A negociação no mercado a prazo do MIBEL
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10362/17144 |
Resumo: | This master thesis has been developed during the internship in the Supervision Department of Supervision of the Intermediation and Market Structures of CMVM. My collaboration in such department was mainly focused on the derivatives market of the Iberian Electricity Market (MIBEL). MIBEL embodies two organized markets – the derivatives market in Portugal and the spot market in Spain The trading activity in the derivatives market of MIBEL is processed through the trading platform of the regulated market managed by OMIP, however, much of the negotiation is over-the-counter. The aim of this work is to describe the market from a legal and economic perspective and to analyse the evolution of the negotiation, namely the impact of OTC in the regulated market trading. To achieve this, I propose to analyse also MiFID and EMIR rules over derivative contracts and the role of central counterparties, as they both are important to the discussion. In parallel, we found that OTC transactions are considerably higher than those traded in the regulated market managed by OMIP, those findings can be justified by the contractual relationships based on trust already established between the partiesarties. Nevertheless, since 2011 this trend changed by an increase of the registered OTC. Thereafter, although the parties continued to trade bilaterally, these transactions were registered in a central counterparty in order to eliminate the inherent risks related to the OTC derivatives transactions. This change in the negotiation pattern may also be influenced by the mandatory reporting of transactions imposed by EMIR, that requires for some classes of derivatives the centralized clearing and for all other requires the implementation of risk mitigation techniques. |
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A negociação no mercado a prazo do MIBELrelatório de estágioMIBELMercado regulamentadoMercado over-the-counter (OTC)Contraparte centralNegociaçãoRegulated marketOver-the-counter (OTC)Central CounterpartyTrading activityDireitoThis master thesis has been developed during the internship in the Supervision Department of Supervision of the Intermediation and Market Structures of CMVM. My collaboration in such department was mainly focused on the derivatives market of the Iberian Electricity Market (MIBEL). MIBEL embodies two organized markets – the derivatives market in Portugal and the spot market in Spain The trading activity in the derivatives market of MIBEL is processed through the trading platform of the regulated market managed by OMIP, however, much of the negotiation is over-the-counter. The aim of this work is to describe the market from a legal and economic perspective and to analyse the evolution of the negotiation, namely the impact of OTC in the regulated market trading. To achieve this, I propose to analyse also MiFID and EMIR rules over derivative contracts and the role of central counterparties, as they both are important to the discussion. In parallel, we found that OTC transactions are considerably higher than those traded in the regulated market managed by OMIP, those findings can be justified by the contractual relationships based on trust already established between the partiesarties. Nevertheless, since 2011 this trend changed by an increase of the registered OTC. Thereafter, although the parties continued to trade bilaterally, these transactions were registered in a central counterparty in order to eliminate the inherent risks related to the OTC derivatives transactions. This change in the negotiation pattern may also be influenced by the mandatory reporting of transactions imposed by EMIR, that requires for some classes of derivatives the centralized clearing and for all other requires the implementation of risk mitigation techniques.O presente relatório foi elaborado como trabalho final do estágio curricular no Departamento de Supervisão da Intermediação e de Estruturas de Mercado da CMVM, no âmbito do Mestrado em Ciências Jurídicas Empresarias. Os trabalhos elaborados no estágio tiveram como foco o mercado regulamentado a prazo de derivados do Mercado Ibérico de Energia Elétrica (MIBEL). Este Mercado é composto por mercados organizados, mais propriamente o mercado a prazo e o mercado diário (spot). A negociação no mercado a prazo do MIBEL é processada através da plataforma de negociação, vulgo mercado regulamentado gerido pelo OMIP, ou over-the-counter. O objetivo do relatório é caracterizar o mercado, procurando, de um ponto de vista jurídico-económico, analisar a evolução da negociação com vista a observar o impacto da negociação OTC na negociação em mercado regulamentado. Para o efeito, é imperativo analisar as regras da DMIF e do EMIR quanto aos instrumentos financeiros derivados e o papel das contrapartes centrais, dados essenciais na compreensão do busílis desta matéria. A par do referido, percecionámos que a negociação em OTC é bastante superior à negociação no seio do mercado regulamentado do OMIP, o que é justificado sobretudo pelas relações contratuais de confiança já estabelecidas entre as partes. Não obstante, desde 2011 que esta tendência decresceu em detrimento do OTC registado. A partir desta altura, as partes apesar de continuarem a negociar bilateralmente, passaram a registar essas operações junto de uma contraparte central de forma a eliminarem os riscos intrínsecos à negociação de derivados em OTC. Esta movimentação terá também sido influenciada pela obrigatoriedade de reporte das transações, imposta pelo EMIR, que veio para algumas classes de derivados obrigar ao clearing centralizado e para todas as restantes obrigar à implementação de técnicas de mitigação de risco.Rego, Margarida LimaCastilho, GonçaloRUNCarvalho, Ana Teresa Martins de Amorim Vasconcelos2018-03-01T01:30:16Z2015-032015-03-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/17144TID:201020912porinfo:eu-repo/semantics/embargoedAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T03:54:45Zoai:run.unl.pt:10362/17144Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:23:45.876581Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
A negociação no mercado a prazo do MIBEL relatório de estágio |
title |
A negociação no mercado a prazo do MIBEL |
spellingShingle |
A negociação no mercado a prazo do MIBEL Carvalho, Ana Teresa Martins de Amorim Vasconcelos MIBEL Mercado regulamentado Mercado over-the-counter (OTC) Contraparte central Negociação Regulated market Over-the-counter (OTC) Central Counterparty Trading activity Direito |
title_short |
A negociação no mercado a prazo do MIBEL |
title_full |
A negociação no mercado a prazo do MIBEL |
title_fullStr |
A negociação no mercado a prazo do MIBEL |
title_full_unstemmed |
A negociação no mercado a prazo do MIBEL |
title_sort |
A negociação no mercado a prazo do MIBEL |
author |
Carvalho, Ana Teresa Martins de Amorim Vasconcelos |
author_facet |
Carvalho, Ana Teresa Martins de Amorim Vasconcelos |
author_role |
author |
dc.contributor.none.fl_str_mv |
Rego, Margarida Lima Castilho, Gonçalo RUN |
dc.contributor.author.fl_str_mv |
Carvalho, Ana Teresa Martins de Amorim Vasconcelos |
dc.subject.por.fl_str_mv |
MIBEL Mercado regulamentado Mercado over-the-counter (OTC) Contraparte central Negociação Regulated market Over-the-counter (OTC) Central Counterparty Trading activity Direito |
topic |
MIBEL Mercado regulamentado Mercado over-the-counter (OTC) Contraparte central Negociação Regulated market Over-the-counter (OTC) Central Counterparty Trading activity Direito |
description |
This master thesis has been developed during the internship in the Supervision Department of Supervision of the Intermediation and Market Structures of CMVM. My collaboration in such department was mainly focused on the derivatives market of the Iberian Electricity Market (MIBEL). MIBEL embodies two organized markets – the derivatives market in Portugal and the spot market in Spain The trading activity in the derivatives market of MIBEL is processed through the trading platform of the regulated market managed by OMIP, however, much of the negotiation is over-the-counter. The aim of this work is to describe the market from a legal and economic perspective and to analyse the evolution of the negotiation, namely the impact of OTC in the regulated market trading. To achieve this, I propose to analyse also MiFID and EMIR rules over derivative contracts and the role of central counterparties, as they both are important to the discussion. In parallel, we found that OTC transactions are considerably higher than those traded in the regulated market managed by OMIP, those findings can be justified by the contractual relationships based on trust already established between the partiesarties. Nevertheless, since 2011 this trend changed by an increase of the registered OTC. Thereafter, although the parties continued to trade bilaterally, these transactions were registered in a central counterparty in order to eliminate the inherent risks related to the OTC derivatives transactions. This change in the negotiation pattern may also be influenced by the mandatory reporting of transactions imposed by EMIR, that requires for some classes of derivatives the centralized clearing and for all other requires the implementation of risk mitigation techniques. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-03 2015-03-01T00:00:00Z 2018-03-01T01:30:16Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
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info:eu-repo/semantics/masterThesis |
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masterThesis |
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http://hdl.handle.net/10362/17144 TID:201020912 |
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