NOILE PRODUSE FINANCIARE TRANZACŢIONATE PE PIAŢA FOREX ȘI IMPACTUL ACESTORA
The new financial products traded on the forex market and their impact

Summary/Abstract: This paper purports to analyze the new trends in terms of foreign currency transactions and, implicitly, the new financial products traded on the Forex market with a view to identifying the category they belong to, namely the category of foreign currency transactions or the category of foreign exchange derivative transactions. Also, the implications of including the new products traded on the Forex market into one of the two categories have been taken into account, both in terms of market microstructure and in terms of investor-wise implications. Thus, the analysis showed that, by changing the destination of the amounts deposited by clients into the settlement account of the Forex services provider, i.e. from amounts deposited with a view to covering the equivalent of purchased foreign currencies into amounts deposited with a view to covering any price difference, financial products such as currency pairs and rolling spot Forex acquire features similar to those of derivatives (such as CFDs). Also, the recognition of these financial products of the Forex market (currency pairs and rolling spot Forex) as derivatives would determine a series of transformations on the microstructure of the market they are traded on, changes that would contribute to a better protection of investors and to a better monitoring and prevention by the supervisory authorities of the potential risks such transactions could induce on the financial market.

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