Published: Aug 1, 2019


The urgency of the research topic is caused by the rapid growth of capital markets and the emergence of all new financial instruments, the complexity of their structure and the transition beyond the regulatory influence of supervisory authorities. Discussion issues on the identification of derivatives, as well as their certain types, create significant problems with their valuation, the correctness of accounting, and the application of regulatory measures. Inconsistency in the interpretation of derivative financial instruments nature and their certain types is also present in domestic legal acts. Therefore, until the elimination of these shortcomings, derivative financial instruments create additional risks for their owners – financial institutions, as well as for creditors and depositors. The purpose of the research, conducted in the article, lies in the clarification of derivatives nature and developing an appropriate classification of their types in order to its further use with a view of regulation. The methodological basis of the research. The methodological basis of the study is a dialectical approach to the understanding of the essence of derivative financial instruments; general scientific methods of knowledge of phenomena and processes (monographic, abstract-logical, synthesis, comparison, generalization), analysis of legal acts in the part of treatment of derivatives, derivative financial instruments and derivative securities, methods of grouping systematization and generalization in developing the classification of derivative financial instruments. Scientific results. It has been established that in order to maintain the stability of financial markets and their participants, the transformation of regulatory measures should be a permanent development and modification of the financial instruments that are being rotated. Various approaches to the interpretation of derivative financial instruments essence in normative legal acts and scientific literature have been analysed in order to improve the regulation of their issuance and circulation. This made it possible to streamline the conceptual apparatus and to group certain types of derivatives according to certain classification grounds. The basis for classification is the concept of “derivative financial instruments” as the broadest, which includes derivative securities and term contracts (derivatives). The concept of derivatives and derivative securities are delimited based on the study of terminology. It was established that derivatives are standard documents that certify the right and/or obligation to purchase or sell future securities, tangible or intangible assets, as well as funds or make payments on terms and conditions specified by them. However, in some cases, derivatives may acquire features of derivative securities, in particular, when issued through emission and freely traded in markets and bring income (losses) to their owner as a result of changes in their market value. The practical significance. The practical value of the research is the possibility of using the developed classification for the needs of emission regulation and the circulation of derivative financial instruments.

How to Cite

Article views: 1175 | PDF Downloads: 635



derivative financial instruments, derivative securities, term contracts, asset securitization instruments, hybrid securities, classification of derivative financial instruments


Bär, Hans Peter (2006). Sekyuritizatsiya aktivov: sekyuritizatsiya finansovykh aktivov – innovatsionnaya tekhnika finansirovaniya bankov [Asset securitization: securitization of financial assets – innovative technique for financing banks]. Moskva: Volters Kluver. (in Russian)

Burenin, A. N. (1998). Rynok tsennykh bumag i proizvodnykh finansovykh instrumentov: uchebnoe posobie [Securities and derivatives financial instrument market]. Moskva: 1 Federativnaya Knigotorgovaya Kompaniya. (in Russian)

Busel, T. V. (2005). Velykyj tlumachnyj slovnyk suchasnoji ukrajinsjkoji movy (z dod. i dopov.) [Great explanatory dictionary of modern Ukrainian language]. Kyiv, Irpinj: VTF “Perun”. (in Ukrainian)

Desjardins Jeff (2017). All of the World’s Money and Markets in One Visualization. Retrieved from:

Dziubliuk, O. V. (2009). Pro dejaki aspekty vykorystannja kredytnykh deryvatyviv u bankivsjkomu ryzykmenedzhmenti [About some aspects of use credit derivatives in bank risk-management]. Bulletin of the Khmelnytsky National University, 2, 21–23.

Fabozzi, F. J. (2007). Rynok obligatsiy: Analiz i strategii [Bond Markets : Analysis and Strategies]. Moskva: Alpina Biznes Buks. (in Russian)

Feldman, A. B. (2003). Proizvodnye finansovye i tovarnye instrumenty [Derivative financial and commodity instruments]. Moskva: Finansy i statistika. (in Russian)

Kuznetsova, L. V., Abramova, T. Ju. (2016). Osoblyvosti vykorystannja kredytnykh deryvatyviv u dijaljnosti bankiv [Features of use of credit derivatives in the activities of banks]. Scientific Herald of Kherson State University, 18, 168–171.

Kvaktun, O. O. (2014). Osoblyvosti uchasti Ukrajiny na svitovomu rynku deryvatyviv [Features of Ukraine's participation in the world market of derivatives]. Economic space, 83, 16–24.

Loginov, E. L., Loginova, V. E. (2012). Derivativy v rossiyskoy ekonomike: strategicheskie trendy upravleniya asimmetrichnostyu raspredelennykh rynkov [Derivatives in the economy of Russia: strategic trends of managing the asymmetricity of distributed markets]. Finance and credit, 30(510), 26–33.

Makshanova, T. V., Kovalenko, O. G. (2013). Proizvodnye tsennye bumagi i finansovye instrumenty: sushchnost i vozmozhnosti primeneniya [Derivative securities and financial instruments: essence and application possibilities]. Vector Science TSU, 3, 348–352.

Moshenskyi, S. Z. (2018). Khaos i sinergiya: Rynok tsennykh bumag postindustrialnoy epokhi [Chaos and synergy. The securities market of the postindustrial era]. Kyiv: VB «Vipol». (in Ukrainian)

Nacionaljnyj bank Ukrajiny (2018). Ghlosarij bankivsjkoji terminologhiji [Glossary of banking terminology]. Retrieved from:

Norman, P. (2013). Upravlyaya riskami. Kliring s uchastiem tsentralnykh kontragentov na globalnykh finansovykh rynkakh [Risk Controllers: Central Counterparty Clearing in Globalised Financial Markets]. Moskva: Mann, Ivanov i Ferber. (in Russian)

Novak, O. S. (2012). Instrumenty sekjurytyzaciji aktyviv ta perspektyvy jikh vykorystannja v Ukrajini [Instruments of asset securitization and prospects for their use in Ukraine]. Economic forum, 2, 487–494.

Poodwaddle world clock (2018). Gross world product. Retrieved from:

Prymostka, L. (2001). Finansovi deryvatyvy: analitychni ta oblikovi aspekty: monoghrafija [Financial derivatives: analytical and accounting aspects: monograph]. Kyiv: KNEU. (in Ukrainian)

Rykova, L. M., Viktorovich, P. V. (2009). Risk-orientirovannyy bankovskiy nadzor na rynke derivativov [Riskoriented banking surveillance on the derivatives market]. Vjesnik BDEU, 3(74), 62–68.

Sheludjko, V., Virchenko, V. (2014). Suchasni tendenciji rozvytku svitovogho rynku deryvatyviv [Modern trends of development of world derivatives market]. Bulletin of the Kyiv National University named after Taras Shevchenko, 10(163), 81–87.

Sinkey, J. (2007). Finansovyy menedzhment v kommercheskom banke i v industrii finansovykh uslug [Financial management in a commercial bank and in the financial services industry]. Moskva: Alpina Biznes Buks. (in Russian)

Tony Rice, Brian Coyle (1995). Finansovye investitsii i risk [Financial investment and risk]. Kyiv: Torgovoizdatelskoe byuro BHV. (in Ukrainian)

Verkhovna rada Ukrajiny (2012). Mizhnarodnyj standart bukhghaltersjkogho obliku 32 (msbo 32) Finansovi instrumenty: podannja [International Accounting Standard 32 (IAS 32) Financial Instruments: Presentation]. Retrieved from:

Verkhovna rada Ukrajiny (2012). Mizhnarodnyj standart finansovoji zvitnosti 9 (msfz 9) finansovi instrumenty [International Financial Reporting Standards 9 (IFRS 9) Financial instruments]. Retrieved from:

Vidomosti Verkhovnoji Rady Ukrajiny (2006). Zakon Ukrajiny “Pro cinni papery ta fondovyj rynok” [Law of Ukraine “On Securities and Stock Market”]. Retrieved from:

Vidomosti Verkhovnoji Rady Ukrajiny (2010). Podatkovyj kodeks Ukrajiny [Tax Code of Ukraine]. Retrieved from:

Jan Job de Vries Robbe, Paul Ali (2008). [Securitization and Law]. Moskva: Alpina Biznes Buks. (in Russian)