TY  - JOUR
AU  - Kovačević, Vlado
AU  - Janković, Irena
AU  - Zakić, Vladimir
PY  - 2018
UR  - http://aspace.agrif.bg.ac.rs/handle/123456789/4820
AB  - The paper analyses the importance of the development of clearing in the Republic of Serbia. The primary role of clearing houses is to ensure the performance of derivative contracts. Clearing houses are institutions that are necessary for the functioning of derivative exchange and the part of the OTC derivative market. High uncertainty in business reflected in changes in prices, exchange rates, interest rates, climatic conditions, etc. led to the development of the term contracts trading and the need to develop a clearing system. In Serbia, despite the established legal requirements trading in standardized derivative contracts did not come to life in practice. Based on the findings in this paper, the underlying reason for the absence of a developed derivative market lies in an inadequate clearing system.
AB  - U radu je analiziran značaj razvoja kliringa u Republici Srbiji. Prevashodna uloga klirinških kuća jeste obezbeđivanje izvršenja terminskih ugovora. Klirinške kuće su institucije koje su neophodne za funkcionisanje berzanskog i dela vanberzanskog terminskog tržišta. Visoka neizvesnost u poslovanju, koja se ogleda u promenama cena, kurseva, kamatnih stopa, klimatskih uslova itd., uslovila je razvoj terminskog trgovanja i potrebu za razvojem sistema kliringa. U Srbiji i pored uspostavljenih zakonskih uslova, trgovanje standardizovanim terminskim ugovorima nije zaživelo u praksi. Prema nalazima u ovome radu, osnovni razlog za nepostojanje razvijenog derivatnog tržišta jeste neadekvatni sistem kliringa.
PB  - Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica
T2  - Anali Ekonomskog fakulteta u Subotici
T1  - Importance and perspectives of clearing development in Serbia
T1  - Značaj i perspektive razvoja kliringa u Srbiji
EP  - 133
IS  - 40
SP  - 121
DO  - 10.5937/AnEkSub1840121K
ER  - 

@article{
author = "Kovačević, Vlado and Janković, Irena and Zakić, Vladimir",
year = "2018",
abstract = "The paper analyses the importance of the development of clearing in the Republic of Serbia. The primary role of clearing houses is to ensure the performance of derivative contracts. Clearing houses are institutions that are necessary for the functioning of derivative exchange and the part of the OTC derivative market. High uncertainty in business reflected in changes in prices, exchange rates, interest rates, climatic conditions, etc. led to the development of the term contracts trading and the need to develop a clearing system. In Serbia, despite the established legal requirements trading in standardized derivative contracts did not come to life in practice. Based on the findings in this paper, the underlying reason for the absence of a developed derivative market lies in an inadequate clearing system., U radu je analiziran značaj razvoja kliringa u Republici Srbiji. Prevashodna uloga klirinških kuća jeste obezbeđivanje izvršenja terminskih ugovora. Klirinške kuće su institucije koje su neophodne za funkcionisanje berzanskog i dela vanberzanskog terminskog tržišta. Visoka neizvesnost u poslovanju, koja se ogleda u promenama cena, kurseva, kamatnih stopa, klimatskih uslova itd., uslovila je razvoj terminskog trgovanja i potrebu za razvojem sistema kliringa. U Srbiji i pored uspostavljenih zakonskih uslova, trgovanje standardizovanim terminskim ugovorima nije zaživelo u praksi. Prema nalazima u ovome radu, osnovni razlog za nepostojanje razvijenog derivatnog tržišta jeste neadekvatni sistem kliringa.",
publisher = "Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica",
journal = "Anali Ekonomskog fakulteta u Subotici",
title = "Importance and perspectives of clearing development in Serbia, Značaj i perspektive razvoja kliringa u Srbiji",
pages = "133-121",
number = "40",
doi = "10.5937/AnEkSub1840121K"
}

Kovačević, V., Janković, I.,& Zakić, V.. (2018). Importance and perspectives of clearing development in Serbia. in Anali Ekonomskog fakulteta u Subotici
Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica.(40), 121-133.
https://doi.org/10.5937/AnEkSub1840121K

Kovačević V, Janković I, Zakić V. Importance and perspectives of clearing development in Serbia. in Anali Ekonomskog fakulteta u Subotici. 2018;(40):121-133.
doi:10.5937/AnEkSub1840121K .

Kovačević, Vlado, Janković, Irena, Zakić, Vladimir, "Importance and perspectives of clearing development in Serbia" in Anali Ekonomskog fakulteta u Subotici, no. 40 (2018):121-133,
https://doi.org/10.5937/AnEkSub1840121K . .

TY  - JOUR
AU  - Janković, Irena
AU  - Kovačević, Vlado
AU  - Zakić, Vladimir
PY  - 2018
UR  - http://aspace.agrif.bg.ac.rs/handle/123456789/4845
AB  - The aim of the paper is to determine the possibilities of implementing hedging strategies of Serbian agricultural producers on foreign commodity exchanges. Considerable fluctuations in prices of agricultural products in Serbia create the need for the use of futures in commodity exchanges in order to protect against unfavourable change in prices of agricultural products in the future period. Due to the fact that Serbia has not established the trading in commodity derivatives, Serbian producers are having to use developed commodity exchanges abroad. The paper analyses the possibilities of using the Chicago Mercantile Exchange in the USA and the MATIF commodity exchange in Paris, looking at two aspects of the activities. First, the correlation of corn prices on domestic and foreign commodity exchanges was investigated, given that it is the basic prerequisite for the application of successful hedging strategies and, secondly, legal requirements, primarily tax policies related to trade of futures contracts. This paper has found that there is a high correlation between the crops price in the foreign commodity markets and spot market in Serbia, which provides a solid basis for the implementation of hedging strategies for underlying assets in foreign commodity markets. However, it has been found that inadequate taxation policy is an aggravating factor for the implementation of hedging strategies.
AB  - Cilj rada je utvrđivanje mogućnosti za primenu hedžing strategija srpskih poljoprivrednih proizvođača na inostranim robnim berzama. Visoka fluktacija cena poljoprivrednih proizvoda u Srbiji uslovljava potrebu za korišćenjem terminskih robnih berzi, u cilju zaštite od nepovoljnog kretanja cena poljoprivrednih proizvoda u budućem periodu. S obzirom na to da u Srbiji nije uspostavljeno terminsko trgovanje robnim derivatima, srpski proizvođači su upućeni na korišćenje razvijenih robnih berzi u inostranstvu. U radu su analizirane mogućnosti korišćenja Čikaške robne berze u SAD i MATIF robne berze u Parizu. Izvršena je analiza sa dva aspekta: prvi, korelisanost cena kukuruza sa domaće berze i inostranih berzi, s obzirom na to da je ona osnovni preduslov za primenu uspešnih hedžing strategija i drugi, zakonski uslovi, prevashodno poreske politike u vezi sa trgovinom terminskim ugovorima. U radu je utvrđen visok stepen povezanosti cena žitarica na inostranim robnim berzama i spot tržištu u Srbiji, što daje dobru osnovu za primenu hedžing strategija na ovu baznu aktivu na inostranim robnim berzama. Ipak, neadekvatni poreski propisi otežavaju primenu ovih strategija.
PB  - Visoka poslovna škola strukovnih studija, Novi Sad
T2  - Škola biznisa
T1  - The possibilities of applying hedging strategies on international commodity exchanges
T1  - Mogućnosti primene hedžing strategija na inostranim robnim berzama
EP  - 55
IS  - 2
SP  - 45
DO  - 10.5937/skolbiz2-19403
ER  - 

@article{
author = "Janković, Irena and Kovačević, Vlado and Zakić, Vladimir",
year = "2018",
abstract = "The aim of the paper is to determine the possibilities of implementing hedging strategies of Serbian agricultural producers on foreign commodity exchanges. Considerable fluctuations in prices of agricultural products in Serbia create the need for the use of futures in commodity exchanges in order to protect against unfavourable change in prices of agricultural products in the future period. Due to the fact that Serbia has not established the trading in commodity derivatives, Serbian producers are having to use developed commodity exchanges abroad. The paper analyses the possibilities of using the Chicago Mercantile Exchange in the USA and the MATIF commodity exchange in Paris, looking at two aspects of the activities. First, the correlation of corn prices on domestic and foreign commodity exchanges was investigated, given that it is the basic prerequisite for the application of successful hedging strategies and, secondly, legal requirements, primarily tax policies related to trade of futures contracts. This paper has found that there is a high correlation between the crops price in the foreign commodity markets and spot market in Serbia, which provides a solid basis for the implementation of hedging strategies for underlying assets in foreign commodity markets. However, it has been found that inadequate taxation policy is an aggravating factor for the implementation of hedging strategies., Cilj rada je utvrđivanje mogućnosti za primenu hedžing strategija srpskih poljoprivrednih proizvođača na inostranim robnim berzama. Visoka fluktacija cena poljoprivrednih proizvoda u Srbiji uslovljava potrebu za korišćenjem terminskih robnih berzi, u cilju zaštite od nepovoljnog kretanja cena poljoprivrednih proizvoda u budućem periodu. S obzirom na to da u Srbiji nije uspostavljeno terminsko trgovanje robnim derivatima, srpski proizvođači su upućeni na korišćenje razvijenih robnih berzi u inostranstvu. U radu su analizirane mogućnosti korišćenja Čikaške robne berze u SAD i MATIF robne berze u Parizu. Izvršena je analiza sa dva aspekta: prvi, korelisanost cena kukuruza sa domaće berze i inostranih berzi, s obzirom na to da je ona osnovni preduslov za primenu uspešnih hedžing strategija i drugi, zakonski uslovi, prevashodno poreske politike u vezi sa trgovinom terminskim ugovorima. U radu je utvrđen visok stepen povezanosti cena žitarica na inostranim robnim berzama i spot tržištu u Srbiji, što daje dobru osnovu za primenu hedžing strategija na ovu baznu aktivu na inostranim robnim berzama. Ipak, neadekvatni poreski propisi otežavaju primenu ovih strategija.",
publisher = "Visoka poslovna škola strukovnih studija, Novi Sad",
journal = "Škola biznisa",
title = "The possibilities of applying hedging strategies on international commodity exchanges, Mogućnosti primene hedžing strategija na inostranim robnim berzama",
pages = "55-45",
number = "2",
doi = "10.5937/skolbiz2-19403"
}

Janković, I., Kovačević, V.,& Zakić, V.. (2018). The possibilities of applying hedging strategies on international commodity exchanges. in Škola biznisa
Visoka poslovna škola strukovnih studija, Novi Sad.(2), 45-55.
https://doi.org/10.5937/skolbiz2-19403

Janković I, Kovačević V, Zakić V. The possibilities of applying hedging strategies on international commodity exchanges. in Škola biznisa. 2018;(2):45-55.
doi:10.5937/skolbiz2-19403 .

Janković, Irena, Kovačević, Vlado, Zakić, Vladimir, "The possibilities of applying hedging strategies on international commodity exchanges" in Škola biznisa, no. 2 (2018):45-55,
https://doi.org/10.5937/skolbiz2-19403 . .