Abstract
The aim of this paper is to determine the importance and necessary prerequisites for the development of futures trading with agricultural products in Serbia. Developed futures market allows participants in the agribusiness sector secure trade and provides an important instrument in the management of business risk. Price fluctuations of agricultural products have been particularly pronounced in recent decades, which has led to the rapid development of futures trading with agricultural products. According to the results in this paper, despite the existence of the legal basis for the establishment of this market, it did not occur primarily due to deficiencies in the legal frame. The establishment of the above markets is of great importance for agrosektor in Serbia primarily due to the need for risk management changes in the prices of agricultural products in the future. In order to establish a futures trading with agricultural products, it is necessary to establish an appropriate legal framework, as well as to improve the overall business environment, which is important for this market.
Highlights
The aim of this paper is to determine the importance and necessary prerequisites for the development of futures trading with agricultural products in Serbia
The establishment of the above markets is of great importance for agrosektor in Serbia primarily due to the need for risk management changes in the prices of agricultural products in the future
In order to establish a futures trading with agricultural products, it is necessary to establish an appropriate legal framework, as well as to improve the overall business environment, which is important for this market
Summary
Standardizovano terminsko tržište je predmet zajedničke regulative Evropske unije regulisano sa dve regulative, MIFID 2 i EMIR. Izmenama MIFID 2 regulative svi derivati, bilo da su robni ili finansijski, moraju se regulisati na isti način, tako da se prethodni pokušaji donošenja posebnog zakona o robnim berzama (koji će regulisati odvojeno robne derivate) više ne može primeniti, već se Zakon o tržištu kapitala mora izmeniti, tako da bude kompatibilan sa zajedničkom evropskom regulativom. Klirinška kuća mora biti odvojeno pravno lice, s obzirom da na sebe prima rizik tržišta da ne bi povezala bankrot više pravnih lica, a naročito ne sme biti vezana za Centralni registar koji bi u slučaju bankrota napravio problem celom finansijskom tržištu. Usklađivanje Zakona o tržištu kapitala sa Evropskom unijom je obaveza Republike Srbije i, kroz posredan uticaj, spajanje sa finansijskim tržištem Evropske unije donelo bi značajno povećanje trgovanja na efektnom tržištu, a uspostavljeni monopol nad kliringom ima samo psihološku vrednost, jer se do sada nije uspostavilo trgovanje terminskim ugovorima
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