OTC emakethe futhi ingozi ibhange sika ezenzakalelayo ku imvelo komnotho omkhulu

I OTC emakethe liyingxenye ebalulekile imisebenzi amabhange, ikakhulukazi ezingeni komnotho omkhulu. Kanye emakethe imali, kuba eziyinkimbinkimbi multi-factor isakhiwo, okuvela kuyo ngongakwazi ukukhokha izikweletu izingozi abasakwazi okusezingeni eliphezulu ngaphansi kwazo. Lapho simulating nokutadisha ubudlelwane obuncane okuzenzakalelayo atholakale value ngokulinganisa of izimpahla yasebhange umkhuba ngamazwe ekuhloleni ematfuba okuzenzakalelayo indlela esetshenziswa kabanzi esikjwameni izikhathi, okuyinto njengoba befa ukubaluleka indlela eyaziwa. Ngaphezu kwalokho ingasetshenziswa kanye indlela amathuba esiphezulu (esiphezulu amathuba indlela).

OTC emakethe kanye nezici zayo, kucatshangwa ukuthi ekutholweni ematfuba yonyaka kolwazi okuzenzakalelayo kuyadingeka kanje:

1. Inani ngamabhange ekuqaleni unyaka ngamunye ikhalenda kwesikhathi edingekayo;

2. Isibalo ngamabhange, izimpawu yokuthi okuzenzakalelayo, okungukuthi ukuvalwa okwalandela ngesisekelo izinqumo etinkantolo letiphakeme ku ekucwileni ezikweletini ebhange wokuhweba nokuxoshwa noma ukumiswa kwelayisensi ngokuqondene ukuvalwa okwalandela, kanye ukugcwalisa isimangalo enkantolo sokuqashelwa ebhange ezikweletini.

Ukubala esikhathini isikhathi amazinga okuzenzakalelayo ngamabhange t lilingana nenani okuzenzakalelayo, ihlukaniswe ngenani esiphezulu ezenzakalelayo, futhi kuchazwe ifomula:

(Do {Dut-1)) / 2 _ Ingabe (Do-l) P (Hhayi (NT-1)) / 2 "Hhayi (NT-1) P. 106L,

lapho: p2av - Amathuba yaminyaka yonke ezizenzakalelayo noma iyiphi inzuzo uhlelo yasebhange olulodwa. Ngesikhathi esifanayo thina ukuqeda ithonya izici ngaphakathi nangaphandle ukusebenza commercial ohlelweni Banking futhi acabangele kuphela isici umthelela, eveza isibalo amabhange, izimpawu yokuthi okuzenzakalelayo; Dt- eziningi, okuye eyabelwe isimo ezenzakalelayo isikhathi ekhethiwe isikhathi t; NT - nenani amabhange asebenza ngesikhathi esikhethiwe isikhathi t; t - nalesikhathi esiwunyaka owodwa ikhalenda.

Amathuba Wonyaka we kumanani okuzenzakalelayo kufanele kuqhathaniswa ezikhethiwe imingcele Macro ezindaweni (okungukuthi, okusho le OTC emakethe noma yenkampani emakethe izibambiso) ukusungula khona komugqa ekuhlehleni umsebenzi. Ukuba khona nje kwencika elinjalo lizokuba lo mbono ku khona langempela ukuxhumana phakathi sokuvalwa ngamabhange futhi izinguquko ezenzekayo kule aphakathi, kamuva, esekelwe esakhiwe ekuhlehleni komugqa kwesibalo ukubikezela sizoshintsha izinkomba akhethiwe Macro, ezikweletini ngombandela ekushintsheni inani ngamabhange.

I degree of ukuhlanganisa emkhatsini ematfuba yonyaka okuzenzakalelayo naphakathi Macro ephawula Coefficient ukuhlanganisa, uma kuwukuthi uhla esilingana noma kusuka -1 ukuze ubeke +1, kungenzeka ukuba ngikhulume ngokukhululeka ngokukhubazeka komugqa ubuhlobo ekuhlehleni phakathi izinhlu ezimbili zamahalananda idatha leyehlukene.

imvelo macroeconomic, States kungenziwa libhekene i isibalo esingapheliyo imingcele, kodwa manje sinesithakazelo kuphela labo komugqa ekuhlehleni ukuncika okungenzeka yonyaka okuzenzakalelayo, siyakwazi ukufakazela i ubumsulwa isilingo. Kufanele kuqashelwe ukuthi iningi yizinkomba zezomnotho ungase ube nobuhlobo ukuhlanganisa nge okungenzeka yonyaka okuzenzakalelayo Nokho, OTC emakethe yakhelwe ngendlela yokuthi nobuhlobo obunjalo enezinkinga, futhi ngakho phambi kwaso kungaba subjective.

Lokhu kuhlaziya kusikisela ukuthi phakathi yale ndlela, njengoba ematfuba yonyaka okuzenzakalelayo futhi imvelo komnotho omkhulu, lapho okubekwe ngayo ngokucacile ubuhlobo esiyimbangela. Ngakho, kuvalwe ngamabhange okubangelwa ukwehla ngo exchange angaphandle izinqolobane, ibekwe nge-credit izikhungo kwamanye amazwe, okuyinto Uphatha kabi isikhundla utshalomali futhi kuholela ekwandeni ubukhulu net credit yasekhaya kuhulumeni.