Types of forward transactions. The accounting procedure for business transactions related to the execution of a forward contract for the purchase of currency

Urgent transactions are those transactions for which (value date) are settled later than two business days after the transaction was concluded. The main types of forward currency transactions are as follows.

1. Foreign exchange forward is a fixed-term contract, according to which one participant undertakes to buy (sell) a specified amount of currency from another participant at an agreed rate ("outright" rate) for a certain date in the future, and the other participant undertakes to sell this amount of currency on these terms ( buy).

When a forward contract is concluded, its terms are fixed at the time of conclusion and are binding on both parties. The forward term can be any longer than two banking day, most often transactions are concluded for one and two weeks, one, three, six, nine and 12 months.

From the point of view of the organization of trade, a forward is an over-the-counter foreign exchange contract concluded directly between two market participants. Depending on the form of the final settlement for forward transactions, such contracts are divided:

• ? for delivery forwards, when, on the value date, the parties transfer to each other those specified in the contract full amounts currencies;
• ? calculated (or non-deliverable) forwards (non-deliverable forward, NDF), when at the time of delivery the outright rate is compared with the current market rate, and the resulting difference is multiplied by the contract amount. The amount obtained in this way represents the financial result of the forward transaction.

A practical example. For example two Russian banks conclude a monthly forward contract for $ 1 million. USA at the rate of 1 USD = 60 RUB. A month later, the dollar exchange rate on the market is 60.20 rubles. In this case, the buyer of the forward contract wins 200 thousand rubles, and the seller loses this amount. To execute the transaction with a settlement forward, the seller transfers 200 thousand rubles to the buyer.

The difference between the rate at which the forward contract is concluded and the current exchange rate is called forward differential. It is of two types. If the forward rate of any currency is higher than the spot rate, then it is said that this currency is being traded on derivatives market with a premium (agio). If the outright rate is lower than the current rate, then the forward differential is called a discount (discount). Therefore, the forward rate is determined using the following formula:

The forward differential is specified in forward points or (less commonly) as a percentage of the spot rate. In the first case, courses can be recorded as follows:

This entry means that the dollar is trading against the Norwegian krone on the derivatives market at a discount (the right side of the forward differential is less than the left one), and its quotation in three months' calculations will be:

For determining fair value currencies in the derivatives market are used different methods, but most often the theory of parity is used interest rates I. Fisher, which was studied in detail in Chapter 2. According to this theory, the difference in nominal interest rates on financial instruments (for example, loans or deposits) is compensated by changes in the exchange rates in which these financial instruments are denominated. An explanation of the effect of the interest rate on the forward rate can be that when buying foreign currency on the spot market (today) it is necessary to withdraw money from the deposit account, having lost interest (or take a loan by paying interest), and this amount should be taken into account when calculating the rate outright. Thus, the amount of the premium or discount depends on the difference in the interest rates of the currencies included in the quotation and on the length of the period for which the forward contract is concluded. Mathematically, this can be expressed by the following formula for calculating the forward rate:

where IfmD (Pm; Dis) - forward differential (premium or discount);

FR- forward rate;

SR- spot rate;

T is the duration of the forward contract in days. For the US dollar, the base is 360 days a year, for other currencies - 365.

Country-specific interbank market rates are used to calculate the forward exchange rate, as well as generally accepted world rates, such as the interbank placement rates (LIBOR) for quoted currencies.

2. Currency futures (eng .future- future) is an exchange contract for the purchase and sale of currency with settlements on a certain date in the future. In terms of form, futures contracts are similar to forward contracts, in which the exchange rules determine the standard amount, terms of delivery. As a result primary placement or secondary market trades, only the price is determined, i.e. the rate at which the futures will be bought or sold.

Thus, both forward and futures transactions imply settlements for the purchase and sale of currency in three or more business days from the date of the contract, while the future rate is fixed at the time of the transaction. At the same time, there are significant differences between futures and forwards in the following ways:

• ? place of the transaction: forward contracts are concluded and executed on the interbank market, futures contracts on the exchange;
• ? standardization of conditions: forward contracts are concluded for any amount and for any period depending on the agreement of the parties, futures contracts are standardized in terms of time, volume and delivery terms. The parameters of futures are determined by each exchange independently, the amount is a round number (for example, 100,000 US dollars), and futures are redeemed, as a rule, once a month (for example, on the 15th or the third Wednesday of the month);
• ? participating currencies: forward contracts are concluded with any currency pairs, depending on the agreement of the parties, the range of currencies for futures is limited to those traded on a specific exchange;
• ? the size of the initial capital: forward delivery contracts require the investor to have significant amounts, futures contracts are concluded with a small insurance deposit on the exchange and are available to a significant number of small investors;
• ? the presence of a secondary market: practically absent in forwards and is the basis for exchange trading in standard financial instruments - futures. The secondary market is the basis of futures trading, they are bought (sold) in order to sell (buy) at a better price;
• ? form of execution: if forward contracts are both deliverable and non-deliverable (settlement), then almost all futures contracts end with an offset (reverse) transaction, the real delivery of currency is not carried out. Participants in the futures market receive or pay the difference between the initial contract price and the price on the day of the reverse transaction. Thus, a futures contract is not a deliverable, but a settlement derivative.

The operational risks of the forward market, as a rule, are higher than that of the futures market, since the obligations to supply currency in the latter case are assumed by the exchange's clearinghouse. Due to the exchange-based nature of transactions performed in the futures market, the transparency of transactions is higher, information on trading volumes and prices is publicly available. The parameters of the forward transaction constitute a trade secret of the parties involved in it.

Just like when entering into a forward transaction, when entering into a futures contract, the rate at which the transaction will be made in the future is fixed. This rate can be higher or lower than the current market rate at the time of the transaction (spot rate). If the futures rate is higher than the spot rate, this situation is called contango(contango). The situation when the futures rate is lower than the spot price is called backwardation(backwardation).

You can make money on speculative transactions in the futures market by changing the exchange rate or interest rates (opening positions), changing the price difference between different contracts (trading spreads, spreading), temporary imbalance in spot and futures rates (arbitrage).

When trading futures contracts, as with margin trading on the spot market, the trader is required to make an insurance deposit (margin) to the clearinghouse of the exchange. The clearinghouse daily re-evaluates the client's position (the value of his purchased or sold contracts) in accordance with the changing exchange rate and, if necessary, issues a demand for replenishment of the deposit. In addition, in order to insure its risks, the exchange sets a price change limit during the exchange day. If the futures price has risen or fallen from the previous day in excess of set limit, trading on this contract is suspended.

3. Currency option(eng, option- option, option) - a fixed-term foreign exchange contract, according to which the buyer (holder) of the option has the right to sell or buy a predetermined amount of currency in the future at a certain rate (strike, English, strike), and the seller of the option is obliged to buy or sell this amount of currency on these conditions.

It follows from the definition of an option that the seller and the buyer of the option are in different conditions: the buyer of the option has a right, and the seller has an obligation. To equalize the interests of the parties in the transaction, the option buyer pays for his right to the option seller a certain amount- an option premium, which is, in fact, the price of an option.

The amount of the option premium depends on the following factors:

• ? market volatility. If the exchange rate fluctuates significantly, the premium increases;
• ? liquidity / market width. The lower the liquidity of the traded currency, the greater the premium;
• ? the term of the option. The "longer" the option, the greater the premium. In particular, this is due to the value of the interest rate of the credit market in the currency in which the premium is paid;
• ? type of option. The more rights the option gives to the buyer, the greater the value of the premium;
• ? the intrinsic value of an option - the profit that the owner of the option could have received if it was immediately exercised.

Option term(expiration date, eng, expiration) the moment of time at the end of which the buyer of the option loses the right to buy (sell) the currency, and the seller of the option is released from his contractual obligations.

Depending on the form and time of execution, European and American options are distinguished. If an option is exercised strictly on a certain date, it is called European. American option grants its buyer the right to buy or sell currency on any day up to the expiration date. You can also enter into a quasi-US option contract that is to be exercised at a specific time before the expiration date, called window.

The buyer of the option can acquire the right to buy - this option is called a "call" (eng, call)- or the right to sell, or the "put" option (eng. put). The buyer of a put option hopes that the exchange rate will fall below the strike minus the premium, then the buyer of such an option will benefit. A buyer of a call option expects the currency rate to rise above the strike, increased by the option premium, starting from this value, such a simple option strategy will start to make a profit. Let's consider what has been said with an example.

A practical example. A Russian investor purchased an OTC call option to buy US dollars with a strike of 60 rubles. and a premium of 1 rub. The financial result of the investor for each dollar at a different current market rate at the expiration date will be as follows:

• 1) at a rate of 62.20 - a profit of 1.20 rubles. (62.20-60.00-1);
• 2) the exchange rate is 60.70 - a loss of 30 kopecks. (60.70-60.00-1);
• 3) the exchange rate is 59.50 - a loss of 1 rub. (the buyer will not exercise the option, otherwise his loss would have been RUB 1.50).

If the investor would have purchased a put option in the described example, his financial result in these situations would be as follows:

• ? at a rate of 62.20 - a loss of 1 rub. (the buyer will not exercise the option, otherwise his loss would have been RUB 2.20);
• ? exchange rate 60.70 - loss of 1 rub. (the buyer will not exercise the option, otherwise his loss would have amounted to RUB 1.70);
• ? the rate of 59.50 - a loss of 50 kopecks. (60.00-59.50-1).

Depending on the position of the strike relative to the current rate and the associated financial result, the options “with the money”, “without money” and “with their own” are distinguished from the transaction.

On-the-money options("In the money", eng, in the money, ITM) assume that its strike is below the current currency rate for call options or above the current rate for put options. In this case, the holder of the option will exercise it and earn on this transaction. The buyer's income in this case will be the difference between the strike and the current rate (for call options) or the current rate and the strike (for put options) minus the option premium.

No money options("Out of the money", eng, out of the money, OTM) - a “call” option, the strike of which is above the current rate, or a “put” option, the strike of which is below the current rate. Such options are not exercised because the loss on them exceeds the amount of the option premium paid to the seller as compensation.

Finally, the option "with friends"("On the money", eng, at the money, ATM) is called an option, the strike of which almost coincides with the current market rate.

This can be graphically depicted using the so-called yield curves for buyers and sellers of call and put options (Figure 12.2).

Rice. 12.2.

From those shown in Fig. 12.2 of the graphs it can be seen that the option buyer’s risk is limited by the option premium. In this case, the risk of the option seller is not limited, however, if there are no significant fluctuations in the market or it has gone in the wrong direction for the buyer, the seller will remain with the money.

Combinations of these options can be used to build various option strategies, as well as purchase options that give additional rights to their holders.

As a rule, options are traded on exchange market... In this case, the counterparty of the buyer of the option is the currency exchange, and to purchase a put or call option, it is sufficient to pay the exchange an amount equal to the option premium. After the purchase, the option holder can do one of the following: wait for the expiration date and execute the contract if the rate has gone in the direction the holder needs; refuse to execute if it leads to losses greater than the value of the premium; sell an option to another market participant before the option expires.

4. Currency swap(eng, swap- replacement) is a transaction that combines two opposite transactions made on different dates with a certain counterparty for the sale and purchase (or purchase and sale) of the same amount of currency for another currency. Swap trades are more often performed on over-the-counter market.

If the nearest conversion deal is a purchase of currency (as a rule, the base one), and the more distant one is a sale of currency, such a swap is called a "buy-sell" - buy / sell, or a "deport" deal. If the base currency is first sold and then bought, then it is said that a “sell-buy” swap (sell / buy, or a “report” transaction) has been concluded. In addition to classic (pure) swaps (pure swaps) made with one counterparty, there are engineered swaps, in which opposite transactions are made for the same amount and on different dates, but not with one, but with different market participants.

Swaps are concluded for various periods. On this basis, three types of swaps are distinguished:

pre-spot transaction, when the value date and the end date of the swap are in the "spot" time interval, i.e. short one-day swap. Such transactions include overnight (today-tomorrow) and tom-next (tomorrow-day after tomorrow) transactions. Such transactions are often entered into in the interbank market for the short-term closure of a payment position, i.e. making customer payments in national or foreign currency;

standard swap(a trade "from the spot"), when the first trade is executed on the same day or the next business day after the conclusion, and the second is in the derivatives market, for example, weekly, monthly or semi-annual swaps. Such a transaction is convenient when the bank needs to provide a loan to the client in foreign currency, which the bank does not have, and at the same time the bank does not want to take on the currency risk;

post-spot transaction, when both settlement dates for the swap transaction are in the "forward" interval, for example, the value date is determined in a month, and the end date is one year and one month after the transaction was concluded. Such time intervals are typical for transactions concluded by central banks, they have been widely used since 1969, when the Bank international settlements proposed a multilateral system of mutual exchange of currencies using swap transactions. Transactions are carried out in order to diversify foreign exchange reserves, as well as to carry out foreign exchange interventions as part of the foreign exchange policy of central banks.

In this case, the first date of the currency exchange operation, within the framework of the swap, is called value date, and the date of execution of the reverse transaction, which is more remote in terms of time, is the date of the end of the swap.

When making a swap transaction, the full currency quotes must be taken into account. Thus, in a deport transaction, the purchase is made at the spot offer rate (the current selling rate), and the sale is made at the outright bid rate (urgent purchase rate). The difference between these rates is called the swap rate and is measured in points of the currency quotation (swap points).

Questions of theory. Although currency swaps are in form conversion deals, according to their economic content, they represent credit and deposit operations. In fact, a market participant places temporarily free cash in one (sold) currency and at the same time attracts funds in another (bought) currency for the duration of the swap. You can also consider such transactions as placing funds in one currency secured by another.

This is the reason why the difference in the rates at which the first and second foreign exchange transactions take place in a swap transaction is the de facto difference in interest rates for the duration of the swap for both currencies involved in the transaction. Market participants agree among themselves on the rate of the first transaction (usually coinciding with the current market rate or the rate of the country's central bank) and the swap points that need to be added to the first rate (or deducted from it) in order to get the second rate, taking in calculation of the difference in interest rates and the term of the swap.

The swap yield is expressed as a percentage and is determined by the following formula:

where R- swap yield, percent per annum; FR- outright rate of currency A;

SR- spot rate of currency A;

T- the period for which the swap is concluded.

If currency A is stronger than currency B, i.e. Currency A is quoted on the derivatives market with a premium, then a buy-sell transaction with currency A will be profitable for a market participant. A sell-buy transaction with a weaker currency quoted on the derivatives market at a discount will be just as profitable. this case with currency B. Mathematically, this is explained by the fact that the interest rates on the stronger currency, in accordance with the theory of interest rate parity, are lower. It turns out that in the transactions described, the market participant attracts funds at a lower interest rate, and places it at a higher one.

In addition to currency, the market also uses currency interest rate swaps. Such swaps are entered into by market participants for long term(a year or more) and represent an exchange different currencies at the current spot rate, payment of interest by both parties for the duration of the swap, and then returning the original amounts to each other. In this case, interest can be calculated and paid at both a fixed and a floating rate. As with currency swap, there is no foreign exchange risk in a cross-currency interest rate swap. The difference lies only in the execution of the transaction: in a currency swap, the difference in interest rates is reflected in swap points, and in a currency swap, it is paid as interest between two currency exchanges.

The four types of futures contracts considered - forwards, futures, options and swaps - form the market for so-called derivative financial instruments (PFIs), or derivatives. The derivative is based on the underlying asset, the commodity of the foreign exchange market is the currency. The features of PFI include the following properties.

• 1. The derivatives rate is based on the underlying asset rate, ie. currency to be delivered in the future.
• 2. A derivative, in contrast to the underlying asset, has a limited life span determined by the contract.
• 3. Settlement (non-deliverable) derivatives allow even small investors to become market participants, since it is possible to earn money with minimal investment.

The last feature refers primarily to the exchange segment of the derivatives market. Among the advantages of this segment, one should also highlight information transparency, high liquidity (the presence of a large secondary market) and minimal risks non-delivery of currency.

In turn, the OTC sector of the derivatives market has its own advantages, including:

• ? the ability to choose any amount and term of the financial instrument, depending on the needs of the participants in the transaction. In the case of using standard exchange contracts, for example, for hedging, the difference in the amount either remains uninsured against currency risk, or is still subject to settlement in the OTC market;
• ? the duration of contracts can be much longer than that of exchange contracts, reaching up to several years;
• ? if there is a limit for the counterparty - there is no requirement for the insurance deposit (variation margin), its daily calculation and replenishment in the event of an unfavorable movement of the rate.

That is why OTC derivatives have gained popularity in the Forex market, especially when insuring currency risks.

The concept of forward transactions is enshrined in Article 8 of the Law Russian Federation dated 20.02.1992 No. 2383-1 "О commodity exchanges ah and exchange trading", as well as in the Letter of the SCAP of Russia dated 30.07.1996 No. 16-151 / AK" On forward, futures and option exchange transactions. "

A forward contract (forward) is understood as a transaction in which, in the future, one party undertakes to transfer property rights (the underlying asset) to the other at a price (forward price) and on terms that are determined by the parties at the time of the transaction. The underlying asset can be stocks, bonds, foreign currencies, exchange rates, loan rates, indices, as well as commodities: oil, metal, grain, sugar, coffee, etc.

Currently, the order of reflection on the accounts accounting business transactions under forward contracts is not regulated, the organization can independently develop the correspondence of accounts, taking into account the uniform approaches established by the Chart of Accounts. We will consider one of the options for accounting for forward contracts for the purchase of currency in this article.

If the transaction assumes delivery of the underlying asset, then such a forward transaction can be considered as a transaction with a financial instrument of forward transactions or as a transaction for the delivery of the subject of the transaction with a deferred settlement. The criteria according to which a forward transaction belongs to one or another category of transactions, we recommend to register in accounting policies, since this will determine the procedure for reflecting business transactions in the accounting accounts. One of the criteria for classifying forward transactions into the category of transactions with financial instruments of forward transactions may be the indicator of the minimum grace period for the execution of a transaction.

A transaction that does not initially imply delivery of the underlying asset is classified solely as a FISS transaction.

Forward transactions, providing for the delivery of the subject of the transaction, most taxpayers do not refer to transactions with FISS, providing in the accounting policy for tax purposes such criteria that most transactions qualify as deferred transactions.

1. A transaction for the delivery of the subject of a transaction with a deferred execution.

As a result of the conclusion of a forward contract, the organization becomes obliged to purchase currency from the bank at the rate established by the agreement on the value date. The execution of a forward transaction can be carried out by supplying the subject of the transaction (underlying asset) or by performing an operation with FISS, which is the opposite of an earlier transaction with FIS. Such transactions should be viewed as two independent transactions.

At the time of the conclusion of the forward contract, the organization may reflect the amount of forthcoming payments off the balance sheet.

At the value date, the organization recognizes in accounting the accounts payable in the amount determined by the forward contract. At the same time, an increase in assets should be shown.

Write-off by the organization of funds for the purchase foreign currency reflected by the entry on the debit of account 76 "Settlements with different debtors and creditors" and the credit of account 51 "Settlement accounts".

Crediting of currency to the current foreign currency account is reflected by an entry on the debit of the account "Currency accounts" and the credit of the account "Other debtors and creditors". Entries in accounting for the organization's foreign currency accounts, as well as for transactions in foreign currency, are made in rubles in amounts determined by translating foreign currency at the exchange rate of the Central Bank of the Russian Federation in effect on the date of the transaction.

Debit "Settlements with other debtors and creditors"

Credit "Current account"

Debit "Currency account"

Credit "Settlements with other debtors and creditors".

Accounting Regulations "Accounting for Assets and Liabilities, the Value of which is Expressed in Foreign Currency" PBU 3/2006, approved by Order of the Ministry of Finance of the Russian Federation of November 27, 2006 No. 154n (hereinafter - PBU 3/2006) defines the exchange rate difference as the difference between the ruble valuation of an asset or liabilities, the value of which is denominated in foreign currency, at the date of fulfillment of obligations to pay or reporting date of this reporting period, and the ruble estimate of the same asset or liability at the date of its acceptance for accounting in reporting period or the reporting date of the previous reporting period. The deviation of the contractual exchange rate for buying and selling currency from the Central Bank of the Russian Federation is not a foreign exchange difference, but also refers to other income in accordance with the Accounting Regulations "Income of an organization" PBU 9/99, approved by Order of the Ministry of Finance of the Russian Federation of 05/06/1999 No. 32n (hereinafter - PBU 9/99) or other expenses by virtue of the Accounting Regulations “Organization's Expenses” approved by Order of the Ministry of Finance of the Russian Federation dated 06.05.1999 No. 33n (hereinafter - PBU 10/99).

Debit 91 "Other income and expenses" subaccount "Other expenses"

Credit "Other debtors and creditors"

Debit "Other debtors and creditors"

Credit 91 "Other income and expenses" subaccount "Other income"

Assets denominated in foreign currency, to be reflected on the balance sheet of the organization, are subject to translation into rubles at the exchange rate of the Central Bank of the Russian Federation in effect at the date of the transaction. At the same time, these entries are made in the currency of settlements and payments in accordance with clause 24 of the Regulations on accounting and financial reporting in the Russian Federation, approved by Order of the Ministry of Finance of Russia dated July 29, 1998 No. 34n (hereinafter referred to as the Regulations on maintaining accounting and financial reporting), clauses 4, 5, 6, 20 PBU 3/2006. If at the same time there is a currency sale transaction (execution by a counter transaction), then proceeds from the sale of foreign currency are recognized as other income of the organization, and the ruble equivalent of the amount in foreign currency sold in the domestic foreign exchange market of the Russian Federation is recognized as other expenses (paragraph 7 of PBU 9 / 99 and paragraph 11 PBU 10/99). According to the Chart of Accounts, the account "Other income and expenses" is intended to summarize information on other income and expenses of the reporting period.

Suppose that the organization buys 200,000 euros on October 23, 2008 at the rate of 36.16 rubles established by the forward contract. The Central Bank rate as of October 23, 2008 is 34.6345. The organization made a decision on the same day to sell the currency, the selling rate of the currency under the agreement is 34.58. The Bank sets off counter obligations, settlements are made based on the results of offset (netting).

According to the Chart of Accounts, the "Transfers in transit" account is intended to summarize information on the movement of funds (transfers) in the currency of the Russian Federation and foreign currencies in transit, i.e. sums of money deposited in the box office credit institutions, savings banks or cash desks post offices for crediting to the settlement or other account of the organization, but not yet credited to the intended purpose.

Since the purchase of currency from the bank is not accompanied by a real movement of funds in the organization's foreign currency accounts, the currency is not credited to the organization’s foreign currency account, in our opinion, account 57 “Transfers in transit” should be used. Account 57 "Transfers in transit" in its economic content is most suitable for reflecting funds that belong to the organization, but at the date of the transaction were not credited by the bank to the organization's accounts.

Thus, the netting amount represents the balance of turnovers on the debit and credit of the account "Other debtors and creditors", the financial result from the transaction is a loss in the amount of 316,000.00 rubles.

2. A transaction with a financial instrument of forward transactions

In our opinion, if a forward transaction is qualified as a transaction with a financial instrument of forward transactions (hereinafter - FISS), then the forward contract should be considered as financial investment.

According to clause 2 of the Accounting Regulations "Accounting for Financial Investments" PBU 19/02, approved by Order of the Ministry of Finance of the Russian Federation dated December 10, 2002 No. 126n (hereinafter - PBU 19/02), for the acceptance of assets as financial investments into accounting, one-time fulfillment of the following conditions is required :

• the presence of duly executed documents confirming the existence of the organization's right to and receive money or other assets arising from this right;
• transition to the organization of financial risks associated with financial investments (risk of price changes, risk of insolvency of the debtor, liquidity risk, etc.);
• the ability to bring economic benefits (income) to the organization in the future in the form of interest, dividends or an increase in their value (in the form of the difference between the sale (redemption) price of a financial investment and its purchase value as a result of its exchange, use to repay the organization's obligations, an increase in the current market value etc.).

In our opinion, the conditions for recognizing a forward contract as a financial investment are met.

Note that in international accounting practice, forward contracts are considered as derivative financial instruments and are recognized as financial assets in accordance with IAS 39 “Financial Instruments: Recognition and Measurement”.

Since forward contracts are very individual, the parties choose the terms of the contract that are convenient only for them. Due to this secondary market for it is absent, quotes of the forward contract are absent. In this regard, the revaluation of such a financial investment at the market price is not carried out. PBU 3/2006 imposes requirements for the revaluation of only financial investments in the form of securities, therefore, a forward contract as a financial investment is not subject to revaluation at the reporting date and at the date of the transaction.

As for the recalculation of accounts payable, in our opinion, the obligation is expressed in foreign currency, but is payable in rubles, therefore, in accordance with paragraph 5 of PBU 3/2006, the rate agreed by the parties is applied (36.16).

According to the above example, we will give the correspondence of accounts.

In addition, in the economic literature there is an opinion that only the final result from the purchase and sale of currency under a forward contract is reflected in the accounting accounts, especially if there is no real movement of assets (for example, settlement forward contracts).

However, the Ministry of Finance of the Russian Federation, in a letter dated 09.04.2007 No. 03-03-06 / 2/65, said that the qualification of the transaction is carried out on the basis of the analysis of its conditions (goals), the re-qualification of the transaction, depending on the method of termination of obligations, is not performed.

In our opinion, the reflection on the accounting accounts of only the final result from operations under the forward contract does not correspond to the principle of accounting accuracy.

Tax accounting

In accordance with paragraph 1 of Article 301 Tax Code RF, FISS (deferred transactions) refers to agreements between the participants in futures transactions (parties to the transaction) that define their rights and obligations with respect to the underlying asset, including futures, options, forward contracts, as well as agreements of the participants in futures transactions that do not imply the delivery of the underlying asset, but determining the procedure for mutual settlements of the parties to the transaction in the future, depending on price changes or otherwise quantitative indicator the underlying asset in comparison with the value of the specified indicator, which is determined (or the procedure for determining which is established) by the parties at the conclusion of the transaction.

The qualification of the transaction is carried out on the date of its conclusion and in the future, despite the method of its execution, is not subject to re-qualification. The date of the conclusion of the transaction is:

• the date of the trading on which the corresponding futures deal was concluded;
• date of agreement by the parties of all material terms of the transaction, if the transaction was made outside the organized market.

The Tax Code gives taxpayers the right to establish in the accounting policy the criteria by which a transaction can be qualified as a transaction with FISS or as a deferred delivery. However, this is only true if the entity has entered into a deliverable forward contract. The non-deliverable forward contract is initially FISS and cannot be reclassified as a deferred transaction.

The Ministry of Finance of the Russian Federation in a letter dated 07.03.2008 No. 03-03-06 / 1/168 said: “ A forward transaction, the terms of which provide for the delivery of the subject of the transaction with a deferred execution, including foreign currency, may be qualified by the taxpayer as a transaction for the supply of an underlying asset, provided that the specified procedure for qualifying forward transactions is enshrined in the accounting policy for profit tax purposes. At the same time, the provisions of Article 326 of the Tax Code, establishing the procedure for tax accounting for forward transactions when applying the accrual method, in this case do not apply.».

Due to the fact that the transaction can be executed by concluding a reverse transaction and in fact there is no transfer of currency and there is no real movement in foreign currency accounts, the question arises: is it necessary to re-qualify a delivery forward contract into a non-delivery one and apply the taxation procedure to it as for transactions with FISS.

In a letter dated 09.04.2007 No. 03-03-06 / 2/65, the Ministry of Finance of the Russian Federation explained: “... if there is an agreement on netting (or offsetting) for delivery cash transactions (defined on the basis of Article 301 of the Code in tax accounting as deferred transactions) with another (other) transaction (transactions), re-qualification of such initial cash delivery transactions for tax accounting purposes in urgent foreign exchange transactions no delivery is made (that is, no re-qualification depending on the method of termination of obligations under cash transactions is made).

Re-qualification of foreign currency cash or forward transactions (forward contracts) both with the value date on the day of conclusion, and on another, later date, determined in the tax accounting policy on the basis of Art. 301 of the Code as a transaction with a deferred execution, is not made, since the nature of transactions, regardless of the method of their execution (termination) and the form of settlement (essence and essential conditions), does not change ».

Thus, if initially the forward contract meant execution by transferring currency, then, according to the explanations of the Ministry of Finance, the Ministry of Finance of the Russian Federation does not need to re-qualify this transaction. Conversely, in the case actual execution a transaction that is qualified as a non-deliverable forward at the date of the transaction with the delivery of the underlying asset; it is not reclassified into a deferred transaction.

Consider both options for tax accounting for forward contracts.

1. According to the accounting policy for tax purposes, the forward contract is classified as a transaction for the delivery of the underlying asset with a deferred settlement.

In this case, the procedure for reflecting income and expenses does not differ from the procedure for recording income and expenses from the usual purchase and sale of foreign currency. During the execution of the transaction, the organization incurs the following income (expenses) in the form of the difference between the contractual currency purchase rate and the exchange rate of the Central Bank of the Russian Federation on the date of transfer of ownership, which relate to extraordinary income(expenses) by virtue of paragraph 2 of Article 250 of the Tax Code of the Russian Federation or subparagraph 6 of paragraph 1 of Article 265 of the Tax Code of the Russian Federation.

Based on the above example, in tax accounting, an expense should be reflected from the purchase of currency in the form of a positive difference in the amount of 305,100.00 rubles. under subparagraph 6 of paragraph 1 of Article 265 of the Tax Code of the Russian Federation and the expense from the sale of currency in the form of a negative difference in the amount of 10900 rubles. Thus, netting in tax accounting is the sum of differences in the form of deviations from the Central Bank exchange rate when selling and buying currency.

2. Accounting policy for tax purposes, the forward contract is classified as a FISS transaction

The peculiarities of taxation of transactions with FISS are established by Articles 301-305 of the Tax Code of the Russian Federation, the procedure for maintaining tax accounting for transactions with FISS is established by Article 326 of the Tax Code of the Russian Federation.

The Tax Code of the Russian Federation establishes the specifics of the definition tax base for transactions with FISS, depending on whether these FISS are traded on an organized market or not.

Transactions with FISS are considered to be traded on an organized market, provided that the following conditions are met:

• the procedure for their conclusion, circulation and execution is established by the trade organizer, who has the right to do so in accordance with the current legislation or the legislation of foreign states;
• information on the prices of FISS is published in the media, or may be presented by the organizer of the trade to an interested person within three years after the date of the transaction with FISS.

In their overwhelming majority, forward contracts for the purchase of foreign currency are not traded on the organized market due to non-compliance with its criteria defined in paragraph 3 of Article 301 of the Tax Code of the Russian Federation. When a forward contract is recognized as tradable or non-tradable in an organized market, it should be borne in mind that the transaction itself is subject to qualification, and not the underlying asset.

FISS circulating on the organized market reduce the tax base of the organization, determined in accordance with Article 274 of the Tax Code of the Russian Federation, without separating it into a separate tax base. If FISS is recognized as not traded on the organized market, then the tax base is determined separately for the transaction, and losses resulting from a particular transaction are accounted for only within the profit on the same transactions arising in subsequent tax periods in accordance with Article 282 of the Tax Code of the Russian Federation. The exception is transactions with FISS for the purpose of hedging risk.

For hedging operations in accordance with clause 5 of Article 304 of the Tax Code of the Russian Federation, income and expenses from operations with FISS increase (decrease) the base for operations with the hedged item.

Article 303 of the Tax Code of the Russian Federation defines the features of the formation of income and expenses on transactions with FISS that are not traded on the organized market. Paragraph 6 of Article 326 of the Tax Code of the Russian Federation states that claims (obligations) in foreign currency are subject to revaluation due to changes in the official exchange rates of foreign currencies against the Russian ruble.

Revaluation for tax purposes should be understood as the adjustment of claims (liabilities) in foreign currency in connection with a change in the official exchange rates of foreign currencies against the Russian ruble, or in connection with a change market price the underlying asset at the date of the transaction with FISS and at the reporting date.

From reading articles 301 and 326 of the Tax Code of the Russian Federation, it follows that if a forward transaction lasts more than, as of the reporting date, it is necessary to reflect the result from the revaluation of claims and obligations recorded at the date of the transaction and at the reporting date in tax accounting.

In the event that claims and liabilities are denominated in foreign currency, they are subject to revaluation due to changes in the exchange rate, regardless of whether the underlying asset is bought or sold. If the underlying asset (the value of the contract) is denominated in foreign currency and settlements on it are carried out in foreign currency, then the revaluation due to the change in the Bank of Russia exchange rate should be made in mandatory; if the underlying asset is denominated in foreign currency, and settlements on it are made in rubles, then revaluation due to a change in the Bank of Russia exchange rate should not be made. In this case, the revaluation should be carried out according to market quotations of currencies.

At the first stage, to reflect the revaluation, the amount of claims (liabilities) should be calculated at the market rate in effect on the last day of the reporting period. Then you should compare the value of the claims at the reporting date and the value of the claims at the date of the transaction, and the value of the liabilities at the reporting date is compared with the value of the liabilities at the date of the transaction.

The results of comparing claims with claims, obligations with obligations at the date of the transaction, at the reporting date and at the date of execution of the transaction form the tax base.

Since the amount of obligations is fixed in the contract in fixed amount and does not depend on fluctuations in market exchange rates, the liabilities at the reporting date are not revalued, only claims are subject to revaluation.

Purchase under a forward contract of 200,000 euros at the rate of 36.16. The contract was concluded on 11.09.2008, the date of execution of the transaction is 23.10.2008.

Market exchange rates: 09/11/2008 - 36, 0024; 09/30/2008 - 36.5090; 23.10.2008 - 34.5822.

1) As of 09/11/2008, a liability should be reflected in tax accounting in the amount of: 200,000 euros x 36.16 = 7,232,000.00 and a claim of 200,000 euros x 36.16 = 7,232,000.00.

2) As of 09/30/2008, we reevaluate the requirements: 200,000 euros x 36.5090 = 7301,800.00. As a result of the revaluation, we get an income in the amount of 7301800.00-7232000.00 = 69800.00.

3) As of September 30, 2008, liabilities are not revalued.

4) Tax base for transactions with FISS for 9 months. 2008 amounted to 69,800.00.

5) As of October 23, 2008, we reevaluate the requirements: 200,000 euros x 34.5822 = 6,916,440.00. As a result of the revaluation, we get an expense in the amount of 6916440.00-7301800.00 = 385360 rubles.

6) As of October 23, 2008, we reflect in income the amount of claims in the assessment of the contract 200,000 euros x 36.16 = 7,232,000.00 and reflect in the expenses the amount of obligations in the assessment of the contract 7,232,000.00.

7) As of October 23, 2008, we reflect in expenses the amount calculated in connection with the deviation of the transaction execution rate from the Central Bank of the Russian Federation rate: (34.6345-36.16) x 200,000 euros = 305,100 rubles.

8) The tax base for transactions with FISS as of 23.10.2008 was 0 rubles. The loss from operations with FISS amounted to 385360 (revaluation amount) + 305100 (deviation from the Central Bank exchange rate) = 690640 rubles.

According to Article 304 of the Tax Code of the Russian Federation, losses from operations with FISS that are not traded on the organized market can be attributed to a reduction in the tax base formed on operations with financial instruments of forward transactions that are not traded on the organized market in subsequent tax periods.

Expenses and incomes under a counter transaction are subject to accounting in a general manner in accordance with the rules of Chapter 25 of the Tax Code of the Russian Federation.

Thus, losses from transactions with FISS that are not traded on the organized market are accounted for in a special manner, while income and expenses on a reverse transaction are accounted for in a general manner. No offset between the financial results of these two transactions is possible.

Hedging transactions

For the purposes of the Tax Code, hedging operations are understood as transactions with FISS performed in order to compensate for possible losses arising from an unfavorable change in the price or other indicator of the hedged item. It should be noted that a hedging transaction always involves the receipt of income, since they are entered into to cover the loss. The qualification of transactions with FISS as hedging transactions only makes sense when transactions with FISS are recognized as non-traded in an organized market, the tax base for which is determined separately.

Clause 5 of Article 304 of the Tax Code of the Russian Federation stipulates that, subject to the execution of documents confirming the conclusion of a transaction in order to hedge risks, income from such transactions with FISS increases, and expenses reduce the tax base for other transactions with the hedged item. Consequently, losses on such operations will be accounted for in the general order.

The Letter of the Ministry of Finance of the Russian Federation dated April 26, 2006 No. 03-03-04 / 2/123 explains that income and expenses from hedging operations are taken into account when determining the tax base for the main types of activities and, therefore, such income and expenses from hedging operations cannot be taken into account when determination of the tax base for operations with FMSS that are not traded on the organized market.

Recognition of a hedging transaction with FISS has a number of features. The hedging transaction must offset the losses incurred by the entity in relation to its principal activities. Along with FISS for the purpose of hedging risks, transactions are concluded with the hedged item. For example, an organization is engaged in the import of goods and makes settlements with foreign counterparties, in connection with which financial results are directly dependent on fluctuations in the exchange rate. In order to level these fluctuations, the organization enters into transactions with FISS for the purpose of hedging risks. In this situation, we have: transactions of buying currency for settlements with counterparties are constantly being concluded, the transaction with the hedged object is related to the main activity of the organization, therefore, the transaction with FISS can be qualified as hedging under paragraph 5 of Article 304 of the Tax Code of the Russian Federation.

To substantiate the classification of forward transactions as hedging transactions, he is obliged to draw up written calculations for each transaction in accordance with clause 5 of Article 301 of the Tax Code of the Russian Federation). The form of such a calculation has not been approved, the taxpayer develops and approves the calculation form independently. In accordance with paragraphs 14 and 15 of Article 326 of the Tax Code of the Russian Federation, the calculation for each hedging operation is compiled by the taxpayer separately and contains the following data:

Description of the hedging transaction, including the name of the hedged item;

Types of risks to be insured (price, currency, credit, interest and similar risks);

Planned actions in relation to the hedged item (purchase, sale, other actions);

Derivative financial instruments to be used, terms of performance of obligations of the derivative financial instrument;

Start date of the hedging transaction;

The date of its end and (or) its duration, intermediate calculation conditions;

Volume, date and price of the transaction (transactions) with the hedged item;

Volume, date and price of the transaction (transactions) in derivative financial instruments;

Information about the costs of carrying out the hedging operation. In addition, he points out:

The date of commencement of the hedging operation, its end date and duration, intermediate settlement conditions;

Volume, date and price of the transaction (transactions) with the hedged item;

Volume, date and price of the transaction (transactions) with FISS;

Information about the costs of this operation.

When using the accrual method, analytical accounting for hedging transactions is carried out in an arbitrary form, separately from analytical accounting for other transactions with derivative financial instruments.

Market weighted average exchange rates were used for TOD transactions from the site www.micex.ru

Urgent deal- this is an agreement of the parties that defines their rights and obligations in relation to a specified date in the future (or within a specified period in the future), the procedure and conditions of which are determined by the rules of the trade organizer or directly by agreement of the parties.

Urgent foreign exchange transactions (forward, futures) are foreign exchange transactions in which the parties agree to supply a specified amount of foreign currency within a certain period after the conclusion of the transaction at the rate fixed at the time of its conclusion. This definition implies two features of urgent foreign exchange transactions.

1. There is a time interval between the moment of the conclusion and execution of the transaction. Before the First World War, forward deals were usually concluded on the terms of delivery of currency in the middle or at the end of the calendar month ("medio" and "ultimo"). In modern conditions, the period for the execution of the transaction, i.e., the delivery of currency, is defined as the end of the period from the date of the transaction (period 1-2 weeks, 1, 2, 3, 6, 12 months and up to 5 years) or any other period within term.

2. The exchange rate for an urgent foreign exchange transaction is fixed at the time of the conclusion of the transaction, although it is executed after a certain period of time.

The exchange rate for forward transactions differs from the rate for spot transactions. Although the direction of the dynamics of rates for cash and forward transactions usually coincides, this does not exclude a certain autonomy of changes in rates for forward transactions, especially during periods of crises or speculative transactions with certain currencies.

The difference between the exchange rates for spot and forward transactions is defined as a discount (discount - dis or deport - D) from the spot rate, when the rate of an urgent transaction is lower, or a premium (RT or report - R), if it is higher ... A premium means that the currency is quoted at a higher price for a transaction for a period than for cash transactions... For example, if the forward exchange rate (110 USD) is higher than the spot rate (100 USD), the premium is 10 USD per unit of other currency (10%). The discount indicates that the currency rate for the forward transaction is lower than that for cash.

In general, the size of the discount or premium is relatively stable than the spot rate. Therefore, when quoting the rate of a futures transaction in the interbank market, only a premium or a discount is often determined, which, in a direct quotation, are respectively added to or subtracted from the spot rate. With indirect quotation of currencies, the discount is added and the premium is deducted from the spot rate.

Currency rates for futures transactions quoted in numerical terms (and not by the method of premium and discount) are called "outright" rates. The difference between the rates of the seller and the buyer, that is, the margin, for futures transactions is greater than for spot transactions. The margin on futures transactions for 1-6 months is usually 1 / 8-1 / 4% per annum of the spot rate in terms of the duration of the transaction, and for transactions for a year or more it reaches 1/2% per annum and above.

The division of fixed-term foreign exchange transactions into conversion, insurance and speculative transactions is largely arbitrary. Almost all of them have an element of speculation.

Among the term transactions of a speculative nature with foreign currencies, there is a distinction between playing for a fall and playing for an increase in the exchange rate. If a fall in the exchange rate is expected, the "downgrades" sell it at the current this moment forward rate in order to deliver this currency to buyers after a certain period of time, which in case of favorable exchange rate dynamics for them can buy cheaply on the market, thus making a profit in the form of exchange rate differences. If an increase in the rate is expected, the “promoters” buy the currency for a period in the hope that when it comes, they will receive it from the seller at the rate fixed at the time of the transaction and sell this currency at a higher rate. Such deals are usually made on a massive scale in anticipation of an official devaluation or revaluation.

Speculative transactions can be carried out without the presence of currency. A currency speculator sells currency for a term in the hope of getting a difference in rates. Sometimes foreign exchange transactions for the purpose of speculation are carried out on a "spot" basis: a bank, having received a loan in a currency that is threatened by devaluation, immediately sells it in the expectation that when the loan matures, it will pay the lender at a more favorable rate for it ... However, such deals are few in their pure form.

To insure receipts and payments against foreign exchange risk, clients enter into urgent foreign exchange transactions with banks: 1) "outright" - with the condition of fixing the rate, amount and date of currency delivery. These transactions are most widespread in developed countries; 2) on the terms of an option - with a non-fixed date of delivery of the currency.

Option (from Lat. Optio, optionis - choice) with currency - an agreement that, subject to payment of the established commission (premium), provides one of the parties in the purchase and sale transaction with the right to choose (but not the obligation) to either buy (call transaction - call - buyer's option), or sell ("put" deal - seller put-option) a certain amount of a certain currency at the rate set at the conclusion of the deal before the expiration of the specified period (on any day - American option; on a certain date, once a month - European option ).

Currency arbitrage.

Arbitration with goods differs, securities, currencies. Currency arbitrage is a currency operation that combines the purchase (sale) of a currency with the subsequent execution of a counter-transaction in order to make a profit due to the difference in exchange rates in different currency markets (spatial arbitrage) or due to exchange rate fluctuations during a certain period(temporary arbitration).

The basic principle of currency arbitrage is to buy a currency at a lower price and sell it at a higher price. Differ:

1. simple currency arbitrage, carried out with two currencies, and complex (with three or more currencies);

2. on the terms of cash and urgent transactions.

Depending on the purpose, speculative and conversion currency arbitrage are distinguished.

Speculative arbitrage aims to capitalize on the difference in exchange rates due to their fluctuations. In this case, the initial and final currencies coincide, that is, the transaction is carried out according to the scheme: euro - US dollar; dollar - euro.

Conversion arbitrage primarily aims to buy the most profitable required currency. In fact, this is the use of competitive quotations of different banks in one or different foreign exchange markets. Its possibilities are wider, since the difference in rates may not be as large as in speculative arbitrage, in which it must not only cover the margin between the buy and sell rates, but also give a profit.

The difference between currency arbitrage and ordinary currency speculation is that the dealer focuses on the short-term nature of the transaction and tries to predict rate fluctuations in a short interval between transactions. Sometimes throughout the day, he changes his tactics repeatedly. To do this, the dealer must know the market well and be able to predict, constantly analyze the performance of other banks, maintain contacts with other dealers, observe the movement of exchange rates, interest rates in order to determine the causes and direction of rate fluctuations.

The purpose of currency speculation is to maintain a long position in an upward currency, or short in a candidate for impairment, for a long time. Currency arbitration establishes a link between the movement of short-term capital and the dynamics of interest rates at the national and foreign markets loan capital, helps to level the currency markets, and also creates conditions for the movement of speculative "hot" money.

21. Risks in international currency transactions.

Currency risk is the risk of devaluation national currency, in which the economic result of the activity is assessed. However, this classical definition of currency risk is of little use for the Russian economy, which is explained by the extreme instability of the ruble and, consequently, the inconvenience of this monetary unit for analytical accounting.

Participants in international economic, including monetary and financial relations are exposed to a variety of risks.

Among them commercial risks, Related:

1) a change in the price of the goods after the conclusion of the contract;

2) the refusal of the importer to accept the goods, especially in the case of collection form of settlements;

3) errors in documents or payment for goods;

4) abuse or theft of foreign exchange funds, payment of counterfeit banknotes, checks, etc .;

5) insolvency of the buyer or borrower;

6) volatility of exchange rates;

7) inflation;

8) fluctuations in interest rates.

Subjective factors - the degree of confidence in the counterparty

A special place among commercial risks is occupied by currency risks - the danger of currency losses as a result of changes in the exchange rate of the price (loan) in relation to the currency of payment in the period between the signing of a foreign trade or credit agreement and the payment on it.

Types of currency risk:

1) operational - the possibility of losses or loss of profit;

2) balance sheet (translational) - the discrepancy between assets and liabilities denominated in foreign currencies;

3) the adverse impact of foreign exchange risk on economic situation enterprises.

Participants in international credit and financial transactions are exposed not only to foreign exchange, but also to credit, interest and transfer risks.

Credit risk- the risk of non-payment by the borrower of the principal and interest on the loan due to the lender. This risk is borne by the lender in the event of the borrower's insolvency.

Interest rate risk - the risk of losses associated with changes in the market interest rate in comparison with the rate provided for by the loan agreement in the period between its signing and payment. The borrower bears the risk of a decrease in the market interest rate, and the lender bears the risk of its increase.

Transfer risk - the risk of the impossibility of transferring funds to the country of the lender (exporter) due to currency restrictions in the borrowing country or its insolvency and other reasons.

Market participants carry out international transactions based on a combination of different currencies, interest rates, terms and are looking for effective ways to cover foreign exchange, credit, interest, transfer and other risks.

Practice has developed the following approaches to choosing a strategy to protect against these risks.

1. Making a decision on the need for special risk insurance measures.

2. Allocation of a part of a foreign trade contract or credit agreement, an open foreign exchange position, which will be insured.

3. The choice of a specific method and method of risk insurance.

Currency position

The ratio of the requirements and obligations of the bank, including its off-balance sheet transactions, in foreign currency defines it currency position. If they are equal for a specific currency, the currency position is considered closed, and if they do not match, it is considered open. Open currency position can be short, if liabilities and liabilities for the sold currency exceed the assets and claims in it, and long, if the assets and liabilities for the purchased currency exceed liabilities and liabilities. A short foreign exchange position can be offset by a long position if the volume, trade maturity and currency of these positions coincide.

Control over the state and change of the currency position is carried out by the immediate introduction of all performed currency transactions in the computer, which constantly provides data on currency positions - long and short - in different currencies.

The creation of foreign exchange positions during the day is due to the conduct of arbitrage foreign exchange transactions in time and can be excluded only by the simultaneous coverage of each transaction with a counter-transaction. but large banks resort to counter transactions only when currency crisis... Maintaining long or short positions in any currencies for several days, sometimes weeks, is regarded as currency speculation, since if short-term arbitrage positions can be the result of requests from the bank's clientele, maintaining an open currency position for a long time is a deliberate action aimed at deriving profit from the change courses. In practice, the separation of currency arbitrage from currency speculation is rather arbitrary, given the significant fluctuations in exchange rates, sometimes reaching several hundred points throughout the day. “Point” is a difference of one unit in the fourth decimal place in most quotes, one hundred points, that is, the second decimal place is considered a “figure”. Banks often create speculative currency positions several times in one day, covering them to realize profits and re-creating them if market trends promise them to make profits.

Russian foreign exchange market

The foreign exchange market, in the broad sense of the word, is the sphere of economic relations arising in the implementation of transactions for the purchase and sale of foreign currency, as well as operations for the movement of capital foreign investors... In the foreign exchange market, the interests of investors, sellers and buyers are coordinated currency values... Western economists characterize the foreign exchange market from an organizational and technical point of view as an aggregate network of modern means of communication connecting national and foreign banks and brokerage firms.

In Russia, currency exchanges play a significant role in the foreign exchange market. The Moscow Interbank Currency Exchange dominates among the eight currency exchanges. The MICEX was established in January 1992 on the basis of the Center for Interbank Currency Transactions of the Central Bank. The MICEX shareholders are the Bank of Russia, 28 commercial banks, the Ministry of Finance, the Moscow Government, and the Association of Russian Banks.

The interbank market is divided into direct and brokerage. Therefore, an integral link in institutional structure the foreign exchange market are brokerage firms through which approximately 30% of foreign exchange transactions pass. Brokerage firms charge a brokerage commission (up to $ 20 per million dollars bought or sold, or equivalent). With development electronic means interbank communication and foreign exchange transactions (Reuters dealing, Telerate) role brokerage firms the interbank market has declined, although they continue to play a significant role in the transactions of individuals and small firms.

A forward trade is a real deal with a deferred settlement date.

The derivatives market is a market that represents a set of forward transactions, where not real goods are sold, but rights and obligations in relation to standard contracts.

A forward transaction is a cash transaction for the delivery of goods of a specified quantity and quality on a specified date in the future, the price is set in advance or a day before delivery.

The essence of forward transactions, their goal is to eliminate price risk by fixing the price at the time of the conclusion of the contract, in order to be sure that the activities carried out are properly planned and insured.

By entering into a forward transaction, the parties insure themselves against an increase or decrease in the price of the underlying asset, therefore, the main purpose of such a structure is to acquire the right to fix a predetermined price of the asset in order to obtain the expected and guaranteed income from the subsequent purchase and sale, exchange, etc. .d. of this particular asset.

Derivatives transactions at the time of their conclusion are recorded on off-balance sheet accounts in the context of: types of transactions, counterparties and timing of execution. When buying foreign currency, the credit institution's requirements for receiving foreign currency correspond to the obligations for the delivery of rubles, and when selling foreign currency - with the obligations for the delivery of foreign currency. Claims are recorded in active off-balance sheet accounts, and liabilities - in passive ones.

The main types of forward currency transactions are forward, futures and options.

Forward is a firm (i.e. binding) over-the-counter transaction, which is usually concluded for the purpose of making an actual sale or purchase of the corresponding currency with delivery at an agreed date in the future, as well as for the purpose of insuring (hedging) foreign exchange risk. there are both singular, then it is customary to call them outright, and included in various combinations, for example, SWAP.

Forward outright deal is an agreement between two parties to exchange two different currencies at the rate agreed today, with delivery at a specified future date. Outright forward transactions are usually between banks and corporate clients. Until the delivery date, funds are not included in the exchange.

Transactions Swap- a combination of opposite conversion transactions with different value dates.

Swap forms:

1. Combined - a combination of a currency and interest rate swap

2. Amortizing - a swap concluded between two partners and the estimated amount of which decreases evenly with the approach of the end date of the transaction. The estimated amount here is the amount by which the amount of the payment is measured, the amount of the principal or the deposit.

3. Cumulative - a swap concluded between two partners and the estimated amount of which increases evenly with the approach of the end date of the transaction.

4. Structured (complex) - a swap involving several parties and several currencies.

5. Active - a swap that changes the existing type of an asset's interest rate to another.

6. Passive - a swap that changes the existing type of interest rate of the liability to another.

Futures is an exchange contract with standard characteristics (contract amount, terms and conditions of settlements), traded only on the exchange in compliance with certain rules that are the same for all trading participants. Both the seller and the buyer of futures conclude transactions with the exchange, settlements under the contracts are carried out through the clearinghouse of the exchange, which guarantees the trading participants fulfillment of their obligations under the contract. The seller of the futures undertakes to deliver the standard amount of the currency, and the buyer of the futures undertakes to pay for the delivery of the currency at the rate fixed at the time of purchase of this futures.

Futures contracts are divided into two classes: commodity and financial futures.

Currency futures- futures contracts for the purchase and sale of any convertible currency. They are similar to foreign exchange forwards, differ from the latter in the place of conclusion (on the exchanges), the level of standardization (complete) and the mechanism of their guarantee (mechanism of margin fees).

Stock futures- are futures contracts for the purchase and sale of certain types of shares. They are not widely used.

Interest rate futures- these are futures contracts for changing interest rates and for the purchase and sale of long-term bonds. The former are short-term interest rate futures, and the latter are long-term.

Index Futures- these are futures contracts for changes in the values ​​of stock market indices.

The main goals of futures contracts:

1. Insurance against unfavorable changes in market prices (hedging).

2. Speculative operations.

Thus, there are two main types of users of the financial futures market, i.e. its participants: hedgers and speculators.

The purpose of hedging is to reduce adverse changes in the level of interest rates or foreign exchange rates by opening a position on futures exchange in the direction opposite to the existing or planned position in the spot market.

The purpose of speculation is to make a profit by opening positions in a particular futures contract in anticipation of a price change favorable for the speculator in the future.

Option Is a transaction with the conclusion of an option contract, which gives the right to buy or sell the underlying asset at the price specified in the contract or until the date specified in the contract. However, the right to make a deal or to refuse it is given to the one who buys the option. The one who sells it is obliged to comply with all the terms of the contract at the appropriate request of the option buyer, regardless of the market situation.

Unlike forwards and futures, an option is not a firm, binding futures trade. For the option buyer, there is a choice: whether to exercise his right to the option and execute the transaction under the terms of the option contract, or to leave it unexecuted. But if the buyer of the option decides to exercise it, the seller of the option will be obliged to fulfill his obligations. For this, the latter receives a reward in the form of a premium, which remains with the option seller, regardless of whether the option is exercised or not.

There are two types of options - a call option and a put option.

Option to buy currency ( call option) entitles the buyer of this option to buy (or not to buy) a certain amount of any currency at the rate agreed upon within the option during the period of the option.

Option to sell currency ( put option) gives the option buyer the right to sell (or not sell) to the option seller a certain amount of currency at the rate agreed within the option during the option's validity period.

An option is in effect until a predetermined date called the expiration date of the option or the expiration date after which the option cannot be exercised.

There are two styles of option:

1. European style means that the option can only be exercised on a fixed date;

2. American style means that an option can be exercised at any time within the term of the option.

Hedging

To denote different methods of insuring currency risk by buying and selling foreign currency in banking, stock exchange and commercial practice, the term “hedging” is used (from the English hedge - to protect). In a narrow sense, hedging means that hedgers hedge the foreign exchange risk by creating counterclaims and liabilities in foreign currency.

The essence of hedging is that a participant in a futures transaction can insure its risks on the stock market. To do this, he needs to implement a certain number of futures contracts. At the same time, in the event of a fall in prices on the stock market, he suffers a loss, which is covered by the profit from operations with futures contracts on the derivatives market. Speculation, in turn, is aimed at making a profit from the difference in prices when buying and selling futures contracts. At the same time, speculators are mainly engaged in the purchase / sale of the contracts themselves, avoiding operations with underlying assets.

The spot exchange rate converges with the futures market as the futures contract approaches the expiration date. Consequently, the main purpose of currency futures is to offset currency risk rather than gaining foreign exchange. Therefore, usually hedgers close their foreign exchange positions in the last trading sessions (working sessions), making a profit or paying for a loss in the futures market (margin).