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 真心请教： 如何购买人民币的所谓Non-Deliverable Forward contract? |
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真心请教： 如何购买人民币的所谓Non-Deliverable Forward contract? -- 老用 - (147 Byte) 2005-8-07 周日, 00:02 (1177 reads) |
残荷
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作者：残荷 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Never traded NDF (Non-Deliverable Forward) contracts.
Below is what I remember. Information herein could be inaccurate, out-dated, or both. I don't recommend for nor recommend against the use of NDFs.
Forward contracts get settled between counterparties. In the case of NDF, large banks (Citi/BofA/Cathay) serving international merchant clients are likely to write you NDF contrats.
One catch is forward contracts usually amount to millions (US$125,000 would sound like chicken feed).
Warren Buffett can't effectively trade currency futures due to position limit set by Chicago Mercantile Exchange, and he resorts to forward contracts.
Non-deliverable means you don't get settled in the emerging market currency (or restricted currency, such as Chinese Yuan), but in US dollars.
More catches besides the minimum volume set by your bank:
The spread could be wide -- it's hard to sell your position back to your bank.
The premium could be high -- other speculators may have bid up the price.
Additional risks exist. One example that came to mind: When the Argentina monetary authorities suspended, for three weeks in 2001, the conversion of its peso to USD, maturing NDFs could not be settled at all, as the underlying spot pice (from which NDFs were derived) was gone!
作者：残荷 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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