Institucionalni i regulatorni aspekti primene finansijskih instrumenata za upravljanje rizikom u Republici Srbiji

Abstract

This paper presents an analysis of institutional and regulatory framework for the implementation of a new group of financial instruments for risk management purposes that should enable faster economic development of the Republic of Serbia. The development of a country's economy is measured, among other things, in terms of the degree of development of its financial market, which consists of several segments. One of them is the trade of derivative securities. American authors point out that the economies of developing countries with more developed financial markets show better results and more stable economic growth compared to those which do not have or have neglected the development of financial markets and instruments. Investors are interested in hedging (securing) their investments, i.e. with the purpose of reducing or eliminating financial and business risks. The development and application of exotic options as modern financial instruments for risk management purposes is an important requirement for attracting foreign investments, as well as for increasing domestic investments, as it offers the possibility of reducing or eliminating risks that deter investors. In the Republic of Serbia, there is a regulatory and institutional framework for trade in all types of financial derivatives, including exotic options as well. Bearing in mind that the financial market in the Republic of Serbia is becoming a part of the global financial market, exotic options are one of the instruments for integrating our economy into global economic flows. However, the domestic financial market lacks financial derivative instruments that would give an additional impetus to its development and trade.