There is too much derivatives, and some of them are so difficult that the related risks can be inaccessible to understanding even the most experienced investors. There are the derivatives specially created to allow the organizations investors to gambling which differently would be absolutely inaccessible to them. In particular, certain mutual bonded funds bought the difficult securities, which level of risk in 10 or even 20 times exceeded officially resolved to the similar organizations. The Japanese companies used derivatives in two purposes: to bypass the law, or to create fictitious profits.At a choice of security for investment investors are based on ratings of financial instruments. S&P and Moody's Investor Services were the main rating agencies in the USA and were regulated by t
Показать всеhe Commission on securities and the exchanges as the statistical rating organizations with the status of national. In the book are given examples that the private organizations paid for a credit rating.Large quantity of the companies earned on derivatives; Morgan Stanley was among them. Among derivatives Morgan Stanley sold were PLUS (the dollar bonds adhered to peso), PLUS bonds (the Mexican derivatives denominated and paid in US dollars), RAV (the re-structured assets), BIDS (the Brazilian securities, codified to dollar), PERLS (represents a rate adhered to a certain set of «indicators of forward profitability». These indicators are initial, but extremely important factor at sale of derivatives. The simplest such indicator describes profitability governmental bonds with a various maturity date) etc.As methods from taxes evasion it was widely used SWAP. Morgan Stanley also let out the derivatives sated with debts under the name «swaps of the general profitability» (SOD) (Total Return Swaps). The swap with common stocks is based on the same principles, as a percentage swap, but pursues absolutely other aim. The swap with common stocks represents the contract signed, as a rule, between bank and the individual investor, and the individual investor agrees to concede to bank the income from the securities, and the bank assumes liability to pay to the individual investor by cash, often before obtaining the income. Скрыть
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