Financial markets have been subjected to numerous regulations during the last two decades. MiFID2/MiFIR and MAD2/MAR are two extensive regulations that will apply on European level during 2016 - 2018. Both these regulations stress areas that are of relevance to trade surveillance. Trade surveillance systems are IT systems applied to the market for financial instruments to identify market abuse or other harmful patterns in participants’ trading activity. The purpose of this report is to map the market of trade surveillance technology in Stockholm, Sweden, and examine the impact on these actors in conjunction with the regulations. Since MiFID2/MiFIR and MAD2/MAR are extensive regulations, these were condensed to key points that were considered as relevant for surveillance.   This research is a qualitative study and data was gathered by interviews with market actors. A pre-study and a literature study were made. These were used as basis to construct an analytical framework for market dynamics, which was used as a descriptive concept to design interview questions, structure data and analyze results. The framework was named Market Dynamics Framework and considered the macro-environmental factors: Technology, Actors’ preferences, Market structure and Regulations.   The market was segmented in order to more accurately examine regulatory impact. Market actors were divided into four groups. The results were analyzed according to the framework and for each of the segmented market actor groups. Preference of surveillance solution was shown to be one distinct difference between every segment. A purchased surveillance system from a vendor was most common, and actors of smaller scale preferred to outsource.   The market is concluded to be prepared in terms of having systems and arrangement for monitoring trades in place. Expected impact is mostly related to new market structures and more detailed data of larger amounts. Increased capacity need for surveillance departments is expected in combination with a need for more advanced technologies; e.g. automatic screening of social media, efficient minimization of false positives, functionality coverage for a broader range of financial instruments.   This research introduces two concepts as descriptive frames, Market Dynamics Framework and a segmentation. These are proposed as methods when conducting a market analysis. A validation study for these methods is suggested as a possible topic for future studies.

How banks set the mortgage interest rates and the sizes of the mortgage margins they obtain from making mortgage loans always attract attention from households, government authorities, politicians and market actors. This thesis studies the relationship between Swedish mortgage interest rates and mortgage lending institutions’ costs of obtaining funds, and how the gross margins of mortgage interest rates influence the banks stock returns. In general, banks’ mortgage margins are correlated with their funding costs, which are typically reflected in the yields of mortgage bonds (covered bonds), interbank rates (STIBOR) and the repo rate. How-ever the correlations change over time and sometimes the mortgage margins are relatively low and sometimes relatively high. Since mortgage loans play an important role in banks’ lending business, the related interest rate margins should influence banks’ profitability and therefore the performance of their stock. Everything else equal, higher margins should result in higher stock returns. I have collected and constructed a time-series data set based on Swedbank mortgage rates, Swedbank stock prices, yields on government bonds, yields on mortgage bonds, STIBOR interest rates, and repo rate. Both descriptive analysis and econometric models are applied to analyze the time-varying characteristics of the financial data. The thesis covers unconditional correlation (Pearson correlations), and conditional correlation through applying DCC-GARCH models. Besides, ARCH and GARCH models are employed to measure the ARCH and GARCH effects of the spread (premium) terms between interest rates. The results from descriptive analysis and econometric models present the tight relationships between the mortgage interest rates and the corresponding funding costs, and show the posi-tive but low correlations between mortgage margins and bank’s stock returns. The results also support the existence of time-vary volatilities (risk) of spread (premium) terms and quantify the growth of return for the certain increase in risk taking.

The objective of this thesis is to review the two popular mathematical models of the financialderivatives market. The models are the classical Black–Scholes–Merton and the Continuoustime Markov chain (CTMC) model. We study the CTMC model which is illustrated by themathematician Ragnar Norberg. The thesis demonstrates how the fundamental results ofFinancial Engineering work in both models.The construction of the main financial market components and the approach used for pricingthe contingent claims were considered in order to review the two models. In addition, the stepsused in solving the first–order partial differential equations in both models are explained.The main similarity between the models are that the financial market components are thesame. Their contingent claim is similar and the driving processes for both models utilizeMarkov property.One of the differences observed is that the driving process in the BSM model is the Brownianmotion and Markov chain in the CTMC model.We believe that the thesis can motivate other students and researchers to do a deeper andadvanced comparative study between the two models.

Sustainability has started to play a greater role on the financial market and a larger number of investors are searching for financial products that contribute to the environment and the sustainable development. However, the numerous definitions of sustainable investments and green funds make the investment decision-making process difficult for investors and allow companies to “greenwash” their products. In order to facilitate the investment process for investors and at the same time contribute to sustainable development, the EU adopted the Sustainable Finance Disclosure Regulation (SFDR) on 10 March 2021 as part of the Union’s sustainable finance strategy. The SFDR introduces a set of harmonized rules for financial market participants regarding their integration of sustainability-related aspects in their investment process, including different product classification levels, such as “light green” and “dark green”. Apart from the fact that the regulation means enhanced transparency, it is possible that the new product classifications will have an impact on the definition of sustainable funds and the environmental, social, governmental (ESG) investment strategies currently used by financial market participants. Additionally, the appropriateness of the new product classes in view of the aims of the SFDR could be discussed. The purpose of this thesis has been to examine the product specific disclosures of the SFDR and their implications on funds integrating sustainability, by using the legal dogmatic methodology and the EU teleological methodology. In order to be classified as an art. 8, or light green, it seems as if it is not enough for a fund to simply integrate ESG aspects into the investment process, rather the fund has to apply several investment strategies that consider ESG. For funds wishing to be considered as an art. 9, or dark green, it appears as if impact investing or sustainability themed investing could be two applicable approaches. Moreover, the sustainable investment-definition provided by the regulation contains explicit criteria, thus making it easier for investors to understand sustainable investments. Furthermore, the increased regulation and reporting requirements might contribute to less greenwashing, which in turn will benefit the UN’s Sustainable Development Goals and the Paris Agreement. However, while the product specific disclosures appear to be aligned with the objectives of the SFDR, there are several uncertainties related to the definitions and classifications that prevent the regulation from fully achieving its goals. / Hållbarhet har kommit att spela en allt större roll på finansmarknaden och allt fler investerare efterfrågar nu finansiella produkter som bidrar till miljön och den hållbara utvecklingen. Men de många definitioner som finns gällande hållbara investeringar och gröna fonder försvårar beslutsprocessen för investerare samt gör det möjligt för företag att använda sig utav ”greenwashing”. För att underlätta investeringsprocessen för investerare och även bidra till den hållbara utvecklingen antog EU den s.k. Förordning om hållbarhetsrelaterade upplysningar som ska lämnas inom den finansiella tjänstesektorn (SFDR) den 10:e mars 2021, vilken utgör en del av Unionens strategi för en hållbarare finansmarknad. SFDR innehåller harmoniserade regler för finansmarknadsaktörer gällande integreringen av hållbarhetsaspekter i investeringsprocessen, inklusive olika produktklassificeringar, såsom ”ljusgröna” och ”mörkgröna” produkter. Förutom att den nya regleringen innebär ökad transparens är det möjligt att de nya produktklassificeringarna kommer att ha en inverkan på definitionen av hållbara fonder samt de investeringsstrategier finansmarknadsaktörer i dagsläget använder sig av för att integrera hållbarhet. Utöver detta kan även produktklassificeringarnas lämplighet diskuteras mot bakgrund av förordningens ändamål. Syftet med detta arbete har varit att undersöka de produktspecifika upplysningskraven i förordningen och dessas inverkan på fonder som beaktar hållbarhetsaspekter, med hjälp av den rättsdogmatiska metoden samt den EU-rättsliga teleologiska metoden. För att klassas som en art. 8, eller ljusgrön fond, förefaller det som att det inte är tillräckligt för en fond att enbart integrera hållbarhet i investeringsprocessen utan snarare måste fonden använda sig utav flera olika hållbarhetsstrategier. För fonder som önskar att bli klassificerade som en art. 9, eller mörkgröna, verkar det istället som att s.k. ”impact” fonder eller tematiska fonder med hållbarhetsfokus är typiska exempel. Utöver detta innehåller förordningen en definition med uttryckliga kriterier gällande vad som är en hållbar investering, vilket underlättar investerares förståelse för hållbara investeringar. Dessutom kan den ökade regleringen och rapporteringskraven bidra till mindre ”greenwashing”, vilket i sin tur gynnar FN:s globala hållbarhetsmål och Parisavtalet. Men samtidigt som produktklassificeringarna tycks vara i linje med SFDR:s mål innehåller både definitionerna och klassificeringarna ett flertal oklarheter som hindrar förordningen från att helt uppnå sina mål.

[pt] Esta pesquisa teve por objetivo entender quais são os sentidos que mulheres atuantes no mercado financeiro atribuem a seu trabalho. A metodologia de pesquisa escolhida para o estudo foi a pesquisa qualitativa, tendo sido entrevistadas 16 mulheres, de instituições de caráter financeiro, entre assets, corretoras e bancos de investimento, todas situadas no Rio de Janeiro. Os resultados desta pesquisa sugerem que as entrevistadas, em sua maioria, definem o trabalho como uma forma de financiar seu estilo de vida, por meio da realização de grandes projetos e da obtenção de conforto material, atribuindo ao trabalho uma importante parcela de suas realizações pessoais. Além disso, foi observado que o trabalho também é visto como uma fonte de prazer, a partir da qual as entrevistadas conquistaram independência financeira, crescimento pessoal e profissional. Todas essas representações são mencionadas pelas entrevistadas tendo como pano de fundo a agressiva remuneração típica do setor, recebida anualmente na forma de bônus. Este fato sugere que as inúmeras acepções positivas do trabalho propostas pelas entrevistadas se devem, não única, mas majoritariamente, ao patamar privilegiado de remuneração no qual muitas delas se enquadram. / [en] This study aimed to understand what meanings are assigned to work by women who work in the financial market. To this end, qualitative research methodology was chosen, using semi-structured interviews with 16 women, who worked in financial institutions in Rio de Janeiro, such as asset management companies, brokerages and investment banks. The findings of the study suggest that most of the interviewed women define work as a way to afford their life style, by accomplishing big projects and obtaining comfort. They also assign most of their personal achievements to their work. Furthermore, it was observed that work is considered a source of pleasure, whereby participants accomplish financial independence and personal and professional growth. All these work representations are mentioned by the participants combined to the typical aggressive compensation of the financial market, annually received as a bonus paycheck. This fact proposes that all work positive assumptions mentioned by the participants are, not only, by mostly, due to the high salaries that most of them earn.

Att förvalta sina tillgångar på bästa sätt för att få så hög avkastning som möjligt är alla investerares mål. Småsparare som inte besitter kunskap kan enkelt bränna sig vid investeringar. En enkel väg är därför att kika på hur andra investerar sina pengar för att sedan göra likadant. Där kommer sociala medier in och är en lättillgänglig plattform för alla att ta del av. Särskilt den yngre generationen som tillbringar större delen av sitt liv i den digitala världen. Tidigare studier visar att det är en stor risk att förlora pengar om småsparare investerar på tips från sociala medier. Därav syftar denna uppsats till att undersöka huruvida småsparare på den svenska marknaden använder sig av sociala medier som grund vid investeringsbeslut. Den teoretiska referensramen i studien utgår från den effektiva marknadshypotesen som ligger till grund för stor del av den forskning som finns inom ekonomi och menar på att människan är rationell när det kommer till investeringsbeslut. Detta har på senare år utmanats av beteendeekonomiska teorier som menar på att människan påverkas av psykologiska faktorer och inte alltid är rationella. Dessa psykologiska faktorer utgör grunden för vår studie. Metoden som använts i denna uppsats är en kvantitativ metod där datamaterialet inhämtas via en enkätundersökning. Enkäten gjordes via Google Forms och Sunet Survey och delades sedan via sociala medier och massutskick via Högskolan i Borås. Totalt sett fick enkäten 257 svar, efter borttagning av felaktiga och ofullständiga svar fanns 249 svar kvar. Enkäten undersökte först olika variabler som exempelvis kön, ålder och utbildning för att kunna ställa det emot deras användning av sociala medier och investeringsvanor. Enkäten var helt anonym och vid utskick följdes de etiska riktlinjerna för att generera så hög reliabilitet och validitet som möjligt. Resultatet från enkäten presenteras med hjälp av frekvenstabeller, korstabeller och chi-2-tester. Därefter analyseras resultatet med hjälp av de tre hypoteserna som formulerats. Resultatet visar att småsparare blir påverkade av psykologiska faktorer och inte alltid agerar rationellt. / Managing one's assets in the best possible way to achieve the highest possible return is the goal of every investor. However, without the right knowledge, you can easily get burned. A simple approach is to look at how others invest their money and then do the same. This is where social media comes in as an easily accessible platform for everyone to engage with. Especially the younger generation, who largely lives in the digital world. Previous studies have shown that there is a significant risk of losing money when investing based on tips from social media. Therefore, the purpose of this essay is to investigate whether investors in the Swedish market use social media as a basis for their investment decisions. The theoretical framework of this study is based on the efficient market hypothesis, which forms the basis for a large portion of the research in economics and argues that humans are rational. This has been challenged in recent years by behavioral economic theories, which suggest that humans are influenced by psychological factors and are not always rational. These psychological factors form the basis of our study. The method used in this essay is a quantitative method where the data is collected through a survey. The survey was conducted using Google Forms and Sunet Survey and was then shared via social media and mass distribution through the University of Borås. In total, the survey received 257 responses, and after removing incorrect and incomplete responses, 249 responses remained. The survey first examined various variables such as gender, age, and education to compare them with the use of social media and investment habits. The survey was completely anonymous and followed ethical measures to generate the highest possible reliability and validity. The survey results are presented using cross-tabulations and chi-square tests. The results are then analyzed using the three formulated hypotheses. The results show that retail investors are influenced by psychological factors and do not always act rationally.

This thesis deals with the financial market intermediation and distribution on the financial market. By using situational analysis reveals connections and principles of the functioning of financial intermediation and focuses on the role of financial market regulation and commission fees. Thesis is analyzing the effects of changes in commission system and impact to different distribution models.

This study investigated factors affecting housing finance supply in Nigeria. Housing finance is a major factor determining the quality and tenure of housing consumption, the overall financial portfolio of the public and the stability and effectiveness of the financial system. In both developed and emerging economies, sovereign governments have intervened in the markets by setting up institutions characterised by a significant degree of regulation and segmentation from the rest of the financial markets and very often with governments providing subsidised housing finance. Attempts were made to develop an empirical model to reveal the underlying factors affecting housing finance in Nigeria. Time series data from sampled Universal Money Deposit Banks (UMDBs) balance sheets between 2003 and 2007 were used to assess the ability of the financial institutions to engage in long-term lending. Additional instruments in form of questionnaire, for the sectoral allocation of loans and advances by these financial institutions were employed to gather information from Corporate Banking / Loans and Advances Managers coupled with unstructured interviews. Supplementary questionnaires were directed to the users of housing finance at the household level as control for validity to the research findings. Applying a multiple regression approach, the model identified that housing finance supply in Nigeria is significantly driven by clusters of factors related to share capital and the reserves of the financial institutions. It is closely observed that housing finance models in the developed economies, which are largely financed by deposit liabilities, cannot be wholly adopted in the emerging economies. The implication for practice therefore is that financial institutions in the emerging economies must adequately increase their capital base for effective housing finance supply and introduce mortgage products with long-term tenure to actively mobilise resources for mortgage lending.

The first part of this dissertation examines the impact of financial development on different countries holdings of U.S securities. The difference between the US weight in the global market capitalization and the US weight in developed and developing countries is tested through a panel data analysis. We find that most countries tend to overweight their US debt portfolio which is strongly related to their financial market development. When holdings of US debts and equity are low, financial market development is high; in developing countries, holding less US equity in their portfolio causes country to get better financial development. In developed countries there is no causation effect; a simple negative relation between financial development and countries holding of US securities is observed and countries tend to hold relatively less US securities through years. The second part of this dissertation examines whether economic conditions, affect carve-outs frequency and returns. This paper investigates the effect of expansion and recession, and industry sectors on carve out issued in the US over 1982 to 2009. We find that the number of carve-outs is higher in expansion than recession. However, the cumulative abnormal returns are higher during recession which is explained by the higher adverse selection during this period. Further, we find that the difference of abnormal returns between expansion and recession is significant and we also observe that high-tech or non-high-tech industries that undertake carve-out have positive higher abnormal return during recession. Therefore, within a same industry sector, carve-out abnormal returns are impacted by the economy cycle. However difference of abnormal returns between industry sector, high-tech and non-high-tech industries, is not significant.

Abstract (english) Objectives The main objective of this work is to design methods and proceadures enhancing effectiveness and efficiency of IT audit in banks with the accent given to their use by the supervisory authorities. Another objective of the work (and an essential starting point at the same time) is a summary and assesment of methods and proceadures developed and implemented into the CNB practice with regard to banking supervision in the area of information systems. Objectives Achievement From the methodological point of view the esential starting point of the work was represented by above mentioned objectives that were used for elaboration of a set of questions. Questions enabled to set up the hypotheses. (Another more particular hypotheses were defined in order to design the particular solutions in chapter 5.) Futhermore, the critical factors (problems) were defined in the process of the questions analyses. Subsequently, the solutions were specified. The solutions confirmed the hypotheses which reflected the achievement of the objectives. Description, categorisation, analyses, screening, modelling, comparative analyses and sample testing were used to achieve the objectives. In particular, the solutions that were elaborated, making use of methods described above, enhance effectiveness and efficiency of IT audit in banks. Moreover, the CNB's proceadures and methods were introduced and assesed within the work. Scientific Contribution The work brings an evidence of correlation between the quality of IT audit in banks and their economical performance. With this regard the work contributes with original conclusions, benchmarks and proceadures that may be used by banks, supervisory authorities and IT auditors. These conclusions are achieved by description, categorisation, analyses, modelling and screening research highlighting the role of the rentability, the productivity, the risks, the inovations and the economical value of information. Furthermore, the IT audit and IT supervision in banks are specified. They are also compared and contrast to the other audit cathegories. The work presents important peaces of evidence regarding the role of IT audit in this context. This is made by description, cathegorisation and analyses. Another contribution represents proceadures and methods developed and implemented (to the large extend by author) in the field od IT banking supervision in the Czech Republic. This delivers valuable outputs for foreign supervision authorities, banks and auditors. The work lead to original solutions of critical factors. These solutions are to use by IT audit and IT supervision (and also in audit work generally). The solutions make use of ceartain atributes of Capability Maturity Model (CMM) and were elaborated in the proces of decsription, cathegorisation, screening research, comparative analyses, hypotheses seting and testing. The solutions enhances acuracy and objectiveness of assesment done by IT auditors. The solutions lead to better comparativeness of audit outputs on both national and international level, give better preconditions for risk assesment and capital adequacy evaluation within BASEL II and enhance the information value of audit ouptuts. The structure (content) of the work reflects the above mentioned articles that give a brief description of the main four parts (chapters) of the work.