Currency rizik.

Golovna

Kraina Small Commercial balance. To show how this process is, let’s take three of them.

They're sorry, they'll try.

· Economic currency risks, which are determined as the risk of an unfavorable increase in the exchange rate on the economic development of the company;

· Operational (conversion) currency risks, etc. Possibility of underestimating profits or recognizing surpluses from the immediate influx of exchange rate on the received flows.

Radius of minimal healing.

then, if it looks like this.

Ignoring the exchange rate, despite the fact that there will be a generally stable level in the long-term perspective, is entirely justified, for example, for the assets of foreign branches, and the remainder of such assets may or make it lineless.

If the exchange rate of the currency fluctuates between the constant level (when looking at the current hour), then, for example, for a British investor who takes a loan from US dollars, the situation will appear unpleasant if the repayment term arrives at the moment US dollar exchange rate pound sterling will be particularly high.

Assets and liabilities, which cannot be considered as non-strings, especially since the lines of their repayment cannot be changed, create an exchange rate with the currency rizik, so in this case, the diversified foreign currency rizik will be the object of insurance.

The exchange rate risk is the value of the exchange rate of peso assets, which is related to penny flows, with non-transferable changes in the exchange rate.

For example, the company may check for international sales

The main characteristic of the transaction is related to the change in the exchange rate of the company's current income before the unplanned change in exchange rates. For example, if a company buys or sells a product in another country, say, the United States, if there is a change in the currency in which it was specified in the contract, the products change their zbutova kompaniya Yak stink buyer can earn money But it is important to prepare according to the type of change that is being processed. In addition to the subsum rate method, the time-hour method transfers that foreign branches are independent from the company.

, Plyvayuchi on vartіst asset, goiter'yazan.

in different countries given the sphere.

additional information

Currencies are steadily fluctuating through low factors such as.

In the foreign exchange market, there are two main segments, which pass between contracts and regulations, and which represent two specific groups of transactions and two different prices and exchange rates.

The insignificance of the risk of exporting in national currency, since the invoice for it is issued in a foreign currency, can stream export, leaving it doubtful that the goods will be sold as a profit.

The insignificance of the price for imports in national currency, the price is set in foreign currency, there is a greater risk of expenses for imports, and the price may not appear in the transfer to the national currency rent

Thus, the insignificance of the exchange rate can interfere with international trade.

When carrying out export operations, take into account the price of the national currency of the exporter, but transfer the foreign exchange risk of the importer.

In addition, the depreciation of foreign currency, which supports income from the export of goods from the exchange rate to the national currency, is accompanied by an increase in the exchange rate of the national currency and leads to an increase in the price of exports in foreign currency and, which reduces its competitiveness.

A particularly strong effect will be for the sake of the minds, sensitive to price changes.

· translation and accounting risks that arise during the revaluation of assets and liabilities and the balance of “profits and earnings” of foreign branches;

· Risks of forfeiting that arise if the exporter sells to the forfeiter without the right of recourse a foreign purchase of bourgeois crops, which is one of the ways of financing foreign trade operations based on the transfer of bourgeois crops 'yazan.

To protect themselves from foreign exchange risks, companies and banks will stagnate different methods regulation and insurance of currency risks, such as: setting limits on currency transactions, a mutual exchange of purchases and sales of currencies for an asset and a liability, based on the “netting” method, which is aimed at maximizing the shortening of the number of currencies in addition to their enlargement, and, especially, as a hedging tool.

Currency risk (English exchange risks) - the risk of foreign exchange losses as a result of changes in the exchange rate during the period between the signing and signing of a credit agreement and an external trade contract.

The foreign exchange rizik is subject to grievances from counterparties. For the exporter, the foreign exchange rizik is subject to resentment.

blames for the decrease in the currency price of one hundred percent of the payment currency, because

It deducts less of the real amount, equal to the contract amount.

A similar currency risk for the creditor, which risks not withdrawing the equivalent of the amount transferred from the creditor to the owner.

As a matter of fact, the foreign exchange risk of the importer and the borrower for loans is stated when the exchange rate of the price (position) is adjusted to the same as the payment currency, because

7.2.

Insuring foreign exchange risks

• Practice has developed a variety of methods for insuring foreign exchange risks:
• Monetary, financial and payment minds of foreign economic countries,
• Zahisni guarded,

Hedzhuvannya.

Monetary, financial and payment minds of foreign economic countries. These are the conclusions fixed in the contract as a result of the negotiations between the participants. For the sake of these minds, the depth of interests of the counterparties is manifested.

For example, the exporter pragne otrimati maxim, the amount of currency in

• shortest term
• and the importer pays the least amount, expeditiously picks up the goods and delays payment until the time of sale.
• The choice of minds depends on the nature of economic and political transactions between countries, the balance of forces of counterparties and the level of their competence, as well as the traditions and characteristics of international trade we will give the goods.
• Monetary, financial and payment systems of foreign economic countries include the following main elements:
• currency price;
• payment currency;

understand the payment;

koshti payment:

Disaggregate: ready payments (payments against diverted or withdrawn goods or against documents that confirm the valorization of the goods under the terms of the contract) and payments due on the loan in the form of payment line (credit The bills are drawn up with a simple or a bill of exchange, which the importer signs).

When payments appear to be in advance, the importer credits the exporter, and when payments are made on the open account, the buyer credits the buyer.

An alternative form of disbursement is a loan with a ready payment option (in which the importer has the right to delay the payment, and spends the reduction that is due upon payment). Payment methods for international transactions include: bills of exchange, money orders, bank transfers (telegraphic and postal), checks, etc. The greatest folding part payment authorities for the contract - choosing the form of international contracts and formulating the details of their implementation.

Linking the interests of counterparties among international economies.

and their organization mutual payments implemented by the choice of minds to please. The effectiveness of foreign economic activity lies beneath them.

Stay guarded. A different type of security guard, based on the fixation of the gold exchange rate for the payment on the date of the contract and the transfer of the payment amount in proportion to the change of the gold exchange rate on the date of the contract.

With direct gold detection, the amount of crops was equal to the total amount of gold (after the Other World War, 1 ton of wheat - up to 65-70 g of pure gold). With indirect gold backing, the amount of the loan, expressed in the currency, was over-insurance: the amount of payment was expected to be proportional to the change in the gold value of the currency (equivalent to the dollar) or decreased with this change. In some countries, the stagnation of the gold deposit was fenced off by legislation. The gold backing was based on official gold parities - the exchange rates of currencies for their gold exchange, from 1934 to 1976. were established on the basis of the official price of gold, expressed in dollars.

As a result of sharp fluctuations in the market price of gold, partly devaluations in the minds of the crisis of the Bretton Woods system, gold custody lost its power against the currency exchange rate.In connection with the Jamaican currency reform, which reduced the parity of gold among the IMF member countries and the official price of gold, the gold reserve ceased to stagnate. For example, the contract amounted to 10 thousand. dollars, payment in pounds sterling.

As a result of the devaluation of the dollar by 7.89% in 1971. The exchange rate for payment increased by 8.57%. The payment amount changes proportionally until the exchange rate of the security currency decreases (by 7.89%), and the exporter recognizes the loss. However, since the currency of the price is pound sterling, and the currency of payment is the dollar, then the exporter benefits from the predicted devaluation, as the amount of payment increases by 8.57% in proportion to the increase in the exchange rate of the price currency, as acts as a secured currency.

In the minds of people, the instability of floating exchange rates has increased

In the minds of the Brettonwood currency systems of the Mijet -people, the olignitsi, it was a dumb above the golden chin of the serpent of the submarine of the abstract to the worship of the zmizist (setting up, to the US Dular, Swiss Frank).

The results were determined according to the size of penny payments, including contributions to international organizations, loans, assistance, prices, etc.

At this time, the amount of payments was reinsuranced to the constant intellectual value of the currency unit, as with a gold backing.

In the case of a large currency reserve, in order to protect against currency risks, the principle of equalizing the exchange rate of the price in relation to the currency cat at the time of payment and the rate on the day of signing the contract is established. Such a precaution is formulated approximately like this: “The price of the contract is set based on the fact that the value of the currency box on the day of signing is to become the same unit of currency price.

1. If on the day of payment the value of the currency box changes, then the currency payment will be changed in the same proportion.”
2. Commodity price control –

There is also compensation for insuring currency risks when lending: the amount of the loan is related to the price of the foreign currency of the product that is supplied for repayment of the loan, so as not to change the price of the amount ice kolivan prices and exchange rates.

However, in this case, there is a unilateral benefit for counterparties who buy the products of enterprises established on the basis of compensation.

A combined currency and commodity system is used to regulate the amount of payment due to changes in both commodity prices and exchange rates.

If prices and rates change in one direction, then the amount of money is overinsurance for the greatest possible amount of care;

If their dynamics are not directly avoided, then the payment amount is changed to the difference between the selected prices and rates.

Large corporations and banks invest part of their assets (up to 10%) in order to insure the currency risk, in order to increase the price of gold in order to cover possible surpluses associated with the instability of currencies that enter their warehouse current assets.

Hedjuvannya

This is the insurance of the risks of change in prices by laying the land on the markets.

For example, a Russian export company enters into a foreign trade contract with an American company for the supply of oil in the amount of $2 million.

and take away the proceeds from the lines 90 days after the post.

In this way, it helps to create a long-term currency position, since it is not known what amount in rubles will be withdrawn in 3 months due to the conversion of the withdrawal of dollars.< FR = 27,50 руб/долл

To hedge the currency risk, the Russian company enters into a forward currency contract for 90 days for sales of $1 million. at the rate FR = 27.50 rub/dol.

The company is closing half of its long-term foreign exchange position by doing so.

1) The result of the exporting company selling foreign currency at the rate FSR1=27.30 rubles/dollars.

Gotivkova for the sale of the first part of the foreign exchange earnings of 1,000,000 dollars at the rate of 27.30 rubles/dollar.

Result R1 = 1000000 * 27.30 = 27300000 rub.

Final result R0 = R1 + R2 = 27300000 + 27500000 = 54800000 rub.

Yakbi did not fit the terminology, then all currency was sold at the rate of 27.30 rubles/dollar.

Result R`0 = 2,000,000 * 27.30 = 54,600,000. Then, at the hour of setting the term, the seller of the currency won 54,800,000 – 54,600,000 = 200,000 rubles.

2) The result of the exporting company selling currency at the rate FSR2 = FR = 27.50 rubles/dollar

All foreign exchange earnings were sold at the rate of 27.50 rubles/dollar.

R0 = R1 + R2 = 27500000 + 27500000 = 55000000 rub.

In this case, the seller of foreign currency cannot win or lose.

3) The result of the exporting company selling foreign currency at the rate of FSR3 = 27.70 rubles/dollars.

The result of the currency position is positive for the bank, since it has a long-term position in the currency, the rate of which has moved up.

However, this winning can only be fully realized if all currency positions are closed at current rates. This operation is called the realization of profit (profit = taking) and must be carried out during periods of active changes in the exchange rate of the currency, changing its dynamics, as well as its dynamics are constantly changing in the opposite direction..

The maintenance of long or short positions in any currencies for many days, sometimes during the current year, is considered as currency speculation, aimed at removing profits from changes in rates, which sometimes reach many hundreds of points throughout the day.

Point – the difference is one unit in the fourth digit after the coma in most quotes;

one hundred points, then. another sign after komi is represented by a number, a figure.

Sometimes during the day, banks create currency positions of a speculative nature several times, closing them to realize profits and opening them again, as market trends tend to eliminate profits. The regulation of the limit of open currency positions is regulated by the banking authorities according to the methods

currency regulation

Behind the additional closed currency position (OCP), the currency risks of credit institutions are regulated.

Such regulation is carried out in three main ways: 1) according to the order of the development of the ORP; 2) establishment of redox potential limits;

The aggregate positions are divided into: the aggregate balance sheet (the total value of the net balance sheet and net spot position) and the total off-balance sheet position (the total value of the net term, net option, net guarantee position).

Vidkrit" currency position(OVP) arises from the great difference between the assets and liabilities of the bank of the current currency and the difference between their values.

ORP is determined by summing all net positions with the position sign adjusted.

“Balancing” position is a value that is coeval with the values ​​and proximal to the ORP sign. The balancing position is calculated using the ORP adjusted to the current currency. There is a significant difference between the absolute value of the sum of all long-closed positions and the absolute value of the sum of all short-closed positions in the ruble price.

The total value of all other positions (including the balancing position in

Russian rubles

Zobov'yazannya Sukupna off-balance sheet

Open currency position Balancing position

The position is the difference between the amounts of assets and liabilities in a given currency, shown on balance sheets. Clean spot

position and another warehouse aggregate balance position.

The benefit of "SWAP" consists of two benefits: (1) a cash benefit with a secure supply of goods.

Insure is insured on a system-by-system basis until the currency exchange date and in the balance sheet on the currency exchange date.(2) terminology, since until the collapse of the capital, the funds are insured on off-balance sheet accounts, and on the date of collapse - on the balance sheet.

So, SVOP and enroll in AFP at different skin stages please.

Clean position before guarantees

is measured as the difference between the value of withdrawals and the value of certain non-deductible guarantees denominated in this currency.

Clean balance sheet The withdrawal of guarantees is included until the expansion of the net position from the moment of the first non-payment of the loan for which the guarantee is withdrawn or a reasoned assessment of the impossibility of reducing the position's debt.

The withdrawal of the guarantee before inclusion before the expansion of the net position is subject to the coefficient assigned to the coefficient of the risk group for the positional liability for the security of which the guarantee has been withdrawn.

These guarantees are included until the decomposition of the net position from the moment when, based on a reasoned assessment, the credibility of the beneficiary’s submission is determined to pay a penny amount.

The motivated assessment can be based on information about non-vikonannya (zatrimka vikonnannya) based on the principle of one’s demands, incl.

do not care about this guarantee completely.

The position is indicated inclusively on the basis of any requirement for an “option” type operation.

Regardless of the fact that the options are located before the term operations, the option positions are displayed in the adjacent graph.

In the case of open currency positions in the case of options, the value is determined based on the certainty of the implementation of the option agreement.

W - the amount of the option that is included before the expansion of the covered currency position,

OP – Option price (option amount for the contract)

Δ - delta coefficient, the value of which changes from “0” to “1” depending on the reliability of the implementation of the option contract.< 0;

\

If Δ = 0, then the reliability of implementation is higher than 0 (the situation is “deep-out-of-the-money” - “far from pennies”)

Operations that involve entering into a closed currency position.

Foreign currency surpluses on balance sheet accounts in which loans issued in foreign currency are recorded are included before the expansion of the open currency position, as well as any other currency account.

In this case, loans in foreign currency without conversion do not change the value of the underlying currency position, and the remainder of the amount on currency levels in the asset “transfers” from one level to another.

The current foreign currency is included prior to the expansion of the underlying currency position, increasing the long (or short) position in the underlying foreign currency.

Similarly, when the bank carries out currency exchange operations with the ready foreign currency, its purchases increase the long-term (changes the short) currency position in the amount of the purchase, and the sales increase the short (changes є long) currency position.

Purchase/sale of ready foreign currency in another bank for ready and unready rubles or for other foreign currency is added to the OVP in the same way as transactions with the purchase and sale of currency from physical banks b.

The purchase and sale of traveler's checks injects into the open currency position, since this operation is carried out with foreign exchange, then.

Traveler's checks from this foreign currency were purchased for Russian rubles.

• All total and other real income in foreign currency as of the date of their withdrawal are added to the open currency position. Arranged, unless withdrawn, income from future periods does not flow into the general profit margin.;
• In the same way, all payments and other actually paid expenses in foreign currency are added to the date of payment.
• Charged, if not paid, expenses of future periods will not be included in the general liability insurance.
  • The use of foreign currency for the acquisition of tangible assets and capital expenditures flows into the value of the open currency position, the remainder of which is the foreign currency “ide” from the balance sheet.
  • Thus, the following operations are involved in changing a currency position:
• deduction of monthly and other income from
• foreign currencies

calculation of interest and payment of operating expenses, as well as expenses for the addition of foreign currencies; For each foreign currency, the OVP will be insured separately, then its assessment will be carried out in the national currency - Russian rubles for a further higher level of the foreign exchange capital risk, which is controlled by the Bank of Russia.

Let's look at the butt (div. table 11.5).

Final data: capital (vlasnі koshti) - 30,000,000 rub.

Output data for the butt of the ORP breakdown

AT ONCE in rubles. Position opened in Russian rubles (item that balances)

Total value of these currency positions, in rubles

Setting limits.

• By exchanging the currency exchange rate, ZVP limits are established.
• Approaches to the regulation of the currency exchange rate should be based on international banking practice, as well as the recommendations of the Basel Committee on the supervision of banking activities.

In Great Britain, the OCP parameters are between the values ​​of 10% and 15% of the bank’s capital (apparently in other currencies and for the total value of foreign exchange positions), in France – 15% and 40%, in the Netherlands – 25%.

The Bank of Russia maintains separate control over the ready and term currency risks for which commercial banks have established such limits at the end of each transaction day

the total value of all long (all short) currency positions may exceed 20% of the bank’s capital.

The long-term (short) open currency position in several foreign currencies (including the balance position in Russian rubles) may exceed 10% of the bank’s capital.

At the end of each working day, we will consider the following indicators: a) total balance sheet position;

b) aggregate off-balance sheet position;

c) open currency position;

d) balancing position in Russian rubles.

Our example:

ORP for dovga dollars +8%.

• Chi does not exceed the limit.
• long position in the national currency (short in foreign currency) – the sale of currency is shifted over purchases (in order to reduce the imported capital);

Currency position for banks is 2000 rubles. was close to 1 billion dollars, for non-banks - close to 10 billion dollars.

Visnovki.

Foreign exchange risk is the risk of foreign exchange losses due to changes in the exchange rate during the period between the signing and signing of a credit agreement and an external trade contract.

The practice of MVKO has developed a variety of methods for insuring foreign exchange risks: Monetary, financial and payment intelligence of foreign economic countries, Insurance protection, Hedgevania.

The relationship with the bank, including its assets, off-balance sheet transactions, in foreign currency means its currency position.

In case of a specific currency, the currency position is considered closed, and in other cases - open.

A closed currency position can be short because the liabilities and obligations of the sold currency outweigh the assets available to it, and for a long time, because the assets available to the purchased currency outweigh the liabilities and obligations.

A short currency position can be offset by a long position, as long as the terms and currency of these positions are avoided.

1. The following operations are involved in changing the currency position: withdrawal of hundreds of dollars and other income in foreign currencies;
2. calculation of interest and payment of operating expenses, as well as expenses for the addition of foreign currencies;
3. conversion operations, cancellation and guarantees are provided
4. With the help of additional OCP limits, a short position in the national currency (foreign currency) can be divided - a shift in currency purchases over sales (in order to exchange foreign capital) or a long position in the national currency (short in foreign currency) - overweighting the sale of currency over purchases (to limit imported capital );
5. Food for self-checking:
6. Give the foreign exchange reserve to the rizik.
7. How is the foreign exchange risk insured for the additional instrument “monetary, financial and payment minds of foreign economic interests”?
How is the foreign exchange risk insured for the additional instrument of “damage protection”?