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There are also other reasons forcing primary holder to participate in trade in the secondary market. For example, he wants to provide higher liquidity of the portfolio waiting for change of interest rates or to use bigger profitability or lower risk level of certain papers and therefore gets them in the secondary market. Or it is even simpler: in the market there can be a buyer offering the favorable price (it can occur if the buyer expects the possible growth of interest rates in the future and it is ready to get data of paper with lower discount, than at primary their sales.

Often direct transfer of forfeytingovy papers to the new owner does not happen. He knows the cost of papers, terms of their address, knows the guarantor, but not the initial issuer. In this case the previous owner after period of validity of securities collects payments and translates them to the new owner. Than similar privacy speaks the secondary forfeytingovy market?

The international market of leasing services - one of the most dynamic. At the same time for it also certain restrictions are characteristic. So, its big shortcoming is that financing of leasing means more difficult documentary registration in comparison with forfeytingovy transactions.

Buying assets, the forfeyter makes investment. Perhaps, he does not wish to keep the means in a similar form for a long time at all, and on the contrary, seeks for resale of investment to other person who is also becoming a forfeyter. This subsequent resale of debts is evolved by the secondary forfeytingovy market.

Other direction where primary forfeyter performs the certain duties which are not divided by secondary buyers is check of an aval and guarantee. Certainly, the buyer in the secondary market at desire can send inquiry to the guarantor. However it will bring to unnecessary and, perhaps, to repeated duplication of the work connected with similar check.

In the organization surely there has to be a person who is responsible for timeliness of submission of bills for payment. It is preferable that accounting forms were a source of information on bills which terms expire.

Forfeyter can not receive financings on the terms of the fixed interest rate. In this case it can assume risk of financing on a floating rate which he hedges purchase of percentage futures.

From a point of sight of the exporter any sale on the basis of a floating rate of percent worsens possibilities of receiving a maximum of money. The matter is that primary forfeyter sells in the secondary market of paper with the discount which is based on the prevailing interest rate, and sale is carried out with a condition of final financial settlement for a certain date and taking into account the subsequent movement of interest rates. Actually before the expiration of the bill of such dates can be a little. Thus, the agreement means a high risk and can conduct to emergence of unpredictable obligations that, of course, is a reason for concern not only a forfeyter, but also his auditors.

In some countries insurance companies provide the policy, and provide only to the countries with low degree of risk. However at the certain level the insurance becomes unprofitable for a forfeyter. In general forfeyter seldom use services of insurance companies, but possibility of the address to the last should be meant.

The following component of an award is connected with that forfeytingovy financing is provided on the fixed interest rate. And though the forfeyter can coordinate terms of the obtained and allowed loans, the percentage risk remains (always there is a real possibility of that financing at the favorable rate can be inaccessible)

If bills are expressed in the currency a little widespread in the market, the award can include one more component, namely the commission charges connected with carrying out by a forfeyter of operation of a currency swap.

When delivery of goods is made? Date has to be close to date of providing financing. Important as well that the guarantor will hardly be able to avalize the bill until delivery will not be carried out.

The main reverse documents used as forfeytingovy tools are bills. However other types of securities can become object of a forfeyting also. It is important that these papers were "pure" (containing only the abstract obligation).