ESSENCE AND CLASSIFICATION OF DERIVATIVE CONTRACTS ON ORGANIZED COMMODITY MARKETS

Анотація

The article highlights the economic essence of derivative contracts. Four main features of derivative contracts that arose during the evolution of exchange trading of these instruments are considered, namely maturity, standardization, derivation and settlement nature of agreements. The main classification groups of derivative contracts in domestic and international practice, as well as their characteristics, are given. The main features and functions of derivative contracts in market conditions are revealed. It was noted that derivative contracts play an important role in ensuring transparent pricing and managing price risks for the main groups of commodity and financial assets. Analytical data are presented that characterize the dynamics of international exchange trading in derivative contracts and determine the constant growth of demand for such types of instruments on international exchange platforms. The conducted assessment of the international stock exchange trade in derivative contracts shows an upward trend with significant growth rates in the last 3 years, which were on average higher by 30% annually. It has been established that the growth in the volume of international exchange trade in derivative contracts in recent years is explained by the increased interest on the part of investors, as well as the need to use exchange derivatives in the management of price and exchange rate risks due to the increase in global instability of commodity and financial markets. It was determined that universalization of international exchange trading in derivative contracts contributed to many positive changes, among which the acceleration of the derivatives exchange e-trading and a significant reduction in the price of intermediary services for concluding and conducting clearing settlements deserve special attention. The main prospects of exchange trading in derivative contracts on organized markets are presented. It is noted that exchange trading in derivative contracts currently provides: first, avoiding price risks through the hedging mechanism; secondly, accumulation and investment in risks for the purpose of obtaining profits.

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