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選擇權造市者制度暨造市風險之研究-以台股指數選擇權為例 / Discussion of the Option Market Maker System and the Risks of Market Making吳建華, Aleck Wu, C. H. Unknown Date (has links)
我國金融市場積極發展多元化與國際化,將由台灣期貨交易所推出臺指選擇權,建立選擇權市場以完備金融市場。由於選擇權市場掛牌交易契約眾多與選擇權的交易特性,因此有賴造市者發揮提供流動性、風險移轉、價格效率性及價格資訊揭露等經濟功能。本研究以造市者之功能性逐項比較我國造市者制度與EUREX、SEHK、LIFFE等各大交易所造市者制度之差異,用以發現我國首度引進的造市者制度對於選擇權市場發展的影響。
本研究為瞭解選擇權造市者營運的知識與技術,整理造市者作業循環的流程,針對造市者業務進行分工,建立起造市風險分析架構。推導得出造市風險包含造市交易風險與部位管理風險,呈現出市場波性風險、報價及交易策略風險、造市交易之市場機制風險、市場行情變動風險、遇險交易策略風險、部位管理之市場機制風險及財務與作業風險等七大類的造市風險。
本研究亦提出對於我國選擇權市場未來發展方向的關切,以及建議重視造市者利基與市場運作之關係,並提出未來與造市者相關之研究建議。 / Taiwan's financial market has been developing constructively into a globalization and multiplicity market within these years. To create a more completed financial market, Taiwan Futures Exchange (TAIFEX) will issue "the Taiwan stock index option" recently. As the complex and various features of the options trading, the option market will be successful and efficient through the market maker's economic functions, which are adding liquidity, increasing price efficiency, transferring risk and proving price information. This survey tried to compare the different functions of market maker system with TAIFEX, EUREX, SEHK and LEFFE, and to disclose the influence of the new market maker system on Taiwan's option market.
This exposure takes great interest in market maker's knowledge and technology. By summarizing and classifying the operation process cycle flow of market maker, this research further organizes an analytic structure in market maker's risks. Including the market making risks and the positions management risks, the discussion demonstrates the market change risk, pricing strategy risk, limitary quoting risk, market volatility risk, hedging risk, mechanism risk, and finance and operation risk.
The consequent also furnishes the concerns about the future development of Taiwan option market, emphasizing the importance of the relationship between market makers and market' benefit, and the suggestions to the further research.
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Analýza ekonomické výkonnosti podniku TRW Volant a. s. / Analysis of the economic efficiency of the company TRW Volant Inc.Chlebečková, Eva January 2008 (has links)
Diploma thesis deals with evaluation of the economic situation of the company TRW Volant Inc. in the years 2003 -- 2007 and assessment of its financial health by analysing the chosen economic indicators. There are shortly described the individual phases of financial analysis as a basic instrument of the economic analysis in the theoretical part and there are also explained some basic terms. The practical part is focused on further identification of the company and the branch where it operates in, and also on aplication of theoretical analyses by means of mathematic calculation and graphic comparison. For the analysis purposes I used f.e. ratio indexes from the sphere of profitability, liquidity, structure of capital, activity and capital market, value index EVA, chosen bankruptcy and financial standing models, Du Pont's pyramidal decomposition etc. One of the component parts is also comparison of the analysed company with an average of the branch.
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Minimalizace rizik úvěrového rozhodovacího procesu banky / Risk Management of Bank Credit System and Decision Making ProcessSkovajsa, Radek January 2011 (has links)
The theoretical part of this thesis describes the development of Czech banking sector, especially with emphasis on post-revolutionary rebirth within the new conditions of market economy. The following part demonstrates the decision-making credit account process of a bank on a particular case study based on the methodics and procedures leading up to maximal elimination of credit risk. At the same time, the author presents a partially modified internal opinion on a decision of particular business transaction. It is accented that every decision of a bank must comply with the regulations of CNB. The conclusion of the thesis affirms the maximal efforts of domestic banks to minimalize risks within their decision-making credit account processes, which is mirrored in current stability in the development of Czech banking sector.
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Interacció VHC-hoste: Estudi genètic i clínic en pacients coinfectats amb VHC-VIHMatas Crespí, Marina 14 January 2013 (has links)
L’Organització Mundial de la Salut (OMS) estima que fins a un 3% de la població
mundial ha estat infectada pel virus de l’hepatitis C i és la causa més important d’hepatitis
crònica, cirrosi i de malaltia hepàtica terminal, que finalment acaba conduint a un
transplantament de fetge. La relació entre la variabilitat en la seqüència del virus de l’hepatitis
C i el desenvolupament de la malaltia hepàtica és de tipus multifactorial. La infecció crònica
causa fibrosi hepàtica, fet que es veu accelerat per mecanismes desconeguts en el cas de
pacients coinfectats amb VIH. La progressió de la malaltia produïda pel VHC en pacients
coinfectats, està influenciada no només per factors demogràfics, epidemiològics o pels
antecedents clínics dels pacients, si no també per diferències genètiques entre els diferents
virus i els hostes.
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