diplomsko delo
Biserka Fekonja (Author), Samo Bobek (Mentor)

Abstract

Družba za upravljanje (v nadaljevanju DZU) mora v skladu z Zakonom o investicijskih skladih in družbah za upravljanje zagotavljati popolno evidenco imetnikov in vseh njihovih transakcij v skladih, ki jih upravlja. Za »klasične« vzajemne sklade, katerih investicijski kuponi niso uvrščeni s trgovanjem na Ljubljansko borzo, družba za upravljanje s primerno informacijsko podporo zagotavlja popolni pregled imetnikov investicijskih kuponov in njihovih transakcij, s tem pa tudi nad stanjem investicijskih kuponov v skladu. Pri skladih (ETF-exchange traded fund), ki kotirajo na borzi, se transakcije odvijajo na primarnem in sekundarnem trgu. Oblikujeta se dve vrednosti enote premoženja: »knjigovodska«, ki odraža stanje portfelja sklada in »tržna«, ki se oblikuje na borzi v odvisnosti od ponudbe in povpraševanja. Posledica primarnega trgovanja (prodaje oz. odkupa) je sprememba števila izdanih investicijskih kuponov, število le-teh lahko narašča ali se zmanjšuje glede na število prodanih oz. odkupljenih investicijskih kuponov. Slednje tako vpliva na spremembo v velikosti kapitala sklada. Nakup oziroma prodaja kuponov se vrši po knjigovodski vrednosti enote premoženja (v nadaljevanju VEP), ki jo izračunava DZU. Posledica sekundarnega trgovanja je sprememba imetništva investicijskih kuponov, ki se evidentira v centralnem registru Klirinško depotne družbe (v nadaljevanju KDD), število investicijskih kuponov pa ostane nespremenjeno. Trgovanje z investicijskimi kuponi ETF preko borze torej nima vpliva na velikost kapitala. Pri tem se zamenja lastnik investicijskih kuponov, sklad pa ne pridobi novega kapitala. Vlagatelji lahko investicijske kupone kupujejo ali prodajajo na borzi po tržni ceni. Pri tem se jim ne obračunajo stroški vstopnih ali izstopnih provizij temveč jih bremenijo le stroški borznega posredovanja. Družba za upravljanje je za ETF sklade dolžna voditi evidenco transakcij vlagatelja samo na primarnem trgu, hkrati pa zagotoviti, da je dnevno končno število investicijskih kuponov takega sklada usklajeno po obeh evidencah, v računalniški aplikaciji, ki podpira »pasivo« in v registru KDD. KDD je za vsak ETF sklad, ki ga upravlja Probanka upravljanje, odprla t.i. plavajoči račun, preko katerega potekajo prenosi investicijskih kuponov s trgovalnih računov vlagateljev na račun sklada v primeru prodaje in obratno v primeru nakupa investicijskih kuponov. Pregled dnevnih transakcij na plavajočem računu sklada omogoča vpogled v sistem KDD in njihovo aplikacijo Klient CRVP, s katerega DZU dnevno izpisuje promet po skladih in delniško knjigo sklada. Na osnovi teh izpisov se izračuna stanje investicijskih kuponov v obtoku po evidenci KDD, to pa mora ustrezati stanju v računalniški aplikaciji Moj denar, ki nudi informacijsko podporo v družbi za upravljanje. V pravilih upravljanja sklada je posebej predpisan postopek za izvršitev obračuna izplačila oz. vplačila investicijskih kuponov na primarnem trgu. Ker je največ transakcij na primarnem trgu prodaj investicijskih kuponov sklada ETF, sem v svoji diplomski nalogi na primeru Globalnega naložbenega sklada predstavila postopek izplačila investicijskih skladov, dnevno kontrolo stanja investicijskih kuponov sklada v obtoku in na plavajočem računu sklada. V svoji diplomski nalogi sem nakazala možne rešitve oziroma poenostavitve pri vodenju dnevnega stanja kuponov v skladu, saj je od tega odvisna izračunana vrednost enote premoženja sklada. Informacijska podpora procesom obračunavanja vplačil in izplačil mora omogočati čim več avtomatizma (uvoz podatkov, kjer za to obstaja možnost), saj se s tem zmanjša možnost napake zaradi »človeškega faktorja«. Vsak sklad ima svoja pravila upravljanja, v katerih so določeni parametri, ki jih mora aplikacija podpirati. V okviru podskladov Krovnega sklada Probanka (KSP) je več vrst kuponov oziroma varčevalnih načrtov s posebnostmi glede vstopnih in izstopnih stroškov, pri vplačilih v podsklade KSP in sklade ETF veljajo različne presečne ure glede p

Keywords

družbe za upravljanje;vzajemni skladi;vrednost;premoženje;borzništvo;informacijski sistemi;računalniški programi;podpora;podatki;uporabniki;programska oprema;

Data

Language: Slovenian
Year of publishing:
Source: Maribor
Typology: 2.11 - Undergraduate Thesis
Organization: UM EPF - Faculty of Economics and Business
Publisher: [B. Fekonja]
UDC: 004:336.714
COBISS: 9911836 Link will open in a new window
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Other data

Secondary language: English
Secondary title: Information support for mutual and index investment funds managed by assest management company
Secondary abstract: A fund management company needs to provide a comprehensive evidence of all unit holders and their transactions in the funds that it manages. A fund management company provides the »classical« mutual funds that are not listed on the Ljubljana Stock Exchange the required information on investment unit holder evidence and their transactions with the appropriate IT support, which also allows the company to keep track of the number of outstanding investment units. Transactions in the funds that are listed on the exchange (ETF – exchange traded fund) take place in the primary as well as the secondary market. This gives rise to two Net Asset Values (NAV): a »book value«, which reflects the actual value of the fund's portfolio, and a »market value«, which is formed on the exchange through supply and demand forces. The direct result of transactions (buy or sell) in the primary market is a change in the number of outstanding investment units, purchases increase the number of units while sales decrease them. Therefore, there is a direct impact on the size of the fund's assets. These transactions take place at the »book« NAV calculated by the fund management company. On the other hand, transactions that take place on the secondary market do not affect the number of outstanding investment units, as the only consequence of such transactions is the transfer of ownership recorded by the Central Clearing Corporation in its registry. Thus, exchange trading of investment units does not affect the size of the fund's assets. The only expense for investors purchasing and/or selling investment units at the prevailing market price on the exchange is a brokerage commission. This contrasts with the front-end and/or back-end loads typically charged by the fund management companies for transactions on the primary market. Although a fund management company is only required to keep an evidence of investors' transactions on the primary market for an exchange-traded fund, the company is obligated to reconcile the final daily number of outstanding units based on both registries – the »passive« side registry and the Central Clearing Corporation registry. The Central Clearing Corporation has set up a special floating account for each ETF that is managed by Probanka Asset Management Ltd. The purpose of the floating account is to facilitate the transfer of investment units between the investors' brokerage accounts and the fund's account when investors make transaction on the exchange. The daily statement of transactions on the floating account for a particular fund allows the management company to access the Central Clearing Corporation's system and their »Klient CRVP« application, which is used by the company to retrieve daily transactions for each fund as well as the fund's registry of unit holders. Based on these statements the company calculates the number of units outstanding in the Central Clearing Corporation registry, which, in turn, must correspond to the number of units in the »Moj denar« software application used by the fund management company. The prospectus of the fund details the procedure for the execution of transactions on the primary market. Due to the fact that the vast majority of these primary market transactions are sales of units in an ETF, I have presented in my thesis the procedure of executing a sale transaction using the Global investment fund as an example. In addition, I have described the daily reconciliation of investment units outstanding between the company's registry and the fund's floating account. In my thesis I have outlined possible solutions, or rather, simplifications to the process of accounting for the number of investment units, which is a crucial part of daily Net Asset Value calculation. IT support for the execution of purchase and sale transactions must allow as much automation as possible (e.g. import of data) as it reduces the number and likelihood of »human factor« errors. Each fund has it rules, detailed in the prospectus, which define the parameters that the software
Secondary keywords: asset management company;mutual fund;exchange-traded fund;investment unit;balance of investment units in a fund;fund's floating account;investors' registry;information support;software application;comprehensive investors' evidence;evidence of transactions;net asset value;
URN: URN:SI:UM:
Type (COBISS): Undergraduate thesis
Thesis comment: Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages: 63 str.
Keywords (UDC): science and knowledge;organization;computer science;information;documentation;librarianship;institutions;publications;znanost in znanje;organizacije;informacije;dokumentacija;bibliotekarstvo;institucije;publikacije;prolegomena;fundamentals of knowledge and culture;propaedeutics;prolegomena;splošne osnove znanosti in kulture;computer science and technology;computing;data processing;računalniška znanost in tehnologija;računalništvo;obdelava podatkov;social sciences;družbene vede;economics;economic science;ekonomija;ekonomske vede;finance;finance;money;monetary system;banking;stock exchanges;denar;monetarni sistem;bančništvo;borzništvo;
ID: 986088