The Structure Of Derivatives Exchanges

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The Structure of Derivatives Exchanges

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

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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).

The Structure of Derivatives Exchanges

Author : George P. Tsetsekos
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (129 download)

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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).

The Structure of Derivatives Exchanges

Author : Varangis
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis The Structure of Derivatives Exchanges by : Varangis

Download or read book The Structure of Derivatives Exchanges written by Varangis and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Exchange-Traded Derivatives

Author : Erik Banks
Publisher : John Wiley & Sons
ISBN 13 : 0470864672
Total Pages : 258 pages
Book Rating : 4.4/5 (78 download)

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Book Synopsis Exchange-Traded Derivatives by : Erik Banks

Download or read book Exchange-Traded Derivatives written by Erik Banks and published by John Wiley & Sons. This book was released on 2005-08-05 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Derivative Market Competition

Author : Mr.Jens Nystedt
Publisher : International Monetary Fund
ISBN 13 : 145184820X
Total Pages : 49 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Derivative Market Competition by : Mr.Jens Nystedt

Download or read book Derivative Market Competition written by Mr.Jens Nystedt and published by International Monetary Fund. This book was released on 2004-04-01 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Author : Robert E. Whaley
Publisher : John Wiley & Sons
ISBN 13 : 0471786322
Total Pages : 958 pages
Book Rating : 4.4/5 (717 download)

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Book Synopsis Derivatives by : Robert E. Whaley

Download or read book Derivatives written by Robert E. Whaley and published by John Wiley & Sons. This book was released on 2006-10-02 with total page 958 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Handbook of Equity Derivatives

Author : Jack Clark Francis
Publisher : John Wiley & Sons
ISBN 13 : 9780471326038
Total Pages : 742 pages
Book Rating : 4.3/5 (26 download)

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Book Synopsis The Handbook of Equity Derivatives by : Jack Clark Francis

Download or read book The Handbook of Equity Derivatives written by Jack Clark Francis and published by John Wiley & Sons. This book was released on 1999-11-08 with total page 742 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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)

Swap & Derivative Financing

Author : Satyajit Das
Publisher : McGraw-Hill Companies
ISBN 13 :
Total Pages : 1552 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Swap & Derivative Financing by : Satyajit Das

Download or read book Swap & Derivative Financing written by Satyajit Das and published by McGraw-Hill Companies. This book was released on 1994 with total page 1552 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Financial Derivatives

Author : Rob Quail
Publisher : John Wiley & Sons
ISBN 13 : 0471467669
Total Pages : 337 pages
Book Rating : 4.4/5 (714 download)

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Book Synopsis Financial Derivatives by : Rob Quail

Download or read book Financial Derivatives written by Rob Quail and published by John Wiley & Sons. This book was released on 2003-03-20 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Financial Derivatives" - Jetzt neu in der 3. komplett überarbeiteten Auflage! Dieses umfassende Nachschlagewerk bietet eine gründliche Einführung in das Thema Finanzderivate und ihre Bedeutung für das Risikomanagement im Unternehmensumfeld. Es vermittelt fundierte Kenntnisse zum Thema Finanzderivate, und zwar mit einem verständlich gehaltenen Minimum an Finanzmathematik, was Preisbildung und Bewertung angeht. Mit einer breitgefächerten Übersicht über die verschiedenen Arten von Finanzderivaten. Mit neuem Material zu Kreditderivaten und zur Kreditrisikobewertung bei Derivaten. Mit neuen und ausführlicheren Informationen zu den Themen Finanztechnik und strukturierte Finanzprodukte. "Financial Derivatives" - Ein unverzichtbarer Ratgeber für alle Finanzexperten im Bereich Risikomanagement.

Managing Derivatives Contracts

Author : Khader Shaik
Publisher : Apress
ISBN 13 : 1430262753
Total Pages : 476 pages
Book Rating : 4.4/5 (32 download)

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Book Synopsis Managing Derivatives Contracts by : Khader Shaik

Download or read book Managing Derivatives Contracts written by Khader Shaik and published by Apress. This book was released on 2014-09-29 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.

Discriminatory Pricing of Over-the-Counter Derivatives

Author : Hau Harald
Publisher : International Monetary Fund
ISBN 13 : 1498303773
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Discriminatory Pricing of Over-the-Counter Derivatives by : Hau Harald

Download or read book Discriminatory Pricing of Over-the-Counter Derivatives written by Hau Harald and published by International Monetary Fund. This book was released on 2019-05-07 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients.

The Social Life of Financial Derivatives

Author : Edward LiPuma
Publisher : Duke University Press
ISBN 13 : 0822372835
Total Pages : 416 pages
Book Rating : 4.8/5 (223 download)

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Book Synopsis The Social Life of Financial Derivatives by : Edward LiPuma

Download or read book The Social Life of Financial Derivatives written by Edward LiPuma and published by Duke University Press. This book was released on 2017-08-11 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Social Life of Financial Derivatives Edward LiPuma theorizes the profound social dimensions of derivatives markets and the processes, rituals, and belief systems that drive them. In response to the 2008 financial crisis and drawing on his experience trading derivatives, LiPuma outlines how they function as complex devices that organize speculative capital as well as the ways derivative-driven capitalism not only produces the conditions for its own existence, but also penetrates the fabric of everyday life. Framing finance as a form of social life and highlighting the intrinsically social character of financial derivatives, LiPuma deepens our understanding of derivatives so that we may someday use them to serve the public well-being.

Recommendations for Central Counterparties

Author : Group of Ten. Committee on Payment and Settlement Systems
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Recommendations for Central Counterparties by : Group of Ten. Committee on Payment and Settlement Systems

Download or read book Recommendations for Central Counterparties written by Group of Ten. Committee on Payment and Settlement Systems and published by . This book was released on 2004 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Commodity Derivatives

Author : Neil C. Schofield
Publisher : John Wiley & Sons
ISBN 13 : 1119349257
Total Pages : 549 pages
Book Rating : 4.1/5 (193 download)

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Book Synopsis Commodity Derivatives by : Neil C. Schofield

Download or read book Commodity Derivatives written by Neil C. Schofield and published by John Wiley & Sons. This book was released on 2021-05-11 with total page 549 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodity Derivatives In the newly revised Second Edition of Commodity Derivatives: Markets and Applications, expert trading educator and author Neil Schofield delivers a comprehensive overview of a wide variety of commodities and derivatives. Beginning with discussions of commodity markets generally before moving on to derivative valuation and risk management, the author then dives into individual commodity markets, like gold, base metals, crude oil, natural gas, electricity, and more. Schofield relies on his extensive experience at Barclays Investment Bank to offer readers detailed examinations of commodity finance and the use of commodities within a wider investment portfolio. The second edition includes discussions of critical new topics like dual curve swap valuation, option valuation within a negative price environment using the Bachelier model, volatility skews, smiles, smirks, term structures for major commodities, and more. You’ll find case studies on corporate failures linked to improper commodity risk management, as well as explorations of issues like the impact of growing interest in electric vehicles on commodity markets. The text of the original edition has been updated and expanded and new example transactions are included to help the reader understand the concepts discussed within. Each chapter follows a uniform structure, with typical demand and supply patterns following a non-technical description of the commodity at issue. Discussions of the physical markets in each commodity and the main exchange-traded and over-the-counter products conclude each chapter. Perfect for commodity and derivatives traders, analysts, and risk managers, the Second Edition of Commodity Derivatives: Markets and Applications will also earn a place in the libraries of students and academics studying finance and the graduate intake in financial institutions. A one-stop resource for the main commodity markets and their associated derivatives Finance professionals seeking a single volume that fully describes the major commodity markets and their derivatives will find everything they need in the latest edition of Commodity Derivatives: Markets and Applications. Former Global Head of Financial Markets Training at Barclays Investment Bank Neil Schofield delivers a rigorous and authoritative reference on a crucial, but often overlooked, subject. Completely revised and greatly expanded, the Second Edition of this essential text offers finance professionals and students coverage on every major class of commodities, including gold, steel, ethanol, crude oil, and more. You’ll also find discussions of derivative valuation, risk management, commodity finance, and the use of commodities within an investment portfolio. Non-technical descriptions of major commodity classes ensure the material is accessible to everyone while still in-depth and rigorous enough to deliver key information on an area central to global finance. Ideal for students and academics in finance, Commodity Derivatives is an indispensable guide for commodity and derivatives traders, analysts, and risk managers who seek a one-volume resource on foundational and advanced topics in commodity markets and their associated derivatives.

Derivatives

Author : Keith Cuthbertson
Publisher : John Wiley & Sons
ISBN 13 : 1119595592
Total Pages : 116 pages
Book Rating : 4.1/5 (195 download)

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Book Synopsis Derivatives by : Keith Cuthbertson

Download or read book Derivatives written by Keith Cuthbertson and published by John Wiley & Sons. This book was released on 2019-12-16 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Three experts provide an authoritative guide to the theory and practice of derivatives Derivatives: Theory and Practice and its companion website explore the practical uses of derivatives and offer a guide to the key results on pricing, hedging and speculation using derivative securities. The book links the theoretical and practical aspects of derivatives in one volume whilst keeping mathematics and statistics to a minimum. Throughout the book, the authors put the focus on explanations and applications. Designed as an engaging resource, the book contains commentaries that make serious points in a lighthearted manner. The authors examine the real world of derivatives finance and include discussions on a wide range of topics such as the use of derivatives by hedge funds and the application of strip and stack hedges by corporates, while providing an analysis of how risky the stock market can be for long-term investors, and more. To enhance learning, each chapter contains learning objectives, worked examples, details of relevant finance blogs technical appendices and exercises.

Trading and Exchanges

Author : Larry Harris
Publisher : OUP USA
ISBN 13 : 9780195144703
Total Pages : 664 pages
Book Rating : 4.1/5 (447 download)

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Book Synopsis Trading and Exchanges by : Larry Harris

Download or read book Trading and Exchanges written by Larry Harris and published by OUP USA. This book was released on 2003 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on market microstructure, Harris (chief economist, U.S. Securities and Exchange Commission) introduces the practices and regulations governing stock trading markets. Writing to be understandable to the lay reader, he examines the structure of trading, puts forward an economic theory of trading, discusses speculative trading strategies, explores liquidity and volatility, and considers the evaluation of trader performance. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).

Infectious Greed

Author : Frank Partnoy
Publisher : Times Books
ISBN 13 : 1466872705
Total Pages : 644 pages
Book Rating : 4.4/5 (668 download)

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Book Synopsis Infectious Greed by : Frank Partnoy

Download or read book Infectious Greed written by Frank Partnoy and published by Times Books. This book was released on 2014-06-03 with total page 644 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the bestselling author of F.I.A.S.C.O., a riveting chronicle of the rise of dangerous financial instruments and the growing crisis in American business One by one, major corporations such as Enron, Global Crossing, and Worldcom imploded all around us, prey to a greed-driven culture and dubious or illegal corporate finance and accounting. In a compelling and disturbing narrative, Frank Partnoy's Infectious Greed brings to bear all of his skills and experience as a securities attorney, financial analyst, law professor, and bestselling author to tell the story of the rise of the trading instruments and corporate financial structures that imperil the economic health of the country. Starting in the mid-1980s with the introduction of the first proto-derivatives, and taking us through such high-profile disasters as Barings Bank and Long Term Capital Management, Partnoy traces a seamless progression to today's dangerous manipulations. He documents how each new level of financial risk and complexity obscured the sickness of the company in question, and required ever more ingenious deceptions. It's an alarming story, but Partnoy offers a clear vision of how we can step back from the precipice.