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Revista EIA

versão impressa ISSN 1794-1237versão On-line ISSN 2463-0950

Resumo

OCHOA, Iván Darío  e  GONZALEZ, Cristina. EVALUACIÓN DEL MERCADO DE OPCIONES SOBRE TASAS DE CAMBIO: PERSPECTIVAS PARA UNA MEJOR UTILIZACIÓN. Rev.EIA.Esc.Ing.Antioq [online]. 2007, n.7, pp.145-158. ISSN 1794-1237.

Colombia has to have a financial market that fits the needs of its increasingly internationalized economy. That means that a financial derivate market has to be developed. This includes a very deep options market in which forex options be widely dealt with in order to take advantage of the multiple benefits of this instrument specially for hedging purposes since the currency exchange risk is more and more threatening in a globalized world. Options are not very well known in Colombia and there is little information about them. They are only treaded in the over the counter (OTC) market since there not exists an organized one. Of course, it is possible to contract tailor made options in the OTC market, which would not be the case in an organized market, but at the same time this implies more counterpart risk. Since the Colombian economy is getting more and more globalize and after adopting a floating exchange rate, the COP has experienced some appreciation that has risen up to 25%. This means considerable losses to the export sector. And also it should drive towards a culture more active in risk managing to hedge against foreign exchange volatility, which could avoid significant losses to the import/export sectors in the future. However, it has been identified that, in spite of the recent volatility of the peso/dollar exchange rate, there is little advance in developing such a culture. So this article focuses on the investigation done about the reasons why the mayor Colombian import/export companies had not progressed in forex hedging even though there is an increasing risk because of the mentioned volatility. Investigations carried out on those topics above said were complemented with the study of the variables that determine the market price of options allowed to conclude about the principal reason against developing a strong culture for hedging against forex risk although this risk has been growing day by day. Conclusions are also drawn about why the Colombian options market has a very little deep, and which are the perspectives for a better use of this financial instrument which is identify for several authors as a symbol of a modern financial market.

Palavras-chave : hedging; financial derivate; over the counter (OTC) market; options; exchange risk.

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