IzimaliLwemali

Futures - Iyini? Kangakanani ikusasa zokuhweba?

abahwebi Russian bajwayele ukusebenzisa emsebenzini wabo ithuluzi ezifana ikusasa. RTS, MICEX nezinye Ukuhwebelana inikeze ithuba lokwenza njalo maqondana anhlobonhlobo kwemali. Yiziphi izici ukuqaliswa amasu afanele ukuhweba? Yiziphi ikusasa futhi kanjani they ukusiza abahwebi uthole?

Uyini ikusasa

A definition olwamukelwa phakathi kwabahwebi ikusasa - kukhona kwezezimali, okuvumela ukuba afeze ikusasa izinkontileka lwefa engaphansi, okusho esiphethweni phakathi umthengi kanye nomdayisi bavumelana ngentengo kanye nemigomo ye-kuthengiselana. Ngakwelinye ihlangothi, nezinye izici kwempahla, ezifana, isibonelo, ubukhulu, umbala, isayizi nokunye. E., I Ukucaciswa ngabanye kubekiwe esivumelwaneni. Futures - ngokwanele enemisebenzi instrument yezimali. Abakwazi ingashintshwa ukuze ezihlukahlukene izindawo zokuhweba.

Futures - a okunye?

Yebo, lokho kuyoba ezihlukahlukene zabo. Igama elithi "kokunye" Kuyaqondakala abahwebi abaningi ngendlela efanayo nelithi ibinzana "kokunye", okungukuthi, nguye ongumphelelisi yakudala yokuthengisa kuthengiselana. Izisetshenziswa zemali futhi ikusasa - isivumelwano esibhaliwe belinganisa izimfuneko inkontileka nomthengisi kanye umthengi. Imininingwane yanoma iyiphi esuselwe ukuthi eqinisweni ngokwako kungase kube isihloko inkontileka sokuthengisa. Okungukuthi, ukudluliswa zangempela kuma-wempahla kubadayisi noma kungase kungabi.

umlando ikusasa

Ukuze uhlole ngokuningiliziwe ngokwanele ubunjalo ikusasa, kuyoba usizo ukwazi ukuthi ngangenza lezi kwezezimali, yiziphi izigaba eziyinhloko zomlando kokusebenza kwazo inzuzo yezezimali. Abanye abahwebi bakholelwa ukuthi lo mshini ubudlelwane phakathi nomthengisi kanye umthengi, ngubani manje ihlangabezana incazelo ikusasa, wabonakala isikhathi eside ngaphambi Insimbi Usesembozweni emakethe. Njengoba ngokuvamile kwenzeka emnothweni, into wabonakala kuqala, bese - a term echaza ke.

Imakethe yafuna ezintsha

Omunye izinhlobo ezinkulu imikhiqizo bekulokhu corn njalo. Uma sikhuluma isikhathi ngaphambi 19 ngasekupheleni - ekuqaleni kwekhulu lama-20, bese kwenza kube phakathi kwezihloko ayisihluthulelo yohwebo emhlabeni. Abalimi, yokutshala izimila, ukuthumela amakhasimende abo ezweni noma ulwandle. On ngokuvamile emakethe okusanhlamvu ekwindla khona overabundance lomnikelo umkhiqizo - abalimi wafuna ngokushesha ukuthengisa isivuno. Ngakwelinye ihlangothi, ukushoda okusanhlamvu kungavela entwasahlobo, okuyinto umane ngete takhula, kuyilapho ukuthi akukakasetshenziswa, ngisho ekwindla igcinwe ijubane ukuwohloka, njengoba kwakunjalo ngokuvamile ndawo esitolo. Imakethe kanye kwakudingekile ukuxazulula lesi simo sokungalingani. Ngakho uvele amathuluzi esiphuthumayo zezimali ezivumela abalimi bakwazi ukutshala wokusanhlamvu, kanye abanikezeli yimuphi omunye imikhiqizo yezolimo efana, ukuphetha izivumelwano namakhasimende ngisho nangaphambi nangangesihlabathi uvuthwe futhi ukuza iphuzu Ukuqaphela.

ithuluzi jikelele

Labo izivumelwano nabizelwa phambili (kusukela English phambili -. "Phambili"). Futures - kungashiwo, lithathelwe inkontileka phambili zohwebo izici Stock Exchange. Umbala wawo ochwepheshe ezihambisana namaqophelo elisungulwe zebhizinisi, ukuze amalungiselelo anembako kungenziwa ungene noma uhlobo izimpahla ithengiswe. Ngenxa yalokho, ikusasa zokuhweba liye lasakazekela kuthengiselana, ngaphakathi zazo futhi badayise hhayi kuphela okusanhlamvu kanye neminye imikhiqizo yezolimo, kodwa futhi izinto zokusetshenziswa, izinsimbi, eminye imikhiqizo ukudla ngomumo eyenziwe: .. Ushukela, ikhofi, njll Ukuze uthole indlela empeleni esasisesisha, uma sikhuluma umlando ukuhweba ubudlelwane ithuluzi ingashintshwa kanye Ukuhwebelana zezimali.

Kusukela impahla eluhlaza ukuze stock exchange indices

Kukhona izinkomba ukuthi kuqala ukuhweba ikusasa zokuhweba lwenziwe kwi-Dow Jones stock exchange Inkomba igama elifanayo ukuthengiselana. Ngenxa yalokho, i-bezimali baye bathola ithuluzi omkhulu kwezezimali umshwalense ingozi - njengoba nje engenza okusanhlamvu abahlinzeki ekwindla. Ngokuhamba kwesikhathi, ikusasa indices sekuyinto evamile ukuze ivolumu yohwebo kubo ngezinye izikhathi baba Yizinga eliphakeme phezu ukuthengiselana classical.

Futures emakethe exchange angaphandle

Ithuluzi wezimali esisha futhi zingene kanye nezimakethe lwemali. Enye yezinto ezithakazelisayo ukusetshenziswa ikusasa abahwebi baba, ngokusho kwabanye ochwepheshe, ukuqedwa we "izinga legolide" e-United States ngo-1971. Ngokushesha ngemva ukungena entsha kwezinkambiso izingcaphuno emhlabeni lwemali imakethe baqala ukuhlupheka iyehla iyenyuka eqinile. Abahwebi wasikisela ukuthi ikusasa - lena thuluzi eyokusiza emakethe ukuba kudlule isigaba simo esishubile okusezingeni eliphezulu.

Ifanele ukuhweba izindlela amiswe esikhundleni, futhi ngenxa ukukhula okusheshayo udumo lwawo, ochwepheshe baye basikisela ukuthi lokhu yikho kanye emakethe lesi sikhulu ngolaka. Futures ku dollar kanye ruble, njengoba kuphawulwe imithombo eminingana, labonakala okokuqala ngemvume ngo-Ephreli 1998. Ngosuku lokuqala yokudayisa, isamba izinkontileka kudlulwe ruble ayizigidi ezingu-200.

Futures eRussia

By the way, umlando Russian exchange ukuhweba kuvela kusukela uPeter Omkhulu. Ekuqaleni kwekhulu lama-20 e-Russia eziqhutshwa ngokusho kwabanye 87 Ukuhwebelana lezimpahla. Kusukela 20s sekwephuzile, futhi ngo-1991 i-Institute of ukuhweba awuzange isebenze ezweni lethu. Kodwa ngemva inguqulelo waseRussia emakethe khulula isibe omunye isihluthulelo emnothweni.

Lapho ikusasa kuthengiselana lokuqala aye eRussia? Kukhona izinkomba ukuthi kufaniswe lokuqala isicelo wezinsimbi zomculo alotshwa 1996 kwi Petersburg Stock Exchange. Saqala ukuba avele izihloko zokuqala kohlaziyo, okungenakuqhathaniswa, okuletha ukuthula phambili mqondo mayelana amathemba ukubandakanyeka Russian e ikusasa zokuhweba. Ngo-1990 ngokusebenzisa zezimali ithuluzi izinkontileka steel mayunithi nomasipala izibopho.

Manje ezimbili ezinkulu Russian isitokwe Ukuhwebelana ikusasa kusebenza (RTS kanye MICEX). Ekuqaleni kukhona ngisho ingxenye ekhethekile ukuhwebelana ngokusebenzisa le instrument yezimali - izinqaba. Kuyatholakala ku izinqaba ikusasa nezinketho (ngenye indlela ethandwa amakontileka). Kuyoba usizo, ngasendleleni, cabangela indlela bayehluka.

Ikusasa zihluke ongakhetha

A umbandela ukhiye iyahluka kwenye ikusasa ongakhetha - umnikazi kumelwe baqale bahlangabezane izimo ngaphansi kwesivumelwano. Ngakwelinye ihlangothi, insimbi yesibili sezimali kwenza ohlangothini kuthengiselana alihambisani izimo elicacisiwe inkontileka. Ngokwesibonelo, ukuba adayise amasheya uma ukuthi ziwile intengo kuqhathaniswa ne intengo ngesikhathi sokuthenga.

Izinhlobo ikusasa. okuhleliwe

Nokho, isifundo sizoqhubeka ikusasa. abahwebi Modern uhlukanise wabayisa izinhlobo ezimbili. Okokuqala, Emit okuthiwa okuhleliwe ikusasa. Ziyakwazi inkontileka ngesikhathi kubulawa lapho umthengi evuma ukuthenga, futhi umdayisi - akhale ezibekiweko okuvunyelwene lemali kuthengiselana kwempahla ezithile. Kulokhu, intengo ikusasa kuyoba nguwe eqondiswa ngesikhathi endalini yakamuva. Uma inkontileka iphela futhi umdayisi ngeke unike yefa ke bangalindela izinhlawulo.

ibalwa

Kukhona futhi ikusasa zokuhlala. engavamile wabo ukuthi umthengi nomthengisi kubalwa ndawonye amanani ezakha umehluko phakathi amanani fa ngesikhathi ukusayina nasekubulaleni isivumelwano, kungakhathaliseki kwezidingo zayo zangempela.

Isakhiwo Ukucaciswa ikusasa inkontileka

Omunye letigaba letibalulekile teluhlelo ikusasa ukuthengiselana - esifakiwe. Kuyinto umthombo, okuyinto fixed imigomo eyisisekelo inkontileka. BOM isakhiwo ukuthengiselana yalolu hlobo ngokuvamile kanje: Cacisa igama sivumelwano, ikakhulukazi uhlobo - ukuhlolwa noma isiteji ukubaluleka yefa langaphansi, isikhathi, kanye ezinye izinketho zokucabangela. Phakathi ukhiye kungenziwa ngokuthi umkhaza noma uphawu izinguquko.

Inani layo incike fa ngokukhethekile. Ukuze kakolweni, uma sikhuluma isitokwe Ukuhwebelana ezinkulu zomhlaba - kuyinto ye-oda 5 cents ngethani. Ukwazi lokhu, yimuphi ivolumu ikusasa inkontileka, abadayisi kalula ukubala inani lentengo ayashintsha yonke imali ababeyitholile kwempahla. Ngokwesibonelo, uma isivumelwano ukolweni 200 wamathani, kungaba ibalwe ukuthi ukulungiswa ubuncane intengo kuyoba $ 10.

uwoyela ikusasa

Kangakanani ukuhweba, isibonelo, ikusasa ku Brent nezinye amafutha ongahluziwe? elula kakhulu. Ngo lezimpahla lanamuhla Ukuhwebelana adayiswa ebangeni eshiwo lamafutha, kanye ezimbili - Khanyisa Sweet futhi WTI. Bonke zibizwa ngokuthi umaka ngoba ezinye amamaki uwoyela kulinganiselwa ngesisekelo ukuhlanganisa anenani adayiswa. Izinkontileka kwi black igolide ugijime ezimbili eziyinhloko isitokwe Ukuhwebelana - NYMEX, e-New York, kanye ICE, e-London. American uyaqhubeka ukuhweba emafutheni Khanyisa Sweet, ngesiNgisi - ezinye izinhlobo ezimbili. Ikakhulukazi lokudayisa igolide elimnyama, esakhiwa ngo iqiniso ukuthi kukhona ubusuku nemini.

I olwamukelwa lokuma abahwebi emhlabeni esivuna Brent. La mafutha esihlahla uphawu ingxenye enkulu izinhlobo emhlabeni lamafutha, kuhlanganise Urals uwoyela Russian. Nokho, njengoba kwaphawula u-abanye abahlaziyi, phakathi abahwebi kukhona izishoshovu ngubani Asikuboni sabe ukugcina esezingeni Brent. Isizathu esiyinhloko - ke kuveza ikakhulukazi kuphela eNorth Sea, emasimini Norwegian. Izitoke njengoba sehliselwe zabo, ngaleyo ndlela kuncishiswe ngokusho kwezinye izincwadi, abahlaziyi, le zezimali izimpahla futhi intengo kawoyela kungenzeka ingabonisi langempela yemakethe.

Brent ikusasa kungenziwa kalula ekhonjwe yi-emelela BRN London Stock Exchange ICE. Igama eligcwele inkontileka kuzwakala Brent ongahluziwe Amafutha. Amafutha ihlinzekwa ngaphansi kwezinkontileka nyangazonke. Ngakho, kungenzeka ukuphetha umsebenzi ne esingaba ngenyanga. Isikhathi esiphezulu yesivumelwano - iminyaka 8. Kukhona amafutha ikusasa yesikhashana, kodwa kukhona eside. Ubukhulu zokusebenza okuhambisanayo - ayizinkulungwane 1 imiphongolo .. Inani 1 umkhaza - amasenti, okungukuthi, ushintsho eliphansi intengo inkontileka - $ 10.

Indlela ukunqoba kule misebenzi amafutha ikusasa? Izilinganiso lamafutha, ngokusho kwabanye osomnotho, kuxhomeke eziyimbangela emnothweni wamazwe omhlaba. Uma umuntu kahle ababeyizazi kuncike, angase azame ukuba asayine inkontileka ukuthenga noma ukuthengisa uwoyela ngentengo isethi, ngaleyo ndlela kokuvula isikhundla eside noma esifushane, ngokulandelana. Ake sithi, uma amafutha zibiza u- $ 80 indoda emgqonyeni kusikisela ukuthi ngemva 3 izinyanga izinto zokusetshenziswa kuzokhulisa ukuba zamadola 120. Uyaphetha 1 ubuncane inkontileka ukuthengwa igolide black ngentengo $ 90 umphongolo. Coming izinyanga 3. Amafutha kulindeleke liyaphuma e intengo $ 120 umphongolo, futhi kulahlwe abadayisi kuba ngentengo 90. Wabekwa ngokuvumelana nezimo Ukuhwebelana wabeka ngokushesha icala umehluko $ 40.

Futures kanye lwemali

Kusobala ukuthi ukuze ukudayisa ngosizo ikusasa uwoyela, abadayisi kuzodinga ukutshalwa ngemali okukhulu. Inani ubuncane yesivumelwano, njengoba nje nathi siwamukele kakade waveza -. Imiphongolo ayizinkulungwane 1, okungukuthi, uma uthatha wamanje, hhayi amanani aphezulu amafutha, kuzodinga nokutshalwa kwezimali ecishe ibe yizinkulungwane 50 zamaRandi .. Nokho, abadayisi unethuba uthole lapho ephetha ikusasa phezu dollar phezu MICEX, isibonelo. Ngokwe imigomo yenkontileka exchange inani lemali elincane $ 1 ayizinkulungwane .. Thikha - 10 kopecks.

Ngokwesibonelo, omunye ucabanga ukuthi US dollar izoyenqaba kusukela wamanje 65 ruble 40. Wavula isikhundla eside ukudayiswa omunye inkontileka ngentengo, bathi, $ 50, isikhathi - 1 inyanga. Ngemuva kwenyanga kwenzeke lo ruble empeleni uqinisa isikhundla - kuze kufinyelele amayunithi 40 ngalinye US dollar. Nokho, Man, unelungelo ukuthengisa inani elicacisiwe ezibekiweko inkontileka ngesilinganiso $ 50, futhi ukusiza nge exchange rate umehluko ruble 10 for iyunithi lwemali US ngamunye. Kodwa uma akazange ukuqagela kusukela Yiqiniso, futhi ngandlela-thile kufanele ifeze isibopho Exchange. ngokuvamile Lokhu kwenzeka ngenxa ukubekwa usayizi oyifunayo we-akhawunti idiphozi esigcawini.

amalungiselelo ezifana nayo nomholo kungenzeka lapho ngidayisa ukwabelana wamabhizinisi. Lapho okwesikhashana, ukuhlaziya afanelekayo isimo emakethe abadayisi angathembela nomholo esihle ngokusebenzisa ikusasa. Ukuhweba phezu Ukuhwebelana isitokwe namuhla ngokwanele ukhululekile, obala futhi avikelwe ngumthetho Russian. Ngesikhathi nokulahla abadayisi, njengoba umthetho, kukhona amathuluzi elula kohlaziyo, ezifana ikusasa schedule for kwempahla ekhethiwe. Ukusebenzisa ezifanele indlela zezimali e Russian bezimali imvelo isibe udumo sasivumela esitebeleni.

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