Parandiy O. Risk management of a futures exchange

The thesis is devoted to deepening scientific developments in theoretical and practical aspects of risk management of a futures exchange. The work describes functions and role of a futures market in the redistribution of risks. The author pays close attention to the features of futures exchanges' risks. The author examines efficiency of the risk management tools in derivatives trading. Comparison of the warranty systems of the world's leading derivatives markets has been made. The thesis shows the ways of improving Ukrainian legislation on the functioning of the futures exchanges. It describes the advantages of using nonparametric models to calculate the optimal amount of margin for the open positions. The work shows the ways of improving national risk management system in accordance to international best practices.