Su akcijų indeksais susietų obligacijų klientų rizikos vertinimas

LTPasaulinė struktūrizuotų vertybinių popierių plėtra nulėmė tokių naujų finansinių instrumentų, kaip su akcijomis susietų obligacijų, atsiradimą Lietuvoje. Straipsnyje pateikiama struktūrizuotų finansinių instrumentų samprata bei klasifikacija. Atlikta Lietuvoje platinamų šios rūšies finansinių instrumentų analizė parodė, kad didžioji apyvartos dalis teko dviejų rūšių obligacijoms: su akcijų indeksu susietoms obligacijoms bei su akcijų indeksu susietoms obligacijoms, kurios buvo įsigyjamos už skolintas lėšas. Šių investicinių produktų sandaros ir rizikos analizė atskleidė, kad abu instrumentai yra rizikingi, tačiau už skolintas lėšas įsigyjant rizikingąfinansinį instrumentą yra prisiimama nepamatuotai didelė rizika.

ENIn recent decades structured financial instruments have become increasingly popular in the global financial markets. The appearance of increasingly complex and exotic financial instruments was partly caused by the absence of any universal definition or classification of structured securities. Equity index-linked bonds were first launched in Lithuania in 2004. In 2007, the value of structured securities distributed in Lithuania reached LTL 1.1 bn. The development of financial markets that are completely new for the Lithuanian financial market is inherently inseparable from the professional development of employees working in the area and their practical experience. Some 5 or 7 years ago, specialists well comprehending the structure of complex financial instruments and methods for the assessment of the risk related to such instruments were very few, therefore some mistakes were not avoided. On 28 July 2011, the Lithuanian Securities Commission passed Resolution No. 2K-161 concerning the law infringement case No. 12K-10, in which the securities regulator concluded that the activities of the DNB in providing the equity index-linked bonds at the funds lent by the DNB failed to meet the requirements of the relevant legal acts and was providing the service inadequately, as the DNB did not endeavor to ascertain that the financial product offered is appropriate for the clients and was offering it without prior disclosure to the clients any material information about the product and the risks related to it.The infringement affected total 640 individuals who concluded deals concerning the acquisition of the bonds at borrowed funds and the total amount of the deals exceeded LTL 718 m. Until quite recently in Lithuania structured securities have not been comprehensively analysed, neither any methods for the analysis of the risk inherent to the equity index linked bonds have been investigated. The present article introduces the diversity and the system of structured financial instruments. It also includes an analysis of the composition and the structure of equity index related bonds distributed in Lithuania and such bonds acquired for borrowed funds. The concluding part of the article covers a number of methods to be referred to for the purpose of disclosing to non-professional investors essential information on the inherent risks related to the product concerned.