Zabezpečenie finančných rizík prostredníctvom forwardov

Bc. Michaela Silošová

Master's thesis

Financial risk hedging through forwards

Abstract:

The author in her diploma thesis, namely to convey an overview of the theoretical knowledge of the existing theories about financial risks, and financial derivates, with a close attention to forwards. This d iploma set out major objectives thesis demonstrates hedging strategies to manage financial risks by means of forwards, and analyzes financial tools deploying financial derivates – forwards, which is one out of many ways to hedge a financial institution against unfavorable course of events on financial markets. It was the effort of the author, by this diploma thesis, not only to address the reader, but also potential financial market dealers. This diploma thesis is divided into two parts: theoretical, and practical. The theoretical part consists of three chapters. The first chapter deals with the theoretical background of financial risks, financial derivates instrumental in u n derstanding the objectives as set out in this diploma thesis. The second chapter scrutinizes a concrete financial tool, scilicet forwards. Successively, all types of forwards are identified – their functions, pricing, quotation, and ways to hedge oneself against financial risks. The third chapter is dedicated to an analysis of forwards as a tool deployed by financial markets, and to trading in forwards. The practical part is focused on concrete examples of hedging.

Abstract:

Autorka v práci zosumarizovala teoretické poznatky z teórií financných rizík, financných derivátov a velká pozornost je venovaná forwardom. Hlavným cielom je poukázat n a zabezpecenie sa proti financným rizikám prostredníctvom forwardov a analyzovat financné nástroje so zameraním na financné deriváty - Forwardy, ktoré sú jednou z možností ako zabezpecit financnú inštitúciu pred nepriaznivým vývojom na financných trhoch. Autorka sa snažila svojou prácou oslovit nielen citatela, ale aj potenciálneho obchodníka na financných trhoch. Práca je clenená na dve casti: teoretickú a praktickú. Teoretická cast práce pozostáva z troch kapitol. V p rvej kapitole sa autorka zaoberá teoretickým pozadím financných rizík a financných derivátov potrebných pre pochopenie jej cielov. Druhá kapitola rozoberá konkrétny financný nástroj, konkrétne Forwardy. Postupne identifikuje všetky druhy financných forwardov, ich funkcie, ocenovanie, kótovanie a spôsob zabezpecenia sa proti financným rizikám. Tretia kapitola sa venuje samotnej analýze forwardov ako nástroja financného trhu a obchodov so samotnými forwardmi. Praktická cast práce je zameraná na konkrétne príklady zabezpecovania sa.

Keywords

riziko, financné riziko, financné deriváty, forwardy, zabezpecovanie sa, hedging

Language used: Slovak

Date on which the thesis was submitted / produced: 26. 5. 2009

Thesis defence

• Date of defence: 2. 6. 2009
• Supervisor: Ing. Valér Demjan, PhD.
• Reader: Ing. Peter Trúchly

Banking Institute/College of Banking

Banking Institute/College of Banking SK

Master programme / field:
Economics and Management / Finance