The Structure Of Derivatives Exchanges
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The Structure Of Derivatives Exchanges
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Author : George Tsetsekos
language : en
Publisher: World Bank Publications
Release Date : 1998
The Structure Of Derivatives Exchanges written by George Tsetsekos and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Clearing of securities categories.
February 1998 Derivatives exchanges can offer emerging market economies certain important benefits, including risk transfer, price discovery, and more public information. But they are not a substitute for reform of financial, capital, and commodity markets. Tsetsekos and Varangis examine the architecture, elements of market design, and products traded in derivatives exchanges around the world. The core function of a derivatives exchange is to facilitate the transfer of risk among economic agents by providing mechanisms to enhance liquidity and facilitate price discovery. They test the proposition that organizational arrangements necessary to perform this function are not the same across markets. They also examine the sequencing of products introduced in derivatives exchanges. Using a survey instrument, they find that: * Financial systems perform the same core functions across time and place but institutional arrangements differ. * The ownership structure of derivatives exchanges assumes different forms across markets. * The success of an exchange depends on the structure adopted and the products traded. * Exchanges are regulated directly or indirectly through a government law. In addition, exchanges have their own regulatory structure. * Typically (but not always) market-making systems are based on open outcry, with daily mark-to-market and gross margining-but electronic systems are gaining popularity. * Several (but not all) exchanges own clearing facilities and use netting settlement procedures. As for derivative products traded, they find that: * Although most of the older exchanges started with (mainly agricultural) commodity derivatives, newer exchanges first introduce financial derivative products. * Derivatives based on a domestic stock index have greater potential for success followed by derivatives based on local interest rates and currencies. * The introduction of derivatives contracts appears to take more time in emerging markets compared with developed, with the exception of index products. This paper-a product of the Development Research Group-is part of research project Market Architecture and Design of Derivatives Exchanges (RPO 680-45). Earlier versions of the paper were presented at the annual meetings of the Multinational Finance Society (June 25-28, 1997) and the Financial Management Association (Honolulu, October 15-18, 1997).
The Structure Of Derivatives Exchanges
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Author : George P. Tsetsekos
language : en
Publisher:
Release Date : 2016
The Structure Of Derivatives Exchanges written by George P. Tsetsekos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Derivatives exchanges can offer emerging market economies certain important benefits, including risk transfer, price discovery, and more public information. But they are not a substitute for reform of financial, capital, and commodity markets.Tsetsekos and Varangis examine the architecture, elements of market design, and products traded in derivatives exchanges around the world. The core function of a derivatives exchange is to facilitate the transfer of risk among economic agents by providing mechanisms to enhance liquidity and facilitate price discovery. They test the proposition that organizational arrangements necessary to perform this function are not the same across markets. They also examine the sequencing of products introduced in derivatives exchanges.Using a survey instrument, they find that:* Financial systems perform the same core functions across time and place but institutional arrangements differ.* The ownership structure of derivatives exchanges assumes different forms across markets.* The success of an exchange depends on the structure adopted and the products traded.* Exchanges are regulated directly or indirectly through a government law. In addition, exchanges have their own regulatory structure.* Typically (but not always) market-making systems are based on open outcry, with daily mark-to-market and gross margining-but electronic systems are gaining popularity.* Several (but not all) exchanges own clearing facilities and use netting settlement procedures.As for derivative products traded, they find that:* Although most of the older exchanges started with (mainly agricultural) commodity derivatives, newer exchanges first introduce financial derivative products.* Derivatives based on a domestic stock index have greater potential for success followed by derivatives based on local interest rates and currencies.* The introduction of derivatives contracts appears to take more time in emerging markets compared with developed, with the exception of index products.This paper - a product of the Development Research Group - is part of research project Market Architecture and Design of Derivatives Exchanges (RPO 680-45). Earlier versions of the paper were presented at the annual meetings of the Multinational Finance Society (June 25-28, 1997) and the Financial Management Association (Honolulu, October 15-18, 1997).
The Structure Of Derivatives Exchanges
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Author : Varangis
language : en
Publisher:
Release Date : 2013
The Structure Of Derivatives Exchanges written by Varangis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The Handbook Of Equity Derivatives
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Author : Jack Clark Francis
language : en
Publisher: John Wiley & Sons
Release Date : 1999-11-08
The Handbook Of Equity Derivatives written by Jack Clark Francis and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-11-08 with Business & Economics categories.
Aktienderivate gehören zu den populärsten Derivatprodukten, die von institutionellen Anlegern gehandelt werden. Ein Aktienderivat ist ein Future oder eine Option auf Aktien oder Aktienindices. Zu den traditionellen Aktienderivaten gehören Optionsscheine, Optionen, Futures und Aktienindexfutures. Das "Handbook of Equity" ist eine vollständige und umfassende Überarbeitung des ersten und einzigen Buches zu diesem Thema. Herausgegeben von führenden Köpfen der Branche - darunter Nobelpreisträger Fischer Black, John Braddock und Mark Rubenstein - enthält es wichtige neue Informationen zu Aktienindexfutures und -optionen und erweitert die mathematische Diskussion um das Black & Scholes-Modell. (11/99)
Exchange Traded Derivatives
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Author : Erik Banks
language : en
Publisher: John Wiley & Sons
Release Date : 2005-08-05
Exchange Traded Derivatives written by Erik Banks and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-08-05 with Business & Economics categories.
Exchange-Traded Derivatives provides an overview of the global listed futures and options markets, and how individual exchanges and products are adapting to a new operating environment - an environment characterized by rapid, almost continuous, change. This book serves as an ideal resource on the 21st century listed derivative markets, products and instruments. Divided into three parts, Exchange-Traded Derivatives begins by providing an overall understanding of the marketplace and the forces that have, and are, altering the operating environment - stressing how exchanges need to change in order to cope with the challenges. The author then provides a comprehensive description of leading established exchanges, detailing their origins and structure, range of products and services, strengths and 'weaknesses'. The book concludes with a look at emerging marketplaces - those in developing countries as well as new "electronic" platforms - that are likely to increase in importance over the coming years. Exchange-Traded Derivatives is a valuable reference for fund managers, corporate treasurers, corporate risk managers, CFOs and those seeking a detailed guide to the world's derivative exchanges and products.
Derivatives
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Author : Robert E. Whaley
language : en
Publisher: John Wiley & Sons
Release Date : 2007-02-26
Derivatives written by Robert E. Whaley and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02-26 with Business & Economics categories.
Robert Whaley has more than twenty-five years of experience in the world of finance, and with this book he shares his hard-won knowledge in the field of derivatives with you. Divided into ten information-packed parts, Derivatives shows you how this financial tool can be used in practice to create risk management, valuation, and investment solutions that are appropriate for a variety of market situations.
Swap Derivative Financing
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Author : Satyajit Das
language : en
Publisher: McGraw-Hill Companies
Release Date : 1994
Swap Derivative Financing written by Satyajit Das and has been published by McGraw-Hill Companies this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
Addresses recent developments in the market and analyzes new swap structures. Explains the banking innovations, techniques and players that spawned this financial revolution. Specific topics include: The structure and operation of all major swap markets in North America, Europe and Asia; The economics and pricing of a wide variety of swap structures; Techniques for hedging swaps and managing a swap inventory; Using swaps to access low-cost funding and to manage asset/liability positions; Accounting, taxation, legal and documentary issues.
Derivative Market Competition
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Author : Mr.Jens Nystedt
language : en
Publisher: International Monetary Fund
Release Date : 2004-04-01
Derivative Market Competition written by Mr.Jens Nystedt and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-04-01 with Business & Economics categories.
Recent regulatory initiatives in the United States have again raised the issue of a 'level regulatory and supervisory playing field' and the degree of competition globally between over-the-counter (OTC) derivatives and organized derivative exchange (ODE) markets. This paper models some important aspects of how an ODE market interrelates with the OTC markets. It analyzes various ways in which an ODE market can respond to competition from the OTC markets and considers whether ODE markets would actually benefit from a more level playing field. Among other factors, such as different transaction costs, different abilities to mitigate credit risk play a significant role in determining the degree of competition between the two types of markets. This implies that a potentially important service ODE markets can provide OTC market participants is to extend clearing services to them. Such services would allow the OTC markets to focus more on providing less competitive contracts/innovations and instead customize its contracts to specific investors' risk preferences and needs.
Derivatives Demystified
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Author : Andrew M. Chisholm
language : en
Publisher: John Wiley & Sons
Release Date : 2011-09-19
Derivatives Demystified written by Andrew M. Chisholm and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-19 with Business & Economics categories.
Derivatives are everywhere in the modern world and it is important for everyone in banking, investment and finance to have a good understanding of the subject. Derivatives Demystified provides a step-by-step guide to the subject, enabling the reader to have a solid, working understanding of key derivative products. Adopting a highly accessible approach, the author explains derivative products in straightforward terms and without the complex mathematics that underlie the subject, focusing on practical applications, case studies and examples of how the products are used to solve real-world problems. Derivatives Demystified follows a sequence that is designed to show that, although there are many applications of derivatives, there are only a small number of basic building blocks, namely forwards and futures, swaps and options. The book shows how each building block is applied to different markets and to the solution of various risk management and trading problems. This new edition will be fully revised to reflect the many changes the derivatives markets have seen over the last three years. New material will include a comprehensive history of derivatives, leading up to their use and abuse in the current credit crisis. It will also feature new chapters on regulation and control of derivatives, commodity derivatives, credit derivatives and structured products and new derivative markets including inflation linked and insurance linked products. Derivatives Demystified is essential reading for everyone who operates in the financial markets or within the corporate environment who requires a good understanding of these important financial instruments.
Managing Derivatives Contracts
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Author : Khader Shaik
language : en
Publisher: Apress
Release Date : 2014-09-29
Managing Derivatives Contracts written by Khader Shaik and has been published by Apress this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-29 with Business & Economics categories.
"I am sure practitioners, auditors, and regulators will find the content of Mr Shaik's book of value. The accessible style is also welcome. All in all, a worthwhile addition to the finance literature and one that hopefully helps plug the knowledge gap in this field." — from the foreword by Professor Moorad Choudhry, Brunel University Managing Derivatives Contracts is a comprehensive and practical treatment of the end-to-end management of the derivatives contract operations, systems, and platforms that support the trading and business of derivative products. This book focuses on the processes and systems in the derivatives contract life cycle that underlie and implement the activities of derivatives trading, pricing, and risk management. Khader Shaik, a Wall Street derivatives platform implementation expert, lays out all the fundamentals needed to understand, conduct, and manage derivatives operations. In particular, he provides both introductory and in-depth treatment of the following topics: derivative product classes; the market structure, mechanics, and players of derivatives markets; types of derivative contracts and life cycle management; derivatives technology platforms, software systems, and protocols; derivatives contracts management; and the new regulatory landscape as shaped by reforms such as Dodd-Frank Title VII and EMIR. Managing Derivatives Contracts focuses on the operational processes and market environment of the derivatives life cycle; it does not address the mathematics or finance of derivatives trading, which are abundantly treated in the standard literature. Managing Derivatives Contracts is divided into four parts. The first part provides a structural overview of the derivatives markets and product classes. The second part examines the roles of derivatives market players, the organization of buy-side and sell-side firms, critical data elements, and the Dodd-Frank reforms. Within the framework of total market flow and straight-through processing as constrained by regulatory compliance, the core of the book details the contract life cycle from origination to expiration for each of the major derivatives product classes, including listed futures and options, cleared and bilateral OTC swaps, and credit derivatives. The final part of the book explores the underlying information technology platform, software systems, and protocols that drive the end-to-end business of derivatives. In particular, it supplies actionable guidelines on how to build a platform using vendor products, in-house development, or a hybrid approach.