Role of clearinghouses in the development of security derivatives in Serbia
Uloga klirinških kuća u razvoju trgovanja izvedenim hartijama od vrednosti u Srbiji
Апстракт
The aim of the study was to analyze and suggest the optimal clearinghouse models in order to develop derivative contracts in the Serbia. One of the main characteristics of modern business is dynamics and increased degree of uncertainty. As a result of increased uncertainty, need for the development of trade with derivative securities on organized markets, as a risk management instruments, is increased. A necessary prerequisite for trading with these securities is a clearinghouse. The study shows that the developed derivative exchanges have beneficial and pronounced impact on the segment of risk management in the financial sector as well as in the commodity sector. The optimal model of clearing in Serbia is establishment of two clearinghouse models in the house clearinghouses and independent clearinghouses.
Cilj rada je utvrđivanje optimalnog modela kliringa za razvoj tržišta derivatnih ugovora u Srbiji. Jedna od osnovnih karakteristika savremenog poslovanja je dinamičnost i povećanje stepena neizvesnosti. Kao posledica ovakvih pojava javila se potreba za razvojem trgovanja izvedenim hartijama od vrednosti na organizovanim tržištima, čime bi se poslovanje učinilo izvesnijim. Neophodan preduslov za trgovanje ovom vrstom hartija od vrednosti je uspostavljanje klirinške kuće. Rezultati rada pokazuju da bi tržište derivatnih ugovora imalo značajan povoljan uticaj na segment upravljanja rizikom u finansijskom sektoru kao i u robnom sektoru. Optimalan model kliringa u Srbiji bi bio omogućavanje osnivanja klirinške kuće na samoj berzi kao i nezavisne klirinške kuće.
Кључне речи:
clearinghouse / derivative exchanges / futures / options / hedging strategies / klirinška kuća / derivatna berza / fjučersi / opcije / hedžing strategijeИзвор:
Anali Ekonomskog fakulteta u Subotici, 2016, 35, 97-108Издавач:
- Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica
Институција/група
Poljoprivredni fakultetTY - JOUR AU - Kovačević, Vlado AU - Zakić, Vladimir AU - Milovanović, Dobrosav PY - 2016 UR - http://aspace.agrif.bg.ac.rs/handle/123456789/4279 AB - The aim of the study was to analyze and suggest the optimal clearinghouse models in order to develop derivative contracts in the Serbia. One of the main characteristics of modern business is dynamics and increased degree of uncertainty. As a result of increased uncertainty, need for the development of trade with derivative securities on organized markets, as a risk management instruments, is increased. A necessary prerequisite for trading with these securities is a clearinghouse. The study shows that the developed derivative exchanges have beneficial and pronounced impact on the segment of risk management in the financial sector as well as in the commodity sector. The optimal model of clearing in Serbia is establishment of two clearinghouse models in the house clearinghouses and independent clearinghouses. AB - Cilj rada je utvrđivanje optimalnog modela kliringa za razvoj tržišta derivatnih ugovora u Srbiji. Jedna od osnovnih karakteristika savremenog poslovanja je dinamičnost i povećanje stepena neizvesnosti. Kao posledica ovakvih pojava javila se potreba za razvojem trgovanja izvedenim hartijama od vrednosti na organizovanim tržištima, čime bi se poslovanje učinilo izvesnijim. Neophodan preduslov za trgovanje ovom vrstom hartija od vrednosti je uspostavljanje klirinške kuće. Rezultati rada pokazuju da bi tržište derivatnih ugovora imalo značajan povoljan uticaj na segment upravljanja rizikom u finansijskom sektoru kao i u robnom sektoru. Optimalan model kliringa u Srbiji bi bio omogućavanje osnivanja klirinške kuće na samoj berzi kao i nezavisne klirinške kuće. PB - Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica T2 - Anali Ekonomskog fakulteta u Subotici T1 - Role of clearinghouses in the development of security derivatives in Serbia T1 - Uloga klirinških kuća u razvoju trgovanja izvedenim hartijama od vrednosti u Srbiji EP - 108 IS - 35 SP - 97 UR - https://hdl.handle.net/21.15107/rcub_agrospace_4279 ER -
@article{ author = "Kovačević, Vlado and Zakić, Vladimir and Milovanović, Dobrosav", year = "2016", abstract = "The aim of the study was to analyze and suggest the optimal clearinghouse models in order to develop derivative contracts in the Serbia. One of the main characteristics of modern business is dynamics and increased degree of uncertainty. As a result of increased uncertainty, need for the development of trade with derivative securities on organized markets, as a risk management instruments, is increased. A necessary prerequisite for trading with these securities is a clearinghouse. The study shows that the developed derivative exchanges have beneficial and pronounced impact on the segment of risk management in the financial sector as well as in the commodity sector. The optimal model of clearing in Serbia is establishment of two clearinghouse models in the house clearinghouses and independent clearinghouses., Cilj rada je utvrđivanje optimalnog modela kliringa za razvoj tržišta derivatnih ugovora u Srbiji. Jedna od osnovnih karakteristika savremenog poslovanja je dinamičnost i povećanje stepena neizvesnosti. Kao posledica ovakvih pojava javila se potreba za razvojem trgovanja izvedenim hartijama od vrednosti na organizovanim tržištima, čime bi se poslovanje učinilo izvesnijim. Neophodan preduslov za trgovanje ovom vrstom hartija od vrednosti je uspostavljanje klirinške kuće. Rezultati rada pokazuju da bi tržište derivatnih ugovora imalo značajan povoljan uticaj na segment upravljanja rizikom u finansijskom sektoru kao i u robnom sektoru. Optimalan model kliringa u Srbiji bi bio omogućavanje osnivanja klirinške kuće na samoj berzi kao i nezavisne klirinške kuće.", publisher = "Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica", journal = "Anali Ekonomskog fakulteta u Subotici", title = "Role of clearinghouses in the development of security derivatives in Serbia, Uloga klirinških kuća u razvoju trgovanja izvedenim hartijama od vrednosti u Srbiji", pages = "108-97", number = "35", url = "https://hdl.handle.net/21.15107/rcub_agrospace_4279" }
Kovačević, V., Zakić, V.,& Milovanović, D.. (2016). Role of clearinghouses in the development of security derivatives in Serbia. in Anali Ekonomskog fakulteta u Subotici Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica.(35), 97-108. https://hdl.handle.net/21.15107/rcub_agrospace_4279
Kovačević V, Zakić V, Milovanović D. Role of clearinghouses in the development of security derivatives in Serbia. in Anali Ekonomskog fakulteta u Subotici. 2016;(35):97-108. https://hdl.handle.net/21.15107/rcub_agrospace_4279 .
Kovačević, Vlado, Zakić, Vladimir, Milovanović, Dobrosav, "Role of clearinghouses in the development of security derivatives in Serbia" in Anali Ekonomskog fakulteta u Subotici, no. 35 (2016):97-108, https://hdl.handle.net/21.15107/rcub_agrospace_4279 .