- citations in SCIndeks: 0
- citations in CrossRef:0
- citations in Google Scholar:[
 ]
- visits in previous 30 days:4
- full-text downloads in 30 days:3
|
|
|
2018, iss. 40, pp. 121-133
|
|
Importance and perspectives of clearing development in Serbia
Značaj i perspektive razvoja kliringa u Srbiji
Abstract
The paper analyses the importance of the development of clearing in the Republic of Serbia. The primary role of clearing houses is to ensure the performance of derivative contracts. Clearing houses are institutions that are necessary for the functioning of derivative exchange and the part of the OTC derivative market. High uncertainty in business reflected in changes in prices, exchange rates, interest rates, climatic conditions, etc. led to the development of the term contracts trading and the need to develop a clearing system. In Serbia, despite the established legal requirements trading in standardized derivative contracts did not come to life in practice. Based on the findings in this paper, the underlying reason for the absence of a developed derivative market lies in an inadequate clearing system.
Sažetak
U radu je analiziran značaj razvoja kliringa u Republici Srbiji. Prevashodna uloga klirinških kuća jeste obezbeđivanje izvršenja terminskih ugovora. Klirinške kuće su institucije koje su neophodne za funkcionisanje berzanskog i dela vanberzanskog terminskog tržišta. Visoka neizvesnost u poslovanju, koja se ogleda u promenama cena, kurseva, kamatnih stopa, klimatskih uslova itd., uslovila je razvoj terminskog trgovanja i potrebu za razvojem sistema kliringa. U Srbiji i pored uspostavljenih zakonskih uslova, trgovanje standardizovanim terminskim ugovorima nije zaživelo u praksi. Prema nalazima u ovome radu, osnovni razlog za nepostojanje razvijenog derivatnog tržišta jeste neadekvatni sistem kliringa.
|
|
|
|
References
|
|
|
*** (2011) Zakon o tržištu kapitala. Službeni glasnik Republike Srbije, broj 31
|
|
|
*** (2012) Regulation (EU) no. 648/2012 of the European Parliament and of the Council of 4th July 2012 on OTC derivatives, central counterparties and trade repositories. Seepex berza električne energije, http://www.seepex-spot.rs/en/
|
|
|
*** (2013) Guide to the European market infrastructure regulation. European Securities and Markets Authority, http://www.finalyse.com/ourexpertise/regulatory-compliance/emir-reporting-solution/
|
|
|
*** (2018) Nacrt zakona o robnim berzama. Ministarstvo trgovine, turizma i telekomunikacija Republike Srbije, http://mtt.gov.rs/slider/jrnacrt-zakona-orr/?script=lat
|
|
|
Balme, A. (2018) Regulating financial derivatives: Clearing and central counterparties. Edwar Edgar Publishing Limited
|
|
|
G-20 (2013) G20 leaders' declaration. in: G-20, Saint Petersburg Summit, Russian Federation, 1-27, www.mofa.go.jp/files/000013493.pdf
|
|
 
|
Ghamami, S., Glasserman, P. (2017) Does OTC derivatives reform incentivize central clearing?. Journal of Financial Intermediation, 32: 76-87
|
|
|
Kolb, R., Overdahl, J. (2007) Futures, Options, and Swaps. Blackwell Publishing, Edition 5
|
|
|
Kovačević, V. (2015) Robno berzansko poslovanje. Beograd: Institut za ekonomiku poljoprivrede
|
|
2
|
Kovačević, V. (2014) Razvoj robnih berzi u funkciji upravljanja rizikom poslovanja poljoprivrednih preduzeća u Srbiji. Beograd: Poljoprivredni fakultet, doktorska disertacija
|
|
|
Loader, D. (2014) Clearing, Settlement and Custody. Elsevier
|
|
|
OTC Derivatives and Clearing Obligation (2017) European securities and markets authority. https://www.esma.europa.eu/regulation/post-trading/otcderivatives-and-clearing-obligation
|
|
|
Priem, R. (2018) CCP recovery and resolution: preventing a financial catastrophe. Journal of Financial Regulation and Compliance, 26(3): 351-364
|
|
|
Weber, M. (2016) Central Counterparties in the OTC Derivatives Market from the Perspective of the Legal Theory of Finance, Financial Market Stability and the Public Good. European Business Organization Law Review, 17(1-2): 71-103
|
|
|
|
|