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Theme 1. CONCEPT AND CLASSIFICATION OF

STOCK EXCHANGE TRANSACTIONS (SETs)
(4/4h)
1. Definition and classification of SETrs.
A stock exchange is a mutual organization which provides "trading" facilities for stock brokers
and traders, to trade stocks and other securities. Stock exchanges also provide facilities for the issue and
redemption of securities as well as other financial instruments and capital events including the payment
of income and dividends. To be able to trade a security on a certain stock exchange, it has to be listed
there. Usually there is a central location at least for recordkeeping, but trade is less and less linked to
such a physical place, as modern markets are electronic networks, which gives them advantages of speed
and cost of transactions. Trade on an exchange is by members only. The initial offering of stocks and
bonds to investors is by definition done on the primary market and subsequent trading is done on the
secondary market. A stock exchange is often the most important component of a stock market. Supply
and demand in stock markets is driven by various factors which, as in all free markets, affect the price of
stocks.
There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be
subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter.
Stock Exchange Transactions (SETs) bid/put agreements of securities and other financial
assets, which are concluded on the secondary capital market by the intermediation of stock
exchange agents, or other authorized financial intermediation companies. These transactions or
trading procedure are done according to the existent legislation and regulations of the implied
institutions (Stock Exchange, National Commission of Financial Market, etc.).
When concluding transactions at SE, there should be considered the transactions characteristics,
which are of the following type:
1) organizational indicate types of stocks and the necessary documentation for the conclusion
of transaction;
2) economic indicate the scope of transactions conclusion and risks, which should be taken
into consideration at the moment of the transactions conclusion;
3) legal establish the rights and duties of contractual parties and their patrimonial
responsibility;
4) ethic reflects the societys attitude regarding the transaction: respecting the existing norms,
behavior rules during the transactions concluding etc.
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There is a variety of SETs due to changes that take place in the international financial system and
financial innovations from the last decades. The technique of transactions is marked by the way of
liquidation and the rate of their execution.
So, according to the moment of settlement agreement, there are two big categories of
transactions: spot (la vedere) and forward (la termen) transactions.
According to the object of SETs, there are transaction with primary securities and
transactions with derivatives (figure 1).
Primary securities transactions in practice there exists two models of trading: American
and European models.
American model of trading supposes the following types of transactions:
a) Cash delivery transactions the execution (delivery of securities and payment) is done at
the same day when the agreement is concluded in base of a settlement account held by the client in the
brokers company;

STOCK EXCHANGE
TRANSACTIONS

Transactions with
primary securities
American
model
cash
margin
short selling

European
model
au comptant
(SPOT);
au reglement
mensuel;
conditional.

Transactions with
derivatives

FUTURES
OPTIONS

Figure 1. Classification of stock exchange transactions.

b) Margin trading purchases and sales of securities on credit through contribution of brokers
funds or securities;
c) Short sales trading selling securities at stock exchange on regular settlement (between 3
and 7 days), but in base of borrowed securities.
European model of trading distinguishes:
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1. Au comptant (SPOT) transactions (la vedere) the contract execution is done

immediately or in some days from the moment of contract concluding at stock exchange (SE);
2. Forward transactions:
a) Au reglement mensuel transactions (cu lichidare lunara) the agreement is concluded at
SE at a certain moment of time with further execution at a fixed moment of time (day) during the current
month or one of the following months;
b) Conditional transactions agreements are executed at a future date, but the buyer has the
right weather to choose between the execution of the contract, or abandoning of the initially paid prime,
or to declare himself as seller or buyer, depending on market opportunities.
Transactions with derivatives are represented through FUTURES and OPTIONS.
According to the investors motivation or his followed scope, SETs can take the form of:
- Simple investment transactions generated by the interests of buyers or sellers, as a result of
the need to place the available funds, the intention to change the portfolio structure, or to transform
financial assets into liquidities;
- Arbitrage transactions result in getting a revenue as a result of difference in rates. For
example, it is bought a security on one market where it is quoted cheaper and is sold on another market
where it is quoted more expensive, the price difference being cashed. A type of arbitrage is spreading,
which is based on a favorable difference between the rates quoted in different moments;
- Hedging transactions it is expected avoidance of losses generated by unfavorable evolution
of SE rate;
- Speculative transactions the scope is to get a higher profit from SE rates difference between
the moment of contract execution and transaction settlement. The basic principle is buy low, sell high;
- Technical transactions are made by SE agents market makers, in order to maintain the
market equilibrium and stability. Market makers sell assets on own account, when it exists an
unsatisfied demand on the market, and buy, when the supply is in excess. Following profit getting as a
result of SE rates difference, market makers indirectly influence the market equilibration.
2. SETrs with primary securities.
American model of SETs with primary securities:

For cash;

On margin;

Short sale.

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SETrs for cash mean that the buyer should integrally pay with cash the purchased assets and the
seller should possess the titles and immediately deliver them to the broker. According to the moment of
the contracts execution, on American SEs there exist the following types of transactions:
- Cash delivery (cu livrare imediata), when the execution of the contract (delivery/payment)
takes place in the same day when the SE contract has been concluded;
- Regular settlement (cu lichidare normala), when the effective execution of the contract is done
in a certain period of days after the contracts conclusion (5 days at NYSE, 3 days at TSE);
- Special settlement (cu lichidare pe baza de aranjament special), by means of contractors
approval (for example, with delivery not later than 60 days at NYSE, or 19 days at TSE);
- When issued settlement (cu lichidare la emisiune) for securities which have not been yet
issued, but it is known the date when the issue will take place;
In order to perform for cash SETs, the investor should open a settlement account (simple
investment account or cash payment account) at a brokerage company. The account reflects the evidence
on the realized transactions made by the investor, possessed securities, rates, i.e.
On margin SETs represent transactions, which can be performed by the investor on the account
of some borrowed funds on behalf of the brokerage company. In order to benefit this kind of creditation,
the investor should open a margin account, which will reflect the evidence of assets traded on creditbase, their price, received credit funds and guarantee payment. The guarantee payment means a prepaid
sum of money deposited on the account, in base of which the broker operates on SE, as the brokerage
company does not fully cover the amount of investment. So, the necessary amount is formed of the
deposited prepaid sum (also called margin prepaid sum avans de siguranta) plus the obtained credit.
This margin prepaid sum can be deposited in cash or securities accepted by the brokerage company. As
the brokerage company does not assume the investment risk, the accepted securities can be estimated at
a collateral value calculated according to their risk. Until the credit is not returned, the collateral
securities will be kept in custody on a special account of the brokerage company. Of course, the investor
remains the owner of securities receives dividends, incomes, but can not sell them until the credit is
returned.
It is known the fact that on SEs the investor can render profit as a result of price fluctuations,
due to various techniques or types of transactions. This also is possible in case of on margin SETs. In
American practice, there do exist two types of margin accounts according to the position taken by the
investor as a result of market evolution in frame of transactions performed:

Long margin account (LMA);

Short margin account (SMA).

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Long margin account SETs are made in conditions of a bull market1, generating in such a
way profits. On a bull market in order to render profit, first it is made a bid transaction, or purchasing
stocks low, and next in a certain period of time a put transaction, or selling stocks high. This bid/put
process is registered on LMA. This transaction can offer the investor unlimited gaining possibilities,
while the risk is limited at loosing the invested sum (the value of purchased securities can get to zero in
the worst case). So after the transaction realization, there can be created two situations:
a) The estimation on price evolution was correct and the investor got profit;
b) The estimation of the investor was wrong and the investor got losses.
If the assets price grew up in comparison with the moment of purchase, the settlement account
registers a surplus above the minimum deposited on the margin account required by the broker, which
is held on a separated account called memorandum account., which can be used either for getting
supplementary credit, or for purchasing more securities, respecting the rules of the margin account.
If the assets price goes down in comparison with the moment of their purchase, the investor
looses value. So, the potential current value is below the margin and the account becomes restricted, the
put transaction is subjected to distrainment (when a part (a percentage) of the value is distributed to the
restricted margin account) in order to reduce debit. If the certainty of the credit is menaced, the creditor
(brokerage company) can request the investor to make an equilibration payment in order to diminish the
accounts debit.
If the investor does not make payments in time within the margin account to the brokerage
company, the broker can proceed to forced conclusion of the transaction, liquidating the existent values
on the investors account in order to cover his debts.
Short margin account SETs are performed on a bear market. The investor borrows securities
and sells them at the market price, hoping, in future, to buy them at a lower price to return them. The
basic principle is to buy cheaper and sell higher, like in case of LMA SETs, but the range of the process

Bear market market - a market condition in which the prices of securities are falling, and widespread pessimism
causes the negative sentiment to be self-sustaining. As investors anticipate losses in a bear market and selling
continues, pessimism only grows. Although figures can vary, for many, a downturn of 20% or more in multiple broad market
indexes, such as the Dow Jones Industrial Average (DJIA) or Standard & Poor's 500 Index (S&P 500), over at least a twomonth period, is considered an entry into a bull market.
Bull market - a financial market of a group of securities in which prices are rising or are expected to rise. The term
"bull market" is most often used to refer to the stock market, but can be applied to anything that is traded, such as bonds,
currencies and commodities. Bull markets are characterized by optimism, investor confidence and expectations that strong
results will continue. It's difficult to predict consistently when the trends in the market will change. Part of the difficulty is
that psychological effects and speculation may sometimes play a large role in the markets. The use of "bull" and "bear" to
describe markets comes from the way the animals attack their opponents. A bull thrusts its horns up into the air while a
bear swipes its paws down. These actions are metaphors for the movement of a market. If the trend is up, it's a bull market. If
the trend is down, it's a bear market.

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is vice-versa. The important distinction is that this type of transaction can lead to unlimited losses, while
the profit is limited to the value cashed during their selling.
European model of SETs with primary securities:

Au comptant (la vedere);

Forward (la termen)

-

reglement (la termen ferm);

a prime (conditionate).

Au comptant SETrs the contracts liquidation is made immediately or in a short period of

time, the equivalent of cash delivery on American SEs.
On the markets at sight (piata la vedere) there can be purchased/sold all kind of financial assets
(irrespective the forwards transactions). The weight of au comptant transactions is small in the whole
amount of SETrs, due to the fact that the transaction cannot be concluded without the possessed assets at
the given moment of time and the necessary amount of money.
A special category of transaction is represented through secondary public offering. Primary
public offering refers to the initial issue of securities of a joint stock company and is characteristic for
the primary capital market. The secondary public offering (further public offering) refers to securities
already issued and which are traded on stock exchanges. So, a public offering (also called follow-on
offering) is the stock exchange operation by means of which an investor officially announces the
interest in purchasing or selling a certain amount of securities, at a certain price and within a
certain period of time.
Public offering can take three main forms:
a) Bid public offering when the investor is willing to purchase a certain amount of
securities;
b) Put public offering when the investor announces officially his intention to sell a
certain amount of securities;
c) Exchange public offering the same as bid public supply, with the difference instead
of paying cash for securities requested, the investor offers other securities as payment.
Each type of public offering is characterized through three elements:
-

Price of securities which is fixed and is not subjected to changes during the
period of supply;

Quantity of securities, which is willing to be purchased or sold according to the

type of the supply;

Duration of supply.
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The objectives of public offering are: control takeover by an investor, either through getting a
control position, or major part from stocks. Usually, these kinds of takeover are done peacefully, but
there exist situations of aggressive public offerings, when the investor is willing a certain amount of
securities irrespective of their price (the case of the bid public offering of the German company
Mannesmans by multinational company Vodafone).
Forward transactions
Forward transactions suppose the conclusion of transactions with securities at stock exchanges,
which will be liquidated at a certain date in the future at a fixed price. The price (the rate), maturity and
other provisions are stipulated in the agreement at the moment of the transactions initiation.
Forwards transactions can imply: reglement and a prime transactions.
Reglement transactions imply the conclusion of a contract at a certain day and its obligatory
execution at a future day the liquidation day. This time interval differs at different stock exchanges, for
example in France, it is practiced one month period - reglement mensuel.
For the realization of the contract, the client gives an order (to purchase o sell) to his broker, at a
fixed rate; according to this order the stock exchange will search for the counter-part, or the seller/buyer
who will accept the terms of quantity and price. So, the buyer engages to pay at maturity to the seller a
determined price for the fixed quantity of assets. In order to prevent risk appearance for the broker, some
covering deposits should be created (20-50% from the value of transaction).
The main scope of forward transaction is to get a profit from speculation. Thus, in case of a
buyer client, if the provision is correct and the rate grows up, than he will give a put order, at the day T1,
in order to sell the same quantity of assets at maturity. The difference between the put forward rate and
the bid forward rate (established at moment T1) represents the revenue of the client. The revenue is
certain, as there are implied two reglement transactions, which should be obligatory executed. The
same is for the put forward transaction.
Also, the investor has other options, besides speculation. One of them would consist in only
liquidating the transaction, or its execution at maturity, generating losses or profits, depending on the
prices evolution. Another option can imply the transactions reporting, if the prices evolution is not
proper for the investors expectations, that implies the contracts prolongation until the further
liquidation. In order to be able to report a transaction, the investor has to find a counter-part, someone
interested in securities, but with an adverse position. Three situations are common in practice:
a) The situation when the number of buyers who report (those who are not willing to receive
assets) exceed the number of sellers (those who are not willing to deliver assets). In this situation, the
buyers must find creditors, who are willing to lend funds until the further liquidation. The credits are
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guaranteed by assets, which at further liquidation will be returned at the price fixed at the reporting day
called compensation rate. So, these reportings are done with a payment of a fee to the buyer (the one
who is interested in postponing), called report tax.
For those who possess excess funds, report investment is advantageous because:

It is a short-term investment;

It is guaranteed with the value of assets;

It implies a high efficiency rate in comparison with the term.

b) The situation when the number of sellers who report (the assets which are not delivered)
exceed the number of buyers who report; the sellers must borrow assets in order to be able to report their
position until the further liquidation. These assets borrowing from third parties are done by means of a
deport taxs paying.
c) The situation when the number of reported purchases is equal with the number of reported
sales, when there is neither payment of report tax, nor payment of deport tax; the reporting is done at
parity.
The advantages of forward market transactions are:

High rate of revenue rendering due to speculations;

Due to inverse operations, certain positive margins can be obtained;

At the moment of contract conclusion, there is no need in the presence of funds or assets,
the investor must only possess a minimum deposit covering amount (margin);

Leverage effect in case of a correct prediction, the smaller is the margin, the higher is
the revenue;

Avalanche effect the successive orders repeating from the first main order. The profit
gained at each new transaction is added at the initial margin, so in this way it is created
the possibility to conclude more transactions, with a higher quantity of assets, the profit
being increased until the maturity:

Forward conditional transactions

Conditional transactions allow the buyer to choose between two possibilities: the contract
execution, or its abandon, for paying a prime to the seller. These transactions render a high level of
speculation and ca be applied in case of only some types of securities. There are two types of prime
transactions:

Prime transactions;

Straddle transactions.
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Prime transactions are SETs through which the buyer has an option to be able to abandon the
contract, by paying the seller a prime. The value of the prime is fixed at the stock exchange, but it
cannot exceed a certain percent from the assets price at the given moment (for example 10% on the
French SE). At maturity, the buyer has three options:

If the stock price grew up, the buyer will execute the contract and the profit will represent
the difference between the rate from the moment T0 And T1.

If the rate goes down, the buyer will abandon the contract, paying a prime, the losses are
limited only to the amount of prime paid;

If the rate at maturity is less or equal than the execution rate, the buyer will execute the
transaction, if the value of loss is equal to the prime or does not exceed the prime.

Prime transactions render profits in conditions of unbalanced markets. But modern markets are
very equilibrated, so this type of prime transactions being replaced by straddle transactions.
Straddle transactions give the buyer the opportunity to declare himself either as buyer, or as
seller. The contract fixes two prices (for example 20.000/25.000) meaning that the buyer at maturity
will purchase the assets at the highest price, or will sell that at the lowest price. If at maturity the price is
above the established limits (it is lower than 20.000, or higher than 25.000) the buyer will gain profit.
For example, if the price is lower than 20.000, the buyer will choose an option to sell, and will generate
profits, and vice-versa, if the price is higher than 25.000, the investor will choose to buy assets. When
the price is fixed at maturity within the established limits, the profit will be gained by the seller of the
contract.
3. SETrs with derivatives.
FUTURES
A futures contract is a standardized contract to buy or sell a specified commodity of standardized
quality at a certain date in the future and at a market-determined price (the futures price). The contracts
are traded on a futures exchange. Futures contracts are not "direct" securities like stocks, bonds, rights or
warrants. They are still securities, however, though they are a type of derivative contract.
The price is determined by the instantaneous equilibrium between the forces of supply and
demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the
contract.
The future date is called the delivery date or final settlement date. The official price of the
futures contract at the end of a day's trading session on the exchange is called the settlement price for
that day of business on the exchange.

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A futures contract gives the holder the obligation to make or take delivery under the terms of the
contract, whereas an option grants the buyer the right, but not the obligation, to establish a position
previously held by the seller of the option. In other words, the owner of an options contract may exercise
the contract, but both parties of a "futures contract" must fulfill the contract on the settlement date. The
seller delivers the underlying asset to the buyer, or, if it is a cash-settled futures contract, then cash is
transferred from the futures trader who sustained a loss to the one who made a profit. To exit the
commitment prior to the settlement date, the holder of a futures position has to offset his/her position by
either selling a long position or buying back (covering) a short position, effectively closing out the
futures position and its contract obligations.
Futures versus Forwards:
Forward and futures contracts are agreements to buy or sell an asset at a specified future time for
a specified price. The main difference is that a futures contract is traded on an exchange, while a forward
contract is traded over the counter. The exchange removes virtually all counter party risk for the traders
through the use of margin accounts. Futures contracts are settled daily and if an investor cannot fund his
margin account to cover losses due to price fluctuations the exchange will close out the investor. A
forward contract is only settled at the end of the contract. Since, at the time of settling, a significant
amount of time may have passed, and the price of the underlying asset may have changed significantly,
one of the parties may have realized more losses than they can afford to pay. Because of this forward
contracts contain significant credit risk, which futures contracts do not.
While futures and forward contracts are both contracts to deliver an asset on a future date at a
prearranged price, they are different in two main respects:
1. Futures are exchange-traded, while forwards are traded over-the-counter:
2. Futures are standardized and face an exchange, while forwards are customized and face a nonexchange counterparty. Futures contracts ensure their liquidity by being highly standardized, usually by
specifying:

The underlying asset or instrument. This could be anything from a barrel of crude oil to a
short term interest rate.

The type of settlement, either cash settlement or physical settlement.

The amount and units of the underlying asset per contract. This can be the notional
amount of bonds, a fixed number of barrels of oil, units of foreign currency, the notional
amount of the deposit over which the short term interest rate is traded, etc.

The currency in which the futures contract is quoted.

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The grade of the deliverable. In the case of bonds, this specifies which bonds can be
delivered. In the case of physical commodities, this specifies not only the quality of the
underlying goods but also the manner and location of delivery.

The delivery month.

The last trading date.

Other details such as the commodity tick, the minimum permissible price fluctuation.

To minimize credit risk to the exchange, traders must post a margin or a performance
bond, typically 5%-15% of the contract's value.

To minimize counterparty risk to traders, trades executed on regulated future exchanges

are guaranteed by a clearing house. The clearing house becomes the buyer to each seller,
and the seller to each buyer, so that in the event of a counterparty default the clearer
assumes the risk of loss. This enables traders to transact without performing due diligence
on their counterparty.

3. In the case of physical delivery, the forward contract specifies to whom to make the delivery.
The counterparty for delivery on a futures contract is chosen by the clearing house.
OPTIONS
Options are contracts that give the purchaser the option, or right, to buy or sell the underlying
financial instrument at a specified price, called the exercise price or strike price, within a specific period
of time. The seller (sometimes called the writer) of the option is obligated to buy or sell the financial
instrument to the purchaser if the owner of the option exercises the right to sell or buy. These option
contract features are important enough to be emphasized:
The owner or buyer of an option does not have to exercise the option; he or she can let the option
expire without using it. Hence the owner of an option is not obligated to take any action, but rather has
the right to exercise the contract if he or she so chooses. The seller of an option, by contrast, has no
choice in the matter; he or she must buy or sell the financial instrument if the owner exercises the
option.
Because the right to buy or sell a financial instrument at a specified price has value, the owner of
an option is willing to pay an amount for it called a premium. There are two types of option contracts:
American options can be exercised at any time up to the expiration date of the contract, and European
options can be exercised only on the expiration date.
Option contracts are written on a number of financial instruments. Options on individual stocks
are called stock options, and such options have existed for a long time. Option contracts on financial
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futures called financial futures options or, more commonly, futures options, were developed in 1982 and
have become the most widely traded option contracts.
Option Contracts: A call option is a contract that gives the owner the right to buy a financial
instrument at the exercise price within a specific period of time. A put option is a contract that gives the
owner the right to sell a financial instrument at the exercise price within a specific period of time.
The investors, who are willing to make transactions with options can be placed within the
following positions:
1. As buyer long position:

Of a call option;

Of a put option.

2. As seller short position:

Of a call option;

Of a put option.

The buyer of a call option (long position) has the right to buy some assets at an exercise price at
a determined period of time. He forecasts that in future the rate of assets that have been bought will
increase over the exercise price, so he will get a profit as a result of selling at the market price.
On the other hand, the seller of the call option (short position) in exchange of a cashed prime
obliges to deliver assets at the exercise price. He forecasts, taking a bearish position that the market
will not grow up and the buyer will not execute the right upon the call contract, so he (the seller) will
remain with the prime, which represents the maximal value of profit that could result from this
transaction.
According to options contracts, the investor can have the following attitudes for the market
evolution:
a) A bullish investor expects the increase in price of assets and this is a position specific for
the buyer of a call contract and seller of a put contract;
b) A bearish investor expects the decrease in price of assets and this is a position specific for
the seller of a call contract and buyer of a put contract.
The execution of an option contract can be done through:
1. The options liquidation;
2. The options exercise;
3. The options expiration.
The options liquidation means closing the initial position by an inverse operation. So, the buyer
of a call option closes his position by selling a call option, and the seller of a call option can close his
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position by buying a put option. Through these liquidations (positions closing), it is made the
compensation of losses from a position by earnings gained from another position, at the end producing a
profit or a reduced loss.
2. The options exercise the exercise of the buyers right over the assets, that means that the
seller will deliver the assets and the buyer will pay the exercise price.
3. The options expiring renouncing the execution when the price evaluates besides the
investors expectation. The buyer will abandon the option, paying the prime to the seller.
The main reason of option contracts is to hedge (to cover risks). Besides, options represent a
special instrument for the placements efficiency and profits rendering due to their speculative character.
3. Types of SETrs according to the investors motivation
The final scope of SETrs is investing in securities, thus, these placements can be done in form of:
1. Ordinary placements
2. Stock exchange speculations
3. Arbitrage with securities
4. Hedging transactions
5. Technical transactions

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Plasamentele simple nseamn de fapt investirea capitalurilor disponibile (ale

persoanelor particulare sau ale firmelor) pe pieele bursiere prin cumprare-vnzare de valori
mobiliare. Aceste valori mobiliare sunt reprezentate de titluri cu venit variabil (aciuni), titluri cu
venit fix (obligaiuni), precum i alte produse bursiere.
Aceste plasamente se fac cu scopul obinerii unor venituri sub forma divedendelor sau
dobnzilor i/sau sub forma unor creteri de capital (capital gain).
Un investitor care i plaseaz capitalurile disponibile pe pieele bursier se atepta sa
fructifice cat mai bine acest capital, dar tie n acelai timp i c se supune unui risc caracteristic
acestor plasamente care este de regula cu att mai mare cu ct este mai rentabila investiia.
Principala soluie pentru diminuarea acestui risc este diversificarea. Aceasta nseamn ca un
investitor rezonabil i va plasa banii n mai multe titluri, nu doar n unul singur, compensnd
astfel eventualele pierderi realizate pe unele cu veniturile obinute pe altele. Astfel, investitorul
i va construi un portofoliu de titluri a crui evoluie o va urmri n permanenta i va modifica
compoziia acestuia cnd condiiile iniiale se schimba.
Speculaiile bursiere sunt operaiuni de vnzri-cumprri succesive de titluri financiare
prin care se urmrete obinerea de profituri din diferentele de curs.
Principiul care sta la baza speculaiilor bursiere este cel al oricrei afaceri: cumpra ieftin i
vinde scump (buy low, sell high).
Ceea ce caracterizeaz speculaiile bursiere sunt profiturile urmrite de ctre speculator i
riscul pe care acest i-l asuma n cunotina de cauza. Acest risc deriva din faptul ca evoluia
cursului nu poate fi preconizata cu certitudine de ctre speculator.
De multe ori se face greu diferenierea ntre plasamentele simple i speculaie. Desigur,
obiectivele urmrite sunt altele. Prin plasamentele simple se urmrete obinerea de venituri i
sigurana investiiei. Cu toate acestea, un plasament simplu, prin care s-au cumprat titluri n
scopul pstrrii lor, devine o speculaie daca acestea se vnd rapid n scopul obinerii de profit.
La fel i invers, aa cum surprindea foarte plastic marele speculator i expert financiar George
Soros: "o speculaie nereuita, devine o investiie".
Speculatorii sunt de mai multe feluri:
a) cei care speculeaz variaiile de curs de la o zi la alta;
b) cei care speculeaz fluctuaiile de curs fata de media nregistrata pe o anumita perioada;
c) speculatorii pe termen lung, ce vizeaz variaiile de curs nregistrate pe perioade mai mari
de timp (luni, ani);
d) speculatorii permaneni.
Obiectivul oricrui speculator este de a obine un profit din orice tranzacie bursiera pe
care o efectueaz i ateapt ca acest lucru s se ntmple ca rezultat al riscului pe care i-l
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asum. Datorita acestui lucru speculatorul nu-i va pune probleme de etica i spre exemplu "va
scpa" de titluri n care el personal nu mai are ncredere i le va plasa unor investitori mai puin
avizai.
n practica exista doua mari tipuri de speculaii n funcie de sensul evoluiei cursului
titlurilor:
a) speculaii pe cretere (fr. a la hausse, engl. bull) - cnd speculatorul mizeaz pe creterea
cursurilor, profitul sau fiind reprezentat de diferena data de faptul c a cumprat ieftin i a
vndut mai scump;
b) speculaia pe scdere (fr. a la baisse, engl. bear) - cnd speculatorul mizeaz pe scderea
cursurilor, profitul sau fiind reprezentat de diferena pozitiva data de faptul ca a vndut mai
scump i a rscumprat titlurile respective mai ieftin).
n fapt este de dorit ca pe pieele bursiere sa exista speculatori bine informai.
Interveniile acestora atenueaz oscilaiile bursiere i datorita lor, investitorii interesai n
plasamente sau vnzri au posibilitatea de a gsi mai uor contrapartida.
Speculaia este necesara pe pieele bursiere i este etica pentru ca profitul realizat de
speculator nu este gratuit ci este rezultatul riscurilor pe care i le-a asumat.
Este important a face deosebirea ntre speculator i juctorul la bursa. Aa cum artam,
de regula, speculatorul este o persoana avizata, bine informata, cu solide cunotine privind
bietele bursiere i care se bazeaz pe previziuni raionale. Juctorul de bursa, "gamblerul" merge
la hazard i n acest caz tranzaciile bursiere efectuate de acesta seamn mai mult a jocuri de
noroc, ruleta etc.
Agiotajul este tot o fals speculaie i este o manevra prin care se urmrete creterea sau
scderea artificiala a cursurilor prin colportarea de zvonuri false privind situaia unei anumite
societi. Astfel spre exemplu, cei ce practica agiotajul "duc" artificial cursul n jos i cnd
ajunge la nivelul dorit, suficient de sczut, cumpra i ulterior vor revinde mai scump dup ce tot
ei vor urca cursul. Agiotajul este o operaiune care contravine regulilor de practica onesta de pe
pieele bursiere.
Arbitrajul de valori mobiliare
Prin arbitraj se urmrete obinerea de ctiguri printr-o succesiune de plasamente, dar de sensuri
diferite i practic consta n a cumpra o valoare mobiliara pe o piaa bursiera unde cursul ei este
mai sczut i a o vinde apoi simultan sau imediat pe o piaa unde cursul respectivei valori este
mai ridicat.
Arbitrajul este considerat ca fiind fr risc i de aceea investitorul se poate mulumi i cu
ctiguri mici. Spre deosebire de speculaie, arbitrajul se bazeaz pe nite cursuri deja cunoscute
i nu pe previziuni i astfel nu se poate solda n principiu dect cu ctig.
nainte de efectuarea unui arbitraj trebuie atent studiai, pe lng cursurile valorilor
mobiliare, o serie de ali factori care ar putea anihila ctigul ateptat dat de diferentele certe de
curs. Astfel, la efectuarea unui arbitraj trebuie luate n calcul:
n primul rnd cursul valorilor mobiliare pe diferite piee pentru a stabili diferentele de
curs;
cheltuielile de tranzacionare i comisioanele intermediarilor;
cursurile valutare i convertirea dintr-o moneda n alta (daca se arbitreaz pe piee
internaionale);
cheltuielile de asigurare.
Este important de subliniat ca arbitrajul nu este accesibil oricui, ci doar specialitilor n
tranzacii bursiere sau mai ales celor din interiorul sistemului bursier. Aceasta pentru ca pentru a
putea obine ctiguri din arbitraj trebuie sa fii foarte bine informat, n permanenta la curent cu
variaiile cursurilor i mai trebuie avuta posibilitatea de a tranzaciona pe mai multe piee, adic
de a emite ordine de vnzare sau cumprare.
Acoperirea riscurilor (hedging)
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Operaiunile de hedging sunt acele operaiuni bursiere prin care cel ce le iniiaz
urmrete s se acopere contra riscurilor modificrii cursurilor valorilor sale mobiliare.
Hedgingul nseamn n fapt protecia valorilor mobiliare ale investitorului n condiiile unei
piee instabile i nu obinerea de profituri. Astfel, prin operaiile de hedging se evita pierderile,
dar se anuleaz i ansele de obinere a unui profit.
Chiar daca scopul hedging-ului difer fata de cel al speculatorilor, tehnica de realizare
este aceeai. Precum n cazul unei speculaii unde unul din partenerii implicai n tranzacie
ctig, iar celalalt pierde, n cazul hedging-ului pierderea este transferat, dar se transfer i
ctigul.
n mod practic hedging-ul se desfoar astfel: paralel cu operaiunile bursiere de
vnzare-cumprare expuse riscului, cel ce dorete sa se acopere va iniia tranzacii bursiere
speculative de acelai fel i n aceleai condiii (scadenta, suma), dar de sens invers. Astfel,
cumprtorul unor valori devine i vnztor speculator pentru aceleai valori, respectiv
vnztorul devine i un cumprtor speculator.
Pe una din cele doua poziii pe care se situeaz (fie pe tranzacia iniiala, fie pe tranzacia
speculativa pe care a angajat-o ulterior), iniiatorul hedging-ului va ctiga i pe una va pierde.
Deci pentru el este egal daca se produce riscul sau nu. Mai mult, daca evenimentele evolueaz n
mod favorabil investitorul i-a anulat orice ansa de a obine ctigul pierznd pe contractele
speculative pe care le-a ncheiat. Acesta este insa preul protejrii contra deprecierii valorilor
sale.
Tranzacii tehnice sunt efectuate de creatorii de pia cu scopul meninerii stabilitii pieei.
Opiraiunile sunt de vnzare cumprare pe cont propriu dup situaia concret a raportului cerereofert pentru o anumit valoare mobiliar:
cererea mai mare dect oferta atrage o vnzare pe cont propriu din partea creatorului de
pia;
cererea mai mic dect oferta oblig creatorul de pia s cumpere pe cont propriu.
Principiile necesar de respectat la constituirea unui portofoliu echilibrat i eficient de valori
mobiliare
1. a nu se alege dect valorile care corespund propriilor necesiti: pentru ctig de capital
-aciunile, pentru randament n principal obligaiuni;
2. a nu se investi dect atunci cnd piaa n ansamblul su este n cretere;
3. a nu se investi dect n sectoarele performante i a se ine seama c o evoluie cresctoare
a cursurilor unor titluri dintr-un anumit domeniu va antrena i "o micare de simpatie
pentru titlurile altor societi din acelai domeniu;
4. a se tine seama c un titlu care a crescut mult este fragil din cauza numrului mare de
acionari tentai de a vinde aceste valori;
5. a se diversifica plasamentele n limite rezonabile; regula ar fi ca nici o valoare mobiliar
s nu reprezinte mai mult de 10% din valoarea global a portofoliului;
6. a nu se ezita n nsuirea beneficiilor i n a vinde titlurile care nu aduc satisfaciile
sperate;
7. a se analiza bine valorile mobiliare care se cumpr, att tehnic (analiza grafica), ct i
prin analiza fundamental;
8. a fi la curent cu toate evenimentele politice, sociale, economice i monetare care
influeneaz tendina general de evoluie a pieei bursiere;
9. a avea rbdare;
10. a supraveghea constant portofoliul.
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