Le conflit d’intérêts du banquier, terminologie galvaudée à force d’être invoquée à chaque nouvelle crise, sans pour autant que le droit puisse pleinement s’en saisir, est une notion particulière, autonome et originale qui aspire pourtant instamment à une existence juridique.Il est d'abord le résultat d’une incompatibilité d’un pouvoir et d’un devoir se trouvant concomitamment entre les mains du banquier. Autrement dit, c’est l’état de fait où le banquier détient le pouvoir d’affecter un intérêt, prédéfini comme supérieur, qu’il est tenu de protéger par devoir. S'il se trouve ainsi au cœur du droit de la représentation, qui régit une partie considérable des rapports clients-banquier, il ne s'y cantonne pas et peut aussi bien s’épanouir hors du cadre contractuel.Il suppose, pour exister, un préalable : une relation de confiance, dont le maintien semble avoir justifié des règles aussi nombreuses que disparates. Or, après en avoir effectué une revue critique, il apparaît que, principalement héritées de réglementations spécifiques aux services d’investissement, elles ne parviennent pas à pleinement l'appréhender au sein de ce domaine, et a fortiori pas dans sa sphère d’expression, qui s’étend bien au-delà. Une meilleure gestion juridique de cet objet d'étude nécessite alors que soient recherchées des critères de simplification et d'efficacité.Dans une approche prospective, l’analyse de l’interprétation des concepts de droit auxquels il est fait recours pour contrôler les conflits d’intérêts contractuels du banquier s'impose et révèle que l’obligation de gestion du conflit d’intérêts présente des traits communs à l’obligation traditionnelle de garantie du fait personnel. Une approche comparative des droits anglo-américains confirme la nature particulière de cette obligation du banquier face au conflit d’intérêts. Une telle obligation appelant nécessairement un régime spécifique, dont une ébauche de régime a finalement été proposée. / Banker’s conflict of interests is a hackneyed concept being invoked with each new crisis without being fully seized by the law. Special, autonomous and original, this concept longs earnestly to legal existence. Conflict of interest is the result of an incompatibility of a power and a duty being simultaneously in the hands of the banker. It is the situation where the banker has the power to affect an interest, pre-defined as superior, that he has the duty to protect. The concept stands at the heart of the fiduciary and agency law governing a considerable part of banker-client relationship, but is not restricted to this area and can both flourish outside the contractual context. Banker’s conflict of interests assumes the existence of a prior : a relationship of trust, which it maintenance appears to have justified many and disparate rules. Mainly inherited from regulations specific to investment services, it appears, after a critical review, that they fail to fully understand the conflict of interest in this area, let alone within its sphere of expression, which extends far beyond. A better legal management of the studied object then imposes a search for simplification and efficiency. In a prospective approach, analyzing the interpretation of legal concepts to which recourse is made to control the contractual Banker’s conflict of interests reveals that the obligation to manage the conflict of interest has common features with the traditional guarantee obligation. A comparative approach of the Anglo-American law confirms the unique nature of the banker's obligation facing the conflict of interest. Such an obligation necessarily require specific rules and a draft is being proposed in the thesis.

Made available in DSpace on 2016-06-02T19:52:04Z (GMT). No. of bitstreams: 1 5917.pdf: 3459084 bytes, checksum: d6361e5ced9de0b04791af7a82f60a86 (MD5) Previous issue date: 2014-03-13 / Financiadora de Estudos e Projetos / The National Bank for Economic and Social Development (BNDES), as a financial intermediary, has acted as a direct instrument of implementation of public policies for using this tool legitimized by economic field , made available through the framework of Private Equity . The uniformity of laws on banking prudence is a necessity imposed by the advancement of innovation and financial globalization . Incorporated the recommendations of Basel banking regulations in Brazil and accounting standards apply to all financial institutions authorized to operate by the Central Bank included therein BNDES and other development banks . This study aims at the implementation of these standards, considering that were designed initially to treat investment banking and retail, a scenario to understand the positioning and transformations of the bank in its organizational space. / O Banco Nacional de Desenvolvimento Econômico e Social (BNDES), enquanto intermediário financeiro, tem atuado como instrumento direto de implantação de políticas pública utilizando-se para isso de ferramentas legitimadas pelo campo econômico, disponibilizadas através da estrutura de Private Equity. A uniformização das legislações sobre prudência bancária é uma necessidade imposta pelo avanço da inovação e da globalização financeira. As recomendações de Basileia incorporadas à regulamentação bancária no Brasil e as normas contábeis se aplicam a todas as instituições financeiras autorizadas a funcionar pelo Banco Central, aí incluídos o BNDES e os demais bancos de desenvolvimento. O presente trabalho busca na aplicação dessa normas, tendo em vista que foram concebidas, inicialmente, para tratar de bancos de investimento e varejo, um cenário para entendermos o posicionamento e transformações do banco em seu espaço organizacional.

São Paulo presenciou, nas últimas duas décadas, o surgimento de grandes edifícios comerciais que passaram a conformar uma paisagem que se tornou a imagem de exportação da cidade. O fenômeno não é isolado: faz parte de um movimento de transformação no qual economia e espaço urbano são agentes de um mesmo processo social, concatenado politicamente ao poder público, em várias instâncias, e ao capital internacional. Sua origem se encontra na abertura da economia do país na década de 1990, que marcou o aumento significativo da instalação em solo nacional de empresas multinacionais, que conformaram uma nova demanda por um espaço diferenciado as lajes corporativas. Este movimento ganhou novas determinantes a partir dos anos 2000, quando foram criados vários instrumentos econômicos e urbanísticos que possibilitaram que o edifício corporativo, antes entendido como ativo fixo, modificasse sua figura no ciclo de valorização e passasse a atuar predominantemente enquanto capital na esfera da circulação. Acresce-se a isto o fato de que o mercado imobiliário nacional, a partir de 2005, passa por mudanças em sua forma de organização e atuação, devido à abertura de capital de significativas empresas do setor. Estes fatores conformam um cenário no qual esta arquitetura ganha novos papéis, principalmente no que concerne à representação do capital. Neste aspecto, as determinantes locais se encontram com as mundiais, numa relação que deve sintetizar um alinhamento aparentemente sem entraves. O trabalho pretende analisar este encontro, neste campo da arquitetura, no intuito de entender, a partir das suas especificidades locais, as contradições que o cercam. Neste encontro, serão analisadas as funcionalidades da arquitetura paulista neste novo cenário econômico. A cadeia local produtiva, de circulação e de uso do edifício corporativo será apresentada, mostrando-se as idiossincrasias, transformações e dificuldades locais que definirão nossa relação com o mercado de capitais internacional. / Sao Paulo witnessed, over the past two decades, the emergence of large commercial buildings that started to form a landscape that has become the city\'s image export. This phenomenon is not isolated: it is part of a movement of transformation in which economy and urban space are agents of the same social process, politically concatenated to the government, in several instances, and to international capital. Its origin lies in the openness of the countrys economy in the 1990s, which marked a significant increase of multinational companies on national soil, which have made a new demand for a different space the corporate towers. This movement gained new determinants from the 2000s, when several urban and economic instruments were created and enabled the corporate building, before understood as a fixed asset, to modify its image in the cycle of valorization and begin to act predominantly as a capital in the sphere of circulation. Added to this is the fact that the national real state market, since 2005, undergoes through changes in its organizational and performance form, due to the IPO of significant companies in the sector. These factors have formed a scenario in which this architecture is gaining new roles, especially regarding the representation of capital. In this aspect, the local determinants meet global determinants, in a relationship that must synthesize an alignment apparently unhindered. This study aims to examine this encounter, in the field of architecture, in order to understand, based on its specific local conditions, the contradictions that surround it. In this encounter, it will be taken into consideration the features of paulista (original from the state of Sao Paulo) architecture in this new economic scenario. The local chain of production, circulation and use of corporate buildings will appear, revealing the idiosyncrasies, changes and local difficulties that will define our relationship with the international capital market.

Submitted by Fernando Ramacciotti (fernandoramacciotti@gmail.com) on 2018-08-16T00:05:39Z No. of bitstreams: 1 ramacciotti-301002-dissertacao.pdf: 926154 bytes, checksum: 8ba0eb0b731a4a889db53633089cb532 (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Boa tarde, Fernando! Para que possamos aprovar seu trabalho, serão necessárias as seguintes alterações: - A Data da Aprovação (página da Banca Examinadora), deve estar em branco. - As listas de figuras, tabelas, gráficos, etc, devem estar antes do sumário. Por gentileza, alterar e submeter novamente. Qualquer dúvida, entre em contato. Thais Oliveira mestradoprofissional@fgv.br/ 3799-7764 on 2018-08-20T20:37:30Z (GMT) / Submitted by Fernando Ramacciotti (fernandoramacciotti@gmail.com) on 2018-08-20T21:02:26Z No. of bitstreams: 1 ramacciotti-301002-dissertacao.pdf: 926108 bytes, checksum: 3cf003abd93844560698350886fedf8c (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-08-21T23:45:23Z (GMT) No. of bitstreams: 1 ramacciotti-301002-dissertacao.pdf: 926108 bytes, checksum: 3cf003abd93844560698350886fedf8c (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-08-22T12:32:57Z (GMT) No. of bitstreams: 1 ramacciotti-301002-dissertacao.pdf: 926108 bytes, checksum: 3cf003abd93844560698350886fedf8c (MD5) / Made available in DSpace on 2018-08-22T12:32:57Z (GMT). No. of bitstreams: 1 ramacciotti-301002-dissertacao.pdf: 926108 bytes, checksum: 3cf003abd93844560698350886fedf8c (MD5) Previous issue date: 2018-08-10 / Significant market events in the financial market will only occur if there is synchrony among large groups of people and the media is the main vehicle to it. Previous works could find some relationship between newspapers and financial market indicators. This work revisits, in some sense, the findings of the traditional literature on financial market investors’ behavior and its relationship to the news, but now in the Modern Era context of social media. The main goal of this work is to identify if the overall sentiment of Twitter users has some relationship with the financial market. We created a database that joins non-structured data from tweets and structured time series data related to the S&P500 index, its trading volume and implied volatility (measured by the VIX). The non-structured data was processed in order to categorize each word from each tweet into several semantic categories defined by the Harvard-IV psychological dictionary. Then, two sentiment indexes were created via Principal Component Analysis (PCA): Engagement Factor (EF) and Optimism Factor (OF). Using Vector Autoregressive (VAR) framework, we simultaneously estimated the effects of sentiment on financial market variables and vice versa. Our results indicate that Twitter users seem to respond to financial market events, i.e. their sentiment is a consequence of financial events and do not have predictive power. / Eventos significativos no mercado financeiro ocorrem apenas se existe uma sintonia entre grupos de pessoas e a mídia é o principal meio para tal. Trabalhos anteriores encontraram relações entre notícias de jornais e o indicadores usados no mercado financeiro. Este trabalho, de certo modo, retoma as descobertas da literatura tradicional sobre a relação entre o comportamento de investidores do mercado financeiro e as notícias, porém agora no contexto da Era Moderna das mídias sociais. O principal objetivo desse estudo é identificar se o sentimento dos usuários do Twitter tem alguma relação com o mercado financeiro. Construiu-se uma base de dados que unifica dados não-estruturados de tweets com dados estruturados de séries de tempo financeiras do índice americano S&P500, o seu volume negociado e a sua volatilidade (esta medida pelo índice VIX). Os dados não-estruturados foram processados para poder categorizar cada palavra de cada tweet em categorias semânticas definidas dicionário psicológico Harvard-IV. Após isso, foram criados duas medidas de sentimento via Análise de Componentes Principais (PCA na sigla em inglês): os Fatores de Engajamento e Otimismo. Adotou-se o modelo de Vetor Autoregressivo (VAR) para estimar simultaneamente os efeitos dos sentimentos e variáveis do mercado financeiro uns nos outros. Os resultados indicam que os usuários do Twitter parecem ser mais responsivos aos eventos do mercado, ou seja, o sentimento produzido por seus tweets parecem ser reflexo de eventos financeiros e não têm poder preditivo.

Esta pesquisa trata das determinações críticas da atual relação entre a política habitacional brasileira, as incorporadoras nacionais de capital aberto e a reprodução do capital financeiro ligado ao setor imobiliário, com uma pesquisa focada na análise do Programa Minha Casa Minha Vida I e II (PMCMV) na metrópole de São Paulo. A história da política habitacional no Brasil, porém, mais claramente no BNH, evidencia que a confluência entre Estado, empresas privadas do setor imobiliário e capital não é a novidade do momento atual. A diferença reside, basicamente, no contexto histórico e econômico em cada um dos períodos, ou seja, em como a questão da habitação se presta à adaptação dos diferentes momentos de reprodução do capital e do trabalho pelos quais o país passou e vem passando. Se no momento do BNH/autoconstrução a questão da habitação estava inserida no contexto de uma economia industrial, e produzia casas ao ritmo de rotação do capital industrial, coube a nós, nesta pesquisa, investigar quais seriam os elementos da produção da habitação social, via PMCMV, ao ritmo do capital de uma economia financeirizada. / This research deals with the critical current determinations between the Brazilian housing policy, opened capital national developers and reproduction of finance capital on the real estate sector, from a research focused on the analysis of the Minha Casa Minha Vida I and II (PMCMV) in the metropolis of São Paulo. The history of housing policy in Brazil, better seen in the case of BNH, shows that the confluence between the state, private real estate companies and capital is not the novelty of the present moment. Basically, the difference lies in the historical and economic context from each period, showing how the issue of housing serves as an important means to the reproduction of capital and labor force throughout the different moments the country has been in. Once in the period of BNH, housing in Brazil was inserted in the context of an industrial economy, and therefore, it produced houses at the pace of the industrial capital rotation. In this research, though, we will investigate what are the elements of the social housing production, via PMCMV, under the rhythm of the capital of a financialized economy.

Submitted by Milton Saito (milton.saito@gvmail.br) on 2013-09-11T03:21:58Z No. of bitstreams: 1 dissertacao-MiltonSaito.pdf: 8406128 bytes, checksum: 2c7b006b9cca9d097d0ee1116e898ef2 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-09-11T13:27:29Z (GMT) No. of bitstreams: 1 dissertacao-MiltonSaito.pdf: 8406128 bytes, checksum: 2c7b006b9cca9d097d0ee1116e898ef2 (MD5) / Made available in DSpace on 2013-09-11T13:28:23Z (GMT). No. of bitstreams: 1 dissertacao-MiltonSaito.pdf: 8406128 bytes, checksum: 2c7b006b9cca9d097d0ee1116e898ef2 (MD5) Previous issue date: 2013-08-14 / Essa dissertação tem como objetivo a modelagem, implementação e a simulação de um mercado de leilão duplo artificial utilizando a abordagem multiagente. Mercado de leilão duplo permite que ofertas de compra e de venda possam ser feitas a qualquer momento e de forma contínua. As bolsas de Nova Iorque (NYSE) e de Chicago (CME) são exemplos deste tipo de leilão. Mercados artificiais são modelos que têm o objetivo de capturar as propriedades dos mercados reais para reproduzir e analisar a dinâmica do mercado através de experimentos computacionais. Assim como no mercado real, o modelo propõe que os agentes interagem entre si assincronamente em sessões de negociações contínuos. Estas últimas características do modelo são viabilizadas através do uso de técnicas e arcabouços tecnológicos que são atualmente utilizados nos mercados reais. Neste trabalho, são investigados os comportamentos do mercado artificial para diferentes grupos de agentes e parâmetros. Ao longo dos experimentos foram constatados que o volume de negociação e a volatilidade dos preços, por exemplo, são diretamente proporcionais ao orçamento dos agentes. Também foram identificados alguns fatos estilizados nas séries de preços geradas a partir do mercado artificial. / The purpose of this work is to model, implement and simulate a double auction artificial market using a multi-agent approach. Double auction markets allow offers to buy and sell to be made at any time and in a continuous fashion. The New York Stock Exchange (NYSE) and the Chicago Mercantile Exchange (CME) are examples of exchanges that adopt this type of auction. Artificial markets are models that aim to capture the properties of real markets to reproduce and analyze the market dynamics through computational experiments. As in real markets, the model proposes that agents interact asynchronously in continuous trading sessions. These features are made possible by using modern techniques and technological frameworks currently used in real markets. In this work, we investigated the behavior of a artificial market using different groups of agents and parameters. Throughout the experiments it was identified that, for example, trading volume and price volatility are directly proportional to the agents' budget. Also, some stylized facts were identified on the price series generated by the artificial market

The thesis analyses legal environment of the financial services market in relation with business practice of retail financial products distribution in Czech republic. It describes current legislation and instruments of regulation of the distributional activities both on national and supra-national (european) level. Furthermore, it introduces the development of regulation in light of identified weaknesses of legislation, leading to specific recommendations and measures ensuring vast consumer protection and fixing the level-playing-field in distribution throughout various sectors of financial markets and their layovers. The conclusions are based on author´s theoretical studies of economic and legal context and private business practice.

This diploma thesis deals with the legal regulation of derivatives contracts with respect to their economic nature. It provides a detailed view on the legislation regulating derivatives contracts in the legal order of the Czech Republic. Considering the interconnection of local derivatives markets, this diploma thesis pays attention to the legal regulation and standardization of derivatives contracts in foreign countries and at the international level. The first part of this thesis describes basic features of derivatives and proposes their typology. The aim of the following part is to evaluate the contemporary legal regulation of derivatives contracts in the Czech Republic. The rest of this thesis elaborates on foreign and international legal regulation of derivatives contracts. The main goal of this diploma thesis is to evaluate present the state of the regulation of derivatives contracts in the Czech Republic, asses to what degree it reflects their economic nature, and eventually, propose legal changes.

The objective of this diploma thesis is to process an analysis of financial supervision in the Czech Republic, Germany, Switzerland, Spain and Italy with special attention to banking industry which is the most influent part of the financial market in all countries. Besides this major analysis, the economic growth analysis for years 2000 to 2014 (2015) is made in every country. The very last step is a comparison of supervision systems and their connection to economic performance of countries. Conclusions bring the answer for my question: whether the economic condition (since 2000 until now) depends on the system of financial supervision in European countries. The theoretical part consists of chapters about the theory of national economy, financial markets, where there are basic theoretical concepts explained, market functions and market division. Last but not least, the theory of financial supervision is analyzed: what is the essence, legal framework, what is the supervision purpose and what are the goals of supervisors. Firstly, there should also be the theory of central banking but it does not make any sense to explain this theory here since central banks are not the main supervisor authorities of financial markets (except the Czech Republic, but also here the policies are separated). The practical part involves six subchapters, everyone is devoted to one state (the Czech Republic, Germany, Switzerland, Spain, Italy), the very last subchapter is about the comparison and analysis of results. In every state the history of financial market is processed together with institutional areas after 2000, legal framework and the analysis of supervision activity with special attention to capital, liquidity and resilience to shocks. European growth is analyzed according to GDP, inflation rate, unemployment, wage growth and GDP per capita in comparison with EU (28) and EA (19). The research brings the results that there is a connection between financial supervision and economic growth.

This thesis concerned with certain problems in the U.S. financial market during the financial crisis. In the theoretical part of this thesis, I deal with the formation of U.S. banking and regulation and supervision until its present form. In this part of the work are described in detail circumstances that lead to foundation of the Federal Reserve system, and also the origins of Great Depression. The practical part is focused on the analysis of the causes of the global financial crisis. Especially the U.S. real estate market, asset securitization and credit rating agencies. In the final part of this work are described in detail the measures taken by the U.S. government in the form of law "Dodd-Frank Wall Street Reform and Consumer Protection Act".