DOI: 10.7256/2454-0730.2017.1.21698

Abstract: This article provides a brief review of the modern financial instrument, their common functions, and possible prospects of development. The actors of economic relations are presents as the interacting complex adaptive systems. Based on such approach, the financial instrument are viewed as the ways of realization of the postponed in time exchange between the systems. Thus, they are simultaneously determined as means of increasing the sustainability of some systems in the future, as well as the way of supporting the current existence of other systems. Similar definition corresponds with their traditional interpretation as the mechanism for attracting investments. Application of the systems theory allowed suggesting a more general definition to the various financial instrument, including the money. The presented model makes it possible to view the differences between them more systematically, rather than the crucial differences between several tools, as well as the implementation of one principle in various situations. The conclusion is made that the money as a guarantee of delivery of the postponed service on goods exchange, do not always manifest as the ideal commodity for exchange on the market. The author supposes that in future there is a possibility for existence of the formally barter cash settlement contract, in which the final cost is calculated not by the cost relative to the money, but another stock commodity or security.  

Keywords: Speculation, Service market, Stock market, Systemic approach, Resource exchange, Trading, Quantity theory of money, Forward contract, Financial instruments, Systems theory

DOI: 10.7256/2454-0730.2015.4.16756

Abstract: This article examines the major provisions of the four religions (Judaism, Buddhism, Christianity and Islam) that touch upon financial and commercial life of the secular population. Attention is drawn to the system of limitations and prohibitions on charging interest in credit operations, because interest is the basis of functioning of all segments of modern financial market. In addition, the author examines the views on speculation in trade operations, while using false information on value and quality of goods. In his work, the author relies on the works of Russian and foreign economists which study the main factors that influence the development of instruments and mechanisms of financial market as a whole, and the derivative financial instrument segment. The author employs general scientific and specific methods of research, including statistical and comparative analysis. Today, the fact that the financial derivative market, and the transformations of the mechanisms of its functioning impacts the economy of any country greatly, is undisputed. The vector of growth for national markets of financial derivatives is defined not only by world practice, but also religious and ethical norms that are acceptable for the majority of the country. The pursuit of increased income norm and financial market novations are impossible without leaving religious and ethical norms behind, or without transforming them, because some of the religious norms are extremely hard to comply with nowadays. Nonetheless, today there are persistent points of view, according to which the compliance with religious and financial ethics will enhance the efficiency of financial market, due to the weakening of moral pressure on the people employed in the financial and credit institutions. In addition to this, an acceptable (from religious points of view) form of financial transactions (without ever changing their commercial nature) allows to increase the volume of operations and to use various derivatives.  

DOI: 10.7256/2454-0730.2015.4.67143

Abstract: This article examines the major provisions of the four religions (Judaism, Buddhism, Christianity and Islam) that touch upon financial and commercial life of the secular population. Attention is drawn to the system of limitations and prohibitions on charging interest in credit operations, because interest is the basis of functioning of all segments of modern financial market. In addition, the author examines the views on speculation in trade operations, while using false information on value and quality of goods. In his work, the author relies on the works of Russian and foreign economists which study the main factors that influence the development of instruments and mechanisms of financial market as a whole, and the derivative financial instrument segment. The author employs general scientific and specific methods of research, including statistical and comparative analysis. Today, the fact that the financial derivative market, and the transformations of the mechanisms of its functioning impacts the economy of any country greatly, is undisputed. The vector of growth for national markets of financial derivatives is defined not only by world practice, but also religious and ethical norms that are acceptable for the majority of the country. The pursuit of increased income norm and financial market novations are impossible without leaving religious and ethical norms behind, or without transforming them, because some of the religious norms are extremely hard to comply with nowadays. Nonetheless, today there are persistent points of view, according to which the compliance with religious and financial ethics will enhance the efficiency of financial market, due to the weakening of moral pressure on the people employed in the financial and credit institutions. In addition to this, an acceptable (from religious points of view) form of financial transactions (without ever changing their commercial nature) allows to increase the volume of operations and to use various derivatives.  

Keywords: option, future, financial ethics, interest, religious ethics, financial derivatives, financial market, Mercantile Exchange, economic laws, term market