Oditor, Vol. VI, No. 01/2020
THE ROLE OF THE CENTRAL BANK AS A PARTICIPANT IN THE FINANCIAL DERIVATIVES MARKET
Date recieved: 05.09.2019.
Date accepted: 12.11.2019.
The subject of the research is an analysis of the role of central banks in the financial derivatives market and the role of the National Bank of Serbia as an intermediary in order to enable efficient hedging against currency risk. The research was conducted on the basis of the method of analysis and synthesis of available data on the market of the Republic of Serbia. The research results indicate that the domestic financial derivatives market is underdeveloped. Their use has been low in the previous period. Some progress has been noticed in the development of the futures market, and a bilateral swap arrangement between the National Bank of Serbia and the National Bank of China has been concluded as one of the steps. In order to improve the secondary market, it is necessary to develop legal regulations, to grow and develop concluded derivative arrangements with other countries, as well as to educate and raise awareness of the usefulness of using derivative instruments.
Keywords:: derivatives, OTC market, swap.