Ngā Credit taunoa. International Whakawhitinga ko Derivatives Association

e kore e ingoa pai rawa i roto i financiers rangatira Ngā Credit taunoa. rongo toutou whakaaro e CD ketia te pikitia ōhanga i roto i te aronga kino. He aha te mea me te aha he hua i roto i to ratou utu kia nui āwangawanga e pā ana ki te whai wāhi o te mākete?

Ko te kōrero o

Ko te tuatahi i roto i te hītori o te whakawhiti nama taunoa puta i roto i 1990 te whakawhetai ki te mau tautooraa tahi o tohunga Bankers Trust me JP Morgan. i tika ki te tiaki ki te tūponotanga o nui taurewa rangatōpū, e whakarato kiritaki te kamupene o te akiaki ia o tona ahua. I te tīmatanga, i te taputapu, he nui ngā iti, a ka i te mutunga o nga 1990, ko ia rite ki te maha rau o pirioni o tāra, a inaianei omaki ki 28 trillion tara.

He aha te tūranga e ratou mahi?

Ki te whakamārama tatou nga Ngā nama taunoa i runga i nga maihao, he mea he ahua motuhake o te inihua here, whakawhetai ki nei e taea ki te whakawhiti i te tūpono ki te investor o te nama defaulting i runga i utu moni te kaihoko mai ko. i runga i utu inihua taua e whanganga i roto i te haurau o te ōrau ranei i roto i ngā pūtake.

Hei tauira, ki te hokohokona nga Ngā nama taunoa i te utu o tetahi rau ngā pūtake, e te tikanga e ka utu i te tiaki o $ 10 miriona here 10 mano. he hoko taua (Huri) whakarato etahi whakaunga o te utu whaitake.

Pehea e mahi i te reira?

hanga ia o nga Ngā nama taunoa o te uri Pākehā e "kawenata whānui", i tukua Trade Association International Swapsand Derivatives Association (ISDA). hopoi mai te reira i huihui i te nui haumi-pareparenga katoa, ka tahi atu pūtea i roto i te pärönaki OTC. Ko tino nui ēnei tikanga, no te mea kahore e wātea ana i runga i ngā whakawhitinga whakaritea nga Ngā nama taunoa. I tona matua, mahi ratou rite ki te hua o te kawenata i waenganui kaihoko me kaihoko, rite e ko te investor me haumi-tahatika.

Kia pehea te mahi i te CD?

International Whakawhitinga ko Derivatives Association te tito o rima komiti o auraa rohe, arā, o pūtea nui me tahatika. Ko e tika ana ki te meka i takoto te ariā o te hui nama me te taunoa te rawa uaua tenei. Ko te komiti i faahitihia e te kairiri whakamutunga i roto i tenei mea.

Mahi te reira e whai ake. Tetahi investor e te whai wāhi ki te unga i te tono ki te komiti, i te mea whakahauanga ki te kia whāngai. Ka kia whakaaro Next te pātai o mehemea i reira ko te hui nama me taea te tīmatanga e te reira ki te hanga i te mahi.

Whakawhitinga i roto i te ōhanga hou - pea taea te aha e haere he?

Mai he kirimana i roto i te natura tenei mea pūtea, i reira e maha rawa ngā āhuatanga e kia tirohia o, me te ako i whakaritea tangohia. Ko te wahi tino nui ko e hāngai ana herenga Ngā nama taunoa i runga i ngā rawa o te nama. Ki te mea kua puta ke te rawa whāriki tona ingoa, kia hanga i te putanga i te whakakāhoretanga o te utu o CD. He maha nui o pūtea fehangahangai ki tenei meka ka te raruraru pūtea, ka i reira ko te kaihau o te tahi mau tahatika nui.

I teie mahana, e hiahia i roto i te imiraa i te i te whakatupuranga hou o mea pūtea mo te whakaaro o te haumi ona rauemi nuinga o pūtea. Ko tenei me e tika ana ki te tipu rongonui o te whakawhiti nama taunoa. E ai ki te tohunga, Ngā taunoa i runga i loans ko o faufaa nui i roto i ngā āhuatanga hou.

CD i roto i te US

Neke atu i te tau tata, kua meinga Ngā nama taunoa te rongonui tino i roto i te United States, e tika ana ki te hua koi i roto i te mōrea nama. Mai kore te mea i raro i te mana o te whakawhitinga tari kāwanatanga ranei tenei taputapu, e kore e taea ki te whiwhi mōhiohio pono i runga i te rōrahi o ratou rerekē. Me pēhea e arotake koe i te āhuatanga o te ISDA, moni taiepa tino kaha hoko Ngā taunoa i muri i te raruraru o 2008, a inaianei he tāwakawaka te āhuatanga.

financiers mua i huri noa i te ao kua mahi maha tautohetohe e pā ana ki Ngā nama taunoa. Ko te hua o enei mahi i hanga e te parariraa o te maha pūtahi pūtea nui. He maha pareparenga nui me kamupene inihua mau i kua ururuatia tika ki CD whakawhitinga.

Ngā Credit taunoa i Russia

Kia titiro a ki te mea kei te tupu i teie mahana. Kia mahara e roto i te Ngā nama taunoa Russian kore riro te taua rongonui rite ki waho. he tika ki te tahi mau raruraru e Me faatiti'aifarohia ki te awhina o te wheako o ētahi atu whenua tenei. Ka rite ki te whakawhiti taunoa hokohoko i te hanganga āta, he ahua uaua ratou tohatoha i runga i te mākete i roto i Russia.

Ko te take matua e ārai i te horapa o CD i Russia - ko tino tenei te hanganga o te tono mākete. I roto i te meka, huri i te reira i roto i taua i te tono mō ngā rauemi nama tino outstrips supply, a ka homai tenei te pareparenga ha faingamālie ki te hoatu i to ratou ake tikanga e pā ana reiti me ngā. mākete nama Russian he tetahi haafifi e pā ana ki te whanaketanga o loans wā-poto e whakaherea he auau whakaritea. I roto i te tahuri, ko te auau tere reira anake i roto i te whiwhinga tukuna mō te wā roa (kotahi tau, neke atu rānei), a kia kia whakaaetia taua loans anake ki ngā kaitono e ki hītori nama pai. I tua atu, kei te mahi ratou i te reira anake te pareparenga nui. tenei katoa tohu e reira e raruraru ki te whakaaro ki te tutaki huringa. I tua atu, i te hanganga o-te kounga tiketike mākete CD i Russia pea he tutukitanga i roto i te puka o te nounou i roto i pärönaki e kua oti rite i roto i ētahi atu whenua, ka i he pānga kino.

Ahakoa te meka e te aromatawai o te whakawhiti nama taunoa, me te ratou ingoa ko te tino rangirua, nga kaiuru o te mākete pūtea o Russia rorotu e pā ana ki to ratou tohatoha. Ko te mārama tenei, no te mea ka taea ki te whakaiti tūponotanga nama, me te te tuku o moni i wehea i raro i te taurewa i te kau ma'u peeke nama. Ka waiho whakawhetai taea ki te meka e i muri i te hoko o te mōrea o moni Huri hoki-kore kia ka whanau e te rōpū tuatoru tenei. tenei katoa e te pūmanawa ki te whakapiki ake i te tere mākete o te nama rite te katoa. Kaihoko, i roto i te tahuri, ka whai ha faingamālie ki te hanga anō te moni na roto i te tuku pärönaki.

Ka taea te mahi te mutunga i tenei katoa e whai ake: e taea Ngā nama taunoa kia pai whakatinana i roto i te mākete Russian, engari e rapu utu āta tenei whakahaere me te whakarite i to ratou hokohoko. I tua atu, he mea e tika ana, me te hanga i nga tikanga mo te putanga o te papatipu ki te painga o CD rite te taputapu ki te kounga taiepa ki taunoa, a kihai i rite te ahanoa o iti natulá.