استخدام أدوات الهندسة المالية في التحوط و المضاربة و أثرها في ربحية المنشأة : دراسة تحليلية في مصرف TD Bank

الملخص EN

Banks and financial institutions seek to use derivative contracts in order to find new investment sources to cope with financial risks, through the design, development and implementation of a set of tools and new financial models, The most important of which are (futures, future contracts, options, swaps) to manage these risks, and the use of scientific principles for formulating and solving the complex financial.

Thus, these instruments have, somehow, helped to facilitate the transfer and the distribution of risks, because the primary purpose, for which they were arisen, is to hedge operations, although they are widely used for speculative purposes and investment operations.

So, this research seeks to achieve a set of objectives, The most important of them is to state of the importance and nature these contracts, and the extent of their size in each of the hedge and speculative operations, and the extent of the effect on the rates of return on assets.

To achieve the objectives of the research, US financial market has been selected, as a society to be, because it represents the best field of research in derivatives of what is available in the markets of large transactions of derivative financial instruments, and found that the best sample to look is the (TD BANK), because of the availability of the necessary data, required for the application of research for the period (2004-2015).

This research has reached a set of conclusions, notably that the derivatives activity in both hedge and speculative operations has a significant impact on rates of return on assets, and this effect is increasing, when the revenue, generated by these contracts, increased.

The most prominent of the recommendations of the research was the profits and losses, arising from derivative contracts, stem from how to use those tools, and therefore the use of these contracts must be optimized, and not to over-size transactions, especially in investment and speculative operations.

Key words: financial engineering, hedge, speculative, futures contracts, futures contracts, options contracts, swap contracts.