Роля на финансовите деривати за стабилността на финансовите пазари
The role of financial derivatives for the stability of financial markets

Summary/Abstract: Financial derivatives are the financial instruments that have developed and driven financial markets the fastest. From their de-velopment to their present form, as marketing tools decades ago, they constantly appear in new and modified structures of contracts. Practically, they secure the richest and most unlimited investment applications. In parallel with this we often come across exceptional opinions, in which financial derivatives are blamed for the global financial crisis and for the huge losses of market players of different categories. In this study, we shall concentrate on the actual expression and factual role of financial derivatives for the financial crisis and the current state of the markets. To this end, we present and comment on key cases from global practice in the current environment of instability – both at the beginning and during the process of the financial crisis. The research is based on the main hypothesis that the instrument and its ban and avoidance are not the solution to the problem, but, instead, precise and delicate regulation are needed. The main conclusions are that: the regulation requires more transparency and accurate rating assessments to enable proper understanding of the risks; the derivatives fulfill the purposes they are created for and used exceptionally well - the transfer of financial risks between market subjects; the derivative markets managed to self-regulate by introducing safety measures even before the supervisory bodies discovered the necessary recommendations and measures.

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