Role of clearinghouses in the development of security derivatives in Serbia

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.