USE OF DERIVATIVE FINANCIAL INSTRUMENTS IN PRACTICE

Veliko podjetij je v današnjem hitro spreminjajočem se mednarodnem okolju izpostavljenih različnim vrstam tveganj. Eno od njih je tveganje spremembe deviznih tečajev ali valutno tveganje, ki je vezano na katerokoli podjetje, ki se v svojem poslovanju sreča z uvozom ali izvozom blaga in storitev. Poleg omenjenega tveganja pa je podjetje Petrol in njegovo poslovanje odvisno od cene nafte in njenih produktov na svetovnem trgu. Petrol je preko raznih informacijskih sistemov dnevno na tekočem z vsemi pomembnimi svetovnimi dogajanji, s pomočjo raznih analitičnih orodij pa tudi sposoben vsa pomembna dogajanja tudi primerno oceniti. Delo kaže, katera področja in znanja mora podjetje obvladovati, da se lahko zavaruje pred tveganji. Na primerih smo pokazali nihanja cen na naftnem trgu in ugotovili, da je nestanovitnost cen na naftnem trgu skoraj neprimerljiva z drugimi trgi. Iz tega dejstva smo izpeljali pomen upravljanja s cenovnimi tveganji naftnega trga, katerega cilj je večja gotovost poslovanja. Obdobje pred naftnim šokom 1973 lahko označimo za razmeroma stabilno, zato cenovna nihanja niso bila velika. Po letu 1973, ko so nihanja cen postala velika, pa je energetska industrija, to so proizvajalci, predelovalci in končni porabniki začeli uporabljati razne izvedene instrumente za zaščito pred cenovnimi tveganji naftnega trga in s tem vzpodbudili razvoj vedno novih oblik izvedenih instrumentov. Gonilna sila razvoja vedno novih oblik izvedenih instrumentov za zavarovanje je bila tudi naraščajoča prisotnost finančnih posrednikov, ki so zapolnili praznino med tržnimi udeleženci. Izvedenih finančnih instrumentov je mnogo več, tu so opisani najosnovnejši. V grobem jih delimo na borzne in izvenborzne OTC instrumente. V delu nismo mogli mimo opisa najpogostejših borznih strategij, ki predstavljajo osnovo zavarovanj na borzi. Poleg izvedenih instrumentov prve generacije (terminski posli, terminske pogodbe, zamenjave, opcije), kjer je osnova dogajanje osnovnega instrumenta, to je cena na promptnem trgu, imamo tudi izvedene finančne instrumente druge generacije, katerih osnova so izvedeni finančni instrumenti prve generacije (opcije na finančne terminske pogodbe). Poleg tega nastajajo novi morda naslednjih generacij. Ti instrumenti se označujejo kot hibridni, eksotični, strukturirani. Največ pozornosti smo namenili opcijam, ter futursom. V portfelju izvedenih finačnih instrumentov v Petrolu prevladujejo terminski posli, sledijo opcije in futursi. Na svetu delujejo tri borze, kjer se trguje z instrumenti za zaščito pred cenovnimi tveganji naftnega trga in pokrivajo praktično cel svet, to je IPE –Londonska borza goriv, ki je za nas najpomembnejša, newyorški Nymex, ki je največja izmed naftnih borz, ter borza v Chichagu-CME. V Sloveniji zavarovanje pred tveganji še ni tako razvito, kar je med drugim posledica naše devizne zakonodaje ter zaščitenega bančnega sistema. Celotno infrastukturo upravljanj s tveganji si lahko privoščijo le večja podjetja, saj gre za izredno drago aktivnost (Cost/benefit). Podjetja in banke morajo za opravljanje poslov storitev z izvedenimi instrumenti, pridobiti dovoljenje Banke Slovenije. Da pridobijo ta dovoljenja morajo izpolnjevati kadrovske in organizacijske pogoje, ki so med poglavitnimi pogoji za njegovo pridobitev. Če želijo podjetja ali banke pridobiti ustrezno dovoljenje, bodo morala najprej ustrezno izobraziti svoje zaposlene ali na novo zaposliti usposobljen kader s tega področja. Razen tega, da je glavni razlog za neuporabo izvedenih finačnih instrumentov manjkajoče dovoljenje, menim, da nekatere banke in podjetja niso zainteresirane za njihovo uporabo. Velikokrat je trgovanje z izvedenimi finančnimi instrumenti povezano s špekulativnim prizvokom in nekatere slabe izkušnje z izvedenimi finančnimi instrumenti so lahko vzrok za ustvarjanje negativnega mnenja o njihovi uporabi.In today\u27s fast changing international environment, many companies are exposed to different types of risks. One of them is foreign exchange-rate risk or currency risk that refers to any company involved in the import and export of goods and services. In addition to this risk, the company Petrol and its business operations depend on the price of oil and oil products in the world market. Via various information systems, Petrol keeps up-to-date with important developments worldwide on a day-to-day basis and with the help of various analytical tools it can make adequate assessments of vital issues. The thesis shows which areas of expertise and fields of knowledge a company should master in order to protect itself against risks. Examples are presented which illustrate price fluctuations in the oil market and established that price volatility in the oil market is almost incomparable with other markets. From this position we derived the importance of price risk management in the oil market with the intended goal of greater security of business operation. The period prior to the oil shock in 1973 could be defined as relatively stable therefore price fluctuations were not significant. After 1973, when price fluctuations became larger, the energy industry i.e. producers, processors and end users, started implementing various derivative instruments to hedge against oil market price risks which stimulated the growth of more sophisticated derivative instruments. The driving force of this development was the increasing presence of financial intermediaries that filled the gap between market operators. There are many kinds of derivative financial instruments, however only the elementary types are described here. Broadly speaking there are two distinct groups of derivative financial instruments: stock-exchange and non-stock OTC instruments. In this thesis, describing the most common stock market strategies that represent the basis for hedging in the stock market could not be avoided. In addition to derivative instruments of the first generation (futures, forward contracts, swaps, options) that are based on the future value of the underlying instrument which is the price in the spot market, there are also derivatives of the second generation based on the underlying financial derivatives of the first generation (options on future contracts). Again there are some new generation derivatives on the horizon. These instruments are labelled as hybrid, exotic, structured. Most attention was paid to options and futures. In Petrol\u27s derivatives portfolio, forward contracts prevail, followed by options and futures. There are three stock exchanges trading with hedging instruments for managing price risks in the oil market that practically cover the whole world. These are the IPE – International Petroleum Exchange in London, which is for us of major importance, the biggest oil stock market Nymex – New York Mercantile Exchange, and the CME – Chicago Mercantile Exchange. In Slovenia, hedging instruments are not yet widely developed, which apart from other reasons is the result of our foreign exchange legislation and protected banking system. Only bigger companies can afford a comprehensive infrastructure of risk management as it represents a very high-cost activity (cost/benefit). In order to pursue business operations with derivative instruments, companies and banks must obtain the authorisation of the Bank of Slovenia. In order to obtain this authorisation, the most important conditions that must be met are those with regard to personnel and the organisation. If companies or banks want to obtain this authorisation, they must first adequately train their staff or employ new qualified resources from this field. Apart from the fact that the main reason for non-implementation of derivative financial instruments is the absence of authorisation, I believe that some banks and companies are not interested in their implementation