{"id":91212,"date":"2026-11-11T11:32:07","date_gmt":"2026-11-11T10:32:07","guid":{"rendered":"https:\/\/trader-magazine.com\/?p=91212"},"modified":"2026-11-11T11:32:07","modified_gmt":"2026-11-11T10:32:07","slug":"tozsden-kivuli-otc-piacok-hogyan-mukodik-az-otc-kereskedes-a-kozpontositott-tozsdeken-kivul","status":"publish","type":"post","link":"https:\/\/trader-magazine.com\/hu\/%d8%a7%d9%84%d8%a3%d8%b3%d9%88%d8%a7%d9%82-ar\/tozsden-kivuli-otc-piacok-hogyan-mukodik-az-otc-kereskedes-a-kozpontositott-tozsdeken-kivul\/","title":{"rendered":"T\u0151zsd\u00e9n k\u00edv\u00fcli (OTC) piacok: hogyan m\u0171k\u00f6dik az OTC-keresked\u00e9s a k\u00f6zpontos\u00edtott t\u0151zsd\u00e9ken k\u00edv\u00fcl"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>A t\u0151zst\u00e9nk\u00edv\u00fcli (OTC) keresked\u00e9s lehet\u0151v\u00e9 teszi a befektet\u0151k, a p\u00e9nz\u00fcgyi int\u00e9zm\u00e9nyek \u00e9s a v\u00e1llalatok sz\u00e1m\u00e1ra, hogy p\u00e9nz\u00fcgyi eszk\u00f6z\u00f6ket v\u00e1s\u00e1roljanak \u00e9s \u00e9rt\u00e9kes\u00edtsenek an\u00e9lk\u00fcl, hogy az \u00fcgyleteket k\u00f6zpontos\u00edtott t\u0151zsd\u00e9n kellene lebonyol\u00edtaniuk. Egyetlen aj\u00e1nlati k\u00f6nyvre t\u00e1maszkod\u00e1s helyett a r\u00e9sztvev\u0151k k\u00f6zvetlen\u00fcl alkudoznak az \u00e1rakr\u00f3l, vagy keresked\u0151i \u00e9s elektronikus h\u00e1l\u00f3zatokon kereszt\u00fcl kereskednek. Ez a strukt\u00fara rugalmass\u00e1got \u00e9s az eszk\u00f6z\u00f6k sz\u00e9les k\u00f6r\u00e9hez val\u00f3 hozz\u00e1f\u00e9r\u00e9st k\u00edn\u00e1l, ugyanakkor elt\u00e9r\u00e9seket is jelent az \u00e1rak \u00e1tl\u00e1that\u00f3s\u00e1g\u00e1ban, a likvidit\u00e1sban \u00e9s a partnerkock\u00e1zatban.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A p\u00e9nz\u00fcgyi piacokat gyakran a nagy t\u0151zsd\u00e9kkel, p\u00e9ld\u00e1ul a New York-i \u00e9rt\u00e9kt\u0151zsd\u00e9vel vagy a Nasdaqkal azonos\u00edtj\u00e1k, ahol a vev\u0151k \u00e9s az elad\u00f3k szervezett keresked\u00e9si rendszereken kereszt\u00fcl l\u00e9pnek kapcsolatba egym\u00e1ssal. A glob\u00e1lis p\u00e9nz\u00fcgyi tev\u00e9kenys\u00e9g jelent\u0151s r\u00e9sze azonban ezeken a hagyom\u00e1nyos helysz\u00edneken k\u00edv\u00fcl zajlik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<strong>t\u0151zst\u00e9nk\u00edv\u00fcli piac<\/strong>&nbsp;bankok, br\u00f3kerek, keresked\u0151k \u00e9s m\u00e1s p\u00e9nz\u00fcgyi int\u00e9zm\u00e9nyek h\u00e1l\u00f3zatain kereszt\u00fcl m\u0171k\u00f6dik. Ezek a szerepl\u0151k a legk\u00fcl\u00f6nb\u00f6z\u0151bb \u00fcgyleteket seg\u00edtik el\u0151 a v\u00e1llalati k\u00f6tv\u00e9nyekt\u0151l \u00e9s deviz\u00e1kt\u00f3l a sz\u00e1rmaztatott term\u00e9kekig, illetve azoknak a v\u00e1llalatoknak a r\u00e9szv\u00e9nyeiig, amelyek nincsenek jegyezve a nagy t\u0151zsd\u00e9ken.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az OTC-keresked\u00e9s m\u0171k\u00f6d\u00e9s\u00e9nek meg\u00e9rt\u00e9se az\u00e9rt elengedhetetlen, mert a piac szerkezete befoly\u00e1solhatja azt az \u00e1rat, amelyet a befektet\u0151k kapnak, az \u00e1ltaluk v\u00e1llalt kock\u00e1zatokat, valamint az \u00fcgylet megk\u00f6t\u00e9se el\u0151tt rendelkez\u00e9sre \u00e1ll\u00f3 inform\u00e1ci\u00f3kat.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mi az a t\u0151zst\u00e9nk\u00edv\u00fcli piac?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A t\u0151zst\u00e9nk\u00edv\u00fcli piac olyan p\u00e9nz\u00fcgyi piact\u00e9r, ahol az \u00fcgyletek k\u00f6zpontos\u00edtott t\u0151zsd\u00e9n k\u00edv\u00fcl j\u00f6nnek l\u00e9tre. Ahelyett, hogy megb\u00edz\u00e1saikat egyetlen, t\u0151zsde \u00e1ltal \u00fczemeltetett p\u00e1ros\u00edt\u00e1si rendszerbe adn\u00e1k le, a piaci szerepl\u0151k keresked\u0151k\u00f6n, br\u00f3kereken vagy alternat\u00edv keresked\u00e9si helysz\u00edneken kereszt\u00fcl k\u00f6tnek \u00fcgyleteket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az OTC-keresked\u00e9s nem felt\u00e9tlen\u00fcl jelenti azt, hogy az \u00fcgyletek inform\u00e1lisan vagy technol\u00f3giai infrastrukt\u00fara n\u00e9lk\u00fcl zajlanak. Sz\u00e1mos modern OTC-piac kifinomult elektronikus \u00e1rjegyz\u00e9si platformokon, keresked\u0151i h\u00e1l\u00f3zatokon \u00e9s automatiz\u00e1lt v\u00e9grehajt\u00e1si rendszereken kereszt\u00fcl m\u0171k\u00f6dik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<a href=\"https:\/\/www.finra.org\/investors\/investing\/investment-products\/stocks\/over-counter-stocks\">Financial Industry Regulatory Authority (FINRA)<\/a> szerint az OTC-keresked\u00e9s mag\u00e1ban foglalja azokat az \u00fcgyleteket, amelyek a nagy t\u0151zsd\u00e9ken nem jegyzett \u00e9rt\u00e9kpap\u00edrokra vonatkoznak. A k\u00f6tv\u00e9nyeket, deviz\u00e1kat \u00e9s k\u00fcl\u00f6nf\u00e9le sz\u00e1rmaztatott term\u00e9keket szint\u00e9n gyakran a k\u00f6zpontos\u00edtott t\u0151zsd\u00e9ken k\u00edv\u00fcl kereskedik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az alapvet\u0151 k\u00fcl\u00f6nbs\u00e9g az \u00fcgyletek megszervez\u00e9s\u00e9nek \u00e9s v\u00e9grehajt\u00e1s\u00e1nak m\u00f3dj\u00e1ban rejlik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A t\u0151zsdei piacon a megb\u00edz\u00e1sok egy k\u00f6zponti aj\u00e1nlati k\u00f6nyvben, a meg\u00e1llap\u00edtott keresked\u00e9si szab\u00e1lyok szerint p\u00e1ros\u00edthat\u00f3k \u00f6ssze. Az OTC-piacon az \u00fcgyletek gyakran a felek k\u00f6z\u00f6tti alkun alapulnak, a keresked\u0151k pedig likvidit\u00e1st biztos\u00edtanak \u00e9s \u00e1rakat jegyeznek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a rugalmass\u00e1g az OTC-keresked\u00e9st k\u00fcl\u00f6n\u00f6sen hasznoss\u00e1 teszi olyan p\u00e9nz\u00fcgyi eszk\u00f6z\u00f6k eset\u00e9ben, amelyeket neh\u00e9z szabv\u00e1nyos\u00edtani, illetve egyedi felt\u00e9teleket ig\u00e9nyl\u0151 \u00fcgyletekn\u00e9l.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Olvasson tov\u00e1bb: <a href=\"https:\/\/trader-magazine.com\/hu\/forex-hu\/devizaarfolyamok-kozerthetoen-mi-mozgatja-valojaban-a-devizaparokat\/\">\u00c1rfolyamok magyar\u00e1zata: mi mozgatja val\u00f3j\u00e1ban a devizap\u00e1rokat?<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Hogyan m\u0171k\u00f6dik az OTC-keresked\u00e9s?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A t\u0151zst\u00e9nk\u00edv\u00fcli piac jellemz\u0151en p\u00e9nz\u00fcgyi k\u00f6zvet\u00edt\u0151k h\u00e1l\u00f3zat\u00e1ra \u00e9p\u00fcl, nem pedig egyetlen k\u00f6zponti keresked\u00e9si helysz\u00ednre.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00fcgylet akkor kezd\u0151dik, amikor egy befektet\u0151 vagy int\u00e9zm\u00e9ny egy adott p\u00e9nz\u00fcgyi eszk\u00f6zt szeretne megv\u00e1s\u00e1rolni vagy eladni. A r\u00e9sztvev\u0151 k\u00f6zvetlen\u00fcl felveheti a kapcsolatot egy keresked\u0151vel, br\u00f3kert vehet ig\u00e9nybe ellenf\u00e9l keres\u00e9s\u00e9re, vagy elektronikus keresked\u00e9si platformon k\u00e9rhet \u00e1raj\u00e1nlatot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A keresked\u0151 megvizsg\u00e1lja a k\u00e9rt \u00fcgyletet, bele\u00e9rtve annak m\u00e9ret\u00e9t, az aktu\u00e1lis piaci k\u00f6r\u00fclm\u00e9nyeket, a rendelkez\u00e9sre \u00e1ll\u00f3 likvidit\u00e1st \u00e9s a lehets\u00e9ges kock\u00e1zatokat. Ezt k\u00f6vet\u0151en megadja azt az \u00e1rat, amelyen hajland\u00f3 v\u00e1s\u00e1rolni vagy eladni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ha az \u00fcgyf\u00e9l elfogadja az \u00e1raj\u00e1nlatot, az \u00fcgylet a meg\u00e1llapodott felt\u00e9telekkel megk\u00f6ttetik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00f6zpontos\u00edtott t\u0151zsdei keresked\u00e9ssel ellent\u00e9tben, ahol a piaci szerepl\u0151k k\u00f6z\u00f6s aj\u00e1nlati k\u00f6nyvvel l\u00e9phetnek kapcsolatba, az OTC-\u00e1rak keresked\u0151nk\u00e9nt \u00e9s \u00fcgyfelenk\u00e9nt elt\u00e9rhetnek.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Az OTC-keresked\u00e9s folyamata: az \u00e1raj\u00e1nlatt\u00f3l az elsz\u00e1mol\u00e1sig<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Egy tipikus, keresked\u0151alap\u00fa OTC-\u00fcgylet \u00f6t f\u0151 szakaszb\u00f3l \u00e1ll.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>El\u0151sz\u00f6r a befektet\u0151 \u00e1raj\u00e1nlatot k\u00e9r.<\/strong>&nbsp;A mag\u00e1n- vagy int\u00e9zm\u00e9nyi befektet\u0151 felveszi a kapcsolatot egy keresked\u0151vel, \u00e9s megadja a p\u00e9nz\u00fcgyi eszk\u00f6zt, az \u00fcgylet m\u00e9ret\u00e9t, valamint azt, hogy v\u00e9teli vagy elad\u00e1si sz\u00e1nd\u00e9ka van-e.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>M\u00e1sodszor a keresked\u0151 \u00e9rt\u00e9keli az \u00fcgyletet.<\/strong>&nbsp;A keresked\u0151 figyelembe veszi a piaci \u00e1rakat, a rendelkez\u00e9sre \u00e1ll\u00f3 k\u00e9szletet, a likvidit\u00e1si viszonyokat, valamint az \u00fcgylet ellenoldal\u00e1nak v\u00e1llal\u00e1s\u00e1val j\u00e1r\u00f3 kock\u00e1zatokat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Harmadszor a keresked\u0151 megad egy \u00e1rat.<\/strong>&nbsp;Az \u00e1raj\u00e1nlat \u00e1ltal\u00e1ban v\u00e9teli vagy elad\u00e1si \u00e1rat tartalmaz, \u00e9s tov\u00e1bbi felt\u00e9teleket is meghat\u00e1rozhat, p\u00e9ld\u00e1ul azt a mennyis\u00e9get, amelyre az aj\u00e1nlat \u00e9rv\u00e9nyes marad.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Negyedszer a felek meg\u00e1llapodnak az \u00fcgyletben.<\/strong>&nbsp;Amint a befektet\u0151 elfogadja az \u00e1raj\u00e1nlatot, az \u00fcgylet a meg\u00e1llapodott felt\u00e9telek szerint v\u00e9grehajt\u00e1sra ker\u00fcl.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>V\u00e9g\u00fcl az \u00fcgyletet visszaigazolj\u00e1k \u00e9s elsz\u00e1molj\u00e1k.<\/strong>&nbsp;A felek megszervezik az \u00e9rt\u00e9kpap\u00edrok, deviz\u00e1k vagy m\u00e1s szerz\u0151d\u00e9ses k\u00f6telezetts\u00e9gek \u00e1truh\u00e1z\u00e1s\u00e1t. A p\u00e9nz\u00fcgyi eszk\u00f6zt\u0151l \u00e9s a joghat\u00f3s\u00e1gt\u00f3l f\u00fcgg\u0151en tov\u00e1bbi jelent\u00e9si vagy kl\u00edringk\u00f6vetelm\u00e9nyek is \u00e9rv\u00e9nyesek lehetnek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy v\u00e1llalati k\u00f6tv\u00e9nyeket v\u00e1s\u00e1rl\u00f3 befektet\u00e9si alap p\u00e9ld\u00e1ul \u00e1raj\u00e1nlatot k\u00e9rhet t\u00f6bb keresked\u0151t\u0151l, ahelyett, hogy egyetlen nagy megb\u00edz\u00e1st adna le a t\u0151zsd\u00e9n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Minden keresked\u0151 elt\u00e9r\u0151 \u00e1rat k\u00edn\u00e1lhat a saj\u00e1t k\u00e9szlete, a rendelkez\u00e9sre \u00e1ll\u00f3 ellenfelek \u00e9s a kock\u00e1zatv\u00e1llal\u00e1si hajland\u00f3s\u00e1ga alapj\u00e1n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az alap \u00f6sszehasonl\u00edthatja az aj\u00e1nlatokat, \u00e9s kiv\u00e1laszthatja a legkedvez\u0151bb felt\u00e9teleket. A v\u00e9grehajt\u00e1s ut\u00e1n a felek lefolytatj\u00e1k a visszaigazol\u00e1si \u00e9s elsz\u00e1mol\u00e1si elj\u00e1r\u00e1sokat.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A keresked\u0151k \u00e9s a piacform\u00e1l\u00f3k szerepe<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A keresked\u0151k k\u00f6zponti szerepet t\u00f6ltenek be sz\u00e1mos OTC-piac m\u0171k\u00f6d\u00e9s\u00e9ben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A hagyom\u00e1nyos br\u00f3kerrel ellent\u00e9tben, aki els\u0151sorban az \u00fcgyfelek megb\u00edz\u00e1sait k\u00f6zvet\u00edti, a keresked\u0151 saj\u00e1t sz\u00e1ml\u00e1s (principal) keresked\u0151k\u00e9nt is elj\u00e1rhat, vagyis a p\u00e9nz\u00fcgyi eszk\u00f6z\u00f6ket saj\u00e1t sz\u00e1ml\u00e1j\u00e1ra v\u00e1s\u00e1rolja \u00e9s \u00e9rt\u00e9kes\u00edti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A keresked\u0151k gyakran piacform\u00e1l\u00f3k\u00e9nt m\u0171k\u00f6dnek, olyan \u00e1rakat jegyezve, amelyeken k\u00e9sz eszk\u00f6zt v\u00e1s\u00e1rolni vagy eladni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezeket az \u00e1rakat \u00e1ltal\u00e1ban k\u00e9t k\u00fcl\u00f6n \u00e9rt\u00e9kkel fejezik ki.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<strong>v\u00e9teli \u00e1r<\/strong>&nbsp;az az \u00f6sszeg, amelyet a keresked\u0151 hajland\u00f3 fizetni egy eszk\u00f6z\u00e9rt, m\u00edg az&nbsp;<strong>elad\u00e1si \u00e1r<\/strong>&nbsp;az az \u00e1r, amelyen hajland\u00f3 azt \u00e9rt\u00e9kes\u00edteni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00e9t \u00e1r k\u00f6z\u00f6tti k\u00fcl\u00f6nbs\u00e9get&nbsp;<em>bid-ask spreadnek<\/em> (v\u00e9teli\u2013elad\u00e1si \u00e1rr\u00e9snek) nevezz\u00fck.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vegy\u00fcnk egy hipotetikus v\u00e1llalati k\u00f6tv\u00e9nyt, amelyet 98,50-es v\u00e9teli \u00e9s 99,20-as elad\u00e1si \u00e1ron jegyeznek, az \u00e1rakat a n\u00e9v\u00e9rt\u00e9k sz\u00e1zal\u00e9k\u00e1ban kifejezve.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az a befektet\u0151, aki 100 000 doll\u00e1r n\u00e9v\u00e9rt\u00e9kben v\u00e1s\u00e1rol, a jegyzett elad\u00e1si \u00e1ron nagyj\u00e1b\u00f3l 99 200 doll\u00e1rt fizetne, a felhalmozott kamatot \u00e9s az esetleges tov\u00e1bbi d\u00edjakat nem sz\u00e1m\u00edtva. Ugyanennek a mennyis\u00e9gnek a azonnali elad\u00e1sa a jegyzett v\u00e9teli \u00e1ron nagyj\u00e1b\u00f3l 98 500 doll\u00e1rt hozna.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A 700 doll\u00e1ros k\u00fcl\u00f6nbs\u00e9g a jegyzett \u00e1rr\u00e9s \u00e1tl\u00e9p\u00e9s\u00e9vel j\u00e1r\u00f3 tranzakci\u00f3s k\u00f6lts\u00e9get szeml\u00e9lteti, felt\u00e9ve, hogy mindk\u00e9t \u00e1rjegyz\u00e9s a sz\u00fcks\u00e9ges mennyis\u00e9gre v\u00e9grehajthat\u00f3 marad.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezt az \u00e1rr\u00e9st azonban nem szabad automatikusan a keresked\u0151 nett\u00f3 nyeres\u00e9gek\u00e9nt \u00e9rtelmezni. A keresked\u0151k k\u00e9szletk\u00f6lts\u00e9gekkel, piaci mozg\u00e1sokkal, fedezeti k\u00f6lts\u00e9gekkel \u00e9s azzal a lehets\u00e9ges neh\u00e9zs\u00e9ggel szembes\u00fclnek, hogy m\u00e1sik ellenfelet kell tal\u00e1lniuk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<a href=\"https:\/\/www.bis.org\/\">Nemzetk\u00f6zi Fizet\u00e9sek Bankja (BIS)<\/a>&nbsp;behat\u00f3an vizsg\u00e1lta a keresked\u0151k \u00e9s az elektronikus keresked\u00e9s szerep\u00e9t a fix kamatoz\u00e1s\u00fa piacokon, ahol az \u00fcgyfelek gyakran k\u00e9rnek \u00e1raj\u00e1nlatot egy vagy t\u00f6bb p\u00e9nz\u00fcgyi int\u00e9zm\u00e9nyt\u0151l.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Milyen p\u00e9nz\u00fcgyi eszk\u00f6z\u00f6kkel kereskednek t\u0151zst\u00e9nk\u00edv\u00fcl?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A t\u0151zst\u00e9nk\u00edv\u00fcli piac a p\u00e9nz\u00fcgyi term\u00e9kek t\u00f6bb fontos kateg\u00f3ri\u00e1j\u00e1t lefedi, a viszonylag egyszer\u0171 \u00e9rt\u00e9kpap\u00edrokt\u00f3l az \u00f6sszetett sz\u00e1rmaztatott term\u00e9kekig.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">OTC-r\u00e9szv\u00e9nyek<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Egyes v\u00e1llalatok r\u00e9szv\u00e9nyei nincsenek jegyezve a nagy t\u0151zsd\u00e9ken. Ezek az \u00e9rt\u00e9kpap\u00edrok ehelyett OTC \u00e1rjegyz\u00e9si \u00e9s v\u00e9grehajt\u00e1si rendszereken kereszt\u00fcl forognak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezeken a piacokon kereskedhetnek a kisebb v\u00e1llalkoz\u00e1sok, a k\u00fclf\u00f6ldi kibocs\u00e1t\u00f3k \u00e9s a t\u0151zsd\u00e9r\u0151l kivezetett v\u00e1llalatok r\u00e9szv\u00e9nyeivel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151knek ugyanakkor tiszt\u00e1ban kell lenni\u00fck azzal, hogy egyes OTC-\u00e9rt\u00e9kpap\u00edrok likvidit\u00e1sa korl\u00e1tozott, nyilv\u00e1nos k\u00f6zz\u00e9t\u00e9tel\u00fck pedig kev\u00e9sb\u00e9 r\u00e9szletes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az&nbsp;<a href=\"https:\/\/www.investor.gov\/\">amerikai \u00c9rt\u00e9kpap\u00edr-fel\u00fcgyeleti Hat\u00f3s\u00e1g (U.S. Securities and Exchange Commission)<\/a>&nbsp;arra figyelmeztet, hogy egyes OTC-kibocs\u00e1t\u00f3k nem szolg\u00e1ltatnak rendszeresen audit\u00e1lt p\u00e9nz\u00fcgyi kimutat\u00e1sokat vagy \u00e1tfog\u00f3 p\u00e9nz\u00fcgyi inform\u00e1ci\u00f3kat, ami megnehez\u00edti a befektet\u00e9sek elemz\u00e9s\u00e9t.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">K\u00f6tv\u00e9nyek \u00e9s fix kamatoz\u00e1s\u00fa eszk\u00f6z\u00f6k<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A v\u00e1llalati k\u00f6tv\u00e9nyekkel \u00e9s sz\u00e1mos m\u00e1s ad\u00f3ss\u00e1gpap\u00edrral jellemz\u0151en t\u0151zst\u00e9nk\u00edv\u00fcl kereskednek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mivel az egyes k\u00f6tv\u00e9nyek lej\u00e1ratukban, kamatszelv\u00e9nyeik kamatl\u00e1b\u00e1ban, hitelmin\u0151s\u00e9g\u00fckben \u00e9s m\u00e1s jellemz\u0151ikben elt\u00e9rnek egym\u00e1st\u00f3l, a k\u00f6zpontos\u00edtott t\u0151zsdei aj\u00e1nlati k\u00f6nyv nem mindig a prefer\u00e1lt v\u00e9grehajt\u00e1si m\u00f3d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az int\u00e9zm\u00e9nyi befektet\u0151k gyakran egy-egy k\u00f6tv\u00e9nypiacra specializ\u00e1l\u00f3dott keresked\u0151kkel alkudoznak az \u00fcgyletekr\u0151l.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Devizapiac<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A glob\u00e1lis devizapiac a decentraliz\u00e1lt keresked\u00e9s m\u00e1sik jelent\u0151s p\u00e9ld\u00e1ja.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A bankok, v\u00e1llalatok, befektet\u00e9si alapok \u00e9s m\u00e1s r\u00e9sztvev\u0151k keresked\u0151i h\u00e1l\u00f3zatokon \u00e9s elektronikus platformokon kereszt\u00fcl v\u00e1ltanak deviz\u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A v\u00e1llalkoz\u00e1sok t\u0151zsd\u00e9n k\u00edv\u00fcli (OTC) deviza\u00fcgyleti szerz\u0151d\u00e9sekkel kezelhetik a nemzetk\u00f6zi \u00e9rt\u00e9kes\u00edt\u00e9sekb\u0151l, beszerz\u00e9sekb\u0151l vagy befektet\u00e9sekb\u0151l ered\u0151 \u00e1rfolyamkock\u00e1zatot.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">OTC sz\u00e1rmaztatott \u00fcgyletek<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az olyan sz\u00e1rmaztatott eszk\u00f6z\u00f6kr\u0151l, mint a kamatswapok, a devizaforward \u00fcgyletek, a hitelkock\u00e1zati swapok (CDS) \u00e9s bizonyos opci\u00f3k, a k\u00f6zpontos\u00edtott t\u0151zsd\u00e9ken k\u00edv\u00fcl is meg lehet \u00e1llapodni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy v\u00e1ltoz\u00f3 kamatoz\u00e1s\u00fa hitellel rendelkez\u0151 v\u00e1llalat p\u00e9ld\u00e1ul kamatswapot k\u00f6thet, hogy a v\u00e1ltoz\u00f3 kamatfizet\u00e9seket fix \u00f6sszeg\u0171 kifizet\u00e9sekre cser\u00e9lje.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az ilyen meg\u00e1llapod\u00e1sok a v\u00e1llalat finansz\u00edroz\u00e1si ig\u00e9nyeihez igaz\u00edthat\u00f3k, b\u00e1r az OTC sz\u00e1rmaztatott \u00fcgyletek egyes standardiz\u00e1lt kateg\u00f3ri\u00e1ira k\u00f6telez\u0151 k\u00f6zponti elsz\u00e1mol\u00e1si vagy keresked\u00e9si k\u00f6vetelm\u00e9nyek vonatkozhatnak.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Olvassa el ezt is: <a href=\"https:\/\/trader-magazine.com\/hu\/cryptonews-hu\/a-bitcoinon-es-az-ethereumon-tul-hogyan-mukodnek-az-alternativ-kriptotrosztok-es-a-bchg-reszveny\/\">A Bitcoinon \u00e9s az Ethereumon t\u00fal: alternat\u00edv kriptotr\u00f6szt\u00f6k, p\u00e9ld\u00e1ul a BCHG r\u00e9szv\u00e9ny elemz\u00e9se<\/a><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">Mi\u00e9rt kev\u00e9sb\u00e9 \u00e1tl\u00e1that\u00f3ak az OTC \u00e1rak?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az OTC \u00e9s a t\u0151zsdei keresked\u00e9s egyik legjelent\u0151sebb k\u00fcl\u00f6nbs\u00e9ge a piaci inform\u00e1ci\u00f3k el\u00e9rhet\u0151s\u00e9ge.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00f6zpontos\u00edtott t\u0151zsd\u00e9ken a szerepl\u0151k \u2013 a t\u0151zsd\u00e9t\u0151l \u00e9s az adatszolg\u00e1ltat\u00f3t\u00f3l f\u00fcgg\u0151en \u2013 hozz\u00e1f\u00e9rhetnek a nyilv\u00e1nosan k\u00f6zz\u00e9tett jegyz\u00e9sekhez, a megk\u00f6t\u00f6tt \u00fcgyletek \u00e1raihoz, a forgalmi adatokhoz \u00e9s az aj\u00e1nlati k\u00f6nyv inform\u00e1ci\u00f3ihoz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A t\u0151zsd\u00e9n k\u00edv\u00fcli piacon (over the counter market) az \u00e1rinform\u00e1ci\u00f3k gyakran t\u00f6redezettebbek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy keresked\u0151 az egyik int\u00e9zm\u00e9nyi befektet\u0151nek m\u00e1s \u00e1rat jegyezhet, mint egy m\u00e1sik \u00fcgyf\u00e9lnek, t\u00fckr\u00f6zve a megb\u00edz\u00e1s m\u00e9ret\u00e9nek, az id\u0151z\u00edt\u00e9snek, a hitelkeretek, a rendelkez\u00e9sre \u00e1ll\u00f3 likvidit\u00e1snak \u00e9s a tranzakci\u00f3s k\u00f6lts\u00e9geknek a k\u00fcl\u00f6nbs\u00e9geit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00f6vetkez\u00e9sk\u00e9ppen k\u00e9t, hasonl\u00f3 \u00fcgyletet v\u00e9grehajtani k\u00edv\u00e1n\u00f3 befektet\u0151 elt\u00e9r\u0151 \u00e1rjegyz\u00e9st kaphat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez nem felt\u00e9tlen\u00fcl jelent tisztess\u00e9gtelen \u00e1raz\u00e1st, de bonyolultabb\u00e1 teheti az \u00e1rak \u00f6sszehasonl\u00edt\u00e1s\u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fontos, hogy&nbsp;<strong>az OTC keresked\u00e9s nem mindig \u00e1tl\u00e1thatatlan vagy szab\u00e1lyozatlan<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az Egyes\u00fclt \u00c1llamokban a FINRA&nbsp;<a href=\"https:\/\/www.finra.org\/filing-reporting\/trace\">Trade Reporting and Compliance Engine (TRACE)<\/a>&nbsp;rendszere tranzakci\u00f3s inform\u00e1ci\u00f3kat szolg\u00e1ltat a hat\u00e1lya al\u00e1 tartoz\u00f3 fix kamatoz\u00e1s\u00fa \u00e9rt\u00e9kpap\u00edrokr\u00f3l, jav\u00edtva a k\u00f6tv\u00e9nypiacok \u00e1tl\u00e1that\u00f3s\u00e1g\u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A nyilv\u00e1nosan el\u00e9rhet\u0151 \u00fcgyleti adatok seg\u00edthetnek a befektet\u0151knek a v\u00e9grehajt\u00e1si \u00e1rak \u00e9rt\u00e9kel\u00e9s\u00e9ben \u00e9s a k\u00f6tv\u00e9ny\u00fcgyletek \u00f6sszehasonl\u00edt\u00e1s\u00e1ban.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az OTC sz\u00e1rmaztatott \u00fcgyletekre sz\u00e1mos joghat\u00f3s\u00e1gban jelent\u00e9st\u00e9teli k\u00f6telezetts\u00e9gek is vonatkoznak. Az Eur\u00f3pai Uni\u00f3&nbsp;<a href=\"https:\/\/finance.ec.europa.eu\/financial-markets\/financial-markets-policy\/post-trade-services\/derivatives-emir_en\">eur\u00f3pai piaci infrastrukt\u00fara-rendelete (EMIR)<\/a>&nbsp;\u00e9rtelm\u00e9ben a sz\u00e1rmaztatott szerz\u0151d\u00e9sekre vonatkoz\u00f3 inform\u00e1ci\u00f3kat az alkalmazand\u00f3 szab\u00e1lyok szerint adatt\u00e1rh\u00e1zaknak (trade repository) kell jelenteni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mindazon\u00e1ltal egy megk\u00f6t\u00f6tt \u00fcgylet jelent\u00e9se nem azonos azzal, hogy a v\u00e9grehajt\u00e1s el\u0151tt mindenki sz\u00e1m\u00e1ra hozz\u00e1f\u00e9rhet\u0151 aj\u00e1nlati k\u00f6nyvet tesznek k\u00f6zz\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a k\u00fcl\u00f6nbs\u00e9gt\u00e9tel seg\u00edt megmagyar\u00e1zni, mi\u00e9rt maradhat az OTC \u00e1rfelfedez\u00e9s kev\u00e9sb\u00e9 \u00e1tl\u00e1that\u00f3 m\u00e9g jelent\u0151s szab\u00e1lyoz\u00e1si jelent\u00e9st\u00e9teli k\u00f6vetelm\u00e9nyek mellett is.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">OTC \u00e9s t\u0151zsdei keresked\u00e9s: a legfontosabb k\u00fcl\u00f6nbs\u00e9gek<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az OTC piacok \u00e9s a k\u00f6zpontos\u00edtott t\u0151zsd\u00e9k k\u00f6z\u00f6tti alapvet\u0151 k\u00fcl\u00f6nbs\u00e9g abban rejlik, hogyan szervezik, \u00e1razz\u00e1k \u00e9s hajtj\u00e1k v\u00e9gre az \u00fcgyleteket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Piacszerkezet:<\/strong>&nbsp;Az OTC keresked\u00e9s keresked\u0151k, br\u00f3kerek \u00e9s \u00fcgyfelek decentraliz\u00e1lt h\u00e1l\u00f3zat\u00e1ra \u00e9p\u00fcl. A t\u0151zsdei keresked\u00e9s szervezett helysz\u00edneken, egys\u00e9ges keresked\u00e9si szab\u00e1lyok szerint zajlik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c1raz\u00e1s:<\/strong>&nbsp;Az OTC \u00e1rakat gyakran k\u00e9toldal\u00faan alkudj\u00e1k ki, vagy keresked\u0151i \u00e1rjegyz\u00e9seken kereszt\u00fcl kapj\u00e1k. A k\u00f6zpontos\u00edtott t\u0151zsd\u00e9k \u00e1ltal\u00e1ban szervezett megb\u00edz\u00e1s-p\u00e1ros\u00edt\u00e1si mechanizmust alkalmaznak, amely \u00f6sszehozza a v\u00e9teli \u00e9s elad\u00e1si sz\u00e1nd\u00e9kokat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c1tl\u00e1that\u00f3s\u00e1g:<\/strong>&nbsp;A t\u0151zsd\u00e9k jellemz\u0151en egys\u00e9gesebb keresked\u00e9si inform\u00e1ci\u00f3kat ny\u00fajtanak, b\u00e1r a r\u00e9szletes piaci adatokhoz val\u00f3 hozz\u00e1f\u00e9r\u00e9s el\u0151fizet\u00e9shez k\u00f6t\u00f6tt lehet. Az OTC \u00e1tl\u00e1that\u00f3s\u00e1g az eszk\u00f6zt\u0151l, a platformt\u00f3l \u00e9s a szab\u00e1lyoz\u00e1si k\u00f6rnyezett\u0151l f\u00fcgg\u0151en jelent\u0151sen elt\u00e9r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Szerz\u0151d\u00e9ses rugalmass\u00e1g:<\/strong>&nbsp;Az OTC piacokon egyedi p\u00e9nz\u00fcgyi meg\u00e1llapod\u00e1sok k\u00f6thet\u0151k. A t\u0151zsd\u00e9n kereskedett sz\u00e1rmaztatott term\u00e9kek \u00e1ltal\u00e1ban standardiz\u00e1lt szerz\u0151d\u00e9si felt\u00e9teleket k\u00f6vetnek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Likvidit\u00e1s:<\/strong>&nbsp;Az OTC likvidit\u00e1s a keresked\u0151k r\u00e9szv\u00e9tel\u00e9t\u0151l \u00e9s a rendelkez\u00e9sre \u00e1ll\u00f3 szerz\u0151d\u0151 felekt\u0151l f\u00fcgg. A t\u0151zsdei likvidit\u00e1s az aj\u00e1nlati k\u00f6nyv m\u00e9lys\u00e9g\u00e9t\u0151l \u00e9s az akt\u00edv keresked\u0151k sz\u00e1m\u00e1t\u00f3l f\u00fcgg.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Partnerkock\u00e1zat:<\/strong>&nbsp;A k\u00e9toldal\u00fa OTC \u00fcgyletek k\u00f6zvetlen hitelkock\u00e1zatot jelenthetnek a m\u00e1sik f\u00e9llel szemben. A k\u00f6zponti elsz\u00e1mol\u00e1s, amelyet \u00e1ltal\u00e1ban a t\u0151zsd\u00e9n kereskedett sz\u00e1rmaztatott term\u00e9kekn\u00e9l \u00e9s bizonyos OTC term\u00e9kekn\u00e9l alkalmaznak, cs\u00f6kkentheti ezt a kitetts\u00e9get.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egyik szerkezet sem garant\u00e1l minden helyzetben alacsonyabb k\u00f6lts\u00e9get, jobb v\u00e9grehajt\u00e1st vagy nagyobb likvidit\u00e1st.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy likvid OTC devizapiac l\u00e9nyegesen jobb keresked\u00e9si felt\u00e9teleket k\u00edn\u00e1lhat, mint egy szervezett t\u0151zsd\u00e9n alig forgalmazott \u00e9rt\u00e9kpap\u00edr.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A relev\u00e1ns \u00f6sszehasonl\u00edt\u00e1s az adott eszk\u00f6zt\u0151l, a v\u00e9grehajt\u00e1si mechanizmust\u00f3l \u00e9s a rendelkez\u00e9sre \u00e1ll\u00f3 szerz\u0151d\u0151 felekt\u0151l f\u00fcgg.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Partnerkock\u00e1zat: mi t\u00f6rt\u00e9nik, ha a m\u00e1sik f\u00e9l cs\u0151dbe megy?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A partnerkock\u00e1zat a k\u00e9toldal\u00fa OTC \u00fcgyletekkel kapcsolatos egyik meghat\u00e1roz\u00f3 agg\u00e1ly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Azt a lehet\u0151s\u00e9get jelenti, hogy az egyik f\u00e9l nem teljes\u00edti szerz\u0151d\u00e9ses k\u00f6telezetts\u00e9geit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vegy\u00fcnk egy v\u00e1llalatot, amely egy p\u00e9nz\u00fcgyi int\u00e9zm\u00e9nnyel egyedileg megt\u00e1rgyalt devizaforward meg\u00e1llapod\u00e1st k\u00f6t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A szerz\u0151d\u00e9s meghat\u00e1roz egy \u00e1rfolyamot \u00e9s egy j\u00f6v\u0151beli elsz\u00e1mol\u00e1si id\u0151pontot. Ha a p\u00e9nz\u00fcgyi int\u00e9zm\u00e9ny az elsz\u00e1mol\u00e1s el\u0151tt nem teljes\u00edt, a v\u00e1llalat vesztes\u00e9gekkel vagy t\u00f6bbletk\u00f6lts\u00e9gekkel szembes\u00fclhet az \u00fcgylet p\u00f3tl\u00e1sakor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a kitetts\u00e9g k\u00fcl\u00f6n\u00f6sen jelent\u0151ss\u00e9 v\u00e1lhat, ha a piaci k\u00f6r\u00fclm\u00e9nyek az eredeti meg\u00e1llapod\u00e1s \u00f3ta l\u00e9nyegesen elmozdultak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ugyanakkor nem minden OTC \u00fcgylet j\u00e1r azonos m\u00e9rt\u00e9k\u0171 partnerkock\u00e1zattal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egyes \u00fcgyletek gyorsan elsz\u00e1mol\u00e1sra ker\u00fclnek, m\u00e1sok viszont h\u00f3napokig vagy \u00e9vekig fenn\u00e1ll\u00f3 szerz\u0151d\u00e9ses k\u00f6telezetts\u00e9geket hoznak l\u00e9tre.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A kock\u00e1zatkezel\u00e9si mechanizmusok k\u00f6z\u00e9 tartoznak a fedezeti meg\u00e1llapod\u00e1sok, a hitelmin\u0151s\u00edt\u00e9sek, a let\u00e9ti (margin) k\u00f6vetelm\u00e9nyek, a nett\u00f3s\u00edt\u00e1si meg\u00e1llapod\u00e1sok \u00e9s a k\u00f6zponti elsz\u00e1mol\u00e1s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bizonyos szab\u00e1lyoz\u00e1si keretek szerint a standardiz\u00e1lt OTC sz\u00e1rmaztatott \u00fcgyleteket k\u00f6zponti szerz\u0151d\u0151 f\u00e9len (CCP) kereszt\u00fcl kell elsz\u00e1molni, amely be\u00e9kel\u0151dik az eredeti keresked\u0151 felek k\u00f6z\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<a href=\"https:\/\/www.fsb.org\/\">P\u00e9nz\u00fcgyi Stabilit\u00e1si Tan\u00e1cs<\/a>&nbsp;hangs\u00falyozta, hogy a 2008-as p\u00e9nz\u00fcgyi v\u00e1ls\u00e1g ut\u00e1n bevezetett reformok c\u00e9lja a sz\u00e1rmaztatott piacok \u00e1tl\u00e1that\u00f3s\u00e1g\u00e1nak jav\u00edt\u00e1sa \u00e9s a rendszerszint\u0171 kock\u00e1zatok cs\u00f6kkent\u00e9se volt az \u00fcgyletek jelent\u00e9se, a k\u00f6zponti elsz\u00e1mol\u00e1s, valamint a k\u00f6zpontilag nem elsz\u00e1molt \u00fcgyletekre vonatkoz\u00f3 tov\u00e1bbi biztos\u00edt\u00e9kok r\u00e9v\u00e9n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00f6zponti elsz\u00e1mol\u00e1s cs\u00f6kkenti a k\u00f6zvetlen k\u00e9toldal\u00fa partnerkock\u00e1zatot, de nem sz\u00fcntet meg minden p\u00e9nz\u00fcgyi kock\u00e1zatot. Az elsz\u00e1mol\u00f3tagok \u00e9s a k\u00f6zponti szerz\u0151d\u0151 felek tov\u00e1bbra is ki vannak t\u00e9ve m\u0171k\u00f6d\u00e9si, likvidit\u00e1si \u00e9s nemteljes\u00edt\u00e9s-kezel\u00e9si kih\u00edv\u00e1soknak.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mi\u00e9rt v\u00e1lasztj\u00e1k az int\u00e9zm\u00e9nyi befektet\u0151k az OTC keresked\u00e9st?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">E bonyolults\u00e1gok ellen\u00e9re az OTC piacok a modern p\u00e9nz\u00fcgyi rendszerek n\u00e9lk\u00fcl\u00f6zhetetlen r\u00e9szei maradnak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az egyik fontos el\u0151ny a rugalmass\u00e1g.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy v\u00e1llalatnak sz\u00fcks\u00e9ge lehet olyan sz\u00e1rmaztatott term\u00e9kre, amely illeszkedik egy adott hitel lej\u00e1rat\u00e1hoz, devizakitetts\u00e9g\u00e9hez vagy fizet\u00e9si \u00fctemez\u00e9s\u00e9hez. A standardiz\u00e1lt, t\u0151zsd\u00e9n kereskedett term\u00e9kek nem biztos, hogy pontos megfelel\u00e9st ny\u00fajtanak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az OTC meg\u00e1llapod\u00e1sok az ilyen ig\u00e9nyekhez igaz\u00edthat\u00f3k.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy m\u00e1sik el\u0151ny a nagy \u00f6sszeg\u0171 \u00fcgyleteket \u00e9rinti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy int\u00e9zm\u00e9nyi befektet\u0151, aki jelent\u0151s poz\u00edci\u00f3t pr\u00f3b\u00e1l eladni egy l\u00e1that\u00f3 t\u0151zsdei aj\u00e1nlati k\u00f6nyv\u00f6n kereszt\u00fcl, hat\u00e1ssal lehet a piaci \u00e1rakra, ha a k\u00edv\u00e1nt \u00e1ron nincs elegend\u0151 v\u00e9teli \u00e9rdekl\u0151d\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A keresked\u0151vel folytatott t\u00e1rgyal\u00e1s vagy a t\u0151zsd\u00e9n k\u00edv\u00fcli \u00fcgylet megszervez\u00e9se cs\u00f6kkentheti a megb\u00edz\u00e1s azonnali nyilv\u00e1nos l\u00e1that\u00f3s\u00e1g\u00e1t, \u00e9s nagyobb bizonyoss\u00e1got adhat a v\u00e9grehajt\u00e1si \u00e1rat illet\u0151en.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A nagy OTC \u00fcgyletek azonban tov\u00e1bbra is befoly\u00e1solhatj\u00e1k a piaci \u00e1rakat, k\u00fcl\u00f6n\u00f6sen, ha a keresked\u0151k ut\u00f3lag fedezik kitetts\u00e9g\u00fcket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az OTC piacok a ritk\u00e1n forgalmazott eszk\u00f6z\u00f6ket is t\u00e1mogatj\u00e1k. Ilyen esetekben a keresked\u0151k seg\u00edthetnek \u00f6sszehozni azokat a vev\u0151ket \u00e9s elad\u00f3kat, akik m\u00e1sk\u00e9pp nehezen tal\u00e1ln\u00e1nak partnert.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mit \u00e9rdemes ellen\u0151rizni\u00fck a befektet\u0151knek az OTC keresked\u00e9s el\u0151tt?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az OTC \u00fcgyleteket fontolgat\u00f3 befektet\u0151knek nem csup\u00e1n a jegyzett \u00e1rat kell \u00e9rt\u00e9kelni\u00fck.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Egy vonz\u00f3 \u00e1rjegyz\u00e9s kev\u00e9sb\u00e9 lehet kedvez\u0151, ha figyelembe vessz\u00fck a \u00e1rr\u00e9st (spread), a jutal\u00e9kokat, az elsz\u00e1mol\u00e1si felt\u00e9teleket \u00e9s az egy\u00e9b k\u00f6lts\u00e9geket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Azt is fontos tiszt\u00e1zni, hogy a k\u00f6zvet\u00edt\u0151 megb\u00edzottk\u00e9nt (\u00fcgyn\u00f6kk\u00e9nt) j\u00e1r-e el, vagy az \u00fcgylet k\u00f6zvetlen szerz\u0151d\u0151 felek\u00e9nt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ahol lehets\u00e9ges, t\u00f6bb szolg\u00e1ltat\u00f3t\u00f3l k\u00e9rt \u00f6sszehasonl\u00edthat\u00f3 \u00e1rjegyz\u00e9s seg\u00edthet a befektet\u0151knek meg\u00edt\u00e9lni, hogy egy \u00e1r versenyk\u00e9pes-e.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A kev\u00e9sb\u00e9 likvid \u00e9rt\u00e9kpap\u00edrokn\u00e1l a befektet\u0151knek \u00e9rdemes megvizsg\u00e1lniuk a legut\u00f3bbi \u00fcgyletek aktivit\u00e1s\u00e1t, a rendelkez\u00e9sre \u00e1ll\u00f3 p\u00e9nz\u00fcgyi k\u00f6zz\u00e9t\u00e9teleket, valamint azt, hogy a gyakorlatban mennyire neh\u00e9z eladni a poz\u00edci\u00f3ikat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A partner min\u0151s\u00e9ge k\u00fcl\u00f6n\u00f6sen fontoss\u00e1 v\u00e1lik a j\u00f6v\u0151beli szerz\u0151d\u00e9ses k\u00f6telezetts\u00e9gekkel j\u00e1r\u00f3 term\u00e9kekn\u00e9l.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az&nbsp;<a href=\"https:\/\/www.cftc.gov\/LearnAndProtect\">Amerikai \u00c1rut\u0151zsdei Fel\u00fcgyelet (Commodity Futures Trading Commission, CFTC)<\/a>&nbsp;azt javasolja a lakoss\u00e1gi devizapiaci befektet\u0151knek, hogy a p\u00e9nz befizet\u00e9se el\u0151tt ellen\u0151rizz\u00e9k a br\u00f3kerc\u00e9g nyilv\u00e1ntart\u00e1sba v\u00e9tel\u00e9t, \u00e9s vizsg\u00e1lj\u00e1k meg a fegyelmi el\u0151\u00e9let\u00e9t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151knek emellett \u00e9rdemes tiszt\u00e1ban lenni\u00fck az \u0151ket megillet\u0151 jogi v\u00e9delemmel is, mivel a szab\u00e1lyoz\u00e1si k\u00f6vetelm\u00e9nyek p\u00e9nz\u00fcgyi term\u00e9kenk\u00e9nt \u00e9s joghat\u00f3s\u00e1gonk\u00e9nt elt\u00e9rnek.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00d6sszegz\u00e9s: a t\u0151zsd\u00e9n k\u00edv\u00fcli piacok rugalmass\u00e1got k\u00edn\u00e1lnak, de k\u00f6r\u00fcltekint\u0151 \u00e9rt\u00e9kel\u00e9st ig\u00e9nyelnek<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<strong>t\u0151zsd\u00e9n k\u00edv\u00fcli piac (OTC-piac)<\/strong>&nbsp;fontos szerepet t\u00f6lt be a glob\u00e1lis p\u00e9nz\u00fcgyi rendszerben, mivel olyan \u00fcgyleteket t\u00e1mogat, amelyek nem felt\u00e9tlen\u00fcl illeszkednek a k\u00f6zpontos\u00edtott t\u0151zsd\u00e9k szerkezet\u00e9be.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Decentraliz\u00e1lt modellje lehet\u0151v\u00e9 teszi, hogy a keresked\u0151k, az int\u00e9zm\u00e9nyek \u00e9s a befektet\u0151k egy\u00e9nileg alkudj\u00e1k ki az \u00e1rakat, nagy volumen\u0171 \u00fcgyleteket bonyol\u00edtsanak le, \u00e9s az ig\u00e9nyeiknek megfelel\u0151en szabj\u00e1k testre a p\u00e9nz\u00fcgyi szerz\u0151d\u00e9seket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ezeknek az el\u0151ny\u00f6knek \u00e1ra is van.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00e1rakat nehezebb \u00f6sszehasonl\u00edtani, a likvidit\u00e1s n\u00e9h\u00e1ny keresked\u0151t\u0151l f\u00fcgghet, egyes \u00fcgyletek pedig k\u00f6zvetlen kitetts\u00e9get jelentenek a partner p\u00e9nz\u00fcgyi helyzet\u00e9vel szemben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A befektet\u0151k sz\u00e1m\u00e1ra a l\u00e9nyeges k\u00e9rd\u00e9s nem puszt\u00e1n az, hogy egy \u00fcgylet t\u0151zsd\u00e9n k\u00edv\u00fcl vagy t\u0151zsd\u00e9n k\u00f6ttetik-e. Az a k\u00e9rd\u00e9s, hogy a v\u00e1lasztott keresked\u00e9si strukt\u00fara megfelel\u0151 \u00e1raz\u00e1st, elegend\u0151 likvidit\u00e1st, megfelel\u0151 biztos\u00edt\u00e9kokat, valamint a kapcsol\u00f3d\u00f3 kock\u00e1zatok vil\u00e1gos meg\u00e9rt\u00e9s\u00e9t biztos\u00edtja-e.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A t\u0151zst\u00e9nk\u00edv\u00fcli (OTC) keresked\u00e9s lehet\u0151v\u00e9 teszi a befektet\u0151k, a p\u00e9nz\u00fcgyi int\u00e9zm\u00e9nyek \u00e9s a v\u00e1llalatok sz\u00e1m\u00e1ra, hogy p\u00e9nz\u00fcgyi eszk\u00f6z\u00f6ket v\u00e1s\u00e1roljanak \u00e9s \u00e9rt\u00e9kes\u00edtsenek an\u00e9lk\u00fcl, hogy az \u00fcgyleteket k\u00f6zpontos\u00edtott t\u0151zsd\u00e9n kellene lebonyol\u00edtaniuk. Egyetlen aj\u00e1nlati k\u00f6nyvre t\u00e1maszkod\u00e1s helyett a r\u00e9sztvev\u0151k k\u00f6zvetlen\u00fcl alkudoznak az \u00e1rakr\u00f3l, vagy keresked\u0151i \u00e9s elektronikus h\u00e1l\u00f3zatokon kereszt\u00fcl kereskednek. Ez a strukt\u00fara rugalmass\u00e1got \u00e9s az eszk\u00f6z\u00f6k sz\u00e9les [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":91196,"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":[6159],"tags":[4891,5823,6678],"class_list":["post-91212","post","type-post","status-publish","format-standard","has-post-thumbnail","category--ar","tag-gazdasag","tag-piacok-hu","tag-tozsheten-kivuli-piac-hu"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"t\u0151zsh\u00e9ten k\u00edv\u00fcli piac. Mi az OTC keresked\u00e9s? 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