The Right Time to Introduce a Derivatives Market

Moema Unis

Istanbul Stock Exchange Review, 1998, vol. 2, issue 5, 75-82

Abstract: In recent years, we have witnessed a profound change taking place in the capital markets worldwide. This process began in the early 1970s when exchange rates were left to float and capital markets entered a new phase. The world became more unpredictable and the economic agents learned the importance of a factor to which little attention had thus far been paid: the risk associated with price and market instability. The existence of risk led to a demand for hedge instruments. This was the birth of the so-called financial derivatives two decades ago. Today, some countries are using derivatives to hedge themselves against price and market risks, and some others are about to initiate derivatives trading in their securities market. This paper argues the right timing of launching derivatives market with the light of Brazilian experience.

Date: 1998
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