introducere in instrumente financiare derivate - Bursa de valori ...
introducere in instrumente financiare derivate - Bursa de valori ...
introducere in instrumente financiare derivate - Bursa de valori ...
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SC <strong>Bursa</strong> <strong>de</strong> Valori Bucuresti SA<br />
<strong>in</strong>terconectivitate <strong>in</strong>tre sistemele <strong>in</strong>formatice ale <strong>in</strong>termediarilor si cele ale BVB asigurata <strong>de</strong><br />
aplicatia <strong>in</strong>formatica ARENA Gateway;<br />
capacitate ridicata <strong>de</strong> procesare (tranzactii, <strong>in</strong>strumente f<strong>in</strong>anciare, participanti, piete);<br />
flexibilitate <strong>in</strong> mo<strong>de</strong>larea regulilor <strong>de</strong> piata.<br />
Marje si tarife competitive<br />
sistem <strong>de</strong> marg<strong>in</strong><strong>in</strong>g utilizat <strong>de</strong> case <strong>de</strong> compensare/contraparti centrale d<strong>in</strong> lume cu traditie <strong>in</strong><br />
domeniu;<br />
nivel competitiv al marjelor percepute <strong>de</strong> CCB;<br />
tarifele percepute <strong>de</strong> BVB si CCB pentru operatiunile <strong>de</strong> tranzactionare si post-tranzactionare la<br />
niveluri competitive pe plan national si <strong>in</strong>ternational;<br />
politici tarifare atractive oferite <strong>in</strong>termediarilor <strong>in</strong> functie <strong>de</strong> activitatea <strong>de</strong>rulata pe ambele piete<br />
reglementate adm<strong>in</strong>istrate <strong>de</strong> BVB.<br />
Managementul riscului si mecanisme <strong>de</strong> <strong>de</strong>contare la standar<strong>de</strong> <strong>in</strong>ternationale<br />
CCB face parte d<strong>in</strong> grupul f<strong>in</strong>anciar BVB <strong>de</strong> natura sa confere credibilitate <strong>in</strong> randul<br />
<strong>in</strong>vestitorilor, <strong>in</strong>termediarilor si publicului larg;<br />
nivelurile <strong>de</strong> protectie <strong>in</strong> managementul riscului, precum si mecanismele <strong>de</strong> <strong>de</strong>contare bancara<br />
utilizate <strong>de</strong> CCB creaza un grad ridicat <strong>de</strong> siguranta si transparenta a Pietei Derivatelor;<br />
<strong>in</strong> cadrul Sistemului <strong>de</strong> Compensare-Decontare adm<strong>in</strong>istrat <strong>de</strong> CCB au fost admise banci <strong>de</strong><br />
<strong>de</strong>contare <strong>de</strong> prim rang.<br />
4. Compensarea-<strong>de</strong>contarea contractelor futures tranzactionate la BVB<br />
a) Operatiuni post-tranzactionare<br />
Operatiunile <strong>de</strong> <strong>in</strong>registrare, garantare, compensare si <strong>de</strong>contare a tranzactiilor cu <strong>in</strong>strumente f<strong>in</strong>anciare<br />
<strong><strong>de</strong>rivate</strong> <strong>in</strong>cheiate pe Piata Derivatelor adm<strong>in</strong>istrata <strong>de</strong> BVB sunt efectuate <strong>de</strong> catre Casa <strong>de</strong><br />
Compensare Bucuresti (CCB).<br />
In calitate <strong>de</strong> contraparte centrala, CCB garanteaza <strong>in</strong><strong>de</strong>pl<strong>in</strong>irea obligatiilor f<strong>in</strong>anciare ale participantilor<br />
si se <strong>in</strong>terpune d<strong>in</strong> punct <strong>de</strong> ve<strong>de</strong>re juridic, conform mecanismelor novatiei, <strong>in</strong>tre membrii compensatori<br />
participanti directi la Sistemul <strong>de</strong> Compensare-Decontare (mo<strong>de</strong>lul „pr<strong>in</strong>cipal to pr<strong>in</strong>cipal”).<br />
Participant A<br />
(Trad<strong>in</strong>g Member = Clear<strong>in</strong>g Member)<br />
Pozitie Neta Debitoare<br />
Contraparte<br />
Centrala<br />
Participant B<br />
(Trad<strong>in</strong>g Member = Clear<strong>in</strong>g Member)<br />
Pozitie Neta Creditoare<br />
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