THE USING OF OPTIONS AS HEDGING INSTRUMENTS OF MODERN EXCHANGE RISKS

Z. M. GADETSKA, Y. V. KOSTYANA, M. S. POPADUK

Анотація


Introduction. Today there are many methods the hedge of foreign exchange risks and often the question arises of optimal choice of instrument for its insurance. We can say that the research of main characteristics of using options, determine the conditions and consequences of their use is an actually task today. Purpose. The research of feasibility of using options as the hedge of foreign exchange risks and possibility of their using to get the profit in the moment of changes in the economic situation of the financial market. Methods. Research methods: In our work for decision of the posed problem we used the theory and principles of the market for financial derivatives, methods and the hedging instruments of foreign exchange risks. We used volatility index VIX to assess the magnitude of movement of the stock market. Results. When examining market of financial derivatives by the example of Chicago Board Options Exchange(CBOE) we found that option contracts are one of the most actively used hedging instruments. For example in the USA we can see conclusion of more million such contracts everyday. They are used not only for the insurance exchange risk, but also as an opportunity to speculative earnings in the period of economic instability. Companies which are signed option contracts but not their owners have the opportunity to earn by paying their premiums, the average of which, CBOE, is about $ 148 by contract. We tested the relationship between the number of concluded option contracts by the company ISSN and the size of its bonuses. As a result, we can see no association between these two values. It is therefore, that the primary indicator of when we choose a company whose shares are to function underlying is not the level of premiums and the possibility of rise in prices, on which you can earn. We can say, that option buyers are willing to overpay the payment of premiums, because they understand the prospects of this contracts in the future and An integral part of the option market is the volatility index VIX, that displays the degree of excitement exchange participants. With its help we can maximize the effectiveness of own activities, anticipating the entry points to financial market and exit from it. Originality. Scientific novelty of research results is that the research of the feasibility of using options as the hedging instruments of foreign exchange risks were also developed. Conclusion. After a detailed analysis of the current stock market, we can conclude that risk insurance is not just important and certainly necessary aspect of a successful entity. Existing hedging instruments can not only minimize the risk of loss, but also help to get the profit. The research confirms the popularity and usefulness of financial derivatives particularly options as a means of protection against sharp currency fluctuations and certain other risks. To draw the conclusion, one can say that this trend is very promising particularly in the economic realities of modern Ukraine.


Ключові слова


exchanges; hedging; derivatives; options; underlaying; volatility index; strike-price.

Посилання


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