Market of Credit Derivates

• Autorzy: Viera Malacka
• Języki publikacji: EN

Abstrakty

EN

At the beginning of the 90ties the finance institutions have been started to use credit default swaps /CDS/ and swaps of all yields. With using of them, there have been started the era of credit derivates. Through the swaps the banks have got the possibility to move the existing losses and the credit risk connected with their credit portfolios to the another partner without the transfer of protection credits. Though, the market with credit derivates get still stronger, it's liquidity is to low. In the world there are global engaged in credit derivates perhaps only 30 banks. In the last time the banks offer their clients structured credit products, which component are straight credit derivates. The decisive instrument on the market are the credit default swaps. The international association for swaps and derivates /ISDA/ has issued definitions of credit derivates in the period between 1999 and 2003 /Credit Derivatives Definitions/ by which the association has supported the market with these instruments. Through it there have been reduced the legal risk of CDS and have increased their liquidity. By other credit derivates such a standard documentation is not existing and the closing of contracts is then based on the common agreed documentation. (original abstract)

Słowa kluczowe

EN

Financial markets; Financial instruments; Financial derivatives; Credit risk; Financial crisis; Credit default swap (CDS)

PL

Rynki finansowe; Instrumenty finansowe; Finansowe instrumenty pochodne; Ryzyko kredytowe; Kryzys finansowy; Swap ryzyka kredytowego

• Czasopismo: Prace Naukowe / Akademia Ekonomiczna w Katowicach
• Rocznik: 2006
• Tom: Współczesne problemy finansów, bankowości i ubezpieczeń w teorii i praktyce. T. 1
• Strony: 387--395

Twórcy

autor

Viera Malacka

• University of Economics in Bratislava, Slovakia

Bibliografia

• Jílеk J.: Financial and commodity derivatives in practise, GRADA Publishing 2005.
• Vaňo V.: TREND Analyses, TREND 14. 10. 2005.
• ISDA - INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.- ISDA Mid.-Year 2005 Market Survey: Credit Derivatives at USD 12,43 Trillion.
• Tavakoli J.M.: Credit Derivatives and Synthetic Structures. A Guide to Instruments and Applications, 2002.
• Jílek J.: Financial and commodity derivatives in practise: GRADA Publishing 2005.