Resumo

CANO-MUNOZ, Alexandra  e  SANCHEZ-SERNA, Aracely del Socorro. TES Future at a fixed rate in Colombian Peso, a Derivative in the Colombian Capital Market. Cuad. Contab. [online]. 2013, vol.14, n.35, pp.513-579. ISSN 0123-1472.

Derivatives have contributed in the Colombian financial market development. TES Future, in particular, has led to better portfolio management, new forms of leveraging and efficient resource allocation. Consequently, it is crucial to acknowledge and to understand the nature, functionality and valuation of this sort of instruments. The document TES Future at a fixed rate in Colombian Peso, a Derivative in the Colombian Capital Market' is presented as the articulation of research results coming from the International Financial Management Master's degree graduation paper by the author, and the partial results of a research project Pertinence of International Valuation Standards issued by the International Valuation Standards Council. It regards the current active valuation practices applied in Colombia-under the International Financial Reporting Standards-in order to deepen the scope of the study on the framing and development of this financial product. It provides acknowledged tools for its valuation both in the national and international markets. The development of this financial instrument was carried out in phases. The first one approaches the conceptualization of TES as a fixed-income-security funding instrument issued by the Colombian government. During the second phase, the proposed methodologies are defined and applied for determining the temporal structure of interest rates (zero-coupon curve). The third phase focuses on the framing, development and key elements of TES Future in Colombia. This study opens up the possibility for contributions to the development of futures in Colombia and the analysis of other financial instruments derived from the same field.

Palavras-chave : TES; notional bonds; derivatives; futures; valuation; Capital market; financial market; financial instruments.

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