Derivative financial instruments

Japanese: 金融派生商品 - きんゆうはせいしょうひん（英語表記）derivative financial instruments

Financial products derived from the original stock, bond, and foreign exchange products, such as futures, options (→ option transactions), and swaps (→ swap transactions), are also called derivatives. Their main feature is that they are off-balance transactions that are not recorded on the balance sheet. The market size expanded rapidly in the 1980s due to lower transaction costs than on-balance transactions that are recorded on the balance sheet, and deregulation in tax and other areas. Since then, many have exceeded the spot market. In the United States, monetary policy shifted from focusing on interest rates to focusing on the money supply in 1979, which caused interest rates and exchange rates to fluctuate wildly, and derivatives came into the spotlight as a risk avoidance measure. However, since 2007, the expansion of complex derivative transactions, such as the securitization of subprime loans, which are loans to individuals with low credit ratings in the United States, has led to a global financial crisis, and momentum for international derivatives regulation has strengthened. In Japan, the definition of derivatives transactions was established in the Financial Instruments and Exchange Act, which was enacted in conjunction with the comprehensive revision of the Securities and Exchange Act in 2006, and its scope was expanded.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

株式・債券・外国為替取引の先物，オプション（→オプション取引），スワップ（→スワップ取引）など，本来の株式，債券，外為取引商品から派生して生まれた金融商品。デリバティブともいう。貸借対照表（バランスシート）には計上されないオフバランス取引であることが大きな特徴。貸借対照表に計上されるオンバランス取引より取引コストが低く，税制面などの規制緩和もあり，1980年代に急速に市場規模が拡大した。その後，現物市場を上回っているものも少なくない。アメリカ合衆国では，1979年に金融政策が金利重視から通貨供給量重視に転換され，金利，為替の乱高下が起こったが，そのリスク回避対策として脚光を浴びた。しかし 2007年以後，アメリカの信用力の低い個人向けの融資であるサブプライムローンの証券化など複雑なデリバティブ取引の拡大が世界的な金融危機に発展するに及んで，国際的なデリバティブ規制の機運が強まった。日本では，2006年の証券取引法全面改正に伴って制定された金融商品取引法にデリバティブ取引の定義を設け，その対象を拡大した。

出典　ブリタニカ国際大百科事典小項目事典ブリタニカ国際大百科事典小項目事典について　情報

<<: Financial Crime

>>: Financial statistics