Brazils Derivatives Markets

Author : Marcos C. S. Carreira
Publisher : Springer
ISBN 13 : 113747727X
Total Pages : 328 pages
Book Rating : 4.79/5 ( download)

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Download or read book Brazilian Derivatives and Securities written by Marcos C. S. Carreira and published by Springer. This book was released on 2016-07-11 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Brazilian financial markets operate in a very different way to G7 markets. Key differences include onshore and offshore markets, exponential rates, business days day-counts, and price formation from the futures markets (instead of the cash markets). This book provides a quantitative, applied guide to the offshore and onshore Brazilian markets, with a focus on the financial instruments unique to the region. It offers a comprehensive introduction to the key financial 'archaeology' in the Brazil context, exploring interest rates, FX and inflation and key differences from G7 market finance. It explores the core industry investment banking business in detail, from FX to interest rates and cash and inflation. Finally it introduces the region's unique financial instruments, as well as their pricing and risk management needs. Covering both introductory and complex topics, this book provides existing practitioners in Brazil, as well as those interested in becoming involved in these markets, everything they need to understand the market dynamics, risks, pricing and calibration of curves for all products currently available.

Author : Randall Dodd
Publisher : United Nations Educational
ISBN 13 : 9789211216714
Total Pages : 69 pages
Book Rating : 4.10/5 ( download)

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Download or read book Brazil's Derivatives Markets written by Randall Dodd and published by United Nations Educational. This book was released on 2007 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report is a study of Brazil's derivatives markets. It examines their important role in the economy, and their role in monetary policy making by the Brazilian Central Bank (BCB). The first part of the report focuses on providing an analytical description of derivatives markets in Brazil how they operate and how they are regulated. The second section is about the role of derivatives markets in Brazil's financial system and overall economy. It also examines how derivatives markets are used by the BCB in conducting monetary and exchange policy.

Author : Bruno Saturnino Braga
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.10/5 ( download)

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Download or read book Derivatives Markets in Brazil - an Overview written by Bruno Saturnino Braga and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an ov ...

Author : Milan Nedeljkovic
Publisher : International Monetary Fund
ISBN 13 : 1475571038
Total Pages : 35 pages
Book Rating : 4.35/5 ( download)

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Download or read book The Relative Effectiveness of Spot and Derivatives Based Intervention written by Milan Nedeljkovic and published by International Monetary Fund. This book was released on 2017-01-24 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used in tandem for more than a decade. The analysis finds evidence in favor of a significant link between both modes of intervention and the first two moments of the real/dollar exchange rate. As predicted by theory for the case of negligible convertibility risk, the impact of spot market intervention in our baseline sample is strikingly similar to that achieved through futures based intervention worth an equivalent amount in notional principal.

Author : Marcelo Maziero
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.43/5 ( download)

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Download or read book Transparency and Security in the Derivatives Market written by Marcelo Maziero and published by . This book was released on 2016 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The over-the-counter (OTC) derivatives were considered a core cause for the increase of the systemic risk in the global markets, which ended up in the burst of the markets on the financial crisis in 2008. Among the lessons learned, the need to improve the transparency, controls and surveillance of the derivatives markets is a key driver to the structural reforms designed to make the derivatives markets less susceptible to the excesses observed in the period before the peak of the crisis. On this paper we compare the intended configuration for the global derivatives markets after the implementation of the reforms proposed by G20/FSB with the one existent in the Brazilian market since the beginning of this century, showing that the Brazilian derivatives market already presented very high standards of transparency and control. Based on this conclusion, we also propose that the global regulators carefully study the Brazilian case, benefiting from the experience of a market that has been working successfully on this subject for more than 30 years.

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1484387570
Total Pages : 31 pages
Book Rating : 4.73/5 ( download)

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Download or read book Brazil written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2018-11-30 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brazil’s financial markets are generally liquid and sophisticated. Brazil is blessed with a wide array of instruments which investors can use to manage and hedge interest rate and FX risks. The infrastructure supporting markets appears sound and is widely attributed by market participants to ensuring the resiliency of Brazil’s markets despite a multitude of significant shocks. A key foundation of the resiliency of Brazil’s markets is the large structural liquidity surplus (around 20 percent of GDP) and Brazil’s substantial FX reserves. Market participants generally have ample cash reserves that provide a key buffer against liquidity shocks. Brazilian investors have a strong preference for high quality short term liquid investments. Brazil’s history of economic instability drives investors towards short term liquid investments of the highest credit quality such as overnight repos and short-term government bonds. Dollarization is low reflecting restrictions on FX investments available within Brazil but hedges against FX risk are widely available and give investors’ confidence to hold Real. Government bonds are the centerpiece of the securities markets.

Author : Alexandre Coelho
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.81/5 ( download)

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Download or read book Dodd Frank Act and the Brazilian Capital Market - Extraterritorial Effects of Regulation to the Over-the-Counter Derivatives Market written by Alexandre Coelho and published by . This book was released on 2019 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to describe the chief alterations proposed by the Dodd Frank Act to the American over-the-counter derivatives market and, at the same time, understand the extraterritorial reach of this law compared to the regulatory framework of the Brazilian derivative market. In order to do so, I will study the extraterritorial effects of the law, particularly in reference to the international nature of Title II of the Dodd Frank, which deals with the over-the-counter derivatives, in order to evaluate its reach to foreign markets, especially the Brazilian market.

Author : Milan Nedeljkovic
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.65/5 ( download)

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Download or read book The Relative Effectiveness of Sport and Derivatives Based Intervention written by Milan Nedeljkovic and published by . This book was released on 2017 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used in tandem for more than a decade. The analysis finds evidence in favor of a significant link between both modes of intervention and the first two moments of the real/dollar exchange rate. As predicted by theory for the case of negligible convertibility risk, the impact of spot market intervention in our baseline sample is strikingly similar to that achieved through futures based intervention worth an equivalent amount in notional principal.

Author : Henrique Rüther
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.70/5 ( download)

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Download or read book Credit Derivatives in Brazil written by Henrique Rüther and published by . This book was released on 2007 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: (cont.) We find that the credit rating upgrades do not explain the changes in the domestic credit spread for the chosen company. Moreover, we observe that the domestic credit spread behaved very differently from the offshore CDS for the same entity, what suggests that more research on this direction would be interesting. Subsequently we address the benefits and risks provided by credit derivatives and examine the current situation of the market for these financial instruments in Mexico and Korea. We found that the Central Bank of Brazil imposed restrictions to some market participants in the credit derivatives market and allowed only two products to be traded: CDS and total return swaps. These restrictions, together with a not very liquid corporate bond market and the lack of reforms granting for example stronger rights to secured and unsecured debt holders may be the reason why the credit derivatives market did not flourish in Brasil.

Author : Tosta Sa de Thomas
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.59/5 ( download)

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Download or read book Legislation and Regulation of Derivative Asset Markets in Brazil written by Tosta Sa de Thomas and published by . This book was released on 1995 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: