke iiklasi zeefa.
Izinketho ze-Stock zithengiswa kwi- NASDAQ okanye kwi-Chicago Board Options Exchange. Iikontrakthi zexesha elizayo zithengiswa kwi-Intercontinental Exchange. Yayifumana iBhodi yeNorhwebo yaseNew York ngo-2008. Ijolise kwiikontraka zezolimo kunye nezemali, ingakumbi ikhofi, ikotoni kunye nemali. Ezi zintengiselwano zilawulwa yiKhomishini yokuThengiswa kweeNkcukacha zeMveliso okanye iKhomishana yoThengiselo noTshintsho . Kuluhlu lwezentengiselwano, jonga imibutho yoRhwebo, iiNkampani zokuCoca kunye neeNkampani ze-SEC ezizilawulayo.
Iintlobo zeeMali eziPhezulu
Iimvelaphi ezigqithisileyo zidityaniswe nezibophelelo zetyala . Ii-CDO ziyizona zizathu eziphambili zeengxaki zemali ka- 2008 . Le mboleko ityala njengemali-mboleko yemoto, ityala lekhadi lesitaliti okanye i-mortgages ibe yokhuseleko. Ubungakanani bayo busekelwe kwintlawulo ethembisiweyo yemboleko. Kukho ezimbini iindidi ezinkulu. Iphepha lezorhwebo elixhaswe nge-asethi lisekelwe kwinqanaba lenkampani kunye neyeshishini. Iziqinisekiso ezixhaswe ngemali zisekelwe kwii-mortgage. Xa imarike yezindlu yawa ngo-2006, kunjalo nenani le-MBS kunye ne-ABCP.
Uhlobo oluqhelekileyo lokufumana luyatshintsha. Yesivumelwano sokutshintshisisa i-asethi enye (okanye ityala) elifanayo. Injongo kukunciphisa umngcipheko wezo zombini. Uninzi lwawo luba yimali ye-swaps okanye i- swaps yenani lentlawulo . Ngokomzekelo, umthengisi angathengisa isitoreji e-US aze ayithenge ngemali yangaphandle ukuze ahlasele ingozi yemali . Ezi ziyi-OTC, ngoko akuthengiswanga ngokutshintshiselana. Inkampani inokutshintshisa umgca we-coupon umgca webhondi kwimfudumalo yentlawulo eguquguqukayo yenkampani enye inkampani.
Eyona nto ingabonakaliyo kwezi swaps ziyi- swaps default default . Kungenxa yokuba baye banceda ekubangela inkathazo yezimali ka-2008. Zathengiswa ukuba ziqinisekiswe ngokungafezeki kweebhanki zikamasipala, ityala lenkampani okanye iziqinisekiso zokubambisa imali . Xa i-market ye-MBS yawa, akukho mali eyaneleyo yokuhlawula abanikazi be-CDS. Yingakho urhulumente wesigqeba kufuneka ahlaziye i-AIG . IiCDS ngoku zilawulwa yiCFTC.
Ngaphambili kukho enye i-OTC eyimveliso. Zizivumelwano zokuthenga okanye ukuthengisa i-asethi kwixabiso elivunyelwene ngalo ngomhla othile kwixesha elizayo. Amacandelo amabini angenza ngokwezifiso zabo phambili. Iikhosi zisetyenziselwa ukubeka ingozi kwimpahla , iimali zenzalo, amaxabiso okutshintshiselana okanye amaxabiso . (Umthombo: "Ubume bemiSebenzi," i-CBOE.)
Olunye uhlobo oluthembekileyo olususwayo luyikhontrakthi yexesha elizayo . Eyona nto isetyenziswa kakhulu kwizinto ezizayo . Kule ndawo, eyona nto ibalulekileyo ixabiso lexesha elizayo leoli . Kungenxa yokuba babeka intlawulo yeoli kunye, ekugqibeleni, i-petroli.
Olunye uhlobo lothotho lunikeza umthengi ithuba lokuthenga okanye ukuthengisa i-asethi kwixabiso elithile kunye nomhla. Iyona ndlela isetyenziswa kakhulu. Ilungelo lokuthenga isitokethi yindlela yokufownela , kwaye ilungelo lokuthengisa likhethiweyo .
Olunye uhlobo lothotho lunikeza umthengi ithuba lokuthenga okanye ukuthengisa i-asethi kwixabiso elithile kunye nomhla. Iyona ndlela isetyenziswa kakhulu. Ilungelo lokuthenga lukhetho lokufowunela , kwaye ilungelo lokuthengisa isitokthi yindlela yokukhetha .
Iingozi ezine zoLungiso
Iziphumo ezinobungozi ezine ezinkulu. Into eyingozi kakhulu kukuba akunakwenzeka ukuba nazi naziphi na ixabiso lexabiso elivela kwisabelo. Kungenxa yokuba isekelwe kwixabiso linye okanye i-asethi ephantsi. Inkathazo yabo yenza kube nzima ukuxabisa. Yingakho iziqinisekiso zokubambisa i-mortgage-supported backings were so badly to the economy . Akukho mntu, kungekhona neenkqubo zeekhompyutheni ezazidala, zazi ukuba yeyiphi intengo xa amaxabiso ezindlu ayehla. Amabhanki awanqweneli ukuwathengisa ngenxa yokuba awakwazi ukuwaxabisa.
Omnye umngcipheko ungomnye wezinto ezenza zibe zikhangeleke kakhulu. Ngokomzekelo, abathengisi bexesha elizayo bafunwa kuphela ukubeka i-2-10 ekhulwini le khontrakthi kwi-akhawunti ye-margin ukuze ugcine ubunini. Ukuba ixabiso le-asethi eliphantsi lihla, kufuneka bonge imali kwi-akhawunti ye-margin ukugcina loo pesenti de ivumelwano siphelelwa yisikhathi okanye siphelile. Ukuba ixabiso lexabiso lempahla liyehla, ukumboza i-akhawunti ye-marginal kungakhokelela ekulahlekeni okukhulu. Iziko leMfundo leCFTC libonelela ngolwazi oluninzi malunga neziphumo.
Umngcipheko wesithathu ukukhutshwa kwexesha. Yinto enye ukubetha ukuba ixabiso legesi liya kunyuka. Yinto enye ukuzama ukuchaza kwangaphambili ukuba kuya kwenzeka nini. Akukho mntu wathengisa izindleko zezindlu ze-MBS eza kuhlahlela. Kungenxa yokuba ixesha lokugqibela abenzayo yi- Great Depression . Kwakhona bacinga ukuba bavikelwe yiCDS. Ukubaluleka okubandakanyekayo kwakuthetha ukuba xa ilahleko zenzeke, zaphakanyiswa kuwo wonke uqoqosho. Ukongezelela, bebengekho mthethweni kwaye bengathengiswanga ngeengxoxo. Ingozi eyingqayizivele kwii-derivatives ze-OTC.
Ekugqibeleni kodwa ubuncinci banakho ukukhwabanisa. UBernie Madoff wakha icebo lakhe lePonzi kwiimveliso. Ubuqhetseba buninzi kwiimarike ezivela kwiimveliso. Ukufumanisa i-scams yakutsha kwiimveliso zexesha elizayo, jonga le ngcebiso ye-CTFC. (Imithombo: "Iibhanki zijongene neeKhenketha ezintsha kwiShishini eziThengisayo," i-New York Times, ngoJanuwari 3, 2013. "I-Survey of Derivatives Volume Survey, Voice Voice, Matshi 10, 2017. I-Exchange-Traded Futures kunye neenketho, i-Q2 2016, "iBhanki yeeNgqungquthela zamazwe ngamazwe, ngo-Ephreli 20, 2017.)
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