Iikontrakthi eziza kuphumelela zixhomekeke ekuguqweni, inqubo apho amaxabiso okuza kuguqulwa ngamanani angokwenyama ekupheleni kwekontrakthi okanye ixesha lokuhambisa.
Ngexa ixa elizayo amaxabiso ahambelana kakhulu nexabiso eliyintloko lexabiso lempahla ngexesha lempilo yekontrakthi yexesha elizayo, ukuba ukulungisana akufezekanga kude kube kuthunyelwa. Umehluko phakathi kwenyanga esebenzayo okanye ixabiso elizayo elizayo kunye nexabiso langempela lempahla yiseko. Inkomfa yokubala isiseko:
Inkcitho (minus) Ixesha elizayo = Isiseko
Khawucinge ngomzekelo womlimi okhulayo ingqolowa yakhe. Umlimi uyazi ukuba isivuno sesityalo sembewu siya kwenzeka ngexesha lokuwa. Ukukhusela umngcipheko wamanani ukuba umlimi uya kudla ukuthengisa izivumelwano eziza kusasa kwi-Chicago Board of Trade (CBOT) yeChicago Mercantile Exchange (CME). I-Disemba (isivuno esitsha) kwisivumelwano sexesha lesigodi siya kuba sisixhobo esisetyenziselwa ukuhlawula okanye ukuvalela kwintengo yesityalo sefama.
Makhe siqwalasele umzekelo apho intengo yemali yengqolowa i-$ 3.90 nganye ngebhasi kwiimakethe zenyama. Ukuba intengo yexesha likaDisemba yengqolowa i-$ 4.00 ngebhasi kunye nomlimi uthengisa i-future isiseko ngama-10 eentente ngaphantsi (umlinganiselo phakathi kwexabiso langokwenyama kunye nexabiso elizayo lommbila). Igama eliphantsi phantsi lithetha ukuba ixabiso lemali lingaphantsi kwexabiso lexesha elizayo ngexesha lokuthengiswa kwetambo .
Xa isiseko phantsi kwayo kuthetha ukuba imarike iyinto eqhelekileyo okanye ingqungquthela - akukho nqongophala yokubonelela. Xa isiseko siphelile (intengo yemali ingaphezulu kwexabiso elizayo) kuthetha ukuba imarike iyimakethe ye-premium okanye ibuyisela emuva - kukho ukunqongophala kokubonelela.
Xa umlimi esebenzisa isicwangciso sokubamba njengokuba kuchaziwe, umlimi uthengisa umngcipheko wentengo yokubeka ingozi emngciphekweni. Umngcipheko osisiseko ngumngcipheko wokuba umehluko phakathi kwexabiso lemali kunye nexabiso elizayo liyahlukahluka kwelinye nelinye. Ngoko ke, umlimi usenomngcipheko kwisityalo sakhe, kungekhona nje ingozi yamanani kodwa ingozi yengozi. Umlimi ubeke isigqoko esifutshane ngokuthengisa ikusasa. Uhlaselo ludala indawo apho umlimi ngoku ubude isiseko.
Ukuba intengo yemali yengqolowa iyanda ngokumalunga nexabiso elizayo imeko yokuqinisa ikhona. Oku kungabangela ukuba isiseko sibe sisigxina okanye sibe ngaphantsi kombi. Ngokomzekelo wethu, ukunyuka ukusuka kuma-10 entente ngaphantsi kwama-5 ecenti phantsi kuya kuba kukuqiniswa kwesiseko. Oku kuya kubangela umphumo wezoqoqosho olungcono kumlimi. Ukuba isiseko esivela kuma-10 entente ngaphantsi kweesentimitha ezili-15 ngaphantsi kwayo kuya kubangela ukuba kubekho umphumo obi kakhulu kwezoqoqosho kumfama. Lo ngumzekelo wemeko yokunciphisa apho isiseko sibe siphume ngakumbi okanye singabi ncinane.
Xa ekugqibeleni kufika ixesha lokuba umfama athengise isivuno sakhe sengqolowa kwimarike yomzimba, umlimi uvalela isikhundla esizayo. Umlimi uza kubuyisela isikhundla esifutshane esasiyixabiso lentambo. Ukuba umahluko phakathi kwemali kunye nexesha elizayo (isiseko) yimali engama-10 ngaphantsi xa ukuthengiselana kugqityiwe, umcengezi uphelele. Ukuba isiseko siphantsi kwama-10 entente ngaphantsi, umlimi ulahlekelwa yimali kwisiseko salo. Ukuba isiseko siphakeme kunama-10 cents ngaphantsi, umlimi wenza imali kwi-hedge.
Umzekelo wethu uthathe umlimi, umlimi, kodwa abathengi abathengela ixesha elizayo lokuhlawula umngcipheko wexabiso elizayo lwexabiso lempahla kunye nokutshintshisa umngcipheko wexabiso lomngcipheko osemngciphekweni, kuphela kwelinye icala. Umlimi usebenzisa ixesha elizayo ukukhusela kumaxabiso aphantsi; Umboleki usebenzisa ixesha elizayo ukukhusela kumaxabiso aphezulu.
Umboleki uza kuthenga ikusasa, eliyinqaba elide. Ngenxa yoluhlu olude, umboleki uza kuba mfutshane. Ngoko ke, umboleki unomngcipheko ochaseneyo nomlimi. Ukuba isiseko sibuthathaka, umboleki unempembelelo enobungozi obuhle ngenxa yombango kwaye ukuba uyomeleza, umboleki unempembelelo engcolileyo kwezoqoqosho.
Umngcipheko osisiseko uvela xa abathathi-nxaxheba bemarike basebenzisa iimarike zexesha elizayo ukuhlawula ukuthenga okanye ukuthengiswa okuza kwenzeka emva komhla. Isiseko siba lixesha elisetyenzisiweyo xa libhekisela kwiimarike zezolimo. Isiseko sinezicelo zexesha elizayo apho kukho imali okanye into ebonakalayo yabasebenzi abaza kuba ngabavelisi okanye abathengi bempahla.