UDK 94 Всеобщая история
Objective: systematization of structure of the functional mechanism of futures contracts in Ukraine through determination and the characteristic of its components. Methods: dialectical and abductive methods, methods of causal and functional-structural analogy, a systematic method, system-structural approach. Results: in article the structure of the functional mechanism of futures in Ukraine, through determination and the characteristic of its components is systematized. Parameters of futures which are traded on organizers of the biddings in Ukraine are determined. Features of technology of the organization and tendering are researched by futures, types of requests of bidders are determined by futures. The system of ensuring accomplishment of liabilities according to futures through such parameters is characterized: cash limit; settlement cash limit; initial margin. Features of centralized clearing and payment under futures in Ukraine, conditions of closing and liquidation of an open line item on futures are determined. Options of actions of the organizer of the biddings in cases of emergence of situations of price instability in the market of futures are considered. Scientific novelty: it is proved, that market development of futures of Ukraine needs determination of an accurate vector, which provides systematization of structure of the functional mechanism of futures, minimization of speculative transactions and shift of emphases on implementation of mechanisms of hedging of economic and financial risks of subjects of managing through optimization of a range of underlying assets of futures. Practical significance: the basic provisions and conclusions of article can be used for enhancement of technology of the organization of the biddings by futures contracts.
derivatives, futures, hedging, clearing, cash limit, initial margin, variation margin
1. Beaumont P. H. Financial Engineering Principles. A Unifield Theory for Financial Product Analysis and Valuations/P. H. Beaumont. - New Jersey: John Wiley & Sons, Inc, 2009. - 318 p
2. Black F. The Pricing of Options and Corporate Liabilities/F. Black, M. Scholes//Journal of Political Economy. - 1973. - № 81. - P. 637-659
3. Chong Y. Y. Investment Risk Management/Y. Y. Chong. - Chichester: John Wiley & Sons Ltd, 2004. - 223 p
4. Duffy D. J. Finite Difference Methods in Financial Engineering. A Partial Differential Equation Approach/D. J. Duffy. - Chichester: John Wiley & Sons Ltd, 2006. - 442 p
5. Fabozzi F. J. Quantitative Equity Investing. Techniques and Strageies/F. J. Fabozzi, S. M. Focardi, P. N. Kolm. - New Jersey: John Wiley & Sons, Inc, 2010. - 533 p
6. Fabozzi F. J. Financial Management and Analysis/F. J. Fabozzi, P. P. Peterson. - New Jersey: John Wiley & Sons, Inc, 2003. - 1022 p
7. Fabozzi F. J. Shot Selling. Strategies, Risk, and Rewards/F. J. Fabozzi. - New Jersey: John Wiley & Sons, Inc, 2004. - 435 p
8. Horcher K. A. Essentials of Financial Risk Management/K. A. Horcher. - New Jersey: John Wiley & Sons, Inc, 2005. - 272 p
9. Hull J. C. Options, Futures, and Other Derivatives. Global Edition/J. C. Hull, University of Toronto. - London: Pearson Education Limited, 2014. - 892 p
10. Hull J. C. Solutions Manual. Options, Futures, and Other Derivatives. Global Edition/J. C. Hull. - London: Pearson Education Limited, 2012. - 257 p
11. Mun J. Modeling Risk: Applying Monte Carlo Risk Simulation, Strategic Real Options, Stochastic Forecasting, and Portfolio Optimization/J. Mun. - New Jersey: John Wiley & Sons, Inc, 2010. - 1026 p
12. Mun J. Real Options Analysis Course. Business Cases and Software Applications/J. Mun. - New Jersey: John Wiley & Sons, Inc, 2003. - 318 p
13. Reilly F. Investment Analysis. Portfolio Management/F. Reilly, K. Brown. - New York: Fort Worth, TX: The Dryden Press, 2012. - 1191 p
14. Tapiero C. Risk and Financial Management. Mathematical and Computational Methods/C. Tapiero. - Chichester: John Wiley & Sons Ltd, 2004. - 344 p
15. The official website of the National commission on securities and stock market//http://www.nssmc.gov.ua
16. The official website of the PJSC «Perspektiva Stock Exchange»//http://fbp.com.ua
17. The official website of the PJSC «Ukrainian Exchange»//http://www.ux.ua
18. The official website of the PJSC «Ukrainian Interbank Currency Exchange»//https://www.uicegroup.com
19. Thomsett M. C. The Little Book Project Management/M. C. Thomsett. - New York: AMACOM Amerikan Management Association, 2010. - 272 p
20. Thomsett M. C. Winning with Futures: The Smart Way to Recognize Opportunities, Calculate Risk, and Maximize Profits/M. C. Thomsett. - New York: AMACOM Amerikan Management Association, 2009. - 253 p
21. Thomsett M. C. Winning with Stocks: The Smart Way to Pick Investments, Manage Your Portfolio, and Maximize Profits/M. C. Thomsett. - New York: AMACOM Amerikan Management Association, 2008. - 253 p
