Opțiuni și swap- uri de dobândă, swap-uri - Traducere în engleză - exemple în română | Reverso Context

opțiuni și swap- uri de dobândă

It maintains a substantial position in swaps for any of the major swap categories.

Traducere "cross-currency interest rate" în română

A swap bank can be an international commercial bank, an investment bank, a merchant bank, or an independent operator. A swap bank serves as either a swap broker or swap dealer. As a broker, the swap bank matches counterparties but does not assume any risk of the swap. The swap broker receives a commission for this service. Today, most swap banks serve as dealers or market makers.

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As a market maker, a swap bank is willing to accept either side of a currency swap, and then later on-sell it, or match it with a counterparty. In this capacity, the swap bank assumes a position in the swap and therefore assumes some risks.

Swap (finance)

The dealer capacity is obviously more risky, and the swap bank would receive a portion of the cash flows passed through it to compensate it for bearing this risk. These reasons seem straightforward and difficult to argue with, especially to the extent that name recognition is truly important in raising funds in the international bond market. Firms using currency swaps have statistically higher levels of long-term foreign-denominated debt than firms that use no currency derivatives.

Financing foreign-currency debt using domestic currency and a currency swap is therefore superior to financing directly with foreign-currency debt. Empirical evidence suggests that the spread between AAA-rated commercial paper floating and A-rated commercial is slightly less than the spread between AAA-rated five-year obligation fixed and an A-rated obligation of the same tenor. These findings suggest that firms with lower higher credit ratings are more likely to pay fixed floating in swaps, and fixed-rate payers would use more short-term debt and have shorter debt maturity than floating-rate payers.

In particular, the A-rated firm would borrow using commercial paper at a spread over the AAA rate and enter into opțiuni și swap- uri de dobândă short-term fixed-for-floating swap as payer. There are also care este data exercițiului opțiunii other types of swaps.

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Interest rate swaps[ edit ] Main article: Interest rate swap A is currently paying floating, but wants to pay fixed. B is currently paying fixed but wants to pay floating. By entering into an interest rate swap, the net result is that each party can 'swap' their existing obligation for their desired obligation. Normally, the parties do not swap payments directly, but rather each sets up a separate swap with a financial intermediary such as a bank. In return for matching the two parties together, the bank takes a spread from the swap payments.

The most common type of swap is an interest rate swap.

Swap pe rata dobânzii - IRS

Some companies may have comparative advantage in fixed rate markets, while other companies have a comparative advantage in floating rate markets. When companies want to borrow, they look for cheap borrowing, i.

However, this may lead to a company borrowing fixed when it wants floating or borrowing floating when it wants fixed. This is where a swap comes in.

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A swap has the effect of transforming a fixed rate loan into a floating rate loan or vice versa. Party A in return makes periodic interest payments based on a fixed rate of 8. The payments are calculated over the notional amount.

Act legislativ

The first rate is called variable because it is reset at the beginning of each interest calculation period to the then current reference ratesuch as LIBOR. In reality, the actual rate received by A and B is slightly lower due to a bank taking a spread. Main article: Basis swap A basis swap involves exchanging floating interest rates based on different money markets.

The principal is not exchanged. The swap effectively limits the interest-rate risk as a result of having differing lending and borrowing rates. Just like interest rate swaps, the currency swaps are also motivated by comparative advantage. Currency swaps entail swapping both principal and interest between the parties, with the cashflows in one direction being in a different currency than those in the opposite direction. It is also a very crucial uniform pattern in individuals and customers.

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Main article: Inflation swap An inflation-linked swap involves exchanging a fixed rate on a principal for an inflation index expressed in monetary terms. The primary objective is to hedge against inflation and interest-rate risk. The vast majority of commodity swaps involve crude oil. Credit Default Swap[ edit ] Main article: Credit default swap An agreement whereby the payer periodically pays premiums, sometimes also or only a one-off or initial opțiuni și swap- uri de dobândă, to the protection seller on a notional principal for a period of time so long as a specified credit event has not occurred.

In the event of default, the payer receives compensation, for example the principal, possibly plus all fixed rate payments until the end of the swap agreement, or any other way that suits the protection buyer or both counterparties. The primary objective of a CDS is to transfer one party's credit exposure to another party.

Subordinated risk swaps[ edit ] A subordinated risk swap SRSor equity risk swap, is a contract in which the buyer or equity holder pays a premium to the seller or silent holder for the option to transfer certain risks.

  • Cel mai simplu mod de a face bani
  • Bucurați-vă de comisioane mici pentru tranzacții mari cu spread-uri restrânse Creare fond simplă Adăugați token-uri în fond pentru a deveni un market maker Câștigați comisioane Câștigați dobânzi și o parte din comisioanele de tranzacție pentru creare fond Întrebări frecvente 1.

These can include any form of equity, management or legal risk of the underlying for example a company. Through execution the equity holder can for example transfer shares, management responsibilities or opțiuni și swap- uri de dobândă. Thus, general and special entrepreneurial risks can be managed, assigned or prematurely hedged. Those instruments are traded over-the-counter OTC and there are only a few specialized investors worldwide.

Main article: Equity swap An agreement to exchange future cash flows between two parties where one leg is an equity-based cash flow such as the performance of a stock asset, a basket of stocks or a stock index. The other leg is typically a fixed-income cash flow such as a benchmark interest rate. Other variations[ edit ] There are myriad different variations on the vanilla swap structure, which are limited only by the imagination of financial engineers and the desire of corporate treasurers and fund managers for exotic structures.

The total return is the capital gain or loss, plus any interest or dividend payments. Note that if the total return is negative, then party A receives this amount from party B.

The parties have exposure to the return of the underlying stock or index, without having to hold the underlying assets. The profit or loss of party B is the same for him as actually owning the underlying asset. These provide one party with the right but not the obligation at a future time to enter into a swap. An amortizing swap is usually an interest rate swap in which the notional principal for the interest payments declines during the life of the swap, perhaps at a rate tied to the prepayment of a mortgage or to an interest rate benchmark such as the LIBOR.

It is suitable to those customers of banks who want to manage the interest rate risk involved in predicted funding requirement, or investment programs. A deferred rate swap is particularly attractive to those users of funds that need funds immediately but do not consider the current rates of interest very attractive and feel that the rates may fall in future. An accreting swap is used by banks which have agreed to lend increasing sums over time to its customers so that they may fund projects.

A forward swap is an agreement created through the synthesis of two swaps differing in duration for the purpose of fulfilling the specific time-frame needs of an investor. Also referred to as a forward start swap, delayed start swap, and a deferred start swap.

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A quanto swap is a cash-settled, cross-currency interest rate swap in which one counterparty pays a foreign interest rate to the other, but the notional amount is in domestic currency. The second party may be paying a fixed or floating rate. For example, a swap in which the notional amount is denominated in Canadian dollars, but where the floating rate is set as USD LIBOR, would be considered a quanto swap.

Quanto swaps are known as differential or rate-differential or diff swaps. A range accrual swap or range accrual note is an agreement to pay a fixed or floating rate while receiving cash flows from a fixed or floating rate which are accrued only on those days where the second rate falls within a preagreed range.

Traducere "swap-uri" în engleză

The received payments are maximized when the second rate stays entirely within the range opțiuni și swap- uri de dobândă the duration of the swap. A three-zone digital swap is a generalization of the range accrual swap, the payer of a fixed rate receives a floating rate if that rate stays within a certain preagreed range, or a fixed rate if the floating rate goes above the range, or a different fixed rate if the floating rate falls below the range. Valuation and Pricing[ edit ] Further information: Interest rate swap § Valuation and pricingAsset swap § Computing the asset swap spreadCredit default swap § Pricing and valuationCurrency swap § Valuation and Pricingand Variance swap § Pricing and valuation Opțiuni și swap- uri de dobândă value of opțiuni și swap- uri de dobândă swap is the net present value NPV of all expected future cash flows, essentially the difference in leg values.

A swap is thus "worth zero" when it is first initiated, otherwise one party would be at an advantage, and arbitrage would be possible; however after this time its value may become positive or negative. For interest rate swaps, there are in fact two methods, which will must return the same value: in terms of bond prices, or as a portfolio of forward contracts. Arbitrage arguments[ edit ] As mentioned, to be arbitrage free, the terms of a swap contract are such that, initially, the NPV of these future cash flows is equal to zero.

Where this is not the case, arbitrage would be possible. For example, consider a plain vanilla fixed-to-floating interest rate swap where Party A pays a fixed rate, and Party B pays a floating rate. In such an agreement the fixed rate would be such that the present value of future fixed rate payments by Party A are equal to the present value of the expected future floating rate payments i.

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Where this is not the case, an ArbitrageurC, could: assume the position with the lower present value of payments, and borrow funds equal to this present value meet the cash flow obligations on the position by using the borrowed funds, and receive the corresponding payments - which have a higher present value use the received payments to repay the debt on the borrowed funds pocket the difference - where the difference between the present value of the loan and the present value of the inflows is the arbitrage profit.

Subsequently, once traded, the price of the Swap must equate to the price of the various corresponding instruments as mentioned above. Where this is not true, an arbitrageur could similarly short sell the overpriced instrument, and use the proceeds to purchase the correctly priced instrument, pocket the difference, and then use payments generated to service the instrument which he is short.

Using bond prices[ edit ] While principal payments are not exchanged in an interest rate swap, assuming that these are received and paid at the end of the swap does not change its value. Thus, from the point of view of the floating-rate payer, a swap is equivalent to a long position in a fixed-rate bond i.

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