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A forint/deviza FX-swap szpredek mozgatórugói

A forint/deviza FX-swap szpredek mozgatórugói

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Published by Tamas Demeter
A forint/deviza FX-swap szpredek mozgatórugói
A forint/deviza FX-swap szpredek mozgatórugói

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Published by: Tamas Demeter on Oct 01, 2012
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10/29/2012

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hmz mamcmwwñh% I
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`âa}eh nw CEO îazna omymwmzmzz I[#ptn|mpwhùwùh knzîpîenh ybwpdîanzn% Zfyîooî nrrn n hârjâprm bp yîanpwz hmrmpñeh! kfd npw|rmjmhmz hf`hîwnzb ynd jmybwnabhybjbzîpb zâemw
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h omifaîpfagîh% Nw I[#ptn|pw|rmjmh pwîcpwmr
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pãzâpâkmw md fane njnzoîwbpz knpweîa}eh! ncma zrnewnh`bðppwbezme znrznacnwwn nw I[#ptn|fhnz% N ?<<;% fhzðomr âp ?<><% g÷eb}p hùwzb bj
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I[#ptn| pw|rmjmhmz omifaîpfazîh fane yîazfwðh! ncmamh n dafoîabp hf`#hîwnzhmrñaâpz! n |nrzemrhf`hîwnzfz! baamzym n jmybwnabhybjbzîp hfraîzfwfzzpîdîz zñhrù#wbh% N gmdonehb mpwhùwùh knzîpn bp pwbdeb
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ârzâhmbnwz c}znzgîh! kfd n ptn|fh knzîrbj
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p aîoîenh nw îrifancn emc mdmwbh cmd n omaiùajb âphñaiùajb onehhùwb kfwncfhoða pwîcfaz! knzîrbj
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p îrifanccna%N ifrbez&jmybwn I[#ptn| |bn`fhfe bp knpfeað gmamepâd yfaz cmd
dmakmz
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% N Amkcne#`p
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jùz hùymz
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me n ptn|pw|rmjmh cmdmcmahmjzmh! yndbp n ptn|fhoða pwîcfaz +bc|abhîaz"ifrbezhncnzfh nan`pfenooî yîaznh! cbez n onehhùwb ifrbezhncnzfh% Meemh hùymzhmwzâome n onehfh imaîrnz yfaznh hâezmamemh 
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h cmaamzz n gmdonehfh pwîcîrn bp ifezfp!hñaùeùpme md ebzfzz! imazùrmhy
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dnwjnpîdone% Ncbhfr n ptn|fh bc|abhîaz kfwncn `pùhhmen rùybj |âew|bn`b kfwncfhkfw hâ|mpz! nw n hncnzzrnepwcbppwbðp `pnzfren knzîpcm`knebwc}#pîz bp rfezgn! n gmdonehb hncnz hmyâpoâ hâ|mp knzeb n |bn`b kfwncfhrn% Nw I[#ptn| |bn`cmdimama
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! ifezfp cmdârzmeb! kfd nw mwz hùymz
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pwnhonecbame zâemw
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h cfwdnzzîh n pw|rmjmhmz% Meeâa bp ifezfpnoo `âa}eh neenh n ybwpdîanzn! kfdnw CEO îazna omymwmzmzz I[#ptn| mpwhùwùh knzîpn hbc}znzknzð#m n pw|rmjmh nanh}aîpîone%Nw I[#ptn| pw|rmjmh mc|brbh}p brfjnacîrn nan|fwyn! kîrfc yîazfwðzã|}pz hñaùeoùwzm#zñeh cmd! ncmamh cndnrîwknzgîh n @B\ cmdpârzâpâz7 hf`hîwnzb âp abhybjbzîpb inhzfrfhnz!ynancbez n gmdonehb I[#ptn| mpwhùwùhkùw hùz
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kbzmaimayâzmao
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h îazna ârwâhmaz hf`hîwnzn%Cîprâpwz n jmybwnabhybjbzîp hfraîzfwfzz maârkmz
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pâdm bp ifezfp pwmrm|mz gîzpwknzfzz n pw|rmjmh cmdmcmahmjâpâome! cbyma n knwnb onehfh jmybwnabhybjbzîp pwmc|fezgîoða gmamez
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p cârzâh# ome zîcnpwhfjenh n hñaiùajb onehfhhna hùzùzz ptn|fhrn% Ncb n knrcnjbh yîazfwð`pf|frzfzbaamzb! n hârjâp nw! kfd n gmdonehb bezâwhmjâpmh pwbdeb
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h% Nw CEO mden|fp âp kfppw÷ I[#ptn| mpwhùwmbemh bdâeomyâzmaâzzñhrùw
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yîazfwðh bp pwbdeb
hîepnh% Ncbhfr nw CEO `pùhhmezmzzm nw fymrebdkz I[#ptn| mpw#hùwâemh bc|abhîaz imaîrîz nw m}rðwðen onehhùwb |bn`b hncnzkfw hâ|mpz! n |bn`b ñdamzmho
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apwîcfaz ptn|pw|rmj bp `pùhhmez% N 0 âp 9 kðen|fp I[#ptn| n}h`bðh en|gîe pwbezâe pwbdeb
#hîepne `pùhhmezmh n pw|rmjmh%
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bz +hùwzñh nw nwfeenab! n knzîrbj
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pîrifancfz! eâyârzâhmz! jmybwnemcmz"%Cbejme mdmp zrnewnh`bðkfw hbpwîcfaknzð nw I[#ptn| pw|rmj nw naîoob hâ|amzmh nan|gîe%+>"+?"
 I 
nw njfzz jmybwn|îr knzîrbj
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p îrifancn!
|mjbd nw nwfeenab jmybwnîrifanc8
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nw
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jmybwnomab onehhùwb kfwncfz gmaùab% Nw
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KBZMABEZÂWMZB PWMCAM
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hâez bp bpcmrz% Mw }zðoob âp n hñaiùajb onehhùwb hncnz bpcmrmzâome hbpwîcfaknzð nw bc|abhîazifrbezkfwnc% Ãd nw I[#ptn| pw|rmj n onehhùwb# âp nw bc|abhîaz ifrbezkfwncfh hñaùeopâ#dmhâez njðjbh% Cbejme hncnzaîonz +omamârzym nw bc|abhîaz hncnzhñaùeoùwmzmz bp"
âympãzym
pwmrm|mazmzñeh%N pwîcãzîpkfw n hùymzhmw
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onehhùwb hncnzfhnz knpweîag}h% Nw mden|fp I[#ptn|
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mh ma! nw mdmp I[#ptn| zrnewnh`bðh mpmzâome cbejbd n amdhùwmamoob amgîrnzkfw znrzfwð hncnzznapwîcfaz}eh%Mw}zîe nw I[#ptn| pw|rmjmh p÷afwfzz îzandîz nw naîoob cðjfe hn|g}h cmd7
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pwnhfhone n jfaaîr#! cîphfr nwm}rðñdamzmh p÷an yfaz n cmdknzîrfwð! ãd nw îzandfaîppna hn|fzz pw|rmjmh n |bn` mdâpwâz gfoone rm|rmwmezîagîh% Nwârz knpweîag}h `p}|îe mwz n hâz jmybwn|îrz! cmrz mwwma n zmagmp ifr#dnafc 2= pwîwnaâhîz amimjgñh%Ymdñh âpwrm! kfd nw I[#ptn|fh âp n onehhùwb hncnzfh en|fe omaña cîp bj
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 |fezrnyfenzhfwenh +npwbehrfebzîp"% ]dnebp nw I[#ptn|fh âp nw > en|fp onehhùwb kfwncfh n en|bzrnewnh`bðh îzandnhâez îaaenh ma
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! cãd n kfppwnoo onehhùwb kfwncfh gmdwâpm md njfzzbj
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 |fezkfw hùzkmz
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% Cbyma nw njnzoîwbp}ehone ebe`p beifrcî`bð nrrða! kfd nw I[#ptn|ñdamzmhmz nw njfzz en|fe omaña |fezfpne cbhfr hùzùzzâh! pwîcãzîp}eh `p}|îe n ptn|pw|rmj om`paâpâemh zmhbezkmz
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Ş
! `âapwmr 
ž
ameem rm|ðkfwncfh knpweîanzn! ncmamh n imjmwmzz kbzmañdamzmh kfwncîzzñh rùwbh% N ifrbez rm|ð|bn` ybpwfez imgamzame! nw > en|fe z÷ab amgîrnzfhfe emc hmrmphmjemh!n kfppwnoo i}zncbj
Ş
hrm kfwncnjnzfh emc maârkmz
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h% Nw fymrebdkz pwmdcmepome |mjbd ma#knendfaknzð yfaz n rm|ð# âp n jm|ðhncnzfh hùwùzzb hñaùeopâd! >< âp :< oîwbp|fez hùwùzzbednjfwfzz nw bj
Ş
pwnh pfrîe%Nw > en|fp I[#ptn| ñdamzmhmz mahñaùeãzym hmwmazñh! meemh nw nw fhn! kfd mw n pwmd#cmep njgn n en|b ifrdnafc cbezmd ;< pwîwnaâhîz% Nw ùppwmp kfppwnoo i}zncbjmg
ž
pw|rmjmz
? Nw mden|fp amgîrnz nanzz hâziâam ñdamzmz ârzñeh7 nw fymrebdkz +F&E" âp n zfc em{z +Z&E" ptn|fhnz% F&E I[#ptn|fh mpmzâome nw nwfeenab aîo Z en|fe hmrña mapwîcfaîprn! âp Z(>#me `pmrâabh ybppwn n hâz jmybwîz% N Z&Eptn|fh mpmzâome nw nwfeenab aîokfw znrzfwð jmybwn`pmrm Z(>#me zùrzâebh! n ybppwn`pmrâaâp |mjbd Z(?#e%
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