The Polish derivatives market in 2004 - regulatory changes, new instruments, and perspectives for development

• Autorzy: Paweł Niedziółka
• Języki publikacji: EN

Abstrakty

EN

2004, the year of Poland's joining the European Union, brought significant changes at the derivatives market. Those include: • changes in the area of defining securities and financial instruments, • increased investment opportunities for investment funds; more precise definition of the influence of derivatives upon the limits of involvement of those institutions, • expanding the market by new constructions, especially the stock-exchange contracts for bonds, • intensification of turnover, both at the stock exchange, and the off-exchange market. At the same time, while attempting to determine the perspectives for derivatives markets in 2005 and the following years, the following indications can be made: • increasing availability of derivatives to individual clients, • increased interest in currency derivatives in connection with Poland's intention to join the EURO at the soonest possible time, and to implement the Balassy-Samuelson effect, i.e. a faster increase of work efficiency in sectors of exchangeable goods in Poland than in its trade partners, resulting in gradual appreciation of the zloty • substituting the currency and interest-rate stock exchange derivatives with their off-exchange equivalents, • banks paying more attention to operational and credit risk connected with derivatives (in particular with off-exchange derivatives), • an intention to broaden the range of derivatives on offer, in particular with regard to such underlying instruments as treasury bills, inter-bank interest rates and corporate credits and bonds (credit derivatives), • increasing importance of medium- and long-term derivatives. (author's abstract)

Słowa kluczowe

EN

Capital market; Derivatives market

PL

Rynek kapitałowy; Rynek instrumentów pochodnych

• Czasopismo: Studia i Prace Kolegium Zarządzania i Finansów / Szkoła Główna Handlowa
• Rocznik: 2005
• Numer: z. 63
• Strony: 50--61

Twórcy

autor

Paweł Niedziółka

• Szkoła Główna Handlowa w Warszawie

Bibliografia

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