II.

5H]ROYD

LXUP

WRDUHOHSUREOHPH

Forward Lfutures
1.

/DVHSWHPEULHXQLQYHVWLWRUDPHULFDQGHFLGHV

FXPSHUHFRQWUDFWHSHQWUXVRLD

FX VFDGHQ D GHFHPEULH &XUVXO OD WHUPHQ HVWH  EX vQ PRPHQWXO DFKL]L LRQ

ULL

contractelor.
Q ORF V

 FUHDVF

 SUH XULOH VFDG /D  VHSWHPEULH FXUVXULOH OD WHUPHQ SHQWUX VRLD

sunt de 2,40 $/bu.

&RQWUDFWXOSHQWUXVRLDQHJRFLDWOD&%27HVWHGHEXLGHSR]LWXOFHUXWGHFDVD
GHFOLULQJUHSUH]LQW

1.
2.
2.

GLQYDORDUHDLQL LDO

&DOFXOD LVXPDWRWDO
&HWUHEXLHV

IDF

DFRQWUDFWXOXL

a depozitului.

FDVDGHFOLULQJODVHSWHPEULHGXS

/D GDWDGHIHEUXDULHXQVSHFXODWRUFXPS

vQFKHLHUHDWUDQ]DF LHL"

XQFRQWUDFW

futuresFXVFDGHQ PDL
asa de cliring

SHQWUX  EX GH SRUXPE OD &%27 OD SUH XO GH EX 'HSR]LWXO FHUXW GH F

este de 3500 $.
La 7 februarie cursul este de 4,25 $/bu.
La 8 februarie cursul este de 4,60 $/bu.
La 12 februarie cursul este de 5,20 $/bu.
La 14 februarie cursul este de 5,40 $/bu.
La 16 februarie cursul este de 5,30 $/bu.
La 18 februarie cursul este de 5,50 $/bu.
La 19 februarie cursul este de 5,60 $/bu.
'HWHUPLQD L SHQWUX ILHFDUH GLQWUH DFHVWH GDWH VXPD WRWDO
SDU LDOHDOHVSHFXODWRUXOXLSUHFXPLHYHQWXDOXODSHOvQPDUM

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/D  IHEUXDULH SUH XULOH VFDG L VSHFXODWRUXO GHFLGH V

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3.

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-L

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VFDGHQ

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PLOLRQLUDWDGREkQ]LLGH
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4.

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activul contractului futures;

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-o priP

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GHODOD"

PRGXOGHH[SULPDUHDOSUH XOXL
SUH XOGHUHJXODUL]DUH

Lifetime

Mar
May
July
Sept
Nov
Dec
Mr01
Dec

Open

High

215
223
230
238
243
246
253
260

216
225
233
239
246
248
256
263

Low
Settle
Change
CORN (CBT) 5,000 bu.; cents per bu.
214
216
+1
222
224
+1
230
232
+1
237
239
+1
243
246
+2
245
248
+1
253
256
+1
260
263 1/2
+3

High

Low

Open
Interest

270
261
278
257
253
279
263
265

195
202
209
215
222
225
233
246

86,798
161,867
107,170
32,637
816
69,310
8,032
2,285

Mar
May
July
Sept
Dec

Est vol 100,000; vol Wed 123,211; open int 471,003, - 12,067.
WHEAT (CBT) 5,000 BU.; cents per bu.
257
253
254
.
340
269
265
267
+
322
280
276
279
+1
347
289
386
289
+1
335
303
300
303
+1
345
Est vol 38,000; vol Wed 50,470; open int 133,094, - 4,902

257
266
277
287
301

236
246
256
266
280

30,114
53,649
33,607
5,121
10,405

Oil
CRUDE OIL (NYM)
1,000 bbls.; $ per bbl.
Strike
Calls-Settle
Puts-Settle
Price Apr May Jun
Apr
May Jun
2900 1.52 1.06 0.95 0.55 1.80 2.79
2950 1.18 0.88 0.82 0.71 ..
..
3000 0.98 0.71 0.70 0.98 2.44 ..
3050 0.72 0.58 0.59 ..
..
..
3100 0.50 0.48 0.49 1.53 3.20 ..
3150 0.40 0.39 0.36 ..
..
..
Est vol na Wd 15,937 calls 15,220 puts
Op int Wed 258,902 calls 279,293 puts

5.

'HFHQXVHUHFXUJHODVRFLHW

LOHGHDVLJXU

ULSHQWUXDFRSHULUHDULVFXOXLGHSUH "

6.

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WHUPHQ GHOD3DULVLV

spotWRQH]DK

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QX LOLFKLGH]HSR]L LDvQDLQWH GH  QRLHPEULHGDWD FkQGFXPS

U

La 27 ianuarie cursurile sunt:

Martie
N
2010 FF
Mai
N
2046 FF
Iulie
N
2053 FF
August
N
2100 FF
Octombrie N
2105 FF
Decembrie N
2110 FF
Martie
N+1 1155 FF
La 3 noiembrie cursurile sunt:
Vedere
Decembrie
Martie
Mai
Iulie
August
Octombrie
Decembrie
Martie
1.
2.

N
N+1
N+1
N+1
N+1
N+1
N+1
N+2

3340 FF
3370 FF
3435 FF
3510 FF
3510 FF
3515 FF
3560 FF
3590 FF
3595 FF

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&DUHVXQWUH]XOWDWHOHILQDQFLDUH LQkQGFRQWGHGLIHULWHOHSRVLELOLW

LGHRSHUDUH"

7.

La 30 ianuarie:
SUH XOcashODYHGHUHDO L HLXOXLHVWHED
SUH XOfuturesFXVFDGHQ DQRLHPEULHHVWHED
rata dobnzii pe termen scurt 12%.
2UDILQ

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V

VH SURWHMH]H vPSRWULYD ULVFXOXL GH FUHWHUH D SUH XOXL 3UH XO OD YHGHUH DQWLFLSDW L FHO OD

termen pentru luna noiembrie se preconizHD] DVHVWDELOLODED

1. &DUHHVWHFRVWXOXQHLRSHUD LLGHDFRSHULUHLQL LDWHODLDQXDULH"
2. &DUHYDILFRVWXO DFHOHLDLRSHUD LL GDF ODVIkULWXOOXQLLQRLHPEULH SUH XULOHODYHGHUHL
futures noiembrie s-au stabilizat la 11$/ba?
3. Care ar fi la 30 iDQXDULHSUH XOWHRUHWLFDOFRQWUDFWHORUODWHUPHQFXVFDGHQ QRLHPEULH"
4. Care ar fi atunci costul teoretic al acoperirii?
/D  LDQXDULH FXPS
V

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QXVHDFRSHUH

La 15 februarie:
contractele lDWHUPHQFXVFDGHQ DQRLHPEULHFRWHD]
FXUVXOODYHGHUHDO L HLXOXLV-a stabilizat la 15$/ba;
rata dobnzii pe termen scurt este 14%.
&XPS

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F

ODED

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SUH XOXL

5. &DUHHVWHFRVWXOXQHLRSHUD LXQLGHDFRSHULUHLQL LDWHSHIHEUXDULH"

6. &DUHDUILSUH XOWHRUHWLFDOFRQWUDFWXOXLODWHUPHQFXVFDGHQ DQRLHPEULH"
7. &DUHHVWHFkWLJXOUHDOL]DWGHFXPS U WRUGDF VHDFRSHU vQLDQXDULH"
8. Care este riscul asumat?
9. 3UHVXSXQkQGF SHQRLHPEULHSUH XULOHODYHGHUHLODWHUPHQVXQWEDL
UHVSHFWLYEDFDUHYDILFRVWXODFRSHULULLGDF

contractul futures noiembrLHFRWHD]

cursul la vedere este 16,5$/ba;
rata dobnzii este de 12%.

SHIHEUXDULH

ED

/D  LDQXDULH XQ IHUPLHU DPHULFDQ YLQGH  FRQWUDFWH GH JUkX FX VFDGHQ D

8.

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PDUM

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1.
2.

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-ar

ILRE LQXWGDF

3.
9.

efectiv de vnzare a celor 50.000 bu.

QXI

FHDDFRSHULUHDODWHUPHQ

'HWHUPLQD LFRVWXODFRSHULULL
$QXODFHVWDUHFROWDGHFDIHDVHDQXQ

DILEXQ

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DU

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sterline/100t.

 ERJDW

GHULVFXOGHSUH 
 GDW

 FXUVXO HVWH  OLUH

&XUWLHULLSURSXQYkQ]DUHD]LOQLF

DFRQWUDFWHvQV

SW

PkQD

-19 mai pentru a

nu presa asupra cursului.

0HGLD]LOQLF

DFXUVXULORUDIRVWXUP

15 mai:

95,10 lire sterline/100t

16 mai:

94,80 lire sterline/100t

17 mai:

94,20 lire sterline/100t

18 mai:

94,35 lire sterline/100t

19 mai :

93,40 lire sterline/100t

WRDUHD

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UHSUH]LQW

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 XQXL JUXS GH FRPHUFLDQ L

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futuresvQDFHHDLPDQLHU
0HGLD]LOQLF

DFXUVXULORUvQV

SW

PkQD

-19 octombrie a fost:

15 octombrie:

75,15 lire sterline/100t

16 octombrie:

75,45 lire sterline/100t

17 octombrie:

75,90 lire sterline/100t

18 octombrie:

76,40 lire sterline/100t

19 octombrie:

76,10 lire sterline/100t

'HSR]LWXO vQ PDUM

WUDQ]DF LRQDUH

-L DFRSHUH SR]L LD SH SLD D

FRQWUDFWH]LOQLF

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- 20 lire sterline/ contract, iar rata dobnzii - 12%.

&DOFXOD LSUH XOGHYkQ]DUHDFHORUWGHFDIHD

1.
2.
3.

&RPSDUD LSUH XOFXFHOFDUHDUILSXWXWILRE LQXWvQDEVHQ DDFRSHULULLSHSLD D

futurfes.

'HWHUPLQD LFRVWXODFRSHULULL

LD  PDUWLH XQ VLOR] SRUWXDU DPHULFDQ FXPS U   EX JUkX OD  EX /D
DFHHDL GDW  SUH XO FRQWUDFWXOXL futures septembrie la CBOT este 5,10 $/bu. Conducerea
silozului, temndu-VHGHRVF GHUHDSUH XOXLRSHUHD] RDFRSHULUHSHSLD DODWHUPHQ
10.

'HSR]LWXO VROLFLWDW GH FDVD GH FRPSHQVD LH HVWH GH   FRQWUDFW L FRPLVLRQXO
GH WUDQ]DF LH HVWH GH  FRQWUDFW
PRQHWDU

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Wall Street Journal

LQGLF

 R UDW

GH

La 1 iulie conducerea silozului revinde cei 500.000 bu

OLFKLGHD]

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OD SUH XO GH  EX L

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1. Care este costul acoperirii?

2. &DUH DU IL IRVW FRVWXO DFRSHULULL GDF

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SLD DODYHGHUHLEXSHSLD DODWHUPHQ"

&RQVLGHUD LF

3.

11.

DFHDVW

DFRSHULUHV DUPDLILLPSXVvQFRQGL LLOHGHODSXQFWXO"

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ULHDPHULFDQ

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spotGLQPRPHQWXOOLYU
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I

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ULL
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FRUHODWHFXFHOHDOHXOHLXULORUXRDUH
3UH XULOHvQGRODULODGHFHPEULHLDSULOLHSHSLD D

la termen la NYMEX sunt cele din tabelul de mai jos.

spotOD1HZ<RUNLSHSLD D

3LD D

12 decembrie
spot
3LD DOD
termen cu
VFDGHQ

Petrol
(baril)
%HQ]LQ

brut


(galon)
Combustibil
intern (galon)
Combustibil
industrial
(galon)
Kerosen
(galon)
Produse
diverse
(galon)

3LD D

15 aprilie
spot
3LD DOD
termen cu

LXQLH

VFDGHQ

LXQLH

31,50

32,50

32,10

32,80

0,90

0,85

0,75

0,73

1,20

1,10

0,95

0,90

1,05

0,90

1,10

0,95

0,70

0,60

5DILQDUHDXQXLEDULOGH L HLGXFHODRE LQHUHDD

JDORDQHEHQ]LQ 
JDORDQHXOHLXRU
3 galoane ulei industrial;
4 galoane kerosen;
8 galoane alte produse.

1.
2.

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&H WUHEXLH V

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rafinaj?
3.
4.
5.
6.
7.

2SHUD LXQHDGHDFRSHULUHUHDOL]DW
&RQVLGHUkQGQHHIHFWXDW
&RQVLGHUkQGHIHFWXDW

ODGHFHPEULHSRDWHILSHUIHFW

"

DFRSHULUHDFDOFXOD LPDUMDGHUDILQDMSHEDULOODDSULOLH

DFRSHULUHDFDOFXOD LPDUMDGHUDILQDMSHEDULOODDSULOLH

&DOFXOD LFRPSRQHQWHOHFDUHGLIHUHQ LD]

DFHVWHPDUMHGHUDILQDM

&DOFXOD L FRPSRQHQWHOH FDUH GLIHUHQ LD]

 PDUMH

le de rafinaj calculate la 12 decembrie

SH SLD D OD WHUPHQ FX VFDGHQ D LXQLH L PDUMD GH UDILQDM RE LQXW

 OD  DSULOLH HYLWkQG

DFRSHULUHDvQWUHGHFHPEULHLDSULOLH

12.

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WHOHIRQHD]

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L GH SH SLD D ORQGRQH]

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WXU

LDJUR

-alimentare

 FX DFKL]L LRQDUHD D 

contracte la termen pe cafea.

3HQWUX D QX SUHVD DVXSUD FXUVXULORU FXUWLHULL SURSXQ FXPS

contracte zilnic n perioada 10-15 februarie.

MediiOH]LOQLFHDOHFXUVXULORUvQDFHDVW
10 februarie:
595 lire sterline/t
11 februarie:
598 lire sterline/t
12 februarie:
596 lire sterline/t
13 februarie:
597 lire sterline/t
14 februarie:
599 lire sterline/t
8QFRQWUDFWODWHUPHQ SRDUW

SHULRDG

UDUHD D FkWH 

VXQW

DVXSUD W GHSR]LWXOFHUXW GH&DVD GH &RPSHQVD LH

HVWH GH  OLUH VWHUOLQHFRQWUDFW FRPLVLRQXO GH WUDQ]DF LH HVWH  OLUH VWHUOLQHFRQWUDFW

iar rata dobnzii este 12%.

3HPDLGLUHFWRUXOVRFLHW
DU

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GHFRPHU GLQW

r-o

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WHUPHQvQDFHHDLPDQLHU

DGLF

SULQYkQ]DUHDDFkWHFRQWUDFWH]LOQLF

Mediile zilnice ale cursurilor n perioada 3-7 mai sunt:

3 mai:
820 lire sterline/t
4 mai:
824 lire sterline/t
5 mai:
825 lire sterline/t
6 mai:
824 lire sterline/t
7 mai:
822 lire sterline/t
1. &DUHHVWHSUH XOGHUHYHQLUHSHQWUXFHOHWFDFDR"
&RPSDUD L DFHVW SUH  FX FHO FDUH DU IL SXWXW IL RE LQXW GDF

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-ar acoperit pe

SLD DODWHUPHQ"

13.

2FRPSDQLHIUDQFH]

FXPS

 GH LQH ILOLDOHvQ*HUPDQLD%HOJLDLvQ68$(OHvL YkQG L

SURGXVHLVHUYLFLL

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)LOLDODJHUPDQ

FXPS

ULGHODILOLDODEHOJLDQ

FXPS

ULGHODILOLDODDPHULFDQ

YkQ]

ULF

WUHILOLDODEHOJLDQ

YkQ]

ULF

WUHILOLDODDPHULFDQ

)LOLDODEHOJLDQ
FXPS
FXPS

- 150.000DM
- 90.000$
- 195.000DM
- 75.000$

ULGHODILOLDODJHUPDQ

ULGHODILOLDODDPHULFDQ

YkQ]

ULF

WUHILOLDODJHUPDQ

YkQ]

ULF

WUHILOLDODDPHULFDQ

)LOLDODDPHULFDQ

- 195.000DM
- 45.000FB
- 150.000DM
- 105.000$

FXPS U ULGHODILOLDODJHUPDQ
FXPS U ULGHODILOLDODEHOJLDQ
YkQ] ULF WUHILOLDODJHUPDQ
vkQ] ULF WUHILOLDODEHOJLDQ
3UHVXSXQkQGF

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- 75.000$
- 105.000FB
- 90.000$
- 45.000FB

FXPS U ULOHLYkQ] ULOHVHIDFFXXQFUHGLWVLVWHPDWLFGHOXQL

FRVWXODFRSHULULLHVWHGLQYDORDUHDFUHDQ HLVDXDGDWRULHLFRPHUFLDOH
ratele de schimb sunt:
1$=7,3050FF
1DM=2,7590FF
100FB=16,4060FF
'HWHUPLQD L

1.
2.
3.

FRVWXODFRSHULULLvQDEVHQ DRULF

UHLSURFHGXULGHFRPSHQVDUH

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FRVWXO

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centraOL]DW
14.

8QH[SRUWDWRURODQGH]GH LQHRFUHDQ
3HSLD DGHVFKLPEODYHGHUHDYHP



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OD

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1$=5,3050 guldeni, curs la vnzare

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nzii pe

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1.
2.

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&DUH HVWH VXPD vQ JXOGHQL RE LQXW

YkQG

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400.000$?
15.

2VRFLHWDWHIUDQFH]

XQXLFXUVDOP

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UDWDGREkQ]LLODGHSR]LWHOHvQHXURP UFLODOXQL
6 1/8 - 6 1/2%
rata dobnzii la depozitele n eurodolari la 6 luni:
12 1/4 - 15 5/8%
UDWDGREkQ]LLSHSLD DPRQHWDU IUDQFH] ODOXQL
13 1/4 - 13 1/2%
UDWHOHGHVFKLPESHSLD DODYHGHUH
$/FF: 8,3975-00
4/DM: 2,7225-50
UDWDPDUJLQDO GHILQDQ DUHDVRFLHW LL
PDUMDEDQFDU SHQWUXXQvPSUXPXWSHSLD DHXURGHYL]HORU

1.
2.
3.

&DOFXOD LUDWDGHVFKLPEODYHGHUHvQWUH'0L))
vQIXQF LHGHLQIRUPD LLOHGLVSRQLELOHFHVROX LHDUHVRFLHWDWHDSHQWUXIL[DUHDFXUVXOXL"
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HDGLVSXQHGHRFUHDQ

GH

100.000DM.
4.

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16. 8Q H[SRUWDWRUIUDQFH] GH LQHR FUHDQ

la vedere avem:
'0

))FXUVGHFXPS

IUDQFH]

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UDUH

100DM=333,0000FF, curs de vnzare

RDWD GREkQ]LL OD GHSR]LWHOH vQ HXURP
GREkQ]LLSHSLD DPRQHWDU

UFL OD  GH ]LOH HVWH  

ODGH]LOHHVWH

- 3 7/8, iar rata

7 15/16.

1. Care este rata de schimb la 6 luni DM/FF?

2. ([SULPD LUHSRUWXOvQSURFHQWHDQXDOHGLQFXrsul la vedere.
3. &H VXP  vQ IUDQFL YD IL RE LQXW  GH H[SRUWDWRU GDF  YLQGH OD  OXQL FUHDQ D VD GH
100.000DM?
17.
8Q H[SRUWDWRU GH LQH R FUHDQ
 vQ GRODUL OD  OXQL L GRUHWH V  VH DFRSHUH ID
 GH
riscul valutar. Rata de schimb la vedere este 1$=2FF. Rata de schimb este n report de
SHQWUXOXQLGHSHQWUXOXQLLGHSHQWUXOXQLDFHVWHUDWHVXQWvQSURFHQWH

anuale).
$QDOLVWXO VRFLHW

luni:
SULPDLSRWH] 
DGRXDLSRWH] 
DWUHLDLSRWH] 

LL SRUQHWH GH OD  LSRWH]H SULYLQG HYROX LD UDWHORU GH VFKLPE OD 

rata de schimb - 1$=8,40FF

rata de schimb - 1$=8,10FF
rata de schimb - 1$=7,80FF

&HGHFL]LHWUHEXLHV

LDH[SRUWDWRUXO LQkQGFRQWGHFHOHLSRWH]H"

18.
/D  LXQLH XQ H[SRUWDWRU IUDQFH] GH LQH R FUHDQ
 GH  FX VFDGHQ
 
iuniH 5DWD GH VFKLPE HVWH  )) ([SRUWDWRUXO DQWLFLSHD]  R vQW ULUH D GRODUXOXL
5DWDGREkQ]LLvQ)UDQ DHVWH
([SRUWDWRUXO GHFLGH V
LPSRUWDWRUXOvQFDVHD]

 DFRUGH R QRX

 VFDGHQ

 LPSRUWDWRUXOXL /D  LXOLH

FHLSHFDUHvLYLQGHSHSLD DLQWHUEDQFDU

1. &DUHHVWHUH]XOWDWXOILQDQFLDUGDF ODLXOLH
a) 1$=6,6772FF
b) 1$=6,0702FF
c) 1$=5,4632FF
2. &DUHVXQWFkWLJXULOHVDXSLHUGHULOHvQUHJLVWUDWHGHH[SRUWDWRU"
19.
/D  QRLHPEULH XQ LPSRUWDWRU IUDQFH] DUH GH HIHFWXDW R SODW  GH  GRODUL
canadieni peste 2 zile, la 5 noiembrie. Rata de schimb n 3 noiembrie 1CAD=5,2540FF.
,PSRUWDWRUXODQWLFLSHD]

RVF

GHUHDGRODUXOXLFDQDGLDQLRE LQHRDPkQDUHDSO

SHVWH  OXQL 5DWD GREkQ]LL SH SLD D FDQDGLDQ

 HVWH GH  L FHD GH SH SLD D IUDQFH]

LL


este 12%.
/DLDQXDULHLPSRUWDWRUXOIUDQFH]FXPS

GRODULLSO

WHWHGDWRULD

1. &DUHHVWHVXPDvQ))SO WLW GHLPSRUWDWRUGDF vQLDQXDULH

a) 1CAD=4,9230FF
b) 1CAD=5,2540FF
c) 1CAD=5,4150FF
2. &DUHHVWHFkWLJXOVDXSLHUGHUHDvQ))vQUHJLVWUDW GHLPSRUWDWRU?
7UH]RUHULD XQHL VRFLHW

20.

L PXOWLQD LRQDOH DSOLF

ULVFXOXLGHVFKLPE6LWXD LDHVWHXUP

 R SROLWLF

 VHOHFWLY

 GH DFRSHULUH D

WRDUHD

$:
GHSO WLWODOXQL
DM:
5.000.000 de ncasat la 2 luni;
Lire sterline: GHSO WLWODOXQ 
Lire italiene: GHSO WLWODOXQL
SF:
2.000.000 de ncasat la 6 luni.
5DWHOHGHVFKLPESHSLD DSDUL]LDQ

Devize

VXQWSUH]HQWDWHvQWDEHOXOGHPDLMRV

La vedere
5,6010 5, 6080
3,2440 3,2500
9,4030 9,4150
4,5020 4,5160
4,2030 4,2100

USD/FRF
DEM/FRF
GBP/FRF
1000 ITL/FRF
CHF/FRF

La termen
16 20 report la 3 luni
30 40 report la 2 luni
15 UHSRUWODOXQ
10 05 deport la 3luni
45 35 deport la 6 luni

3UHYL]LXQLOHIXUQL]DWHGHDQDOLWLLILQDQFLDULDLPXOWLQD LRQDOHL

Devize

Previziuni
USD/FRF la 3 luni
DEM/FRF la 2 luni

5,8030 5,8150
3,3540 3,3620
9,7020 9,7110
4,3060 4,0090
4,0010 4,0090

*%3)5)ODOXQ

1000 ITL/FRF la 3 luni

CHF/FRF la 6 luni
1.
2.

,QGLFD LSHQWUXILHFDUHYDOXW

GHFL]LDFHWUHEXLHOXDW

'HWHUPLQD LVXPHOHvQ))vQFDVDWHLSO

21.
H[SRUW

sunt:

Societatea X SURGXF

WLWHGDF

GHPXOWLQD LRQDO

WRDUH GH FRPSRQHQWH DYLDWLFH SULQ VXFXUVDOD VD GLQ 68$

HOLFHSHQWUXDYLRDQHLLPSRUW

UDGDUHPHWHRURORJL

(OLFHOH VXQW IDFWXUDWH vQ  LDU WHUPHQHOH GH SODW

HIHFWXDWHLGHGRX

SUHYL]XQLOHDQDOLWLORUVHDGHYHUHVF

OXQLSHQWUXLPSRUWXUL

ce.

 VXQW GH R OXQ

 SHQWUX H[SRUWXULOH

'LUHFWRUXO VXFXUVDOHL GHFLGH DFRSHULUHD ID

FXPS

1.

ULODWHUPHQGHYDOXW

 GH ULVFXO GH VFKLPE SULQ YkQ]

UL L

'HVFULH LPHFDQLVPHOHGHDFRSHULUH LQkQGFRQWGHGDWHOHGLQWDEHOHOHGHPDLMRVSHQWUX

XQFRQWUDFWGHH[SRUWGHLXQFRQWUDFWGHLPSRUWGH

2.

'DF

 FRQWUDFWHOH GH H[SRUW L GH LPSRUW VXQW VLPXOWDQH FH UHFRPDQGD L GLUHFWRUXOXL

ILQDQFLDUDOVRFLHW

LL"

48 ore
OXQ

3 luni
6 luni

USD
8 7/8 9
8 7/8 9
8 7/8 9
8 15/16 9 1/16

UDUH

Curs la vnzare
7,4140
364,0100
301,5900

7,4030
363,3700
301,0100

CHF
2-3
4 1/8 4
4 3/16 4 5/16
4 - 4 3/8

&XQRWLQ HOH DFXPXODWH SULQWU R VROLG

22.

&XUVODFXPS

Fixing
7,4085
363,6900
301,3000

USD 1
100 CHF
100 DEM

DEM
FRF
4 - 4 7/8
12 3/8
4 - 4 7/8
12
4 7/8 5
13 7/8
4 15/16 5 1/16
16

 SUHJ

WLUH XQLYHUVLWDU

Y

-au permis angajarea

FD DVLVWHQW vQ FDGUXO GLUHF LHL ILQDQFLDUH LQWHUQD LRQDOH OD ILOLDOD GLQ 5RPkQLD D XQHL PDUL
E

QFLDPHULFDQH
5HVSRQVDELOXO DFHVWHL GLUHF LL GHFLGH V

 YD WHVWH]H SURSXQvQGX Y

 XUP

WRDUHD

VLWXD LH
Q FDGUXO XQHL YL]LWH RILFLDOH vQ SUH]HQ D PLQLVWUXOXL FRPHU XOXL L LQGXVWULHL R ,00
URPkQHDVF

DRE LQXWXQFRQWUDFWGHH[SRUWvQVXP

GH

'LPHQVLXQHD vQWUHSULQGHULL QX SHUPLWH FD DFHDVWD V

 IDF

 ID

OHJDWH GHDFHVWH[SRUWLFHOH OHJDWHGHULVFXOGHVFKLPEFDUHUH]XOW

LQHUHQW

 QHYRLORU WUH]RUHULHL
GLQFUHDQ DOD OXQL

DFHVWXLH[SRUW

1. RealL]D L XQ VFHQDULX SULQ FDUH V

 UH]ROYD L SUREOHPHOH ,00 H[SOLFkQG PHFDQLVPXO L

FLIUHOHUH]XOWDWH SHQWUXFOLHQW&DOFXOD LFkWLJXO E

QFLLSUHVXSXQkQG F

DFHDVWDSHUFHSH

un comision de 1,75/1000 din sumele n lei percepute clientului, folosind datele din
tabelele de mai jos.
2.

&H DOWH RSHUD LXQL SURSXQH L FOLHQWXOXL GDF

DUHRGDWRULHGHSO

3.

 EDQFD GLVSXQH GH XQ DO GRLOHD FOLHQW FDUH

WLELOLvQOXQL"

5HIDFH LFDOFXOHOHSHQWUXLSRWH]DvQFDUHFUHDQ DYDILVFDGHQW

Fixing
8,4250
372,5500
307,6900

USD 1
100 CHF
100 DEM

48 ore
OXQ

3 luni
6 luni
23.

USD
10 /16 1013/16
10 7/8 11
11 -11 7/8
12 7/16-12 9/16
11

&XUVODFXPS

CHF
1 7/8-2 1/8
3 13/16-3 15/16
4-4 1/8
4 3/16-4 7/16

DEM
5 3/8-5
5 -5 5/8
5 15/16-6 1/16
6 5/16-6 7/16

FRF

ODOXQLvQVXP

GHUHDvQUDSRUWFXIUDQFXOLGHFLGHV

dHVFKLPESHSLD DODYHGHUHLQWHUEDQFDU

Curs la vnzare
8,4305
372,8700
307,9800

8,4195
372,2300
307,4000

8QH[SRUWDWRUIUDQFH]GLVSXQHGHRFUHDQ
WHPHGHRVF

UDU

ODOXQL

12
12
13
14
GH(OVH

VHDFRSHUHID

GHULVFXO

,QIRUPD LLOHGLVSRQLELOHVXQW

la vedere, 1$=5,8050FF;

UDWDGREkQ]LLSHSLD DDPHULFDQ

UDWDGREkQ]LLSHSLD DIUDQFH]

1.

&DOFXOD LVXPDRE LQXW

2.

3H ED]D GDWHORU IXUQL]DWH GHWHUPLQD L UDWD GH VFKLPE WHRUHWLF

ODOXQLHVWHGH

ODOXQLHVWH

GHH[SRUWDWRUGLQRSHUD LXQHDGHDFRSHULUH
 D GRODUXOXL vQ UDSRUW FX

IUDQFXOIUDQFH]ODOXQL&HFRQFOX]LLGHVSULQGH L"

24.

8Q H[SRUWDWRU IUDQFH] GLVSXQH GH R FUHDQ

Temndu-se de o VF

 OD  OXQL vQ VXP

GHUH D GRODUXOXL vQ UDSRUW FX IUDQFXO GHFLGH V

 GH 

 VH SURWHMH]H ID

 GH

riscul de schimb.
QSULPXOUkQGHOFRQWDFWHD]

REDQF

FDUHSHQWUXVFDGHQ DGHOXQLvLRIHU

FXUVXO

1$=5,7650 - 5,7720FF.
1.

&DUH YD IL VXPD vQ )) RE LQXW

LQWHUEDQFDU

 GH H[SRUWDWRU GDF

 DFRSHULUHD SH SLD D

ODWHUPHQ"

$SRL H[SRUWDWRUXO GHFLGH V

 RSHUH]H SH SLD D LQWHUEDQFDU

GRODUXOXLHVWHVXSHULRUUDWHLSURSXVHGHEDQF
,QIRUPD LLOHFRPSOHPHQWDUHLQGLF
DPHULFDQ

 HIHFWXHD]

/DYHGHUH

IDSWXOF

HVWHLDUFHDGHSHSLD DIUDQFH]

 OD YHGHUH F



- 5,8100FF.

UDWDGREkQ]LLODOXQLSHSLD DPRQHWDU

&DUHYRUILVXPHOHvQIUDQFLRE LQXWHGHH[SRUWDWRUGDF

3.

Q IXQF LH GH LQIRUPD LLOH GLVSRQLELOH GHWHUPLQD L FXP DU WUHEXL V

4.

V DUDFRSHULSHSLD DODYHGHUH"

 ILH UDWD GH VFKLPE

DGRODUXOXLvQUDSRUWFXIUDQFXOODOXQL"

FHUD LXQLH[SOLF

GLIHUHQ DGLQWUHUDWDWHRUHWLF

RLFHDSURSXV

GHEDQF

25.

GH

2.

WHRUHWLF

FL FXUVXO

([SOLFD LXUP

Open
Mar
May
July
Sept
Nov
Dec
Mr01
Dec

215
223
230
238
243
246
253
260

Mar
May
July
Sept
Dec

257
266
277
287
301

GHVFKLPEODWHUPHQSHFDUHD LFDOFXODW

"

WRDUHOHFRWD LL

Lifetime
Low
Settle
Change
High
Low
CORN (CBT) 5,000 bu.; cents per bu.
216
214
216
+1
270
195
225
222
224
+1
261
202
233
230
232
+1
278
209
239
237
239
+1
257
215
246
243
246
+2
253
222
248
245
248
+1
279
225
256
253
256
+1
263
233
263
260
263 1/2
+3
265
246
Est vol 100,000; vol Wed 123,211; open int 471,003, - 12,067.
WHEAT (CBT) 5,000 BU.; cents per bu.
257
253
254
.
340
236
269
265
267
+
322
246
280
276
279
+1
347
256
289
386
289
+1
335
266
303
300
303
+1
345
280
Est vol 38,000; vol Wed 50,470; open int 133,094, - 4,902
High

Sursa: The Wall Street Journal Europe, Wednesday, February 23, 2000

Open
Interest
86,798
161,867
107,170
32,637
816
69,310
8,032
2,285

30,114
53,649
33,607
5,121
10,405

([SOLFD LXUP

26.

WRDUHOHFRWD LL

Open
Mar
0.6257
June
0.63
Sept
0.6337
Dec
Open int 10698
48

Open
Mar
1.6093
June
1.6036
Sept
1.5986
Dec
Open int 1593
494

Lifetime
High
Low
Settle
Change
High
Low
EURO STERLING (FINEX) 100,000 eur; pound per euro
0.6267
0.6202
0.6218
- 0.0047
0.6369
0.6015
0.6255
0.629
0.629
0.63

Open
Interest

Lifetime
High
Low
Settle
Change
High
Low
EURO SWISS (FINEX) 100,000 eur; swiss per euro
1.6093
1.6093
1.608
- 0.0012
1.6114
1.5915
1.6031
1.5989

Open
Interest

10698
11

10698

Sursa: The Wall Street Journal Europe, Friday Saturday, February 25 26, 2000
([SOLFD LXUP

27.

WRDUHOHFRWD LL

Lifetime
High
Low
Settle
Change
High
Low
TREASURY BONDS (CBT) - $100,000; pts. 32nds of 100%
Mar
95-06
96-03
95-06
95-16
+10
101-07
89-00
June
94-29
95-24
94-29
95-05
+12
99-15
88-22
Sept
95-07
95-11
94-23
94-28
+11
95-11
88-19
Est vol 525,000; vol Wed 311,828; open int 563,560, - 31,856
Lifetime
Open
High
Low
Settle
Change
High
Low
5 YR TREAS NOTES (CBT) /$100,000; pts. 32nds of 100%
Mar
97-11
97-28
97-105
97-255
+14.5
00-055
96-16
June
96-315
97-13
96-315
97-11
+15.0
98-02
96-10
Est vol145,000; vol Wed 171,013; open int 454,594, - 3,837
Open

Open
Interest
421,605
140,685
715
Open
Interest
294,396
160,198

Sursa: The Wall Street Journal Europe, Wednesday , February 23, 2000

28.

([SOLFD LXUP

WRDUHOHFRWD LL

Open
Mar 00
Apr 00
May 00
Jun 00
Sep 00

High

5155.0
.
.
5176.0
.
Volume: 1103 Total: 18908;

Open
Low
Settle
Change
Vol.
interests
DJ EURO STOXX 50 FUTURE (MONEP) Index x EUR 10
5193.0
5086.0
5095.0
-10.00
985
.
.
5104.0
-10.00
0
.
.
5109.0
-10.00
0
5181.0
5131.0
5096.0
-10.00
118
.
.
5136.0
-11.00
0
Var O.I.: 62

15653
0
0
3245
10

Sursa: The Wall Street Journal Europe, Friday Saturday, February 25 26, 2000

29.

La nceputul lunii mai, unui e[SRUWDWRU GH JUkX L VH FHUH R FRWD LH GH SUH  SHQWUX



EX

FX

OLYUDUH

H[SRUWDWRUXO FRQVLGHU

F

OD

MXP

WDWHD

OXQLL

VHSWHPEULH

 YD UHDOL]D SURILW GDF

Q

 YD UHXL V

ED]D

 YkQG

FDOFXOHORU

HIHFWXDWH

 OD EX VDX PDL

mult.
Exportatorul transmite clieQWXOXLV

XXQSUH GHEX)2%SRUWGHvQF

UFDUH

6LWXD LDODPDL

SUH XOcash local - 3,15$/bu;

grul futures septembrie se vinde la 3,00$/bu;
de-a lungul timpului s-D REVHUYDW F  ED]D PHGLH OD VIkULWXO OXQLL DXJXVW HVWH FX 
peste cea din septembrie.

1.

&XPYDDF LRQDH[SRUWDWRUXOSHSLD D

futures? De ce?

2. Cte contracte futures sunt necesare pentru a se acoperi prin hedging 100%?
6LWXD LDODDXJXVW

H[SRUWDWRUXO

DFRSHU

OD



SR]L LD

VD

SULQ

hedging

DWHSWkQG

UHJOHPHQWDUHD

WUDQ]DF LLOR

r;

SUH XO JUkXOXL D FUHVFXW vQ ED]

 PDL PXOW GHFkW GH RELFHL 3UH XO

cash local este acum

3,20$/bu;
grul futuresVHSWHPEULHHVWHWUDQ]DF LRQDWODEX
1.

&RPSOHWD LWDEHOXOGHPDLMRV

Cash
03.05.1997

29.05.1997

futures

baza

Rezultat
SUH 

cash
$/bu

FkWLJSLHUGHUH

oferta forward cash

$/bu
FkWLJSLHUGHUHvQED]

$/bu

$/bu

SUH QHW

SUH QHW

$/bu

$/bu

2. &DUHHVWHED]DORFDO "
3. &DUHVXQWRSHUD LXQLOHSHFDUHOHYDHIHFWXDSHSLD DcashLSH SLD D futures?
4. Care este venLWXOSLHUGHUHDGLQRSHUD LXQL"
30.
3HED]DLQIRUPD LLORUGDWHFRPSOHWD LVSD LLOHU
net de vnzare.
Cash
cash al P UILL
1,90$/bu
3 luni mai trziu, vnzare
cashGHP UIXULOD
1,90$/bu
3UH XO

futures
vnzare contracte futures
la 2,20$/bu

PDVHOLEHUHGHWHUPLQkQGDSRLSUH XO

baza

0,05 sub

Rezultat
FkWLJSLHUGHUHED]

SUH cash de vnzare

$/bu
FkWLJSLHUGHUHfutures
$/bu
SUH QHWGHYkQ]DUH

$/bu

modificarea bazei

1. Acesta este un hedge long sau short?

2. Baza s-a ngustat sau s-DO UJLW?
3. S-DvQUHJLVWUDWXQFkWLJVDXRSLHUGHUHvQED]
31.

"

3HED]DLQIRUPD LLORUGDWHFRPSOHWD LVSD LLOHOLEHUH

Cash
cash al P UILL
2,10$/bu
3 luni mai trziu,

futures

3UH XO

FXPS

UDUHGHP

FXPS

ULFRQWUDFWH

futures la 2,20$/bu

baza

0,05 sub

UIXULOD

2,20$/bu
Rezultat
FkWLJSLHUGHUH

modificarea bazei

SUH 

cashGHFXPS UDUH
$/bu
FkWLJSLHUGHUHfutures
$/bu
FkWLJSLHUGHUH
RSHUD LXQH

1. Acesta este un hedge long sau short?

2. Baza s-a ngustat sau s-DO UJLW"
3. S-DvQUHJLWVWUDWXQFkWLJVDXRSLHUGHUHvQED]
32.

$FHHDLSUREOHP

SHQWUXVLWXD LDXUP

cash
3UH XOcash al P
2,15$/bu
9kQ]DUHPDUI

UILL

"

WRDUH

futures
vnzare contracte futures
la 2,20$/bu

OD

FXPS

1,90$/bu

UDUHFRQWUDFWH

baza

futures la 2,00$/bu

Rezultat
FkW

ig/pierdere cash

SUH cash de vnzare

$/bu
FkWLJSLHUGHUHfutures
$/bu
1. Acesta este un hedge long sau short?
2. Baza s-a ngustat sau s-DO

UJLW"

3. S-DvQUHJLWVWUDWXQFkWLJVDXRSLHUGHUHvQED]

"

modificarea bazei

33.

$FHHDLSUREOHP

SHQWUXVLWXD LDXUP

cash

WRDUH

futures
FXPS

3 luni mai trziu

UDUHFRQWUDFWH

futures la 2,20$/bu
vnzare contracte futures
la 2,10$/bu

baza
0,20 sub
0,25 sub

Rezultat
FkWLJSLHUGHUH

modificarea bazei

SUH 

cashGHFXPS UDUH
$/bu
&kWLJSLHUGHUHfutures
$/bu
FkWLJSLHUGHUH
RSHUD LXQH

1. Acesta este un hedge long sau short?

2. Baza s-a ngustat sau s-DO UJLW"
3. S-DvQUHJLWVWUDWXQFkWLJVDXRSLHUGHUHvQED]
34.

$FHHDLSUREOHP

SHQWUXVLWXD LDXUP

cash

"

WRDUH

futures
&XPS

3 luni mai trziu

UDUHFRQWUD

cte
futures la 2,20$/bu
Vnzare contracte
futures la 2,30$/bu

baza
0,15 peste
0,20 peste

Rezultat
FkWLJSLHUGHUH

modificarea bazei

8QSURGXF WRUGHSRUXPESUHYL]LRQHD] RUHFROW GHEXODVIkULWXOOXQLLLXOLH

35.
n baza uQRUFDOFXOHHIHFWXDWHFRQVLGHU F XQSUH GHFHOSX LQEXL-ar aduce profit.
(OVHWHPHGHRVF

GHUHDSUH XULORULGHFLGHDFRSHULUHDDGLQSURGXF LDHVWLPDW

6LWXD LDODDSULOLH

RIHUWDGHFXPS UDUHSHQWUXSRUXPEcash forward iulie este de 2,05$/bu;

porumbul futures DXJXVWHVWHWUDQ]DF LRQDWODEX
de-a lungul timpului s-DREVHUYDWF ED]DPHGLHvQSULPDMXP WDWHDOXQLLLXOLHHVWH
sub cea august.

1. /XkQGvQFRQVLGHUDUHRIHUWDGHFXPS UDUHcash - futuresFDUHHVWHED]DORFDO ?

2. $USXWHDSURGXF WRUXOV UHDOL]H]HXQhedging? Cum?
3. &XPDUWUHEXLHOV DF LRQH]HSHSLD Dfutures pentru a realiza un hedging?
4. Cte contracte futures sunt necesare pentru a acoperi prin hedging MXP WDWH
SURGXF LDHVWLPDW

"

GLQ

6LWXD LDODLXOLH

proGXF

WRUXO IDFH RSHUD LXQHD GH

hedging OD  LDU DFXP WUHEXLH V -L UHJOH]H

SR]L LD

SUH XOcash local este 2$/bu;

contractele futuresDXJXVWVXQWWUDQ]DF LRQDWHODEX

1.

&RPSOHWD LVSD LLOHOLEHUH

cash
15.04.1997

03.07.1997

futures

baza

Rezultat
SUH 

RIHUWDFXPS

cash
$/bu

FkWLJSLHUGHUH

UDUH

cash

forward
$/bu

futures

$/bu

FkWLJSLHUGHUHvQED]

$/bu

FkWLJSLHUGHUH
RSHUD LXQH

2.
3.
4.

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"

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36.

Cursul spotDOGRODUXOXLOD3DULVHVWH

OXQLHVWHXUP

))5HSRUWXO SHQWUXROXQ

6FDGHQ

Report
0,042
0,175
0,324

OXQ

2 luni
3 luni
1.
2.

OXQL

WRUXO

&DOFXOD LFXUVXOODWHUPHQHOHOXQ

OXQLLOXQL

&DOFXOD L UHSRUWXO vQ SURFHQWH DQXDOH GLQ FXUVXO OD YHGHUH SHQWUX VFDGHQ HOH   L 

luni.
37.
Spread-XO vQWUH FXUVXO GH FXPS
francul francez este 0,0080.
3UHVXSXQvQGF

DYHPXQFXUVPHGLXDOvQUDSRUWFX))GH

FXUVXOGHYkQ]DUHLFXUVXOGHFXPS

38.

UDUH L FHO GH YkQ]DUH DO GRODUXOXL vQ UDSRUW FX

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SH SLD D GH OD 3DULV FXUV SXEOLFD

t n paginile unui mare jurnal financiar sunt

XUP

39.

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6FDGHQ

$/FF
5,3540-60
340-390
1900-1960
3450-3550
5150-5350

vedere
OXQ

3 luni
6 luni
1 an
1. Dolarul la termen este n report sau deport?
2. &DOFXOD LFXUVXOGRODUXOXLSHQWUXGLIHULWHOHVFDGHQ H

39.
&XUVXULOH GH VFKLPE OD YHGHUH L OD WHUPHQ DO OLUHL VWHUOLQH vQ UDSRUW FX GRODUXO SH
pie HORQGRQH]HFXUVXULSXEOLFDWHvQSDJLQLOHXQXLPDUHMXUQDOILQDQFLDUVXQWXUP WRDUHOH
6FDGHQ

lir sterlin/$
2,3025-30
30-26
77-72
110-104
175-165

vedere
OXQ

3 luni
6 luni
1 an
/LUDVWHUOLQ

1.
2.

40.
V

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2 EDQF

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VXP

SHSLD DYDOXWDU

Cursurile sunt:
1$=6,8750FF la Paris
OLU

VWHUOLQ

OD/RQGUD

OLU

VWHUOLQ

))OD/RQGUDL3DULV

&HSRDWHIDFHEDQFDFRQVLGHUkQGFKHOWXLHOLOHGHWUDQ]DF LHQXOH"

41.

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YkQG

PLOLRQ'0FDUHSURYLQGLQH[SRUWXULOHUHDOL]DWH

/DPDUWLH]LXDWUDQ]DF LHLFXUVXULOHVXQW

1DM=3,3420FF, la Paris
1DM=0,5970$, la Frankfurt


))OD3DULVL)UDQNIXUW
&RVWXULOHGHWUDQ]DF LHVXQWHVWLPDWHOD))SHRSHUD LH

1.

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un arbitraj pe $?
2.

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42.

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vQ68$$FHDVW

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te

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Este operatorul interesat de intermedierea lirei sterline pentru vnzarea celor

100.000$?

43.

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La 21
vQW

ULUHDP

American Light era 27,5$/ba.

IHEUXDULH PLQLWULL GH ILQDQ H DL

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44.
Rata dobnzii la New York a bonurilor de tezaur americane T-bill este de 10,5%. La
Londra, rata dobnzii la T-ELOO HVWH GH  &XUVXO OD YHGHUH OD 1HZ <RUN L /RQGUD HVWH
OLU

VWHUOLQ

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VWHUOLQ

GRODUL

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l cursurilor de

schimb.
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SLD DPRQHWDU

45.

DPHULFDQ

Nivelul dobnzii la T-bill la 6 luni la New York este 12%, iar a Londra 10 %.

&XUVXULOHVXQWXUP

1.
2.

ODYHGHUHOLU

WRDUHOH


ODWHUPHQOXQLOLU



8QRSHUDWRUGLVSXQHGHPLOLRDQHGRODULLYUHDV
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LQGLIHUHQWGDF

3.

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-i plaseze.

X"

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SODVHD]

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SODVDPHQWXOXLV

46.

-i fie

-i plaseze. Care este optimul

X"

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Rates deliverable On
EUR/USD
EUR/JPY
EUR/GBP
EUR/CHF
EUR/AUD
EUR/NZD
EUR/CAD
EUR/FIM
EUR/SEK
EUR/DKK

Spot
0.996
110.56
0.622
1.610
1.619
2.044
1.454
5.946
8.563
7.448

29 Feb 2000
0.996
110.55
0.622
1.610
1.619
2.044
1.454
5.946
8.563
7.449

30 Mar 2000
0.998
110.25
0.623
1.608
1.621
2.047
1.456
5.946
8.566
7.451

EUR/GRD
EUR/CZK
EUR/PLZ
EUR/TRL
EUR/RUB
EUR/HUF

334.13
35.608
4.074
562301.8
28.634
256.63

334.18
35.610
4.075
562916.4
n/a
256.68

335.73
35.667
4.124
581530.2
n/a
258.40

EUR/SGD
EUR/HKD
EUR/IDR
EUR/MYR

1.709
7.754
7497.16
3.786

1.709
7.754
7498.42
3.786

1.707
7.770
7536.54
3.784

Sursa: The Wall Street Journal Europe, Friday Saturday, February 25 26, 2000

47.
D F

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SICAV Socit dinvestissement capital variable

en lung

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cu

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contractele futures

FX VFDGHQ D GHFHPEULH FRWHD]

100-00.
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futures.

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futures

decembrie cota 94-10.

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SHSLD D

futures.
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48.
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futures FX VFDGHQ D



-18.

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futures. La 15 septembrie contractele futures decembrie cotau

102-LPDQDJHUXOGHFLGHOLFKLGDUHDSR]L LHLfutures.
/D  GHFHPEULH WLWOXULOH REOLJDWDUH YDORUDX )) L FRQWUDFWHOH futures
decembrie cotau 106-LPDQDJHUXOGHFLGHOLFKLGDUHDSRUWRIROLXOXL
1. &DUHHVWHUH]XOWDWXOILQDQFLDUDORSHUD iunilor?
2. &XPSXWH LFDOLILFDFRPSRUWDPHQWXOPDQDJHUXOXL"
49.

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V

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9,25%. Anticipnd o crHWHUHDUDWHLGREkQ]LLEDQFDGHFLGHDFRSHULUHDSH0$7,)2.

La 1 iunie, cursurile contractelor la termen PIBOR3  OXQL FX VFDGHQ  VHSWHPEULH
era 90- /D  VHSWHPEULH UDWD GREkQ]LL OD  OXQL HUD HJDO  FX  %DQFD FDUH D
montat mprumutul se finan HD] FXDFHDVW GREkQG LvQFKLGHSR]L LDSHSLD D futures la
88-60.
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2. &DUH HVWH UH]XOWDWXO ILQDQFLDU DO vPSUXPXWXOXL vQ FRQGL LLOH vQ FDUH EDQFD D OXFUDW
acoperit?
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50.

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GHFLGH V  LQWHUYLQ  SH SLD D FRQWUDFWHORU futures D HXURGRODULORU OD &KLFDJR FX VFDGHQ D
septembrie.
/DLXQLHFRWD LLOHOD,00HUDXXUP

2
3

iunie N: 89-90;
septembrie N: 89-78;
decembrie N: 89-70;
martie N+1: 89-59;
iunie N+1: 89-52;
MATIF March terme international de France
PIBOR Paris Interbank Offered Rate

WRDUHOH

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GREkQG

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futures la Chicago.

/DVHSWHPEULHFRWD LD,00HUD

1.
2.
3.
4.

septembrie N: 97-05;
decembrie N: 86-91;
martie N+1: 86-79;
iunie N+1: 86-70;
septembrie N+1: 86-64.
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Este hedging-ul perfect?

51.

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perioad de 3 luni ncepnd cu 15 septembrie. Banca propune o dobnd de 11,25% care

este acceptat de exportator.
Conducerea bncii decide acoperirea pe pia D futures a eurodolarilor la Chicago
prin operarea cu contracte futuresVHSWHPEULHQPRPHQWXODFRSHULULLLXQLHFRWD LLOHOD
,00HUDXXUP

/D  VHSWHPEULH FRQGXFHUHD E

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1.

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iunie N: 89-90;
septembrie N:89-04;
decembrie N: 88-79;
martie N+1: 88-54;
iunie N+1: 88-13;
septembrie N+1: 87-86.
GDW

QFLL LD FX vPSUXPXW  PLOLRDQH GRODUL OD 

FRWD LLOHOD,00VXQW

septembrie N: 86-55;
decembrie N: 86-18;
martie N+1: 86-03;
iunie N+1: 85-74;
septembrie N+1: 85-60;
decembrie N+1: 85-35.
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dolari)?
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52.

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rata dobnzii la vedere pentru creditele pe 3 luni: 12,25%;

martie N: 87-70;
iunie N: 87-50;
septembrie N: 87-25;
decembrie N: 87-10;
martie N+1: 86-98;
iunie N+1: 86-89;



 septemrie N+1: 86-83;

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exportatorului?
/DLXQLHUDWDGREkQ]LLSHSLD DODYHGHUHLFRWD LLOHOD,00VXQW

rata dobnzii la vedere pentru creditele pe 3 luni: 14,50%;

iunie N: 85-45;
septembrie N: 85-20;
decembrie N: 85-02;
martie N+1: 84-88;
iunie N+1: 84-79;
septembrie N+1: 84-70;
decembrie N+1: 84.60.

rata dobnzii la vedere pentru creditele la 3 luni: 13,20%;

septembrie N: 86-82;
decembrie N: 86-60;
martie N+1: 86-44;
iunie N+1: 86-30;
septembrie N+1: 86-10;
decembrie N+1: 85-98;
martie N+2: 85-90.

2.
3.

rata dobnzii la vedere pentru creditele la 3 luni: 13,65%;

decembrie N: 86-30;
martie N+1: 86-05;
iunie N+1: 85-89;
septembrie N+1: 85-80;
decembrie N+1: 85-70;
martie N+2: 85-61;
iunie N+2: 85-55.

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'DF

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53.

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de mai jos:
3LD DHXURREOLJDWDU

FX

3LD DHXURFUHGLWHORUFX

UDWDGREkQ]LLIL[

Societatea XYZ
Societatea ABC

UDWDGREkQ]LLYDULDELO

LIBOR+0,10%
LIBOR+0,70%
unde T= UDQGDPHQWXOREOLJD LXQLORUSHDQLHPLVHGHWUH]RUHULDDPHULFDQ 7-bond)
QWUHSULQGHUHD ;<= VSHU

T+0,60
T+2,20

V

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SHQWUX ;<= V

V

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roll-over SH  DQL FX GREkQG

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F

aceste formule nu sunt tocmai optimale.

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$%& V

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angajndu-VHV

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LL

swap, banca

L

'XS  DFRUGXO FHORU GRX  VRFLHW

L EDQFD VHPQHD]  GRX  FRQWUDFWH GH swap:
primul cu XYZ, al doilea cu ABC.
n termenii primului contract dobnda perFHSXW  VRFLHW LL ;<= HVWH /,%25
iar n termenii celui de-al doilea T+1,30%.
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54.
/D  DSULOLH OD 1<0(; SUH XO futures DO SHWUROXOXL FX VFDGHQ
  LXQLH HVWH
14,5$/ba.
Q DFHODL WLPS FXUVXO OD YHGHUH DO L HLXOXL FDOLWDWH West Texas Intermediate este
 &RVWXULOH OXQDUH GH VWRFDM L ILQDQ DUH VXQW HVWLPDWH OD ED &RPLVLRDQHOH
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0,10$/ba.
1. &H RSHUD LL
QHXWLOL]DW

2.

SRW IL vQWUHSULQVH GH R UDILQ

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"

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55.
n a treia zi de miercurLDOXQLLVHSWHPEULH]LXDVFDGHQ HL
contractul futures septembrie pe SF cota 1SF=0,88$;
contractul futures decembrie pe SF cota 1SF=0,94$;
rata dobnzii pe bonuri de tezaur americane la 3 luni este de 4%;
1. Presupunnd cursurile contractelor futures septembrie a fi nici sub nici supraevaluate,
FDUHDUWUHEXLV

2.

ILHFXUVXOWHRUHWLFDOFRQWUDFWHORUGHFHPEULH"

&HGHFL]LHSRDWHOXDXQDUELWUDMLVW LQkQGFRQWGHFXUVXULOHFRQWUDFWHORU

futures pe francul

HOYH LDQVHSWHPEULHLGHFHPEULH"

La 2 septembrie, arbitUDMLVWXOOLFKLGHD] SR]L LLOHOXDWHFRWD LLOHILLQG

contractul futures septembrie: 1SF=0,90$;
contractul futures decembrie: 1SF=0,93$;

&DUHHVWHUH]XOWDWXOILQDQFLDU DORSHUD LXQLLLQL LDWHvQVHSWHPEULHSUHVXSXQkQG F

DUELWUDMLVWXORSHUHD]

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VFDGHQ DGHFHPEULH"

56.

La 7 ianuarie, un spreader
FRPHUFLDO

HIHFWXHD]

 RSHUD LXQL GH DUELWUDM SH SLD D

FRWD LLOHILLQG

martie:
1102;
mai:
1120;
august:
1148;
octombrie: 1160;
decembrie:1190.

(OGHFLGHV

LDGRX

SR]L LLRSXVHSHGRX

VFDGHQ HGLIHULWH

QPDUWLHXOWLPD]LGHOLFKLGDUHDSR]L LLORUFXUVXULOHVXQW

futures

1.

martie:
868;
mai:
902;
august:
920;
octombrie: 942;
decembrie:968.
'HWHUPLQD L vQ  LDQXDULH vQ IXQF LH GH LQIRUPD LLOH GLVSRQLELOH FHO PDL EXQ UH]XOWDW SH
FDUHSRDWHV

2.

-ORE LQ

DUELWUDMLVWXO

'HWHUPLQD LvQPDUWLHvQIXQF LHGHWRDWHLQIRUPD LLOHGLVSRQLELOHFHOPDLEXQUH]XOWDW

SHFDUHSRDWHV

-ORE LQ

DUELWUDMLVWXO

57. Cursurile contractelor la termen pe eurodolari la 90 de zile la 21 mai, ora 10.30 sunt
XUP

WRDUHOH
&RWD LDFRQWUDFWXOXLHXURGRODUOD&0(

la ora 10.30
91 20
90 94
90 88
90 40
90 14
89 87
89 62

Iunie
Septembrie
Decembrie
Martie
Iunie
Septembrie
Decembrie
1.
2.

&XPVHH[SULP

DFHVWHFXUVXUL LQkQGFRQWGHUDWDGREkQ]LL"

&DUHHVWHGHFL]LDSHFDUHSRDWHV

RLDXQDUELWUDMLVW LQkQGFRQWGHDFHVWHFXUVXUL"

La ora 10.45, cursurile erau:

&RWD LDFRQWUDFWXOXLHXURGRODUOD&0(

la ora 10.45
91 24
90 93
90 69
90 44
90 19
89 90
89 66

Iunie
Septembrie
Decembrie
Martie
Iunie
Septembrie
Decembrie
3.

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ODFHYL]HD]

FXPS

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58.
Cursurile coQWUDFWHORU OD WHUPHQ SH ERQXUL GH WH]DXU DPHULFDQH OD  OXQL L D
contractelor futures pe eurodolari 90 zile la 10 ianuarie sunt cele din tabelul de mai jos:
Bonuri de tezaur
Depozite n eurodolari
Martie
89 76
88 20
Iunie
89 45
87 90
Septembrie
88 99
87 45
Dcembrie
88 58
87 03
Martie
88 26
86 72
1.

&DOFXOD L SHQWUX ILHFDUH VFDGHQ

spread-ul ntre ratele dobnzii bonurilor de tezaur

DPHULFDQHLFHOHDOHGHSR]LWHORUvQHXURGRODUL

Anticipnd o reducere a spread-ului, un operator iQWHUYLQH WUDQ]DF LRQkQG DWkW

contracte futures SH ERQXUL GH WH]DXU FkW L SH HXURGRODUL vQ HFKLYDOHQWXO D  PLOLRDQH 
fiecare.
2. &DUHHVWHRSHUD LXQHDUHDOL]DW ODLDQXDULHGHDUELWUDMLVW"
/DPDLFRWD LLOHVXQWFHOHGHPDLMRVLDUELWUDMLVWXO GHFLGHV -LOLFKLGH]H SR]L LD
sa.
Bonuri de tezaur
Depozite n eurodolari
Iunie
93 70
93 20
Septembrie
93 53
93 01
Dcembrie
93 24
92 73
Martie
92 83
92 31
Iunie
91 51
91 02
3. &DUHHVWHUH]XOWDWXOILQDQFLDUDORSHUD LXQLLLQL LDWHOD0 ianuarie?
4. 'DF  OD  PDL FXUVXULOH DU IL VF ]XW DWLQJkQG QLYHOXULOH GH PDL MRV FH UH]XOWDWH
ILQDQFLDUHDUILRE LQXWDUELWUDMLVWXO"

Bonuri de tezaur
86 62
86 29
85 87
85 43
85 14

Iunie
Septembrie
Dcembrie
Martie
Iunie
5.
6.

Depozite n eurodolari
86 10
85 79
85 36
84 91
84 64

&HFRQFOX]LLSXWH LWUDJHSHPDUJLQHDUH]XOWDWHORUILQDQFLDUH"
'DUGDF

FRWD LLOHDUILXUP

Bonuri de tezaur
87 70
87 40
86 98
86 54
86 18

Iunie
Septembrie
Dcembrie
Martie
Iunie
59.
'HSR]LWHOH vQ PDUM
contractelor.

WRDUHOH

Depozite n eurodolari
85 55
85 26
84 82
84 40
84 03

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8QVSHFXODWRUFXPS

  GLQ YDORDUHD

XQFRQWUDFWSHWFDIHDSUH XOXQXLTXLQWDOILLQGGH))

3 luni maiWkU]LXSUH XOHVWHGH))

1. &DUHHVWHUHQWDELOLWDWHDRSHUD LXQLLH[SULPDW vQSURFHQWH"
2. &DUHDUILUHQWDELOLWDWHDGDF PDUMDDUILGH"
3. &DUHDUILUHQWDELOLWDWHDRSHUD LXQLLGDF SUH XODUDMXQJHOD))"
60.

La 10 aprilie, un speculator anticipnG

R VF

GHUH D SUH XULORU JUkXOXL YLQGH 

FRQWUDFWHOD&%27LODLXQLHvLvQFKLGHSR]L LD
&XUVXULOH H[SULPDWH vQ EXVKHO OD  DSULOLH L  LXQLH SHQWUX FRQWUDFWHOH FX
VFDGHQ D V
XUP

eSWHPEULH L GHFHPEULH OD &%27 SUHFXP L FXUVXULOH OD YHGHUH OD .&%27 sunt

WRDUHOH

3LD DODYHGHUH.&%27
3LD D

futures septembrie
CBOT
3LD Dfutures decembrie
CBOT

10.04
3,80$/bushel
4,20$

09.06
2,65$/bushel
3,10$

4,50$

3,70$

'HSR]LWHOH vQ PDUM

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speculatLYH VXQW GH  SHU FRQWUDFW 5DWD GREkQ]LL SH SLD D PRQHWDU

 HVWH GH 

&RVWXULOHGHWUDQ]DF LHVXQWGHSHUFRQWUDFW

1.

&DUHHVWHUDWDGHUHQWDELOLWDWHGDF

VHYkQGFRQWUDFWHFXVFDGHQ DVHSWHPEULHSHGH

RSDUWHLFRQWUDFWHFXVFDGHQ DGHFHPEULHSHGHDOW

2.

'HWHUPLQD LDFHODLOXFUXGDF

FRWD LLOHDUILXUP

WRDUHOH

10.04
3,80$/bushel
4,20$
4,50$

3LD DODYHGHUH
3LD D

futures septembrie
futures decembrie

3LD D

09.06
4,52$/bushel
4,90$
5,10$

61.
La 5 aprilie, la CME, contractul futures SH P
1DM=0,40$.
8Q VSHFXODWRU DQWLFLSHD]

SDUWH"

UFL FX VFDGHQ D LXQLH FRWHD]

 R FUHWHUH D '0 vQ UDSRUW FX  L VH GHFLGH V

contracte.
1. &HWUHEXLHV IDF RSHUDWRUXO"
La 17 mai, contractul futures LXQLH

FRWHD]

 '0

 OD

 RSHUH]H FX 

 L VSHFXODWRUXO GHFLGH V

-L

OLFKLGH]HSR]L LD

2.
3.

'HWHUPLQD LSURILWXOUHDOL]DWGHVSHFXODWRU
&HVHvQWkPSO

GDF

SHPDL'0

"

62.
La 1 martie, contractul futuresSHHXURGRODULODGH]LOHFRWHD]
91-SHQWUXVFDGHQ DPDUWLH
91-SHQWUXVFDGHQ DLXQLH
91-3SHQWUXVFDGHQ DVHSWHPEULH
91-SHQWUXVFDGHQ DGHFHPEULH
8Q VSHFXODWRU DQWLFLSHD]

 R FUHWHUH D UDWHL GREkQ]LL (O YLQGH  FRQWUDFWH FX

VFDGHQ DLXQLH
'HSR]LWXO vQ PDUM

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dobnzii pe pia DPRQHWDU

1.
2.

HVWHGH&RPLVLRDQHOHGHWUDQ]DF LHVXQWGHFRQWUDFW

/DDSULOLHVSHFXODWRUXOOLFKLGHD]

SR]L LDVDFRWD LLOHILLQG

90-SHQWUXVFDGHQ DLXQLH
90-SHQWUXVFDGHQ DVHSWHPEULH
90-SHQWUXVFDGHQ DGHFHPEULH
90-10 pentru scadeQ DPDUWLH
&DUHHVWHUH]XOWDWXOILQDQFLDUDORSHUD LXQLLVSHFXODWLYHLQL LDWHODPDUWLH"
&DUHYDILUH]XOWDWXOILQDQFLDUDORSHUD LXQLLVSHFXODWLYHGDF
FRWHD]



DFHDVW

LSRWH]

-14?
3. Nu ar fi fost de preferat vnzarea unor contracte cu

63.

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DOWH VFDGHQ H" &DUH DU IL IRVW vQ

UH]XOWDWXOILQDQFLDUDORSHUD LXQLLVSHFXODWLYH"

/DLXQLHXQVSHFXODWRUDQWLFLSHD]

GHFLGH V

ODDSULOLHFRQWUDFWXOLXQLH

RVF

GHUHDUDWHLGREkQ]LLSHWHUPHQOXQJ(O

 SH SLD D 0$7,) WUDQ]DF LRQkQG  FRQWUDFWH FX VFDGHQ D VHSWHPEULH

/DLXQLHFXUVXOSHQR LRQDOHVWH

1.

&HWUHEXLHV

IDF

VSHFXODWRUXO"

2.

&DUHHVWHSURILWXOGH LQXWGHVSHFXODWRU"

3.
4.

([SULPD LSURILWXORE LQXWGHVSHFXODWRUvQSURFHQWH

/DLXOLHUDWDGREkQ]LLVFDGHLFRQWUDFWHOHVHSWHPEULHVHQHJRFLD]
'HSR]LWXOFHUXWGHFDVDGHFRPSHQVD
'DF

5.

ie este de 4% din valoarea contractului.

 FXUVXULOH DU IL FUHVFXW L L DU IL OLFKLGDW SR]L LD OD 

vQUHJLVWUDW

-50, care ar fi fost pierderea

GHVSHFXODWRU"

([SULPD LDFHDVW

OD

SLHUGHUHvQSURFHQWH

La 23 martie contractul futures SH HXURGRODUL OD  OXQL FX VFDGHQ D VHSWHPEULH VH
QHJRFLD] OD-QDFHHDL]LUDWDGREkQ]LLSHSLD DODYHGHUHSHQWUXHXURGRODULHVWH
15 1/2 pentru depozitele la 3 luni;
14 3/4 pentru depozitele la 6 luni;
13 1/4 pentru depozitele la 1 an.
64.

8QVSHFXODWRUMDSRQH]GHFLGHV

1.
2.

VSHFXOH]HDFHDVW

([SOLFD LGHFHRSHUDWRUXODQWLFLSHD]
&HWUHEXLHV

IDF

RSHUDWRUXOGDF

RVF

VF

GHUHDUDWHLGREkQ]LL

GHUHDUDWHLGREkQ]LL"

VHGHFLGHV

VSHFXOH]HPLOLRDQH"

La 6 apriOLHFRQWUDFWXOSHHXURGRODULFXVFDGHQ VHSWHPEULHVHQHJRFLD] OD-42

LVSHFXODWRUXOVHGHFLGHV -LOLFKLGH]HSR]L LDOXDW SHPDUWLH
3. &DUH HVWH UH]XOWDWXO ILQDQFLDU DO DFHVWHL RSHUD LXQL VSHFXODLYH LQkQG FRQW GH FRVWXULOH
GHWUDQ]DF LHGHcontract?
4. &DUH DU IL IRVW UH]XOWDWXO RSHUD LXQLL GDF  FRQWUDFWXO SH HXURGRODUL OD  OXQL FX VFDGHQ D
septembrie s-ar fi negociat la 85-83?
=DFN:KHDW FXPS

65.

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GHPHQ LQHUHGHGLQPDUMDLQL LDO

1.
2.

&k LGRODULWUHEXLHV
'DF

=DFNvQFRQWXOvQPDUM

"

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PDUM

3.

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'DF

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sume n conWXOvQPDUM

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"

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66.

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DOHRSHUDWRULORU"

67.
7XFN7XUQHUvLSODQLILF RH[FXUVLHSHVWHOXQLvQ*HUPDQLDGHXQGHGRUHWHV -L
cumpere un BMW cu 80.000DM.
8WLOL]kQG XQ QXP U UHFHQW GLQ The Financial Times GHWHUPLQD L Fk L GRODUL SO WHWH
SHQWUXFXPS

UDUHDDFHVWHLPDLQL

'DW ILLQG SUH XO GH UHJXODUL]DUH D FRQWUDFWXOXL

GRODULWUHEXLHV

SO

WHDVF

futures SH '0 OD ,00 OD  OXQL Fk L

7urner pentru a-LDFRSHULULVFXODFKL]L LHL%0:-ului?

6OHHSHU 6XOOLYDQ FXPS

68.

  FRQWUDFWH

futures 6 3 GHFHPEULH OD  'DF

6 3FUHWHODFDUHHVWHSURILWXOOXL"

69.
Q GHFHPEULH  *UDQQ\ +DPPHU FXPS U  XQ FRQWUDFW futures pe aur ianuarie
1992 la New York Commodity Exchange la 487,50 uncia. Simultan Granny vinde futures
1993 un contract la 614,80. n acest timp randamentul Treasury note cu maturitatea
VFDGHQ DSHVWHDQLHVWH

1. (VWHWUDQ]DF LDSURILWDELO SHQWUX*UDQQ\"

2. Ce IDFWRULVXQWUHOHYDQ LSHQWUXDGHWHUPLQDDFHVWOXFUX"
Depinde valoarea unui contract futures SH LQGLFL GH DQWLFLS

70.

ULOH LQYHVWLWRULORU FX

SULYLUHODHYROX LDFXUVXULORUWLWOXULORUFDUHvOFRPSXQ"'HFH"
2 FRPSDQLH JHUPDQ

71.

&RQWUDFWXO FRQVW

 ILQDOL]HD]

 R YkQ]DUH F

tre un client italian pe 15 aprilie.

 vQ OLYUDUHD GH HFKLSDPHQW DXWR vQ YDORDUH GH  PLOLRDQH OLUH LWDOLHQH

plata efectundu-se pe 30 iunie. Rata de schimb la vedere este 1040 lire/DM. Compania
JHUPDQ
YkQG

 HVWH vQJULMRUDW

 GH SRVLELOD GHSUHFLHUH D OLUHL vQ XUP

forward DFHVWHOLUHSHP

UFL

WRDUHOH  OXQL L GRUHWH V

'D L FkWHYD UD LXQL SHQWUX FDUH FRPSDQLD JHUPDQ

 SUHIHU

V

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forward n locul celor futures.

72.

/D ,00 WUDQ]DF LRQDUHD XQXL FRQWUDFW

PLOLRDQH\HQLQHFHVLW

RPDUM

8QRSHUDWRUGHFLGHV
&RQWUDFWXOH[SLU

LQL LDO

futures pe yeni japonezi (1contract=12,5

GHLRPDUM

GHPHQ LQHUHGH

FXPSHUHODDSULOLHFRQWUDFWHLXOLHODSUH XO\HQ

SHLXQLHFXUVXO

spot este 0,01041$/yen.

&DUHHVWHFkWLJXOVDXSLHUGHUHDRSHUDWRUXOXLvQXUP

Data
Spot
$/yen
Futures
$/yen
73.

1.04
0,01041

2.04
0,01039

3.04
0,01000

4.04
0,01150

16.06
0,01150

17.06
0,01100

0,01056

0,01054

0,01013

0,01160

0,01151

0,01100

La Hong KonJ([FKDQJHP

ULPHDXQXLFRQWUDFW

HVWH+.[QLYHOXOFXUHQWDOLQGLFHOXL0DUMDLQL LDO

3H  DSULOLH DQWLFLSkQG R F
GHFLGH L V

WRDUHOHVLWXD LL

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futures pe Hang Seng Stock Index

LSHUPDQHQW

GHUH D LQGLFHOXL GDWRULW

HVWHGH+.

 VLWXD LHL HFRQRPLFH GLQ &KLQD

futures LXQLH OD SUH XO GH  $FHVW FRQWUDFW H[SLU

 SH 

iunie.
3UH XO

1.
2.

spot este de 7140.

futuresV

&DUHDUILUD LXQLOHFDSUH XO

ILHPDLPDUHGHFkWSUH XO

&DUHHVWHFkWLJXOVDXSLHUGHUHDvQUHJLVWUDWHGHRSHUDWRUvQXUP

Data
HS Futures
74.
LQL LDO

1.04
7200

2.04
7300

WRDUHOHVLWXD LL

3.04
7250

Contractul futuresSHHXURGRODULOD&0(DUHRP
GHLPDUM

spot?
4.04
6900

ULPHGHPLOLRQGHGRODULFXPDUM

GHPHQ LQHUH

/D  RFRUSRUD LHDUHGH SO

WLW PLOLRDQH FD XUPDUH DFXPS

SH FDUH OH UHYLQGH 3ODWD DFHVWRUD XUPHD]

ULL XQRUEXQXUL

 D VH IDFH SH  LXQLH LDU vQFDVDUHD

contravalorii din vnzare pe 10 septembrie.

/D  FRUSRUD LD vPSUXPXW

  PLOLRDQH GRODUL FX VFDGHQ

  OXQL /,%25 ILLQG

6,25%. Contractul futuresFXOLYUDUHDLXQLHOD&0(FRWHD] LH[SLU SHLXQLH

1. &HSRDWHvQWUHSULQGHRSHUDWRUXOSHQWUXDVHDFRSHULID GHULVFXUL"
Pe 10 iunie contractul futures SH HXURGRODULFRWHD]  L UDWD GREkQ]LLSHQWUX
depozitele n eurodolari la Londra este de 9%.
2. &DUHDUILvQDFHDVW VLWXD LHFkWLJXOVDXSLHUGHUHDRSHUDWRUXOXL"
75.

8Q LQYHVWLWRU GRUHWH V

XQSRUWRIROLXGHWLWOXULQV

 LQYHVWHDVF

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 D WLWOXULORU L V

-L FRQVWLWXLH

VXPHOHGHFDUHGLVSXQHVXQWPLFL'HDVHPHQHDHOWUHEXLHV

LDvQFRQVLGHUDUHLFKHOWXLHOLOHILVFDOHLGHWUDQ]DF LRQDUH

De ce contractele futuresSH1,..(,'RZ-RQHV,QGH[SRWILRDWUDFWLY

DOWHUQDWLY

"

76.
Un money manager GH LQH XQ SRUWRIROLX GH REOLJD LXQL SHQWUX FDUH D LQYHVWLW 
milioDQH9DORDUHDGHSLD DDFHVWRUDHVWHPLOLRDQHXQHOHILLQGIRDUWHOLFKLGH
Temndu-VH GH R FUHWHUH D QLYHOXULORU GREkQ]LORU VH KRW U WH V  VH DFRSHUH SULQ
WUDQ]DF LLSHFRQWUDFWHfutures pe US Treasury bonds.
'HFHHVWHGLILFLO UHDOL]DUHDXQui hedging perfect?
77.

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LQWUD LvQWU RWUDQ]DF LH

([FKDQJH SUH  XQFLH 0

futures short argint la New York Commodity

ULPHD XQXL FRQWUDFW -  XQFLL PDUMD LQL LDO  -  L

PDUMDGHPHQ LQHUH
&HVFKLPE

ULDOHSUH XOXLYRUFRQGXFHODXQDSHOvQPDUM

"