Instrumentos e mercados ó contado, de derivados estandarizados e OTCunha análise comparativa

Abstract

In recent years the financial markets have come across a real revolution caused by the so-called "financial engineering". Nevertheless, the great specialisation required by finances has meant a barrier for the financial agents to have access to many of those innovations. One of the most important changes has been the development of derivatives markets of financial assets. Almost unknown twenty years ago, the convergence of a series of circumstances has caused the need of utilising derivativa instruments. It is under this context where our study has taken shape and it has as its aim to find out the evolution and the causes of the development of those instruments and markets in the last dacades. In this way, once the efements object of study have been specified, the cash instruments and the derivative instruments negotiated in organised markets are compared and the latter with the derivative instruments negotiated in OTC markets: and the paper ends up by giving a global glance of all of them