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This thesis deals with supervision over the financial market and its legal framework. I chose the topic because I have always been interested in the issue concerning the financial market. This thesis enables readers to get familiarized with the current situation of the financial market supervision in the Czech Republic, European Union and three member states of European Union, i.e. United Kingdom, France and Slovakia. The Chapter One is an introduction to the theme. The second chapter deals with the basic terms used in the thesis as financial market, supervision, inspection etc. It is a theoretical part of the thesis. The third chapter examines relevant legislation of the European Union and it is dedicated to the EU financial supervision. A new structure for EU financial supervision was agreed in 2010 following the adoption of the de Larosière report in November 2008. At the beginning of 2011 the European Systemic Risk Board (ESRB) and three European Supervisory Authorities (ESAs) were established. The purpose of the new structure is to ensure effective surveilance of the EU financial market. The ESRB is responsible for monitoring and assessing potential threats to the stability of the financial system. It can issue risk warnings when necessary, and can make recommendations for remedial action,...

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This dissertation consists of four papers that examine various aspects of the temporal patterns in the volatility of asset returns. The first paper compares the predictive performance of various parametric ARCH models. We find that ARCH models are generally good descriptions of the timevarying volatility of UK stock returns. There appears to be asymmetry in the conditional volatility, although no single model outperforms the rest in all instances. In the second paper, we uncover evidence of asymmetric predictability in the conditional variance of firms of different size. Large firms shocks affect the future volatility of small firms, but not vice versa. We also find that trading period shocks have a significant impact on future volatility, but not nontrading period shocks. In the third paper, we document a contemporaneous volatility-volume relationship. We find that volatility is related to change in trading volume, and we propose a conditional volatility model that incorporate this contemporaneous volatility-volume relationship. In the final paper, we examine the various method of adjusting for nontrading effects in ARCH models, and we propose a new diagnostic test to detect the validity of such adjustments. We also uncover evidence that conditional volatility increases prior to market closure, but declines after market opening.

This theses analyses a proces of the european financial integration. First part summarises opinions on financial integration among contemporary economists. The following part describes a proces of harmonisation of financial law in EU. Another two chapters briefly analyse consolidation of market structure and supervision. Last part measures the level and speed of financial integration.

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South African agriculture experienced rapid deregulation during the 1990s as the one channel marketing boards were dismantled. For the grains industry this meant the rapid development of a derivatives market (SAFEX). Derivative markets are surely the most intriguing and complex financial markets with the most misunderstood and riskiest instruments of all financial markets. Their complexity also caused its fair share of problems within the South African scenario with the inception of SAFEX in 1996/97. Not only is this type of market complex but it also creates huge fluctuations in the portfolio value of a derivatives linked portfolio. It is precisely this type of fluctuations and exposure that can be controlled and managed to the preferred level of risk by the correct and responsible application of these instruments. The successful application of these instruments depends greatly on the fact that the underlying market should be an efficient market which will then in turn allow for cost effective pricing of these instruments and ultimately lead to successful product structuring. The South African agricultural derivatives market was tested for efficiency by using a co-integration analysis which proved market efficiency. Once market efficiency was established it allowed for the structuring of marketing portfolios which ultimately resulted in a rule of thumb marketing strategy for maize producers. The strategy required the maize producer to fix a price during planting period for delivery in July the following year. In order for the producer to benefit from any potential upside during the season between price fixing and delivery the producer should buy a call option with an expiry date of the month of March following planting. This will save him at least four months worth of time value on the option premium. This study also acknowledged the fact that the derivatives market in South Africa is still in its fledgling phase and realises the vast potential for risk reduction through radical innovation by creating and mixing the basic positions of derivatives. This study illustrates by way of examples a few approaches in structured products. In an attempt to achieve successful product development the study applied portfolio theory as a means to quantify risk by using mean return and portfolio variance parameters. It addressed the more obvious price risk situation which is faced by all grain producers by developing a rule of thumb marketing strategy for farmers. The more complex situation of emerging agriculture was also considered where the objective was to enable a small scale producer to benefit from the risk reduction potential of these instruments. At the same time it would also allow them to access production credit without a traditional balance sheet while allowing the financier to be ring fenced from the risk of price fluctuation on the clients profit profile. A more adventures approach was followed for the dairy industry by creating a proxy price for milk based on the maize price of SAFEX in an attempt to encourage an increase in the volatility of the milk price which could then be managed very successfully through the use of derivatives which will then ultimately enable cash flow management. / Dissertation (MSc (Agricultural Economics))--University of Pretoria, 2008. / Agricultural Economics, Extension and Rural Development / unrestricted

The aim of my diploma thesis is to analyze basic theoretical approach and description of financial market. In a first stage I will describe basic functions, regulation methods and structure. After that I am going to focus on particular analysis methods, which are used as a price prediction tools. Main part of thesis consist of description of current disproportional relationship between stock market prices and real economic development. I will mainly focus on reasons and following implications of this disproportion.

The aim of this work was to analyze complexly the failure of financial market entities, with the accent of a banking institution, comparison with the European legal system, but also with the emphasis on solving the financial crisis of the banking system and its ways of resolving or maintaining the activity, possible insolvency of banking entities. At the end of the thesis, the author also deals with practical aspects of selected banks. From the above point of view, three sub-concepts are key to this work, which deserve a brief explanation as they permeate the work and gradually reveal the basic issues of the subject matter, but also their hypotheses outlining the next direction of research, and at the same time offers some legislative guidance material solution of the given issue. The first term is the "starting point". In this work, there is a detailed survey of research to find answers to the question as to what are the basic points of the financial market entities as well as banking institutions, but above all their failure. The hypothesis in this context is the evolutionary development of the areas concerned, in particular financial law in a broad sense, and the extent of its impact on the current legal regulation of financial market participants and the resolution of their failures. The second...