The factors forming international derivatives market trends are researched in this article. The history of the formation of the global derivatives market was analyzed, in particular, events which have led to the growth of the derivatives market. Global derivatives market has revealed major changes in its trends and witnessed the gradual transformation of its structure, observed in recent years. Global derivatives market has revealed major changes in its trends and witnessed the gradual transformation of its structure, observed in recent years. Derivative risks were considered. Benefits of derivatives make them indispensable to the global financial system and the economy The essence, purpose and benefits of the use of derivatives and their role in the modern global financial markets analyzed. The classification of derivatives considered. The main uses for derivatives were single out. The dynamics of global exchange and OTC derivatives markets were analyze. Volatility of the economic environment was significantly improved, leading to a significant increase in financial risks and caused both the professional market and to institutional investors in dire need of new types of derivatives that would enable to effectively hedge to reduce losses in the event of unfavorable changes market and receive additional income from speculative transactions in the market. Possibility of exchange trading for OTC derivatives was emphasized. Courtesy comparative description of the scope and structure of the exchange and OTC derivatives markets were provided. The dynamics of world markets, interest rate derivatives and currency derivatives and studied their structure. The main trends and prospects of the modern international derivatives market are determined.
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Credit derivatives have been one of the most significant innovations perceived by the world financial system for the last years. Their implementation allowed credit risk to become the object of the market turnover for the first time. A fast increase of the volume of the transactions of credit derivatives and the variety of applications related to it make them the object of interest for many scientists as well as business entities. The article made a review of basic issues of credit derivatives revealing their impact on credit risk management. It shows that creating new types and levels of the credit risk contracts for over-the-counter derivative instruments become the object of turnover to change different kinds of market risk.
PL
Do jednych z najważniejszych innowacji postrzeganych przez światowy system finansowy w ostatnich latach należą pochodne instrumenty kredytowe. Wprowadzenie ich pozwoliło, iż po raz pierwszy ryzyko kredytowe stało się przedmiotem obrotu rynkowego. Szybki wzrost ilości transakcji pochodnymi instrumentami kredytowymi i różnorodnością ich zastosowań wzbudza zainteresowanie zarówno badaczy jak i podmiotów gospodarczych. W artykule dokonano przeglądu podstawowych zagadnień pochodnych instrumentów kredytowych pokazując jaki wpływ mają na zarządzanie ryzykiem kredytowym. Ukazuje, iż tworzenie nowych typów i poziomów ryzyka kredytowego kontraktów na pozagiełdowe instrumenty pochodne są przedmiotem obrotu w celu zmiany różnych rodzajów ryzyka rynkowego.
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