Hidden mining on the processor. How to mine cryptocurrency on a processor - requirements, special programs and benefits

2.09.2010

Good day, friends!

Stock trading is the process of opening and closing a position. That is, we open a position (enter the market), wait for the movement to develop and close the position (exit the market). This is exactly how any trading operation takes place. Until you close your position, your profit or loss is not yet recorded and does not belong to you. As soon as the position is closed, the result of this operation is reflected in your account. So how does a position close, what do you need to do to fix the profit (loss) in your account?

Closing a position represents the cancellation of one's obligations under purchased (sold) futures contracts. In order to cancel a previously purchased (sold) contract, you must simply submit an application to the broker to sell (purchase) a similar number of contracts. For example, you have a long position of 10 contracts, that is, you bought 10 futures contracts. To close this position, to cancel your obligations under these 10 purchased contracts, you must make a counter transaction, that is, sell 10 futures contracts. Thus, you will be both the seller and the buyer, as a result of which your transaction will be canceled.

This operation is easily explained from a mathematical point of view:

10 contracts sold is (- 10)

10 contracts purchased is (+10)

As a result: (- 10) + (+10) = 0, then the network deal is cancelled.

Such a counter transaction is called offset. An offset transaction is a transaction that results in the termination of obligations on a previously open position due to the fact that an opposite position arises on the same futures contract. An offset transaction is also called a reverse transaction. Once again, an offset transaction is “bought 10 futures contracts - sold 10 futures contracts” or “sold 10 futures contracts - bought 10 futures contracts”. It is important that the transactions are opposite and the volume is the same! If you buy 10 futures contracts and sell 20, your position will not be canceled as a result. In this case, you will be left with a short position of 10 contracts. Remember the math, it turns out (+ 10) + (-20) = (- 10). This is no longer an offset transaction, but a reversal of the position.

As a result of the reverse (offset) transaction, it turns out that you bought an obligation (contract) from someone, and then when market price on the futures contract increased, this obligation (contract) was put up for sale. By doing so, you made a profit and your obligation under the futures contract was transferred to someone else. You have freed yourself, and now no one is obliged to you, and you are not obliged to anyone. You simply receive the result of the transaction to your account.

Happy trading!

Sincerely, Alexander Shevelev.

Offset deal- a type of compensation transaction when purchasing imported products, an essential condition of which is the issuance of counterclaims to invest part of the funds from the contract amount in the economy of the importing country. In world practice, offset transactions are most common in the area of ​​importing products of the military-industrial complex, but they are also found in the civilian sector when purchasing expensive products, especially high-tech ones.

In some publications, the phrase “offset transaction” is used with two letters “f” (from the English offset). This is wrong for the Russian language. Correct spelling with one letter "f".

Existing types of offset obligations

Offset obligations are understood as the type of requirements of the purchasing party fulfilled by the supplier of products. Depending on the amount of the contract, the type of purchased products, and offset conditions in the importing country, they may be supplemented or reduced. Currently known types of offset obligations:

• direct investments (including investments in investment projects, not directly related to the product supplier);
• technology transfer;
• investment in R&D;
• opening of joint production on the territory of the importing country;
• location of production on the territory of the importing country;
• construction of specialized training centers, implementation of training and retraining programs for specialists in various fields for the importing state;
• development of infrastructure, as well as social infrastructure.

A feature of a futures contract is, as a rule, not the acquisition or sale of commodity values. The vast majority (more than 90%) of futures contracts do not end with the delivery of securities, currency, or other real goods, but with the conclusion of a reverse (offset) transaction."
As K. H. Alsheimer notes, “efficient exchange trading in futures as a result high degree Standardized™ allows a party to a contract to neutralize the obligations arising from a futures contract by entering into another futures contract. This second futures contract contains terms that are exactly the opposite of the terms of the first futures contract. This process is called in stock trading “trade liquidation” through an equivalent reverse transaction. For the parties to the contract based on the exchange

1 See, for example: Sharp W. F., Alexander G. J., Bailey J. W. Decree. op. P. 698; Kolb R. Decree. op. pp. 42-43; Stoll N. R., Whale R. E. Op. cit. R. 73.

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howl organized trade exists great opportunity find a counterparty for a reverse transaction"1.
As noted in the literature, “when an investor opens a position in the futures market, the clearing house takes the opposite position and agrees to accept the terms and conditions specified in the contract. Thanks to the existence of clearing companies, the investor does not have to worry about the financial condition and ethical principles of the other party to the transaction. The relationship between the parties ends with the initial transaction. The clearing house then acts as the buyer for each sale and as the seller for each purchase. Thus, the investor is able to liquidate the position without involving the party with whom he originally agreed and without worrying about the possible default of that party. Therefore, when describing a futures contract, we talk about it as an agreement between a party and a clearing house associated with the exchange.”2
The ability to make a counter transaction is an essential condition for exchange derivatives transactions. This is clearly seen from the definition of these transactions in the old version of § 50 of the German Law on exchange activities, according to which exchange forward transactions are understood as contracts (on replaceable things, securities or foreign currency) on similar conditions that must be executed by both parties within a certain more late date and which are in a certain relationship with the derivatives market, allowing you to make a counter transaction at any time3.
Risk insurance is carried out using an offset transaction. Thus, G. Rainer points out that “exchange-traded futures differ from over-the-counter forwards in that they are not concluded for the purpose of fulfilling an obligation under the contract: market participants, as

1 Atskeimer S. N. Op. cit. S. 69.

2 Fabozzi F. D. Bond market: analysis and strategies; Per. from English 2nd ed. M., 2007. pp. 775-776.

3 See: Decker E. Op. cit. S. 1004.

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Typically, they seek to terminate their obligations by completing a reverse transaction before the moment of fulfillment of obligations under the futures occurs. The ability to carry out so-called liquidation at any time is ensured by the centralized trading mechanism that exists on the derivatives exchange”1.
The contents of the offset transaction are given in the letter of the State Customs Committee of the Russian Federation and the Commodity Exchange Commission dated July 30, 1996 No. 16-151/AK “On forward, futures and options exchange transactions”, which notes that “obligations to receive (transfer) property or information under a futures contract are terminated with the acquisition of a homogeneous futures contract, respectively providing for the transfer (reception) of the same property or information, or with their execution.”
An offset transaction is a type of forward transaction that entails the termination of rights and obligations under a previously open position in connection with the emergence of an opposite position under the same futures contract (Article 1 of the Rules for Conducting Futures Transactions of OJSC " Stock Exchange“RTS”)2.
There is no reason to consider an offset transaction as a “kind of compensation”. The conclusion of an offset transaction only terminates the obligation. The parties to a futures contract and an offset transaction, as a rule, do not coincide. The size of the variation margin is not comparable to the value of the futures contract. Otherwise, there is no point in entering into an offset deal. The conclusion of an offset transaction may not be accompanied by the payment of margin, as happens, for example, in cases where the value of the futures contract at the time of its execution has not changed in the derivatives market. At the same time, judicial and arbitration practice indicates that the amount of compensation is correlated with the amount of debt.

1 Rainer G. Decree. op. P. 98. -

2 T. Lofton notes that the clearing house allows you to close futures positions through an offsetting transaction on the futures market (see: Lofton T. Op. cit. p. 18).

Chapter 3. Regulation of futures transactions

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The possibility of concluding an offset transaction as a way to terminate the initial obligation is a special rule of futures trading provided for by exchange rules and corresponds to the norm of paragraph 1 of Art. 407 of the Civil Code of the Russian Federation, according to which the obligation is terminated in whole or in part on the grounds provided for by the Civil Code of the Russian Federation, other laws, other legal acts or an agreement.
Let's look at an example of an offset transaction.
Broker A in June 2006 submitted an application to purchase 1000 shares of Sberbank of Russia OJSC at a price of 100 rubles. per share, with an expiration date in three months. According to the application of broker B, he sells these securities on the same conditions. The exchange registered the specified futures transaction. The price of shares of Sberbank of Russia OJSC rose to 110 rubles a month later, as a result of which broker A lost interest in this transaction and submitted an application with reverse proposal- sell these shares within the specified time frame, but for 110 rubles. The exchange recorded an offset trade whereby Broker A closed his position by entering into another agreement to sell Broker C 1,000 shares in question. Broker A really should not buy shares from broker B and is not obliged to sell them to broker C. Instead, broker B will sell shares to broker C. Schematically, it looks like this:
A buys - B sells,
A sells - C buys,
And closes his position,
B sells - C buys.
The conclusion of an offset transaction, as well as the possibility of repeatedly transferring one’s rights to another participant in futures trading, constitutes the advantage of a futures transaction. Let us give an example from the work of a well-known specialist in securities F. D. Fabozzi: “The clearing house not only guarantees the execution of the contract, but also makes it easier for the parties to close positions before the contract execution date. Let's say Bob wants to close his futures position. He doesn't have to track down Sally and then enter into an agreement with her to renounce the original

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Section II. Futures and forward markets

no agreement. The clearing firm's records will show that Bob bought and sold same number identical futures. At the contract completion date, Sally will not have to deliver Bond XYZ to Bob; the clearing house will tell Sally which market participant who has purchased the futures and has an open position in the futures should deliver the bond to. If Sally wants to liquidate the position before the contract execution date, she will need to buy identical futures contracts.”1
An offset transaction is usually concluded voluntarily. The investor, taking into account the position on the stock exchange, gives an order to the broker to close the open positions held by him (long position - when buying, short position - when selling).
In accordance with the Rules of derivatives exchanges and clearing houses, liquidation of open positions can be carried out forcibly in the event of failure to meet margin requirements and insolvency of the investor. Closing investor positions can be carried out through initial netting - mutual compensation of long and short positions at the market price2.
Another way is also legitimate: placing orders and concluding reverse transactions on the open exchange market.
In arbitration practice, there are disputes related to the fact that an investor challenges the actions of a broker aimed at closing his positions.
Thus, in the resolution of the Federal Arbitration Court of the Northwestern District on the closure of a futures contract, it was noted that the actions of the broker in transmitting to the exchange an order to transfer the plaintiff’s positions under the futures contract complied with the requirements of Art. 8 of the Law on Commodity Exchanges and were aimed at minimizing the risk of non-fulfillment of obligations by exchange market participants and their clients. The emergence of such

1 Fabozzi F.D. Decree. op. P. 776.

2 A project has currently been developed Russian law on close-out netting.

Chapter 3. Regulation of futures transactions

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risk during that period was confirmed by a report from a clearing company, which recorded a significant fluctuation in the prices of futures contracts for stock prices of RAO UES of Russia. The exchange increased the size of guarantee obligations, which also indicates instability in prices for exchange contracts and an increase in the risk of non-fulfillment of obligations.
Thus, by setting limit deviations of exchange prices, the trading regulator in accordance with exchange rules prevents the risk of accidental price increases, which could adversely affect the interests of trading participants.
Court cassation instance came to the conclusion that the stock broker did not exceed his authority when closing the plaintiff’s positions1.
-It should be taken into account that when concluding a delivery futures contract, the subject of the contract is the delivery of the exchange commodity. An offset transaction aims to transfer rights and obligations, as a result of which the first transaction is closed.