Ixesha elizayo zixhobo ezivela kwiimveliso, ezivumela ukulungiswa. Iimpahla zizinto eziphathekayo. Akuqhelekanga kwixabiso lempahla eluhlaza ukuhamba ngokugqithiseleyo okanye ngaphantsi kwexesha elifutshane. I-Hedgers iyakhusela umngcipheko wexabiso kwimarike. Umlobi onomvelisi angathengisa iikhontrakthi zexesha elizayo ukuvalela kwixabiso lemveliso yazo. Ngakolunye uhlangothi, umgcini onomthengi angakwazi ukuthenga iikontrakthi zexesha elizayo ukuvalela kwixabiso lemfuno zabo.
Convergence
Esinye sezizathu eziphambili zeemarike eziza kusebenza ngokufanelekileyo zivumela ukuba kulungelelanise ukuhlaziywa kwamanani athileyo kunye namaxabiso kwimarike yenyama. Ukuguqulwa kwamanani amabini kubakho ngeendlela zokuhambisa ezikhoyo kwiimarike ezizayo.
Nangona abathengi kunye nabathengisi bexesha elizayo bahlawula kuphela idizithi encinci, ikholo elungileyo kwi- margin yokuqala, bahlala besengozini yexabiso lentengo yenkontileka. Yingakho kukho iintlobo ezimbini zomda , umgama wokuqala kunye nolondolozo . I-yorhwebo ebaluleke kakhulu kwikontrakthi yexesha elizayo ngokuqhelekileyo kwisivumelwano seenyanga esiseduze okanye esisebenzayo. Njengoko ikusasa elikufuphi lihamba kwixesha lokuhanjiswa, umthengi wekontrakthi yexesha elizayo ogcina isikhundla sakhe kufuneka alungele ukwamukela ukuthengiswa kwexabiso langempela kunye nokuhlawula ixabiso elipheleleyo kwimveliso ebonakalayo. Umthengisi uvumelekile ukuba enze ukuhanjiswa.
Inkqubo yokuhambisa
Ukutshintshana kwexesha elizayo kusebenza kunye noshishino ukuphuhlisa ubuninzi beempawu, iimpawu, ubukhulu, amabakala kunye neendawo zokuhanjiswa kwezinto eziphathekayo.
Nangona ezininzi iimpahla zineempawu ezahlukileyo, inkqubo yokuhambisa iquka iiprayimesi kunye nezaphulelo zamanqanaba ahlukeneyo kunye neendawo zokuhambisa izinto ezithile. Utshintshiselwano lwakhiwa indawo yokugcina impahla kunye neendawo zokuhambisa izinto ezininzi. Ukutshintshiselwa kwakhona kubeka imigaqo nemimiselo yexesha lokunikezela eliyahlukahluka ngokuxhomekeke kwimveliso ethile.
Xa ukuhanjiswa kwenzeka, i-warrant okanye irisidi yerejista emela ubuninzi abathile kunye nomgangatho wento kwindawo ethile iguqula izandla kumthengisi kumthengi ngexesha elipheleleyo lokuhlawula intlawulo livela. Umthengi unelungelo lokususa impahla esuka kwindawo yokugcina kwindawo yokukhetha. Ngokuqhelekileyo, umthengi uya kushiya umkhiqizo oqingqiweyo kwindawo yokugcina kwaye ahlawule umrhumo wexesha lokugcina. Utshintshiselwano lubekwa kwakhona iimirhumo kwiinkalo ezininzi kwinkqubo yokuhambisa.
Njengoko ubona, ukuba inkontileka yexesha elizayo ingaba yintengo yokuthengwa kwemveliso okanye ukuthengiswa kunika abachaphazelekayo kwimarike inani elikhulu lokuguquguquka. Ukukwazi ukuhambisa okanye ukuthatha ukunikezela kunika unxibelelwano olubalulekileyo phakathi kwesixhobo sokufumana kunye nemveliso. Ngenxa yoko, njengekontrakthi yexesha elizayo isondela kumhla wokunikezelwa, ixabiso leenyanga ezizayo liza kubalwa kwixabiso lentengo yempahla yemali okanye yemali.
Umehluko phakathi kwexesha elizayo kunye namanani okwenyama
Ngaphezu kobomi bekontrakthi yexesha elizayo, ulwahlulo lwentengo phakathi kwe-derivative kunye ne-market market engaphantsi. Ngokomzekelo, intengo yekhonteraka yezabelo zeDisemba ingekahluka ngokubanzi ukusuka kwintengo yengqolowa kwindawo yokuhambisa ngo-Oktobha okanye ngoNovemba.
Nangona kunjalo, njengoko umhla wokuhambisa kaDisemba usondela kumanani amabini aqhele ukuguqula. Umehluko phakathi kwexabiso elizayo elisondeleyo kunye nexabiso lemveliso yenyama yisiseko. Azikho zonke iindawo zokuthengisa iimpahla zineendlela zokuhambisa; Ezinye zikhokhelwa ngemali kwixesha lokugqibela lokuhweba okanye lokuphela kwekhontrakthi. Ngokomzekelo, i-Feeder Cattle izayo ayikho indlela yokuhambisa. Lezo zizayo ezi-cash-settled zivame ukusebenzisa ibhonkmark yexabiso elinjenge-shishini elwamkele indlela yokubiza ngokwexabiso okanye intlawulo yokugqibela yokugqibela ngomhla wokugqibela wokuthengisa kwisixhobo.
Nangona iingaphantsi kwama-5 eepesenti zexesha elizayo kunye neendlela zokuhanjiswa kweziphumo ezenza amaqela enza okanye ukuthatha ukuthengiswa kwempahla, into yokuba ikhona yintuthuzelo kubahlali abaninzi kunye nabathathi-nxaxheba bemarike. Injongo yekontrakthi yexesha elizayo okanye ukhetho kwikontrakthi yexesha elizayo kukuphindaphinda intlawulo yesenzo kwizinto ezisisiseko okanye isixhobo.
Indlela yokuhambisa iqinisekisa ukuba ukuguqulwa kwamaxabiso amabini ngaphezulu kwexesha.
Ukuthatha ukuhambisa
Uninzi lwabathathi-nxaxheba bemarike kwimarike yexesha elizayo alinakuqwalasela ukuhanjiswa kunye nesizathu esihle. Cinga ngabacwanisi abazithenga isivumelwano seenkomo eziphilileyo ngenxa yokuba bakholelwa ukuba ixabiso liya kuxabisa. Bambalwa, ukuba ngaba, banakho amandla okanye umnqweno wokuthatha ii-40,000 zeemfuyo zeenkomo. Nangona iinkomo zingafihli emnyango wazo, ukufumana inkomo kwindawo kufuneka kudinga izakhono ezahlukeneyo kunokuthengisa ishishini kwaye kuxhomekeke ekubeni nezonxibelelwano ukuthengisa imveliso yenkomo kumthengi. Emva koko, abathengi bekontrakthi yexesha elizayo bazithenga kuphela ngenxa yokuba bakholelwa ukuba intlawulo yayiya phezulu.
Nangona kunjalo, kukho imeko apho ukunikezelwa kwengqondo kungenza amathuba. Umxhasi, umrhwebi okanye umtyalomali ohamba ngexeshana enye ye-NYMEX iplatatin okanye i-COMEX yegolide ingayimela ukuhanjiswa kwekhontrakthi ukuba inqwenela ukuthatha isinyithi. Inkontileka yeplatinum ibonisa ii-ounces ezingama-50 zetsimbi ngelixa isivumelwano segolide sinama-ounces ayi-100. Esikhundleni sama-40,000 iipilisi zeenkomo eziphilileyo, ukujongana ne-3.4 okanye 6.8 lbs yeplatinum okanye igolide kulula kakhulu. Umthengi othabathe ukunikezelwa kweyiphi intsimbi exabisekileyo uya kufumana i-receipt yokufumana okanye i-warrant emele iplatinum ethile okanye ibha yegolide okanye imivalo kwindawo yokugcina ivunyiweyo. Irisiti ibandakanya ubunzima, ubungakanani kunye nenombolo yebha yensimbi ngemibuzo. Umthengi uza kuhlawulela ixabiso elipheleleyo kwintsimbi kunye okanye ukunciphisa i-premium okanye isaphulelo. Umthengi ufumana irisidi evunywe ngumnikazi wokugqibela kwaye umthengi unelungelo lokurhoxisa isinyithi kwi-garaji; Inkqubo ibizwa ngokuba kuthatha isitatimende esicacisiweyo sensimbi esoloko ifake imali. Umthengi unako ukulungiselela ukuba isitoreji sithumele isinyithi kunoma yiphi indawo kubandakanya ikhaya labo ngeposi ebhalisiweyo okanye umphathiswa wokhuselo. Umthengi uxanduva lwezithuthi zokuhamba. Ngakolunye uhlangothi, umthengi unokugqiba ukushiya isinyithi kwi-warrant kwaye ahlawule umrhumo wendawo yokugcina kwisitoreji sokugcina isinyithi egameni lomthengi.
Indlela yokuhambisa ihluke kwizinto eziphathekayo kunye nazo zonke iintengiso, njenge- Chicago Mercantile Exchange ( CME ), lunolwazi olunzulu malunga nenkqubo ekhoyo kwiwebhusayithi. Ukuhanjiswa kwesinye sezizathu eziphambili zokuba amaxabiso ezayo aguquke kunye namaxabiso athengiswayo okwenyama ngokwexesha. Ukuba unokwenza isigqibo sokuthatha i-commodity, qiniseka ukuba uyaziqonda ngayo yonke imigaqo nemimiselo yentshintshiso. Hlalani nibheka izilungiso kwimithetho yokuhambisa njengoko izilungiso kunye neenguqu zihlala zikhona.