SUPERVISION OF THE DERIVATIVE INSTRUMENTS MARKET IN SELECTED CEE COUNTRIES

The worldwide liberalisation of financial services is the reason of derivatives trading shifts from OTC to regulated markets. This process can encourage excessive-risk-taking behavior of investors, especially in emerging markets. Thus the proper structure and usage of supervisory instruments in derivatives markets comes into focus. This paper presents the solutions for derivatives exchanges' supervision in Central-European Countries. Since only 3 of them have an active financial derivatives exchange, this research concerns in particular the derivatives trading in Poland, Hungary and Romania. Studies carried out in this paper showed that the supervisory techniques for derivatives exchanges applied in these countries can be captured in a single model of supervision process. This possibility aroused due to the EU membership of selected countries and the corresponding obligations on European Community law implementation. That is why the total evaluation of supervisory-approach on different derivatives exchanges will be possible only after the conclusion of EU law implementation procedures.