ʻO ka mea i kapaʻiaʻo vanilla swap ka mamao loa. ʻO ia ka manawa e pale aku ai kekahi pāʻina pili i nā uku hoʻolimalimaʻana me nā uku uku o ka hapanui o kaʻaha hui.
ʻO ka uku hoʻolimalimaʻana e pili ana i ka Libor ,ʻo ia hoʻi kaʻauhau ukupanee e hoʻopaʻa i kekahi i kekahi no nā wā kālā pōkole. Hoʻopiliʻiaʻo Libor ma luna o ka waihona kālā hānai . ʻO ka hapa liʻiliʻi o nā swaps ma waena o nāʻaoʻao pāpālua a me nā uku uku.
Ua weheweheʻia
I mea e maʻalahi ai ke ho'ākākaʻana, ua kapaʻia ka pāʻina kū'ē e makemake ana e hoʻokaʻawale i kāna uku a me ka loaʻaʻana o ka uku uku uku i kapaʻia he mea hōʻailona a mea kūʻai paha . ʻO ka pāʻina kū'ē e makemake ana e wehe i kāna uku uku-uku,ʻo ia ka mea uku .
Hoʻolālā nā hoa hana i nā loina a iʻole nā lālā o ka nui like. Kāheaʻia kēiaʻano kumuhana manaʻo . Ma kahi mākia, hoʻololi wale lākou i nā uku uku uku,ʻaʻole i ka palapala paʻa.
Eia kekahi,ʻo ka uku o kēia mau kahawaiʻelua e like me ka mea like. ʻO ia keʻano ma luna o ka lōʻihi o ka palapala hoʻopaʻa, e uku like kēlā me kēlā me kēia pā. He mea maʻalahi ke heluʻia me ka palapala hoʻopaʻa hoʻopaʻa manawa no ka mea e like mau ka uku.
He paʻakikī loa ka wānanaʻana me ka hoʻopaʻaʻana o ka liʻiliʻi. Kauʻia ka wai uku uku ma luna o Libor e hiki ke hoʻololi. Ma muli o ka mea a lākou iʻike ai i kēia mau lā, pono nāʻaoʻao aʻelua eʻae aku i kēlā me kēia manaʻo i ka hopena o nā uku kumukūʻai.
Hoʻolālāʻia kekahi kuʻikahi kuikahi maʻamau no ka hoʻokahi a 15 mau makahiki. Hōʻikeʻia kēia i keʻano.
Hiki i ke kaulike ke hoʻopau i kaʻaelike ma mua inā piʻi ka uku kumukūʻai. Akā,ʻaʻohe mea maʻamau i ke ola maoli. (Ke kumu: "E hoʻomaopopo i nā koho kūpono i ka hoʻolālāʻana i ka math a me ke kumu kūʻai ," i ka Commission Counter Advisor and Investment Advisory Commission).
I ka wā i hala, ua loaʻa i nā mea kūʻai a me nā mea kūʻai aku i kekahi i kekahi a ua hōʻuluʻuluʻia paha ma o ka hoʻokomoʻana a me nā kālepaʻoihana kūʻai e uku ana i ka uku no ka lawelaweʻana i kaʻaelike. I ka māna kūʻai o ka hōʻailona o kēia manawa, hana nui nā'āpana nui i mea kūʻai kūʻai a mea kūʻai paha . ʻO ia keʻano o ka hana a ka mea kūʻai aku a me ka mea kūʻai paha. ʻO nā mea kū'ē wale no ka hopohopo e pili ana i ka kūpono o ka hōʻai'ē o ke kāleka aʻaʻoleʻo kaʻaoʻao o ka pāʻani'ē aʻe. Ma mua o ka ukuʻana i kahi uku, e hoʻokumu nā kālepa i nā koi a noi i nā kumukūʻai no kēlā me kēiaʻaoʻao o kaʻaha. (He kumu: "He aha nā mea hoʻolimalima hoʻolimalima kālā a me pehea e hana ai?" "Company Management Company Company, Ianuali 2008.)
Pākuʻi
- ACME Anvil Co. ACME Catapult Corp. 8 pakeneka i hoʻopaʻaʻia.
- ʻO ACME Catapult lā ACME Anvil i ka huina ma kaʻeono mahinaʻo ka Waihona Waihona a me ka 2 pakeneka
- ʻO ka uku no nā makahikiʻekolu, me nā uku i kēlā me kēia mahinaʻeono.
- Aia nāʻaoʻaoʻelua i kahi Kauhana Notional o $ 1 miliona.
| Wā | ʻO ka pākēlua T-Bill | ACME Catapult Corp. Nā lāhui | ACME Anvil Co. Country |
|---|---|---|---|
| 0 | 4% | ||
| 1 | 3% | $ 30,000 | $ 40,000 |
| 2 | 4% | $ 25,000 | $ 40,000 |
| 3 | 5% | $ 30,000 | $ 40,000 |
| 4 | 7% | $ 35,000 | $ 40,000 |
| 5 | 8% | $ 45,000 | $ 40,000 |
| 6 | $ 50,000 | $ 40,000 |
(Source: " Swap Loaʻa Nānā ," Ke KulanuiʻOihana o ke Kulanuiʻo New York, 1999.)
Nā Pōmaikaʻi o nā Una Honua Nānā
Hiki i ka mea loaʻa ke loaʻa kahi palapala me nā mea liʻiliʻi liʻiliʻi ma luna o Libor. Akā paha eʻimi ana paha i ka hiki ke kūpono o ka uku kūpono inā paha heʻoi aʻe ke kiʻekiʻe. Hiki i kēiaʻoihana ke hoʻomaopopo pololei i kāna mau uku. ʻO kēia hoʻoneleʻana i ka pilikia e hoʻonui pinepine i kāna kumukūʻai kālā. ʻO ka uku hoʻomaha mālama e hiki ai i kaʻoihana ke loaʻa kahi'āpana kālā'ālēpili liʻiliʻi i hiki iā ia ke'ō'ō i hope.
Pono e hoʻolahaʻia nā kūkākūkā me ko lākou mau waiwai. Hoʻolālā nā Bank i nā moraki kūpono. No ka mea,ʻaʻole e ukuʻia nā kumukūʻai lōʻihi no nā makahiki he nui, pono i nāʻaina e lawe i nā hōʻai'ē no ka wā pōkole e uku no ka uku o nā lā o kēia lā. ʻO kēia mau haʻawina he launa hoʻolimalima. No kēia kumu, hiki i ka 'āpana ke hoʻokaʻawale i kāna uku kaulike me ka uku o ka hōʻai'ē.
No ka loaʻaʻana o nā kumukūʻai maikaʻi loa, hiki iā lākou keʻike i kaʻoi aku o ka uku o kaʻoihana o kaʻoihana ma mua o ka mea i hōʻai'ēʻia e kaʻaina ma kāna hōʻai'ē pōkole. He hopena lanakila ia no ka panakā.
Hiki i ka mea uku ke loaʻa ka palapala me ka uku ukiuki a me kaʻimiʻana i nā uku e pili kokoke ana iā Libor. Ke manaʻo neiʻo ia e hoʻolōʻihi nā haʻawina no ka mea he makemake ia e lawe i kekahi kūlana'ē aʻe e hiki mai ana i ka wā e hiki mai ana. (Pūnaewele: "Nānā i nā Swaps Loaʻa Kū'ē," MoneyCrashers.com .)
Pēlā hoʻi, e uku aku ka mea uku i nā mea hou inā ua laweʻo ia i kahi hōʻai'ē manawa paʻa. I nā hua'ōlelo'ē aʻe,ʻo ka uku paneʻe ma ka hōʻai'ē'aupili me ka uku o ka mīkini i ka mea maʻalahi ma mua o nā hua'ōlelo i hiki iā ia ke loaʻa ma kahi hōʻai'ē uku. (Source: "Nānā Kānāwai Hiki: Pehea Hana?", ABN-Amro, Mei 2014.)
Nā mea pōmaikaʻi
Hiki i nā kālā hōʻai'ē a me nā poʻe'ēhana'ē aʻe ke hoʻohana i nā swaps e uku ai i ka uku. Hiki iā lākou ke hoʻonui i ka pilikia ma ke kālepa no ka mea hoʻohana lākou i nāʻike love e koi wale i kahi uku liʻiliʻi. Hoʻopilikia lākou i ka hopena o kā lākou'elike e kekahi mea'ē aʻe. ʻO ia ka mea eʻae iā lākou e hoʻonui i ka pilikia no ka meaʻaʻole lākou e hopohopo no ka loaʻaʻana o nā kālā e uku ai i nā mea i loaʻa inā hele kū'ē ke kālepa iā lākou. Inā lanakila, lanakila lākou. Akā, inā e nalowale lākou, hiki iā lākou ke hōʻeha i ka hana o ka mākele māhele e makemake i ka nui o nāʻoihana i ka manawa hoʻokahi.
Ka hopena ma ka US Economy
Aia he $ 421 trillion ma nā loina a me nā nakinaki i komo i loko o nā mīkini. ʻO kēia kahiʻoi aku o ka nui o ke $ 692 trillion ma luna o ka mākeke kūʻai kūʻokoʻa. Ua manaʻoʻia he $ 600 trillion nā mea kūʻai kūʻai. Heʻumi manawa kēia eʻoi aku ana ma mua o ka nui o nā huahana hoʻokele waiwai waiwai o ke ao holoʻokoʻa. ʻO kaʻoiaʻiʻo, 92 pakeneka o nāʻoihana 500 nui loa o ka honua e hoʻohana ana iā lākou no ka emi iho. ʻO kahi laʻana, hiki i ka hoʻoholo a me ka hana kūikawā ke hoʻolaha i ka laweʻana i nā mea waiwai ma kahi iʻaelikeʻia. ʻO keʻano o ka palekana o ka hui inā kū ka uku. Hiki iā lākou ke kākau i nāʻaelike e pale aku iā lākou iho mai nā loli i nā uku kūʻai a me nā uku hoʻolimalima. (Source: "Bank Face New Checks on Derivative Trading," New York Times, Ianuali 3, 2013. " Papa 19: Nā Māhele i Loaʻa i nā Hua'ōlelo OTC ," Bank for International Settlements, June 2014.)
E like me ka hapa nui loa, kēia mauʻaelike he OTC. ʻAʻole like me nā mea paʻa i kauʻia ma luna,ʻaʻole lākou i kālepaʻia ma kahi kūʻai. ʻO ka hopena,ʻaʻohe mea iʻike i ka nui o nā mea e noho nei a iʻole pehea ka hopena i ka hoʻokele waiwai.
Nā lālā'ē aʻe
- ʻO wai ka mea nāna e mālama i nā waihona kālā?
- Pehea e hoʻopili ai nā kālāʻo ka Hedge i ke kūʻai kūʻai?
- Hiki iaʻu ke hoʻokuʻu me kaʻole kahi kālā?
- Pehea e hoʻoulu ai nā kālāʻo ka Hedge i ke kālā?
- Ua Hoʻolilo lākou i ka pilikia kālā?
- He aha ka mea i hana maoli i ka pilikia o nā mokuahi?
- He aha ka hopena o nā mea pili i ka hanaʻana i ka pilikia 2008?
- He aha ka LTCM Hedge Fund Crisis?