{"id":4309,"date":"2025-11-10T15:50:38","date_gmt":"2025-11-10T15:50:38","guid":{"rendered":"https:\/\/cryptonews.com\/cz\/?post_type=academy&#038;p=4309\/"},"modified":"2025-11-10T15:50:38","modified_gmt":"2025-11-10T15:50:38","slug":"co-jsou-urokove-swapy","status":"publish","type":"academy","link":"https:\/\/cryptonews.com\/cz\/academy\/co-jsou-urokove-swapy\/","title":{"rendered":"Co jsou \u00farokov\u00e9 swapy a jak funguj\u00ed? V\u0161e, co pot\u0159ebujete v\u011bd\u011bt"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Pokud jste n\u011bkdy p\u0159em\u00fd\u0161leli, <\/span><b>jak firmy nebo investo\u0159i chr\u00e1n\u00ed sv\u00e9 finance p\u0159ed v\u00fdkyvy <a href=\"https:\/\/cryptonews.com\/cz\/academy\/urokova-sazba\/\">\u00farokov\u00fdch sazeb<\/a><\/b><span style=\"font-weight: 400\">, odpov\u011bd\u00ed mohou b\u00fdt <\/span><b>\u00farokov\u00e9 swapy<\/b><span style=\"font-weight: 400\">. Tento pojem zn\u00ed mo\u017en\u00e1 komplikovan\u011b, ale ve skute\u010dnosti jde o pom\u011brn\u011b elegantn\u00ed finan\u010dn\u00ed n\u00e1stroj, kter\u00fd se st\u00e1v\u00e1 nepostradatelnou sou\u010d\u00e1st\u00ed \u0159\u00edzen\u00ed rizika.<\/span><\/p><p><span style=\"font-weight: 400\">V tomto \u010dl\u00e1nku se pod\u00edv\u00e1me na<\/span><b> z\u00e1kladn\u00ed principy, typy a konkr\u00e9tn\u00ed p\u0159\u00edklady vyu\u017eit\u00ed<\/b><span style=\"font-weight: 400\"> t\u011bchto deriv\u00e1t\u016f a z\u00e1rove\u0148 si <\/span><b>shrneme jejich hlavn\u00ed v\u00fdhody i rizika.<\/b><\/p><p><span style=\"font-weight: 400\"><div class=\"su-note\" style=\"border-color:#e0d5e5;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#faefff;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<h3><span id=\"h-klicove-body\">Kl\u00ed\u010dov\u00e9 body<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u00darokov\u00e9 swapy umo\u017e\u0148uj\u00ed <\/span><b>zaji\u0161t\u011bn\u00ed proti kol\u00eds\u00e1n\u00ed \u00farokov\u00fdch sazeb (hedging)<\/b><span style=\"font-weight: 400\">.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Jde o <\/span><b>n\u00e1kladov\u011b efektivn\u00ed zp\u016fsob<\/b><span style=\"font-weight: 400\">, jak spravovat riziko spojen\u00e9 se zm\u011bnami \u00farokov\u00fdch sazeb..<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Existuje <strong>\u0159ada variant swap\u016f<\/strong> podle typu sazby, d\u00e9lky smlouvy a dal\u0161\u00edch podm\u00ednek.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">V\u00fdnosov\u00e1 k\u0159ivka (yield curve) hraje z\u00e1sadn\u00ed roli p\u0159i oce\u0148ov\u00e1n\u00ed swap\u016f.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\"><strong>Nechyb\u00ed rizika<\/strong>: <\/span>kreditn\u00ed riziko<span style=\"font-weight: 400\">, zm\u011bny sazeb a tr\u017en\u00ed riziko mohou v\u00e9st k finan\u010dn\u00edm ztr\u00e1t\u00e1m.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><\/span><\/p><\/div><\/div><\/span><\/p><figure id=\"attachment_4583\" aria-describedby=\"caption-attachment-4583\" style=\"width: 867px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4583\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/04141135\/1762265494-1.jpg\" alt=\"\u00darokov\u00fd swap definice\" width=\"867\" height=\"574\" srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/04141135\/1762265494-1.jpg 867w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/04141135\/1762265494-1-300x199.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/04141135\/1762265494-1-768x508.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/04141135\/1762265494-1-450x298.jpg 450w\" sizes=\"auto, (max-width: 867px) 100vw, 867px\"><figcaption id=\"caption-attachment-4583\" class=\"wp-caption-text\">\u00darokov\u00fd swap definice. zdroj: Investopedia<\/figcaption><\/figure><h2><span id=\"h-co-jsou-urokove-swapy\">Co jsou \u00farokov\u00e9 swapy?<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">\u00darokov\u00e9 swapy p\u0159edstavuj\u00ed<\/span><b> finan\u010dn\u00ed smlouvy, ve kter\u00fdch si dv\u011b strany mezi sebou vym\u011b\u0148uj\u00ed budouc\u00ed pen\u011b\u017en\u00ed toky vypl\u00fdvaj\u00edc\u00ed z \u00farokov\u00fdch plateb u r\u016fzn\u00fdch finan\u010dn\u00edch produkt\u016f<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><span style=\"font-weight: 400\">Nej\u010dast\u011bj\u0161\u00ed formou je <\/span><b>v\u00fdm\u011bna platby s pevnou \u00farokovou sazbou (fixing rate) za platbu s prom\u011bnlivou sazbou (floating rate)<\/b><span style=\"font-weight: 400\">. Tento typ se naz\u00fdv\u00e1 tak\u00e9 \u201evanilla swap\u201c a jako takov\u00fd <\/span><b>umo\u017e\u0148uje firm\u011b s prom\u011bnlivou sazbou z\u00edskat jistotu fixn\u00edho \u00faroku, zat\u00edmco druh\u00e1 strana m\u016f\u017ee profitovat z p\u0159\u00edpadn\u00e9ho poklesu sazeb<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><span style=\"font-weight: 400\">Nap\u0159\u00edklad jedna strana plat\u00ed fixn\u00ed \u00farok 3 % a druh\u00e1 prom\u011bnliv\u00fd \u00farok v\u00e1zan\u00fd na referen\u010dn\u00ed sazbu, jako je <\/span><b>SOFR<\/b><span style=\"font-weight: 400\"> nebo d\u0159\u00edve LIBOR. <\/span><b>T\u00edmto zp\u016fsobem si ob\u011b strany upravuj\u00ed sv\u00e9 riziko podle sv\u00fdch pot\u0159eb<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><span style=\"font-weight: 400\"><div class=\"su-note\" style=\"border-color:#e0d5e5;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#faefff;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<p><span style=\"font-weight: 400\"><strong>SOFR<\/strong> je z\u00e1kladn\u00ed \u00farokov\u00e1 sazba pro dolarov\u00fd sv\u011bt, kter\u00e1 nahradila star\u00fd LIBOR. Je bezpe\u010dn\u011bj\u0161\u00ed, p\u0159esn\u011bj\u0161\u00ed a m\u00e9n\u011b n\u00e1chyln\u00e1 k manipulac\u00edm \u2013 proto ji dnes pou\u017e\u00edvaj\u00ed centr\u00e1ln\u00ed banky, komer\u010dn\u00ed banky i glob\u00e1ln\u00ed finan\u010dn\u00ed trhy.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><\/span><\/p><\/div><\/div><\/span><\/p><h2><span id=\"h-proc-se-tomu-rika-urokovy-swap\">Pro\u010d se tomu \u0159\u00edk\u00e1 \u201e\u00farokov\u00fd swap\u201c?<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">N\u00e1zev vych\u00e1z\u00ed z<\/span><b> mechanismu v\u00fdm\u011bny (\u201eswap\u201c) pen\u011b\u017en\u00edch tok\u016f<\/b><span style=\"font-weight: 400\">. Jeden \u00fa\u010dastn\u00edk plat\u00ed pevnou \u00farokovou sazbu, druh\u00fd prom\u011bnlivou. <\/span><\/p><p><span style=\"font-weight: 400\">Nap\u0159\u00edklad <\/span><b>spole\u010dnost A<\/b><span style=\"font-weight: 400\"> m\u016f\u017ee cht\u00edt jistotu a zav\u00e1\u017ee se platit <\/span><b>pevnou \u00farokovou sazbu<\/b><span style=\"font-weight: 400\">. <\/span><b>Hedgeov\u00fd fond B<\/b><span style=\"font-weight: 400\"> v\u011b\u0159\u00ed, \u017ee sazby klesnou, a proto se rozhodne <\/span><b>platit prom\u011bnliv\u00fd \u00farok<\/b><span style=\"font-weight: 400\"> a na opl\u00e1tku <\/span><b>inkasovat fixn\u00ed platby<\/b><span style=\"font-weight: 400\"> od spole\u010dnosti A.<\/span><\/p><p><span style=\"font-weight: 400\">Cel\u00e1 transakce se vztahuje k <\/span><b>jedn\u00e9 nomin\u00e1ln\u00ed \u010d\u00e1stce (notional amount)<\/b><span style=\"font-weight: 400\">, kter\u00e1 slou\u017e\u00ed pouze jako <\/span><b>z\u00e1klad pro v\u00fdpo\u010det \u00farokov\u00fdch plateb<\/b><span style=\"font-weight: 400\">. Samotn\u00e1 \u010d\u00e1stka se v\u0161ak mezi stranami <\/span><b>nikdy skute\u010dn\u011b nep\u0159ev\u00e1d\u00ed<\/b><span style=\"font-weight: 400\">.<\/span><\/p><figure id=\"attachment_4637\" aria-describedby=\"caption-attachment-4637\" style=\"width: 1918px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4637 lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"Sch\u00e9ma \u00farokov\u00e9ho swapu\" width=\"1918\" height=\"508\" sizes=\"auto, (max-width: 1918px) 100vw, 1918px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05114850\/1762343330-3.jpg\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05114850\/1762343330-3.jpg 1918w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05114850\/1762343330-3-300x79.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05114850\/1762343330-3-1024x271.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05114850\/1762343330-3-768x203.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05114850\/1762343330-3-1536x407.jpg 1536w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05114850\/1762343330-3-450x119.jpg 450w\"><figcaption id=\"caption-attachment-4637\" class=\"wp-caption-text\">Sch\u00e9ma \u00farokov\u00e9ho swapu. Zdroj: pimco<\/figcaption><\/figure><h2><span id=\"h-jak-urokovy-swap-funguje-v-praxi\">Jak \u00farokov\u00fd swap funguje v praxi<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">P\u0159edstavme si jednoduch\u00fd <\/span><b>\u00farokov\u00fd swap p\u0159\u00edklad<\/b><span style=\"font-weight: 400\">:<\/span><\/p><ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Spole\u010dnost <\/span><b>A<\/b><span style=\"font-weight: 400\"> m\u00e1 \u00fav\u011br s prom\u011bnliv\u00fdm \u00farokem (nap\u0159. SOFR + 1 %). Boj\u00ed se, \u017ee sazby porostou.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Fond <\/span><b>B<\/b><span style=\"font-weight: 400\"> m\u00e1 naopak \u00fav\u011br s fixn\u00ed sazbou, ale v\u011b\u0159\u00ed, \u017ee sazby klesnou a chce profitovat z poklesu.<\/span><\/li>\n<\/ul><p><span style=\"font-weight: 400\">Ob\u011b strany uzav\u0159ou <\/span><b>swapovou smlouvu<\/b><span style=\"font-weight: 400\">, v n\u00ed\u017e si vz\u00e1jemn\u011b vym\u011bn\u00ed \u00farokov\u00e9 platby.<\/span><\/p><ul>\n<li style=\"font-weight: 400\"><b>A<\/b><span style=\"font-weight: 400\"> bude platit fixn\u00ed \u00farok (nap\u0159. 3 %),<\/span><\/li>\n<li style=\"font-weight: 400\"><b>B<\/b><span style=\"font-weight: 400\"> bude platit prom\u011bnliv\u00fd \u00farok (nap\u0159. SOFR + 1 %).<\/span><\/li>\n<\/ul><p><b>Ka\u017ed\u00fd rok se vypo\u010d\u00edt\u00e1, kdo komu kolik dlu\u017e\u00ed<\/b><span style=\"font-weight: 400\">, a vyrovn\u00e1 se pouze rozd\u00edl mezi platbami, nikoli cel\u00e1 \u010d\u00e1stka. Swap b\u011b\u017e\u00ed do sjednan\u00e9ho term\u00ednu a obchod je obvykle uzav\u0159en <\/span><b>mimo burzu (OTC)<\/b><span style=\"font-weight: 400\">, nej\u010dast\u011bji prost\u0159ednictv\u00edm banky nebo brokera.<\/span><\/p><h2><span id=\"h-typy-urokovych-swapu\">Typy \u00farokov\u00fdch swap\u016f<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<figure id=\"attachment_4585\" aria-describedby=\"caption-attachment-4585\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4585 lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"Typy \u00farokov\u00fdch swap\u016f. Zdroj: Techopedia\" width=\"950\" height=\"847\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/04141955\/1762265995-2-spglobal.jpg\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/04141955\/1762265995-2-spglobal.jpg 950w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/04141955\/1762265995-2-spglobal-300x267.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/04141955\/1762265995-2-spglobal-768x685.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/04141955\/1762265995-2-spglobal-450x401.jpg 450w\"><figcaption id=\"caption-attachment-4585\" class=\"wp-caption-text\">Typy \u00farokov\u00fdch swap\u016f. Zdroj: Techopedia<\/figcaption><\/figure>\n<\/p><p><span style=\"font-weight: 400\">\u00darokov\u00e9 swapy existuj\u00ed v n\u011bkolika variant\u00e1ch podle konstrukce a \u00fa\u010delu. Ka\u017ed\u00fd typ m\u00e1 sv\u00e9 specifick\u00e9 vyu\u017eit\u00ed v \u0159\u00edzen\u00ed rizika i optimalizaci financov\u00e1n\u00ed:<\/span><\/p><p><b>1. Fixed-to-Floating Swap:<\/b> V\u00fdm\u011bna pevn\u00e9<a href=\"https:\/\/cryptonews.com\/cz\/academy\/urokova-sazba\/\"> \u00farokov\u00e9 sazby<\/a> za prom\u011bnlivou.<\/p><p><b>Vyu\u017eit\u00ed:<\/b><span style=\"font-weight: 400\"> Ochrana proti r\u016fstu \u00farokov\u00fdch sazeb.<\/span><\/p><p><b>2. Floating-to-Floating Swap:<\/b> Ob\u011b strany plat\u00ed prom\u011bnliv\u00fd \u00farok, ale ka\u017ed\u00fd podle jin\u00e9ho benchmarku (nap\u0159. SOFR vs. EURIBOR).<\/p><p><b>Vyu\u017eit\u00ed:<\/b><span style=\"font-weight: 400\"> Diverzifikace expozice v\u016f\u010di r\u016fzn\u00fdm trh\u016fm.<\/span><\/p><p><b>3. Fixed-to-Fixed Swap:<\/b> V\u00fdm\u011bna dvou pevn\u00fdch sazeb denominovan\u00fdch v r\u016fzn\u00fdch m\u011bn\u00e1ch.<\/p><p><b>Vyu\u017eit\u00ed:<\/b><span style=\"font-weight: 400\"> Slou\u017e\u00ed k minimalizaci dopad\u016f zm\u011bn sm\u011bnn\u00fdch kurz\u016f.<\/span><\/p><p><b>4. Zero-Coupon Swap:<\/b> Jedna strana plat\u00ed jednor\u00e1zov\u011b fixn\u00ed \u010d\u00e1stku p\u0159i splatnosti, zat\u00edmco druh\u00e1 strana pravideln\u011b odv\u00e1d\u00ed prom\u011bnliv\u00fd \u00farok.<\/p><p><b>Vyu\u017eit\u00ed:<\/b><span style=\"font-weight: 400\"> \u0158\u00edzen\u00ed <\/span>cash flow <span style=\"font-weight: 400\">u firem s nepravideln\u00fdmi p\u0159\u00edjmy.<\/span><\/p><p><b>5. Forward Swap: <\/b>Smlouva, kter\u00e1 vstoup\u00ed v platnost a\u017e v budoucnu podle p\u0159edem stanoven\u00fdch podm\u00ednek.<\/p><p><b>Vyu\u017eit\u00ed:<\/b><span style=\"font-weight: 400\"> Umo\u017e\u0148uje firm\u00e1m dop\u0159edu si \u201ezafixovat\u201c \u00farokov\u00e9 podm\u00ednky pro \u00fav\u011br nebo investici, kter\u00e1 za\u010dne a\u017e v budoucnu.<\/span><\/p><p><b>6. Callable Swap: <\/b>Jedna strana m\u00e1 mo\u017enost p\u0159ed\u010dasn\u011b ukon\u010dit smlouvu, pokud se tr\u017en\u00ed podm\u00ednky v\u00fdrazn\u011b zm\u011bn\u00ed.<\/p><p><b>Vyu\u017eit\u00ed:<\/b><span style=\"font-weight: 400\"> Flexibilita p\u0159i nejist\u00e9m v\u00fdvoji \u00farokov\u00fdch sazeb.<\/span><\/p><p><b>7. Step-Up \/ Step-Down Swap:<\/b> \u00darokov\u00e1 sazba se v \u010dase m\u011bn\u00ed \u2013 m\u016f\u017ee r\u016fst nebo klesat podle dohodnut\u00e9ho harmonogramu.<\/p><p><b>Vyu\u017eit\u00ed:<\/b><span style=\"font-weight: 400\"> P\u0159izp\u016fsoben\u00ed swapu o\u010dek\u00e1van\u00e9mu v\u00fdvoji trhu nebo finan\u010dn\u00ed strategii spole\u010dnosti.<\/span><\/p><p><span style=\"font-weight: 400\"><div class=\"su-note\" style=\"border-color:#e0d5e5;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#faefff;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<p><b>EURIBOR<\/b><span style=\"font-weight: 400\"> (Euro Interbank Offered Rate) je referen\u010dn\u00ed \u00farokov\u00e1 sazba, za kterou si evropsk\u00e9 banky mezi sebou p\u016fj\u010duj\u00ed pen\u00edze na mezibankovn\u00edm trhu v eurech.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><\/span><\/p><\/div><\/div><\/span><\/p><h2><span id=\"h-ocenovani-urokovych-swapu\">Oce\u0148ov\u00e1n\u00ed \u00farokov\u00fdch swap\u016f<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">P\u0159i ocen\u011bn\u00ed mus\u00ed b\u00fdt <\/span><b>sou\u010dasn\u00e1 hodnota pen\u011b\u017en\u00edch tok\u016f obou stran stejn\u00e1<\/b><span style=\"font-weight: 400\">. K v\u00fdpo\u010dtu jsou nutn\u00e9 tyto parametry:<\/span><\/p><ul>\n<li style=\"font-weight: 400\"><b>Notional principal (jistina)<\/b><span style=\"font-weight: 400\"> \u2013 referen\u010dn\u00ed \u010d\u00e1stka pro v\u00fdpo\u010det \u00farok\u016f.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Floating rate (plovouc\u00ed sazba)<\/b><span style=\"font-weight: 400\"> \u2013 sazba odvozen\u00e1 od benchmarku (nap\u0159. SOFR nebo EURIBOR).<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Maturity<\/b><span style=\"font-weight: 400\"> \u2013 d\u00e9lka trv\u00e1n\u00ed swapu.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Payment frequency<\/b><span style=\"font-weight: 400\"> \u2013 jak \u010dasto jsou \u00faroky vypo\u0159\u00e1d\u00e1v\u00e1ny.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Yield curve (v\u00fdnosov\u00e1 k\u0159ivka)<\/b><span style=\"font-weight: 400\"> \u2013 kl\u00ed\u010dov\u00fd n\u00e1stroj pro ur\u010den\u00ed spravedliv\u00e9 fixn\u00ed sazby.<\/span><\/li>\n<\/ul><figure id=\"attachment_4639\" aria-describedby=\"caption-attachment-4639\" style=\"width: 1359px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4639 lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"Aktu\u00e1ln\u00ed v\u00fdnosov\u00e1 k\u0159ivka pro americk\u00e9 SOFR sazby: 1m\u011bs\u00ed\u010dn\u00ed (sv\u011btle modr\u00e1) a 3m\u011bs\u00ed\u010dn\u00ed sa(tmav\u011b modr\u00e1). Zdroj: chathamfinancial\" width=\"1359\" height=\"636\" sizes=\"auto, (max-width: 1359px) 100vw, 1359px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05121805\/1762345084-4.jpg\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05121805\/1762345084-4.jpg 1359w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05121805\/1762345084-4-300x140.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05121805\/1762345084-4-1024x479.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05121805\/1762345084-4-768x359.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05121805\/1762345084-4-450x211.jpg 450w\"><figcaption id=\"caption-attachment-4639\" class=\"wp-caption-text\">Aktu\u00e1ln\u00ed v\u00fdnosov\u00e1 k\u0159ivka pro americk\u00e9 SOFR sazby: 1m\u011bs\u00ed\u010dn\u00ed (sv\u011btle modr\u00e1) a 3m\u011bs\u00ed\u010dn\u00ed sa(tmav\u011b modr\u00e1). Zdroj: <a href=\"https:\/\/www.chathamfinancial.com\/technology\/us-forward-curves\">chathamfinancial<\/a><\/figcaption><\/figure><p><b>V\u00fdnosov\u00e1 k\u0159ivka<\/b><span style=\"font-weight: 400\"> zohled\u0148uje <\/span><b>sou\u010dasnou hodnotu budouc\u00edch pen\u011b\u017en\u00edch tok\u016f (PV)<\/b><span style=\"font-weight: 400\"> a umo\u017e\u0148uje p\u0159esn\u00e9 ocen\u011bn\u00ed swap\u016f s r\u016fznou dobou splatnosti. Vyu\u017e\u00edv\u00e1 <\/span><b>diskontn\u00ed faktory<\/b><span style=\"font-weight: 400\">, kter\u00e9 zapo\u010d\u00edt\u00e1vaj\u00ed o\u010dek\u00e1van\u00e9 <\/span><b>zm\u011bny \u00farokov\u00fdch sazeb v \u010dase<\/b><span style=\"font-weight: 400\">, a pom\u00e1h\u00e1 odhadnout <\/span><b>budouc\u00ed platby prom\u011bnliv\u00fdch \u00farok\u016f<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><span style=\"font-weight: 400\">Z\u00e1rove\u0148 bere v \u00favahu i <\/span><b>forwardov\u00e9 sazby<\/b><span style=\"font-weight: 400\">, tedy o\u010dek\u00e1v\u00e1n\u00ed trhu ohledn\u011b budouc\u00edho v\u00fdvoje \u00farok\u016f.<\/span><\/p><p><span style=\"font-weight: 400\">Zjednodu\u0161en\u011b \u0159e\u010deno \u2013 <\/span><b>v\u00fdnosov\u00e1 k\u0159ivka<\/b><span style=\"font-weight: 400\"><strong> pom\u00e1h\u00e1 ur\u010dit, jak\u00fd v\u00fdvoj sazeb trh o\u010dek\u00e1v\u00e1<\/strong>. Na jej\u00edm z\u00e1klad\u011b se pak <\/span><b>vypo\u010d\u00edt\u00e1 sou\u010dasn\u00e1 hodnota budouc\u00edch plateb a ur\u010d\u00ed f\u00e9rov\u00e1 fixn\u00ed sazba pro swap<\/b><span style=\"font-weight: 400\">, aby byly ob\u011b strany v rovnov\u00e1ze.<\/span><\/p><h2><span id=\"h-urokovy-swap-priklad-z-praxe\">\u00darokov\u00fd swap: P\u0159\u00edklad z praxe<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<figure id=\"attachment_4632\" aria-describedby=\"caption-attachment-4632\" style=\"width: 1184px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4632 size-full lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"P\u0159\u00edklad \u00farokov\u00e9ho swapu mezi firmou a fondem\" width=\"1184\" height=\"518\" sizes=\"auto, (max-width: 1184px) 100vw, 1184px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05111523\/1762341322-2.jpg\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05111523\/1762341322-2.jpg 1184w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05111523\/1762341322-2-300x131.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05111523\/1762341322-2-1024x448.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05111523\/1762341322-2-768x336.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/11\/05111523\/1762341322-2-450x197.jpg 450w\"><figcaption id=\"caption-attachment-4632\" class=\"wp-caption-text\">P\u0159\u00edklad \u00farokov\u00e9ho swapu mezi firmou a hedgeov\u00fdm fondem<\/figcaption><\/figure>\n<\/p><p><span style=\"font-weight: 400\">Firma A m\u00e1 floating-rate p\u016fj\u010dku 10 milion\u016f USD (nap\u0159. SOFR + 1 %) a chce stabilitu. Hedgeov\u00fd fond B chce naopak vysoce rizikovou expozici s mo\u017enost\u00ed vy\u0161\u0161\u00edho v\u00fdnosu. Uzav\u0159ou swap:<\/span><\/p><ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Notional: 10 000 000 USD<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Fixn\u00ed sazba: 3 %<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Floating: SOFR + 1 %<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Term\u00edn: 1 rok, platby ka\u017ed\u00fdch 6 m\u011bs\u00edc\u016f<\/span><\/li>\n<\/ul><p><b>Po prvn\u00edm obdob\u00ed (6 m\u011bs\u00edc\u016f) se sazby nezm\u011bn\u00ed<\/b><span style=\"font-weight: 400\"> \u2013 \u017e\u00e1dn\u00e1 strana nic neplat\u00ed. Po druh\u00e9m obdob\u00ed SOFR vzroste na 3 %. <\/span><b>Floating sazba tedy \u010din\u00ed 4 %<\/b><span style=\"font-weight: 400\">.<\/span><\/p><ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A zaplat\u00ed 150 000 USD (fixn\u00ed 3 %)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">B zaplat\u00ed 200 000 USD (floating 4 %)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Rozd\u00edl 50 000 USD zaplat\u00ed B spole\u010dnosti A.<\/span><\/li>\n<\/ul><p><span style=\"font-weight: 400\">Tento <\/span><b>\u00farokov\u00fd swap p\u0159\u00edklad<\/b><span style=\"font-weight: 400\"> ukazuje, jak firmy chr\u00e1n\u00ed sv\u00e9 rozpo\u010dty p\u0159ed rostouc\u00edmi sazbami, zat\u00edmco investo\u0159i vyu\u017e\u00edvaj\u00ed zm\u011bny trhu ve sv\u016fj prosp\u011bch.<\/span><\/p><h2><span id=\"h-rizika-urokovych-swapu\">Rizika \u00farokov\u00fdch swap\u016f<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">\u00darokov\u00e9 swapy jsou sice \u00fa\u010dinn\u00fdm n\u00e1strojem pro \u0159\u00edzen\u00ed finan\u010dn\u00edch rizik, ale samy o sob\u011b <\/span><b>nesou n\u011bkolik v\u00fdznamn\u00fdch rizikov\u00fdch faktor\u016f<\/b><span style=\"font-weight: 400\">. Nejv\u011bt\u0161\u00edm z nich je <\/span><b>riziko protistrany<\/b><span style=\"font-weight: 400\"> \u2013 tedy mo\u017enost, \u017ee druh\u00e1 strana nedodr\u017e\u00ed sv\u00e9 z\u00e1vazky. D\u00e1le je zde <\/span><b>tr\u017en\u00ed riziko<\/b><span style=\"font-weight: 400\">, kdy se \u00farokov\u00e9 sazby mohou vyv\u00edjet jinak, ne\u017e investo\u0159i o\u010dek\u00e1vaj\u00ed, co\u017e m\u016f\u017ee v\u00e9st ke ztr\u00e1t\u00e1m.<\/span><\/p><p><span style=\"font-weight: 400\">Krom\u011b toho existuje i <\/span><b>likviditn\u00ed riziko<\/b><span style=\"font-weight: 400\">, proto\u017ee swapy obchodovan\u00e9 mimo burzu (OTC) neb\u00fdvaj\u00ed snadno prodejn\u00e9 ani upraviteln\u00e9. A v neposledn\u00ed \u0159ad\u011b je nutn\u00e9 po\u010d\u00edtat s <\/span><b>regula\u010dn\u00edm rizikem<\/b><span style=\"font-weight: 400\">, jeliko\u017e OTC trhy jsou st\u00e1le v\u00edce pod dohledem a mohou podl\u00e9hat p\u0159\u00edsn\u011bj\u0161\u00edm pravidl\u016fm \u010di po\u017eadavk\u016fm na zaji\u0161t\u011bn\u00ed.<\/span><\/p><h2><span id=\"h-klady-a-zapory-urokovych-swapu\">Klady a z\u00e1pory \u00farokov\u00fdch swap\u016f<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">\u00darokov\u00e9 swapy jsou d\u016fle\u017eit\u00fdm finan\u010dn\u00edm n\u00e1strojem, ale stejn\u011b jako jin\u00e9 deriv\u00e1ty maj\u00ed sv\u00e9 <\/span><b>v\u00fdhody a nev\u00fdhody<\/b><span style=\"font-weight: 400\">. A ty je pot\u0159eba zn\u00e1t p\u0159ed jejich vyu\u017eit\u00edm v praxi.<\/span><\/p><div class=\"su-note\" style=\"border-color:#e0d5e5;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#faefff;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<p><span style=\"font-weight: 400\"><div class=\"su-row\"><div class=\"su-column su-column-size-1-2\"><div class=\"su-column-inner su-u-clearfix su-u-trim\">\n<p><b>Klady<\/b><\/p>\n<p><span style=\"font-weight: 400\"><div class=\"su-list\" style=\"margin-left:0px\">\n<ul>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> Hlavn\u00ed v\u00fdhodou \u00farokov\u00fdch swap\u016f je mo\u017enost zaji\u0161t\u011bn\u00ed proti r\u016fstu nebo poklesu \u00farokov\u00fdch sazeb. Spole\u010dnosti si tak mohou stabilizovat n\u00e1klady na \u00fav\u011bry a l\u00e9pe pl\u00e1novat rozpo\u010det.<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> Swapy lze nastavit p\u0159esn\u011b podle po\u017eadavk\u016f obou stran \u2013 od d\u00e9lky trv\u00e1n\u00ed, typu sazby a\u017e po m\u011bnu. D\u00edky tomu jsou vhodn\u00e9 jak pro korporace, tak pro finan\u010dn\u00ed instituce.<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> Firmy mohou pomoc\u00ed swapu z\u00edskat v\u00fdhodn\u011bj\u0161\u00ed \u00farokov\u00e9 podm\u00ednky, ne\u017e jak\u00e9 by m\u011bly p\u0159i p\u0159\u00edm\u00e9m \u00fav\u011bru. To zvy\u0161uje efektivitu financov\u00e1n\u00ed.<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> V dob\u011b, kdy centr\u00e1ln\u00ed banky \u010dasto m\u011bn\u00ed sazby, mohou \u00farokov\u00e9 swapy slou\u017eit jako stabiliza\u010dn\u00ed n\u00e1stroj, kter\u00fd chr\u00e1n\u00ed zisky a cash flow p\u0159ed ne\u010dekan\u00fdmi v\u00fdkyvy.<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> \u00darokov\u00e9 swapy lze kombinovat s dal\u0161\u00edmi deriv\u00e1ty, jako jsou forwardy nebo m\u011bnov\u00e9 swapy, \u010d\u00edm\u017e vznik\u00e1 mo\u017enost komplexn\u00edho \u0159\u00edzen\u00ed rizik a optimalizace finan\u010dn\u00ed strategie podle aktu\u00e1ln\u00edch tr\u017en\u00edch podm\u00ednek.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><\/span><\/p><\/div><\/span><\/p><\/div><\/div> <div class=\"su-column su-column-size-1-2\"><div class=\"su-column-inner su-u-clearfix su-u-trim\">\n<p><b>Z\u00e1pory<\/b><\/p>\n<p><span style=\"font-weight: 400\"><div class=\"su-list\" style=\"margin-left:0px\">\n<ul>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> <span style=\"font-weight: 400\">Nejv\u011bt\u0161\u00edm probl\u00e9mem m\u016f\u017ee b\u00fdt situace, kdy druh\u00e1 strana nespln\u00ed sv\u00e9 z\u00e1vazky. Proto se v\u011bt\u0161ina swap\u016f realizuje prost\u0159ednictv\u00edm bank nebo clearingov\u00fdch center.<\/span><\/li>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> <span style=\"font-weight: 400\">\u00darokov\u00e9 swapy vy\u017eaduj\u00ed hlub\u0161\u00ed znalost finan\u010dn\u00edch trh\u016f, v\u00fdnosov\u00fdch k\u0159ivek a princip\u016f oce\u0148ov\u00e1n\u00ed \u00farok\u016f. Bez dostate\u010dn\u00fdch zku\u0161enost\u00ed m\u016f\u017ee b\u00fdt slo\u017eit\u00e9 spr\u00e1vn\u011b posoudit rizika i v\u00fdhodnost cel\u00e9 transakce.<\/span><\/li>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> <span style=\"font-weight: 400\">Na rozd\u00edl od burzovn\u00edch deriv\u00e1t\u016f se v\u011bt\u0161ina swap\u016f obchoduje mimo burzu (OTC). To znamen\u00e1, \u017ee je \u010dasto t\u011b\u017ek\u00e9 je p\u0159ed\u010dasn\u011b ukon\u010dit nebo prodat.<\/span><\/li>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> <span style=\"font-weight: 400\">Pokud se \u00farokov\u00e9 sazby vyv\u00edjej\u00ed opa\u010dn\u011b, ne\u017e \u00fa\u010dastn\u00edk o\u010dek\u00e1v\u00e1, swap m\u016f\u017ee m\u00edsto ochrany p\u0159in\u00e9st ztr\u00e1tu. \u00dasp\u011bch z\u00e1vis\u00ed na p\u0159esn\u00e9m odhadu trhu.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><\/span><\/p><\/div><\/span><\/p><\/div><\/div><\/div><\/span><\/p>\n<\/div><\/div><h2><span id=\"h-kde-obchodovat-urokove-swapy-jako-retailovy-investor\">Kde obchodovat \u00farokov\u00e9 swapy jako retailov\u00fd investor<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<b>Klasick\u00e9 \u00farokov\u00e9 swapy nejsou obchodovateln\u00e9 p\u0159es b\u011b\u017en\u00e9 retailov\u00e9 brokery. <\/b><span style=\"font-weight: 400\">Ale existuj\u00ed <\/span><b>deriv\u00e1ty<\/b><span style=\"font-weight: 400\">, kter\u00e9 <\/span><b>napodobuj\u00ed nebo odr\u00e1\u017eej\u00ed v\u00fdvoj \u00farokov\u00fdch swap\u016f<\/b><span style=\"font-weight: 400\">, a ty u\u017e se p\u0159es brokery obchodovat daj\u00ed.<\/span><\/p><h3><span id=\"h-interest-rate-futures-napr-na-cme\">Interest Rate Futures (nap\u0159. na CME)<\/span><\/h3><ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Futures na 3M SOFR, Eurodollar, nebo Euribor.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Sleduj\u00ed o\u010dek\u00e1van\u00fd v\u00fdvoj kr\u00e1tkodob\u00fdch sazeb.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Daj\u00ed se obchodovat p\u0159es velk\u00e9 brokery jako <\/span><b>Interactive Brokers, Saxo Bank, nebo TD Ameritrade<\/b><span style=\"font-weight: 400\">.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Ka\u017ed\u00fd kontrakt m\u00e1 jasnou specifikaci a margin.<\/span><\/li>\n<\/ul><p><b>P\u0159\u00edklad: <\/b><span style=\"font-weight: 400\">Chcete se zajistit proti r\u016fstu sazeb v USA \u2192 otev\u0159ete <\/span><b>short pozici na SOFR futures<\/b><span style=\"font-weight: 400\">, \u010d\u00edm\u017e z\u00edsk\u00e1te expozici podobnou jako u swapu s fixn\u00ed sazbou.<\/span><\/p><h3><span id=\"h-swap-futures-tzv-deliverable-swap-futures-dsr\">Swap Futures (tzv. Deliverable Swap Futures, DSR)<\/span><\/h3><ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Kombinuj\u00ed vlastnosti <a href=\"https:\/\/cryptonews.com\/cz\/investovani\/co-je-futures-kontrakt\/\">futures kontrakt\u016f<\/a> a swap\u016f.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Obchoduj\u00ed se na burz\u00e1ch jako <\/span><b>CME Group<\/b><span style=\"font-weight: 400\"> nebo <\/span><b>Eurex<\/b><span style=\"font-weight: 400\">.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Vypo\u0159\u00e1d\u00e1vaj\u00ed se jako klasick\u00fd swap v den expirace.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Objemov\u011b men\u0161\u00ed a p\u0159\u00edstupn\u00e9 i pro men\u0161\u00ed investory (od cca 100 000 USD nomin\u00e1lu).<\/span><\/li>\n<\/ul><p><span style=\"font-weight: 400\">Tyto kontrakty nab\u00edz\u00ed nap\u0159\u00edklad <\/span><b>Interactive Brokers nebo LYNX (p\u0159es CME)<\/b><span style=\"font-weight: 400\">. Ticker b\u00fdv\u00e1 nap\u0159. <\/span><b>CME 5-Year Swap Futures (S5Y)<\/b><span style=\"font-weight: 400\"> nebo <\/span><b>S5<\/b><span style=\"font-weight: 400\">.<\/span><\/p><h3><span id=\"h-etf-a-etn-produkty-navazane-na-urokove-sazby\">ETF a ETN produkty nav\u00e1zan\u00e9 na \u00farokov\u00e9 sazby<\/span><\/h3><ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Existuj\u00ed fondy, kter\u00e9 sleduj\u00ed <\/span>v\u00fdnosovou k\u0159ivku<span style=\"font-weight: 400\"> nebo <\/span>o\u010dek\u00e1van\u00e9 sazby<span style=\"font-weight: 400\">.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Nap\u0159. ETF <\/span><b>ProShares UltraShort 20+ Year Treasury (TBT)<\/b><span style=\"font-weight: 400\"> nebo <\/span><strong>ISHARES 7-10 YEAR TREASURY B (IEF)<\/strong><span style=\"font-weight: 400\">.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Vhodn\u00e9 pro <\/span><b>nep\u0159\u00edmou expozici na v\u00fdvoj \u00farok\u016f<\/b><span style=\"font-weight: 400\">, nikoli pro p\u0159esnou replikaci swapu.<\/span><\/li>\n<\/ul><p><span style=\"font-weight: 400\">Tyto kontrakty jsou k dipozici nap\u0159\u00edklad na <\/span><b>Interactive Brokers.<\/b><\/p><p><span style=\"font-weight: 400\">Zat\u00edmco <\/span><b>klasick\u00e9 \u00farokov\u00e9 swapy<\/b><span style=\"font-weight: 400\"> z\u016fst\u00e1vaj\u00ed dom\u00e9nou bank a velk\u00fdch hr\u00e1\u010d\u016f, b\u011b\u017en\u00ed trade\u0159i maj\u00ed k dispozici <\/span><b>burzovn\u00ed alternativy<\/b><span style=\"font-weight: 400\">, kter\u00e9 napodobuj\u00ed jejich efekt. <\/span><span style=\"font-weight: 400\">Pokud chcete <\/span><b>spekulovat na v\u00fdvoj \u00farokov\u00fdch sazeb<\/b><span style=\"font-weight: 400\"> nebo se proti nim <\/span><b>zaji\u0161\u0165ovat<\/b><span style=\"font-weight: 400\">, jsou <\/span><b>swap futures nebo SOFR futures<\/b><span style=\"font-weight: 400\"> nejlep\u0161\u00ed cestou.<\/span><\/p><h2><span id=\"h-zaver\">Z\u00e1v\u011br<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">\u00darokov\u00e9 swapy p\u0159edstavuj\u00ed d\u016fle\u017eit\u00fd finan\u010dn\u00ed n\u00e1stroj pro firmy i investory, kter\u00fd umo\u017e\u0148uje <\/span><b>z\u00edskat nebo zafixovat expozici v\u016f\u010di pohyb\u016fm \u00farokov\u00fdch sazeb<\/b><span style=\"font-weight: 400\">. D\u00edky nim lze efektivn\u011b <\/span><b>hedgovat riziko zm\u011bny sazeb<\/b><span style=\"font-weight: 400\"> nebo <\/span><b>z\u00edskat v\u00fdhodn\u011bj\u0161\u00ed nastaven\u00ed financov\u00e1n\u00ed<\/b><span style=\"font-weight: 400\">. <\/span><\/p><p><span style=\"font-weight: 400\">Mohou b\u00fdt mocn\u00fdm spojencem v \u0159\u00edzen\u00ed finan\u010dn\u00edch rizik \u2013 <\/span><b>pokud jsou pou\u017eity spr\u00e1vn\u011b<\/b><span style=\"font-weight: 400\">. Nab\u00edzej\u00ed stabilitu, flexibilitu a efektivn\u00ed zaji\u0161t\u011bn\u00ed proti kol\u00eds\u00e1n\u00ed \u00farokov\u00fdch sazeb, ale z\u00e1rove\u0148 <\/span><b>vy\u017eaduj\u00ed zku\u0161enosti, spr\u00e1vn\u00e9 na\u010dasov\u00e1n\u00ed a d\u016fkladnou anal\u00fdzu<\/b><span style=\"font-weight: 400\">.<\/span><\/p><h2><span id=\"h-faq\">FAQ<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<\/p><div class=\"man_faq_sec\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\">\r\n<!--                            <script>jQuery(document).ready(function() {\r\n\t\t\t\t\t\t\t\tjQuery(\".accordionButton\").click(function() {\r\n\t\t\t\t\t\t\t\t\tjQuery(\".accordionButton\").removeClass(\"on\");\r\n\t\t\t\t\t\t\t\t\tjQuery(\".accordionContent\").slideUp(\"normal\");\r\n\t\t\t\t\t\t\t\t\tif(jQuery(this).next().is(\":hidden\") == true) {\r\n\t\t\t\t\t\t\t\t\t\tjQuery(this).addClass(\"on\");\r\n\t\t\t\t\t\t\t\t\t\tjQuery(this).next().slideDown(\"normal\");\r\n\t\t\t\t\t\t\t\t\t } \r\n\t\t\t\t\t\t\t\t\t  \r\n\t\t\t\t\t\t\t\t });\r\n\t\t\t\t\t\t\t\t });\r\n\t\t\t\t\t\t\t<\/script>-->\r\n\t\t\t\t\t\t\t<section class=\"ms_faq ms_card \"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">Co je \u00farokov\u00fd swap a jak funguje?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">\u00darokov\u00fd swap<span style=\"font-weight: 400\"> je finan\u010dn\u00ed smlouva, ve kter\u00e9 si dv\u011b strany <\/span>vym\u011b\u0148uj\u00ed \u00farokov\u00e9 platby<span style=\"font-weight: 400\"> z ur\u010dit\u00e9ho nomin\u00e1ln\u00edho objemu pen\u011bz. Typicky jde o v\u00fdm\u011bnu mezi <\/span>fixn\u00ed a pohyblivou sazbou<span style=\"font-weight: 400\"> \u2013 nap\u0159\u00edklad jedna firma plat\u00ed fixn\u00ed \u00farok, zat\u00edmco druh\u00e1 plat\u00ed variabiln\u00ed (nap\u0159. podle SOFR nebo EURIBOR). C\u00edlem je <\/span>zaji\u0161t\u011bn\u00ed proti kol\u00eds\u00e1n\u00ed \u00farokov\u00fdch sazeb<span style=\"font-weight: 400\"> nebo spekulace na jejich v\u00fdvoj.<\/span> <\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">K \u010demu firmy vyu\u017e\u00edvaj\u00ed \u00farokov\u00e9 swapy?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\"><span style=\"font-weight: 400\">Firmy vyu\u017e\u00edvaj\u00ed <\/span>\u00farokov\u00e9 swapy k \u0159\u00edzen\u00ed \u00farokov\u00e9ho rizika<span style=\"font-weight: 400\">. Nap\u0159\u00edklad podnik s \u00fav\u011brem s pohyblivou sazbou se m\u016f\u017ee \u201epojistit\u201c v\u00fdm\u011bnou za fixn\u00ed \u00farok, pokud o\u010dek\u00e1v\u00e1 r\u016fst sazeb. Naopak spole\u010dnost s fixn\u00ed sazbou m\u016f\u017ee uzav\u0159\u00edt swap, aby <\/span>profitovala z p\u0159\u00edpadn\u00e9ho poklesu \u00farok\u016f<span style=\"font-weight: 400\">.<\/span> <\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">Jak\u00e9 jsou hlavn\u00ed rizika \u00farokov\u00fdch swap\u016f?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\"><span style=\"font-weight: 400\">\u00darokov\u00e9 swapy nesou <\/span>riziko zm\u011bny sazeb<span style=\"font-weight: 400\">, <\/span>kreditn\u00ed riziko protistrany<span style=\"font-weight: 400\"> (pokud druh\u00e1 strana nespln\u00ed sv\u00e9 z\u00e1vazky) a <\/span>tr\u017en\u00ed riziko<span style=\"font-weight: 400\">. Krom\u011b toho m\u016f\u017ee b\u00fdt obt\u00ed\u017en\u00e9 takov\u00fd kontrakt <\/span>p\u0159ed\u010dasn\u011b ukon\u010dit nebo prodat<span style=\"font-weight: 400\">, proto\u017ee se \u010dasto jedn\u00e1 o individu\u00e1ln\u00ed OTC dohodu mezi dv\u011bma stranami.<\/span><\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">Mohu \u00farokov\u00e9 swapy obchodovat jako b\u011b\u017en\u00fd investor?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\"><span style=\"font-weight: 400\">B\u011b\u017en\u00fd retailov\u00fd investor <\/span>nem\u016f\u017ee obchodovat klasick\u00e9 OTC \u00farokov\u00e9 swapy<span style=\"font-weight: 400\">, proto\u017ee jde o produkty ur\u010den\u00e9 velk\u00fdm korporac\u00edm a bank\u00e1m. Nicm\u00e9n\u011b je mo\u017en\u00e9 z\u00edskat podobnou expozici prost\u0159ednictv\u00edm <\/span>futures kontrakt\u016f na \u00farokov\u00e9 sazby<span style=\"font-weight: 400\">, tzv. <\/span>swap futures<span style=\"font-weight: 400\">, nebo p\u0159es <\/span>ETF fondy<span style=\"font-weight: 400\"> sleduj\u00edc\u00ed v\u00fdvoj v\u00fdnosov\u00e9 k\u0159ivky.<\/span><\/p>\r\n                <\/div><\/div><\/section>\n<h3><span id=\"h-reference\">Reference:<\/span><\/h3>\n<ul>\n<li>https:\/\/www.pimco.com\/us\/en\/resources\/education\/understanding-interest-rate-swaps<\/li>\n<li>https:\/\/kryptomagazin.cz\/vynosova-krivka-co-reprezentuje-jeji-tvar-a-jake-je-vyuziti\/<\/li>\n<li>https:\/\/www.techopedia.com\/definition\/interest-rate-swaps<\/li>\n<li>https:\/\/www.investopedia.com\/terms\/i\/interestrateswap.asp<\/li>\n<\/ul>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Pokud jste n\u011bkdy p\u0159em\u00fd\u0161leli, jak firmy nebo investo\u0159i chr\u00e1n\u00ed sv\u00e9 finance p\u0159ed v\u00fdkyvy \u00farokov\u00fdch sazeb, odpov\u011bd\u00ed mohou b\u00fdt \u00farokov\u00e9 swapy. Tento pojem zn\u00ed mo\u017en\u00e1 komplikovan\u011b, ale ve skute\u010dnosti jde o pom\u011brn\u011b elegantn\u00ed finan\u010dn\u00ed n\u00e1stroj, kter\u00fd se st\u00e1v\u00e1 nepostradatelnou sou\u010d\u00e1st\u00ed \u0159\u00edzen\u00ed rizika.V tomto \u010dl\u00e1nku se pod\u00edv\u00e1me na z\u00e1kladn\u00ed principy, typy a konkr\u00e9tn\u00ed p\u0159\u00edklady vyu\u017eit\u00ed t\u011bchto deriv\u00e1t\u016f [&hellip;]<\/p>\n","protected":false},"author":638,"featured_media":4267,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"topics":[445],"class_list":["post-4309","academy","type-academy","status-publish","has-post-thumbnail","hentry","topics-investovani-a-obchodovani-kryptomen","experience-pokrocily","content_type-pruvodce"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Co jsou \u00farokov\u00e9 swapy a jak funguj\u00ed? 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