A Comparative Analysis of the Options trading on the Romanian Capital Market and Central and Eastern Europe Emerging Capital Markets during the Global Financial Crisis

One of the main culprits for the international financial crisis started in late 2007 and still in progress, it is, in the opinion of many experts, the creation and trading in excess of the derivatives. This theory developed in close relationship with the mature capital markets where the derivatives segment reached significant volumes and values. But in the emerging capital markets of Central and Eastern Europe is no large volume of derivatives and rather we can discuss only about the start of trading these instruments a few years ago. Therefore this paper aims to realize a comparative analysis of the evolution of option contracts on capital markets in Romania and other emerging capital markets within the region as well as on the evolved capital markets in Europe. Quantitative (in terms of volume of contracts traded) and qualitative (value of contracts traded) aspects will allow us to drop some conclusions regarding the use of options in emerging capital markets in times of crisis. The analysis carried out in this work will be detailed in the direction of some comparisons by type of underlying instrument and their spread in the markets considered. We will give careful consideration to options transactions on the Romanian capital market. Since its creation to date the evolution of the volume and the value of the derivatives transactions was in constant growing, the beginning of the global financial crisis fund Sibiu Stock Exchange in a consolidated position on the capital market in Romania and even in South East Europe.