Derivatives

The development of financial systems is shaped by the high level of the global economy situation changeability indirectly influenced by interventionist economic policies as well as financial crisis and state of finances of a given country. The attempts undertaken by particular governments to activate economic growth indirectly contributed to the growth of investment and credit risk as well as to creating speculation bubbles in the capital markets stocks. The latest global financial crisis from 2008 was an effect of increasing discrepancy, mismatch between that fast growth of financial instruments including credit financial instruments and the matter of improvement of credit risk management process connected with concluding transactions based on those instruments. In this dissertation, there is a growth of the significance of the credit risk management improvement presented in the context of appearing temporarily financial crisis and thus undertaken interventionist anti-cyclic economic policy.

Nigella sativa (N. sativa) seed has been an important nutritional flavoring agent and natural remedy for many ailments for centuries in ancient systems of medicine, e.g. Unani, Ayurveda, Chinese and Arabic Medicines. Many active components have been isolated from N. sativa, including thymoquinone, thymohydroquinone, dithymoquinone, thymol, carvacrol, nigellimine-N-oxide, nigellicine, nigellidine and alpha-hederin. In addition, quite a few pharmacological effects of N. sativa seed, its oil, various extracts and active components have been identified to include immune stimulation, anti-inflammation, hypoglycemic, antihypertensive, antiasthmatic, antimicrobial, antiparasitic, antioxidant and anticancer effects. Only a few authors have reviewed the medicinal properties of N. sativa and given some description of the anticancer effects. A literature search has revealed that a lot more studies have been recently carried out related to the anticancer activities of N. sativa and some of its ...

The study is an attempt to find a relation between the change in the prices of futures contracts of specific stocks and the change in Open Interest. Participants in the stock markets believe that the amount of open interest in a particular contract has a bearing on the behavior of the price of the contract. This popular perception is put to test in the following research by correlating the change in open interest in stock futures with the change in the futures prices. Empirical data has been collected from bhav copies published by the National Stock Exchange, India and then the data is subjected to correlation analysis to find out the significance of these parameters. The daily price data and open interest data is collected for sixteen stocks and the index (NIFTY) for a period of 4 years. The correlation between the change in futures price and the change in open interest is calculated for near month contracts of these seventeen futures contracts. Keywords-Futures, Derivatives, Open ...

This paper assesses the issue of alea in the Italian juridical system through the lens of case law on derivative contracts. After having shed light on the role of derivatives in the current economic system and on the fundamental legal issues that they raise, case law concerning their validity is critically assessed. Considerations on the regulation of the market order are drawn from the analysis of the relationship between the notions of causa and alea. Finally, the legal consequences affecting the settlement of a contract declared immeritevole are analyzed.

The main contribution of the paper is to present hard evidence on risk exposure, hedging strategies, and agency problems resulting in speculation with derivatives, by focusing on the case of Aracruz Celulose. It highlights the failure of risk management systems in non-financial firms in the face of extreme events like the financial crisis of 2008. The company posted financial losses of U$2.1 billion due to currency derivatives trading in the third quarter of 2008. We show how the company‟s real hedge position deviated from its optimal hedge as a result of the speculation with OTC derivatives, permitted by weak governance structures that failed in preventing hubris and mistakes in risk management.

Damage localization in laminated composite structures is a very active area of research due to the role that this kind of structures play in the transport industries. The mode shape derivatives, like rotations (first derivative), curvatures second derivative) and, more recently, third and fourth derivatives, have been used to localize damage in composite plates. The most used method to compute these derivatives is the application of finite differences. However, finite differences present several well-known problems, such as the error propagation and amplification. The magnitude of the error associated with the computed derivative is not easy to estimate, mainly because the numerical error associated with finite differences depends on the values of derivatives of higher order than the order of the derivative that one wants to compute. A new technique based on the Ritz method to estimate this error is proposed in this paper. The optimal spatial sampling for the numerical differentiation of the mode shapes are defined based on the minimization of the total error. The good performance of the optimal sampling is shown by applying it to the damage localization in a laminated composite plate.

We provide a descriptive examination of the trading activities of one of the most important intermediaries in global financial markets—the OTC derivatives dealer. These dealers play a central role in the provision of derivative products and in the intermediation of market risks faced by financial and non-financial firms alike. Utilizing a unique database, we analyze the derivatives holdings of 264 dealers spanning 34 countries over the period 1995-2001. We document the geographic composition of dealers on both country and regional levels as well as analyze trends in dealer holdings on an aggregate and individual product level. We further analyze the extent of global merger activity among dealers and resulting consolidation effects. Finally, we investigate at the individual dealer level the extent and evolution of their array of product offerings.

Integration of significant concepts in mathematics makes it possible to extend the concept of the order of a derivative from an integer order to the non-integer order. This study aimed to show in an exhaustive and systematic manner how an integer ordered-derivative of functions monomial (x^n), constant functions, exponential function , and sine and cosine functions of the form sin and cos may be generalized to the positive non-integer order called the fractional derivative. The method used in the study is purely expository and therefore is based on the underlying concepts relevant to the derivative of a function and other topics arising in the process of derivation. The results highlight that in the case of non-integer ordered derivatives, the concept of a zero-derivative for constant functions only apply for integer-ordered derivatives. Additionally, fractional derivative of some monomials may result to expressions involving complex numbers.

The study is an attempt to find a relation between
the change in the prices of futures contracts of specific stocks
and the change in Open Interest. Participants in the stock
markets believe that the amount of open interest in a
particular contract has a bearing on the behavior of the price
of the contract. This popular perception is put to test in the
following research by correlating the change in open interest in
stock futures with the change in the futures prices.
Empirical data has been collected from bhav copies published
by the National Stock Exchange, India and then the data is
subjected to correlation analysis to find out the significance of
these parameters. The daily price data and open interest data
is collected for sixteen stocks and the index (NIFTY) for a
period of 4 years. The correlation between the change in
futures price and the change in open interest is calculated for
near month contracts of these seventeen futures contracts.

This study provides an empirical examination of derivative instruments used by institutional investors. Our analysis provides a unique insight into the role and benefits of derivative securities in active equity portfolio management. We contribute to the literature by using a database that comprises the periodic portfolio holdings and daily trades of institutional fund managers. The consequence of derivative use is analyzed using a number of performance and risk measures. Overall, we find the use of derivatives have a negligible impact on fund returns, and is primarily attributed to low levels of derivative exposure relative to total fund size. We also evaluate how derivatives are used by considering the trading strategies executed by active investment managers. Specifically, option trading patterns are consistent with the execution of momentum trading strategies. This study also documents that active investment managers prefer not to use options markets to engage in informed trading.

The thesis studies multivariate approximation using radial basis functions (RBF) and Artificial Neural Networks (ANN) and develops a framework for comparing these approaches, which is applied in the context of derivatives pricing.

Current developments in the theory of both areas are reviewed and applied. Recent improvements to the RBF approach are assessed for impact. Benefit of perturbing a grid of support points are discussed. Connections between RBFs and the theory of stochastic matrices are identified which requires further analysis beyond this thesis. Recent results on ANNs are reviewed; experiments appear broadly consistent with recent theoretical findings on links between the structure of approximands and appropriate network architecture.

Both methods perform satisfactorily on the toy example of the Black Scholes formula. RBFs provide very smooth interpolation performance on R2 and work well on large data sets in R3. ANNs also appear suitable, however the configuration and training process is more
complex.

The innovative practices always catch-up the eyes of concerned people where ideas and innovation become the hallmark of progress. And even capital market is no far away from this, whereas financial derivatives have given drastic change in the growth of the financial market. The most and key role and purpose behind to introduce derivatives is minimize or eliminating price risk through hedging. The figure seems that the total turnover on the financial derivatives segment increased by Rs.31,349,732 crore during 2011-12 as compared with Rs 2,365 crore during 2000-01. The average daily turnover during 2011-12 was Rs 125,903 crore from Rs 12 crore in 2000-01 which shows CAGR of 120.49% in terms of turnover and CAGR of 115.64% in terms of average daily turnover. India's experience with launch of equity derivatives market has been extremely positive, by world standards. NSE is now one of the prominent exchanges amongst all emerging markets, in terms of equity derivatives turnover. There is an increasing sense that the derivatives market is playing a major role in shaping growth of capital market.

In the financial markets, an increasing attention is being paid to the exchange-traded products (ETPs). An ETP is a derivatively priced security which trades during the day on a national stock exchange. ETPs are typically benchmarked to indices, stocks, commodities, or may be actively managed. There are several different types of ETPs: most common are ETFs (exchange-traded funds); ETCs (exchange-traded commodities); ETNs (exchange-traded notes). First, this work aims to analyze the differences between ETFs and traditional investment funds. An ETF is an investment fund traded on stock exchanges like stocks. Then, specific attention is drawn on the strict connection between some types of ETPs (i.e., ETCs and ETNs), derivatives and asset-backed securities. ETCs and ETNs are debt securities issued by the financial practice of securitization by a special purpose vehicle. Finally, this paper focuses about problems relating to securities derivatives in Italian law.

Certain risks arise in the day-to-day operations of company and financial institutions. There are several ways of dealing with these risks, and one of ways is to hedge with financial derivatives, which is their primary purpose and usually used to hedge currency and interest rate risk. In addition to hedging, they are used for speculation and arbitration purposes. Economically speaking, the term financial derivatives denotes the value derived from the value of another asset underlying them, namely: interest rates, currency, loans, etc. or in other words, derivatives represent a financial contract that is related to the future value of the underlying asset to which it relates. The emergence of risks such as foreign exchange and interest rate risk can produce large losses that are generated through income shortfalls. In order to avoid negative outcomes, financial institutions offer derivatives as one form of protection for their clients, and that market is called OTC or over the counter market that exists in Bosnia and Herzegovina, Croatia and Serbia. In addition to offering through the OTC market, derivatives are also offered through organized markets or stock exchanges, which are not developed in transitions countries, and they offer is based on stocks and bonds in Bosnia and Herzegovina.

The Lotka-Volterra model is a widely used pair of first-order nonlinear differential equations used to interpret the dynamics of two species: a predator and a prey. The model is also known as the 'predator-prey equations' as it mainly studies the behaviour and interactions of the two species in ecology. It uses various mathematical concepts such as linear algebra, calculus, as well as ordinary differential equations to implement the constraints into real life situations.

FORMACIÓN DE PALABRAS Y ENSEÑANZA DEL ESPAÑOL LE/L2 offers a unique combination of theory and practice that guides the reader through the main processes of word formation in Spanish. It provides a detailed analysis of the role of lexical creation in the acquisition of L2 Spanish vocabulary, as well as over a hundred practical self-reflection activities.

Key features:

• Comprehensive theoretical explanations of word formation, including theoretical and pedagogical principles and their implementation in the teaching of L2 Spanish;
• Step-by-step pedagogical introductions to the full range of lexical creation mechanisms in Spanish language, including prefixation, emotive and nonemotive suffixation and composition;
• Carefully-chosen lists of relevant issues on lexical morphology with immediate applicability to the teaching of L2 Spanish;
• Guided activities with an answer key, which helps the reader to connect theory with practice and to become familiar with the key aspects of Spanish lexical morphology;
• Guidelines on how to tackle the teaching of Spanish word formation and vocabulary in an effective and engaging way.
Written in a clear and accessible manner, Formación de palabras y enseñanza del español LE/L2 is an essential resource for teachers of Spanish at all levels. It is also an excellent reference book for language teachers who wish to integrate word formation into the teaching of the Spanish language.

Long-dated USD callable bond issuance into Germany and Taiwan is continual, but this year's unprecedented demand from Taiwan has driven lower right vols lower. The recent jump was driven by regulatory changes. As this was an unintended consequence of regulatory loosening, we expect the window to close and callable issuance to decrease to more normal levels. In this report, we present and compare five forward vol strategies which all benefit from this effect.

Treating differentials as independent algebraic units have a long history of use and abuse. It is generally considered problematic to treat the derivative as a fraction of differentials rather than as a holistic unit acting as a limit, though for practical reasons it is often done for the first derivative. However, using a revised notation for the second and higher derivatives will allow for the ability to treat differentials as independent units for a much larger number of cases.

Thermolysis of [ {Mo(CO)4(/x-DPFB) }21 (DPFB= I,'4-bis(diphenylphosphino)-2,5-difluorobenzene) in acetonitrile followed by addition of tdpheaylphosphine yields trans-[Mo(CO)a(PPh02] and free DPFB which co-crystallise. Crystal data: triclinie, space group Pi, a =9.4976(20), b = 10.0708(21 ), c= 16.1178(29) A, a= 100.333(16), 13= 101.741 (15), 3,=94.445(17) °, V= 1474.48 A3, Z= I. Only half of each molecule is unique, being related to the second by the inversion centre, in trans-[Mo(CO)4(PPh3)21, little deviation from ideal octahedral geometry is seen and the Mo-P bond length of 2.500( I ) A is significantly shorter than those found in the cis isomer (F.A. Cotton, D.

This book is for me who wants to become rich through investing in financial instruments and alternative assets.

The first part of the book discusses investing and the need to invest, stating that the only way to become rich or maintain the riches that I have already acquired is through investing, that is, making the assets I already have to acquire more assets for me. This part also covers the basic and fundamental principles of investing.

The second part of the book takes me through the various investment products; the markets where I can buy and ell such products and the market players, including regulators, associations and brokers.

Finally, the book also introduces the East African financial market, the available financial instruments and how to invest in them, listing the various financial institutions and their regulators, the exchanges, the member firms and the listed companies. The book then concludes by introducing a prospective investor to fundamental principles of economics and economic institutions.

Risk Management is not about the elimination of risk; it is about the management of risk; selectively choosing those risk and organization is comfortable with and minimizing those that it does not want. Financial Derivatives served a useful purpose in fulfilling risk management objectives. Through derivatives, risks from traditional instruments can be efficiently unbundled and managed independently. Used correctly, derivatives can save costs and increase returns. Financial derivatives can be used in two ways; to hedge against unwanted risk or to speculate by taking apposition in anticipation of a market movement.

This research paper aims to investigate the profitability of five popular variations of moving averages: simple (also referred to as arithmetic), exponential, triangular, variable, and weighted as the main tool of technical analysis on the end of the day data on Indian market index S&P CNX Nifty 50 from January 2004 to December 2014. Moving averages performance is checked with three basic rules of trading using moving average, first with direction of moving average, second with price & moving average crossover and third rule is crossover of two moving averages of different period. An optimization technique is used to find the most profitable trading system among all the moving averages. The results show that trading rules based short term moving average generate more profit with less drawdown and outperform buy-and-hold strategy for almost all type of moving averages.

Chitosan is a natural polymer composed of randomly distributed 􀀂-(1-4)-linked D-glucosamine (deacetylated unit) and Nacetyl- D-glucosamine (acetylated unit). It has been described as a non-toxic, biodegradable and biocompatible polymer with very interesting biological properties, such as permeation-enhancing and mucoadhesive properties, anticoagulant and antimicrobial activity and so on. Chitosan has been used in several areas such as biomedical, pharmaceutical and biotechnological fields as well as in the food industry.
Recently, there has been a growing interest in the modification of chitosan to improve its solubility in physiological conditions, to introduce new applications or to improve chitosan biological properties. Research and development on a variety of amphiphilic copolymers containing hydrophobic and hydrophilic segments, have been very active due to their spontaneous self-assembly behaviour in aqueous media These smart transitions often lead to diverse functional compartment structures like micelles, vesicles and gels, which represent promising applications in the field of biotechnology and
pharmaceutics. The aim of the present paper is to review the latest advances in the synthesis of chitosan amphiphilic derivatives with a special emphasis in their applications.

The OTC derivatives markets all over the world have shown tremendous growth inrecent years. In the wake of the present financial crisis, which is believed to have beenexacerbated by OTC derivatives, increasing attention is being paid to analysing theregulatory environment of these markets. In this context, we analyse the regulatoryframework of the OTC derivatives market in India. The paper, inter alia, seeks toprove the point that the Indian OTC derivatives markets, unlike many otherjurisdictions, are well regulated. Only contracts where one party to the contract is anRBI regulated entity are considered legally valid in India. A good reporting systemand a post-trade clearing and settlement system, through a centralised counter party,has ensured good surveillance of the systemic risks in the Indian OTC market.From amongst the various OTC derivatives markets permitted in India, interest rateswaps and foreign currency forwards are the two prominent markets. However, byinternational standards, the total size of the Indian OTC derivatives markets stillremains small because credit default swaps were conspicuously absent in India untilnow. It appears that Indian OTC derivatives markets will grow fast once again afterthe present financial crisis is over. This research paper explores those open issues thatare important to ensure market stability and development. On the issue of the muchdiscussed competition between exchange-traded and OTC-traded derivatives, webelieve that the two markets serve different purposes and would contribute more torisk management and market efficiency, if viewed as complementary. Regarding theintroduction of new derivative products for credit risk transfer, the recentannouncement by the RBI that it would introduce credit default swaps is a welcomesign. We believe that routing of credit default swaps through a reporting platform andmanaging its post-trade activities through a centralised counterparty would providebetter surveillance of the market. Strengthening the position of the ClearingCorporation of India Ltd. (CCIL) as the only centralised counterparty for Indian OTCderivatives market and better supervision of the off-balance sheet business offinancial institutions are two measures that have been proposed to ensure the stabilityof the market.

The past decade has witnessed the multiple growth in the volume of international trade and business due to the wave of globalization and liberalization all over the world. As a result, the demand for the international money and financial instruments increased significantly at the global level. In this respect, change in exchange rates, interest rates and stock prices of different financial markets have increased the financial risk to the corporate world. Adverse changes have even threatened the very survival of business world. it is, therefore, to manage such risk, the new financial instruments have been developed in the financial markets, which are also popularly known as financial derivatives,. The basic purpose of these instruments is to provide commitments to prices for future dates for giving protection against adverse movements in future prices, in order to reduce the extent of financial risks. Today, the financial derivatives have become increasingly popular and most commonly used in the world of finance. This has grown with so phenomenal speed all over the world that now it is called as the derivatives revolution. In India, the emergence and growth of derivatives market is relatively a recent phenomenon. Since its inception in June 2000, derivatives market has exhibited exponential growth both in terms of volume and number of contract traded. The market turnover has grown from Rs.2365 Cr. in 2000-2001 to Rs.16807782.22 Cr. in 2012. Within a short span of twelve years, derivatives trading in India has surpassed cash segment in terms of turnover and number of traded contracts. The passed study encompasses in its scope, history, concept, definition, types, features, regulation, market, trend, growth, Future prospects and challenges of derivatives in India and status of Indian derivatives market vis-à-vis global derivative market.

The Indian derivative market has become multi-trillion dollar markets over the years. Marked with the ability to partially and fully transfer the risk by locking in assets prices, derivatives are gaining popularity among the investors. Since the economic reforms of 1991, maximum efforts have been made to boost the investors' confidence by making the trading process more users' friendly. Still, there are some issues in this market. So, the present paper is an attempt to study the evolution of Indian derivative market, trading mechanism in its various products and the future prospects of the Indian Derivative market. The present paper is descriptive in nature and based on the secondary data. Inspite of the growth in the derivative market, there are many issue (e.g., the lack of economies of scale, tax and legal bottlenecks, increased off-balance sheet exposure of Indian banks need for an independent regulator etc), which need to be immediately resolved to enhance the investors' confidence in the Indian derivative market.

Derivatif kredit terdiri dari kontrak bilateral yang dapat dinegosiasikan secara pribadi yang memungkinkan pengguna mengelola risiko kredit mereka secara terbuka. Derivatif kredit adalah aset keuangan seperti kontrak berjangka, swap dan opsi dimana harga didorong oleh risiko kredit agen ekonomi, seperti investor swasta atau pemerintah. Misalnya, bank yang bersangkutan bahwa salah satu pelanggannya mungkin tidak dapat melunasi pinjaman dapat melindungi dirinya dari kehilangan dengan mengalihkan risiko kredit ke pihak lain sambil tetap meminjamkan pinjamannya pada buku-bukunya.

La parasíntesis ha sido analizada como un fenómeno derivativo consistente en la adjunción simultánea de un prefijo y un sufijo a una base nominal (en+cárcel+ar > encarcelar) o adjetiva (a+liger(o)+ar > aligerar). Este tipo de parasíntesis, que ofrece interesantes cuestiones dignas de estudio, no será objeto de atención en este trabajo y 1999. Nos ocuparemos de manera particular de la parasíntesis en composición, proceso relacionado con el mecanismo de synthetic compounding característico, entre otras, de las lenguas germánicas.

This paper investigates the attitude of investors in trichy derivatives markets. The study focus on investors’ attitude in their investment practices. We attempt to identify and analyse the key factors that capture their attitude in derivatives markets. The data were collected from 200 respondents via a questionnaire survey. Chi square analysis was employed to analyse the data, and some interesting findings were obtained. This study reveals that the respondents are aware of derivatives.

The Black-Scholes model calculates theoretical option prices for a stock which follows a random walk and whose future prices are lognormally distributed. The premise is that there should be no sure profits. However, the random walk of the Black-Scholes model assumes zero airthmetic return for all assets when the riskless rate is 0, which is not possible even theoretically. This paper shows how to calculate the expected return of the numéraire in terms of the stock and the expected option returns in terms of the stock in the Black-Scholes model.

The purpose of this paper is to contribute to the existing literature on experiential learning in finance by discussing the instructional design of an undergraduate derivatives course. Moreover, we advocate for the use of Bloomberg Terminals as an experiential learning tool, providing students with real-life experiences. This paper proposes and describes two learning products designed to enhance the experiential learning benefits of this course: a customized instructional manual and a simulation for option trading strategies. To measure the effectiveness of this experiential teaching approach, we rely on pre- and post-class surveys, as well as a recent graduate survey. Our findings suggest that integrating Bloomberg in the classroom has both short term and long term implications: In the short run, it improves students learning outcomes. In the long run, the results of the survey suggest that learning how to use Bloomberg in the classroom provided a boost to recent graduates, both during their job search and during the first weeks after they start.

يتضمن البحث تحضيرحامض الاثيلين ثنائي الامين رباعي حامض الخليك اللامائي من خلال تفاعل مادة الاثيلين ثنائي
مع حامض الخليك اللامائي EDTA (ethylene diamine tetraacetic acid) الامين رباعي حامض الخليك
.[ وبوجود البيريدين تحت ظروف التصعيد [ 1
- في الخطوة الثانية من التحضير العضوي تم مفاعلة المركب [ 1] مع الامين الاولي الحاوي على حلقة غير متجانسة 3
[ 3- ليتكون حامض ثنائي الاميك [ 2] الذي يحول بدوره الى ملح الصوديوم المقابل[ 3 aminopyridine امينو بيريدين
بمفاعلته مع محلول هيدروكسيد الصوديوم.
تم تنقية المركبات المحضرة واثبات تراكيبها من خلال قياس درجات الانصهار، كما شخصت بواسطة الطرائق الطيفية
ولبعضها باستخدام تقنية الرنين النووي المغناطيسي للهيدروجين والكربون ( FTIR ( الاشعة تحت الحمراء
.(1HNMR, 13CNMR)
تم دراسة تأثير المركب [ 3] الذائب بالماء كمثبط لتأكل فولاذ الكربون في محيط 0.02 عياري حامض الكبريتيك
باستخدام منحنى الاستقطاب بواسطة المجهاد الساكن.
[ بينت النتائج المستحصلة من منحنيات الاستقطاب انخفاض تأكل العينة بعد اضافة 50 جزء بالمليون من المركب [ 3
338 ) كلفن. تم ايضا - مقارنة بعدم اضافته من خلال قيم تيار التأكل وبدرجات حرارية مختلفة تراوحت بمدى ( 308
حساب القيم الثرموديناميكية للامتزاز وهي الطاقة الحرارية القياسية للامتزاز ، انثالبي الامتزاز ، انتروبي الامتزاز
وكذلك حساب القيم الحركية من طاقة التنشيط ، معامل ارينيوس ، انثالبي التنشيط ، انتروبي التنشيط بغياب ووجود ملح
.[ الصوديوم المحضر

In this paper, we will analyse the role of brokers, dealers and investment banks in the equity markets. Special attention will be given in analysing the role of financial intermediaries at initial public offerings and secondary offerings, according to the legal framework in Serbia. Serbia, as other transitional economies, has problems in mobilising funds for its stock exchange. Especially local savers do not trust the local financial system, especially the stock exchange. One of the major reasons for this distrust, besides bad experiences in the past, is a lack of knowledge about the functioning of stock exchanges. On the other hand, companies in Serbia often rely on debt-based financial instruments, where they have to pay high interest rates. However, equity financing with partners, especially with many partners is at a very low level. Therefore, we want to analyse the functioning of equity markets by explaining the concept of stocks, public offerings and the role of financial intermediaries in this process.