Karimov Akramjon Ikromjon ugli,
PhD, Associate Professor of the Department of Corporate Finance and Securities,
Tashkent Institute of Finance, Tashkent, Uzbekistan.
Email: akram_karimov@tfi.uz
ORCID: 0000-0001-9426-8777
Abstract. This article presents the formation of the financial derivatives market, its instruments, scientific proposals and practical recommendations for the development and improvement of the financial derivatives market in our country. The practical experiences of the financial derivatives market in developed and developing countries have been studied, and the aspects specific to the economy of our country have been substantiated. Also, the indicators of economic efficiency of the implementation of investment projects of companies through the process of mass placement of financial derivatives are thoroughly analyzed. Normative legal documents, standards and regulations on the forms and types of issuing derivative securities have been studied. The procedure for issuing financial derivatives and the scope of authority and obligations of the issuer are described. The economic essence of futures, their types, emission requirements, and the theoretical and practical aspects of trading strategies related to them were studied, and the necessary proposals were formulated. Similar and different aspects of futures and forwards are also described. The importance of the financial derivatives market in the global economy is considered based on the analysis. In the analytical part of this article, the methods of determining the price of forwards, which are financial derivatives, the economic importance of options for the issuer and their evaluation methods, in particular, the Black Sholuz model, are explained based on examples. The experiences of the USA, European countries, and the Russian Federation in the organization of the financial derivatives market are described, and the regulatory legal documents, standards, and trading processes related to the trading of derivative securities in these countries are analyzed, and the most effective methods for the development of the industry are identified. Proposals for application to the practice of the financial market of the Republic of Uzbekistan have been formulated. In the article, in the course of the development and modernization of the economy, the possibilities of using the instruments of information communication systems, especially financial technologies, in the market of financial derivatives are described based on the analysis. In the concluding part of the article, the results obtained based on the analysis are summarized, and proposals and recommendations on the effective formation of the derivatives market for the development of the national economy are developed. To reveal the importance of financial derivatives in attracting investors to the stock market and the theoretical and practical aspects of effective organization of trading mechanisms, economic-statistical, comparative, and other methods of scientific research were widely used during the research.
Keywords: Financial derivatives, futures, forward, option, swap, bond, market capitalization, securities, investor, foreign investment, underlying asset, CFD, CDO, mortgage securities, stock exchange, hedging, spot operations.