{"id":21245,"date":"2023-05-28T00:32:04","date_gmt":"2023-05-27T22:32:04","guid":{"rendered":"https:\/\/www.euroekonom.sk\/?p=21245"},"modified":"2024-05-13T14:56:54","modified_gmt":"2024-05-13T12:56:54","slug":"drobni-investori-vs-hedzove-fondy-udalosti-okolo-akcii-gamestop-a-amc","status":"publish","type":"post","link":"https:\/\/www.vrtulniky.sk\/news\/drobni-investori-vs-hedzove-fondy-udalosti-okolo-akcii-gamestop-a-amc\/","title":{"rendered":"Drobn\u00ed investori vs. hed\u017eov\u00e9 fondy: Udalosti okolo akci\u00ed GameStop a AMC"},"content":{"rendered":"<p><span lang=\"PL\">Bratislava, 2021.02.03 &#8211; <\/span>Rozhovor s Filipom Kaczmarzykom, \u010dlenom predstavenstva XTB a ved\u00facim obchodn\u00e9ho oddelenia o tom, ako prebiehal pump and dump na akci\u00e1ch GameStop a AMC.<\/p>\n<h3>1. Mohli by ste stru\u010dne op\u00edsa\u0165 ned\u00e1vnu situ\u00e1ciu na akciovom trhu \u2013 \u010do sa stalo v USA s akciami GameStop alebo AMC? Ak\u00fa \u00falohu v tomto procese hrala komunita f\u00f3ra Reddit?<\/h3>\n<p>Je zrejm\u00e9, \u017ee mus\u00edme za\u010da\u0165 s komunitou Redditu, preto\u017ee je kore\u0148om s\u00e9rie udalost\u00ed, ktor\u00e9 sa ned\u00e1vno stali na trhoch. Stalo sa to, \u017ee \u010dlenovia f\u00f3ra rozhodli, \u017ee je \u010das uk\u00e1za\u0165 ve\u013ek\u00fdm <a href=\"https:\/\/www.euroekonom.sk\/financie\/investicne-strategie\/hedgingove-strategie\/\">hed\u017eov\u00fdm fondom<\/a> a investi\u010dn\u00fdm bank\u00e1m, \u017ee akciov\u00e9 trhy nie s\u00fa iba ich. T\u00edto \u010dlenovia tvrdia, \u017ee je neprijate\u013en\u00e9, aby ve\u013ek\u00e9 banky shortovali akcie, a tak chceli, aby spolo\u010dnosti skrachovali. V pl\u00e1ne bolo vybra\u0165 akciu, na ktor\u00e9 je z\u00e1ujem shortova\u0165 vysok\u00fd a celkov\u00fd bchodovan\u00fd objem relat\u00edvne n\u00edzky, a pok\u00fasi\u0165 sa zdvihn\u00fa\u0165 jej cenu tak, aby boli po\u0161koden\u00ed <a href=\"https:\/\/www.euroekonom.sk\/financie\/strategia-financneho-investovania\/\">predajcovia short poz\u00edci\u00ed<\/a>. Ak s\u00fa objemy n\u00edzke a objedn\u00e1vky na trhu slab\u00e9, je ve\u013emi \u013eahk\u00e9 posun\u00fa\u0165 tento trh jedn\u00fdm alebo druh\u00fdm smerom, najm\u00e4 pre organizovan\u00fa skupinu investorov. T\u00fdmto k\u013e\u00fa\u010dom bol zvolen\u00fd pr\u00e1ve GME. GameStop prev\u00e1dzkuje sie\u0165 hern\u00fdch obchodov po celej USA, tak\u017ee sa v\u0161etci m\u00f4\u017eeme zhodn\u00fa\u0165 na tom, \u017ee s pr\u00edchodom digit\u00e1lnej \u00e9ry by mohol by\u0165 \u010doskoro tam, kde je Kodak pr\u00e1ve teraz. Minul\u00fd rok sa akcia obchodovala za 4 USD.<br \/>\nMedzit\u00fdm vzr\u00e1stla v ur\u010ditom okamihu na viac ako 450 USD. V\u010faka investorom z Redditu a mechanizmom short poz\u00edci\u00ed sa vytvoril tlak, ktor\u00fd pop\u00ed\u0161em nesk\u00f4r. Za\u010dnime v\u0161ak kr\u00e1tkym vysvetlen\u00edm samotn\u00e9ho mechanizmu short poz\u00edcie. Ke\u010f si investor mysl\u00ed, \u017ee dan\u00e1 akcia bude klesa\u0165 na cene, m\u00f4\u017ee n\u00e1js\u0165 niekoho, od koho akcie zapo\u017ei\u010dia a pred\u00e1. Samozrejmos\u0165ou je drobn\u00e1 prov\u00edzia za toto zapo\u017ei\u010danie. Ke\u010f potom cena akcie skuto\u010dne poklesne, k\u00fapi ju sp\u00e4\u0165 za ni\u017e\u0161iu cenu a vr\u00e1ti vlastn\u00edkovi. Jeho zisk je rozdiel medzi k\u00fapnou a predajnou cenou m\u00ednus prov\u00edzia z tejto p\u00f4\u017ei\u010dky. Trik v\u0161ak spo\u010d\u00edva v tom, \u017ee <a href=\"https:\/\/www.euroekonom.sk\/financie\/investicne-strategie\/tradingove-strategie-2\/\">kr\u00e1tky predaj alebo takzvan\u00fd short selling<\/a> nie je v\u0161eobecne pr\u00edstupn\u00fd pre v\u0161etk\u00fdch. Spravidla s\u00fa to ve\u013ek\u00e9 in\u0161tit\u00facie, ako s\u00fa banky alebo fondy. Tieto in\u0161tit\u00facie nahlasuj\u00fa regula\u010dn\u00e9mu org\u00e1nu celkov\u00fa v\u00fd\u0161ku vlastn\u00e9ho imania, ktor\u00fa shortuj\u00fa, a tieto \u00fadaje s\u00fa \u0161iroko dostupn\u00e9 pre verejnos\u0165.<br \/>\nVr\u00e1\u0165me sa sp\u00e4\u0165 k f\u00f3ru. \u010clenovia tohto f\u00f3ra za\u010dali nakupova\u0165 ve\u013ek\u00e9 mno\u017estv\u00e1 GME, \u010do cenu zjavne zv\u00fd\u0161ilo v\u010faka n\u00edzkemu po\u010dtu objedn\u00e1vok na trhu. Predajcovia cenn\u00fdch papierov samozrejme zaznamenali na svojich kr\u00e1tkych poz\u00edci\u00e1ch stratu. Mus\u00edme ma\u0165 na pam\u00e4ti, \u017ee ak m\u00e1me kr\u00e1tku poz\u00edciu, mus\u00edme necha\u0165 nejak\u00fa z\u00e1bezpeku (z\u00e1lohu, alebo margin) u svojho brokera, aby vedel, \u017ee sme schopn\u00ed doru\u010di\u0165 hotovos\u0165 v de\u0148 v\u00fdplaty. \u010c\u00edm vy\u0161\u0161ia je cena GME, t\u00fdm viac rezerv museli in\u0161tit\u00facie vklada\u0165. Bohu\u017eia\u013e, nie ka\u017ed\u00fd je schopn\u00fd dr\u017ea\u0165 stratov\u00fa poz\u00edciu donekone\u010dna. Niektor\u00ed zo short predajcov sa rozhodli uzavrie\u0165 svoje poz\u00edcie. A samozrejme, aby ste uzavreli kr\u00e1tku poz\u00edciu, mus\u00edte si k\u00fapi\u0165 akcie, \u010do samozrejme zvy\u0161uje ich cenu a to je presne ten moment, na ktor\u00fd investori z Redditu \u010dakali. Tento mechanizmus sa naz\u00fdva short squeeze. Zd\u00a7 sa, \u017ee f\u00f3rum Reddit bolo vo ve\u013ekej miere iba ve\u013ekou iskrou a to, \u010do sa stalo nesk\u00f4r, bol prirodzen\u00fd trhov\u00fd mechanizmus, ktor\u00fd in\u0161titucion\u00e1lni investori skuto\u010dne nezoh\u013eadnili.<br \/>\nAkon\u00e1hle tento vzorec fungoval pre GME, f\u00f3rum samozrejme za\u010dalo vybera\u0165 \u010fal\u0161ie akcie a akt\u00edva, tak\u017ee sa tento probl\u00e9m preniesol aj na \u010fal\u0161ie trhy.<\/p>\n<h3>2. Zaznamenalo XTB zv\u00fd\u0161enie po\u010dtu nov\u00fdch klientov z d\u00f4vodu tejto situ\u00e1cie? Mnoho brokerov zablkovalo mo\u017enos\u0165 registr\u00e1cie re\u00e1lnych \u00fa\u010dtov z d\u00f4vodu, aby chr\u00e1nil stabilitu svojich obchodn\u00fdch syst\u00e9mov.<\/h3>\n<p>Aby sme si dok\u00e1zali predstavi\u0165 t\u00fato situ\u00e1ciu, pozrime sa na nasleduj\u00face \u010d\u00edsla. Po\u010das jedn\u00e9ho d\u0148a sme mali 2500 objedn\u00e1vok v kr\u00e1tkom \u010dase, ktor\u00e9 boli umiestnen\u00e9 na GME \u010di AMC pri otvoren\u00ed americk\u00e9ho trhu. To n\u00e1m ukazuje, o akom ve\u013ekom \u0161ialenstve hovor\u00edme. V\u0161etci chceli tieto akcie obchodova\u0165. Navy\u0161e sme mali aj z\u00e1kazn\u00edkov, ktor\u00ed si otv\u00e1rali \u00fa\u010dty len kv\u00f4li dan\u00fdm akci\u00e1m. M\u00f4\u017eeme teda ur\u010dite hovori\u0165 o zv\u00fd\u0161enom z\u00e1ujme. Pod\u013ea m\u00f4jho n\u00e1zoru je ale d\u00f4le\u017eitej\u0161ie, ako sa n\u00e1m podarilo zvl\u00e1dnu\u0165 obsluhu nov\u00fdch ale aj existuj\u00facich klientov. Ka\u017ed\u00fdm d\u0148om dosahovali na\u0161e syst\u00e9my nov\u00e9 maxim\u00e1 z poh\u013eadu po\u010dtu pou\u017e\u00edvate\u013eov online. Aby sme procesy zjednodu\u0161ili, tak sme sa rozhodli okam\u017eite upgradova\u0165 na\u0161u technick\u00fa infra\u0161trukt\u00faru, aby sme zlep\u0161ili celkov\u00fa kapacitu syst\u00e9mov. R\u00e1d by som povedal, \u017ee sme t\u00fdmto obdob\u00edm pre\u0161li bez v\u00e4\u010d\u0161\u00edch probl\u00e9mov a na\u0161i klienti mali neust\u00e1ly pr\u00edstup ku svojim portf\u00f3li\u00e1m. Na rozdiel od niektor\u00fdch brokerov na trhu sme pokra\u010dovali v naberan\u00ed nov\u00fdch klientov a zabezpe\u010dovali sme stabiln\u00e9 obchodn\u00e9 podmienky pre existuj\u00facich klientov. Sme schopn\u00ed dokonale zvl\u00e1dnu\u0165 ove\u013ea viac a \u010dak\u00e1me na nov\u00fdch klientov s kompletnou ponukou. Nane\u0161tastie sa mus\u00edm prizna\u0165, \u017ee vzh\u013eadom na vysok\u00fd po\u010det nov\u00fdch registr\u00e1ci\u00ed je \u010das potrebn\u00fd na overenie v\u0161etk\u00fdch \u00fadajov klienta v s\u00fa\u010dasnosti dlh\u0161\u00ed a m\u00f4\u017ee trva\u0165 a\u017e 24 hod\u00edn.<\/p>\n<h3>3. V jednom okamihu mnoho brokerov zablokovalo mo\u017enos\u0165 investovania do uveden\u00fdch akci\u00ed. Ako to vyzeralo v pr\u00edpade XTB?<\/h3>\n<p>XTB p\u00f4sob\u00ed v pr\u00edpade akci\u00ed a akciov\u00fdch CFD ako broker \u2013 agent. Spolupracujeme s r\u00f4znymi protistranami, aby sme zaru\u010dili realiz\u00e1ciu klientsk\u00fdch pokynov priamo na trhu. Hlavn\u00fdm probl\u00e9mom na trhu bolo, \u017ee americk\u00ed brokeri zablokovali obchodovanie na t\u00fdchto akci\u00e1ch. D\u00f4vod bol ve\u013emi jednoduch\u00fd a netreba tu h\u013eada\u0165 \u017eiadne skryt\u00e9 d\u00f4vody. Z d\u00f4vodu zv\u00fd\u0161enej volatility a vysok\u00fdch objemov museli clearingov\u00e9 domy nav\u00fd\u0161i\u0165 mar\u017eov\u00e9 po\u017eiadavky aby dok\u00e1zali zabezpe\u010di\u0165 p\u00e1rovanie a vysporiadanie objedn\u00e1vok. Preto\u017ee brokeri mali probl\u00e9my so zlo\u017een\u00edm v\u00e4\u010d\u0161ieho kolater\u00e1lu, museli obmedzi\u0165 obchodovanie. To je pravdepodobne nie\u010do, na \u010do nikto na f\u00f3re Reddit nemyslel aj napriek tomu, \u017ee to m\u00e1 dopad na cel\u00fd tento pl\u00e1n.<br \/>\nXTB a jeho brokerom sa podarilo zosta\u0165 na vrchole celej situ\u00e1cie. Nikdy sme \u017eiadne obchodovanie neobmedzili. Do\u0161lo s\u00edce k miernym oneskoreniam, ktor\u00e9 boli samozrejme v\u00fdsledkom vy\u0161\u0161\u00edch objemov na trhu a obmedzen\u00ed americk\u00fdch brokerov, ktor\u00ed obchody realizovali, av\u0161ak nakoniec sa podarilo dosta\u0165 v\u0161etk\u00fdm klientom do svojich portf\u00f3li\u00ed po\u017eadovan\u00e9 akcie.<\/p>\n<h3>4. Ak\u00fd ve\u013ek\u00fd bol z\u00e1ujem Va\u0161ich klientov o akcie GameStop a AMC?<\/h3>\n<p>Je jasn\u00e9, \u017ee GME bola na\u0161ou najobchodovanej\u0161ou akciou od 25. janu\u00e1ra. Spolu s AMC tvorili viac ako 20 % zobchodovan\u00e9ho objemu z akci\u00ed. GME patrila len v janu\u00e1ri medzi 3 najob\u013e\u00fabenej\u0161ie akcie v ka\u017edej XTB pobo\u010dke. A nezabudnite, \u017ee v\u00e4\u010d\u0161ina obchodov sa realizovala hlavne po\u010das posledn\u00e9ho t\u00fd\u017ed\u0148a v mesiaci. Ako som u\u017e spom\u00ednal, mali sme nov\u00fdch klientov, ktor\u00ed sa p\u00fdtali na BANG (BB, AMC, NOK, GME), lebo si chceli otvori\u0165 \u00fa\u010det len kv\u00f4li t\u00fdmto firm\u00e1m.<\/p>\n<h3>5. Ve\u013ea brokerov, ktor\u00ed zablokovali mo\u017enos\u0165 investovania do t\u00fdchto akci\u00ed, stratilo d\u00f4veru klientov. \u010co si mysl\u00edte o tom, \u010do to m\u00f4\u017ee znamena\u0165 pre nich a trh, na ktorom XTB p\u00f4sob\u00ed?<\/h3>\n<p>Brokeri s\u00fa samostatn\u00e9 podniky. Spolo\u010dnosti ako XTB sa odli\u0161uj\u00fa t\u00fdm, ako zvl\u00e1daj\u00fa kr\u00edzy a zlo\u017eit\u00e9 situ\u00e1cie. Sme si plne vedom\u00ed, \u017ee v st\u00e1vke s\u00fa peniaze. Klienti musia vedie\u0165, \u017ee maj\u00fa kedyko\u013evek \u00fapln\u00fd pr\u00edstup k svojim prostriedkom. Okrem toho musia vedie\u0165, \u017ee kedyko\u013evek sa naskytne pr\u00edle\u017eitos\u0165 na trhu, vedia, \u017ee broker zrealizuje ich pokyny. Starostlivos\u0165 o z\u00e1kazn\u00edkov a ich d\u00f4veru je hlavn\u00fdm cie\u013eom v\u0161etk\u00fdch brokerov. Strata d\u00f4very je r\u00fdchla a trv\u00e1 nieko\u013eko min\u00fat. Jej sp\u00e4tn\u00e9 z\u00edskanie v\u0161ak trv\u00e1 ove\u013ea dlh\u0161ie.<\/p>\n<h3>6. \u010co mysl\u00edte, ako t\u00e1to situ\u00e1cia ovplyvn\u00ed v bud\u00facnosti potenci\u00e1lne nov\u00e9 nariadenia na Wall Street?<\/h3>\n<p>To je nie\u010do, nad \u010d\u00edm som v posledn\u00fdch d\u0148och prem\u00fd\u0161\u013eal a ak m\u00e1m by\u0165 \u00faprimn\u00fd, netu\u0161\u00edm, ktorou cestou to m\u00f4\u017ee \u00eds\u0165. M\u00f4\u017eeme s istotou poveda\u0165, \u017ee \u00farad SEC doteraz ni\u010d neurobil. Na druhej strane, je nie\u010do, \u010do mohol urobi\u0165?<br \/>\nM\u00f4\u017eeme s istotou poveda\u0165, \u017ee existuje systematick\u00e9 riziko, nad ktor\u00fdm do tejto chv\u00edle nikto nerozm\u00fd\u0161\u013eal. Obchodovanie sa odkl\u00e1\u0148a od b\u00farz viac smerom k tvorcom trhu a mimoburzov\u00fdm obchodn\u00fdm centr\u00e1m. To umo\u017e\u0148uje in\u0161tit\u00faci\u00e1m ako Robin Hood pon\u00faka\u0165 bezplatn\u00e9 obchodovanie s akciami. Na vyrovnanie obchodov s klientmi sa namiesto ve\u013ek\u00fdch drah\u00fdch b\u00e1nk \u010dasto pou\u017e\u00edvaj\u00fa mal\u00e9 podkapitalizovan\u00e9 in\u0161tit\u00facie, \u010do je \u010fal\u0161ia v\u00fdhoda. Prinajmen\u0161om v\u0161ak m\u00f4\u017eete d\u00f4verova\u0165 aspo\u0148 tomu, \u017ee tieto banky tam bud\u00fa, ak trhy bud\u00fa divok\u00e9.<br \/>\nRegulovanie internetu je zjavne nemo\u017en\u00e9. \u010co je v\u0161ak mo\u017en\u00e9 regulova\u0165, s\u00fa trhy, tvorcovia trhu a clearingov\u00e9 domy. Mysl\u00edm si, \u017ee SEC prijme nov\u00e9 nariadenia t\u00fdkaj\u00face sa minim\u00e1lnych po\u017eiadaviek na kapitaliz\u00e1ciu alebo kolater\u00e1l pre tieto spolo\u010dnosti. SEC nem\u00f4\u017ee zastavi\u0165 toto \u0161ialenstvo, ale m\u00f4\u017ee zaru\u010di\u0165, \u017ee obchodovanie nabud\u00face nebude preru\u0161en\u00e9 alebo \u017ee bude dopad na syst\u00e9m a infra\u0161trukt\u00faru men\u0161\u00ed.<\/p>\n<h3>7. Cel\u00e1 situ\u00e1cia sa \u010dasto prezentuje ako boj medzi Davidom (mal\u00ed investori) a Goli\u00e1\u0161om (ve\u013ek\u00e9 hed\u017eov\u00e9 fondy) a dokonca aj ako historick\u00e1 udalos\u0165. Hovor\u00ed sa, \u017ee existuje mo\u017enos\u0165 opakovania tejto situ\u00e1cie na akci\u00e1ch in\u00fdch spolo\u010dnost\u00ed alebo na striebre. Mysl\u00edte si, \u017ee sa tak\u00e1to situ\u00e1cia soci\u00e1lneho povstania mnoh\u00fdch mal\u00fdch investorov m\u00f4\u017ee v bud\u00facnosti opakova\u0165?<\/h3>\n<p>Ako som povedal na za\u010diatku. V\u0161etko to fungovalo, preto\u017ee vybran\u00e9 trhy mali vysok\u00fd z\u00e1ujem short obchodn\u00edkov a n\u00edzke objemy. To by nebolo mo\u017en\u00e9 pri akci\u00e1ch spolo\u010dnosti Apple alebo Bank of America. Aspo\u0148 tomu ver\u00edm. Z\u00e1rove\u0148 tie\u017e never\u00edm, \u017ee je to mo\u017en\u00e9 so striebrom alebo inou \u0161pi\u010dkovou komoditou. Trhov\u00e1 kapitaliz\u00e1cia t\u00fdchto akt\u00edv je jednoducho pr\u00edli\u0161 vysok\u00e1.<br \/>\nVy\u017eaduje sa tu ove\u013ea vy\u0161\u0161\u00ed po\u010det investorov, ktor\u00ed sa z\u00fa\u010dast\u0148uj\u00fa na takomto syst\u00e9me. F\u00f3rum Reddit sa za posledn\u00fdch p\u00e1r dn\u00ed v\u00fdrazne rozr\u00e1stlo. Trik v\u0161ak spo\u010d\u00edva v tom, \u017ee \u010d\u00edm je skupina v\u00e4\u010d\u0161ia, t\u00fdm je pre niekoho zlo\u017eitej\u0161ie organizova\u0165 ju a koordinova\u0165 cel\u00fd proces. Mysl\u00edm, \u017ee to sa stalo v pondelok na <a href=\"https:\/\/www.euroekonom.sk\/financie\/kryptomeny-a-virtualne-peniaze\/ripple-xrp\/\">Ripple<\/a>. Zabudli sme tie\u017e spomen\u00fa\u0165, \u017ee nie ka\u017ed\u00fd profitoval na \u0161ialenstve GME. Akon\u00e1hle sa o\u0161ia\u013e odvr\u00e1til od akcie, mohli sme vidie\u0165 klesaj\u00facu \u0161pir\u00e1lu v cene a s najv\u00e4\u010d\u0161ou pravdepodobnos\u0165ou sa za chv\u00ed\u013eu akcia vr\u00e1ti sp\u00e4\u0165 na 4 USD. \u010co t\u00ed investori, ktor\u00ed sa pripojili neskoro za 300 USD?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bratislava, 2021.02.03 &#8211; Rozhovor s Filipom Kaczmarzykom, \u010dlenom predstavenstva XTB a ved\u00facim obchodn\u00e9ho oddelenia o tom, ako prebiehal pump and dump na akci\u00e1ch GameStop a &hellip; <\/p>\n","protected":false},"author":7,"featured_media":24765,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,551],"tags":[202,408,83],"class_list":["post-21245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investovanie","category-podnikam","tag-akcie","tag-gamestop","tag-investovanie"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Drobn\u00ed investori vs. hed\u017eov\u00e9 fondy: Udalosti okolo akci\u00ed GameStop a AMC<\/title>\n<meta name=\"description\" content=\"Rozhovor s Filipom Kaczmarzykom, \u010dlenom predstavenstva XTB a ved\u00facim obchodn\u00e9ho oddelenia o pump and dump na akci\u00e1ch GameStop a AMC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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