{"id":305497,"date":"2021-12-21T16:06:30","date_gmt":"2021-12-21T14:06:30","guid":{"rendered":"https:\/\/www.etoro.com\/investing\/money-market-vs-capital-market\/"},"modified":"2025-04-29T13:08:25","modified_gmt":"2025-04-29T10:08:25","slug":"money-market-vs-capital-market","status":"publish","type":"page","link":"https:\/\/www.etoro.com\/cs-cz\/investing\/money-market-vs-capital-market\/","title":{"rendered":"Pen\u011b\u017en\u00ed trhy vs. kapit\u00e1lov\u00e9 trhy"},"content":{"rendered":"\n<p class=\"is-style-summary\">Pen\u011b\u017en\u00ed a kapit\u00e1lov\u00e9 trhy maj\u00ed sice podobn\u00e9, ale ne toto\u017en\u00e9 funkce. Pokud pochop\u00edte rozd\u00edly mezi nimi, m\u016f\u017ee v\u00e1m to pomoci p\u0159i rozhodov\u00e1n\u00ed, kter\u00e9 by v\u00e1m mohlo pomoci dos\u00e1hnout va\u0161ich osobn\u00edch investi\u010dn\u00edch c\u00edl\u016f.<\/p>\n\n\n\n<hr class=\"wp-block-separator wp-block-separator-color-dark-grey wp-block-separator-spaces-medium wp-block-separator-weight-1\"\/>\n\n\n\n<p>Jedn\u00edm z hlavn\u00edch d\u016fvod\u016f pro vznik finan\u010dn\u00edch trh\u016f bylo <strong>zajistit propojen\u00ed investor\u016f, kte\u0159\u00ed maj\u00ed voln\u00fd kapit\u00e1l, se spole\u010dnostmi, kter\u00e9 pot\u0159ebuj\u00ed prost\u0159edky<\/strong> na financov\u00e1n\u00ed sv\u00fdch projekt\u016f a rozvoje.<\/p>\n\n\n\n<p>Vzhledem k rozd\u00edln\u00fdm situac\u00edm a mo\u017enostem ka\u017ed\u00e9ho subjektu se <strong>u ka\u017ed\u00e9 transakce li\u0161\u00ed <\/strong><strong>m\u00edra n\u00e1vratnosti<\/strong>, <strong>doba trv\u00e1n\u00ed i pou\u017eit\u00fd finan\u010dn\u00ed n\u00e1stroj.<\/strong><\/p>\n\n\n\n<p>Proto <strong>m\u00e1 proces p\u0159esunu kapit\u00e1lu od investor\u016f ke spole\u010dnostem mnoho forem<\/strong>. Obecn\u011b se ale rozd\u011bluj\u00ed do dvou trh\u016f: kapit\u00e1lov\u00e9ho a pen\u011b\u017en\u00edho.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/07\/What-are-money-and-capital-markets_-Body-Image-1-3.png\" alt=\"\" class=\"wp-image-652626 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/07\/What-are-money-and-capital-markets_-Body-Image-1-3.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/07\/What-are-money-and-capital-markets_-Body-Image-1-3-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Co je pen\u011b\u017en\u00ed trh?<\/h2>\n\n\n\n<p><strong>Na pen\u011b\u017en\u00edm trhu se obchoduj\u00ed kr\u00e1tkodob\u00e9, likvidn\u00ed cenn\u00e9 pap\u00edry, obvykle s ni\u017e\u0161\u00edm rizikem.<\/strong> Jejich splatnost je v rozmez\u00ed od jednoho dne po jeden rok. Jedn\u00e1 se o tzv. n\u00e1stroje kr\u00e1tkodob\u00e9ho financov\u00e1n\u00ed.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Co je kr\u00e1tkodob\u00fd dluh?<\/h3>\n\n\n\n<p>Jak\u00fdkoli z\u00e1vazek, kter\u00fd m\u00e1 b\u00fdt <strong>splacen za m\u00e9n\u011b ne\u017e dvan\u00e1ct m\u011bs\u00edc\u016f<\/strong>, se pova\u017euje za kr\u00e1tkodob\u00fd dluh. Mezi n\u00e1stroje pou\u017e\u00edvan\u00e9 na pen\u011b\u017en\u00edm trhu pat\u0159\u00ed:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li><strong>Fondy pen\u011b\u017en\u00edho trhu<\/strong> <\/li>\n\n\n\n<li><strong>Vkladov\u00e9 certifik\u00e1ty (certificate of deposit, CD)<\/strong> <\/li>\n\n\n\n<li><strong>Dohody o zp\u011btn\u00e9m odkupu (repurchase agreement, Repo)<\/strong><\/li>\n\n\n\n<li><strong>St\u00e1tn\u00ed pokladni\u010dn\u00ed pouk\u00e1zky (treasury bills, T-Bill)<\/strong> <\/li>\n\n\n\n<li><strong>Komer\u010dn\u00ed sm\u011bnky<\/strong> <\/li>\n\n\n\n<li><strong>M\u011bnov\u00e9 swapy <\/strong><\/li>\n\n\n\n<li>Kr\u00e1tkodob\u00e9 \u00fav\u011bry a financov\u00e1n\u00ed bank a centr\u00e1ln\u00edch bank<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Kdo vyu\u017e\u00edv\u00e1 pen\u011b\u017en\u00ed trh?<\/h2>\n\n\n\n<p><mark><strong>V\u011bt\u0161inu obchod\u016f s kr\u00e1tkodob\u00fdm dluhem prov\u00e1d\u011bj\u00ed <\/strong><a href=\"https:\/\/finex.cz\/obchodujte-s-velkymi-hraci\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>velk\u00e9 instituce<\/strong><\/a>, jako jsou vl\u00e1dy, banky a podniky. Jejich c\u00edlem m\u016f\u017ee b\u00fdt snaha z\u00edskat v\u00fdnos z p\u0159ebyte\u010dn\u00e9 hotovosti, kterou maj\u00ed, nebo si mohou cht\u00edt p\u016fj\u010dit, aby zm\u00edrnily nedostatek kr\u00e1tkodob\u00e9<strong> likvidity<\/strong>. <\/mark><\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip: <\/strong>Vykro\u010dte do investi\u010dn\u00edho sv\u011bta pravou nohou a implementujte <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/five-golden-rules-of-investing\/\">p\u011bt zlat\u00fdch pravidel investov\u00e1n\u00ed<\/a>.<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Jak mohou investo\u0159i vyu\u017e\u00edvat pen\u011b\u017en\u00ed trh?<\/h2>\n\n\n\n<p>Drobn\u00ed investo\u0159i v minulosti pen\u011b\u017en\u00ed trh opom\u00edjeli, proto\u017ee <strong>sazby jsou zde obvykle jen nepatrn\u011b vy\u0161\u0161\u00ed ne\u017e sazby nab\u00edzen\u00e9 na b\u011b\u017en\u00fdch <\/strong><a href=\"https:\/\/www.mesec.cz\/clanky\/sporeni-v-cervnu-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>spo\u0159ic\u00edch \u00fa\u010dtech<\/strong><\/a>. Pokud chcete optimalizovat v\u00fdnosy a zv\u00fd\u0161it v\u00fdnosovou mar\u017ei va\u0161eho voln\u00e9ho kapit\u00e1lu, m\u016f\u017eete se o to pokusit pomoc\u00ed n\u00e1sleduj\u00edc\u00edch n\u00e1stroj\u016f pen\u011b\u017en\u00edho trhu.<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list wp-block-list-circle\">\n<li>Fondy pen\u011b\u017en\u00edho trhu<\/li>\n\n\n\n<li>Pod\u00edlov\u00e9 fondy<\/li>\n\n\n\n<li>Municip\u00e1ln\u00ed fondy<\/li>\n\n\n\n<li>Dluhopisy<\/li>\n\n\n\n<li>Vkladov\u00e9 certifik\u00e1ty<\/li>\n\n\n\n<li>\u00da\u010dty pen\u011b\u017en\u00edho trhu<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-etoro-emphasis wp-block-etoro-emphasis-border-green\">\n<p>Pen\u011b\u017en\u00ed trh a kapit\u00e1lov\u00fd trh se do jist\u00e9 m\u00edry p\u0159ekr\u00fdvaj\u00ed, co\u017e je pochopiteln\u00e9, proto\u017ee oba maj\u00ed stejn\u00fd c\u00edl: poskytnout prost\u0159ed\u00ed pro p\u0159evod kapit\u00e1lu od investor\u016f k podnik\u016fm.<\/p>\n<\/div>\n\n\n\n<p>Pen\u011b\u017en\u00ed trhy v\u00e1m mohou <strong>pomoci, pokud chcete sn\u00ed\u017eit celkovou m\u00edru rizika<\/strong> ve va\u0161em <a href=\"https:\/\/help.etoro.com\/s\/article\/what-is-the-portfolio?language=cs\">investi\u010dn\u00edm portfoliu<\/a>.<\/p>\n\n\n\n<p><strong>Sledov\u00e1n\u00ed pen\u011b\u017en\u00edch trh\u016f v\u00e1m nav\u00edc m\u016f\u017ee pomoci identifikovat kritick\u00e1 m\u00edsta ve finan\u010dn\u00edm syst\u00e9mu<\/strong>. Pokud dojde k vy\u010derp\u00e1n\u00ed <a href=\"https:\/\/www.csas.cz\/cs\/financni-slovnik\/Likvidita\" target=\"_blank\" rel=\"noreferrer noopener\">likvidity<\/a> nebo k pohybu \u00farokov\u00fdch sazeb na pen\u011b\u017en\u00edm trhu, nazna\u010duje to, \u017ee se dlu\u017en\u00edci a v\u011b\u0159itel\u00e9 v\u00edce ob\u00e1vaj\u00ed \u00fav\u011brov\u00e9ho rizika protistrany.<\/p>\n\n\n\n<p>To m\u016f\u017ee b\u00fdt <strong>jeden ze sign\u00e1l\u016f, kter\u00fd ozna\u010duje potenci\u00e1ln\u00ed za\u010d\u00e1tek <\/strong><a href=\"https:\/\/www.etoro.com\/cs-cz\/news-and-analysis\/copytrader\/how-to-build-a-portfolio-for-uncertain-times\/\"><strong>hospod\u00e1\u0159sk\u00e9ho poklesu<\/strong><\/a><strong>.<\/strong> Ten m\u016f\u017ee n\u00e1sledn\u011b ovlivnit ceny i ostatn\u00edch t\u0159\u00edd aktiv.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Co je kapit\u00e1lov\u00fd trh?<\/h2>\n\n\n\n<p><strong>Na kapit\u00e1lov\u00e9m trhu se obchoduje obrovsk\u00e9 mno\u017estv\u00ed finan\u010dn\u00edch aktiv na \u0161irok\u00e9m spektru trh\u016f. <\/strong>Mezi obchodovan\u00e9 n\u00e1stroje pat\u0159\u00ed <a href=\"https:\/\/www.etoro.com\/cs-cz\/discover\/markets\/stocks\">akcie<\/a> a dlouhodob\u00e9 dluhopisy, <a href=\"https:\/\/www.etoro.com\/cs-cz\/discover\/markets\/etf\">ETF<\/a>, m\u011bny a <a href=\"https:\/\/www.etoro.com\/cs-cz\/discover\/markets\/cryptocurrencies\">kryptoaktiva<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/07\/What-are-money-and-capital-markets_-Body-Image-2-3.png\" alt=\"\" class=\"wp-image-652647 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/07\/What-are-money-and-capital-markets_-Body-Image-2-3.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/07\/What-are-money-and-capital-markets_-Body-Image-2-3-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Co je dlouhodob\u00fd dluh?<\/h3>\n\n\n\n<p>Mezi n\u00e1stroje dlouhodob\u00e9ho dluhu pat\u0159\u00ed dluhopisy, p\u0159\u00edm\u00e9 p\u016fj\u010dky a aktiva kryt\u00e1 vlastn\u00edm kapit\u00e1lem. Charakteristick\u00fdm rysem t\u011bchto n\u00e1stroj\u016f je, \u017ee se o\u010dek\u00e1v\u00e1, \u017ee <strong>dohoda mezi dlu\u017en\u00edkem a investory bude trvat d\u00e9le ne\u017e dvan\u00e1ct m\u011bs\u00edc\u016f<\/strong>.&nbsp;<\/p>\n\n\n\n<p>Pokud dojde ke zhodnocen\u00ed t\u011bchto n\u00e1stroj\u016f v krat\u0161\u00edm horizontu a investor se rozhodne prodat je d\u0159\u00edve, tento prodej ji\u017e prob\u00edh\u00e1 na <a href=\"https:\/\/www.penize.cz\/slovnik\/sekundarni-trh\" target=\"_blank\" rel=\"noreferrer noopener\">sekund\u00e1rn\u00edm trhu<\/a>. V sou\u010dasn\u00e9 dob\u011b vyzn\u00e1v\u00e1 v\u011bt\u0161ina investor\u016f strategii ,,kup a dr\u017e&#8221; a dr\u017e\u00ed aktiva po del\u0161\u00ed dobu.<\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip: <\/strong>V dne\u0161n\u00ed dob\u011b za\u010d\u00edn\u00e1 b\u00fdt popul\u00e1rn\u00ed tak\u00e9 <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/ethical-investing\/\">etick\u00e9 investov\u00e1n\u00ed<\/a>, jeho\u017e c\u00edlem je krom\u011b zhodnocen\u00ed pen\u011bz i pozitivn\u00ed spole\u010densk\u00fd dopad.<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Kdo vyu\u017e\u00edv\u00e1 kapit\u00e1lov\u00fd trh?<\/h2>\n\n\n\n<p><mark><strong>Drobn\u00ed <\/strong>a institucion\u00e1ln\u00ed <strong>investo\u0159i vstupuj\u00ed na kapit\u00e1lov\u00e9 trhy proto, aby si zajistili kapit\u00e1lov\u00e9 v\u00fdnosy.<\/strong> Na druh\u00e9 stran\u011b kapit\u00e1lov\u00e9ho trhu stoj\u00ed podniky, banky a vl\u00e1dy, kter\u00e9 se sna\u017e\u00ed z\u00edskat finan\u010dn\u00ed prost\u0159edky na realizaci st\u0159edn\u011b a dlouhodob\u00fdch projekt\u016f. <\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Jak mohou investo\u0159i vyu\u017e\u00edvat kapit\u00e1lov\u00fd trh?<\/h2>\n\n\n\n<p>Pokud chcete vstoupit na kapit\u00e1lov\u00e9 trhy, m\u00e1te k dispozici \u0161irokou paletu aktiv, kter\u00e9 m\u016f\u017eete vyu\u017e\u00edt. Sta\u010d\u00ed v\u00e1m<strong> zaregistrovat si \u00fa\u010det u n\u011bjak\u00e9ho <\/strong><a href=\"https:\/\/www.etoro.com\/cs-cz\/about\/why-choose-us\/\"><strong>online brokera<\/strong><\/a><strong> a m\u016f\u017eete se rychle a snadno dostat k r\u016fzn\u00fdm n\u00e1stroj\u016fm<\/strong>.<\/p>\n\n\n\n<p>S jejich pomoc\u00ed m\u016f\u017eete z\u00edskat pravideln\u00fd p\u0159\u00edjem (nap\u0159. prost\u0159ednictv\u00edm <a href=\"https:\/\/www.etoro.com\/cs-cz\/stocks\/what-are-dividends\/\">dividend<\/a>) a kapit\u00e1lov\u00fd zisk.<strong> V\u00fdnos ov\u0161em nen\u00ed zaru\u010den\u00fd a m\u016f\u017eete o pen\u00edze i p\u0159ij\u00edt<\/strong>. V\u017edy berte v \u00favahu <strong>pom\u011br rizika a v\u00fdnosu<\/strong> v porovn\u00e1n\u00ed s va\u0161\u00ed toleranc\u00ed k riziku.<\/p>\n\n\n\n<div class=\"wp-block-etoro-tip wp-block-etoro-tip-border-yellow\"><span class=\"wp-block-etoro-tip-icon\"><\/span><div class=\"wp-block-etoro-tip-text\">\n<p><strong>Tip: <\/strong>Pokud chcete vyzkou\u0161et novou t\u0159\u00eddu aktiv, se kterou zat\u00edm nem\u00e1te zku\u0161enosti, doporu\u010dujeme nejd\u0159\u00edve investovat bez rizika prost\u0159ednictv\u00edm <a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/demo-account\/\">demo \u00fa\u010dtu<\/a>.&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<p>Vzhledem k obrovsk\u00e9 \u0161k\u00e1le n\u00e1stroj\u016f m\u016f\u017ee kapit\u00e1lov\u00fd trh poskytnout r\u016fzn\u00e9 alternativy pro investory. <strong>M\u016f\u017eete vyu\u017e\u00edt nespo\u010det <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/fixed-income\/\">investi\u010dn\u00edch strategi\u00ed<\/a> a <\/strong><a href=\"https:\/\/www.etoro.com\/cs-cz\/news-and-analysis\/copytrader\/zaklady-technicke-analyzy\/\"><strong>anal\u00fdz<\/strong><\/a><strong>, kter\u00e9 v\u00e1m pomohou naj\u00edt spr\u00e1vn\u00fd mix aktiv do va\u0161eho portfolia.&nbsp;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"400\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/07\/What-are-money-and-capital-markets_-Body-Image-3-3.png\" alt=\"\" class=\"wp-image-652668 wp-image-desktop\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/07\/What-are-money-and-capital-markets_-Body-Image-3-3.png 756w, https:\/\/www.etoro.com\/wp-content\/uploads\/2023\/07\/What-are-money-and-capital-markets_-Body-Image-3-3-300x159.png 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Pen\u011b\u017en\u00ed trh vs. kapit\u00e1lov\u00fd trh<\/h2>\n\n\n\n<p>Pen\u011b\u017en\u00ed trh a kapit\u00e1lov\u00fd trh se do jist\u00e9 m\u00edry p\u0159ekr\u00fdvaj\u00ed, co\u017e je pochopiteln\u00e9, proto\u017ee oba maj\u00ed stejn\u00fd c\u00edl: <strong>poskytnout prost\u0159ed\u00ed pro p\u0159evod kapit\u00e1lu od investor\u016f k podnik\u016fm.<\/strong><\/p>\n\n\n\n<p><strong>Kapit\u00e1lov\u00e9 trhy b\u00fdvaj\u00ed m\u00e9n\u011b likvidn\u00ed a investice jsou dlouhodob\u011bj\u0161\u00edho charakteru. To je v\u0161ak vyv\u00e1\u017eeno t\u00edm, \u017ee potenci\u00e1ln\u00ed v\u00fdnosy jsou vy\u0161\u0161\u00ed.<\/strong> Jako drobn\u00ed investo\u0159i budete m\u00edt na kapit\u00e1lov\u00e9 trhy pravd\u011bpodobn\u011b snaz\u0161\u00ed p\u0159\u00edstup d\u00edky broker\u016fm, kte\u0159\u00ed z\u0159izuj\u00ed <a href=\"https:\/\/www.etoro.com\/cs-cz\/trading\/platforms\/\">platformy<\/a>, kter\u00e9 nab\u00edzej\u00ed trhy s akciemi, dluhopisy, forexem, indexy, ETF a kryptoaktivy.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"wp-block-table-content\"><div class=\"wp-block-table-content-nav wp-block-table-content-nav-left\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-left\"><\/div><\/div><div class=\"wp-block-table-content-nav wp-block-table-content-nav-right\"><div class=\"wp-block-table-content-nav-arrow wp-block-table-content-nav-arrow-right\"><\/div><\/div><div class=\"wp-block-table-content-table\"><table><thead><tr><th>Pen\u011b\u017en\u00ed trh<\/th><th>Kapit\u00e1lov\u00fd trh<\/th><\/tr><\/thead><tbody><tr><td>Investice se splatnost\u00ed krat\u0161\u00ed ne\u017e dvan\u00e1ct m\u011bs\u00edc\u016f (kr\u00e1tkodob\u00fd dluh)<\/td><td>Investice se splatnost\u00ed del\u0161\u00ed ne\u017e dvan\u00e1ct m\u011bs\u00edc\u016f (dlouhodob\u00fd dluh)<\/td><\/tr><tr><td>N\u00e1stroje mohou zahrnovat fondy pen\u011b\u017en\u00edho trhu, pod\u00edlov\u00e9 fondy, komun\u00e1ln\u00ed fondy, dluhopisy, depozitn\u00ed certifik\u00e1ty a \u00fa\u010dty pen\u011b\u017en\u00edho trhu<\/td><td>N\u00e1stroje mohou zahrnovat akcie a pod\u00edly, dluhopisy, akcie, kryptom\u011bny a ETF<\/td><\/tr><tr><td>Mezi \u00fa\u010dastn\u00edky mohou pat\u0159it vl\u00e1dy, komer\u010dn\u00ed banky, investi\u010dn\u00ed banky, hedgeov\u00e9 fondy, repo trh a centr\u00e1ln\u00ed banky<\/td><td>Mezi \u00fa\u010dastn\u00edky mohou pat\u0159it vl\u00e1dy, makl\u00e9\u0159i, investi\u010dn\u00ed banky, komer\u010dn\u00ed banky, pod\u00edlov\u00e9 fondy, hedgeov\u00e9 fondy, institucion\u00e1ln\u00ed a retailov\u00ed investo\u0159i<\/td><\/tr><tr><td>M\u00e9n\u011b form\u00e1ln\u00ed povaha, mnoho transakc\u00ed prob\u00edh\u00e1 mimo burzu (OTC) a jsou sjedn\u00e1v\u00e1ny mezi z\u00fa\u010dastn\u011bn\u00fdmi stranami<\/td><td>Form\u00e1ln\u011bj\u0161\u00ed, pou\u017e\u00edvan\u00e9 n\u00e1stroje mohou b\u00fdt regulov\u00e1ny a obchodov\u00e1ny na burz\u00e1ch<\/td><\/tr><tr><td>N\u00edzk\u00fd pom\u011br rizika a v\u00fdnosu<\/td><td>St\u0159edn\u00ed a\u017e vysok\u00fd pom\u011br rizika a v\u00fdnosu<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Shrnut\u00ed<\/h2>\n\n\n\n<p><strong>V\u011bt\u0161ina drobn\u00fdch investor\u016f preferuje kapit\u00e1lov\u00e9 trhy. <\/strong>L\u00e1k\u00e1 je zde vy\u0161\u0161\u00ed potenci\u00e1ln\u00ed zhodnocen\u00ed, i kdy\u017e jsou s t\u00edm spojeny vy\u0161\u0161\u00ed rizika. Proto je z\u00e1sadn\u00ed zde dodr\u017eovat <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/risk-management\/\">z\u00e1sady \u0159\u00edzen\u00ed rizik<\/a>.&nbsp;<\/p>\n\n\n\n<p>Na druhou stranu i pen\u011b\u017en\u00ed trhy mohou vhodn\u011b doplnit va\u0161e portfolio, <strong>pomoci diverzifikaci a sn\u00ed\u017eit celkovou rizikovost portfolia<\/strong>. Z\u00e1rove\u0148 v\u00e1m monitorov\u00e1n\u00ed ud\u00e1lost\u00ed na pen\u011b\u017en\u00edm trhu m\u016f\u017ee pomoci v\u010das odhalit ud\u00e1losti, kter\u00e9 maj\u00ed potenci\u00e1l ovlivnit i ostatn\u00ed aktiva.<\/p>\n\n\n\n<p>Fin\u00e1ln\u00ed rozhodnut\u00ed je ale v\u017edy na v\u00e1s. Ka\u017ed\u00fd investor se nach\u00e1z\u00ed v unik\u00e1tn\u00ed situaci a m\u00e1 jin\u00e9 podm\u00ednky. <strong>Nikdy ov\u0161em neinvestujte v\u00edc, ne\u017e si m\u016f\u017eete dovolit ztratit<\/strong>.<\/p>\n\n\n\n<p>Nav\u0161tivte <a href=\"https:\/\/www.etoro.com\/cs-cz\/academy\/\">Akademii eToro<\/a> a dozv\u00edte se v\u00edce o pen\u011b\u017en\u00edm a kapit\u00e1lov\u00e9m trhu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u010cast\u00e9 dotazy<\/h2>\n\n\n\n<dl class=\"wp-block-etoro-faq\">\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Pro\u010d se sazby pen\u011b\u017en\u00edho trhu li\u0161\u00ed?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Sazby v jednotliv\u00fdch zem\u00edch se li\u0161\u00ed podle jejich makroekonomick\u00fdch podm\u00ednek. Jedn\u00edm z kl\u00ed\u010dov\u00fdch faktor\u016f, kter\u00fd ovliv\u0148uje pen\u011b\u017en\u00ed trhy, je <a href=\"https:\/\/help.etoro.com\/s\/article\/What-are-benchmark-interest-rates-and-where-do-they-come-from?language=cs\">z\u00e1kladn\u00ed \u00farokov\u00e1 sazba<\/a> dan\u00e9 zem\u011b. Sazby pen\u011b\u017en\u00edho trhu se obvykle od t\u00e9to z\u00e1kladn\u00ed sazby p\u0159\u00edli\u0161 neli\u0161\u00ed, i kdy\u017e berou v potaz rating dlu\u017en\u00edka a geopolitick\u00e1 rizika v regionu. Zpravidla plat\u00ed, \u017ee \u010d\u00edm vy\u0161\u0161\u00ed riziko, t\u00edm vy\u0161\u0161\u00ed \u00farokov\u00e1 sazba.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Co jsou prim\u00e1rn\u00ed a sekund\u00e1rn\u00ed trhy?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Na prim\u00e1rn\u00edm trhu spolu investo\u0159i a dlu\u017en\u00edci (nap\u0159\u00edklad firmy) obchoduj\u00ed nap\u0159\u00edmo. V p\u0159\u00edpad\u011b akciov\u00e9ho trhu se prim\u00e1rn\u00edho trhu \u00fa\u010dastn\u00edte, pokud nakupujete akcie p\u0159\u00edmo p\u0159i <a href=\"https:\/\/help.etoro.com\/s\/article\/what-is-an-ipo?language=cs\">IPO<\/a>. Na sekund\u00e1rn\u00edm trhu ji\u017e investo\u0159i obchoduj\u00ed cenn\u00e9 pap\u00edry mezi sebou. V\u011bt\u0161ina objemu obchod\u016f prob\u00edh\u00e1 na sekund\u00e1rn\u00edch trz\u00edch, obzvl\u00e1\u0161\u0165, kdy\u017e se bav\u00edme o drobn\u00fdch investorech, kte\u0159\u00ed se k prvotn\u00edmu \u00fapisu akci\u00ed ani nemus\u00ed dostat.<\/p>\n<\/dd><\/div>\n\n\n\n<div class=\"wp-block-etoro-faq-item\"><dt class=\"wp-block-etoro-faq-item-question\">Pro\u010d jsou kapit\u00e1lov\u00e9 trhy pro investory d\u016fle\u017eit\u00e9?<\/dt><dd class=\"wp-block-etoro-faq-item-answer\">\n<p>Kapit\u00e1lov\u00e9 trhy jsou rozmanit\u00fdm polem, kde mohou investo\u0159i naj\u00edt r\u016fzn\u00e9 obchodn\u00ed p\u0159\u00edle\u017eitosti. Pokud v\u011bnujete dostatek \u010dasu jejich studiu, m\u016f\u017eete v\u010das identifikovat nast\u00e1vaj\u00edc\u00ed trendy a vyu\u017e\u00edt je ke zhodnocen\u00ed sv\u00fdch prost\u0159edk\u016f. Dal\u0161\u00edm p\u0159\u00ednosem m\u016f\u017ee b\u00fdt pasivn\u00ed dividendov\u00fd p\u0159\u00edjem. Pokud budete dodr\u017eovat z\u00e1sady zodpov\u011bdn\u00e9ho investov\u00e1n\u00ed, mohou v\u00e1m kapit\u00e1lov\u00e9 trhy pomoci na va\u0161\u00ed cest\u011b k <a href=\"https:\/\/www.etoro.com\/cs-cz\/investing\/financial-independence\/\">finan\u010dn\u00ed nez\u00e1vislosti<\/a>. V\u017edy ale m\u011bjte na pam\u011bti rizika, kter\u00e1 nelze zcela eliminovat.<\/p>\n<\/dd><\/div>\n<\/dl>\n\n\n\n\t\t<style>\n\t\t\t.rtl .etoro-block-shortcode-disclaimer {\n\t\t\t\ttext-align:right;\n\t\t\t}\n\t\t\t.etoro-block-shortcode-disclaimer {\n\t\t\t\tmargin-bottom:18px;\n\t\t\t\ttext-align:left;\n\t\t\t}\n\t\t\t.etoro-block-shortcode-disclaimer p{\n\t\t\t\tfont-size: 12px;\n\t\t\t\tline-height: 18px;\n\t\t\t}\n\t\t\t@media (min-width: 768px) {\n\t\t\t\t.etoro-block-shortcode-disclaimer {\n\t\t\t\t\tmax-width:1176px;\n\t\t\t\t\ttext-align:center;\n\t\t\t\t}\n\t\t\t\t.etoro-block-shortcode-disclaimer p {\n\t\t\t\t\tfont-size: 14px;\n\t\t\t\t\tline-height: 20px;\n\t\t\t\t}\n\t\t\t}\n\t\t<\/style>\n\t\t<div class='etoro-block-shortcode-disclaimer'><p>Tyto informace slou\u017e\u00ed pouze pro vzd\u011bl\u00e1vac\u00ed \u00fa\u010dely a nelze je pova\u017eovat za investi\u010dn\u00ed poradenstv\u00ed, osobn\u00ed doporu\u010den\u00ed, nab\u00eddku nebo v\u00fdzvu k n\u00e1kupu \u010di prodeji jak\u00fdchkoli finan\u010dn\u00edch n\u00e1stroj\u016f.<\/p>\n<p>Tento materi\u00e1l byl p\u0159ipraven bez ohledu na konkr\u00e9tn\u00ed investi\u010dn\u00ed c\u00edle nebo finan\u010dn\u00ed situaci a nebyl p\u0159ipraven v souladu s pr\u00e1vn\u00edmi a regula\u010dn\u00edmi po\u017eadavky na podporu nez\u00e1visl\u00e9ho v\u00fdzkumu.<\/p>\n<p><strong>Ne v\u0161echny zmi\u0148ovan\u00e9 finan\u010dn\u00ed n\u00e1stroje a slu\u017eby jsou nab\u00edzeny na eToro<\/strong> a jak\u00e9koli odkazy na minulou v\u00fdkonnost finan\u010dn\u00edho n\u00e1stroje, indexu nebo investi\u010dn\u00edho produktu nejsou a nem\u011bly by b\u00fdt pova\u017eov\u00e1ny za spolehliv\u00fd ukazatel budouc\u00edch v\u00fdsledk\u016f. <strong>Dostupnost v\u0161ech v\u00fd\u0161e uveden\u00fdch produkt\u016f a slu\u017eeb se m\u016f\u017ee li\u0161it v z\u00e1vislosti na jurisdikci a zemi.<\/strong><\/p>\n<p>eToro nezaru\u010duje p\u0159esnost ani \u00faplnost obsahu tohoto pr\u016fvodce a nep\u0159eb\u00edr\u00e1 v tomto ohledu \u017e\u00e1dnou odpov\u011bdnost. P\u0159ed vlo\u017een\u00edm kapit\u00e1lu se ujist\u011bte, \u017ee rozum\u00edte rizik\u016fm spojen\u00fdm s obchodov\u00e1n\u00edm. Nikdy neriskujte v\u00edce, ne\u017e jste p\u0159ipraveni ztratit.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Pen\u011b\u017en\u00ed a kapit\u00e1lov\u00e9 trhy maj\u00ed sice podobn\u00e9, ale ne toto\u017en\u00e9 funkce. Pokud pochop\u00edte rozd\u00edly mezi nimi, m\u016f\u017ee v\u00e1m to pomoci p\u0159i rozhodov\u00e1n\u00ed, kter\u00e9 by v\u00e1m mohlo pomoci dos\u00e1hnout va\u0161ich osobn\u00edch investi\u010dn\u00edch c\u00edl\u016f. Jedn\u00edm z hlavn\u00edch d\u016fvod\u016f pro vznik finan\u010dn\u00edch trh\u016f bylo zajistit propojen\u00ed investor\u016f, kte\u0159\u00ed maj\u00ed voln\u00fd kapit\u00e1l, se spole\u010dnostmi, kter\u00e9 pot\u0159ebuj\u00ed prost\u0159edky na financov\u00e1n\u00ed&hellip;<\/p>\n","protected":false},"author":95,"featured_media":653598,"parent":19761,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"sticky_cta_settings":"","footnotes":""},"asset_type":[],"class_list":["post-305497","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<title>Pen\u011b\u017en\u00ed trhy vs. kapit\u00e1lov\u00e9 trhy | Pr\u016fvodce pro investory<\/title>\n<meta name=\"description\" content=\"Hled\u00e1te investi\u010dn\u00ed p\u0159\u00edle\u017eitosti, ale v\u00e1h\u00e1te, zda investovat na pen\u011b\u017en\u00edch, nebo kapit\u00e1lov\u00fdch trz\u00edch? 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