Bakgrund: Med grund i finanskrisen år 2008, infördes förordningen European Market Infrastructure Regulation, EMIR, för att öka transparensen och minska motpartsrisken på den europeiska derivatmarkanden. Marknaden påvisar att implementeringen av regelverket har varit problematiskt då regelverket anses vara otydligt formulerat. Enligt undersökningar, ökar transaktionskostnaderna på derivatmarknaden till följd av EMIR. Nya aktörer faller, till följd av regelverket, under Finansinspektionens tillsyn vilket ytterligare bidrar till en implementeringsproblematik värd att analysera. Syfte: Syftet med studien är att utreda och utifrån institutionell teori analysera vilka kostander och problem som uppkommit vid implementeringen av EMIR samt diskutera lösningar för dessa. Genomförande: För att uppnå studiens syfte har författarna använt sig av institutionell teori samt ett kvalitativt tillväggångssätt. Empirin är behandlad med ansats i utredning av den implementeringsproblematik berörda parter upplevt till följd av EMIR. Empirin erhålls genom semistrukturerade intervjuer. Med berörda parter avses, i studien, olika intressenter på den marknad som uppstått i och med implementeringen av EMIR. Med teorin som grund kommer olika lösningar på implementeringsproblematiken diskuteras i analysen. Slutsats: Regelverket anses vara otydligt och komplext vilket leder till ökade transaktionskostnader. Flertalet kostnader samt problem har identifierats som framträdande i samband med implementeringen av EMIR. De olika lösningarna som presenteras, förklaras vara olikt beroende på om aktören anses vara större eller mindre på marknaden. Författarna kan slutligen se en långsiktig nytta med EMIR. / Background: Due to the financial crisis of year 2008. European Market Infrastructure Regulation, EMIR, was introduced to increase transparency and reduce the counterparty risk on the European derivatives market. The market demonstrates that the implementation has been problematic and an indistinct designing is expressed. According to studies, increased transaction costs have occurred due to the regulation. Operators that usually not are included by oversight by the Swedish FSA, now are due to EMIR which contributes to an implementation problem essential to analyse. Aim: The aim with the study is to investigate and by institutional theory analyse what costs and problems that occurs at the implementation of EMIR and to discuss solutions for these. Completion: To accomplish the aim of the study, the writers have used institutional theory and a qualitative approach. The empirical data is treated with focus on the implementation problems that affected parts experienced due to EMIR. The empirical data will be concluded with semi – structured interviews. The affected parts, in the study, are different stakeholders on the market that has developed because of the implementation of EMIR. With the theory as background different solutions to the implementation problems will be discussed in the analysis. Conclusion: The regulation is considered to be unclear and complex which results in increased transaction costs. Several costs and problems have been identified in conjunction with the implementation of EMIR. The different solution provided is explained to depend on if the participant is considered a small or a big contestant on the market. The writer can ultimately se a long – term utility with EMIR.

No description available.

Diss. Linköping : Univ.

Suite à la crise financière de 2007, un ensemble de réglementations a été mis en place au niveau mondial, dont EMIR en Europe. Parmi les obligations engendrées par ce texte, il y a l’obligation de déclarer à l’autorité de tutelle toutes les opérations de produits dérivés traitées de gré à gré. Ceci dans le but d’augmenter la transparence sur ces marchés. L’objectif de mon travail étant de démontrer que cela n’est en fait pas le cas. Pour cela, j’explore deux principaux axes. Le premier concerne la déclaration effective des transactions et le traitement de ces informations par les autorités de tutelle. J’exploite pour cela les données publiques relatives à cette problématique et également les informations dont je dispose dans le cadre de mon travail. Les données sont relativement bien déclarées mais ne sont pas ou très peu exploitées par les autorités de tutelle. Le second axe est plus théorique. L’information ne conduit pas nécessairement à la transparence. Ce qui est important pour le bon fonctionnement des marchés dérivés est la symétrie de l’information et la confiance entre les intervenants. / Following the financial crisis of 2007, a set of regulations was implemented, including EMIR in Europe. Among the obligations arising from this text, there is an obligation to declare to the regulatory authority all OTC transactions. The goal is to increase transparency on OTC markets. My objective is to demonstrate that this is not actually the case. For that, I explore two main axes. The first one concerns the implementation of the reporting obligation and the analysis of this data by regulators. For this purpose, I use the public data on this issue and also the private data from my work. The data are relatively well reported but not fully exploited by the regulatory authorities. The second axis is more theoretical. Information does not necessarily lead to transparency. The symmetry of information and trust between OTC’s participants are the most important.

No description available.

Formados em um país pequeno embora aberto ao mundo ocidental mais do que à própria comarca, Ángel Rama (1926-1983) e Emir Rodríguez Monegal (1921-1985) intervieram nas revistas culturais do seu país até finais dos anos sessenta. Essa experiência permitiu-lhes entrar em contato com múltiplos problemas, debates e textualidades, que capitalizariam em seus estudos latino-americanos, aos que se dedicam de forma quase exclusiva a partir de sua saída de Montevidéu. Apesar da forte homogeneização latino-americana que se produz naquela década de sessenta, o Brasil foi para a área hispânica um território cultural quase inatingível. Monegal primeiro, Rama depois, e finalmente ambos os dois em um mesmo ponto temporal, entenderam o valor de ler o Brasil. Sem dispensar o contexto, Monegal privilegiou o estéticoliterário; Rama preferiu ver a brasilidade confrontada à experiência social e cultural da América hispânica. Fortemente antagônicos e em alguma medida complementares, ambos os dois procuraram alianças com intelectuais brasileiros (Rama com Candido; Monegal com Haroldo de Campos, entre outros). Por conseguinte, examinando estes antecedentes e tensões, esta tese intitula-se Ángel Rama, Emir Rodríguez Monegal e o Brasil: Duas caras de um projeto latino-americano. Pois o Brasil não foi apenas um campo de batalha para a integração ao projeto que cada um deles desenvolveu em um grau semelhante de precedência nem um fator diferenciador com relação a outros estudiosos. Além do mais, tornou-se o lugar da experimentação, a partir do qual poder olhar para o curso das variações da literatura e da cultura latino-americanas. / Formed in a small country more open to the western world than to its own territory, Ángel Rama (1926-1983) and Emir Rodríguez Monegal (1921-1985), participated in their country\'s cultural journals until the end of the 60s. This experience allowed them to come into contact with a multiplicity of problems, debates, and textualities, which they would capitalize upon in their Latin American studies, to which they devoted themselves almost exclusively once they had left Montevideo. In spite of the great homogenization that took place in Latin America in the decade of the 60s, Brazil was for the Hispanic area a somewhat ungraspable cultural terrain. At first Monegal and then Rama, and finally on the same temporal place, they both understood the value of reading Brazil. Without decreasing the importance of context, Monegal privileged the aesthetic and the literary; Rama preferred seeing the Brazilian as that which confronted the social and cultural experience of Spanish America. Very much in opposition to each other and in some ways complementary, they both sought alliances with Brazilian intellectuals (Rama with Candido; Monegal with Haroldo de Campos, among others). Therefore, by examining these antecedents and tensions this thesis is entitled Ángel Rama, Emir Rodríguez Monegal and Brazil: The Two Faces of a Latin American Project. Because Brazil was not only a battle ground for the integration into the project, which each one of them developed in similar degrees as precursors nor was it a factor which differentiated them from other scholars. Moreover, it became the place of proof, from where to watch the course taken by Latin American literature and culture\'s variants.

Formados em um país pequeno embora aberto ao mundo ocidental mais do que à própria comarca, Ángel Rama (1926-1983) e Emir Rodríguez Monegal (1921-1985) intervieram nas revistas culturais do seu país até finais dos anos sessenta. Essa experiência permitiu-lhes entrar em contato com múltiplos problemas, debates e textualidades, que capitalizariam em seus estudos latino-americanos, aos que se dedicam de forma quase exclusiva a partir de sua saída de Montevidéu. Apesar da forte homogeneização latino-americana que se produz naquela década de sessenta, o Brasil foi para a área hispânica um território cultural quase inatingível. Monegal primeiro, Rama depois, e finalmente ambos os dois em um mesmo ponto temporal, entenderam o valor de ler o Brasil. Sem dispensar o contexto, Monegal privilegiou o estéticoliterário; Rama preferiu ver a brasilidade confrontada à experiência social e cultural da América hispânica. Fortemente antagônicos e em alguma medida complementares, ambos os dois procuraram alianças com intelectuais brasileiros (Rama com Candido; Monegal com Haroldo de Campos, entre outros). Por conseguinte, examinando estes antecedentes e tensões, esta tese intitula-se Ángel Rama, Emir Rodríguez Monegal e o Brasil: Duas caras de um projeto latino-americano. Pois o Brasil não foi apenas um campo de batalha para a integração ao projeto que cada um deles desenvolveu em um grau semelhante de precedência nem um fator diferenciador com relação a outros estudiosos. Além do mais, tornou-se o lugar da experimentação, a partir do qual poder olhar para o curso das variações da literatura e da cultura latino-americanas. / Formed in a small country more open to the western world than to its own territory, Ángel Rama (1926-1983) and Emir Rodríguez Monegal (1921-1985), participated in their country\'s cultural journals until the end of the 60s. This experience allowed them to come into contact with a multiplicity of problems, debates, and textualities, which they would capitalize upon in their Latin American studies, to which they devoted themselves almost exclusively once they had left Montevideo. In spite of the great homogenization that took place in Latin America in the decade of the 60s, Brazil was for the Hispanic area a somewhat ungraspable cultural terrain. At first Monegal and then Rama, and finally on the same temporal place, they both understood the value of reading Brazil. Without decreasing the importance of context, Monegal privileged the aesthetic and the literary; Rama preferred seeing the Brazilian as that which confronted the social and cultural experience of Spanish America. Very much in opposition to each other and in some ways complementary, they both sought alliances with Brazilian intellectuals (Rama with Candido; Monegal with Haroldo de Campos, among others). Therefore, by examining these antecedents and tensions this thesis is entitled Ángel Rama, Emir Rodríguez Monegal and Brazil: The Two Faces of a Latin American Project. Because Brazil was not only a battle ground for the integration into the project, which each one of them developed in similar degrees as precursors nor was it a factor which differentiated them from other scholars. Moreover, it became the place of proof, from where to watch the course taken by Latin American literature and culture\'s variants.

The field of financial derivatives is rather complicated and usually not familiar to general public. Financial derivatives are used for three different reasons: arbitrage, speculation and hedging. This paper focuses mainly on the last one - hedging. The goal of the thesis is to clarify the heart of the matter, to explain the reasons why derivatives exist and to systemize their individual types and classification. It compares basic types of derivatives and summarizes their advantages and disadvantages and possible practical usage of them. Apart from companies as final users, the paper remembers also external subjects, such as clearing. It explains the terms of risk and uncertainty and goes into their identification, the risk management and its hedging. It also analyzes the current situation on OTC (over the counter) market and brings output from interviews with experts and consultants about their experience from working with their clients dealing with derivatives. The thesis also covers information about recently passed law called European Market Infrastructure Regulation, which is closely connected with working with financial derivatives. Furthermore, it includes a case study of L'Oréal Company, describing procedures and principles, based on which the Company deals with derivatives, and analyzing problems which L'Oréal has to face.

Diplomová práce se zabývá regulací trhů OTC derivátů, které hrály zásadní roli ve vzniku a šíření světové finanční krize. Cílem této regulace bylo zmírnit následky krize a preventivně bránit opakování podobnýćh událostí v budoucnosti. Hlavní důraz je kladen na regulaci EMIR a Dodd-Frank Wall Street Reform v Evropě a USA.

Les écrits de Monsieur Haroun BOUCHETA, rassemblés en vue de l’obtention du titre de Docteur en droit, portent sur le droit financier. Depuis 2005, en prenant appui sur ses expériences professionnelles, l’auteur publie régulièrement des articles à destination tant des praticiens que des universitaires. Les écrits rassemblés sont de deux ordres. Premièrement, l’auteur s’intéresse à l’encadrement juridique de certains acteurs des marchés financiers ainsi qu’à celui d’instruments financiers et techniques financières.Parmi les acteurs étudiés, les contreparties centrales tiennent une place importante. Les études de l’auteur portant sur ce thème permettent d’appréhender l’environnement juridique et réglementaire spécifique et de comprendre ses récentes évolutions aux niveaux européen et français. Quant aux instruments financiers et techniques financières ayant fait l’objet de publications, l’auteur s’est essentiellement concentré sur les dérivés et les matières premières. Deuxièmement, d’autres écrits sont plus transversaux, voire prospectifs, puisqu’ils ont trait à des réformes européennes incontournables en matière de réglementation financière. A côté du règlement EMIR, l’auteur a consacré plusieurs études approfondies sur la réforme de la directive concernant les marchés d’instruments financiers (MIF). Ces écrits de droit financier sont accompagnés d’une introduction générale. La première partie s’appuie sur quinze articles publiés et a vocation à mettre en exergue certaines des lacunes de la régulation financière post-crise. Dans la seconde partie, l’auteur s’interroge sur la physionomie actuelle des sources du droit financier et sur le processus d’élaboration des textes. / The writings of Mr. Haroun BOUCHETA, gathered for the title of Doctor of Laws, deal with financial law. Since 2005, drawing on his professional experience, the author regularly publishes articles for both practitioners and academics. The collected writings are of two kinds.First, the author is interested in the legal framework of certain players in the financial markets as well as those of financial instruments and financial techniques.Among the actors studied, central counterparties play an important role. The author's studies on this subject make it possible to understand the specific legal and regulatory environment and to understand its recent developments at European and French levels.As for financial instruments and financial techniques that have been the subject of publications, the author concentrated mainly on derivatives and commodities.Secondly, other writings are more cross-cutting and even forward-looking, as they relate to unavoidable European reforms in financial regulation. In addition to the EMIR regulation, the author devoted several in-depth studies on the reform of the Markets in Financial Instruments Directive (MiFID).These writings of financial law are accompanied by a general introduction. The first part is based on fifteen published articles from the author and is intended to highlight some of the shortcomings of post-crisis financial regulation. In the second part, the author examines the current physiognomy of the sources of financial law and the process of drafting the texts.