As can be seen from the foregoing, in the general sense, clearing involves the
collection, processing, verification and correction of information which relates to
mutual obligations of the two parties of the agreements, the definition of these
obligations and ensuring its implementation. Execution can be achieved by netting and
offsetting the mutual obligations of the agreement's parties, and, if necessary, using
guarantee funds for these purposes.
Thus, the main instruments of risk management on the financial derivatives
market should be the construction of efficient and effective clearing and settlement
system. Based on the definition of clearing, there is a need to establish clearing house
on the domestic stock market of financial derivatives to provide insurance and
guarantee all risks which arise from financial derivatives settlements. The experience
of European countries in this direction must play an important role.
CONCLUSION
As a result of institutional reforms in Ukraine, the main purpose of which is the
formation of a civilized economy of a market type, the stock market of financial
derivatives began to play an important role.
At this stage, this segment in Ukraine has already been formed in a certain way:
there are trade stock exchange electronic systems, securities issuers, numerous
investment companies and banks, as well as state and municipal organizations, and
there are investors who are interested in the best for their placement. The stock market
of financial derivatives is a special institutional form of the financial market, in which
the exchange assets of the highest quality (securities, currency, precious metals, etc.)
are rotated, and transactions are carried out by professional participants. The stock
exchange serves as a trading, professional, as well as regulatory and technological core
of the stock market of financial derivatives.
Taking into account the peculiarities of the domestic stock market of financial
derivatives, the following definition can be formulated: the stock exchange is a
necessary component of a market infrastructure, which creates a concentration and
centralization of financial derivatives, that in turn allows the formation of an
economically justified price due to exchange-based mechanisms of formation
transparent pricing, insurance and forecasting.
The economic potential of the stock market of financial derivatives does not
appear simultaneously as a result of legislative acts. This potential is gradually formed
as a complex of market opportunities, competitive advantages, means and sources of
development of stock exchanges. The formation of the economic potential of the stock
market of financial derivatives involves the implementation of a set of agreed
organizational and economic transformations, which are carried out with the active
support of regulatory bodies.
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