Derywaty finansowe w republice Czeskiej
Financial Derivatives in the Czech Republic
Omówiono cele wprowadzenia dyrewatów na rynek, szczególnie scharakteryzowano rynek derywatów w Czechach, a głównie na Giełdzie Papierów Wartościowych w Pradze.
Although derivative markets have been around in some form for centuries, their growth has accelerated rapidly in the last ten years. The chief economic function of derivative instruments is to prodive ways to control risk. They offer several ways advantages over spot (cash) markets: (1) lower costs, (2) easier and flexible completed of transaction, (3) greater liquidity. At present derivative markets play very important role in the investment world and open new space for portfolio management. This paper describes some aspects of financial derative markets in the Czech Republic. Nowadays PSE (Prague Stock Exchange) and RM-S (off-exchange securities trading system) are preparing for trading with derivatives. The objectiv is to offen clients other investment possibilities which are common in the standard world markets. Launching of this instruments was conditioned by a number of factors. Now the whole trading systems are passing through tests and will be started in the third quarter of 1998. (original abstract)