In general, a financial product that was previously unknown on the financial market in this form. – In the narrower sense, a derivative, namely basically a contract whose value depends on future market prices. – In the language of German tax law, all securities that convert taxable interest into tax-exempt profits – See Derivatives, DerivategeschäfteClearingpflicht, Derivategeschäfte-Meldepflicht, Financial Engineering, Option, Product Registration, Quality Control, Forward Contract. – Cf. Deutsche Bundesbank Monthly Report of July 2008, pp. 15 ff. (presentation of instruments in the sense of and ; overviews), ECB Monthly Report of October 2009, pp. 79 f. (impact of financial innovation on banks’ credit supply), BaFin Annual Report 2011, p. 78 (a Standing Committee on Financial Innovation [SCFI] has been set up within the EBA to develop supervisory proposals).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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