TYPES AND CLASSIFICATION FEATURES OF DERIVATIVE CONTRACTS

Анотація

The article reveals the importance of derivative contracts in the economic system. It was established that the prerequisites for the formation of exchange trading in derivative contracts had a long evolution and development. The views of domestic and international scientists regarding the use of derivative contracts in international practice are considered. It was established that exchange trading in derivative contracts, with its inherent modern features, has been actively taking place on international commodity and stock exchanges for the past two centuries. During this time, a large number of various derivative contracts arose on demand and to meet the needs of participants in market relations. The available classification features of derivative contracts are determined and their systematization and refinement are given. Classification groups of derivative contracts based on various classification features are considered. It was found that scientific and legislative sources contain a large number of classification features for derivative contracts, which contributes to the formation of their functional purpose in stock trading. The available classification features in international and domestic sources are summarized, namely according to: types of basic assets; economic purpose; sphere of circulation; method of execution; method of use; innovative purpose. Based on the generalization of foreign and domestic scientific sources, we have systematized the classification features of derivative contracts, and also taking into account the dynamic development of international exchange trading, we have clarified and proposed a classification feature – "by innovative purpose". In this case, derivative contracts can be divided into: traditional and innovative instruments. Traditional types include classic types of derivative contracts, while innovative types include hybrid types of derivative contracts and new types of underlying assets, such as cryptocurrencies.

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