Fjučers
01/14/2009
Fjučers predstavlja kupoprodajni ugovor, tj. sporazum između dva partnera da kupe, odnosno, prodaju određenu količinu tačno utvrđenih i standardizovanih berzanskih efekata, a pre svega obveznica jednog budućeg, tačno utvrđenog dana, i to po kursu ili ceni koja je ugovorena u vreme sklapanja ugovora. Nema nikakvog plaćanja bilo kakvih obaveza u vreme potpisivanja ugovora, niti se efekti - fin. instrumenti, koji su predmet ugovora tada fizički prenose.
Fjučers ugovori se zaključuju na specijalizovanim fjučers berzama od kojih su najpoznatije:
- International Monetary Market (IMM),
- The Chicago Board of Trade (CBT) i
- London International Financial Future Excange (LIFFE).
U vreme sklapanja ugovora nema fizičkog prenosa efekata - obveznica koje su predmet ugovora, nego se samo stvara pravo ili obaveza da se određeni efekat kupi ili isporuči na neki budući dan, fiksno utvrđen u ugovoru. Ovo znači da se oba partnera izlažu riziku nesolventnosti, pošto obaveza iz ugovora iz bilo kojeg razloga, može biti neizvršena. To je razlog što se Fjučers ugovori se ne sklapaju direktno između kupca i prodavca nego posredstvom kliringa, tzv. Clearing House. Kada dva partnera postignu sporazum, tada oni, svaki za sebe, prenose uslove ugovora na Clearing House, koja je onda službeni partner i za kupca i za prodavca.
Fjučers ugovori imaju svoju cenu, odnosno, svoj kurs. U zavisnosti od promene tog kursa kupci i prodavci mogu ostvariti određenu dobit ili pak gubitak. Kao dodatna garancija da će obaveze iz ugovora biti izvršene služi i to što Clearing House svakodnevno za svaki fjučers ugovor evidentira koliki je toga dana bio gubitak ili dobitak.
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