Olunye umahluko oluhlala lusetyenziselwa ukuthengisa iimarike zokulingana kukurhweba kukhuseleko lokuthengisa esidlangalaleni. Banokunika ngaphezulu kwesikhombisi esinye ukwenza ukuthengwa kunye nokuthengiswa kwezabelo ngexesha elinikiweyo. Ukusuka kule meko ngokubanzi, kunokuthiwa ngaphandle koloyiko lwempazamo ngokuxhomekeke kuthethathethwano kwimarike yemasheya, a qhinga lotyalo mali olunokuthenjwa. Zombini ukuvula kunye nokuvala izikhundla ngenqanaba lokwenyani elibaluleke kakhulu.
Ewe, ayilulo lonke ukhuseleko olwenza iimarike zokulingana, kokubini kuzwelonke nakwamanye amazwe, abaneengxoxo ezifanayo kwimarike yemasheya. Ewe akunjalo ukusukela ngoko Umahluko uyabonakala kakhulu, enye indlela okanye enye. Ngaphaya kokunye ukuqwalaselwa kobuchwephesha kwaye mhlawumbi nakwiziseko zamaxabiso emarike yemasheya. Ukuze bakwazi ukunika umqondiso omncinci malunga nobuchwephesha babo. Ngendlela ebonelela ngokhuseleko oluninzi ekusebenzeni kwiimarike zezemali.
Ngelixa kwelinye icala, ayinakulityalwa ukuba urhwebo kwimarike yemasheya sisiphumo somdla omkhulu okanye omncinci kwicala labatyali mali abancinci nabaphakathi. Akumangalisi ukuba umthamo wentengiso kwimarike yemasheya eyabiwa nguBanco Santander ayifani naleyo ye-Ercros. Njengobungqina bokuba kukho uthetha-thethwano olukhulu lwezihloko ilingana nokuthi kukho utshintsho olukhulu kwezihloko. Ngevolumu ephezulu yokuthenga kunye nentengiso kwaye ke oko kunika ukuhlawulwa kwemali kwimisebenzi.
Uthethathethwano lwezihloko, lubonisa ntoni?
Iziphumo eziphambili zokonyuka kwayo kukuba ixabiso lentengiso yeemali ezinkulu. Ukuza kuthi ga kwinqanaba lokuba olona khuseleko luthengiswa kakhulu kwimarike yemasheya lwenziwe ngezinto ekuthiwa zii-blue chips. Apho amaxabiso aphezulu ezabelo zamashishini ezingenanzala emisiweyo ahlanganisiweyo: I-Santander, i-BBVA, i-Iberdrola, i-Repsol kunye ne-Endesa. Ngevolontiya ephezulu kakhulu yevolumu kuzo zonke iiseshoni zokurhweba kwaye emi ngaphandle kwezinye izindululo zemarike yemasheya. Kananjalo olu didi lwezokhuseleko lubonakaliswa yinto yokuba kunzima ukuzisebenzisa ngezandla eziqinileyo zeemarike zezabelo.
Kwelinye icala, enye yeempawu ezichaza ukurhweba kwimarike yemasheya yile nto ibhekisa kumdla obekwe kwizokhuseleko ezenza ingeniso eguqukayo, nokuba kuzwelonke okanye ngaphandle kwemida yethu. Ngale ndlela, yi- Isalathisi esithembekileyo malunga nokuba iyaphi imali. Ayipheleli kwizandla ezomeleleyo zeemarike zezemali, kodwa nakwabatyali zimali abancinci nabaphakathi. Ukuya kwinqanaba lokuba inokukunika ulwazi olungaphezulu kwesinye malunga nendlela yemali kwiimarike ze-equity.
Kutheni imali ithengiswa kwimarike yestokhwe?
Inxalenye enye ekufuneka ithathelwe ingqalelo ngeli xesha kukuba kukho ifayile ye uthethathethwano olukhulu okanye olungcono kwimarike yemasheya. Ewe, kubonisa umdla ocacileyo kwicala labathengisi bezitokhwe abohlukeneyo. Kodwa kwanokuba banemali ebaluleke kakhulu emiselwe ukuthengisa. Ngale ndlela, unokubona ukuba kukho ezinye izinto ezikhuselekileyo ezivelisa imali encinci kakhulu kwaye ke kunzima kakhulu kuwe ukuthatha isikhundla nangaliphi na ixesha. Olu khuseleko lwaziwa njengeyona mali incinci kakhulu kwaye iyingozi kakhulu ukuyisebenzisa.
Ngelixa kwelinye icala, kufuneka kuthathelwe ingqalelo ukumisela ubungakanani benkampani edwelisiweyo. Asizizo zonke ezilawulwa ziimpawu ezifanayo. Akukho ngaphantsi kakhulu kwaye ixabiso lokurhweba liyincwadana encinci ekunceda ukuba uqonde le nto inigma kwixabiso lemarike yemasheya. Ngaphaya kolunye uthotho lokuqwalaselwa kwezobuchwephesha kwaye kwanakukujonga kwezona zinto zisisiseko. Ukuba awufuni ungenzi mpazamo kwimisebenzi yakho Kwimarike yemasheya, akufuneki ulibale le miba ibalulekileyo esiyibonisileyo.
Iyahambelana neenkampani ezinkulu
Olu tshintsho luhambelana kuzo zonke iimeko kunye neemfuno zeenkampani ezinkulu ezidwelisiweyo kwaye zezona zikwelona nqanaba liphezulu zibonakalisiweyo kuzo zonke iiseshoni zokurhweba. Nanini na xa kukho ilahleko, kukusilela kwisicwangciso-mali, kodwa kukho iimeko ezinokuthi zithintelwe, okanye ubuncinci zincitshiswe, kodwa oku kuyimfuneko thatha uthotho lwamanyathelo okhuseleko ezahluka ngokuxhomekeka kwiprofayili nganye nganye. Esi sesinye sezizathu zokuba le meko kufuneka ithathelwe ingqalelo xa usenza isigqibo, ngenye indlela. Oko kukuthi, emva kwayo yonke loo nto, yintoni ebandakanyekayo kuyo nayiphi na iprofayili yabatyali mali abancinci nabaphakathi.
Ukuthintela imisebenzi engathandekiyo, kuyacetyiswa ukuba umtyali mali azifumanise ukuba uneemfuno zotyalo mali, kwaye ke abone ukuba iprofayile yakho inochuku okanye iyazikhusela, kwaye okona kubaluleke kakhulu, yimfuno yokuhlawula amatyala aya kuba nawo kwikamva.
Kuzo zonke iimeko, ukhuseleko olunexabiso elisezantsi kufuneka lithengiswe, nangona into enzima ukuyifumana, nangona uhlalutyo lobuchwephesha lubonelela ngokubanzi "imikhondo" malunga notshintsho lwendlela.
Inkqubo entsha yokurhweba
IKomiti eLawulayo ye-CNMV ivumile ukugunyazisa ukuyilwa kweKing & Shaxson Capital Markets, SV, SA, iqumrhu laseSpain eliza kulawula iDowgate (Madrid), inkqubo entsha yorhwebo yamazwe amaninzi eseSpain ekhethekileyo uthethathethwano lwamatyala oluntu kunye neemveliso ezivela kwimveliso. Imigaqo yale nkqubo yamazwe amaninzi yorhwebo nayo yamkelwe nje yi-CNMV.
Inkampani entsha yezokhuseleko iya kuba yinxalenye yeqela iKing & Shaxson, ekwaqhuba iDowgate MTF, inkqubo yorhwebo yamazwe amaninzi eseLondon. Inkqubo yokurhweba ngamazwe amaninzi (i-SMN okanye i-MTF, isifinyezo kwisiNgesi) luhlobo lweemarike okanye iqonga lokurhweba elinamazwe amaninzi alawulwa kwi-MiFID II. Okwangoku, zine ii-SMN ezisebenzayo eSpain: MAB, MARF, SENAF kunye neLATIBEX.