The impact of decentralized crypto-derivatives and synthetic assets on traditional centralized derivatives exchanges / Thibault GAUBERT / 2021

Titre : The impact of decentralized crypto-derivatives and synthetic assets on traditional centralized derivatives exchanges Type de document : Mémoire Auteurs : Thibault GAUBERT, Auteur Année de publication : 2021 Importance : 24 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Anglais (eng) Mots-clés : Management RISQUE ; SPECULATION ; LIQUIDITE Résumé : With the growing importance of blockchain technology and cryptocurrencies, the financial industry has started to shift towards decentralized finance (DeFi). The recent introduction of Bitcoin Futures on the Chicago Mercantile Exchange have opened-up a Pandora’s box allowing the creation of new financial instruments, taking traditional financial concepts, and putting them directly on the blockchain. Among these instruments we find crypto derivatives and synthetic assets. This paper intends to examine this new DeFi derivatives phenomenon and further discuss the impact it has on traditional derivatives markets. Using the recent literature reviews at our disposal, we are posing the pros and cons and the advantages they have. We present the way they reshape the overall financial world. We find that synthetic assets and crypto-derivatives help the DeFi world to chain real-world assets in a way that is credible and trustworthy; increase the accessibility, the transparency, the flexibility and the efficiency of financial structure; provide hyper customize portfolio with an infinite number of new assets combination to hedge, have exposure and get some extra leverage resulting in better risk management strategies; and reduce counterparty risk thanks to smart contract protocols, thus augmenting the distribution of systemic risk. Programme : PGE-Rouen Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=538515