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Dividing Hedging and Gambling: Legal Implications of Derivative Instruments | Chen | Opticon1826
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Dividing Hedging and Gambling: Legal Implications of Derivative Instruments

Chaeo-hung Christopher Chen

Abstract

The past three decades have seen the emergence in the market of many different types of “derivative instruments”, ranging from futures, forwards, options, and swaps 1 to some other hybrid instruments 2 or synthetic transactions 3 . Along with insurance, derivative instruments help market participants not only to hedge various types of risks but also to engage in market speculation. A derivative transaction could serve the purpose of avoiding large losses (i.e. hedging) as well as earning a windfall (i.e. speculation). As such, one question arises: Is there any difference between gambling and derivative trading?


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How to cite: Chen, C.C. 2006. Dividing Hedging and Gambling: Legal Implications of Derivative Instruments. Opticon1826 (1), DOI: http://dx.doi.org/10.5334/opt.010608

This is an Open Access article distributed under the terms of the Creative Commons Attribution License
(http://creativecommons.org/licenses/by/3.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. Copyright is retained by the author(s).

This article has been peer reviewed (journal peer review policy).

Published on 1 September 2006.

ISSN: 2049-8128 | Published by Ubiquity Press | Creative Commons License This work is licensed under a Creative Commons License.