• 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


article: 1 from 6  
Back back to result list
2018, iss. 40, pp. 121-133
Importance and perspectives of clearing development in Serbia
aInstitute of Agricultural Economics, Belgrade
bUniversity of Belgrade, Faculty of Economy
cUniversity of Belgrade, Faculty of Agriculture,, za
Keywords: clearing; derivative market; futures; options; swaps
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.
*** (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,
*** (2013) Guide to the European market infrastructure regulation. European Securities and Markets Authority,
*** (2018) Nacrt zakona o robnim berzama. Ministarstvo trgovine, turizma i telekomunikacija Republike Srbije,
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,
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
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.
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


article language: Serbian
document type: Scientific Paper
DOI: 10.5937/AnEkSub1840121K
published in SCIndeks: 01/02/2019
Creative Commons License 4.0