To address the issues of climate change and reduce the emissions released into the atmosphere, society and companies, including the financial markets, need to adjust how they act and conduct business. The financial markets are vital in the transition towards a more sustainable society and stock exchanges are a central actor to enhance green finance, enabling green securities to be traded. For stock exchange companies to stand tall and encourage a green transition, they need to be aware of their own internal environmental impact. As society is changing to become more serviceoriented, so is stock exchanges. A part of enabling servitization is the usage of cloud services which not only enable companies to focus more on their core business, it also has the potential to reduce companies’ environmental footprint. This study examines the environmental impact of a stock exchange company and how it can be reduced by transitioning to cloud computing. The study uses Nasdaq as a case company and examines environmental performance data from major stock exchanges worldwide. The study furthermore uses the Multi-Level Perspective (MLP) to understand what enables and disables a cloud transition for stock exchanges. This study concludes that the main environmental impact of a stock exchange is Business Travel, electricity and heat for Office Buildings and Data Centres, although the order of these varies throughout the industry. Further, it is concluded that a stock exchange can reduce its environmental footprint by transitioning to cloud computing, in the best-case scenario, emissions are reduced with 10 percent and electricity usage reduced with almost 30 percent of the total usage. However, the impact of a transition is dependent on the rate of renewable energy used for the data centre. The study finds that a cloud transition includes enablers and disablers on all three levels on the MLP and it will most likely be incremental innovations together with a business model shift and technical traits of cloud that will enable and open the window of opportunity for a regime shift. It is concluded that technology or IT-security of cloud computing is not hindering a cloud transition, rather it is organizational culture, assumptions, financial lock-ins, and landscape protectionism that are disablers for a transition. To overcome those, and reduce the environmental footprint, stock exchanges need to work together with cloud providers to create use cases that are in line with the regulatory and financial requirements of a stock exchange. / För att hantera klimatförändringar och reducera utsläppen i atmosfären måste samhället och företag, inklusive de finansiella marknaderna anpassa hur de agerar och bedriver verksamhet. De finansiella marknaderna är vitala för övergången till ett mer hållbart samhälle och börser är en central aktör för att utveckla grön finans och möjliggöra handel av gröna värdepapper. Om börsbolag ska stå rakryggade och uppmuntra till en grön övergång måste de vara medvetna om deras egen interna miljöpåverkan. I takt med att samhället förändras till att bli mer serviceinriktat, förändras också börserna. En faktor för att möjliggöra servitisering är användningen av molntjänster, som inte bara möjliggör mer fokus på kärnverksamhet utan har också potential att minska företags miljöpåverkan. Denna studie undersöker miljöeffekterna av ett börsföretag och hur det kan minskas genom en övergång till molntjänster. Studien använder Nasdaq som ett caseföretag samt undersöker data om miljöpåverkan från de stora börserna världen över. Vidare, för att förstå vad som möjliggör och förhindrar en molnövergång för börser använder studien Multi-Level Perspective (MLP). De viktigaste resultaten från denna studie är att den största miljöpåverkan av en börs är affärsresor, el och värme för kontorsbyggnader samt datacenter, dock varierar ordningen på dessa mellan börser. Studien konkluderar att en börs kan minska deras miljöpåverkan genom att övergå till molntjänster, i bästa fall kan molntjänster minska utsläppen med 10 procent och minska elanvändningen med nästan 30 procent av den totala användningen. Effekterna av en övergång är dock mycket beroende av andelen förnybar energi som användas av de olika datacentren. Studien konstaterar flertalet faktorer på alla tre nivåer av MLP som både möjliggör och förhindrar en molnövergång. Det kommer sannolikt vara inkrementellinnovation tillsammans med affärsmodellsförändringar och tekniska egenskaper för molntjänster som möjliggör och öppnar fönstret till regimskifte. Studien konkluderar att det inte är tekniken eller IT-säkerheten för molntjänster som förhindrar en molnövergång utan det är organisationskulturen, förutfattade meningar, ekonomiska inlåsningar och landskapsprotektionism som förhindrar en molnövergång. För att övervinna dessa och minska miljöpåverkan måste börserna samarbeta med molntjänsteleverantörer för att skapa use cases som är i linje med lagstiftningen och de finansiella kraven på en börs.

近年來，國內金融問題層出不窮，陸續發生多起的金融弊案，皆有引發金融危機之可能。因此如何強化金融監理效能，建立金融市場之安定與秩序，實為金融革新的重要議題。 世界上多數國家的金融監理架構有單一監理機關與多數監理機關，甚至折衷於二者之方式。我國目前金融市場中因金融商品之區隔性降低、金融購併與金融集團之出現、效率監理原則、及因應WTO的加入考量，究竟如何調整金融監理架構以強化金融監理效能，實為當務之急。因此，政府希冀成立金融監督管理委員會，以有效整合金融發展政策及監理事權，全面加速金融現代化工程，因應未來國際金融競爭趨勢。 而本文，以「論金融統合監理之架構」為題，試圖先對我國現行金融監理架構做一剖析；其次針對單一監理架構—以英國金融服務管理局（Financial Service Authority）、澳洲金融監理總署（Australian Prudential Regulation Authority）、韓國金融監理局（Financial Service Supervision）為介紹；在其次亦就多數監理架構為論述—以美國的金融監理架構為題；繼而對於我國未來金融監理架構—以現行的行政院金融監督管理委員會組織法草案為介紹；最後做一評析與建議。 / In the last decade, Taiwan has experienced several financial institutions scandals and a local financial crisis has almost emerged. Under such a circumstance, it is essential for the Government to undertake regulatory reform in order to enhance the regulatory efficiency and reinstate the social confidence toward the financial markets. To cope with the entrance into WTO, the trend of financial liberalization, the emergence of financial conglomerates, it seems crucial for Taiwan to reconstruct the regulatory framework to promote the regulatory effectiveness and efficiency. Under such a scenario, the Government intends to establish a new regulatory agency, i.e. the Financial Regulatory Committee, to regulate financial institutions in a consolidated approach. The main theme of this paper focuses on the issue of the consolidation in financial regulatory structure. In the first place, the current financial regulatory mechanism in Taiwan is addressed and the potential inefficiency is identified. Secondly, some models of the single-regulator approach are examined, including the Financial Services Authority of UK, the Australian Prudential Regulatory Authority and the Financial Services Supervision of South Korea. On the other hand, the US model, the most significant one in the multiple-regulator approach, is also envisaged in the third place. Fourthly, the draft of Financial Regulatory Committee Bill of Taiwan is examined and the potential failures therein are explored. As possible contribution to the financial regulatory reform in Taiwan, some conclusive remarks and suggestions are submitted in the final place.

The prevalence of the money laundering crime has prompted the introduction of customer due diligence (CDD) measures. CDD measures facilitate the prevention of money laundering and promote the introduction of certain detective skills. Several international institutions champion the introduction of the detective skills in general and the performing of CDD measures in particular. These institutions acknowledge the cumbersome (administrative and financial) effects of introducing the detective skills and the performing of CDD measures. However, these institutions concedes that the aforementioned burden can be alleviated or lessened if the institutions that are responsible for performing CDD measures, i.e. Accountable Institutions (AIs), can exchange and rely on third parties’ (CDD) data. The exchange and reliance on third parties’ data must however consider the divergent threats or risks that might be associated with the data or third parties. The view regarding the exchanging and relying on third parties’ data is shared by, amongst others, the FATF and the UK. However, South Africa appears to be lagging behind in this respect. In other words, the South African FICA and FICA Regulations omit to encapsulate express and lucid provisions permitting the exchanging and relying on third parties’ data for purposes of performing CDD measures. The aforementioned omission, it is argued, creates a legal vacuum in the South African scheme of anti-money laundering. In other words, the aforesaid vacuum lives the South African AIs in a state of doubt regarding the manner and extent of exchanging and relying on third parties’ data. However, the aforesaid vacuum, this study concedes, can be rectified by introduction provisions that are line with the draft Regulation 5A and 5B that are proposed in chapter seven of this study. / Jurisprudence / LL. M.

Thesis (MBA (Business Management))--University of Stellenbosch, 2007. / AFRIKAANSE OPSOMMING: Die Mzansi rekening, as Eerste Orde Nasionale rekening, is gesamentlik deur die “Groot 4” banke geloods, spesifiek met die oog daarop om toegang tot groter finansiële dienste te bewerkstellig in lyn met die Finansiële Dienste Handves. Hierdie navorsingsverslag ondersoek die sukses van die Mzansi rekening in terme van die verbetering van toegang tot finansiële dienste en die verwesinliking van Prahalad se visie van die Fortuin aan die onderkant van die piramide of die sogenaamde Base of the Pyramid (BoP). Die studie is gedoen deur onderhoude te voer met industrie-kenners wat nou betrokke was met die loods van die Mzansi rekening, asook deur ’n oorsig te doen van ’n verslag van die onlangse kommisie van ondersoek oor kompetisie in die bankwese in Suid Afrika. Die Mzansi rekening is inderdaad suksesvol daarin om toegang tot finansiële dienste vir alle Suid Afrikaners beskikbaar te maak, maar dit is steeds nie winsgewend vir die banke nie. Die Mzansi rekening is dus nie in lyn met Prahalad se visie van die BoP nie. Die winsgewendheid van die rekening in die toekoms hang af van die graad van aanvaarding van armes van meer doeltreffende elektroniese transaksies. Tot op datum wil dit voorkom asof Prahalad se gevoel dat die armes gevorderde tegnologie maklik aanvaar nie in die bank sektor in Suid Afrika geld nie. ’n Toenemende fokus op gebruik eerder as toegang en ’n beter belyning met Prahalad se twaalf beginsels van innovasie by die BoP mag egter wel beter wins vir die banke inhou. Selfs al sou winste nie materialiseer nie, is dit steeds voordelig vir banke wat bereid is om te eksperimenteer en te leer van die Mzansi ervaring. Die Mzansi rekening mag dalk die katalis wees vir nuwe en verbeterde produkte wat suksesvol sal wees in die BOP mark. / ENGLISH ABSTRACT: The Mzansi account, as a First Order National Bank Account, was jointly launched by the Big 4 Banks (ABSA, FNB, Nedbank and Standard Bank) specifically to increase access to financial services in line with the requirements of the Financial Sector Charter (FSC). This study explores the success of the Mzansi account with regard to improving access to financial services and achieving Prahalad’s vision of a Fortune at the Bottom of the Pyramid (BoP). The study was conducted by interviewing industry experts who were intimately involved in the launch of the Mzansi account and reviewing the transcripts of the recent commission of enquiry into the competition of banking in South Africa. The Mzansi account has been successful in increasing financial access for all South Africans but has not proved to be profitable for the banks. The Mzansi bank account therefore does not support Prahalad’s vision that there is a fortune at the base of the pyramid. The future profitability of the account is dependent on the acceptance of the poor of more efficient electronic transacting. To date it would seem that Prahalad’s notion that the poor accept advanced technology readily does not apply within the banking sector of South Africa. An increased focus on usage as apposed to access and a better alignment to Prahalad’s twelve principles of innovation at the BoP may well bring increased profits for the banks. Even if profits don’t materialise, for those banks willing to experiment and learn from the Mzansi experience. The Mzansi account may well be a catalyst for new and/or improved products that will be successful in the BoP market.

University of Macau / Faculty of Law

The regulation of hedge funds has been at the centre of a global policy debate for much of the past decade. Several factors feature in this debate including the magnitude of current global investments in hedge funds and the potential of hedge funds to both generate wealth and destabilise financial markets. The first part of the thesis describes the nature of hedge funds and locates the work in relation to four elements in existing theory including regulatory competition theory, the concept of differential mobility as identified by Musgrave, Kane’s concept of the regulatory dialectic between regulators and regulatees, and the concept of unique sets of trust and confidence factors that individual jurisdictions convey to the market. It also identifies a series of questions that de-limit the scope of the present work. These include whether there is evidence that regulatory competition occurs in the context of the provision of domicile for hedge funds, what are the factors which account for the current global distribution of hedge fund domicile, what latitude for regulatory competition is available to jurisdictions competing to provide the domicile for hedge funds, how is such latitude shaped by factors intrinsic and extrinsic to the competing jurisdictions, and why do the more powerful onshore jurisdictions competing to provide the domicile for hedge funds not shut down their smaller and weaker competitors? The second part of the thesis examines the regulatory environment for hedge funds in three so-called offshore jurisdictions, specifically the Cayman Islands, Bermuda and the British Virgin Islands, as well as two onshore jurisdictions, specifically the United Kingdom and the United States. The final section presents a series of conclusions and their implications for both regulatory competition theory and policy.

En droit financier, la conception des investisseurs protégés apparaît imprécise, alors que le dispositif juridique de protection est composé d’un grand nombre de mesures. Le contraste est saisissant. La première partie de cette recherche souligne la nécessité d’une clarification. Le flou entourant les investisseurs protégés est détaillé et ses conséquences sur l’objectif de protection, d’une part, et sur le dispositif de protection, d’autre part, sont mises en lumière. Plusieurs questions se posent, relatives à la notion d’investisseur comme à la logique et aux critères de protection. Source d’insécurité juridique, une conception indéterminée des investisseurs protégés pèse de différentes manières sur la qualité de la protection. La seconde partie est un essai de clarification qui porte sur la notion juridique d’investisseur, d’une part, et sur la politique juridique de protection, d’autre part. Il est ainsi proposé d’introduire une définition légale de l’investisseur dans le Code monétaire et financier, en s’appuyant sur les notions de sujet de droit et d’acte d’investissement. Une définition juridique de l’acte d’investissement contribue aussi à distinguer la notion juridique d’investisseur, d’un côté, et celles d’actionnaire, de client et de consommateur, de l’autre. La politique de protection envisagée ensuite s’appuie sur des axes connus mais qui gagnent à être réaffirmés et précisés. La pleine mise en oeuvre de cette politique impose alors, compte tenu aussi des catégories redéfinies d’investisseur et d’investisseur qualifié, d’élaborer une nouvelle catégorie juridique d’intervenants sur les marchés financiers. / In financial law, the conception of “protected investors” appears to reveal many uncertainties while at the same time, investor protection measures are numerous. This raises a number of questions. The first part of this research shows that there is a need to clarify this conception. Such a need results mainly from the detailed description of existing uncertainties and their negative consequences on investor protection objective and measures. These difficulties, which are about the concept of investor, the logic of the protection and its criteria, are a source of legal uncertainty. As a result, the quality of the protection is undermined in many different ways. The second part of this research is an attempt to clarify these points. It focuses on the legal concept of investor and on investor protection policy. The idea is to amend the legislative part of the French Monetary and Financial Code to introduce a definition of the word « investor », which relies on the suggestion that an investor should have legal personality and that there should be an act of investment. The legal definition suggested for the concept of “act of investment” also helps to draw distinctions between the legal concept of investor on the one hand, and those of shareholder, client and consumer, on the other hand. The investor protection policy which is then described lies on grounds that may look familiar, but to state them more precisely appears to be useful. For this policy to be fully implemented, and taking into account the definitions or amendments brought to the categories of “investor” and of “qualified investor”, a new legal category of actors in the financial markets needs to be elaborated.

The Sarbanes-Oxley Act made audit committees directly responsible for the appointment, compensation, and supervision of companies' auditors. Limited research in the auditor selection process and PCAOB inspections suggest that managers, not audit committees, may still be selecting the auditors, and that inspection reports are not useful. This study addresses both of these areas. This paper considers two theories of governance, Agency Theory and Institution Theory, to analyze the audit committee members' auditor selection process. The study examines whether Audit Committee Members use two specific types of audit quality indicators, other than managers' recommendation, in evaluating auditors. In a setting where the manager recommends the auditor, the auditors' inspection results (favorable/unfavorable) and a prior manager/auditor affiliation (absent/present) are manipulated in a between-subject research design, using financially literate professionals as a proxy for audit committee members. The study finds that audit quality perception and auditor selection are jointly determined. Inspection results are positively associated with audit quality perception and auditor selection. The nature of a manager-auditor affiliation is directly associated with audit quality perception and inversely related to auditor selection. Further, controlling for perception, audit committee members are more likely to recommend auditors with unfavorable inspection results, if a prior affiliation with management is present than if an affiliation is absent. Overall, the results indicate that audit committee members are diligent in evaluating auditors, and PCAOB inspection results are useful. The results of this study contribute to the audit committee effectiveness and PCAOB literature. / by Veena Looknanan-Brown. / Thesis (Ph.D.)-Florida Atlantic University, 2011. / Includes bibliography. / Electronic reproduction. Boca Raton, Fla., 2011. Mode of access: World Wide Web.

Cette thèse s’intéresse aux effets macroéconomiques du développement financier sur la vulnérabilité dans l’emploi dans les pays émergeants et en développement. Dans le premier chapitre, nous montrons que l’accès au crédit et les inégalités de revenu augmentent le travail des enfants surtout dans les pays à forte inégalité ou à faible revenu. Ce résultat indique que les parents tendent à investir leur crédit dans des projets qui accroissent le coût d’opportunité de l’éducation et le bénéfice attendu du travail des enfants. Ainsi, nous démontrons qu’un meilleur contrôle de la corruption permet d’améliorer l’efficacité du développement financier ainsi que des dépenses d’éducation en vue de réduire le travail des enfants. Cela passe notamment par une amélioration de la qualité de l’éducation. Dans le second chapitre, nous démontrons qu’un meilleur accès aux services financiers ainsi qu’une réduction des contraintes en termes d’utilisation de ces produits réduit la proportion de travailleurs pauvres. Cet effet est plus important en cas d’instabilité macroéconomique. De plus, ce meilleur accès bénéficie également aux non pauvres qui étaient précédemment exclus, ces derniers étant plus à même d’investir et de réduire indirectement la proportion de travailleurs pauvres via une croissance plus forte. Les résultats du troisième chapitre suggèrent qu’aussi bien le développement financier et les transferts de fonds des migrants peuvent limiter la prolifération du secteur informel. Cependant, ils tendent à être substituts, avec notamment un faible niveau de développement financier initial qui est compensé par l’utilisation des transferts de fonds. Finalement dans le chapitre 4, nous passons en revue des produits financiers flexibles et innovants qui pourraient permettre aux plus vulnérables de mieux faire face aux chocs. Nos résultats suggèrent que ces produits doivent être conçus de manière à offrir dans un premier temps des produits d’épargne en supprimant notamment les frais d’ouverture de compte. Leur utilisation devrait permettre de produire de l’information sur les emprunteurs notamment sur la base de l’historique des versements et leur fréquence. Ainsi en cas de choc, l’épargne accumulée peut servir de garantie pour le prêt complété si nécessaire par des produits d’assurance. Le « mobile banking » peut également servir pour la diffusion des produits flexibles et dans une plus large mesure de support pour accroître le niveau de bancarisation, vu le nombre croissant de personnes utilisant le téléphone portable. / This thesis explored the macroeconomic effects of financial development on the most vulnerable workers in developing and emerging countries. Chapter one focuses on child labor. Our results suggest that child labor is positively associated to financial development and inequality particularly in countries with high level of income inequalities and low level of income. In fact, with access to credit, households tend to invest in productive activities which increase the opportunity cost of education and the returns from child labor. Hence, we demonstrate that a better control of corruption makes financial development as well as education spending more effective in reducing child labor by improving education quality. In the second chapter, we show that more bank branches and limiting barriers to use financial services reduce the proportion of working poor. This result is more relevant in countries hit by macroeconomic shocks and a better access to financial services also benefits to the excluded non-poor who can in turn invest and reduce poverty. In the third chapter, we find that both financial development and remittances tend to reduce the spread of the shadow economy by channelling funds to the more productive activities. Moreover, they tend to be substitutes, indicating that households rely on remittances in countries with low level of financial development. Finally, chapter four reviews innovative flexible financial products which can be used to help the more vulnerable to manage shocks. Our results suggest that, first barriers to open saving and checking accounts (like opening fees) need to be suppressed in order to increase the use of these services, generating more information on potential borrowers on the basis of the history and frequency of payments. Then, accumulated savings can be used as collateral for loan supplemented by insurance services. Mobile banking could also serve as support for flexible financial services.Keywords: Financial development, financial services; child labor, decent work, vulnerability, informal sector shadow economy, underground economy, institutions, inequality, working poverty, developing countries, trickle-down effect, remittances, microfinance, flexibility, discipline, risk, shocks, index-based insurance, combined products.

<p>No organisation has an endless and unlimited supply of money, especially in a recessive economy, and therefore decisions have to be made as to which areas an organisation will invest in. As organisations, such as YZ1 financial services organisation, are focused on seeing returns on investment (ROI), implementing software that is not being used&nbsp / will not render any benefits to the organisation. Research problem: Project Managers (PMs) in YZ organisation&rsquo / s IT department need to perform mandated processes, as&nbsp / defined in their centralised repository. PMs need to use Financial and Planning Software (FPS)2 software to perform certain project management activities, as required by their&nbsp / job function. However, it was found that MPP3 software, another tool, was used for more detailed project schedules, as well as activities that were not strictly enforced by&nbsp / management, the Project Office or the Quality Assurance team. Therefore, from this discovery, it was not clear whether the intended benefit of implementing this mandatory&nbsp / software (FPS) was being realised &ndash / since implementing software that is not being utilised fully would not deliver the intended benefits to the IT department (Devaraj &amp / Kohli&nbsp / 2003), even if the software is termed &lsquo / mandatory&rsquo / . Objective: The primary objective of this research was to explore and optimise the key success factors for an effective&nbsp / implementation of mandatory software in a department, in order to derive the intended business benefits. Literature Review: Literature was reviewed in the search for models or&nbsp / theories that explore the relationship between the use of mandatory software and the achievement of business benefits. The Information Management Body of Knowledge&nbsp / (IMBOK) was selected as this framework defines the relationship between IT and the realisation of business benefits, and ultimately the achievement of any business strategy. The literature review focused predominantly on the level of user involvement, change management, as well as factors that influence the usage of mandatory software by&nbsp / individuals. 1. The name of the organisation utilised has been changed. Refer to Ethical Consideration 2. The name of the tools utilised has been changed. Refer to Ethical&nbsp / Consideration and list of acronyms 3. The name of the tools utilised has been changed. Refer to Ethical Consideration and list of acronyms. Focus was given to organisational factors affecting usage, such as top management support and organisational processes. A model was compiled using unique constructs in the Technology Acceptance Model&nbsp / (and TAM2), the Motivational Model (MM) and the Model of PC Utilisation (MPCU) &ndash / in order to test user acceptance of mandatory software. The literature study concludes with a&nbsp / review of an approach to benefits management including five stages, namely: identifying and structuring benefits, planning for the realisation of benefits, executing the plan, in&nbsp / addition to the evaluation and the review. Research design and methodology: A case study was used in this research, as it examined the phenomenon in its natural setting,&nbsp / &nbsp / &nbsp / employing multiple methods of data collection to gather information from a few entities (groups and data sources). In this way, it was not limited to only qualitative or quantitative&nbsp / approaches, but utilised mixed methods instead. A mixed methods approach was used in order to elaborate, enhance and clarify the results from the qualitative research&nbsp / through the results of the quantitative analysis. Findings: The main finding, based on the compilation of three models of user acceptance, proved that FPS was not being utilised&nbsp / as intended. There was also no evidence of an improvement in business operations. Therefore, benefits management was negatively impacted. Organisational processes were&nbsp / dentified as the most important organisational factor, influencing the usage of FPS software. Own technological capability was considered to be the least important factor,&nbsp / as respondents believed that they had sufficient IT skills in order to learn how to use FPS software. Change management was rated negatively / and as a result, it impacted the&nbsp / usage of FPS, as users were not involved in the decision to implement, and had limited interaction in the implementation process. In addition, there was no evidence found that&nbsp / benefits management was conducted in the IT department / and therefore, the impact of using alternative software could not be quantitatively assessed. Recommendations: In concluding this research, it is recommended that the &ldquo / best practice&rdquo / , derived from the pertinent literate should be followed more diligently if YZ organisation is to benefit from the&nbsp / implementation of mandatory software. For example, in this research, it was found that top management&rsquo / s support of FPS (second most important organisational factor influencing use) was lacking, despite the literature suggestion that senior management involvement in changing technology is crucial for organisational commitment. It is&nbsp / suggested that a more formal approach to benefits management should be implemented. It is also recommended that further study should be conducted &ndash / in order to explore&nbsp / the applicability of the Japanese framing (achieving benefits from IT software through the concept of strategic instinct, rather than strategic alignment) in the context of a&nbsp / developing country (such as South Africa).</p>