Segazi Credit emiselweyo. International sithatha nezakhi Association

segazi Credit engagqibekanga azikho elihle kakhulu phakathi kwamagosa bezimali. Ngokuphindaphindiweyo ukuva uluvo lokuba CDS bayasigqwetha umfanekiso kwezoqoqosho kwicala negative. Yintoni na yaye kutheni ukwanda kweendleko yabo bakhathazeka kakhulu malunga nxaxheba emarikeni?

Indaba

I okokuqala kwimbali segazi credit default wabonakala 1990 enkosi iinzame ezibambeneyo leengcali koonobhanki Trust kunye JP Morgan. Imfuneko ukubonakala kwawo ngenxa nokukhuseleka iingozi mboleko corporate ezinkulu, nezinika abaxhasi zenkampani. Ekuqaleni, lo isixhobo kwakukho imali encinci, ize emva koko ekupheleni 1990, yena wayelingana amakhulu eziliqela iibhiliyoni zeerandi, kwaye ngoku kunyuke ukuya kuma-28 ezigidi zeerandi.

Yiyiphi indima ukwenza ntoni?

Ukuba sichaza segazi credit default phezu iminwe, kuba luhlobo elikhethekileyo inshorensi iqhina, ngenxa apho umthengi uyakwazi ukususa ubungozi-mali ka umboleki kucaca nenzala. kumaxabiso inshorensi ezo alinganiswa hundredths kukho ekhulwini okanye ngamanqaku asisiseko.

Umzekelo, ukuba segazi credit default wasebenza ngendleko ikhulu ngamanqaku asisiseko, nto leyo ethetha ukuba ukukhuselwa $ 10 million bond liya kuxabisa amawaka-10. Loo transaction (swap) lwenza isiqinisekiso yeendleko efanelekileyo.

Zisebenza njani?

Ngalinye segazi credit default ababevela eYurophu yenziwa yi "isivumelwano jikelele", nto leyo wakhululwa Trade International Association Swapsand yezabelo Association (ISDA). Izisa ndawonye lonke utyalo-neebhanki ngobukhulu, kunye nezinye abatyali-zimali yezabelo iOTC. zibaluleke kakhulu ezi meko, kuba segazi credit default azifumaneki kuhlelwa yokubheja. Xa umongo wayo, benza ngenxa yesivumelwano phakathi abathengi nabathengisi, njengoko le zimali kunye notyalo-iibhanki.

Njani na CDS?

International sithatha nezakhi Association ubunjwe yeekomiti ezintlanu ezibalulekileyo yengingqi, eliquka abatyali eziphambili kunye neebhanki. Oku kungenxa yokuba ingqikelelo ye isiganeko ngetyala kwaye elingagqibekanga uzimisele nzima kakhulu. Iikomiti zikhankanywe ke elingabalamli lokugqibela kulo mbandela.

Oku isebenza ngolu hlobo. Nawuphi na umtyali unethuba ukuthumela isicelo kwikomiti, leyo inyanzelekile ukuba yamkelwe. Okulandelayo iya kuqwalaselwa umbuzo enoba kukho isiganeko ngetyala kunye nokuqalisa kunokuba ukwenza isivumelwano.

Swap kuqoqosho mihla - yintoni mhlawumbi uhambe okungalungile?

Ekubeni le sixhobo mali izivumelwano ngokwendalo, zininzi kakhulu izinto ekufuneka ithathelwe ingqalelo, kwaye isethi imfundo. Eyona ndawo ibalulekileyo kukuba segazi credit default ngoku isekelwe kwi-asethi umboleki-mali. Ukuba asethi engundoqo iye itshintshe igama layo, isiphumo unokwenza ukwalela yokuhlawulwa CDS. Inani elikhulu abatyali abajongene nale ngongoma xa yeengxaki zemali, xa bekukho imilinganiselo kwiibhanki ezinkulu.

Namhlanje, inkoliso abatyali banomdla ekufumaneni isizukulwana esitsha kwezixhobo zemali ngenjongo utyalo imithombo yayo. Yiyo le kwaye ngenxa ukuthandwa okwandayo segazi credit default. Ngokutsho kweengcali, segazi kokwendalo kwi mboleko kubaluleke kakhulu phantsi kweemeko zale mihla.

CDS kwi US

Kwiminyaka yakutshanje, segazi credit default ziye othandwa kakhulu eUnited States, kungenxa yokwanda okukhulu kubungozi bamatyala. Ekubeni esi sixhobo ayikho phantsi kolawulo phantsi konxibelelwano okanye ii-arhente zikarhulumente, akunakwenzeka ukufumana ulwazi oluthembekileyo malunga umthamo ingeniso yabo. ukuba bahlole njani imeko ISDA, imali uthango kakhulu ngenkuthalo wasebenza segazi engagqibekanga emva kwentlekele ka-2008, kwaye ngoku imeko kuba lihlangana.

bezimali Ngaphambilana ehlabathini jikelele ziye UKUKROKRA emininzi malunga segazi credit default. Isiphumo yezi zenzo yenziwa yi kwawa amaziko zemali ezininzi ezinkulu. Ibanki ezininzi ezinkulu kunye neenkampani ze-inshorensi okunene zafa ngenxa CDS kwiintengiselwano.

segazi Credit default eRashiya

Makhe sijonge ukuba kwenzeka ntoni namhlanje. Qaphela ukuba kwi Russian segazi credit default wazuza ukuthandwa efanayo phesheya. Oku kungenxa yokuba ezinye iingxaki ekufuneka zisonjululwe ngoncedo kumava amanye amazwe. Njengoko yorhwebo engagqibekanga segazi waba ukuyilwa ngcembe, usasazo kwimarike eRashiya Kuthi nzima.

Eyona nto ephambili ukuba kuthintela ukusasazeka CDS eRashiya - oku ingakumbi isakhiwo ukuboleka emarikeni. Eneneni, oko kwenzeka ukuba imfuno ebangwayo yemithombo yobutyebi ngetyala kakhulu lusiwisa unikezelo, yaye oku kwenza ukuba iibhanki ithuba lokuba babeke iimeko zabo malunga iirhafu kunye ngokoMthetho. market kwamatyala Russian has ukuthambekela ethile enxulumene nophuhliso mboleko elifutshane zexesha abanikela usisigxina. Ngenxa yoko, izinga ezidadayo ekhoyo kuphela iikhredithi ekhutshwe kwithuba elide (unyaka omnye okanye ngaphezulu), kwaye mboleko inokunikwa kuphela kubaboleki nembali elungileyo ngetyala. Ngaphezu koko, benza kuphela iibhanki ezinkulu. Konke oku kubonisa ukuba kukho iingxaki ngokuphathelele bengafuni utshintsho. Ukongeza, ukuyilwa CDS imarike ezikumgangatho ophezulu eRashiya ukuze sibe yimiqobo ngohlobo lwentekelelo avela esele kwaphawulwa kwamanye amazwe kwaye kwaba nefuthe elibi.

Ngaphandle kwento yokuba uvavanyo segazi credit default, ngokunjalo isidima sabo luyathandabuzeka kakhulu, abathathi-nxaxheba zemalike zezimali yaseRashiya banethemba malunga usasazo. Oku kuyaqondakala, kuba abanini izibambiso ityala liya kuba nako ukunciphisa iingozi ngetyala, kwakunye nokukhululwa imali ebekwe bucala phantsi mboleko. Oku kuya kuba kubulela kunokwenzeka yokuba emva kokuba kuthengwe umngcipheko swap mali non-ukubuya ziya kuthwalwa wesithathu. Konke oku unakho ukwandisa isambuku emarikeni ityala xa lilonke. Nabathengisi, kuya kufuneka ithuba lokwenza imali engaphezulu akhulule yezabelo.

Isiphelo zonke oku kwenziwa ngolu hlobo lulandelayo: segazi credit default unako ukusebenza ngempumelelo kwimarike Russian, kodwa oku kwakuya kufuna ngenyameko ukulawula nokuqokelela urhwebo lwabo. Ngaphezu koko, kuyimfuneko nokudala iimeko ukuvela ubunzima ukuze kuxhamle CDS njengesixhobo hedge umgangatho nxamnye olungagqibekanga, kungekhona nje into yokuba zokuthengiswa lentelekelelo.