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Liczba wyników
2005 | z. 63 | 50-61
Tytuł artykułu

The Polish derivatives market in 2004 - regulatory changes, new instruments, and perspectives for development

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
2004, the year of Poland's joining the European Union, brought significant changes at the derivatives market. Those include: • changes in the area of defining securities and financial instruments, • increased investment opportunities for investment funds; more precise definition of the influence of derivatives upon the limits of involvement of those institutions, • expanding the market by new constructions, especially the stock-exchange contracts for bonds, • intensification of turnover, both at the stock exchange, and the off-exchange market. At the same time, while attempting to determine the perspectives for derivatives markets in 2005 and the following years, the following indications can be made: • increasing availability of derivatives to individual clients, • increased interest in currency derivatives in connection with Poland's intention to join the EURO at the soonest possible time, and to implement the Balassy-Samuelson effect, i.e. a faster increase of work efficiency in sectors of exchangeable goods in Poland than in its trade partners, resulting in gradual appreciation of the zloty • substituting the currency and interest-rate stock exchange derivatives with their off-exchange equivalents, • banks paying more attention to operational and credit risk connected with derivatives (in particular with off-exchange derivatives), • an intention to broaden the range of derivatives on offer, in particular with regard to such underlying instruments as treasury bills, inter-bank interest rates and corporate credits and bonds (credit derivatives), • increasing importance of medium- and long-term derivatives. (author's abstract)
Twórcy
  • Szkoła Główna Handlowa w Warszawie
Bibliografia
  • Gonczaryk M., Rozliczanie kontraktów terminowych na obligacje, "Rynek Terminowy", No. 26.04.04.
  • Monthly reports prepared by the Department of Inland Operations, the Section of Monitoring and Control of Securities Turnover of the National Bank of Poland on the basis of data received from 19 banks, reports analysed on the basis of the Decree of the Minister of Finance of 5.11.2001 on the reporting duties concerning securities turnover, issued by the Treasury of State, as well as the data from the KDPW.
  • Rosati D., Interwencje i rynek, czyli co powinien robić NBP, "Rzeczpospolita", 14.06.2002.
  • Statystyka 2004-2005. pdf - file provided by WGT.
  • The Directive of the Minister of Finance of 26.08.2004 on signing contracts concerning derivatives, including non-standardised derivatives, by open-end investment funds (Dz. U. of 2004, No. 197, position 2021).
  • The Act of 21.08.1997 on the change of the Law on public securities turnover (Dz. U. of 2004 No 64 position 594).
  • The Act of 21.08.1997 The Law on public securities turnover (Dz. U. of 1997 No. 118 position 754 with subsequent amendments).
  • The Act of 27.05.2004 on investment funds (Dz. U. of 2004 No. 146 position 1546).
  • The Act of 29.09.1994 on accounting (Dz. U. of 1994 No. 121, position 591).
  • Warunki obrotu dla programu kontraktów terminowych na obligacje skarbowe o oprocentowaniu stałym, emitowane przez ministra finansów o wartości emisji nie mniejszej niż 5 mld zł i terminie wykupu nie krótszym niż 2 lata i dziewięć miesięcy i nie dłuższym niż 5 lat i sześć miesięcy, licząc od dnia wykonania kontraktu - the document available from gpw.com.pl on 25.02.2005.
  • Ziębiec J., Kontrakty terminowe na obligacje skarbowe - dlaczego na giełdzie?, April 2004, presentation available on 25.02.2005 at gpw.com.pl.
  • Ziębiec J., Kontrakty terminowe na obligacje skarbowe na Giełdzie w Warszawie, "Rynek Terminowy", No. 26.04.04.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171332395
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