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Obchodování s deriváty a pokoutní bankéři - ohlédnutí za finančním trhem v meziválečném Československu
[Derivatives and Bucketshops: A Forgotten History of Czech Financial Markets between the World Wars]


  • Jan Vlachý


Building upon exhaustive research of extant and often fragmentary contemporary resources, this paper provides a thorough analysis of financial options trading and sales in interwar Czechoslovakia. Whilst focusing primarily on a remarkable bucketshop episode occuring in the late twenties and early thirties, it also comprises the so far most comprehensive study on the historical development and practices of derivatives trading on the Prague Exchange including the eminent role of private banking firms. A distinct intertemporal and international perspective facilitates the establishment of numerous parallels and patterns, strikingly instructive in times of crises.

Suggested Citation

  • Jan Vlachý, 2011. "Obchodování s deriváty a pokoutní bankéři - ohlédnutí za finančním trhem v meziválečném Československu
    [Derivatives and Bucketshops: A Forgotten History of Czech Financial Markets between the World
    ," Politická ekonomie, University of Economics, Prague, vol. 2011(2), pages 205-233.
  • Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:781:p:205-233

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    References listed on IDEAS

    1. Nelson, Daniel B, 1991. "Conditional Heteroskedasticity in Asset Returns: A New Approach," Econometrica, Econometric Society, vol. 59(2), pages 347-370, March.
    2. Bollerslev, Tim, 1986. "Generalized autoregressive conditional heteroskedasticity," Journal of Econometrics, Elsevier, vol. 31(3), pages 307-327, April.
    3. McNelis, Paul D., 2004. "Neural Networks in Finance," Elsevier Monographs, Elsevier, edition 1, number 9780124859678.
    4. Franses Philip Hans & van Griensven Kasper, 1998. "Forecasting Exchange Rates Using Neural Networks for Technical Trading Rules," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 2(4), pages 1-8, January.
    5. Engle, Robert F, 1982. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica, Econometric Society, vol. 50(4), pages 987-1007, July.
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    More about this item


    financial crisis; economic history; Prague exchange; options trading; financial crime; bucketshops;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-


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