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ABSTRACTABSTRACT Commodity transactions and commodity exchanges in the Czech Republic The object of this thesis is trading commodities on the organised markets in the Czech republic. The diploma thesis is divided into three chapters. The first concentrates on the characteristics of basic terms such as exchange with its historic development and functions, commodity as the subject of exchange trades and organised commodity market. The second chapter describes briefly main types of exchange trades and principles of trading with the futures and options contracts on the future exchange. The third chapter is divided into three parts. The first deals with the legal aspects of commodity exchanges in the Czech republic including the outline of legislation existing in different periods of the czech history. Second concentrates on current commodity exchanges, its basic characteristics and trading mechanisms. The last represents the complex evaluation of the current state of the commodity exchange from the legal and economic point of view and the outline of its perspectives in following years. Commodity exchanges or organised commodity markets are significant segments of market economy and influence economic growth of single countries as well as world economy. In developped countries commodity trading reached such form...

Last three decades stock exchanges have been developing and growing rapidly. The first objective of this thesis is to provide a wider public a comprehensive overview on integration and consolidation of transatlantic stock exchanges and their consequences in the form of various types of stock mergers, acquisitions and cooperations. The thesis is primarily devoted to analysis of the impact of both trends and their implications for stock exchanges world and the second objective is to attempt a empirical analysis of the effects of ongoing integration and consolidation of the transatlantic stock markets. The first chapter deals with past and current changes in the transatlantic stock markets and continues to look theoretically at detailed integration and consolidation trends, their definition, assumptions, reasons, importance, benefits, obstacles and risks, approaches and scenarios. I clarified both trends not only in general theoretical level, but also took into account the practical aspects and differences of the continental and Anglo-Saxon stock market trends and contemporary trends in both transatlantic stock market. In the second chapter is devoted attention to manifestations of both current trends in transatlantic markets in the form of models and forms of cooperation stock exchange. After a theoretical introduction to the cooperation and competition, stock markets, I mentioned the origins and history of cooperation stock markets, with particular emphasis on real models and forms of stock markets in Europe and the USA. In the next sub-chapter I try to analyze the realized and unrealized exchange and cooperation projects of the multilateral trading system on the market in the last decade. Finally, the second chapter deals with past, present and future architecture of the integrated and consolidated transatlantic stock market. The third chapter is the key part of all thesis where I tried to come up with a comprehensive empirical analysis of the effects of stock exchange mergers and alliances, and to investigate the effects of two major transatlantic stock markets, NYSE Euronext and Nasdaq OMX through selected market indicators, financial ratios and data from financial statements, as well as exchanges' architectures, analysis of cross-border trading costs and further explore the significance of the interdependence of markets before and after their cooperation which was tested on movement of particular daily returns of indices and traded volumes. The testing is based on the law of one price, which can be interpreted in a way that in an efficient market all identical goods must have only one price. The tested interdependence is examined by using statistical tools: correlation and time series analysis.

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In my final thesis, I focus on the various forms of Stock Exchange's cooperation and try to outline the impact of deregulation and globalization to Stock Exchange Markets organization. I mentioned the theoretical background, which were used as a basis for analyzing the topic of consolidation of stock exchanges. In the introduction I explain some basic terms, such as mergers, union or federation, and clarify the difference between cooperation and consolidation. Then I focused on the first transatlantic alliance and one of the most important entities in the Stock Exchange markets - NYSE Euronext. I evaluated the alliance of the three selected indicators, the market capitalization, trading volume and market velocity. The analyze carried out in my thesis shows that the regulatory authorities allowed in the past the establishment of Stock Exchanges alliances, which are currently the largest and most important players on the Stock Exchanges markets, and it is really difficult for regional markets to compete them. This problem is, in particular, outlined in the case of Deutsche Börse, which sought to be connected with the transatlantic alliance NYSE Euronext., but this merger was rejected by the European Commission, just for fear of disruption of market competition. As the evidence that the Stock Exchange markets are constantly busy and that all exchanges are trying to reach the best position and thus are seeking for the best possible partner for future cooperation, I introduced two recently published plans for connections, which was merger between Deutsche Börse and the Russian stock exchange MICEX and merger of Intercontinental Exchange and NYSE Euronext. At last but not least I focused on the analysis of the Asian continent from the perspective of realized and unrealized mergers where Stock Exchange markets are not oversaturated and still have a huge potential for further development.

Financial exchange markets are institutions that have a unique place in the system of market economy and are rightly considered to be the main pillars of the financial markets. Especially thanks to its functional and social status. The recent development of information and communication technologies has been significantly changing the exchange market systems. This thesis deals with the exchange market's system. In the theoretical part of the paper is the main attention paid to the decomposition of the whole complex into subsystems and characteristics of its individual components, in particular trading and information subsystem within the structure of the exchange market. The practical part is devoted to research the presence of tacit knowledge and its impact on trading.

1 ABSTRACT Stock Exchange The contents of the notion "stock exchange" change in time. Factors inducing these changes are intertwined and influence each other. The introduction of modern telecommunication technologies in 1980s brought about a process of change in the notion of "stock exchange". This factor mainly influenced the territorial aspect of said notion. Modern communication technologies allowed for integration of capital markets within Europe. This integration required unification of legislation in EU Member States. The crucial piece of Czech legislation implementing European norms in the area of stock exchange markets is the Act No. 256/2004 Coll. on Business on Capital Market. The greatest influence on the notion of "stock exchange" has had the transposition of the EU MiFID directive into that act in 2008. The changes introduced by this directive have led to vacating tne notion of "stock exchange" in legal terms with the term itself being replaced by "operator of the regulated market". Over the past decade the supervision and regulation on both European and national levels have undergone substantial changes. The changes and innovation in the investment instruments market have called for changes in institutional setting of supervision and regulation. These changes in supervision and regulation have...

This diploma thesis discusses the comparison of following stock exchanges: Shanghai Stock Exchange, Hong Kong Exchanges, New York Stock Exchange and NASDAQ. History of each of the stock exchanges is briefly mentioned, as well as their fundamental characteristics (including company status, tradability of own shares, market segments, trading hours etc.). The thesis also deals with the specification and comparison of products traded on the money market on the individual stock exchanges. Moreover, there are compared the listing rules for the stocks. The last chapter is focused on the analysis of the exchange data. Stock exchanges are compared in terms of the market capitalization and in terms of the number of listed companies. The analysis of value of trading is also covered. Finally, the stock exchanges are compared with regards to one representative index.

Kohoutek, J. Influence of macroeconomics factors on index PX. Diploma thesis. Brno: Mendel University, 2015. Aim of the thesis is theoretically and empirically explain the influence of macro-economic factors on the value of the index PX . For the analysis are used selected macroeconomic indicators and indexes of other exchanges. The time period of this data is from 2000 to 2013. The design is the least squares method and analysis of time series according to Box- Jenkins methodology . Part of this work is familiar with working on a similar theme other authors. In conclusion, results are evaluated and outlined the possibility of both the value of the index PX predict the future.