Derivative Finanzinstrumente im Kontext wirtschaftlicher Stabilität
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Derivative Finanzinstrumente im Kontext wirtschaftlicher Stabilität
Grundlegende Schlußfolgerungen für die Offenlegung derivatebezogener Informationen im Rahmen der externen Rechnungslegung von Kreditinstituten
Credit and Capital Markets – Kredit und Kapital, Vol. 32 (1999), Iss. 2 : pp. 265–319
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Volker Fitzner, Bad Homburg
References
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Abstract
Derivative Financial Instruments in the Context of Economic Stability
Basic Conclusions concerning Disclosure of Derivative-related Information within the Framework of External Accounting of Credit Institutions
Ambivalent stability effects at the level of both individual businesses and financial markets or, as the case may be, of the financial system are the result of the profile of the properties and functions of derivative financial instruments in combination with the risk-mindedness and risk-bearing capabilities of the market players conducting the derivatives business. The lack of transparency characterising the markets for derivatives in respect of their numerical and structural developments must be deemed one of the most important sources of systemic risks favouring systemic volatility and liquidity risks. The most important determinant of this deficit in transparency has been the publicity given to derivatives, inadequate and hardly comparable so far, within the framework of credit and other financial institutions’ external accounting practices resulting in increasingly severe losses of addresses and systemic follow-up risks. To develop system-stabilizing market-based disciplines, there is a reciprocal need, within the framework of the internationally comparable publicity given to derivatives, for disclosing mutually complementary qualitative and quantitative data showing, in a manner that is comprehensive and detailed at the same time, the structure, volume and potential risks attaching to the use of derivatives in the trading and non-trading fields as well as to their handling within the framework of risk management and balance sheet preparation strategies, including evaluation. This approach allows to counteract the danger of misinterpretations in particular and, thus, to contribute to a generally improved efficiency of information about derivatives markets and to improved risk allocation.