{"id":91214,"date":"2026-11-11T11:36:23","date_gmt":"2026-11-11T10:36:23","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=91214"},"modified":"2026-11-11T11:36:26","modified_gmt":"2026-11-11T10:36:26","slug":"otc-trhy-jak-funguje-obchodovani-mimo-centralizovane-burzy","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/cs\/trhy\/otc-trhy-jak-funguje-obchodovani-mimo-centralizovane-burzy\/","title":{"rendered":"OTC trhy: Jak funguje obchodov\u00e1n\u00ed mimo centralizovan\u00e9 burzy?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Obchodov\u00e1n\u00ed mimo burzu, zn\u00e1m\u00e9 pod anglick\u00fdm ozna\u010den\u00edm over-the-counter (OTC), umo\u017e\u0148uje investor\u016fm, finan\u010dn\u00edm instituc\u00edm a spole\u010dnostem nakupovat a prod\u00e1vat finan\u010dn\u00ed n\u00e1stroje bez nutnosti vyu\u017e\u00edvat centralizovanou burzu. Nam\u00edsto spole\u010dn\u00e9 knihy objedn\u00e1vek se ceny sjedn\u00e1vaj\u00ed p\u0159\u00edmo mezi \u00fa\u010dastn\u00edky trhu nebo prost\u0159ednictv\u00edm obchodn\u00edk\u016f s cenn\u00fdmi pap\u00edry. Tento zp\u016fsob obchodov\u00e1n\u00ed nab\u00edz\u00ed v\u011bt\u0161\u00ed flexibilitu a p\u0159\u00edstup k \u0161irok\u00e9 \u0161k\u00e1le aktiv, z\u00e1rove\u0148 v\u0161ak p\u0159in\u00e1\u0161\u00ed odli\u0161n\u00e1 rizika v oblasti transparentnosti, likvidity a spolehlivosti obchodn\u00edch protistran.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finan\u010dn\u00ed trhy si v\u011bt\u0161ina investor\u016f spojuje p\u0159edev\u0161\u00edm s velk\u00fdmi burzami, jako jsou New York Stock Exchange nebo Nasdaq, kde se n\u00e1kupn\u00ed a prodejn\u00ed objedn\u00e1vky setk\u00e1vaj\u00ed prost\u0159ednictv\u00edm organizovan\u00fdch obchodn\u00edch syst\u00e9m\u016f. V\u00fdznamn\u00e1 \u010d\u00e1st sv\u011btov\u00fdch finan\u010dn\u00edch transakc\u00ed v\u0161ak prob\u00edh\u00e1 mimo tato tradi\u010dn\u00ed obchodn\u00ed m\u00edsta.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Takzvan\u00fd&nbsp;<strong>over the counter market<\/strong>, tedy OTC trh, funguje prost\u0159ednictv\u00edm s\u00edt\u00ed bank, broker\u016f, dealer\u016f a dal\u0161\u00edch finan\u010dn\u00edch instituc\u00ed. Ty zprost\u0159edkov\u00e1vaj\u00ed nebo p\u0159\u00edmo realizuj\u00ed obchody s podnikov\u00fdmi dluhopisy, m\u011bnami, deriv\u00e1ty i akciemi spole\u010dnost\u00ed, kter\u00e9 nejsou obchodov\u00e1ny na hlavn\u00edch burz\u00e1ch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Porozum\u011bn\u00ed fungov\u00e1n\u00ed OTC trhu je d\u016fle\u017eit\u00e9 zejm\u00e9na proto, \u017ee samotn\u00e1 struktura obchodov\u00e1n\u00ed m\u016f\u017ee ovlivnit dosa\u017eenou cenu, podstupovan\u00e1 rizika i mno\u017estv\u00ed informac\u00ed, kter\u00e9 m\u00e1 investor p\u0159ed uskute\u010dn\u011bn\u00edm transakce k dispozici.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co je OTC trh a jak funguje?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">OTC trh p\u0159edstavuje finan\u010dn\u00ed trh, na kter\u00e9m se transakce uskute\u010d\u0148uj\u00ed mimo centralizovanou burzu. Nam\u00edsto zad\u00e1v\u00e1n\u00ed objedn\u00e1vek do jednotn\u00e9ho burzovn\u00edho syst\u00e9mu obchoduj\u00ed \u00fa\u010dastn\u00edci prost\u0159ednictv\u00edm dealer\u016f, broker\u016f nebo alternativn\u00edch obchodn\u00edch platforem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Obchodov\u00e1n\u00ed OTC p\u0159itom neznamen\u00e1, \u017ee transakce prob\u00edhaj\u00ed neform\u00e1ln\u011b nebo bez technologick\u00e9ho z\u00e1zem\u00ed. Modern\u00ed mimoburzovn\u00ed trhy \u010dasto vyu\u017e\u00edvaj\u00ed sofistikovan\u00e9 elektronick\u00e9 syst\u00e9my pro z\u00edsk\u00e1v\u00e1n\u00ed cenov\u00fdch nab\u00eddek, s\u00edt\u011b obchodn\u00edk\u016f a automatizovan\u00e9 obchodn\u00ed platformy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Podle americk\u00e9ho \u00da\u0159adu pro regulaci finan\u010dn\u00edho sektoru&nbsp;<a href=\"https:\/\/www.finra.org\/investors\/investing\/investment-products\/stocks\/over-counter-stocks\">FINRA<\/a>&nbsp;zahrnuje OTC obchodov\u00e1n\u00ed mimo jin\u00e9 transakce s cenn\u00fdmi pap\u00edry, kter\u00e9 nejsou kotov\u00e1ny na hlavn\u00edch burz\u00e1ch. Mimo centralizovan\u00e9 burzy se b\u011b\u017en\u011b obchoduj\u00ed tak\u00e9 dluhopisy, m\u011bny a r\u016fzn\u00e9 druhy deriv\u00e1t\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Z\u00e1sadn\u00ed rozd\u00edl spo\u010d\u00edv\u00e1 ve zp\u016fsobu organizace a realizace jednotliv\u00fdch obchod\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na burze se n\u00e1kupn\u00ed a prodejn\u00ed objedn\u00e1vky mohou p\u00e1rovat prost\u0159ednictv\u00edm centr\u00e1ln\u00ed knihy objedn\u00e1vek podle p\u0159edem stanoven\u00fdch pravidel. Na OTC trhu naproti tomu \u010dasto doch\u00e1z\u00ed k p\u0159\u00edm\u00e9mu sjedn\u00e1v\u00e1n\u00ed podm\u00ednek mezi protistranami, p\u0159i\u010dem\u017e d\u016fle\u017eitou roli hraj\u00ed deale\u0159i poskytuj\u00edc\u00ed likviditu a cenov\u00e9 nab\u00eddky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b tato flexibilita \u010din\u00ed OTC obchodov\u00e1n\u00ed atraktivn\u00edm zejm\u00e9na pro finan\u010dn\u00ed n\u00e1stroje, kter\u00e9 se obt\u00ed\u017en\u011b standardizuj\u00ed, nebo pro transakce vy\u017eaduj\u00edc\u00ed individu\u00e1ln\u011b nastaven\u00e9 podm\u00ednky.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mohlo by v\u00e1s zaj\u00edmat: <a href=\"https:\/\/trader-magazine.com\/cs\/forex-cs\/jak-funguji-menove-kurzy-a-co-rozhoduje-o-jejich-vyvoji-pet-faktoru-ktere-hybou-cenami-men\/\">Jak funguj\u00ed m\u011bnov\u00e9 kurzy a co rozhoduje o jejich v\u00fdvoji? P\u011bt faktor\u016f, kter\u00e9 h\u00fdbou cenami m\u011bn<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Jak prob\u00edh\u00e1 obchodov\u00e1n\u00ed na OTC trhu?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">OTC trh zpravidla funguje prost\u0159ednictv\u00edm s\u00edt\u011b finan\u010dn\u00edch zprost\u0159edkovatel\u016f, nikoliv jednoho centr\u00e1ln\u00edho obchodn\u00edho m\u00edsta.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Transakce za\u010d\u00edn\u00e1 ve chv\u00edli, kdy chce investor nebo finan\u010dn\u00ed instituce nakoupit \u010di prodat ur\u010dit\u00fd finan\u010dn\u00ed n\u00e1stroj. M\u016f\u017ee p\u0159\u00edmo kontaktovat dealera, vyu\u017e\u00edt brokera, kter\u00fd vyhled\u00e1 vhodnou protistranu, nebo po\u017e\u00e1dat o cenov\u00e9 nab\u00eddky prost\u0159ednictv\u00edm elektronick\u00e9 obchodn\u00ed platformy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dealer n\u00e1sledn\u011b vyhodnot\u00ed po\u017eadovanou transakci. Zohled\u0148uje p\u0159edev\u0161\u00edm jej\u00ed velikost, aktu\u00e1ln\u00ed situaci na trhu, dostupnou likviditu a souvisej\u00edc\u00ed rizika. Na z\u00e1klad\u011b t\u011bchto faktor\u016f stanov\u00ed cenu, za kterou je ochoten dan\u00fd n\u00e1stroj koupit nebo prodat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud investor nab\u00eddku p\u0159ijme, obchod se uskute\u010dn\u00ed za sjednan\u00fdch podm\u00ednek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na rozd\u00edl od centralizovan\u00e9ho burzovn\u00edho obchodov\u00e1n\u00ed, kde \u00fa\u010dastn\u00edci mohou vyu\u017e\u00edvat spole\u010dnou knihu objedn\u00e1vek, se ceny na OTC trhu mohou mezi jednotliv\u00fdmi dealery i z\u00e1kazn\u00edky li\u0161it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Od cenov\u00e9 nab\u00eddky a\u017e po vypo\u0159\u00e1d\u00e1n\u00ed obchodu<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Typick\u00e1 OTC transakce realizovan\u00e1 prost\u0159ednictv\u00edm dealera m\u00e1 n\u011bkolik z\u00e1kladn\u00edch f\u00e1z\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Nejprve investor po\u017e\u00e1d\u00e1 o cenovou nab\u00eddku.<\/strong>&nbsp;Kontaktuje obchodn\u00edka a uvede, jak\u00fd finan\u010dn\u00ed n\u00e1stroj chce nakoupit nebo prodat a v jak\u00e9m objemu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>N\u00e1sledn\u011b dealer vyhodnot\u00ed podm\u00ednky transakce.<\/strong>&nbsp;Zohledn\u00ed aktu\u00e1ln\u00ed tr\u017en\u00ed ceny, vlastn\u00ed z\u00e1soby dan\u00e9ho aktiva, likviditu a rizika spojen\u00e1 s p\u0159evzet\u00edm opa\u010dn\u00e9 strany obchodu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ve t\u0159et\u00edm kroku poskytne cenovou nab\u00eddku.<\/strong>&nbsp;Ta obvykle obsahuje n\u00e1kupn\u00ed nebo prodejn\u00ed cenu a p\u0159\u00edpadn\u011b dal\u0161\u00ed podm\u00ednky, nap\u0159\u00edklad maxim\u00e1ln\u00ed objem, pro kter\u00fd je nab\u00eddka platn\u00e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Pot\u00e9 ob\u011b strany uzav\u0159ou obchod.<\/strong>&nbsp;Jakmile investor nab\u00eddku p\u0159ijme, transakce se uskute\u010dn\u00ed za dohodnut\u00fdch podm\u00ednek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Nakonec doch\u00e1z\u00ed k potvrzen\u00ed a vypo\u0159\u00e1d\u00e1n\u00ed transakce.<\/strong>&nbsp;Smluvn\u00ed strany zajist\u00ed p\u0159evod cenn\u00fdch pap\u00edr\u016f, m\u011bn nebo spln\u011bn\u00ed dal\u0161\u00edch z\u00e1vazk\u016f. Podle typu finan\u010dn\u00edho n\u00e1stroje a p\u0159\u00edslu\u0161n\u00e9 legislativy mohou vzniknout tak\u00e9 povinnosti souvisej\u00edc\u00ed s vykazov\u00e1n\u00edm nebo centr\u00e1ln\u00edm clearingem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si nap\u0159\u00edklad investi\u010dn\u00ed fond, kter\u00fd chce nakoupit v\u011bt\u0161\u00ed objem podnikov\u00fdch dluhopis\u016f. Nam\u00edsto zad\u00e1n\u00ed jedin\u00e9 objedn\u00e1vky na burzu oslov\u00ed n\u011bkolik dealer\u016f a vy\u017e\u00e1d\u00e1 si jejich cenov\u00e9 nab\u00eddky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ka\u017ed\u00fd obchodn\u00edk m\u016f\u017ee nab\u00eddnout odli\u0161nou cenu podle toho, jak\u00e9 dluhopisy dr\u017e\u00ed, jak\u00e9 m\u00e1 dostupn\u00e9 protistrany a jak\u00e9 riziko je ochoten p\u0159evz\u00edt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fond n\u00e1sledn\u011b porovn\u00e1 nab\u00eddky a vybere nejv\u00fdhodn\u011bj\u0161\u00ed podm\u00ednky. Po uzav\u0159en\u00ed obchodu prob\u011bhne jeho potvrzen\u00ed a vypo\u0159\u00e1d\u00e1n\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Jakou roli maj\u00ed na OTC trz\u00edch deale\u0159i a tv\u016frci trhu?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Deale\u0159i p\u0159edstavuj\u00ed jednu z kl\u00ed\u010dov\u00fdch sou\u010d\u00e1st\u00ed mimoburzovn\u00edho obchodov\u00e1n\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na rozd\u00edl od klasick\u00e9ho brokera, kter\u00fd p\u0159edev\u0161\u00edm zprost\u0159edkov\u00e1v\u00e1 obchody pro sv\u00e9 klienty, m\u016f\u017ee dealer obchodovat na vlastn\u00ed \u00fa\u010det. To znamen\u00e1, \u017ee finan\u010dn\u00ed n\u00e1stroje s\u00e1m nakupuje a prod\u00e1v\u00e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Deale\u0159i \u010dasto p\u016fsob\u00ed tak\u00e9 jako tv\u016frci trhu neboli&nbsp;<em>market make\u0159i<\/em>. Poskytuj\u00ed ceny, za kter\u00e9 jsou ochotni ur\u010dit\u00e9 aktivum koupit nebo prodat, a t\u00edm p\u0159isp\u00edvaj\u00ed k dostupnosti likvidity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cenov\u00e9 nab\u00eddky obvykle zahrnuj\u00ed dv\u011b hodnoty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>N\u00e1kupn\u00ed cena (bid)<\/strong>&nbsp;p\u0159edstavuje \u010d\u00e1stku, kterou je dealer ochoten zaplatit za n\u00e1kup dan\u00e9ho finan\u010dn\u00edho n\u00e1stroje.&nbsp;<strong>Prodejn\u00ed cena (ask)<\/strong>&nbsp;naopak ozna\u010duje cenu, za kterou je ochoten n\u00e1stroj prodat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozd\u00edl mezi t\u011bmito hodnotami se naz\u00fdv\u00e1&nbsp;<em>bid-ask spread<\/em>&nbsp;neboli rozp\u011bt\u00ed mezi n\u00e1kupn\u00ed a prodejn\u00ed cenou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si modelov\u00fd podnikov\u00fd dluhopis, u kter\u00e9ho dealer uv\u00e1d\u00ed n\u00e1kupn\u00ed cenu 98,50 a prodejn\u00ed cenu 99,20 procenta jmenovit\u00e9 hodnoty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor, kter\u00fd nakoup\u00ed dluhopisy v nomin\u00e1ln\u00ed hodnot\u011b 100 000 dolar\u016f, zaplat\u00ed p\u0159ibli\u017en\u011b 99 200 dolar\u016f, bez zapo\u010dten\u00ed nab\u011bhl\u00e9ho \u00faroku a p\u0159\u00edpadn\u00fdch dal\u0161\u00edch poplatk\u016f. Pokud by stejn\u00fd objem okam\u017eit\u011b prodal za uvedenou n\u00e1kupn\u00ed cenu, z\u00edskal by p\u0159ibli\u017en\u011b 98 500 dolar\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozd\u00edl 700 dolar\u016f p\u0159edstavuje modelov\u00fd n\u00e1klad spojen\u00fd s rozp\u011bt\u00edm mezi n\u00e1kupn\u00ed a prodejn\u00ed cenou, za p\u0159edpokladu, \u017ee jsou ob\u011b nab\u00eddky st\u00e1le platn\u00e9 pro po\u017eadovan\u00fd objem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tento rozd\u00edl v\u0161ak nelze automaticky pova\u017eovat za \u010dist\u00fd zisk dealera. Obchodn\u00edci mus\u00ed zohled\u0148ovat n\u00e1klady na dr\u017een\u00ed aktiv, pohyby tr\u017en\u00edch cen, zaji\u0161t\u011bn\u00ed rizik i p\u0159\u00edpadn\u00e9 komplikace p\u0159i hled\u00e1n\u00ed dal\u0161\u00ed protistrany.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Problematikou dealersk\u00e9ho obchodov\u00e1n\u00ed a elektronizace dluhopisov\u00fdch trh\u016f se dlouhodob\u011b zab\u00fdv\u00e1 tak\u00e9&nbsp;<a href=\"https:\/\/www.bis.org\/\">Banka pro mezin\u00e1rodn\u00ed platby (BIS)<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">S jak\u00fdmi finan\u010dn\u00edmi n\u00e1stroji se obchoduje na OTC trz\u00edch?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">OTC trhy zahrnuj\u00ed \u0161irok\u00e9 spektrum finan\u010dn\u00edch produkt\u016f, od relativn\u011b jednoduch\u00fdch cenn\u00fdch pap\u00edr\u016f a\u017e po slo\u017eit\u00e9 deriv\u00e1tov\u00e9 kontrakty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">OTC akcie<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">N\u011bkter\u00e9 spole\u010dnosti nemaj\u00ed sv\u00e9 akcie kotovan\u00e9 na velk\u00fdch burz\u00e1ch. Jejich cenn\u00e9 pap\u00edry se m\u00edsto toho obchoduj\u00ed prost\u0159ednictv\u00edm mimoburzovn\u00edch syst\u00e9m\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M\u016f\u017ee j\u00edt o men\u0161\u00ed podniky, zahrani\u010dn\u00ed emitenty nebo spole\u010dnosti, jejich\u017e akcie byly z n\u011bkter\u00e9 burzy vy\u0159azeny.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i by v\u0161ak m\u011bli po\u010d\u00edtat s t\u00edm, \u017ee ur\u010dit\u00e9 OTC akcie mohou vykazovat n\u00edzkou likviditu a jejich emitenti nemus\u00ed zve\u0159ej\u0148ovat tolik informac\u00ed jako spole\u010dnosti obchodovan\u00e9 na hlavn\u00edch burz\u00e1ch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Americk\u00e1&nbsp;<a href=\"https:\/\/www.investor.gov\/\">Komise pro cenn\u00e9 pap\u00edry a burzy (SEC)<\/a>&nbsp;upozor\u0148uje, \u017ee n\u011bkte\u0159\u00ed emitenti OTC cenn\u00fdch pap\u00edr\u016f pravideln\u011b nezve\u0159ej\u0148uj\u00ed auditovan\u00e9 \u00fa\u010detn\u00ed z\u00e1v\u011brky ani dostate\u010dn\u011b podrobn\u00e9 finan\u010dn\u00ed informace. To m\u016f\u017ee investor\u016fm komplikovat posouzen\u00ed skute\u010dn\u00e9 hodnoty spole\u010dnosti.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Dluhopisy a dal\u0161\u00ed n\u00e1stroje s pevn\u00fdm v\u00fdnosem<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Podnikov\u00e9 dluhopisy a \u0159ada dal\u0161\u00edch dluhov\u00fdch cenn\u00fdch pap\u00edr\u016f se b\u011b\u017en\u011b obchoduj\u00ed mimo burzu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jednotliv\u00e9 dluhopisy se toti\u017e li\u0161\u00ed splatnost\u00ed, kup\u00f3novou sazbou, \u00fav\u011brovou kvalitou emitenta i dal\u0161\u00edmi podm\u00ednkami. Centralizovan\u00e1 burzovn\u00ed kniha objedn\u00e1vek proto nemus\u00ed v\u017edy p\u0159edstavovat nejvhodn\u011bj\u0161\u00ed zp\u016fsob jejich obchodov\u00e1n\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Institucion\u00e1ln\u00ed investo\u0159i \u010dasto sjedn\u00e1vaj\u00ed transakce s dealery, kte\u0159\u00ed se specializuj\u00ed na konkr\u00e9tn\u00ed segment dluhopisov\u00e9ho trhu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Devizov\u00fd trh Forex<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Glob\u00e1ln\u00ed devizov\u00fd trh p\u0159edstavuje dal\u0161\u00ed v\u00fdznamn\u00fd p\u0159\u00edklad decentralizovan\u00e9ho obchodov\u00e1n\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Banky, podniky, investi\u010dn\u00ed fondy a dal\u0161\u00ed \u00fa\u010dastn\u00edci sm\u011b\u0148uj\u00ed m\u011bny prost\u0159ednictv\u00edm dealersk\u00fdch s\u00edt\u00ed a elektronick\u00fdch platforem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spole\u010dnosti mohou vyu\u017e\u00edvat mimoburzovn\u00ed devizov\u00e9 kontrakty nap\u0159\u00edklad k omezen\u00ed kurzov\u00e9ho rizika p\u0159i zahrani\u010dn\u00edm obchodov\u00e1n\u00ed nebo investov\u00e1n\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">OTC deriv\u00e1ty<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Mimo centralizovan\u00e9 burzy se sjedn\u00e1vaj\u00ed tak\u00e9 deriv\u00e1ty, nap\u0159\u00edklad \u00farokov\u00e9 swapy, m\u011bnov\u00e9 forwardy, swapy \u00fav\u011brov\u00e9ho selh\u00e1n\u00ed nebo n\u011bkter\u00e9 op\u010dn\u00ed kontrakty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spole\u010dnost, kter\u00e1 spl\u00e1c\u00ed \u00fav\u011br s pohyblivou \u00farokovou sazbou, m\u016f\u017ee nap\u0159\u00edklad uzav\u0159\u00edt \u00farokov\u00fd swap, jeho\u017e prost\u0159ednictv\u00edm vym\u011bn\u00ed platby nav\u00e1zan\u00e9 na pohyblivou sazbu za platby s pevnou sazbou.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Takov\u00e9 dohody lze p\u0159izp\u016fsobit konkr\u00e9tn\u00edm finan\u010dn\u00edm pot\u0159eb\u00e1m podniku. U n\u011bkter\u00fdch standardizovan\u00fdch OTC deriv\u00e1t\u016f v\u0161ak mohou pr\u00e1vn\u00ed p\u0159edpisy vy\u017eadovat centr\u00e1ln\u00ed clearing nebo obchodov\u00e1n\u00ed na ur\u010den\u00fdch obchodn\u00edch platform\u00e1ch.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mohlo by v\u00e1s zaj\u00edmat: <a href=\"https:\/\/trader-magazine.com\/cs\/ekonomika\/majetek-americkych-politiku-a-jejich-akcie-co-ukazuji-financni-priznani\/\">Majetek americk\u00fdch politik\u016f a jejich akcie: Co ukazuj\u00ed finan\u010dn\u00ed p\u0159izn\u00e1n\u00ed<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Pro\u010d jsou ceny na OTC trz\u00edch m\u00e9n\u011b transparentn\u00ed?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Jedn\u00edm z nejv\u00fdznamn\u011bj\u0161\u00edch rozd\u00edl\u016f mezi OTC a burzovn\u00edm obchodov\u00e1n\u00edm je dostupnost informac\u00ed o cen\u00e1ch a uskute\u010dn\u011bn\u00fdch transakc\u00edch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na centralizovan\u00e9 burze mohou m\u00edt \u00fa\u010dastn\u00edci p\u0159\u00edstup ke zve\u0159ej\u0148ovan\u00fdm cenov\u00fdm nab\u00eddk\u00e1m, realizovan\u00fdm obchod\u016fm, objem\u016fm obchodov\u00e1n\u00ed nebo \u00fadaj\u016fm z knihy objedn\u00e1vek. Konkr\u00e9tn\u00ed rozsah informac\u00ed z\u00e1vis\u00ed na burze a poskytovateli tr\u017en\u00edch dat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na OTC trhu jsou tyto informace \u010dasto v\u00edce rozt\u0159\u00ed\u0161t\u011bn\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dealer m\u016f\u017ee jednomu institucion\u00e1ln\u00edmu investorovi nab\u00eddnout odli\u0161nou cenu ne\u017e jin\u00e9mu z\u00e1kazn\u00edkovi. Rozd\u00edly mohou souviset s velikost\u00ed obchodu, okam\u017eikem jeho realizace, \u00fav\u011brov\u00fdmi podm\u00ednkami, dostupnou likviditou nebo transak\u010dn\u00edmi n\u00e1klady.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dva investo\u0159i proto mohou p\u0159i obchodov\u00e1n\u00ed se stejn\u00fdm finan\u010dn\u00edm n\u00e1strojem z\u00edskat rozd\u00edln\u00e9 nab\u00eddky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To samo o sob\u011b neznamen\u00e1, \u017ee je n\u011bkter\u00e1 cena nespravedliv\u00e1. Porovn\u00e1v\u00e1n\u00ed nab\u00eddek v\u0161ak m\u016f\u017ee b\u00fdt slo\u017eit\u011bj\u0161\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>OTC obchodov\u00e1n\u00ed p\u0159itom nen\u00ed automaticky netransparentn\u00ed ani neregulovan\u00e9.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ve Spojen\u00fdch st\u00e1tech nap\u0159\u00edklad funguje syst\u00e9m&nbsp;<a href=\"https:\/\/www.finra.org\/filing-reporting\/trace\">Trade Reporting and Compliance Engine (TRACE)<\/a>, kter\u00fd provozuje FINRA a kter\u00fd poskytuje informace o transakc\u00edch s vybran\u00fdmi dluhov\u00fdmi cenn\u00fdmi pap\u00edry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zve\u0159ej\u0148ovan\u00e1 data mohou investor\u016fm pomoci posoudit realizovan\u00e9 ceny a porovn\u00e1vat jednotliv\u00e9 obchody.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Povinnosti t\u00fdkaj\u00edc\u00ed se vykazov\u00e1n\u00ed transakc\u00ed se vztahuj\u00ed tak\u00e9 na OTC deriv\u00e1ty. V Evropsk\u00e9 unii stanovuje&nbsp;<a href=\"https:\/\/finance.ec.europa.eu\/financial-markets\/financial-markets-policy\/post-trade-services\/derivatives-emir_en\">na\u0159\u00edzen\u00ed o infrastruktu\u0159e evropsk\u00fdch trh\u016f (EMIR)<\/a>&nbsp;pravidla pro oznamov\u00e1n\u00ed informac\u00ed o deriv\u00e1tov\u00fdch kontraktech do registr\u016f obchodn\u00edch \u00fadaj\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zve\u0159ejn\u011bn\u00ed informac\u00ed o ji\u017e uskute\u010dn\u011bn\u00e9 transakci ov\u0161em nen\u00ed tot\u00e9\u017e jako existence ve\u0159ejn\u011b dostupn\u00e9 knihy objedn\u00e1vek p\u0159ed samotn\u00fdm obchodem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e1v\u011b tento rozd\u00edl vysv\u011btluje, pro\u010d m\u016f\u017ee b\u00fdt tvorba cen na OTC trz\u00edch m\u00e9n\u011b transparentn\u00ed i v p\u0159\u00edpadech, kdy zde existuj\u00ed rozs\u00e1hl\u00e9 regulatorn\u00ed povinnosti.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">OTC obchodov\u00e1n\u00ed versus burza: Jak\u00e9 jsou hlavn\u00ed rozd\u00edly?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Z\u00e1kladn\u00ed rozd\u00edl mezi OTC trhy a centralizovan\u00fdmi burzami spo\u010d\u00edv\u00e1 ve zp\u016fsobu organizace, stanoven\u00ed cen a realizace obchod\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Struktura trhu:<\/strong>&nbsp;OTC obchodov\u00e1n\u00ed funguje prost\u0159ednictv\u00edm decentralizovan\u00fdch s\u00edt\u00ed dealer\u016f, broker\u016f a protistran. Burzovn\u00ed obchodov\u00e1n\u00ed prob\u00edh\u00e1 na organizovan\u00fdch obchodn\u00edch m\u00edstech podle standardizovan\u00fdch pravidel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tvorba cen:<\/strong>&nbsp;Na OTC trz\u00edch jsou ceny \u010dasto v\u00fdsledkem p\u0159\u00edm\u00e9ho vyjedn\u00e1v\u00e1n\u00ed nebo nab\u00eddek dealer\u016f. Centralizovan\u00e9 burzy obvykle vyu\u017e\u00edvaj\u00ed organizovan\u00e9 syst\u00e9my, kter\u00e9 p\u00e1ruj\u00ed n\u00e1kupn\u00ed a prodejn\u00ed objedn\u00e1vky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Transparentnost:<\/strong>&nbsp;Burzy zpravidla poskytuj\u00ed standardizovan\u011bj\u0161\u00ed informace o obchodov\u00e1n\u00ed, p\u0159esto\u017ee p\u0159\u00edstup k podrobn\u00fdm tr\u017en\u00edm dat\u016fm m\u016f\u017ee b\u00fdt zpoplatn\u011bn. Transparentnost OTC trh\u016f se v\u00fdrazn\u011b li\u0161\u00ed podle finan\u010dn\u00edho n\u00e1stroje, obchodn\u00ed platformy a regulatorn\u00edch pravidel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Flexibilita smluvn\u00edch podm\u00ednek:<\/strong>&nbsp;OTC trhy umo\u017e\u0148uj\u00ed sjedn\u00e1vat finan\u010dn\u00ed kontrakty na m\u00edru. Burzovn\u011b obchodovan\u00e9 deriv\u00e1ty se naproti tomu obvykle \u0159\u00edd\u00ed standardizovan\u00fdmi smluvn\u00edmi specifikacemi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Likvidita:<\/strong>&nbsp;Na OTC trhu z\u00e1vis\u00ed dostupnost likvidity na aktivit\u011b dealer\u016f a dal\u0161\u00edch protistran. Na burze ji ovliv\u0148uje p\u0159edev\u0161\u00edm hloubka knihy objedn\u00e1vek a po\u010det aktivn\u00edch obchodn\u00edk\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Riziko protistrany:<\/strong>&nbsp;Bilater\u00e1ln\u00ed OTC transakce mohou vytv\u00e1\u0159et p\u0159\u00edm\u00e9 \u00fav\u011brov\u00e9 riziko v\u016f\u010di druh\u00e9 smluvn\u00ed stran\u011b. Centr\u00e1ln\u00ed clearing, b\u011b\u017en\u00fd u burzovn\u011b obchodovan\u00fdch deriv\u00e1t\u016f a n\u011bkter\u00fdch OTC produkt\u016f, m\u016f\u017ee toto riziko omezovat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ani jeden zp\u016fsob obchodov\u00e1n\u00ed automaticky nezaru\u010duje ni\u017e\u0161\u00ed n\u00e1klady, lep\u0161\u00ed realiza\u010dn\u00ed cenu nebo vy\u0161\u0161\u00ed likviditu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nap\u0159\u00edklad likvidn\u00ed mimoburzovn\u00ed devizov\u00fd trh m\u016f\u017ee nab\u00eddnout v\u00fdrazn\u011b v\u00fdhodn\u011bj\u0161\u00ed obchodn\u00ed podm\u00ednky ne\u017e m\u00e1lo obchodovan\u00fd cenn\u00fd pap\u00edr na organizovan\u00e9 burze.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rozhoduj\u00edc\u00ed jsou v\u017edy vlastnosti konkr\u00e9tn\u00edho aktiva, zp\u016fsob realizace transakce a dostupnost obchodn\u00edch protistran.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Riziko protistrany: Co se stane, kdy\u017e druh\u00e1 strana nespln\u00ed z\u00e1vazky?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Riziko protistrany p\u0159edstavuje jednu z nejd\u016fle\u017eit\u011bj\u0161\u00edch charakteristik bilater\u00e1ln\u00edch OTC transakc\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jde o mo\u017enost, \u017ee n\u011bkter\u00e1 ze smluvn\u00edch stran nespln\u00ed sv\u00e9 z\u00e1vazky vypl\u00fdvaj\u00edc\u00ed z uzav\u0159en\u00e9ho obchodu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159edstavme si spole\u010dnost, kter\u00e1 s finan\u010dn\u00ed instituc\u00ed uzav\u0159e individu\u00e1ln\u011b sjednan\u00fd m\u011bnov\u00fd forward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Smlouva stanov\u00ed konkr\u00e9tn\u00ed sm\u011bnn\u00fd kurz a budouc\u00ed datum vypo\u0159\u00e1d\u00e1n\u00ed. Pokud finan\u010dn\u00ed instituce p\u0159ed t\u00edmto datem nespln\u00ed sv\u00e9 z\u00e1vazky, m\u016f\u017ee spole\u010dnosti vzniknout finan\u010dn\u00ed ztr\u00e1ta nebo dodate\u010dn\u00e9 n\u00e1klady p\u0159i sjedn\u00e1v\u00e1n\u00ed n\u00e1hradn\u00ed transakce.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Riziko m\u016f\u017ee b\u00fdt obzvl\u00e1\u0161t\u011b v\u00fdznamn\u00e9 v situaci, kdy se tr\u017en\u00ed podm\u00ednky od uzav\u0159en\u00ed p\u016fvodn\u00edho kontraktu v\u00fdrazn\u011b zm\u011bnily.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ne v\u0161echny OTC transakce v\u0161ak nesou stejnou m\u00edru rizika protistrany.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N\u011bkter\u00e9 obchody jsou vypo\u0159\u00e1d\u00e1ny pom\u011brn\u011b rychle, zat\u00edmco jin\u00e9 vytv\u00e1\u0159ej\u00ed smluvn\u00ed z\u00e1vazky trvaj\u00edc\u00ed n\u011bkolik m\u011bs\u00edc\u016f nebo let.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K omezen\u00ed rizik slou\u017e\u00ed nap\u0159\u00edklad dohody o zaji\u0161t\u011bn\u00ed kolater\u00e1lem, hodnocen\u00ed \u00fav\u011brov\u00e9 bonity protistran, mar\u017eov\u00e9 po\u017eadavky, vz\u00e1jemn\u00e9 zapo\u010d\u00edt\u00e1v\u00e1n\u00ed pohled\u00e1vek nebo centr\u00e1ln\u00ed clearing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">U ur\u010dit\u00fdch standardizovan\u00fdch OTC deriv\u00e1t\u016f pr\u00e1vn\u00ed p\u0159edpisy vy\u017eaduj\u00ed vypo\u0159\u00e1d\u00e1n\u00ed prost\u0159ednictv\u00edm centr\u00e1ln\u00ed protistrany, kter\u00e1 vstupuje mezi p\u016fvodn\u00ed smluvn\u00ed strany.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.fsb.org\/\">Rada pro finan\u010dn\u00ed stabilitu (FSB)<\/a>&nbsp;dlouhodob\u011b upozor\u0148uje, \u017ee reformy p\u0159ijat\u00e9 po finan\u010dn\u00ed krizi v roce 2008 m\u011bly zlep\u0161it transparentnost deriv\u00e1tov\u00fdch trh\u016f a omezit syst\u00e9mov\u00e1 rizika prost\u0159ednictv\u00edm vykazov\u00e1n\u00ed obchod\u016f, centr\u00e1ln\u00edho clearingu a dal\u0161\u00edch ochrann\u00fdch opat\u0159en\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Centr\u00e1ln\u00ed clearing sni\u017euje p\u0159\u00edmou bilater\u00e1ln\u00ed expozici, neodstra\u0148uje v\u0161ak v\u0161echna finan\u010dn\u00ed rizika. Clearingov\u00e9 instituce a jejich \u010dlenov\u00e9 nad\u00e1le \u010del\u00ed provozn\u00edm, likviditn\u00edm a dal\u0161\u00edm rizik\u016fm.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pro\u010d institucion\u00e1ln\u00ed investo\u0159i vyu\u017e\u00edvaj\u00ed OTC obchodov\u00e1n\u00ed?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0159es uveden\u00e1 rizika z\u016fst\u00e1vaj\u00ed OTC trhy nepostradatelnou sou\u010d\u00e1st\u00ed modern\u00edho finan\u010dn\u00edho syst\u00e9mu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jednou z jejich hlavn\u00edch v\u00fdhod je flexibilita.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spole\u010dnost nap\u0159\u00edklad m\u016f\u017ee pot\u0159ebovat deriv\u00e1t, kter\u00fd p\u0159esn\u011b odpov\u00edd\u00e1 splatnosti konkr\u00e9tn\u00edho \u00fav\u011bru, m\u011bnov\u00e9 expozici nebo harmonogramu plateb. Standardizovan\u00e9 burzovn\u00ed produkty p\u0159itom nemus\u00ed jej\u00edm po\u017eadavk\u016fm zcela vyhovovat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mimoburzovn\u00ed kontrakty umo\u017e\u0148uj\u00ed tyto podm\u00ednky individu\u00e1ln\u011b p\u0159izp\u016fsobit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dal\u0161\u00ed v\u00fdhodou je mo\u017enost realizovat velk\u00e9 transakce.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud by institucion\u00e1ln\u00ed investor cht\u011bl prost\u0159ednictv\u00edm ve\u0159ejn\u00e9 burzovn\u00ed knihy objedn\u00e1vek prodat mimo\u0159\u00e1dn\u011b velkou pozici, mohl by p\u0159i nedostate\u010dn\u00e9 popt\u00e1vce v\u00fdrazn\u011b ovlivnit tr\u017en\u00ed cenu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vyjedn\u00e1v\u00e1n\u00ed s dealerem nebo sjedn\u00e1n\u00ed mimoburzovn\u00ed transakce m\u016f\u017ee omezit okam\u017eitou ve\u0159ejnou viditelnost objedn\u00e1vky a zv\u00fd\u0161it jistotu ohledn\u011b realiza\u010dn\u00ed ceny.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Velk\u00e9 OTC transakce v\u0161ak mohou tr\u017en\u00ed ceny ovliv\u0148ovat tak\u00e9, zejm\u00e9na pokud deale\u0159i n\u00e1sledn\u011b zaji\u0161\u0165uj\u00ed rizika vypl\u00fdvaj\u00edc\u00ed z p\u0159evzat\u00fdch pozic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OTC trhy rovn\u011b\u017e umo\u017e\u0148uj\u00ed obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji, u nich\u017e doch\u00e1z\u00ed k transakc\u00edm jen z\u0159\u00eddka. Deale\u0159i mohou v takov\u00fdch p\u0159\u00edpadech propojit kupuj\u00edc\u00ed a prod\u00e1vaj\u00edc\u00ed, kte\u0159\u00ed by jinak obt\u00ed\u017en\u011b hledali vhodnou protistranu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Na co si d\u00e1t pozor p\u0159ed obchodov\u00e1n\u00edm na OTC trhu?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i by p\u0159i zva\u017eov\u00e1n\u00ed OTC transakc\u00ed nem\u011bli hodnotit pouze samotnou nab\u00edzenou cenu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zd\u00e1nliv\u011b v\u00fdhodn\u00e1 nab\u00eddka m\u016f\u017ee b\u00fdt po zapo\u010dten\u00ed spreadu, proviz\u00ed, n\u00e1klad\u016f na vypo\u0159\u00e1d\u00e1n\u00ed a dal\u0161\u00edch poplatk\u016f m\u00e9n\u011b atraktivn\u00ed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u016fle\u017eit\u00e9 je tak\u00e9 zjistit, zda zprost\u0159edkovatel jedn\u00e1 pouze jako broker zastupuj\u00edc\u00ed klienta, nebo jako dealer, kter\u00fd je p\u0159\u00edmo protistranou obchodu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pokud je to mo\u017en\u00e9, vy\u017e\u00e1d\u00e1n\u00ed cenov\u00fdch nab\u00eddek od n\u011bkolika poskytovatel\u016f m\u016f\u017ee investorovi pomoci posoudit konkurenceschopnost nab\u00edzen\u00fdch podm\u00ednek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">U m\u00e9n\u011b likvidn\u00edch cenn\u00fdch pap\u00edr\u016f je vhodn\u00e9 v\u011bnovat pozornost ned\u00e1vn\u00fdm obchod\u016fm, dostupn\u00fdm finan\u010dn\u00edm informac\u00edm o emitentovi a tomu, jak obt\u00ed\u017en\u00e9 m\u016f\u017ee b\u00fdt pozici v budoucnu prodat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kvalita a finan\u010dn\u00ed stabilita protistrany nab\u00fdvaj\u00ed zvl\u00e1\u0161tn\u00edho v\u00fdznamu u produkt\u016f, kter\u00e9 vytv\u00e1\u0159ej\u00ed smluvn\u00ed z\u00e1vazky s budouc\u00edm pln\u011bn\u00edm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Americk\u00e1&nbsp;<a href=\"https:\/\/www.cftc.gov\/LearnAndProtect\">Komise pro obchodov\u00e1n\u00ed s komoditn\u00edmi futures (CFTC)<\/a>&nbsp;nap\u0159\u00edklad doporu\u010duje drobn\u00fdm investor\u016fm na devizov\u00e9m trhu ov\u011b\u0159ovat registraci obchodn\u00edk\u016f a p\u0159\u00edpadnou historii disciplin\u00e1rn\u00edch opat\u0159en\u00ed je\u0161t\u011b p\u0159ed vlo\u017een\u00edm finan\u010dn\u00edch prost\u0159edk\u016f.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investo\u0159i by se m\u011bli rovn\u011b\u017e sezn\u00e1mit s p\u0159\u00edslu\u0161n\u00fdmi pr\u00e1vn\u00edmi pravidly a dostupnou ochranou, proto\u017ee regulatorn\u00ed po\u017eadavky se mezi jednotliv\u00fdmi finan\u010dn\u00edmi produkty a jurisdikcemi li\u0161\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">OTC trhy nab\u00edzej\u00ed flexibilitu, vy\u017eaduj\u00ed v\u0161ak pe\u010dliv\u00e9 posouzen\u00ed rizik<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>OTC trhy hraj\u00ed d\u016fle\u017eitou roli v glob\u00e1ln\u00edm finan\u010dn\u00edm syst\u00e9mu<\/strong>, proto\u017ee umo\u017e\u0148uj\u00ed realizovat transakce, kter\u00e9 nemus\u00ed odpov\u00eddat standardizovan\u00e9 struktu\u0159e centralizovan\u00fdch burz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Decentralizovan\u00fd model poskytuje dealer\u016fm, finan\u010dn\u00edm instituc\u00edm a investor\u016fm mo\u017enost individu\u00e1ln\u011b sjedn\u00e1vat ceny, realizovat objemn\u00e9 transakce a p\u0159izp\u016fsobovat finan\u010dn\u00ed kontrakty konkr\u00e9tn\u00edm pot\u0159eb\u00e1m.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tyto v\u00fdhody v\u0161ak maj\u00ed tak\u00e9 sv\u00e9 nev\u00fdhody.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Porovn\u00e1v\u00e1n\u00ed cen m\u016f\u017ee b\u00fdt obt\u00ed\u017en\u011bj\u0161\u00ed, dostupn\u00e1 likvidita m\u016f\u017ee z\u00e1viset na omezen\u00e9m po\u010dtu dealer\u016f a n\u011bkter\u00e9 transakce vytv\u00e1\u0159ej\u00ed p\u0159\u00edm\u00e9 riziko spojen\u00e9 s finan\u010dn\u00ed stabilitou obchodn\u00ed protistrany.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro investory proto nen\u00ed nejd\u016fle\u017eit\u011bj\u0161\u00ed pouze ot\u00e1zka, zda se obchod uskute\u010d\u0148uje na OTC trhu, nebo prost\u0159ednictv\u00edm centralizovan\u00e9 burzy. Rozhoduj\u00edc\u00ed je p\u0159edev\u0161\u00edm to, zda zvolen\u00fd zp\u016fsob obchodov\u00e1n\u00ed nab\u00edz\u00ed odpov\u00eddaj\u00edc\u00ed cenu, dostate\u010dnou likviditu, vhodn\u00e9 ochrann\u00e9 mechanismy a srozumiteln\u011b vymezen\u00e1 rizika.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Obchodov\u00e1n\u00ed mimo burzu, zn\u00e1m\u00e9 pod anglick\u00fdm ozna\u010den\u00edm over-the-counter (OTC), umo\u017e\u0148uje investor\u016fm, finan\u010dn\u00edm instituc\u00edm a spole\u010dnostem nakupovat a prod\u00e1vat finan\u010dn\u00ed n\u00e1stroje bez nutnosti vyu\u017e\u00edvat centralizovanou burzu. Nam\u00edsto spole\u010dn\u00e9 knihy objedn\u00e1vek se ceny sjedn\u00e1vaj\u00ed p\u0159\u00edmo mezi \u00fa\u010dastn\u00edky trhu nebo prost\u0159ednictv\u00edm obchodn\u00edk\u016f s cenn\u00fdmi pap\u00edry. Tento zp\u016fsob obchodov\u00e1n\u00ed nab\u00edz\u00ed v\u011bt\u0161\u00ed flexibilitu a p\u0159\u00edstup k \u0161irok\u00e9 \u0161k\u00e1le aktiv, z\u00e1rove\u0148 [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":91198,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[4973],"tags":[4940,6679,5316],"class_list":["post-91214","post","type-post","status-publish","format-standard","has-post-thumbnail","category-trhy","tag-ekonomika","tag-otc-trhy","tag-trhy"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"Zjist\u011bte, jak funguj\u00ed OTC trhy, jak deale\u0159i stanovuj\u00ed ceny, jak\u00e1 aktiva se zde obchoduj\u00ed a pro\u010d jsou rizika i transparentnost jin\u00e9 ne\u017e na burze.\" 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