Difference between deliveries under the clearing agreement. The role of countertrade in international business

CLEARING AGREEMENTS

(Clearing Agreements; de Clearing; Clearing abcommen) - agreements concluded between the governments or central banks of issue of two states on the mutual offset of all or part of the debts and claims on trade and other economic relations of the contracting states without the use of gold or foreign currency for settlements.

K. s. arose in 1931 (the first agreement between Hungary and Switzerland on November 14, 1931) in connection with the currency crisis that affected most countries. In a number of states, government regulation of foreign exchange transactions was introduced, up to a complete ban on the export of gold, foreign currency and other means of payment, which extremely complicated and reduced foreign trade turnover.

Due to K. s. Importers and other debtors of one contracting state regulate their obligations towards the other by paying the due amounts in local currency into the local clearing house. The latter records payments into an account opened in the name of the central bank or clearing house of the other contracting state. The importers of the latter pay (also in their own currency) the amounts owed to the exporters and other creditors of the former to the central bank or clearinghouse, which deposits them in an account opened in favor of the clearing house of the former state.

Exporters and other creditors of both contracting states receive the amounts due to them from their clearing banks in local currency. As clearing banks (cash offices) receive notifications that importers have made payments due from them, clearing centers in both countries periodically balance the balances in their clearing accounts. Uninterrupted operation of the system. assumes equilibrium in the balance of payments covered by the agreement. A characteristic feature of clearings is their transformation of multilateral foreign trade into bilateral trade, in which the exchange of goods and settlements are limited to pairs of states that have entered into a clearing agreement. The transition of a large number of countries to a clearing system was one of the factors contributing to the overall reduction in “free” world trade.

By the beginning of the Second World War, the number of prisoners of the K. s. reached several hundred. Having emerged as a technical means that made it possible to maintain foreign trade relations, despite currency restrictions, clearings soon, especially in the hands of aggressor countries, turned into an instrument of trade policy. Germany in particular, both before and during the war, used cosmic rays. to obtain raw materials and other goods in the countries of continental Europe without spending gold and currency, increased the economic dependence of these countries on Germany and enormously increased their clearing debt (by the end of 1943 to 17 billion marks) without compensating for it with the export of German goods.

Diplomatic Dictionary. - M.: State Publishing House of Political Literature. A. Ya. Vyshinsky, S. A. Lozovsky. 1948 .

See what "CLEARING AGREEMENTS" are in other dictionaries:

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Among currency and economic commodity exchange transactions, the so-called pure barter. Barter transactions involve the exchange of shipments of goods agreed upon between the parties. The terms of a barter agreement either precisely determine the quantity and range of mutually supplied goods, or stipulate the full cost of the barter transaction and lists of goods accepted as equivalent by each party. Barter transactions usually involve almost simultaneous delivery of agreed goods to specified destinations (the gap between deliveries does not exceed one year. Despite the fact that barter is the oldest form of countertrade, among all forms of countertrade the total annual volume of barter barely reaches 5 %. Government organizations are also involved in barter transactions. Thus, the Moroccan government entered into a barter agreement with a Chinese company for the supply of a batch of plant protection chemicals worth $250 million in exchange for an equivalent batch of phosphates from Morocco. At the beginning of perestroika in the USSR, a French company conducted a barter transaction with a total value of $500 million, within the framework of which Soviet oil products were exchanged for imported food.

A currency economic compensation transaction is also direct compensation, or clearing agreement. In this case, direct compensation also involves the mutual supply of goods of equal value without settlements in foreign currency. The difference from a pure barter transaction is that that the parties agree on the range and prices of mutually supplied goods. Unlike barter transactions, direct compensation agreements may provide for a non-convertible cash balance that must be spent in the creditor country. The timing of mutual deliveries is almost the same. Transactions of this kind are usually concluded between universal trading companies, between export-import companies, between wholesale and retail companies from different countries, offering a wide range of products offered on the market. Clearing agreements are of an interstate nature and also require the parties to have lists and price lists for the goods exchanged, valid for the duration of such agreements. Each party opens an account in which the movement of goods between the parties is recorded in a conditional cash (clearing) form. The balance of such accounts at the end of the clearing agreement is ensured through balancing in hard currency or with the help of highly liquid goods, as well as goods that are currently needed by the creditor party. For example, there is an interstate clearing agreement between Iran and Indonesia, under which Indonesia supplied paper, rubber and tin sheets with anti-corrosion coating, receiving in exchange 30 thousand barrels per day of Iranian oil.

6 Question. The essence of switch, offset and counterpurchase agreements

"Switch"- this is a form of currency-economic commodity exchange transactions, the main difference of which is the participation of a third party, which leads to the transfer (switching) of the most important obligations under the transaction to it, which gave it its name. Switch-type transactions are a form of clearing agreement in which a third party, called a switch trader in Western practice, sells the rights to debts arising as a result of a unilaterally conducted commodity exchange transaction. It is customary to distinguish:

1. Product switch A-B) importer located in the country IN and not having hard currency for payment, to a third country C, and to the exporter of the country A the recipient of the goods (for delivery B-C) ​​located in country C pays;

2. Ffinance switch- supply of equivalent goods (in response to the supply A-B) an importer located in country B and not having hard currency for payment, to a third country C.

Export-import transaction A-B ends with the transfer in hard currency of the full value of the goods delivered to the country's importer.

Offset, also known as gentlemen's agreements, characterized by the fact that, unlike parallel transactions, it does not contain enforceable obligations of the exporter in relation to the counterpurchase, although the parties assume that the exporter agrees to compensate the cost of the contract A-B purchase goods from the importer, but in a quantity not legally established. This type of transaction is usually practiced between firms from different countries, and they are associated with government purchases of military equipment and equipment for nuclear power plants. A distinctive feature of such transactions is the inclusion in them of any supplies from the importing country related to the exported goods. The cost of such counter-delivery is offset by the exporter in the form of a proportional reduction in the full value of the international sales contract. Thus, the full cost of the contract under which an American company supplied the Indonesian government with a batch of fighter aircraft was reduced by an amount equivalent to the cost of a contract for the supply of components for the same American company produced by an Indonesian company.

Counterpurchase agreement, or advance purchases, involves the counter supply of goods within a specified period, carried out on the basis of a complicated international sales contract or the specified contract and the counter or advance purchase agreements attached to it. Counterpurchasing is considered one of the most popular forms of countertrade, especially in relationships between countries with different levels of economic development.

These transactions have an agreed mechanism for financial settlements, conditioned by real counter interconnected commodity and financial flows between the parties to the commercial compensation transaction. Typically, mutual settlements can be carried out either by hard currency transfers or through a clearing mechanism.

Typically, all trading operations on the financial market are carried out automatically. After the transaction is completed, funds are credited to the account or debited; this process begins after the so-called clearing.

Clearing is the procedure for making counter-obligations non-cash payments for goods, securities, etc., in other words, countertrade, when others are provided to the counter party for some goods or services.

During clearing, the amount of currency in the trader's account changes while taking into account the money gained or lost during a financial transaction, that is, the financial result of the transaction is determined. Clearing is based on mutual financial requirements, taking into account debts and other obligations. At the same time, they try to reduce cash flows between counterparties to zero, this is especially important in international transactions. Clearing is good because it increases asset mobility and sales volumes, and also reduces.

Intermediaries in this type of service are specialized clearing organizations; they find buyers for suppliers and secure orders between them.

Types of clearing

There are several types of this form of countertrade:

• Bank clearing- this is a non-cash settlement between banks through clearing houses, Central Bank departments or well-known commercial banks
• - a method of international payments between the governments of countries, made in a special clearing currency, used only non-cash and with the help of international payment agreements concluded by the states participating in this process
• Commodity clearing– performing settlements between the exchange and the actual product market

There is also a distinction between simple and multilateral clearing, depending on the number of members of the procedure.

An integral part of clearing - netting, when the clientele’s monetary claims go against its financial obligations. Based on its outcome, the position is calculated - balance. It is carried out without the dynamics of funds, which allows you to significantly save on all sorts of bank commissions, etc. It can also be bilateral or multilateral, just like clearing.

• Another advantage of netting is the absence of the need to strictly determine the amount of money to be paid if the claims are monetary.

Clearing organization is an institution with a special license from the Federal Commission that conducts clearing work on the exchange. It is obliged to approve the rules for conducting its activities and register them.

Clearing houses are formed to guarantee the financial integrity of exchanges and ensure the interests of clients. They organize, simplify and make calculations cheaper, taking on a huge array of information, thereby regulating market transactions. This is an intermediary for transactions with contracts,which need to be calculated daily, and later calculate the number of payments. The clearing house assigns positions to an individual partner and forms claims against “debtors” for the transfer of funds. Clearing is carried out every day based on the results of purchases and sales.

In futures transactions, a variable margin is accrued for an individual trader; based on the results of transfers of winnings or losses, the number of open positions an individual transaction participant has is recalculated, and the amount of money that should be held by the clearing organization is calculated. All bidders are notified of this. If one of them has not registered the required amount, then he must close the position during the session. If closing all positions of a given participant does not cover the costs, then the missing funds are deducted from all members of the clearing house, or a loan is taken out. To reduce such risks, funds are pre-formed, the minimum size of which is established by the Central Bank. The dynamics of funds occurs only within the organization, this ensures liquidity of the securities market and speeds up settlement processes, improving the quality of the bank.

The guarantee of settlements by the clearing house is usually called “novation”; it provides for the closure of all long positions within a specified period of time, regardless of the receipt of funds from participants in short positions.

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Using futures as an example, let's look at how clearing occurs. Let's say there is a buyer and a seller, each of them has $100 thousand in their account. The client purchases a futures contract from the seller for 120 thousand points. Before the first clearing, the price became 121 thousand points, which means the financial result will be as follows:

(121,000 – 120,000)/10 (price step) * 6 (average price step, depending on the dollar exchange rate) = 600

The buyer is in the black, the seller is in the minus by 600 monetary units, but they have not yet been withdrawn from the account and not credited, but written off to accumulated income.

The second clearing becomes decisive. Let’s say the futures price fell in front of it and became 119,000. Then the situation will be as follows:

600 +(119 000 – 121 000)/10 * 6 = — 600

That is, 600 monetary units will be deducted from the buyer and transferred to the seller. Thus, it is better not to count on accumulated income.

Clearing activity in general is the process of establishing mutual agreements that occur on the exchange between sellers and buyers of shares.

The transaction process can be described in several stages:

• transmission of instructions to the broker to carry out a certain operation
• an agreement is concluded between brokers
• the clauses of the transaction agreement are checked and the balance is calculated
• execution of a transaction (exchange of securities and currency)
• payment of commission to intermediaries and other persons facilitating trade.

Clearing functions:

• collecting information on completed contracts, adjusting the collected data
• review of registered contracts
• distribution of mutual responsibilities for deliveries and payments
• transfer of shares from seller to buyer
• carrying out cash settlements for transactions
• provision of guarantees.

Clearing can be divided into several stages.

1. Conducting a transaction by a trader, which is the basis for clearing.
2. Checking the terms of the contract, during which the indicators of performed actions are correlated by size, price, etc. Documents provided by two (or more) parties are compared. If inconsistencies are identified, the conditions are adjusted.
3. The transaction is registered and confirmed.
4. The sales volume, payment amount and commissions to the contributing organizations are determined.
5. In one session, many purchase, sale and resale transactions are carried out, and the resale is sometimes not re-registered to the investor. Information on transactions is accumulated and subsequently sent to the clearing house.
6. Exchange of goods or services for currency.
7. Preparation of papers for re-registration from one client to the account of another.

The shorter the settlement period, the better the foreign exchange market performs.

To calculate it, use the formula

t+n

• t- period of the transaction
• n- days during which the transaction will be completed

Sometimes the settlement period is equal to t + 0, i.e., the delivery of securities to the buyer and the crediting of currency to the seller occur on the day of the transaction.

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In clearing agreements, a limit on the credit mutually provided by the parties to cover a temporary excess of payments over receipts.

Conclusion of interstate payment and clearing agreements in order to save foreign exchange reserves (Asian Clearing Union, West African Clearing House, etc.).

Nazi Germany used currency clearing as a method of additional robbery of Western European countries, especially the countries it occupied. At the beginning of 1942, 17 out of 20 continental countries signed clearing agreements with Germany

As MEOs liberalized, clearing agreements between industrialized countries shrunk and disappeared. The opposite trend is typical for developing countries.

For the first time, CLEARING began to be used due to a shortage of metal money. The use of international CLEARING decreased after the easing of currency restrictions and the introduction of convertibility of major capitalist currencies in the late 50s. XX century Developing countries, which account for the vast majority of payment clearing agreements, continue to enter into them mainly due to a shortage of convertible currencies.

Clearing agreements are intergovernmental agreements on the mutual offset of counter trade claims and obligations arising from the value equality of goods supplies and services provided. Typically, such agreements are used in international trade by countries that do not have freely convertible national currencies. -Clearing settlements can be bilateral or multilateral.

CLEARING is a system of mutual non-cash payments for goods, securities and services provided, based on taking into account mutual financial claims and obligations, one of the forms of countertrade. It is customary to distinguish between domestic (interbank) currency, which is a system of settlements between banks carried out through specially created clearing houses, and international currency currency, implemented on the basis of intergovernmental agreements on the mutual offset of counterclaims and obligations arising from the cost equality of commodity supplies and rendered services, work performed. International payment agreements regulating payment procedures determine the list of goods and services exchanged, their prices and delivery dates. The currency currency system provides for the presence of a number of mandatory elements stipulated in intergovernmental agreements; a system of clearing accounts opened in authorized banks; the volume of currency; a payment equalization system (the debt balance on a clearing account can be repaid without the right to currency conversion, with limited or full conversion ) the procedure for the final repayment of the balance upon expiration of the interstate clearing agreement.

CLEARING AGREEMENTS - agreements between countries on mutual settlements, concluded under conditions of irreversibility of national currencies or with a country with an irreversible currency. that one. In accordance with K.s. mutual offset of payments for trade in goods and services was carried out and the procedure for covering the deficit in mutual trade was determined. In the 50s K.s. acted in the relations of the USSR and other socialist countries with Western countries, later with developing countries, as well as between the member countries of the Council for Mutual Economic Assistance (CMEA) before the introduction of multilateral settlements in transferable rubles. Most K.s. is concluded on a bilateral basis. But some agreements were international in nature and aimed at introducing multilateral clearing (for example, the European Payments Union).

Technically, clearing agreements can be carried out under a dual account system or a single account system.

The single account system involves opening a special account (or accounts) in a bank (or several banks) in one of the countries through which all payments are made. The double counting system is used more often. Clearing agreements allow all settlements with exporting companies to be carried out only in national currency (the exporter receives national currency as payment for goods delivered from the bank that conducts clearing settlements, and the importer deposits national currency into this bank as payment for imported goods received through clearing) . The main disadvantage of clearing agreements is that the funds

The second method of debt settlement is to reduce it to the extent permitted by the clearing agreement by increasing the debtor country's exports of goods or reducing its imports. Only in cases where the debt is not reduced during the stipulated period does it become necessary to repay the balance in gold or. This procedure for repaying the balance is provided for by the agreement between the USSR and Finland on the supply of goods for the period 1961-1965, concluded on October 22. 1959 The agreement states that if the balance on clearing accounts exceeds 18 million rubles, then the governments of the USSR and Finland will take the necessary measures within 3 months to eliminate the excess. If the excess is not eliminated, the creditor country has the right to suspend its deliveries or demand reimbursement of the excess amount in gold, freely convertible currency or other currency agreed upon by the banks maintaining clearing accounts. Finally, clearing agreements may provide for the settlement of debt in excess of allowable limits without converting the excess amount into hard currency or gold. Such accounts are called accounts with a non-convertible balance.

Swing - 1) in clearing agreements - a credit limit mutually provided by the parties to cover a temporary excess of payments over receipts 2) fluctuations in the exchange rate of securities, commodity prices, etc.

CLEARING AGREEMENT - an agreement between the governments or central banks of several countries on the centralized mutual netting of counterclaims and obligations in foreign trade.

CLEARING AGREEMENTS - international trade agreements providing for the use of export revenues in order to achieve balance in mutual trade. Formed as bilateral in the late 20s. XX century, subsequently turned into multilateral payment agreements. When concluding such agreements, the official exchange rate is used.

CLEARING AGREEMENT - see CLEARING AGREEMENT

CLEARING AGREEMENTS - see CLEARING AGREEMENTS

CLEARING AGREEMENT - international trade agreements providing for the use of

Currency currency in international practice. capitalist calculations countries have developed during economic years. crisis of 1929-33, which caused upheavals in the capitalist. monetary system. In the 30s most capitalist countries have introduced strict currency restrictions. The first clearing agreement was concluded between Switzerland and Hungary in 1931. By mid. 50s OK. 60% international capitalist calculations countries was carried out through currency exchange rates. Since 1958, in connection with the expansion of the convertibility of currencies of a number of capitalist. countries, the share of clearing settlements in the total payment turnover of the capitalist world is gradually decreasing.

Currency clearing was first introduced in 1931 during the global economic crisis. In March 1935, 74 clearing agreements were signed, in 1937 - 169. They covered 12% of international trade volume. After the Second World War due to

Clearing agreements- these are intergovernmental agreements on the mutual offset of counterclaims and obligations arising from the cost equality of goods supplies and services provided.

Clearing agreements are usually used in international trade by countries that do not have free convertibility of their national currency. Settlements based on clearing agreements can be bilateral or multilateral. According to the method of repayment of the balance arising during settlements, clearing agreements are divided into three types:

Clearing with free conversion(balances in excess of acceptable limits are paid in freely convertible currency);

Clearing without conversion rights(balances in excess of the permissible amount are repaid only by deliveries of goods);

Clearing with limited conversion(the balance in excess of the permissible amount is paid in convertible currency if it exceeded the amount established by the parties or was not repaid within the time agreed in advance).

Technically, clearing agreements can be carried out under a dual account system or a single account system.

1.Double counting system provides for the opening of special accounts in the central banks of the countries participating in the payment agreement through which all clearing settlements occur.

2.Single account system provides for the opening of a special account (or accounts) in a bank (or several banks) in one of the countries through which all payments are made. The double counting system is used more often. Clearing agreements allow all settlements with exporting firms to be carried out only in national currency (the exporter receives national currency as payment for goods delivered from the bank that conducts clearing settlements, and the importer deposits national currency into this bank as payment for imported goods received through clearing) . The main disadvantage of clearing agreements is that funds received from exports as clearing funds must be used to purchase goods only in the country in which the exported goods were sold. Despite the fact that clearing agreements assume the balance of mutual trade, in practice, due to price fluctuations and other reasons, imbalances often arise that cannot be quickly eliminated and which interfere with the normal development of trade. In the event of an imbalance in supplies, settlement mechanisms are provided, as well as the timing within which the balance should be determined (for example, once a year or once a quarter), the amount of acceptable debt and the timing of its repayment.

In modern conditions, the system has become widespread interbank clearing, minimizing balance amounts that must be settled in cash. The need for systematic settlements between banks based on the offset of mutual claims leads to the creation of special institutions called clearing houses.