Nierzeczywiste transakcje terminowe na światowym i polskim rynku walutowym

• Autorzy: Iwona Sobol

Warianty tytułu

Non-Deliverable Forwards in the World and Polish Currency Markets

• Języki publikacji: PL

Abstrakty

Celem niniejszego artykułu jest przedstawienie, czym są nierzeczywiste transakcje terminowe oraz jak kształtował się ich rozwój na świecie. Na koniec zaprezentowany zostanie polski rynek tych instrumentów. (fragment tekstu)

EN

A forward transaction is an agreement to purchase or sell a foreign currency on a fixed date in the future for a fixed price. A non-deliverable forward (NDF) is similar to a regular forward contract, except that it does not require physical delivery of currencies on the day of settlement. The parties of the NDF contract settle the transaction by making a net payment of the difference between the agreed forward exchange rate and the subsequently realised spot fixing. NDFs are also distinct from traditional forwards in that NDFs are settled in convertible currencies, usually US dollars, outside the direct jurisdiction of the authorities of the corresponding currencies. NDF trading began in the 1990s for currencies with foreign exchange convertibility restrictions, particularly in the emerging economies of Latin America, Asia and Eastern Europe. With controls imposed by local financial authorities and consequently the non-existence of a traditional forward market for non-domestic players, private companies and invertors investing in these economies, were offered NDF contracts which enabled them to hedge their exposure in those countries' currencies. Concluding, it should be emphasised that NDF markets in currencies of countries that allow increased capital convertibility, to the point where currency hedging is fully available onshore, dissipate. It happened to the NDF market for Polish zloty in January 1999 when quite liberal foreign exchange law came into force. (original abstract)

Słowa kluczowe

PL

Transakcje terminowe; Transakcje futures; Instrumenty pochodne; Instrumenty finansowe; Kurs terminowy waluty; Ryzyko kursowe; Rynek walutowy

EN

Forward rate transaction; Futures transactions; Derivatives; Financial instruments; Forward exchange rate; Exchange risk; Foreign Exchange (FX)

• Czasopismo: Zeszyty Naukowe / Uniwersytet Ekonomiczny w Poznaniu
• Rocznik: 2009
• Numer: nr 125
• Strony: 227--236

Twórcy

autor

Iwona Sobol

• Uniwersytet Gdański

Bibliografia

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