Emerging Local Securities And Derivatives Markets

Author : Ms.Anna Ilyina
Publisher : International Monetary Fund
ISBN 13 : 1589062914
Total Pages : 108 pages
Book Rating : 4.17/5 ( download)

DOWNLOAD NOW!

Download or read book Emerging Local Securities and Derivatives Markets written by Ms.Anna Ilyina and published by International Monetary Fund. This book was released on 2004-04-20 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the volatility of capital flows since the mid-1990s, many emerging market economies have taken a variety of steps designed to “selfinsure” against volatile capital flows. One such measure has been the development of local securities and derivatives markets as an alternative source of funding the public and corporate sectors. This paper examines this self-insurance policy, focusing on the extent to which emerging markets have developed local securities and derivatives, and what key policy issues have arisen as a result.

Author :
Publisher : Aspen Law & Business Publishers
ISBN 13 :
Total Pages : 254 pages
Book Rating : 4.63/5 ( download)

DOWNLOAD NOW!

Download or read book U.S. Regulation of the International Securities and Derivatives Markets written by and published by Aspen Law & Business Publishers. This book was released on 2002 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : George Tsetsekos
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4./5 ( download)

DOWNLOAD NOW!

Download or read book The Structure of Derivatives Exchanges written by George Tsetsekos and published by World Bank Publications. This book was released on 1998 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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).

Author : Edward F. Greene
Publisher : Aspen Publishers
ISBN 13 : 9780735527621
Total Pages : 0 pages
Book Rating : 4.28/5 ( download)

DOWNLOAD NOW!

Download or read book U.S. Regulation of the International Securities and Derivatives Markets written by Edward F. Greene and published by Aspen Publishers. This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.90/5 ( download)

DOWNLOAD NOW!

Download or read book U.S. Regulation of the International Securities and Derivatives Markets written by and published by . This book was released on 199? with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Marcos C. S. Carreira
Publisher : Springer
ISBN 13 : 113747727X
Total Pages : 303 pages
Book Rating : 4.79/5 ( download)

DOWNLOAD NOW!

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 303 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 :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.73/5 ( download)

DOWNLOAD NOW!

Download or read book U.S. Regulation of the International Securities and Derivatives Markets written by and published by . This book was released on 20?? with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Olatundun Janet Adelegan
Publisher : International Monetary Fund
ISBN 13 : 145191766X
Total Pages : 22 pages
Book Rating : 4.66/5 ( download)

DOWNLOAD NOW!

Download or read book The Derivatives Market in South Africa written by Olatundun Janet Adelegan and published by International Monetary Fund. This book was released on 2009-09-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the derivatives market in South Africa and provides policy options for promoting the development of derivatives markets in sub-Saharan Africa. South Africa''s derivatives market has grown rapidly in recent years, supporting capital inflows and helping market participants to price, unbundle and transfer risk. There are tight regulations on asset allocations by insurance and pension funds to prevent excessive risk taking. The development of derivatives markets in sub-Saharan African countries could enable market participants to self-insure against volatile capital flows. Theiroverdependence on bank credit as a source of funding could be reduced and their management of seasonal risk could be improved through the introduction of commodity futures. However, these markets must be appropriately regulated and supervised. Since such markets would likely be small, consideration should be given to the establishment of a regional derivatives market.

Author : George P. Tsetsekos
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.74/5 ( download)

DOWNLOAD NOW!

Download or read book The Structure of Derivatives Exchanges written by George P. Tsetsekos and published by . This book was released on 2016 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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).

Author : Edward F. Greene
Publisher : Aspen Publishers
ISBN 13 : 9781567061635
Total Pages : 1508 pages
Book Rating : 4.3X/5 ( download)

DOWNLOAD NOW!

Download or read book U. S. Regulation of the International Securities and Derivatives Markets written by Edward F. Greene and published by Aspen Publishers. This book was released on 1995-12-31 with total page 1508 pages. Available in PDF, EPUB and Kindle. Book excerpt: