This master thesis deals with design of automated trading system for currency trading. The thesis includes testing of this system on historical data and its optimization for achieving stability and profit. Thesis is divided into theoretical, analytical and practical part. The goal of the first part is to provide theoretical knowledge of the currency market, methods for analysis of the currency market and to define fundamental terminology. Second part describes properties of technical analysis indicators and introduces optimization and testing methods for automated trading systems. The last part is focused on design, implementation, optimization and testing of the automated trading systems.

Magister Legum - LLM / Sugar, bananas, beef and cotton are some of the few products, which are the primary commodities in many African, Caribbean and Pacific countries (ACP).2 Many are highly vulnerable small islands, landlocked and least developed states,' thus rendering the above-mentioned sectors, of great importance to their economies." In these countries, for instance, the sugar producers often provide housing, health care, education and other benefits.i

Concurrent programming is a form of computing, where several computations are executed in overlapping time periods. This can improve a system’s capability of handling growing amounts of work and execute faster on multicore processors. Lock is a usual tool used to ensure shared data is handled correctly. However, using locks could also have some performance disadvantages caused by its overhead and waiting time during high contention.The company FIS believes a lock-free implementation using atomic operations could improve ability to handle growing amount of work and speed of a component in their trading system. Hence, the aim of this study is to provide insight of how impactful lock-free programming could be. This was achieved by developing a new version of the component and comparing its performance with the original lock-based implementation. The new implementation was developed by eliminating locks in the component and replacing them with lockfree data structures. However, a lock was still needed in one of the data structures, making the new implementation only partially lock-free. Results from tests performed directly on the component showed that the partially lockfree version performed better in some areas and worse in other. Furthermore, the partially lock-free implementation performed better in isolated tests which were used to measure parts of the component where direct tests could not be performed. This gives a sign of that a general performance improvement was achieved by using lock-free programming in the provided component. / Concurrent programming är en form av programmering, där flera beräkningar exekveras i överlappande tidsperioder. Detta kan förbättra ett systems förmåga att hantera växande mängder av arbete, och dessutom kunna exekveras snabbare på flerkärniga processorer. Lås är ett vanligt verktyg som används för att säkerställa att data i delat minne hanteras korrekt. Användningen av lås kan dock påverka prestandan negativt. Detta är på grund av minimalkostnad som tillkommer vid användning av lås samt väntetid på låset som kan uppstå vid hög konkurrens.FIS anser att en låsfri implementation baserat på atomiska operationer skulle kunna förbättra förmågan att hantera växande mängd arbete och hastigheten på en komponent i sitt tradingsystem. Syftet med denna studie är därför att ge insikt om hur effektiva låsfria program kan vara. Detta uppnåddes genom att utveckla en ny version av komponenten och jämföra dess prestanda med den ursprungliga, låsbaserade, implementation. Den nya implementationen utvecklades genom att eliminera lås med hjälp av låsfria datastrukturer. Dock behövdes ett lås i en av datastrukturerna, vilket innebar att komponenten endast var delvis låsfri. Resultat från tester utförda direkt på komponenten visade att den delvis låsfria versionen presterade bättre på vissa områden och sämre i andra. I de isolerade testerna dock, som användes för att mäta delar av komponenten där direkta tester inte kunde utföras, presterade den delvis låsfria versionen bättre. Detta ger en indikation på att en generell prestandaförbättring för den tillhandahållna komponenten uppnåddes med hjälp av låsfri programmering.

This thesis focuses on the European Union Emission Trading System (EU ETS) and draws a comparison between the introduction of the aviation industry in 2012 and the maritime industry in 2024 into the EU ETS by analyzing industry resistance as portrayed in newspaper articles. In doing so, the thesis aims to identify whether there has been a shift in organizational resistance, and if so, what the change looks like. Using content analysis, we coded a time frame of three years surrounding each introduction event respectively, processing 134 articles for the aviation industry and 132 articles for the maritime industry. Building on the coding, a quantitative analysis was employed to identify shifts in portrayed patterns. The key result from our findings shows a notable shift in the portrayal of the EU ETS from resistance to compliance. Furthermore, we can see a change in focus on more environmental highlights as well as a relocated focus from critique aimed toward the entire system to a growing focus on its practical implementation. Drawing on institutional theory, we seek to explain the shift through growing legitimacy for climate policies resulting in an increase in the cost of resistance against said systems. Our data indicates that rising resistance costs not only diminish the occurrence of resistance but also significantly boost voiced compliance. From a practical standpoint, our findings suggest the need to include industries in the practical implementation processes to ease the shift towards a sustainable economy.

Le changement climatique est l'un des plus importants enjeux mondiaux. D'une part, la question du changement climatique est liée aux intérêts fondamentaux de l'humanité tout entière, dont elle menace le développement et la destinée future voire la survie. D'autre part, la diplomatie, dans les principaux domaines de la politique internationale, et en raison du manque de moyens, peine à atteindre une logique d’action collective et à établir une gouvernance climatique mondiale. Par sa croissance économique rapide, la Chine est devenue le plus grand émetteur mondial de gaz à effet de serre, et joue un rôle clé dans la diplomatie climatique. L’évolution de sa position dans les négociations sur le climat influence l’architecture du changement climatique international, pour la période pré-2020 aussi bien que pour l’après-2020. La recherche se concentre sur les interactions entre politiques locales, politiques nationales et la diplomatie sur le climat pour mettre en évidence les perspectives de la politique du changement climatique en Chine. Selon cette étude, la construction d’une civilisation écologique et la dé-carbonisation profonde de la Chine reposent principalement sur la transformation de son mode de développement économique. L’instrument de marché d'échange de carbone jouera un rôle décisif dans la future politique climatique de la Chine. Cela déterminera sa politique étrangère future, et lui permettra de jouer un rôle plus constructif / Climate change is one of the most important global issues of the world. On the one hand, the issue of climate change relates to the fundamental interests of the whole humanity, its development and future destiny, and even threats its survival. On the other hand, climate diplomacy, from the different perspectives of the main areas of international politics, and for lack of means, struggles to reach a logic of collective action in global climate governance. With its rapid economic growth, China has become the world's largest emitter of greenhouse gases and plays a key role in climate diplomacy. The evolution of its climate negotiation position influences the international climate change architecture for the pre and post-2020 period. The research will focus on the interaction between local policies, national policies and climate change foreign policy, in order to highlight the perspectives of climate change policy in China. According to this research, the construction of ecological civilization and its deep decarbonisation action in China need the transformation of the economic mode of development. Carbon trading market instruments will play a decisive role in China’s future climate policy. It will determine its foreign policy, and allow China to play a more constructive role

Como produto da prática mercantil, a cláusula da nação mais favorecida (CNMF) é um fenômeno jurídico complexo. Enquanto sua estrutura variante não é passível de padronização, por se adaptar às necessidades da sociedade internacional em cada momento histórico, seu núcleo funcional permanece imutável. Na ordem econômica internacional, a descentralização do poder político provoca desconfianças nos agentes econômicos, resultando em um permanente estado de guarda e competitividade predatória. Para assegurar maior estabilidade às expectativas normativas, os Estados celebram tratados, a fim de alterar tais percepções, conferindo durabilidade às relações econômicas internacionais. Resultado da configuração contemporânea da governança econômica internacional, a Organização Mundial do Comércio (OMC) simboliza a consolidação das expectativas normativas dos atores internacionais em torno do sistema multilateral de comércio (SMC). A OMC tem a função de consolidar o SMC, garantindo a posição de autoridade para corrigir as numerosas lacunas e antinomias jurídicas e reforçar a eficácia social, mediante a atuação de seu Órgão de Solução de Controvérsias (OSC). O SMC é um ordenamento jurídico, com lógica própria e princípios e regras específicos, que disciplina o mercado globalizado, cuja origem remonta à celebração do Acordo Geral sobre Tarifas e Comércio (GATT) em 1947. Prevista no artigo I:1 do GATT, a CNMF positiva o princípio da não discriminação, tendo por finalidade sistêmica desempenhar um papel dinâmico e integrado, ao: (i) assegurar transparência e dispersão de conhecimento; (ii) promover a cooperação internacional, a fim de eliminar ou reduzir, reciprocamente, as barreiras às trocas comerciais; (iii) vedar as práticas e instrumentos discriminatórios e protecionistas, tendo por função estender, automática, multilateral e incondicionalmente, as vantagens concedidas; e (iv) conservar as expectativas normativas, mediante a incorporação dos compromissos negociados ao SMC. Contudo, a proliferação de acordos preferenciais de comércio e de medidas protecionistas e discriminatórias pelos Estados-membros tem ameaçado o SMC de desautorização. Por recorrerem a exceções válidas à CNMF, esses fenômenos permitem a formação de relações discriminatórias e protecionistas, o que impacta negativamente as expectativas normativas dos agentes econômicos, ameaçando a função unificadora de sentido da CNMF, cujo resultado é a erosão da ideia de livre-mercado mundial. As reiteradas quebras de expectativas implicam problemas de coesão e eficácia normativa ao SMC, os quais são denominados desafios sistêmicos. Com efeito, o SMC sofre um processo de desestruturação, causado pela tensionada interação das dimensões ideacional e fática. Isso exige um controle de legalidade e de licitude dos atos jurídicos e das práticas dos Estados-membros. Em face desses desafios sistêmicos, a dissertação verifica se o artigo I:1 permanece como regra determinante para a decidibilidade do OSC. Para responder adequadamente, empregam-se os métodos analítico, hermenêutico e argumentativo, com um enfoque essencialmente dogmático, dentro de um ângulo crítico zetético. Ao fim da investigação, constata-se que a CNMF vem se consolidando como regra determinante para a construção do discurso jurídico-decisório pelo OSC. A confirmação jurisprudencial da imperatividade e da eficácia normativa do artigo I:1 reverbera reflexamente sobre os desafios sistêmicos, tendo o poderoso efeito de simbolizar a preferibilidade da incidência da CNMF sobre as relações econômicas internacionais. / As a product of commercial practice, the most-favored-nation clause (\"MFN\") is a complex legal phenomenon. While its variable structure is not subject to standardization, since it adapts to the needs of international society in each historical moment, its functional core remains unchanged. In the international economic order, the decentralization of political power leads to distrust of the economic agents, resulting in a permanent state of awareness and predatory competition. To ensure greater stability to the normative expectations, States enter into treaties in order to change such perceptions, providing durability to international economic relations. Result of the contemporary configuration of international economic governance, the World Trade Organization (\"WTO\") symbolizes the consolidation of the normative expectations of international actors around the multilateral trading system (\"MTS\"). The WTO has the mission of consolidating the MTS, ensuring a position of authority to correct the many shortcomings and antinomies of law and strengthen the social effectiveness through its Dispute Settlement Body (\"DSB\"). The MTS is a legal system, with its own logic and specific principles and rules, which regulates the globalized market, and has its origins in the General Agreement on Tariffs and Trade (GATT) in 1947. Set forth in Article I:1 of the GATT, the MFN establishes the principle of non-discrimination and has the systemic purpose of playing an integrated and dynamic role as it: (i) ensures transparency and dissemination of knowl edge,(ii) promotes international cooperation, by eliminating or reducing reciprocal barriers to trade, (iii) deters discriminatory and protectionist practices and instruments, being its function to extend, automatically, multilaterally and unconditionally, the benefits provided, and (iv) maintains the normative expectations, through the incorporation of negotiated concessions to the MTS. However, the proliferation of preferential trade agreements and protectionist and discriminatory measures by the member states has threatened the MTS of disempowerment. By resorting to MFNs valid exceptions, these phenomena allow the formation of discriminatory and protectionist relationships, which negatively impacts the normative expectations of economic agents, and threatening the harmonizing function of MFN; the result of which is the erosion of the global free market idea. Repeated breaches of expectations result in problems of cohesion and normative effectiveness of the MTS, which are called systemic challenges. Indeed, the MTS undergoes a process of disintegration, caused by the tensioned interaction of ideational and factual dimensions. This requires a control of legality and legitimacy of legal acts and practices of the member States. Given these systemic challenges, the dissertation verifies if Article I:1 remains the rule for determining the decidability of the DSB. In order to properly answer that, analytical, hermeneutic and argumentative methods are employed, with a primarily dogmatic focus, within a zetetic critical angle. By the end of the investigation, its stated that the MFN is becoming the consolidated rule for determining the construction of the legal and decision making discourse of the DSB. The confirmation from case law of the imperative nature and of the normative effectiveness of Article I:1 reverberates reflexively on the systemic challenges, having the powerful effect of symbolizing the desirability of MFN impact on international economic relations.

O comércio internacional contemporâneo caracteriza-se pela perda de importância relativa das medidas de natureza tarifária e pela crescente relevância simultaneamente assumida por exigências regulatórias (técnicas, sanitárias e fitossanitárias) de caráter não tarifário. A profusão dessas medidas, destinadas a estabelecer características de produtos ou processos e métodos de produção, é beneficiada pelo protagonismo assumido pelos agentes de mercado, empenhados em impor, à revelia do sistema multilateral de comércio, um arcabouço regulatório distinto, tematicamente mais amplo e geograficamente mais fragmentado. A emergência de uma governança, promovida por uma constelação de agentes privados interessados na determinação dessas medidas, rivaliza, portanto, com a tradicional liderança exercida pelos Estados, cuja atuação está circunscrita aos limites impostos pelos acordos da Organização Mundial do Comércio (OMC). Nesse contexto, o presente trabalho sustenta que a transferência gradual de responsabilidade pelo controle do espaço regulatório a fontes não tradicionais de poder, tais como os agentes de mercado, representa uma escolha voluntária e refletida dos Estados, ainda que sob pena de esvaziamento da arena multilateral como espaço exclusivo de construção de regras. Embora esta calibrada fragilização da organização aparente representar um risco ao próprio sistema internacional de comércio, tal deflexão acaba por assegurar aos Estados o espaço político requerido para acomodações de poder, com simultânea preservação dos ganhos auferidos em outras esferas da agenda multilateral. / Contemporary international trade is characterized by the loss of relative importance of tariff measures and the growing relevance of non-tariff regulatory requirements (technical, sanitary and phytosanitary). The profusion of these measures, designed to establish characteristics of products or processes and production methods, benefits from the leading role played by market players, who are committed to impose, in default of the multilateral trading system, a distinct, thematically broader and geographically more fragmented regulatory framework. The emergence of a new governance, led by a constellation of private agents interested in the creation of these measures, therefore rivals the traditional leadership exercised by States, whose performance is limited to the limits imposed by the World Trade Organization (WTO) agreements. In this context, the present paper argues that the gradual transfer of responsibility for the control of the regulatory space to non-traditional sources of power, such as market agents, represents a voluntary and reflected choice of States, although it may happen under penalty of emptying the multilateral arena as an exclusive rule-making space. While this calibrated weakening of the organization seems to pose a risk to the international trading system, such a deflation ultimately provides States with the policy space required for power accommodation, with simultaneous preservation of gains earned in other spheres of the multilateral agenda.

Submitted by Verena Pereira (verenagoncalves@uefs.br) on 2018-07-20T23:30:41Z No. of bitstreams: 1 Disserta??oMestradoVers?oFinalCD.pdf: 2552948 bytes, checksum: 021c9ef4954fba969e5860759364257e (MD5) / Made available in DSpace on 2018-07-20T23:30:41Z (GMT). No. of bitstreams: 1 Disserta??oMestradoVers?oFinalCD.pdf: 2552948 bytes, checksum: 021c9ef4954fba969e5860759364257e (MD5) Previous issue date: 2018-03-06 / The biggest challenge for stock market traders is to identify the timing to enter and exit in a trade. This research uses a trading system based on bullish and bearish candlesticks patterns to identify buy and sell signals in the brazilian?s stock market with exit through the chandelier method. The trading system was tested during the period 2005 and 2010 for application in two strategies between 2011 and 2016. The statistical significance and robustness of the strategies were evaluated through skewness, kurtosis, Monte Carlo, z-score, t-test and walk-forward. They revealed some prediction in bullish candlesticks standards / O maior desafio para os investidores no mercado de a??es ? identificar o momento para entrar e sair de uma negocia??o. Esta pesquisa utilizou um sistema de negocia??o baseado em padr?es candlesticks de alta e de baixa para gerar sinal de compra/venda no mercado brasileiro de a??es e vender/comprar por meio do m?todo chandelier exit. O sistema de negocia??o foi testado para simular negocia??es no per?odo entre 2005 e 2010 e para aplica??o em duas estrat?gias no per?odo entre 2011 e 2016. A signific?ncia estat?stica e robustez das estrat?gias foram avaliadas por meio daskewness, kurtosis, Monte Carlo, z-score, t-test e walk-forward. Eles revelaram algum grau de predi??o nos padr?es de candlesticks de alta

O comércio internacional de serviços é cada dia mais importante para as economias nacionais e para o comércio global. Por esse motivo, a liberalização comercial do setor de serviços tem sido objeto da maioria dos acordos regionais de comércio celebrados a partir de 1990. As normas sobre serviços estabelecidas por esses acordos coexistem com as normas do GATS, criadas no âmbito da OMC. Não obstante, o Brasil e o Mercosul celebraram pouquíssimos acordos regionais de comércio, apenas no eixo Sul/Sul. Dentre esses acordos, o único que contém normas e procedimentos concretos para a liberalização do comércio de serviços é o ACE Nº 35, entre Mercosul e Chile. Assim, verifica-se que o Mercosul não possui um modelo claro de normas para a abertura do setor de serviços. Não há diretrizes de política externa comum a respeito do tema, a despeito da relevância econômica desse setor para o Brasil e para os demais Estados-membros do bloco. Por sua vez, os principais players do comércio internacional - Estados Unidos, Índia, China e União Europeia - estão inseridos em redes de preferências comerciais envolvendo bens e serviços, que foram construídas ao longo das últimas décadas. Os acordos regionais celebrados por esses players são um importante parâmetro para um modelo de acordo regional em serviços a ser desenvolvido para o Mercosul. Para que o Brasil e o Mercosul não corram fiquem alijados desse processo de integração econômica, é necessário que se engajem no em negociação de preferências comerciais no setor de serviços com players importantes do comércio internacional. Para tanto, devem desenvolver um modelo próprio de regras para a abertura comercial do setor de serviços em acordos regionais de comércio, de forma a estarem mais capacitados para negociar esses acordos. / International trade in services is becoming more important for national economies and for the global commerce. Therefore, rules for the liberalization of the services sector are included in most of the regional trade agreements executed as of 1990. The rules established by these agreements coexist with the WTO rules established by the GATS. Nevertheless, Brazil and Mercosur have signed very few regional trade agreements, which are exclusively South/South agreements. Among these agreements, the only one that contains specific rules and proceedings for the liberalization of the services sector is ACE N ° 35, between Mercosur and Chile. Thus, Mercosur does not have established a pattern concerning regional trade agreement rules in the services sector. There are no common foreign policy guidelines on the subject, despite the economic importance of this sector for Brazil and for the other Member States. The major international trade players - United States, India, China and the European Union have built trade preferences networks involving goods and services over the past decades. Regional trade agreements concluded by those players are an important parameter for a pattern of regional trade agreement rules related to services to be developed by the Mercosur. In order to avoid that Brazil and Mercosur are excluded from this economic integration process, it is necessary to engage in the negotiation of trade preferences in the service sector with major international trade players. Mercosur should develop its own set of rules for the liberalization of the service sector in regional trade agreements as to become more prepared to negotiate such agreements.

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