{"id":7570,"date":"2022-11-19T03:45:21","date_gmt":"2022-11-19T02:45:21","guid":{"rendered":"https:\/\/www.euroekonom.sk\/?p=7570"},"modified":"2024-05-13T14:58:35","modified_gmt":"2024-05-13T12:58:35","slug":"menove-swapy","status":"publish","type":"post","link":"https:\/\/www.vrtulniky.sk\/news\/menove-swapy\/","title":{"rendered":"Menov\u00e9 swapy"},"content":{"rendered":"<h2>Menov\u00e9 swapy<\/h2>\n<p>V tomto \u010dl\u00e1nku n\u00e1jdete charakteristiku swapov, n\u00e1sledne sa zameriame na menov\u00e9 swapy, ich teoretick\u00e9 vysvetlenie ako aj ich vyu\u017eitie v medzin\u00e1rodnom obchode. Menov\u00e9 swapy s\u00fa do\u010dasn\u00e1 v\u00fdmena jednej meny za druh\u00fa, pri\u010dom v\u00fdmenn\u00fd kurz je fixovan\u00fd a t\u00fdm p\u00e1dom je eliminovan\u00e9 riziko, preto cie\u013eom je op\u00edsa\u0165 druhy menov\u00fdch swapov. V pr\u00e1ci chceme pouk\u00e1za\u0165 aj pr\u00edklady menov\u00fdch swapov.<\/p>\n<h2>Teoretick\u00e9 v\u00fdchodisk\u00e1<\/h2>\n<p>Swapy s\u00fa zalo\u017een\u00e9 na <a href=\"https:\/\/www.euroekonom.sk\/ekonomika\/ekonomicke-teorie\/klasicka-ekonomia\/\">te\u00f3ri\u00ed komparat\u00edvnych v\u00fdhod<\/a>, strany v swapov\u00fdch obchodoch \u010delia \u00faverov\u00e9mu riziku ako aj riziku poz\u00edcie. Swapy s\u00fa syntetick\u00e9 cenn\u00e9 papiere, ktor\u00e9 s\u00fa kombin\u00e1ciou dvoch dokonca aj viacer\u00fdch finan\u010dn\u00fdch n\u00e1strojov, ktor\u00e9 sa vyskytuj\u00fa vo viacer\u00fdch podob\u00e1ch. Swapy s\u00fa najmlad\u0161ie z\u00e1kladn\u00e9 finan\u010dn\u00e9 deriv\u00e1ty.<\/p>\n<h3>Swapov\u00fd obchod<\/h3>\n<p>Swap alebo <a href=\"https:\/\/www.euroekonom.sk\/financie\/investicne-strategie\/swapy-a-urokove-swapy\/\">Swapov\u00fd obchod<\/a>, Swapov\u00e1 oper\u00e1cia alebo Swapov\u00fd kontrakt je pojem pre mimo burzovn\u00e9 finan\u010dn\u00e9 kontrakty uzatvoren\u00e9 medzi dvoma subjektmi o bud\u00facej v\u00fdmene akt\u00edv alebo finan\u010dn\u00e9ho toku za vopred dohodnut\u00fdch podmienok, s vopred dohodnut\u00fdm term\u00ednov a vopred dohodnut\u00fdm sp\u00f4sobom kalkul\u00e1cie pe\u0148a\u017en\u00fdch tokov.<br \/>\nSwapy m\u00f4\u017eeme charakterizova\u0165 ako zmluvne dohodnut\u00fa v\u00fdmenu vopred ur\u010dit\u00e9ho pe\u0148a\u017en\u00e9ho toku medzi dvoma alebo viacer\u00fdmi partnermi v ur\u010dit\u00fdch term\u00ednoch v bud\u00facnosti. Dohodnutie swapu je \u010dasto motivovan\u00e9 zabezpe\u010den\u00edm ur\u010dit\u00fdch existuj\u00facich otvoren\u00fdch poz\u00edci\u00ed, z pr\u00e1vneho h\u013eadiska nedoch\u00e1dza k zmene p\u00f4vodn\u00fdch verite\u013esk\u00fdch, dl\u017en\u00edckych vz\u0165ahov z\u00fa\u010dastnen\u00fdch subjektov. Znamen\u00e1 to, \u017ee subjekty swapovej oper\u00e1cie zost\u00e1vaj\u00fa v plnej miere zodpovedn\u00e9 za svoje p\u00f4vodn\u00e9 z\u00e1v\u00e4zky, ktor\u00e9 boli d\u00f4vodom dohodnutia swapu.<\/p>\n<h3>Plnenie nie je jednor\u00e1zov\u00e9<\/h3>\n<p>Charakteristick\u00fdm znakom swapov, je ich plnenie nako\u013eko nie je jednorazov\u00e9 a t\u00fdm sa odli\u0161uje od ostatn\u00fdch finan\u010dn\u00fdch deriv\u00e1tov. Swapov\u00e1 dohoda sa dojedn\u00e1va na dlh\u0161ie obdobie, a tu nast\u00e1vaj\u00fa periodick\u00e9 platby, v\u00e4\u010d\u0161inou viazan\u00e9 na 3- mesa\u010dn\u00e9 alebo 6- mesa\u010dn\u00e9 \u00farokov\u00e9 obdobia. Na z\u00e1klade lehoty splatnosti sa najviac uskuto\u010d\u0148uj\u00fa swapy do 2 rokov (41%), alebo swapy od 2 do 5 rokov (32%), swapy od 5 do 10 rokov (22%) a nakoniec nad 10 rokov (5%). Swapov\u00e9 obchody sa spravidla neuzatv\u00e1raj\u00fa priamo medzi swapov\u00fdmi partnermi (counterparties), ale ich sprostredk\u00favaj\u00fa banky, pr\u00edpade in\u00e9 \u0161pecializovan\u00e9 finan\u010dn\u00e9 in\u0161tit\u00facie.<\/p>\n<h2>Postavenie banky pri swape<\/h2>\n<p><a href=\"https:\/\/www.euroekonom.sk\/financie\/bankovnictvo-a-banky\/\">Banky<\/a> m\u00f4\u017eu nadob\u00fada\u0165 dvojak\u00e9 postavenie v \u00falohe sprostredkovate\u013eov:<\/p>\n<ul>\n<li>Ako sprostredkuj\u00faci \u201emedzipartner\u201c (intermediary), ktor\u00fd vlastn\u00fdm menom uzatv\u00e1ra samostatn\u00e9 zmluvy s oboma swapov\u00fdmi partnermi, a teda aj s\u00e1m ru\u010d\u00ed za plnenie oboch dohodnut\u00fdch swapov, preber\u00e1 riziko nesplnenia swapovej dohody niektor\u00fdm z oboch swapov\u00fdch partnerov.<\/li>\n<li>Ako \u010dist\u00fd sprostredkovate\u013e (arranger, broker), ktor\u00fd zabezpe\u010duje spojenie medzi oboma partnermi, pr\u00edpadne poradensk\u00fa \u010dinnos\u0165 bez toho, aby preberal ak\u00e9ko\u013evek riziko nesplnenia obchodu niektor\u00fdm zo zmluvn\u00fdch partnerov.<\/li>\n<\/ul>\n<p>Vystupuj\u00fa aj finan\u010dn\u00e9 in\u0161tit\u00facie, ktor\u00e9 uzatv\u00e1raj\u00fa swapy na vlastn\u00fd \u00fa\u010det a pre svoje vlastn\u00e9 potreby, dokonca aj ako otvoren\u00e9 poz\u00edcie (principal, warehousing). Hlavne banky a investi\u010dn\u00e9 spolo\u010dnosti.<br \/>\nKontrakty s rozdielmi (contracts for differences) s\u00fa swapy, syntetick\u00e9 papiere, s\u00fa s kombin\u00e1ciou 2 alebo viacer\u00fdch \u010diastkov\u00fdch blokov. Dnes swapy s ktor\u00fdmi sa dnes obchoduje, obsahuj\u00fa kombin\u00e1ciu 2 alebo viacer\u00fdch n\u00e1strojov pe\u0148a\u017en\u00e9ho trhu ako napr\u00edklad n\u00e1stroj s fixnou \u00farokovou sadzbou sa kombinuje s menovou transakciou.<\/p>\n<h2>Druhy swapov<\/h2>\n<p>Existuje viacero druhov swapov a tak si ich nasledovne op\u00ed\u0161eme:<\/p>\n<ol>\n<li>Bazick\u00fd swap (single single currency floating\/ floating interest rate swap)<\/li>\n<li>\u00darokov\u00fd swap (single currency floating\/ fixed interest rate swap- IRS)<\/li>\n<li>Kup\u00f3nov\u00fd swap<\/li>\n<li>Menov\u00fd swap (forign-exchange swap- FX swap)<\/li>\n<li>Menov\u00fd \u00farokov\u00fd swap (currency fixed\/fixed interest rate swap)<\/li>\n<li>Kr\u00ed\u017eov\u00fd menov\u00fd \u00farokov\u00fd swap (cross currency floating\/ fixed or floating\/ floating interest rate swap)<\/li>\n<li>Equitn\u00e9 swapy (equity swap)<\/li>\n<\/ol>\n<h2>Bazick\u00fd swap<\/h2>\n<p>Bazick\u00fd swap (single single currency floating\/ floating interest rate swap), pod t\u00fdmto pojmom sa rozumie z\u00e1mena \u00faroku vypo\u010d\u00edtan\u00e9ho <a href=\"https:\/\/www.euroekonom.sk\/financny-trh\/\">pohyblivou \u00farokovou mierou<\/a> z pomyslenej istiny za tak\u00fd \u00farok, ktor\u00fd je vypo\u010d\u00edtan\u00fd inou pohyblivou \u00farokovou mierou z pomyslenej istiny, pri\u010dom obidve platby znej\u00fa na rovnak\u00fa zmenu.<\/p>\n<h2>\u00darokov\u00fd swap<\/h2>\n<p>\u00darokov\u00fd swap (single currency floating\/ fixed interest rate swap- IRS) s\u00fa kombin\u00e1ciou finan\u010dn\u00fdch n\u00e1strojov s pevnou \u00farokovou sadzbou a n\u00e1strojov s pohyblivou \u00farokovou sadzbou (fixed-to- floating rate swap), m\u00f4\u017ee \u00eds\u0165 aj o kombin\u00e1ciu dvoch n\u00e1strojov s pohybliv\u00fdmi \u00farokov\u00fdmi sadzbami, ktor\u00e9 s\u00fa viazan\u00e9 na r\u00f4zne z\u00e1klady, ako aj na diskontn\u00fa sadzbu centr\u00e1lnej banky alebo na sadzby zo \u0161t\u00e1tnych pokladni\u010dn\u00fdch pouk\u00e1\u017eok (floating- to- floating rate swap), obidve platby znej\u00fa na rovnak\u00fa menu.<\/p>\n<h2>Kup\u00f3nov\u00fd swap<\/h2>\n<p>Kup\u00f3nov\u00fd swap fix za var.<\/p>\n<h2>Menov\u00fd swap<\/h2>\n<p>Menov\u00fd swap (forign-exchange swap- FX swap)pod t\u00fdmto pojmom sa rozumie z\u00e1mena jednej meny za druh\u00fa na z\u00e1klade spotov\u00e9ho kurzu vo\u010di tejto mene platn\u00e9ho ku d\u0148u uzavretia obchodu alebo forwardov\u00e9ho kurzu vo\u010di tejto mene platn\u00e9ho ku d\u0148u realiz\u00e1cie obchodu a sp\u00e4tn\u00e1 z\u00e1mena t\u00fdch ist\u00fdch mien po uplynut\u00ed dohodnutej doby pod\u013ea forwardov\u00e9ho kurzu platn\u00e9ho k tak\u00e9mu d\u0148u k splatnosti obchodu.<\/p>\n<h2>Menov\u00fd \u00farokov\u00fd swap<\/h2>\n<p>Menov\u00fd \u00farokov\u00fd swap (currency fixed\/fixed interest rate swap) pod t\u00fdmto swapom sa rozumie z\u00e1mena jednej meny za druh\u00fa menu pod\u013ea spotov\u00e9ho kurzu vo\u010di tejto mene platn\u00e9ho ku d\u0148u realiz\u00e1cie obchodu a sp\u00e4tn\u00e1 v\u00e4zba t\u00fdch ist\u00fdch mien po uplynut\u00ed dohodnutej doby pod\u013ea forwardov\u00e9ho kurzu platn\u00e9ho ku d\u0148u splatnosti obchodu, pri\u010dom zmluvn\u00ed partneri si bud\u00fa po\u010das dohodnutej doby plati\u0165 \u00faroky pod\u013ea dohodnut\u00fdch pevn\u00fdch \u00farokov\u00fdch mier zo zamenen\u00fdch objemov cudz\u00edch mien, z\u00e1mena a sp\u00e4tn\u00e1 z\u00e1mena cudz\u00edch mien m\u00f4\u017ee by\u0165 aj pomyslen\u00e1.<\/p>\n<h2>Kr\u00ed\u017eov\u00fd menov\u00fd \u00farokov\u00fd swap<\/h2>\n<p>Kr\u00ed\u017eov\u00fd menov\u00fd \u00farokov\u00fd swap (cross currency floating\/ fixed or floating\/ floating interest rate swap) pod t\u00fdmto pojmom sa rozumie z\u00e1mena jednej meny za druh\u00fa menu pod\u013ea spotov\u00e9ho kurzu vo\u010di tejto mene platn\u00e9ho ku d\u0148u uzavretie obchodu alebo forwardov\u00e9ho kurzu vo\u010di tejto mene platn\u00e9ho ku d\u0148u realiz\u00e1cie obchodu a sp\u00e4tn\u00e1 z\u00e1mena t\u00fdch ist\u00fdch mien po uplynut\u00ed dohodnutej doby pod\u013ea forwardov\u00e9ho kurzu platn\u00e9ho ku d\u0148u splatnosti obchodu, pri\u010dom zmluvn\u00ed partneri si bud\u00fa po\u010das vopred dohodnutej doby plati\u0165 \u00faroky pod\u013ea dohodnut\u00fdch \u00farokov\u00fdch mier, z ktor\u00fdch aspo\u0148 jedna je pohybliv\u00e1, zo zamenen\u00fdch objemov cudz\u00edch mien, z\u00e1mena a sp\u00e4tn\u00e1 z\u00e1mena cudz\u00edch mien m\u00f4\u017ee by\u0165 aj pomyslen\u00e1.<\/p>\n<h2>Equitn\u00e9 swapy<\/h2>\n<p>Za equitn\u00e9 swapy sa pova\u017euj\u00fa swapy na cenn\u00e9 papiere a akciov\u00e9 indexy, podobne ako \u00farokov\u00fd swap, obsahuje z\u00e1kladn\u00fd equitn\u00fd swap podliehaj\u00face akt\u00edvum, platobn\u00e9 intervaly, pevn\u00fa \u00farokov\u00fa mieru a premenliv\u00fa \u00farokov\u00fa mieru vz\u0165ahuj\u00facu na niektor\u00fd akciov\u00fd index.<\/p>\n<h2>Spotov\u00e9 a forwardov\u00e9 oper\u00e1cie<\/h2>\n<p>Z h\u013eadiska kombin\u00e1cie forwardov\u00fdch oper\u00e1ci\u00ed sa uskuto\u010d\u0148uj\u00fa 2 druhy swapov, a to kombin\u00e1cia spotov\u00fdch a forwardov\u00fdch oper\u00e1ci\u00ed- spot- forward swap a kombin\u00e1cia forwardov\u00fdch oper\u00e1ci\u00ed \u2013 forward-forward swap.<br \/>\nExistuj\u00fa v\u0161ak aj tak\u00e9 swapy, ktor\u00e9 obsahuj\u00fa zlo\u017eku typu futures, forwardov alebo opci\u00ed. Swapy sa vyvinuli hlavne zo vz\u00e1jomn\u00fdch podporn\u00fdch p\u00f4\u017ei\u010diek, ktor\u00e9 vznikli vo Ve\u013ekej Brit\u00e1nii, nako\u013eko britsk\u00e1 vl\u00e1da dlh\u00e9 obdobie obmedzovala n\u00e1kupy na investovanie v zahrani\u010d\u00ed. Prv\u00fd swap bol uskuto\u010dnen\u00ed v roku 1981 medzi IBM a Svetovou bankou. Hlavn\u00fdm d\u00f4vodom pre ich vznik boli hlavne komparat\u00edvne v\u00fdhody, dominantn\u00e9 postavenie jedn\u00e9ho z partnerov, v\u00fdmena rizika, r\u00f4zne hodnotenie situ\u00e1cie na finan\u010dn\u00fdch trhoch a pod. Swapy s\u00fa zalo\u017een\u00e9 na tom, \u017ee r\u00f4zne in\u0161tit\u00facie, ktor\u00e9 spolu obchoduj, maj\u00fa r\u00f4zne komparat\u00edvne v\u00fdhody, a z toto d\u00f4vodu m\u00f4\u017eu na transakci\u00ed zarobi\u0165.<\/p>\n<h2>Menov\u00fd swap<\/h2>\n<p>Menov\u00fd swap je swapom kde je do\u010dasn\u00e1 v\u00fdmena jednej meny za druh\u00fa, pri\u010dom v\u00fdmenn\u00fd kurz je fixovan\u00fd, dokonca je eliminovan\u00e9 kurzov\u00e9 riziko. S\u00fa kombin\u00e1ciou menovej spotovej a term\u00ednovej oper\u00e1cie. Tieto swapy predstavuj\u00fa predaj a n\u00e1kup jednej meny za druh\u00fa so s\u00fa\u010dasn\u00fdm sp\u00e4tn\u00fdm n\u00e1kupom a predajom po ur\u010ditej dobe za vopred dohodnut\u00fd kurz, pri\u010dom objem transakcie zost\u00e1va nezmenen\u00fd.<\/p>\n<ul>\n<li>Do\u010dasn\u00e9 financovanie v inej mene,<\/li>\n<li>Pred\u013a\u017eenie splatnosti u\u017e dohodnut\u00fdch forwardov.<\/li>\n<\/ul>\n<p>Druhy swapov\u00fdch obchodov:<\/p>\n<ul>\n<li>Sell and buy (je okam\u017eit\u00fd predaj z\u00e1kladnej meny + terminovan\u00fd n\u00e1kup z\u00e1kladnej meny)<\/li>\n<li>Buy and sell (je okam\u017eit\u00fd n\u00e1kup z\u00e1kladnej meny + terminovan\u00fd predaj z\u00e1kladnej meny)<\/li>\n<\/ul>\n<p>Rizik\u00e1, ktor\u00e9 s\u00fa spojen\u00e9 s obchodovan\u00edm menov\u00fdch swapov s obchodovan\u00edm hlavne riziko straty z d\u00f4vodu nepriaznivej zmeny \u00farokov\u00e9ho diferenci\u00e1lu medzi oboma menami, ktor\u00e9 s\u00fa s\u00fa\u010das\u0165ou obchodu. Ak \u00farokov\u00e1 sadzba na menu, ktor\u00fa sme predali, rastie alebo \u00farokov\u00e1 sadzba na menu, ktor\u00fa sme k\u00fapili, kles\u00e1 resp. rozdiel t\u00fdchto \u00farokov\u00fdch sadzieb sa vyv\u00edja v neprospech dohodnut\u00e9ho obchodu, vtedy nast\u00e1va tak\u00e1to situ\u00e1cia.<\/p>\n<h2>Druhy menov\u00fdch swapov<\/h2>\n<p>Menov\u00e9 swapy s\u00fa kontrakty na z\u00e1klade ktor\u00fdch doch\u00e1dza medzi dvoma zmluvn\u00fdmi partnermi, firmami, in\u0161tit\u00faciami z r\u00f4znych \u0161t\u00e1tov k vz\u00e1jomnej v\u00fdmene devizov\u00fdch platieb.<br \/>\nPozn\u00e1me nieko\u013eko druhov menov\u00fdch swapov. Na z\u00e1klade toho ak\u00e1 \u00farokov\u00e1 sadzba sa pou\u017e\u00edva po cel\u00fa lehotu swapu ich rozli\u0161ujeme na:<\/p>\n<ul>\n<li>Menov\u00e9 swapy s fixnou \u00farokovou mierou \u2013 fixed- fixed currency swap<\/li>\n<li>Menov\u00e9 swapy s kup\u00f3nom, pri nich ide o kombin\u00e1ciu menov\u00e9ho a \u00farokov\u00e9ho swapu, uskuto\u010d\u0148uje sa aspo\u0148 1 platba zalo\u017een\u00e1 na pohyblivej \u00farokovej miere \u2013 fixed-floating currency swap, alebo obidve pohybliv\u00e9 sazby- floating-floating swap<\/li>\n<li>Menov\u00fd swap bez v\u00fdmeny \u00farokov\u00fdch \u00fahrad- devizov\u00fd FX swap na z\u00e1klade tohto h\u013eadiska ako sa kombinuje re\u00e1lna v\u00fdmena nomin\u00e1lnych hodn\u00f4t, m\u00f4\u017ee \u00eds\u0165 o tieto druhy:\n<ul>\n<li>Swap bez po\u010diato\u010dnej aj kone\u010dnej v\u00fdmeny nom. hodn\u00f4t,<\/li>\n<li>Swap bez kone\u010dnej v\u00fdmeny nom. hodn\u00f4t,<\/li>\n<li>Swap beu po\u010diato\u010dnej v\u00fdmeny nom. hodn\u00f4t,<\/li>\n<li>Swap s po\u010diato\u010dnou a kone\u010dnou v\u00fdmenou nomin\u00e1lnych hodn\u00f4t.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Na z\u00e1klade kombin\u00e1cie promptn\u00fdch a term\u00ednovan\u00fdch obchodov m\u00f4\u017eu sa vyskytova\u0165 tieto druhy swapov :<\/p>\n<ul>\n<li>Spot- forward swap, pri ktorom sa uzavrie zmluva o promptnom obchode a s\u00fa\u010dasne zmluva o term\u00ednovom sp\u00e4tnom obchode,<\/li>\n<li>Forward- forward swap- uzavrie sa zmluva o term\u00ednovom obchode na obdobie t a s\u00fa\u010dasne sa uzavrie aj zmluva o rezervnom term\u00ednovom obchode na obdobie t+1.<\/li>\n<\/ul>\n<h3>Menov\u00e9 swapy s fixnou \u00farokovou sadzbou<\/h3>\n<p>Maj\u00fa 3 hlavn\u00e9 zlo\u017eky ako je nomin\u00e1lna hodnota, v\u00fdmenn\u00fd kurz a dve fixn\u00e9 \u00farokov\u00e9 sadzby. Pri tomto si dve protistrany vymenia nomin\u00e1lne hodnoty za vopred dohodnut\u00fd kurz. V\u00e4\u010d\u0161inou je to promptn\u00fd kurz (priemer kurzu predaj a n\u00e1kup), av\u0161ak je mo\u017en\u00e9 dohodn\u00fa\u0165 aj term\u00ednovan\u00fd kurz. Pri tomto swapo m\u00f4\u017ee by\u0165 v\u00fdmena nom. hodnoty fikt\u00edvna (ned\u00f4jde k \u017eiadnej fyzickej v\u00fdmene), alebo re\u00e1lna nastane fyzick\u00e1 v\u00fdmena. V oboch pr\u00edpadoch je nom. hodnota swapu d\u00f4le\u017eit\u00e1, nako\u013eko sa pou\u017eije na ur\u010denie \u00farokov\u00fdch platieb pod\u013ea podmienok swapu ako aj na ur\u010denie sp\u00e4tnej v\u00fdmeny nom. hodnoty v \u010dase dospelosti. Od ve\u013ekosti nom. hodnoty a od \u00farokov\u00fdch sadzieb z\u00e1visia \u00farokov\u00e9 platby. V \u010dase dospelosti swapu sa nom. hodnoty sp\u00e4tne vymenia za p\u00f4vodn\u00fd dohodnut\u00fd v\u00fdmenn\u00fd kurz. Tieto swapy umo\u017e\u0148uj\u00fa vymeni\u0165 z\u00e1v\u00e4zky s fixnou \u00farokovou sadzbou v jednej mene na plne zabezpe\u010den\u00e9 syntetick\u00e9 z\u00e1v\u00e4zky v inej mene.<br \/>\n<strong>Z \u010dasov\u00e9ho h\u013eadiska <\/strong>doch\u00e1dza ku kombin\u00e1ci\u00ed spotov\u00fdch a forwardov\u00fdch obchodov alebo tie\u017e ku kombin\u00e1ci\u00ed iba forwardov\u00fdch obchodov.<br \/>\n<strong>Spot- forward swap <\/strong>elektronick\u00fd obchod, pri ktorom sa paralelne uskuto\u010dn\u00ed r\u00fdchly obchod a s\u00fa\u010dasne sa uzatvor\u00ed aj zmluva o sp\u00e4tnom term\u00ednovom obchode. Del\u00edme ich nasledovne:<\/p>\n<ul>\n<li>Swap- in of cudzia mena (USD) \u2013 n\u00e1kup cudzej meny ako USD za napr\u00edklad dom\u00e1cu menu GBP na promptnom trhu a s\u00fa\u010dasne predaj cudzej meny za dom\u00e1cu na term\u00ednovom trhu. Ide o vypo\u017ei\u010danie si cudzej meny,<\/li>\n<li>Swap- out of cudzia mena (USD) predaj cudzej meny ako USD za dom\u00e1cu menu GBP na promptnom trhu a s\u00fa\u010dasne n\u00e1kup cudzej meny za dom\u00e1cu na term\u00ednovom trhu. V tomto pr\u00edpade ide o vypo\u017ei\u010danie si dom\u00e1cej meny a po\u017ei\u010danie zahrani\u010dnej meny.<\/li>\n<\/ul>\n<p>Pre kombin\u00e1ciu spot- forward swap sa sadzba vypo\u010d\u00edta nasledovne:<br \/>\nSwap =term\u00ednovan\u00fd kurz-promptn\u00fd kurz, a to znamen\u00e1, \u017ee<br \/>\nSwap = FR<sup>P<\/sup><sub>0T &#8211; <\/sub>SR<sup>P<\/sup><sub>0 <\/sub> alebo FR<sup>N<\/sup><sub>0T <\/sub>&#8211; SR<sup>N<\/sup><sub>0 <\/sub> a potom<br \/>\nSwapov\u00e1 sadzba v % =1\/T *[(FR<sub>0T <\/sub>\u2013 SR<sub>0<\/sub>)\/ SR <sub>0<\/sub>]* 100<br \/>\nAk je FR<sub>0T <\/sub>v\u00e4\u010d\u0161\u00ed ako SR<sub>0, <\/sub>potom FR<sub>0T<\/sub> &#8211; SR<sub>0, <\/sub>je pr\u00e9mia v pr\u00edpade ak je FR<sub>0T <\/sub>men\u0161ie ako SR<sub>0, <\/sub>potom FR<sub>0T <\/sub>&#8211; SR<sub>0 <\/sub>je diskont.<br \/>\nPri kombin\u00e1ci\u00ed forward- forward swap ide o s\u00fa\u010dasn\u00e9 uzavretie zmluvy o term\u00ednovom obchode na dan\u00e1 obdobie t a uzavretie reverzn\u00e9ho term\u00ednov\u00e9ho obchodu na obdobie T (resp. t+1). Ak uzavrieme term\u00ednovan\u00fd obchod na n\u00e1kup USD za GBP za dan\u00fd dev\u00edzov\u00fd kurz o 3 mesiace a s\u00fa\u010dasne term\u00ednov\u00fd predaj USD za GBP za dan\u00fd dev\u00edzov\u00fd kurz o 6 mesiacov.<br \/>\nSwap = term\u00ednovan\u00fd kurz (T resp. t+1) \u2013 terminovan\u00fd kurz (t), \u010do zn., \u017ee<br \/>\nSwap= FR<sup>P<\/sup><sub>0T <\/sub>\u2013 FR<sup>P<\/sup><sub>0t, <\/sub>resp. FR<sup>N<\/sup><sub>0T- <\/sub> FR<sup>N<\/sup><sub>0T <\/sub>a<br \/>\nSwapov\u00e1 sadzba v % = (1\/T-t) *[(FR<sub>0T<\/sub> \u2013 FR<sub>0t<\/sub>)\/ FR<sub>0t<\/sub>]* 100<br \/>\nV pr\u00edpade, ak FR<sub>0T <\/sub>je v\u00e4\u010d\u0161\u00ed ako FR0t, potom FR<sub>0T <\/sub>&#8211; FR0t je pr\u00e9mia,<br \/>\nV pr\u00edpade, ak FR<sub>0T <\/sub>je men\u0161\u00ed ako FR0t, potom FR<sub>0T <\/sub>&#8211; FR0t je diskont.<\/p>\n<h3>Menov\u00e9 swapy s kup\u00f3nom<\/h3>\n<p>Currency coupon swap alebo aj \u00farokov\u00fd swap v 2 men\u00e1ch. Je to kombin\u00e1cia menov\u00e9ho a \u00farokov\u00e9ho swapu. Je toto\u017en\u00fd s menov\u00fdm swapom s fixnou sadzbou a po\u010diato\u010dnou a kone\u010dnou v\u00fdmenou hodnoty nomin\u00e1lu, ale s jednou alebo oboma platbami na pl\u00e1vaj\u00facej \u00farovni. Ako pr\u00edklad dol\u00e1re s fixnou \u00farokovou sadzbou mo\u017eno vymeni\u0165 za libry s pohyblivou \u00farokovou sadzbou.<\/p>\n<h3>D\u00e9vizov\u00e9 FX swap<\/h3>\n<p>Tie s\u00fa \u0161pecifick\u00fdm menov\u00fdm swapom bez v\u00fdmeny \u00farokov\u00fdch \u00fahrad, t.j. swap zlo\u017een\u00fd len z po\u010diato\u010dnej a kone\u010dnej v\u00fdmeny nomin\u00e1lnych hodn\u00f4t.<\/p>\n<h2>Praktick\u00e1 \u010das\u0165 a pr\u00edklady<\/h2>\n<h3>Pr\u00edklad \u010d.1<\/h3>\n<p>Na z\u00e1klade pr\u00edkladu si objasn\u00edme fungovanie menov\u00e9ho swapu.<br \/>\nSlovensk\u00e1 exportn\u00e1 firma o\u010dak\u00e1va pr\u00edjem vo v\u00fd\u0161ke 500 000 po\u013esk\u00fdch zlot\u00fdch, ktor\u00fdch m\u00e1 zinkasova\u0165 o 3 mesiace. Nako\u013eko chce firma pred\u00eds\u0165 kurzov\u00e9mu riziku zaist\u00ed si v\u00fdmenn\u00fd kurz prostredn\u00edctvom forwardov\u00e9ho menov\u00e9ho obchodu.<br \/>\nPo uplynut\u00ed doby 3 mesiacov v\u0161ak zahrani\u010dn\u00fd odberate\u013e pre probl\u00e9my s likviditou po\u017eiada exportn\u00fa firmu o predl\u017eenie splatnosti z\u00e1v\u00e4zku o jeden mesiac, ale exportnej firme zost\u00e1va z\u00e1v\u00e4zok vo\u010di banke vypl\u00fdvaj\u00faci z forwardov\u00e9ho obchodu, av\u0161ak ak odberate\u013e bude s platen\u00edm me\u0161ka\u0165 vznik\u00e1 probl\u00e9m s dodan\u00edm PLN.<br \/>\nSitu\u00e1ciu m\u00f4\u017eeme vyrie\u0161i\u0165 prostredn\u00edctvo menov\u00e9ho swapu, nako\u013eko exportn\u00e1 firma uzatvor\u00ed s bankou 1- mesa\u010dn\u00fd menov\u00fd swap prostredn\u00edctvom, ktor\u00e9ho nak\u00fapi PLN od banky so splatnos\u0165ou p\u00f4vodn\u00e9ho forwardov\u00e9ho obchodu a s\u00fa\u010dasne pred\u00e1 PLN prostredn\u00edctvom nov\u00e9ho forwardov\u00e9ho obchodu so splatnos\u0165 o 1 mesiac, tak si firma posunula splatnos\u0165 p\u00f4vodn\u00e9ho forwardov\u00e9ho obchodu o 1 mesiac.<br \/>\nOproti finan\u010dn\u00fdm tokom v PLN stoja v opa\u010dnom smere ekvivalentn\u00e9 objemy v EUR od dohodnut\u00e9ho spotov\u00e9ho alebo forwardov\u00e9ho kurzu.<\/p>\n<h3>Pr\u00edklad \u010d. 2<\/h3>\n<p>Ide o pobo\u010dku americkej firmy na Slovensku, ktor\u00e1 disponuje sumou 250 000 USD, ktor\u00fa z\u00edskala na rozbehnutie podnikania a mus\u00ed ju vr\u00e1ti\u0165 po uplynut\u00ed 9 mesiacov. Prv\u00e9 pr\u00edjmy s\u00fa pl\u00e1novan\u00e9 tie\u017e po uplynut\u00ed 9 mesiacov. Firma potrebuje eurov\u00e9 zdroje na \u00fahradu fakt\u00far, ktor\u00e9 s\u00fa spojen\u00e9 so za\u010diatkom podnikania.<br \/>\nNajefekt\u00edvnej\u0161\u00edm rie\u0161en\u00edm, ktor\u00fdm sa d\u00e1 tento probl\u00e9m vyrie\u0161i\u0165 so s\u00fa\u010dasnou elimin\u00e1ciou kurzov\u00e9ho rizika je uzavretie 9- mesa\u010dn\u00e9ho menov\u00e9ho swapu s bankou. Firma banke pred\u00e1 USD pri aktu\u00e1lnom spotovom kurze, \u010d\u00edm z\u00edska EUR na krytie z\u00e1v\u00e4zkov a s\u00fa\u010dasne sa ale firma zavia\u017ee k sp\u00e4tnej k\u00fape USD za EUR pri dopredu dohodnutom forwardovom fixnom kurze a to je spotov\u00fd kurz upraven\u00fd o \u00farokov\u00fd diferenci\u00e1l). Takto nak\u00fapen\u00e9 dol\u00e1re potom pou\u017eije na splatenie dlhu vo\u010di materskej firme v USA.<br \/>\nMali by sme predpoklada\u0165, spotov\u00fd kurz vo v\u00fd\u0161ke 1,48 USD\/1EUR, \u010falej diferenci\u00e1l vyjadren\u00fd v swapov\u00fdch bodoch predstavuje \u2013 147 bodov, a e\u0161te z toho odvoden\u00fd forwardov\u00fd kurz vo v\u00fd\u0161ke 1,4653 USD\/1EUR.<br \/>\nV tomto pr\u00edklade je objem EUR potrebn\u00fd na sp\u00e4tn\u00fd n\u00e1kup USD v\u00e4\u010d\u0161\u00ed ako na za\u010diatku transakcie (je to d\u00f4sledok rozdielneho \u00faro\u010denia EUR a USD, kde je EUR \u00faro\u010den\u00e9 vy\u0161\u0161ou \u00farokovou sadzbou ako USD), firma u\u017e dnes vie ko\u013eko bude potrebova\u0165 EUR na sp\u00e4tn\u00fd n\u00e1kup USD a tak eliminovala kurzov\u00e9 riziko.<br \/>\nAlternat\u00edvou v tomto pr\u00edpade by firma na spotovom trhu predala dol\u00e1re a potom ich k\u00fapila nasp\u00e4\u0165 pri spotovom kurze, ktor\u00fd bude o 9 mesiacov, a tak ju vystavuje kurzov\u00e9mu riziku. V pr\u00edpade ak dol\u00e1r posiln\u00ed firma by potrebovala v\u00e4\u010d\u0161\u00ed objem EUR na k\u00fapu USD, a tam by sa v eurovom vyjadren\u00ed \u00faver predra\u017eil. Pri externom pr\u00edpade by mohol prev\u00fd\u0161i\u0165 jej pl\u00e1novan\u00e9 pr\u00edjmy v EUR, a to by ohrozilo splatenie dlhu vo\u010di materskej firme, ak firma zariskuje o 9 mesiacov by bol kurz 1,4 jej kurzov\u00e1 strata by bola ove\u013ea v\u00e4\u010d\u0161ia a predstavovala by 9652,51 EUR. Inou mo\u017enos\u0165ou by mohlo by\u0165 \u010derpanie 9 mesa\u010dn\u00e9ho \u00faveru v EUR, pri s\u00fa\u010dasnom ulo\u017een\u00ed vo\u013en\u00fdch dol\u00e1rov\u00fdch prostriedkov na rovnak\u00fa splatnos\u0165, ale z h\u013eadiska jednoduchosti a efekt\u00edvnosti vyu\u017e\u00edvania vo\u013en\u00fdch zdrojov sa jav\u00ed ako v\u00fdhodnej\u0161ie uzavretie menov\u00e9ho swapu.<br \/>\nMenov\u00e9 swapy sa sp\u00e1jaj\u00fa s povinnos\u0165ou klienta zlo\u017ei\u0165 na be\u017en\u00fd \u00fa\u010det ur\u010dit\u00fd objem finan\u010dn\u00fdch prostriedkov, ktor\u00e9 sa preved\u00fa na kolater\u00e1lov\u00fd \u00fa\u010det alebo sa blokuj\u00fa na be\u017enom \u00fa\u010dte. Finan\u010dn\u00e9 prostriedky blokovan\u00e9 na be\u017enom \u00fa\u010dte alebo prostriedky a kolater\u00e1lovom \u00fa\u010dte sl\u00fa\u017eia ako z\u00e1bezpeka pre pr\u00edpad, \u017ee klient v d\u00f4sledku nepriazniv\u00e9ho v\u00fdvoja na dev\u00edzovom trhu nebude ochotn\u00fd alebo dokonca schopn\u00fd plni\u0165 z\u00e1v\u00e4zky z menov\u00e9ho swapu. Vtedy ak nastane de\u0148 splatnosti obchodu sa zru\u0161\u00ed blokovanie prostriedkov na be\u017enom \u00fa\u010dte, \u010di\u017ee sa zru\u0161\u00ed kolater\u00e1lov\u00fd \u00fa\u010det prostriedky sa vr\u00e1tia na be\u017en\u00fd \u00fa\u010det klienta. Treba poznamena\u0165, \u017ee forwardov\u00fd kurz nepredstavuje predpoklad banky o nasleduj\u00facom bud\u00facom v\u00fdvoji dev\u00edzov\u00fdch kurzov, ale je vypo\u010d\u00edtan\u00fd pomocou prepo\u010dtu, kde s\u00fa vstupn\u00fdmi hodnotami aktu\u00e1lne dev\u00edzov\u00e9 kurzy a trhov\u00e9 \u00farokov\u00e9 sadzby, tento kurz potom zoh\u013ead\u0148uje aktu\u00e1lny spotov\u00fd kurz a \u00farokov\u00fd diferenci\u00e1l a to rozdiel v \u00faro\u010den\u00ed vymie\u0148an\u00fdch mien.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Menov\u00e9 swapy V tomto \u010dl\u00e1nku n\u00e1jdete charakteristiku swapov, n\u00e1sledne sa zameriame na menov\u00e9 swapy, ich teoretick\u00e9 vysvetlenie ako aj ich vyu\u017eitie v medzin\u00e1rodnom obchode. Menov\u00e9 &hellip; <\/p>\n","protected":false},"author":9,"featured_media":24951,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23,551],"tags":[126,127],"class_list":["post-7570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financie","category-podnikam","tag-mena","tag-swap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Menov\u00e9 swapy<\/title>\n<meta name=\"description\" content=\"Charakteristika swapov, menov\u00e9 swapy, teoretick\u00e9 vysvetlenie swapov a ich vyu\u017eitie v medzin\u00e1rodnom obchode\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vrtulniky.sk\/news\/menove-swapy\/\" \/>\n<meta property=\"og:locale\" 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