LEGAL ASPECTS ON SPECULATION ON DERIVATIVES

Na začetku diplomskega dela se pojavlja vprašanje kakšnim ciljem sploh služi trg izvedenih finančnih instrumentov. Odgovor na to vprašanje je, da trg izvedenih finančnih instrumentov služi več produktivnim ciljem: prilagajanju tveganja, boljši razporeditvi sredstev na finančnem trgu ter tudi omogočanju večjih zaslužkov. V prvem delu, ki je splošnejši in služi kot predstavitev pojmov, uporabljenih v naslednjih poglavjih, so opisane ekonomske značilnosti izvedenih finančnih instrumentov. Kot najpomembnejša je izpostavljena vezanost na osnovni instrument. V nadaljevanju je opisan razvoj mednarodnega trga z izvedenimi finančnimi instrumenti, od najbolj primitivnih začetkov do modernih trgov s standardiziranimi instrumenti, za katere je značilna poravnava v denarju. V osrednjem delu diplomskega dela sta s pravnega vidika opisana dva najpomembnejša izvedena finančna instrumenta, in sicer terminska pogodba (pogodba o prodaji vnaprej določene količine blaga po vnaprej določeni ceni na določen dan v prihodnosti) in opcija (pogodba, ki daje kupcu pravico, ne pa obveznosti, nakupa vnaprej določene količine blaga po vnaprej določeni ceni na določen dan v prihodnosti). Izvedena je tudi primerjava terminske pogodbe z opcijo, ter obeh s podobnimi finančnimi instrumenti in z osnovnimi instrumenti, predvsem primerjava delniških opcij z delnicami. Opcija se med opisanimi izvedenimi finančnimi instrumenti pokaže kot najfleksibilnejša ter tako zelo primerna za špekulacije na trgu izvedenih finančnih instrumentov. V drugi polovici osrednjega dela so opisane možnosti pri uporabi izvedenih finančnih instrumentovza doseganje višjih dobičkov z vključevanjem višjega tveganja, za zavarovanje (hedging) ter za iskanje možnosti za zaslužek z iskanjem razlik med cenami na različnih trgih (arbitraža). Zadnji del diplomskega dela je osredotočen na stanje trga izvedenih finančnih instrumentov v Sloveniji. Predstavljeni so začetki takšnega trgovanja, ki v Sloveniji segajo že v zgodnja devetdeseta leta 20. stoletja, ko to področje še ni bilo tako podrobno urejeno kot danes, vendar je takšno trgovanje zaradi majhnosti trga kmalu zamrlo. Na kratko je opisano današnje stanje trga finančnih instrumentov in prikazana je normativna ureditev tega področja.In the first part of the thesis the author is faced with the question regarding the purpose of the derivatives market namely whether this type of market contributes in any way to the global economy. The purpouses of the derivatives market are the optimisation of the risk levels for the individual investor, more efficent placement of capital on finance market and the opportunity to increase the yields of investments. The second part focuses on the economical caracteristics of the derivatives with emphasis on the connection between the derivative and underlying. In the following part, beginnings of the international derivatives market and its development into modern global market are discussed. The author finds the main characteristics of such market to be the settlement of contract by means of cash flow. In the main part of the thesis author thoroughly describes two most important derivatives. One of them is the future which is a contract allowing a buyer to buy a commodity at the fixed price on a certain fixed day in the future. The other is the option signifying the right to buy a commodity at the fixed price on a fixed day in the future. The author also compares the two between themselves, with similar derivatives and with underlyings, mainly stock options and stocks. The characteristics of the options make them options very flexible derivatives and as such a very powerful investment tool. Author continues the main part by listing various ways of using derivativesto gain higher profits in the market transactions, for hedging and the possibility of making an arbitrary income. Corresponding higher levels of risk are also considered. The final part of thesis focuses on the derivatives market in Slovenia, from its beginnings in early 90s to the present state of contemporary market of derivatives. The begninings of the derivatives market in Slovenia started back when regulations concerning financial derivatives were less elaborated as they are today, however as a result of small volume of trading and shallow market, the trading with derivatives never reached significant volume and eventually died out