Importance and perspectives of clearing development in Serbia
Značaj i perspektive razvoja kliringa u Srbiji
Апстракт
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.
Кључне речи:
clearing / derivative market / futures / options / swaps / kliring / terminsko tržište / fjučersi / opcije / svopoviИзвор:
Anali Ekonomskog fakulteta u Subotici, 2018, 40, 121-133Издавач:
- Univerzitet u Novom Sadu - Ekonomski fakultet, Subotica
Институција/група
Poljoprivredni fakultetTY - 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 . .