Abstract
Author explains legal regulation of OTC financial derivative trading on the leading financial markets (USA and EU) as well as shows uniform regulations developed in international legal environment, and separately explains legal framework of the said question in positive Serbian law. Author elaborates main current legal issues related to financial derivatives transactions on the OTC market to which domestic participants are exposed during the operations in Serbian territory but also in cross-border operations. Finally, the author provides concrete proposals for further improvement of disputable legal issues by amending the regulatory framework in line with comparative legal regulations and regulations developed by the international community. Purpose of this article is to bring the attention of legal experts in Serbia to certain inefficient solutions in currently applicable legal regulations related to financial derivatives on the OTC Market, as well as to serve to legal practice as guidance for practical solving the disputable legal issues in particular transactions which have become frequent also for domestic participants on the capital market.
Highlights
Za razliku od forvarda, fjučersi su standardizovani derivati kojima se trguje na organizovanom tržištu7 i najčešće preko posrednika, uz obavezu izvršivosti zaključenog fjučersa
22 Autor smatra da OTC derivati i uopšte poslovanje na OTC tržištu nisu na adekvatan način regulisani u Republici Srbiji, pa samim tim ni obaveza izveštavanja od strane oba učesnika u OTC transakcijama nije regulisana na adekvatan način u skladu sa uporednopravnim rešenjima
Purpose of this article is to bring the attention of legal experts in Serbia to certain inefficient solutions in currently applicable legal regulations related to financial derivatives on the OTC Market, as well as to serve to legal practice as guidance for practical solving the disputable legal issues in particular transactions which have become frequent for domestic participants on the capital market
Summary
Finansijski derivati su finansijski instrumenti čija je vrednost izvedena iz vrednosti neke druge imovine koja se nalazi u njihovoj osnovi. Finansijski derivati daju prava na druge vrste finansijske imovine, te njihova vrednost zavisi od vrednosti te druge imovine koja se nalazi u njihovoj osnovi, a koja se formira putem ponude i tražnje za konkretnim delom te finansijske imovine Da bi se tržišni učesnik zaštitio od rizika ili da bi eliminisao rizik sa kojim se suočava prilikom obavljanja svoje delatnosti Tržišni rizik), on će pristupiti kupovini određenog finansijskog derivata. Trgovina iskazana u različitim valutama ili promenljive kamatne stope) rešavaju se fiksiranjem tih troškova u određenom vremenskom trenutku pomoću odgovarajućeg finansijskog derivata Upravo ove vrste derivata predstavljaju opasnost za trgovinu na neorganizovanom tržištu kada učesnici u poslovima nisu profesionalni investitori koji raspolažu odgovarajućim znanjem koje ih štiti od rizika.
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