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Emerging Local Securities And Derivatives Markets
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Book Synopsis Emerging Local Securities and Derivatives Markets by : Ms.Anna Ilyina
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.
Book Synopsis U.S. Regulation of the International Securities and Derivatives Markets by :
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:
Book Synopsis The Structure of Derivatives Exchanges by : George Tsetsekos
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).
Book Synopsis U.S. Regulation of the International Securities and Derivatives Markets by : Edward F. Greene
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:
Book Synopsis U.S. Regulation of the International Securities and Derivatives Markets by :
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:
Book Synopsis Brazilian Derivatives and Securities by : Marcos C. S. Carreira
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.
Book Synopsis The Structure of Derivatives Exchanges by : George P. Tsetsekos
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).
Book Synopsis The Derivatives Market in South Africa by : Olatundun Janet Adelegan
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.
Book Synopsis Emerging Financial Derivatives by : Jerome Yen
Download or read book Emerging Financial Derivatives written by Jerome Yen and published by Routledge. This book was released on 2014-11-27 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exotic options and structured products are two of the most popular financial products over the past ten years and will soon become very important to the emerging markets, especially China. This book first discusses the products' recent development in the world and provides comprehensive overview of the major products. The book also discusses the risks of issuing and buying such products as well as the techniques to price them and to assess the risks. Volatility is the most important factor in determining the return and risk. Therefore, significant part of the book's content discusses how we can measure the volatility by using local and stochastic volatility models — Heston Model and Dupire Model, the volatility surface, the term structure of volatility, variance swaps, and breakeven volatility. The book introduces a set of dimensions which can be used to describe structured products to help readers to classify them. It also describes the more commonly traded exotic options with details. The book discusses key features of each exotic option which can be used to develop structured products and covers their pricing models and when to issue such products that contain such exotic options. This book contains several case studies about how to use the models or techniques to price and hedge risks. These case analyses are illuminating.
Book Synopsis U. S. Regulation of the International Securities and Derivatives Markets by : Edward F. Greene
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:
Book Synopsis U.S. regulation of the international securities and derivatives markets by : Edward F. Greene
Download or read book U.S. regulation of the international securities and derivatives markets written by Edward F. Greene and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investing in Emerging Fixed Income Markets by : Frank J. Fabozzi, CFA
Download or read book Investing in Emerging Fixed Income Markets written by Frank J. Fabozzi, CFA and published by John Wiley & Sons. This book was released on 2002-03-22 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investor's guide to capitalizing on opportunities in the fixed income markets of emerging economies The fixed income market in emerging countries represents a new and potentially lucrative area of investment for professionals, but with great risk. Investing in Emerging Fixed Income Markets shows investors how to identify solid investment opportunities, assess the risk potential, and develop an investment approach to enhance long-term returns. Contributors to this book, among the leading experts from around the world, share their insights, advice, and knowledge on a range of topics that will help investors make the right decisions and choices when dealing with emerging fixed income markets. This fully updated and revised edition of the Handbook of Emerging Fixed Income and Currency Markets is the best guide for navigating the complicated world of emerging fixed income markets. Efstathia Pilarinu (Strasbourg, France) is a consultant specializing in the derivatives and emerging market fixed income areas. She has worked for several major Wall Street firms, including Salomon Brothers, Bankers Trust, Societe General. She has a doctorate degree and an MBA in finance from the University of Tennessee and an undergraduate degree in mathematics from the University of Patras, Greece. John Wiley & Sons, Inc. is proud to be the publisher of the esteemed Frank J. Fabozzi Series. Comprising nearly 100 titles--which include numerous bestsellers--The Frank J. Fabozzi Series is a key resource for finance professionals and academics, strategists and students, and investors. The series is overseen by its eponymous editor, whose expert instruction and presentation of new ideas have been at the forefront of financial publishing for over twenty years. His successful career has provided him with the knowledge, insight, and advice that has led to this comprehensive series. Frank J. Fabozzi, PhD, CFA, CPA, is Editor of the Journal of Portfolio Management, which is read by thousands of institutional investors, as well as editor or author of over 100 books on finance for the professional and academic markets. Currently, Dr. Fabozzi is an adjunct Professor of Finance at Yale University's School of Management and on the board of directors of the Guardian Life family of funds and the Black Rock complex of funds.
Book Synopsis The Development of Local Capital Markets by : Mr.Luc Laeven
Download or read book The Development of Local Capital Markets written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2014-12-19 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.
Book Synopsis Foreign Participation in Emerging Markets’ Local Currency Bond Markets by : Mr.Shanaka J. Peiris
Download or read book Foreign Participation in Emerging Markets’ Local Currency Bond Markets written by Mr.Shanaka J. Peiris and published by International Monetary Fund. This book was released on 2010-04-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the impact of foreign participation in determining long-term local currency government bond yields and volatility in a group of emerging markets from 2000-2009. The results of a panel data analysis of 10 emerging markets show that greater foreign participation in the domestic government bond market tends to significantly reduce long-term government yields. Moreover, greater foreign participation does not necessarily result in increased volatility in bond yields in emerging markets and, in fact, could even dampen volatility in some instances.
Book Synopsis The Derivatives Market in South Africa by : Olatundun Janet Adelegan
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 21 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.
Book Synopsis Handbook of Empirical Research on Islam and Economic Life by : M. Kabir Hassan
Download or read book Handbook of Empirical Research on Islam and Economic Life written by M. Kabir Hassan and published by Edward Elgar Publishing. This book was released on 2016-12-30 with total page 736 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Islamic jurisprudence, a comprehensive ethic has been formulated governing how business and commerce should be run, how accountability to God and the community is to be achieved, and how banking and finance is to be arranged. This Handbook examines how well these values are translated into actual performance. It explores whether those holding true to the system are hindered and put at a disadvantage or whether the Islamic institutions have been able to demonstrate that faith-based activities can be rewarding, both economically and spiritually.
Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre
Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
