SESSION: JULY 2023

FIV20403
FINANCIAL DERIVATIVES

Assignment 2 (Group) Global Derivative Market

PREPARED FOR:
Sir. AMIR ABIDIN BASHIR MOHAMMED

GROUP PRESENTATION VIDEO LINK: https://youtu.be/VkSZ-

kL80VU

STUDENT’S NAME MATRIX ID

1. SITI OHARA BINTI HAMDAN 012021020747
2. NUR SABRINA BINTI ZULKIFLI 012021021171
3. ABBIRAHMI A/P GANESH 012020070422
4. PRAVIN A/L RAVINDRAN 012022021491

DATE OF SUBMISSION:
6TH AUGUST 2023 (SUNDAY)
CHAPTER 1
1.1 Introduction to the International Derivatives Market (Overview of the Global
Derivatives Market)
1.2 History of the global derivatives market and how it began
CHAPTER 2
2.1 List of the largest Investment Bank in the world that are famous in hedging
strategy (Elaborate on 3 most famous Investment Bank)
2.2 Statistics and comparison between Derivatives instrument and another
investment instrument on a global scale.
2.3 The role of IMF, World Bank & The US Federal Reserve in the global Financial
Industry
CHAPTER 3
3.1 The global Financial crisis and its effects on the global capital market
3.2 Method to manage and mitigate the financial crisis
CHAPTER 4
4.1 Conclusion and Recommendations
REFERENCES
 CHAPTER ONE

1.1: Introduction to the International Derivatives Market (Overview of the Global

Derivatives Market)

A crucial group of financial instruments, derivatives are essential to the current financial and
trade markets. They enable creative investing techniques and provide various forms of risk
protection.

The domestic derivatives market was modest and undeveloped about 25 years ago. Since
then, it has impressively expanded approximately 24 percent per year over the past ten years
to become a sizable, genuinely international market with around €457 trillion in notional
outstanding.

There has been more innovation in financial instruments than any other type. The spectacular
expansion that has generated several new employments at exchanges, intermediaries, and
related service providers has been fuelled by product and technological innovation as well as
competition. European derivatives firms are currently responsible for more than 20% of the
wholesale financial services sector's revenues in Europe and make up 0.4 percent of the
continent's GDP as the market's worldwide leaders.

Due to the worldwide nature of the derivatives market, users may trade around the clock and
utilise derivatives that provide exposure to almost any "underlying" across all markets and
asset classes. Banks, financial firms, insurance companies, and corporations make up the
majority of market participants in the derivatives market, which is primarily a professional
wholesale market.

The off-exchange or over-the-counter (OTC) sector and the on-exchange segment are the two
competing segments of the derivatives market. Only around 16 percent of the outstanding
notional value is traded on exchanges. dealing on the market is around eight times less
expensive for customers than dealing over the counter.

The derivatives market is generally secure and effective. In the exchange sector, where
central counterparties (CCPs) work very efficiently and reduce risks for all market players,
hazards are especially effectively handled. In this regard, derivatives must be separated from
other types of structured credit-linked securities, such collateralized debt obligations, which
were the primary cause of the 2007 financial crisis.

A strong regulatory framework has enabled the successful development of the derivatives
market. Safety, efficiency, and innovation. The three requirements for a healthy market are
fully met. Even if the structure in which OTC players and exchanges now function can be
improved, structural changes are not necessary. The global derivatives market might run even
more efficiently if operating efficiency, market transparency, and counterparty risk reduction
were improved, especially in the OTC segment. (Mai, 2008)
1.2: History of the global derivatives market and how it began.

According to (MSG, 2008), it is possible that derivatives have just recently made their way
into the media. But people have been using them for a very long time. People have disliked
the concept of uncertainty from the dawn of humanity. They did not really appreciate the
concept of economic uncertainty. Contracts developed as a result of the desire to reduce this
ambiguity. Prior to today's contracts, agreements were made verbally and were less complex.
They were agreements anyway.

Historic Cases

There are claims that derivatives were used in societies as old as Mesopotamia. According to
rumours, the monarch had issued a proclamation requiring lenders to forgive their obligations
to farmers in the event of insufficient rain, which would result in an inadequate crop. They
would just have to dismiss it. Therefore, the king had just granted the farmers a put option.
They had the right to just walk away from their obligations if specific circumstances
materialised.

Such instances have been cited several times throughout the years. The prediction of a large
harvest of olives that year by one of Aristotle's pupils who was skilled at researching
meteorology is another renowned instance from Greek culture. He was so certain that he
bought all the olive farm products in and around Athens before the crop was even harvested.
In the end, it did turn out to be a bumper harvest, and Aristotle's student profited greatly from
his forwarding deal that was signed far in advance.

Chicago Board of Trade, around 1900

America's economic development reached its zenith in the nineteenth century. The innovation
epicentre was America. Farmers who realised it was difficult to find customers for their crops
came up with one such invention in the area of exchange traded derivatives. The "Chicago
Board of Trade" was their jointly constructed market. This market changed into the first-ever
derivatives market a few years later. Instead of drafting their own unique customised
contracts, buyers and sellers could now purchase and trade standard contracts that were
displayed on the exchange. This concept ended up being quite popular. To accommodate the
expanding business, Chicago Board of Trade soon had to establish a subsidiary called
Chicago Mercantile Exchange.
Recently, the Chicago Mercantile Exchange and the Chicago Board of Trade amalgamated to
establish the CME group. It remains one of the world's top derivatives markets. The Chicago
Board of Trade's enormous success inspired the establishment of other similar exchanges all
over the world. However, trading in derivatives was only permitted in the era of the Chicago
Board of Trade for commodities. The trade of other financial instruments was mainly
prohibited.

Today’s World

Derivatives are a concept that has served as the foundation for several innovations in the
modern financial sector. An old concept that was eventually transformed into standard
contracts during the Chicago Board of Trade era has since evolved into a sophisticated web
of financial instruments and contracts. The asset classes that served as the foundation for the
derivative instruments have expanded quickly. Nowadays, a derivative exists for almost
anything.

For stocks, indexes, commodities, real estate, and other things, we have derivatives. Even the
derivatives are founded on other derivatives, forming a kind of meta-structure. Derivatives
satisfy the demands of numerous people and enterprises all over the world, which explains
their increasing expansion.

Derivatives have to bear the blame for the entire series of incidents after the 2008 financial
crisis. The media as a whole demonized them. That has caused a minor setback.
Notwithstanding that, derivatives have grown tremendously over the past several years, and
this trend is predicted to continue.
 CHAPTER TWO

2.1: List of the largest Investment Bank in the world that are famous in hedging
strategy (Elaborate on 3 most famous Investment Bank)

The largest Investment Banks in the world that are famous in hedging strategy are JPMorgan
Chase, Goldman Sachs, and Morgan Stanley.

The JPMorgan Chase is well known as one of the world’s oldest, largest, and top known
financial institutions. The firm has been built on the foundation of more than 1,200
predecessor’s institutions that have joined together through the years. JPMorgan Chase
helping to power the economy growth by breaking down barriers and creating opportunities
in communities across the world. The sustainable development target is huge which is $2.5T.
It’s a multinational bank formed by a merger of the Chase Manhattan Corporation and J.P.
Morgan & Co. in December 2000. Besides, JPMorgan Chase offers a variety of financial
services, ranging from investment banking and asset management to credit cards and retail
banking.

The Goldman Sachs is well leading global investment banking, securities and investment
management firm that offers the investment banking services, in addition to financial
products like commercial banking and brokerage services. It has been founded on 1869 and
the firm headquarter in New York and maintains offices in all major financial centres across
the world. The Goldman Sachs has made more than $2 billion in grants and partnered with
9,400 nonprofits in 100 countries around the world. They are deploying $750 billion across
investing, financing and advisory activities by 2030 and bringing the commercial expertise to
help the clients accelerate the climate transition and advance inclusive growth.

Morgan Stanley is a multinational financial services company and an investment banking

institution headquartered in New York City. They are operating in 40 countries with a shared
goal help client, government raise, manage and distribute the capital that need to achieve.
Although its founders were partners at JPMorgan in the mid of 1930s, Morgan Stanley now
operates as an entirely separate entity from JPMorgan Chase. By the metric as of May 2023,
Morgan Stanley’s net worth was approximately $140.90 billion. In addition, Morgan Stanley
earns money from fee-based clients by charging a contractual percentage of their assets
related to accounts that are generally not driven by asset class. Indeed, Morgan Stanley's
primary money-making segments are labelled as Institutional Securities, Wealth
Management, and Investment Management. Morgan Stanley’s commercial banking operation
competes with the likes of Wells Fargo & Co. (WFC), US Bancorp (USB), and other retail
outlets.
2.2: Statistics and comparison between Derivatives instrument and another investment
instrument on a global scale

Locational banking statistics (LBS). The LBS capture the gross fair value of reporting banks’
derivative assets and liabilities, on an unconsolidated basis. Nevertheless, derivatives are not
separately identified, they are reported under “other instruments”, mixed with equities and
instruments other than loans, deposits, and debt securities. These “other instruments” are
broken down by country and sector of counterparty as well as currency. Derivative assets
with a positive fair value are reported separately from other assets, and contracts with the
same counterparty may be netted where covered by a legally enforceable bilateral netting
agreement. Moreover, the derivative assets are broken down by country of counterparty, but
derivative liabilities are reported without any breakdown. The notional amount of protection
sold through credit derivatives is reported under guarantees extended (after subtracting cash
collateral), broken down by country of counterparty. Institution-to-aggregate granular
statistics to be reported to the International Data Hub (IDH) as part of Phase 3 starting in
2017. For the IDH Phase 3 statistics, banks will report derivatives on a consolidated basis
and, in the derivatives template, contracts with the same counterparty will not be netted.
Derivatives will be reported at gross positive and negative fair value as well as the notional
amount, broken down by instrument and asset class.

The notional amount of foreign exchange derivatives will be reported with additional
breakdowns by currency, maturity, and direction of the position. No break down by
counterparty will be reported. Below is CGFS’s reports on derivatives statistics, example:
CGFS (1996) and CGFS (2009). The derivative assets exclude credit derivatives not held for
trading, which instead are reported as risk transfers at notional value.

OTC derivatives (OTCD). In the OTCD statistics, banks and other derivatives dealers report
gross positive and negative fair values as well as notional amounts, on a consolidated basis.
OTC derivatives are broken down by sector of counterparty (but not country) as well as by
instrument, currency, and asset class. Credit default swaps (CDS) are reported with additional
breakdowns by sector and rating of the underlying reference entity, as well as region of
counterparty. Derivatives are also reported a net market value – after netting contracts
covered by a legally enforceable bilateral netting agreement – but only for OTC derivatives in
aggregate and for credit derivatives, and without any other breakdown. Exchange-traded
derivatives (XTD). The XTD statistics are compiled at a contract level, in contrast to the
other BIS derivatives statistics, which are compiled from balance sheet information. Positions
are not consolidated; indeed, no information about the counterparties to each contact is
available. The BIS calculates the notional value of open interest, broken down by instrument
and asset class. In addition to BIS derivatives statistics, national data on derivatives are
collected for the international investment position (IIP). Under the methodology in BPM6
(IMF (2009)), derivative assets and liabilities are captured at gross fair value, on an
unconsolidated basis. Only positions with non-residents are reported, broken down by
resident sector. In addition, supplements to the IIP recommend the collection of notional
values for foreign exchange and all financial derivatives, with breakdowns by resident sector
and currency.
2.3: The role of IMF, World Bank & The US Federal Reserve in the global Financial
Industry

The IMF endorses global macroeconomics, financial stability, provides the policy advice and
capacity development support to help the countries build. The IMF works to achieve
sustainable growth and prosperity for all the 190 member countries. The IMF's primary aim is
to ensure the stability of the international monetary system, the system of exchange rates and
international payments that enables countries and their citizens to perform transaction with
each other. It does by keeping track of the global economy and the economies of member
countries, lending to countries with balance of payments difficulties, and giving practical help
to members. But these loans are loaded with many conditions. Additionally, a loan provided
by the IMF as a form of rescue for countries in serious debt ultimately only stabilizes
international trade and eventually resulting in the country repaying the loan at rather hefty
interest rates.

The World Bank Group is one of the world’s largest sources of funding and knowledge for
developing countries. The World Bank involves of five different organizations that all aim to
meet the group's mission. The International Bank for Reconstruction and Development
(IBRD) lends to middle income and creditworthy low-income governments. There are 189
members of this branch of the World Bank. The International Development Association
(IDA) offers interest-free loans and grants to the world's poorest countries. The International
Finance Corporation (IFC) finances investment, capital mobilization, and provides the
advisory services to businesses and governments in economically developing nations. The
Multilateral Investment Guarantee Agency (MIGA) promotes foreign direct investment in
economically developing nations. The International Centre for Settlement of Investment
Disputes (ICSID) provides investment dispute conciliation and arbitration. The WBG has 2
goals that been set up for 2023 which are ending the poverty by decreasing how many people
live on less than $1.90 a day and promote shared prosperity through the income growth for
the lowest 40% of each country.

The US Federal Reserve is truly the powerful economic institution in the United States which
responsible for managing the monetary policy and regulating the financial systems. It has set
up the interest rate, influencing the supply of money in the economic which making trillions
of dollars in asset purchase to boost the financial market. The seven member which Board of
Governors, the system’s seat of power is based in Washington DC and currently led by Fed
Chair Jerome Powell. Each member is appointed by the president to a fourteen-year term
subject to confirmation by the Senate. The Board of Governors forms part of a larger board,
the Federal Open Market Committee (FOMC), which comprises five of the twelve regional
bank presidents on a rotating basis. The FOMC is responsible for setting interest rate targets
and managing the money supply.  It also acts as a lender of last resort during periods of
economic crisis during the 2008 financial meltdown and the COVID-19 pandemic. In the
wake of Russia’s invasion of Ukraine in 2022 and the ensuing spike in energy prices, the
central bank has struggled with how to slow rapid inflation without damaging of economic
growth. For most of the nineteenth century, the United States had no central bank to serve as
a lender of last resort, leaving the country vulnerable to a series of financial panics and
banking runs. In response, Congress passed, and President Woodrow Wilson signed into law,
the 1913 Federal Reserve Act, which made a Federal Reserve System of twelve public-
private regional banks. The New York Fed, which is responsible for the heart of the nation’s
financial life, has long been considered first among equals. It runs the Fed’s trading desks,
helps regulate Wall Street, and oversees the largest pool of assets. Each of the twelve districts
consist of a main bank and the largest will be Federal Reserve Bank of New York. Besides
that, the districts are identified by their number and the city where the main bank is located.

Sources: U.S. Federal Reserve; Federal Reserve Bank of Kansai City.

  
 CHAPTER 3

3.1: The Global Financial Crisis and Its Effects on Global Capital Market

The Global Financial Crisis occurred between 2007 to 2009 and had significantly impacted
the US economy on a scale not seen since the Great Depression. A 2015 review by P.L
Davies states the world’s largest banks suffered a severe liquidity crisis triggered by the
Global Financial Crisis (GFC), which led to governments intervening to prevent their
failures. (Castelblanco, Guevara, & Marco, 2023). According to Atkinson et al (2013),
“deregulation” was cited as the primary cause of the GFC crisis, resulting from the repealing
of the Glass-Steagall Act of 1933 by the Gramm-Leach-Biley Act of 1999, which enabled
banks to use deposits to invest in derivatives. Banks were given further flexibility to
undertake riskier positions in the derivatives market by the Commodity Futures
Modernization Act of 2022, which exempted derivatives from regulations. The GFC was the
result of the increase of subprime mortgages in addition to this ‘deregulation”. $6 to $14
trillion or 40-90 per cent of annual US output is the conservative estimate of the GFC cost in
the USA. (Castelblanco, Guevara, & Marco, 2023)

One of the crucial factors behind the GFC was excessive leverage in private and public
sectors in the major industrial economy. Figure 1 depicts the ratio of household debt to GDP
in the USA, which approached 100 per cent during the GFC, compared to just 45 to 50%
during the stock market crash of 1987.
The increase in leverage over the years was due to mortgages becoming easier to obtain as
the economy grew. To increase profits, securitization was utilized by banks while offloading
risk to other market participants. Increase in leverage ratios, which were markedly higher for
household compared corporations, resulted from securitization. Securitization refers to lender
pooling is holdings of a specific type of debt instrument, such as mortgages, credit card debt
or other types of consumer loans, and repackaging them into interest-bearing securities
(Jobst, 2008). Securitizations can be in the form of asset-back securities, collateralized debt
obligations (CDO), or mortgage-based securities. The pool of debt instruments is divided into
tranches and sold to investors. The lenders can repeat this process after issuing new loans.
The greater involvement of banks in securitization led to an increasing proportion of
subprime mortgages, which are interest only homes loans issued to borrowers with poor
credit scores and high credit card debt with little to no downpayments. The value of these
instruments rested on those mortgages being repaid. In 2007 housing prices fell, these
borrowers were unable make repayments and house was valued too low to make a profit to
make payments defaulted,. This coupled with over reliance on credit card borrowing led to
mortgage failures and decrease in household consumption during the GFC, which led some of
the major segments of the economy to its downfall.

The GFC led to disruptions in the financial market despite originating in the real estate
market according to Ball (2009) when liquidity problems arose and credit spreads widened in
the summer of 2007, following the sharp fall of housing prices in parts of the USA. Banking
systems were impacted from the subsequent fall of loan values, including investment banks,
hedge funds, and further spread to the global financial markets.

The GFC recorded the bankruptcy of two major investment banks, Bear Stearns, and Lehman
Brothers. Bear Stearns bankruptcy was due to its hedge-fund division selling made-up
derivatives sold as securitized CDOs, which were financial contracts to sell interest payments
from high-risk subprime mortgage loans (Betz, 2018). When this was made public, the CDO
market crashed in 2007, and large losses were reported on their mortgage bonds as the hedge
fund failed. Lehman Brothers had borrowed too much to buy mortgages, assembled into
CDOs, which were not again sellable. Lehman Brothers bankruptcy was the largest ever
recorded in the USA, with illiquid assets amounting to $600 billion. During the GFC, bank
stock price recorded the worst performance since the Great Depression. Beltratti and Stulz
(2012) documented -51.84% buy-and-hold returns mean for 164 large publicly traded banks
headquartered in 32 countries (Neuhauser, 2015). Additionally, banks in countries with less
exposure to the US fared better than those most exposed. For example, the German
Landesbanken (state-owned bank) recorded one third of losses from toxic structured credit
securities of the German banking system, which in total is estimated at EUR230 billion
(Hufner, 2010). This is due to German banks investing heavily in mortgage-backed securities
offered by Wall Street from co-syndication with Lehman Brothers.

This higher proportion of illiquid assets caused banks to reduce lending during the GFC. A
decrease in investment by non-financial corporations was linked to the reduced lending by
Duchin et al (2010), as they reported a decline in corporate spending y 6.4 per cent during the
GFC. A survey by Campello et al in 2010 found that non-financial firms in the USA, Europe
and Asia were financially constrained during the GFC, and made cuts in hiring, technology,
spending capital investment, marketing expenditures and dividend payment.

Reduction in capital investment led to stock markets plunging throughout the globe
(Neuhauser, 2015). FTSE 100 declined 31 per cent, while Nikkei and Hang Seng Index
recorded decline of 42 per cent and 48 per cent respectively in 2008 as foreign firms
withdrew investments from Asia for debt repayments back home (BBC News, 2008).
3.2: Method to Manage and Mitigate the Financial Crisis

From the context of the USA, their government’s methods in managing and mitigating the
financial crisis was multifaceted and encompassed many varied policy interventions with
participation from multiple government agencies and various economic sectors, relying on
both traditional and unconventional approaches.

USA’s monetary policy are in the purview of the nation’s central bank, The Federal Reserve
(The Fed) which aids the achieve goals mandated by congress to maximize employment,
stabilize prices, and moderate long-term interest rates. In addition to this, banks are also
supervised by The Fed, ensuring that the banking systems are sound and safe, and that the
stability of the financial system is maintained in part by containing financial systemic risk.

The Fed was integral during the GFC as the Lender of Last Resort, using its emergency
power to lend to non-depository institutions (non-banks) when they could not borrow money
anywhere else. This would be the first utilization of its emergency power since the Great
Depression. Under normal circumstances, only depository institutions could borrow money
from The Fed.

Attempts were made The Fed in 2007 to stabilize the economy through traditional methods
such as increasing liquidity, beginning with injecting $24 billion into the interbank lending
market alongside €95 billion from the European Central Bank, and lowering federal funds
rates from 6.25% to 3% between 2007 to 2008, and its primary lending rate from 0.25 per
cent to 0.50 per cent between March 2008 to December 2008.

In March 2008, The Fed began utilizing unconventional methods, starting with aiding Bear
Stearns by arranging its sale to and takeover by JPMorgan Chase for $236 million or $2 per
share, which would later be raised to $10 per share, while guaranteeing $29 billion of Bear
Stearns’ subprime mortgage-backed assets in connection to the state-sponsored sale, holding
$30 billion in Bear Stearns assets as security.

The Fed executed its emergency after the collapse of Lehman Brothers, making
unprecedented liquidity facilities widely available, loaning trillions of dollars to banks and
nonbanks in the U.S.A and around the world to maintain the value of the dollar, stabilize the
financial systems and support the economy. The Emergency Stabilization Act was signed into
law by then President Bush in October 2008 after passing in Congress, which authorized the
US Treasury to execute the Trouble Asset Relief Program to stabilize the banking sector
through recapitalization, and subsequently the economy through increased bank lending.
TARP enabled the US Treasury to purchase distressed assets estimated at $700 billion.
 CHAPTER FOUR

4.1: Conclusion and Recommendations

To sum up, Stock Index Futures Contracts (SIF) are essential in the financial derivatives
market since they give investors unique chance to trade a variety of common equities that
make up an index. Numerous well-known contracts around the world, including NSIF, S&P
500, KOSPI Futures, FTSE 100, Valueline Index, TOPIX, Hang Seng Index, and MMI -
Major Mkt. Index, demonstrate the popularity of SIF contracts. The Kuala Lumpur
Composite Index Futures Contract (FKLI), which offers investors exposure to the
performance of the Kuala Lumpur Composite Index (KLCI), stands out among these
contracts as it reflects the Malaysian market.

SIF contracts have several benefits over direct investing in certain stocks. The primary
advantage is immediate diversification because the underlying asset is a basket of common
companies that represents the entire index. The danger of investing in a single company's
stock, which might experience significant price fluctuation, is decreased because to this
diversification.

SIF contracts also have cheaper transaction costs than buying each stock separately, which is
a significant benefit. SIF contracts are often less expensive for investors, as are brokerage
costs, charges, and other costs.

SIF futures also offer leverage, enabling traders to manage a larger stake in the market with a
lower initial outlay. Leverage can increase potential profits, but it also exposes traders to
greater dangers. Therefore, leveraging leverage in SIF contracts requires careful risk
management.

Additionally, SIF contracts are useful tools for hedging and risk management tactics. These
contracts can be used by investors to control systematic risk, which persists even after asset
diversification, or to hedge the value of their entire portfolio. Investors can mitigate potential
losses in their equity holdings by establishing positions in SIF contracts, offering some
protection during market downturns.

Given the benefits of Stock Index Futures, investors should consider implementing SIF
futures into their investment plans. These contracts provide diversification benefits, lower
transaction costs, and market exposure, making them appealing to long-term investors as well
as active traders.

The KLCI futures contract (FKLI) might be especially advantageous for investors looking to
obtain exposure to the Malaysian market. It enables investors to benefit from the success of
the Kuala Lumpur Composite Index while effectively controlling risks through hedging
measures.

However, before trading, investors must thoroughly grasp the contract parameters and
underlying risks connected with each SIF contract. Each contract has its own set of
characteristics and expiration dates, which should be carefully considered to match individual
investing goals and risk tolerance.

Seeking advice from a financial advisor is strongly recommended before venturing into SIF
trading. A financial advisor can provide personalized insights and recommendations based on
an investor's specific financial goals and circumstances, ensuring a well-informed and
strategic approach to SIF trading.
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