Publication: Estructuración e implementación de un contrato de futuros sobre un índice de criptomonedas
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2021
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Abstract
Desde su creación, las criptomonedas han buscado integrarse en el mercado para paulatinamente poder competir con el dinero fiduciario tradicional a la hora de realizar transacciones económicas. Sin embargo, actualmente su uso se centra en la compraventa por parte de especuladores que son atraídos por las altas volatilidades de los precios de estas monedas virtuales. Como parte de la solución a este problema, este trabajo busca crear un contrato de futuros sobre un índice de criptomonedas. Una amplia bibliografía ha demostrado que la creación de mercados de derivados provoca reducciones en la volatilidad de los activos subyacentes objetos de contrato. La inclusión en el mercado de este producto podría suponer un primer paso hacia la integración de las principales criptomonedas en las transacciones ejecutadas por parte de grandes empresas (al asegurarse los tipos de cambio a plazo), que junto a las reducciones de la volatilidad aportaría la estabilidad necesaria en estos productos para dar un primer paso a que estas monedas cumplieran sus funciones como medio de pago, unidad de cuenta y depósito de valor y así finalmente poder empezar a competir realmente con el dinero fiduciario.
Ever since its establishment, Cryptocurrencies seeked to integrate in the market in order to progressively be able to compete with fiat money when it comes to electronic transactions on the Internet. However, it’s use, far from the previous, it is mainly focused on purchasing contracts made by some of the investors who are looking for high returns in the short run. This was due to the very high volatility that this speculators have caused on these virtual currencies. As part of the solution this thesis intends to create a futures contract listed in a cryptocurrencies index. Numerous studies have demonstrated that the creation of derivative markets provokes reductions in the volatility of the underlying assets forming the subject of the contract. The inclusion in the market of this product may be the first step towards the implementation of the main cryptocurrencies in the transactions executed by large companies( since they ensure short-term change), which together with reductions in volatility would give the necessary stability in these products so as to take the first step towards functioning as a means of payment, unit of account and store of value being finally able to begin to compete with fiat money and meeting the goal set for them.
Ever since its establishment, Cryptocurrencies seeked to integrate in the market in order to progressively be able to compete with fiat money when it comes to electronic transactions on the Internet. However, it’s use, far from the previous, it is mainly focused on purchasing contracts made by some of the investors who are looking for high returns in the short run. This was due to the very high volatility that this speculators have caused on these virtual currencies. As part of the solution this thesis intends to create a futures contract listed in a cryptocurrencies index. Numerous studies have demonstrated that the creation of derivative markets provokes reductions in the volatility of the underlying assets forming the subject of the contract. The inclusion in the market of this product may be the first step towards the implementation of the main cryptocurrencies in the transactions executed by large companies( since they ensure short-term change), which together with reductions in volatility would give the necessary stability in these products so as to take the first step towards functioning as a means of payment, unit of account and store of value being finally able to begin to compete with fiat money and meeting the goal set for them.