Operation Repo - chii? Repos uye kuchengetedzeka neanokweretesa

Rakajairika uye yakakurumbira nemanyorerwo yakasimbiswa chikwereti kuchengetedzeka kana mari - zvinoita repo kushandiswa. Chii edza kunzwisisa kubva pakutanga. Agreement yokudzikinura (the REPO, REPO) ndiye chibvumirano kuti nokukwereta kuchengetedzeka, uye inosimbiswa mari. The mamiriro anogona kunoshandurwa kana rubatso nokukwereta chiito kuchengetedzeka. Atengezve zvibvumirano kazhinji vachinzi sezvo chibvumirano kuti atengezve yacho kuchengetedzeka. The chibvumirano inorondedzera nokubatira chakatarisana nechimwe mapato: kutengeswa uye kutengwa.

Mhando yokudzikinura

Pane zvinogona maviri repos: mberi uye harungashandurwi. Direct chibvumirano rinorondedzera kutengeswa kuchengetedzeka rimwe bato kune vamwe. Parallel iri vakabvuma kuti wokutanga bato kuti atengezve kuchengetedzeka yaro nenguva tsika uye panguva pre-vakabvumirana mutengo. Yokudzikinura chichaitwa ngozi yakakwirira zvikuru chepuraimari. Extension pakati pakutengeswa mutengo uye nomutengo mutengo kuchengetedzeka pasuru inoratidza profitability hwokushanda. Chinotaurwa kuva chikamu chete annum, uye inonzi repo unodiwa. The chikuru chinangwa yakananga zvibvumirano ndiko kukwezva mari.

Reverse repo kunosanganisira kutsvaka pasuru magwaro, uye kuzvipira nokuda pakutengeswa kwazvo musana. Chinangwa chikuru sungano ndiyo pfupi hurumende ichiisa iripo mari.

The upfumi zvacho kwema

Tikafunga dzimwe manipulations pamwe kuchengetedzeka chinoramba zvikuru aida repo kushandiswa. Chii kubva zvoupfumi nemaonero, zviri zvikuru pachena. Rimwe divi inowana kuitwa kudyidzana anodiwa ayo mari, yechipiri chose hakubvisi drawback pakati kuchengetedzeka. Plus, mhiri anopiwa yechimbadzo kwenguva yokushandisa kwayo zvaioneka zvinhu. Kwema vakawanda kuitwa nehurumende kuchengetedzeka uye vakanovharirwa muchikwata che pfupi-rokuti zvibvumirano. The Chibvumirano anodzora Kudyidzana zvechigarire kubva mazuva anoverengeka kuti kwemwedzi yakawanda. Munyika tsika, kazhinji ndivo chibvumirano diurnal. Pakati mutengesi uye mutengi kuburikidza murevereri muri kuchengetedzeka mutengapwe. Sezvo munhu wechitatu ezvinhu akawanda anoshanda rwezvemabhengi sangano, vane mabasa inonyatsotsanangurwa ari kondirakiti. Mamiriro kunoda kuvhurika nenhoroondo kuti kuchengetedzeka uye mari iri nhume bhengi. Urongwa umo mapato matatu, njodzi shoma kuzopindura.

Yokuzvidzikinura uye neanokweretesa

Kana kutarira repo kazhinji, rinogona kunzi dikidiki zvikwereti richengetwe nokuda zvinokosha pfuma. Musiyano chete ndechokuti kuchinjwa kuchengetedzeka uye risiti mari paruoko inoitwa panguva imwe chete. Pakarepo kuchinjwa varidzi kubva imwe yeboka kuti mumwe chibvumirano - ichi ndechimwe chinhu kuti ane yokuzvidzikinura oparesheni. Chii, kunyange uwane edza kunzwisisa nzendo Kudyidzana.

Yokudzikinura ine muzvikamu zviviri:

• Primary kutenga kana kutengesa kuchengetedzeka.
• Zivisa kutengwa kana kutengeswa kuchengetedzeka.

The chaizvo kuti pakutevedzera matanho vakabvumirana

nguva musiyano pakati Implementation rokutanga uye rechipiri chikamu chibvumirano nezvavo savakuru yokuudzikinura nguva. The nguva pakati manipulations inowanzobvunzwa akayera karenda mazuva. The Countdown rinotanga zuva mushure kuita maererano mapato avo sungiro uye inoguma pazuva Implementation ari chikamu chibvumirano wechipiri. Mumwe nomumwe mapato anogara basa rimwe mutengi uye ave mutengesi. Kazhinji, chepakutanga anotenga pakati kuchengetedzeka raireva mukweretesi, uye chepakutanga mutengesi - mukwereti. Investment kwema securities wokutanga mutengesi ane repo format, mutengi anoona kuchinja ari muchimiro neizvi yokuzvidzikinura zvibvumirano. Kuchengetedzeka inova nyaya chibvumirano, anotaurwa so kana runotikurudzira twa kana rubatso. REPO kwema chokuita nourongwa zvikwereti, inopa kuchengetedzeka vanokosheswa panguva yokuzvidzikinura unodiwa.

chibvumirano ngozi

Risk - a fanira pakuderedza, pasina pazviri pasingabviri kana repos. Chii uye chii ngozi vari yo urongwa? Ngationgororei chimwe nechimwe. Huru ngozi chokuita yokuti danho rechipiri chesungano hazvigoni aurayiwe. Rinofanira kumusoro kuti nguva iyo yokudzikinurwa kubva mutengesi haangazorori pamaoko avo chete kuchengetedzeka uye mari yacho vachava kure mutengi. Help ezvinhu akadaro tifanane kusauka, uye kusungwa maakaundi. Somushonga: somugumisiro kuchinja pamusika mamiriro ezvinhu mapato angangova vanoramba mitoro yavo vachitsvaka udyire.

Kwakaderedza mukana wokugara nhaka

Kuderedza ngozi default mumwe vemapato vachitenga uye vachitengesa kuchengetedzeka inofanira pamwe pfungwa dzinotevera:

• Discounting software.
• Wazvipira vanofanira kusarudza.
• Vanodarika zvakakwana kukosha kupa kuti hurongwa kuzvidzora.
• Chakawedzera kumucheto (muripo) kubhadhara.

Discount chokuita repo ndiwo ukoshi kunozivisa mumusika mutengo kuchengeteka maererano kukura yaivapo wazvipira kune imwe nguva uye nomunyika upenyu Kudyidzana.

Munhenga mugove REPO dzinoongororwa tichifunga kutanga kukosha dhisikaundi, zvakatemwa ne chibvumirano pakati mapato ari kutengeserana. Zvakakodzera achiteerera zvinotevera:

• A kukosha yakakwirira pamusoro dhisikaundi zvinopa zvikomborero zvakanaka mutengi, iye anowana maoko ake pamusoro zimbabwe at mari yakaderera.
• Rezasi kwokutanga dhisikaundi kunonyanya kubatsira ari mutengesi anopira zimbabwe at wakakwirira mutengo.

Zvinogona vakagumisa kuti chikuru dhisikaundi anokwidziridza zvinogamuchirika nechimwe mapato ukama atengezve mutengo uye mutengo nazvo mitoro pasi chikamu chibvumirano wokutanga.

Changing kukosha rubatso repo

Kusvikira nguva Kuzadziswa chikamu yokudzikinurwa kukosha kuita mumamiriro ezvinhu akawanda rokutanga anoramba kuzochinja. Kuchinja kuva chete software, uye kunyange panguva iyoyo chete zvishoma, nokuda nguva kunonoka kuurayiwa neiyi chesungano mumazuva 1-3. Panguva iyoyo mukufamba repo kuvhiyiwa ane rokuti 3 months kana kupfuura sezvo mutengo kuzvipira uye kuchengeteka dzingasiyana yekudyidzana. Pokumuka zviitiko kuchaita kuroverera zvinhu zvinotevera:

• The simba pamusoro musika ukoshi.
• Revenue kukura REPO mutengapwe.
• Change ari dhisikaundi zvichienzaniswa kwayo kwokutanga kukosha, iyo achaita rimwe mapato kubereka chakazvibata varasikirwa.

The mashandiro kuti muripo kubhadhara

Kubvisa fungidzira mamiriro ezvinhu ndiwo mashandiro kuti muripo kubhadhara. Zvinonzi kusashanda nokuda kwemamiriro chibvumirano Pamuganhu tsika yacho dhisikaundi: kunonyanyisa uye mashoma. Mumazana yose nguva repo mukati MICEX zvokutengeserana hurongwa chinhu nezuva revaluation pakati munataisireva uye mitengo kuitira kudzorwa padanho adequacy.

Kana Nokuraramisa mutengo uri pasi, uye ayo rokutanga kupima overpriced, mumwe mapato kubvisa kurasikirwa wechipiri vebato, kumanikidzwa kuita compensatory muripo. It kungaratidzwa securities, uye currency format. Pakadaro, ari repo kondirakiti dzakachinjwa zvishoma. Nokubatira mapato ari chikamu kutengeserana rechipiri vari kuderedzwa. Kana uchida kuita divi muripo muripo akasatenda ayo nemhiko, pane kudiwa mangwanani Implementation ari chikamu chesungano wechipiri. The mashandiro kuti muripo kubhadhara unokubvumira kuramba pakati nepakati nokubatira uye. Anogona kuve initiator wokukurumidza chokupika mitoro pasi chibvumirano.

Patrimony

Active kushanda pamahombekombe pasi yokudzikinurwa zano wakasungwa pamusika kokutanga akatanga kuita muna 2003, pashure kuitwa kuMudzidzisi mutemo. Munguva zvoupfumi, iyo yakatumbuka pakubwinya kwayo zvose muna 2008, kukosha kwema maviri - mberi uye kuzvishandura repo - achinja. Zvava yepamusoro kurema hukuru mudziyo kupa liquidity makariita rwezvemabhengi hurongwa. Zvinokosha kucherechedza kuti zvimwe nguva zvikamu huru, uye dzimwe nguva chete Mupi liquidity, kubva 2008, rinoshanda Central Bank of Russian Federation. Izvi zvakanaka akatsinhira nokuti migumisiro repo Auktionen muna 2008 uye 2009 akanyatsovaratidza kuti Central Bank sezvo liquidity Provider.

Basa Central Bank mu repo kwema

Financial Masangano vari kushingaira kushandisa zvinoshingaira kushanda mubhangi repo kuramba iroro liquidity. Izvi runoratidzwa ndechokuti vakawanda zvibvumirano haisi kupfuura zuva. Operation zvechigarire kubva 3 kusvika 7 days pamwero of% paminiti annum 9,22-12,4 apo neapo. In chiso chisungo mutengi pamusoro chikamu chibvumirano uye mutengesi chechipiri wokutanga inenge nguva dzose anoita sezvo CBR. Kuti bhangi uye kuwanda vatori vechikamu bargains pashure rokutanga uongororwe mafomu.

In basa kuchengeteka kana anogona kuita zvinhu nyaya zvisungo pachavo zvisungo vechigaro muchikwata che kuchengetedzeka, zvimwe kuchengetedzeka kuti vanobatanidzwa Lombard mazita Bank of Russia. The mukana zvibvumirano anganzi zvavari yoku mutero mishonga nomumwe. Izvi zvinoita kuchinja rinenge inonyatsobudirira anomukweretesa mashandiro.