Goals: Prepare a case study on the transition to the new OTC medicines groups with restrictions. To evaluate the positives and negatives, which brought the introduction of the group - with OTC restrictions. Pick up generally applicable principles and specify non-functional parts of the system. Method: For data processing method was applied theoretical research. Literature was searched in the database of the Czech National Library - Klementinum, WHO database, TRIBUNE and interfaces of News portals. The instrumental case study was processed for a detailed insight into the issues. The case study is also based on the analysis of the legal framework of the Czech Republic. The documents provided by SÚKL are used for financial analysis. As another method the stakeholder analysis was used - analysis of opinions of people involved in the drug policy. Results: The case study shows that switching medicines containing PSE to the limited group of OTC to prevent producers of drugs buing drugs in Czech pharmacies, but it did not reduce the amount of drugs produced in the country. Producers started to import precursors from abroad. The whole new system established in 2009 was correct in principle, but failed in practice. State Institute for Drug Control or other stakeholders in drug policy have not been able to resolve the ensuing complications.

Moins d’un siècle après la crise de 1929, la crise des subprimes marque un tournant décisif dans l’histoire financière mondiale, se distinguant des crises précédentes par son intensité et sa dimension globale. Dans un contexte d’interactions accrues entre pays développés et émergents, la stabilité financière constitue un enjeu décisif face au risque de contagion sur les marchés financiers. Dans le premier chapitre de cette thèse, nous nous intéressons au changement de paradigme réglementaire observé sur les marchés de dérivés après la crise des subprimes et aux enjeux en termes de stabilité financière d’une refonte de la réglementation sur ces marchés. Dans un second chapitre, nous mettons en exergue les phénomènes de contagion observés sur le marché de la dette durant la crise de la dette souveraine, et revenons sur l'impact des programmes de soutien mis en place par la BCE dans un contexte de forte contagion sur ce marché en 2010. Finalement dans un troisième, nous examinons l’impact de la politique monétaire américaine sur les flux capitaux vers les fonds obligataires spécialisés sur les économies émergentes en 2013. / Less than a century after the 1929 crisis, the subprime crisis was a turning point in world financial history, differing from previous crises by its intensity and global dimension. In a context of increased interactions between developed and emerging countries, financial stability became a critical issue given rising contagion risks on financial markets. In the first chapter of this thesis, we focus on the regulatory paradigm shift observed in the derivatives markets after the subprime crisis and resulting challenges on the back of a reshaping of the global financial regulation. In the second chapter, we highlight the contagion phenomena observed on debt markets during the euro area sovereign debt crisis, and observe the impact of support programs implemented by the ECB in 2010. Finally, in a third chapter, we examine the impact of U.S. monetary policy on capital flows to bond funds specialized in emerging economies in 2013.

Institutions from the G-SIBs category have been under greater scrutiny not just by regulatory authorities since the beginning of the financial crisis in 2008. Insufficient regulation in OTC derivatives combined with moral hazard expressed in the highly speculative behaviour by G-SIBs were major factors contributing to the development of the financial crisis. The regulatory bodies in the USA responded to the situation by adopting the Dodd-Frank ACT with the aim to introduce additional rules for the market with OTC derivatives and regulate the activities of G-SIBs significantly. The paper analyses selected indicators related to the OTC derivative exposure and the overall financial condition of the selected G-SIBs. The thesis analyses the development of the monitored indicators following the implementation of the DFA to confirm that the risk arising from speculative derivative deals by G-SIBs was reduced, the financial condition of the selected institutions was strengthened, and the systemic risk was thus suppressed during the period 2010-2015.

The field of financial derivatives is rather complicated and usually not familiar to general public. Financial derivatives are used for three different reasons: arbitrage, speculation and hedging. This paper focuses mainly on the last one - hedging. The goal of the thesis is to clarify the heart of the matter, to explain the reasons why derivatives exist and to systemize their individual types and classification. It compares basic types of derivatives and summarizes their advantages and disadvantages and possible practical usage of them. Apart from companies as final users, the paper remembers also external subjects, such as clearing. It explains the terms of risk and uncertainty and goes into their identification, the risk management and its hedging. It also analyzes the current situation on OTC (over the counter) market and brings output from interviews with experts and consultants about their experience from working with their clients dealing with derivatives. The thesis also covers information about recently passed law called European Market Infrastructure Regulation, which is closely connected with working with financial derivatives. Furthermore, it includes a case study of L'Oréal Company, describing procedures and principles, based on which the Company deals with derivatives, and analyzing problems which L'Oréal has to face.

Yes / Team-based learning is an active learning strategy that focuses on student’s engagement, development of critical thinking, and transferable skills needed in the workplace. While many pharmacy faculties around the world have applied team-based learning into their curriculums, the implementation of team-based learning into the Middle East is still in the experimental phase and poses its own challenges. This reflective statement elaborates on our experience and feedback of implementing team-based learning for the first time at the pharmacy faculty of Zarqa University in Jordan through the delivery of over-the-counter module.

Résumé : La principale caractéristique des marchés OTC (Over-The-Counter) est l’absence d’un mécanisme de négociation centralisée (comme des ventes aux enchères, des spécialistes ou des limit-order books). Les acheteurs et les vendeurs sont donc souvent dans l'ignorance des prix actuellement disponibles auprès d'autres contreparties potentielles et ont une connaissance limitée de l’amplitude des transactions récemment négociées ailleurs sur le marché. C'est la raison pour laquelle les marchés OTC sont qualifiés de relativement opaques et nommés «Dark Markets» par Duffie (2012) dans sa récente monographie afin de refléter le fait que les investisseurs sont en quelque sorte dans le noir au sujet du meilleur prix disponible et de la personne à contacter pour faire la meilleure transaction. Dans ce travail, nous sommes particulièrement intéressés à l’évolution temporelle de la transmission de l’information au cours des séances de négociation. Plus précisément, nous cherchons à établir la stabilité asymptotique de la dynamique de partage de l'information au sein d’une large population d’investisseurs caractérisés par la fréquence/intensité des rencontres entre investisseurs. L’effort optimal déployé par un agent en recherche d’informations dépend de son niveau actuel d'information et de la distribution transversale des efforts de recherche des autres agents. Dans le cadre défini par Duffie-Malamud-Manso (2009), à l’équilibre, les agents recherchent au maximum jusqu'à ce que la qualité de leur information atteigne un certain niveau, déclenchant une nouvelle phase de recherche minimale. Dans le contexte de percolation d'information entre agents, l'information peut être transmise parfaitement ou imparfaitement. La première étude de ce problème de percolation a été faite par Duffie-Manso (2007), puis par Duffie-Giroux-Manso (2010). Dans cette deuxième étude, le cas de la percolation de l'information par des groupes de plus de deux investisseurs a été abordé et résolu. Cette dernière étude a conduit au problème de l'extension des sommes de Wild dans Bélanger-Giroux (2013). D'autre part, dans Duffie-Malamud-Manso (2009), chaque agent est doté de signaux quant à l'issue probable d'une variable aléatoire d'intérêt commun dans l’optique de transmission d’informations dans une large population d'agents. Un tel contexte conduit à des systèmes d'équations non linéaires d’évolution. Leur objectif est d'obtenir une politique d'équilibre déterminée par un ensemble de paramètres d'une politique de cible traduisant le fait que l’effort de recherche qui doit être minimal lorsqu’un agent possède suffisamment d’information. Dans ce travail, nous sommes en mesure d'obtenir l'existence de l’état d’équilibre, même lorsque la fonction d'intensité n'est pas un produit. De plus, nous sommes également en mesure de montrer la stabilité asymptotique pour toute loi initiale par un changement de noyaux. Enfin, nous élargissons les hypothèses de Bélanger-Giroux (2012) pour montrer la stabilité exponentielle par le critère de Routh-Hurwitz pour un autre exemple de système à un nombre fini d’équations. // Abstract : Over-the-counter (OTC) markets have the main characteristic that they do not use a centralized trading mechanism (such as auctions, specialist, or limit-order book) to aggregate bids and offers and to allocate trades. The buyers and sellers have often a limited knowledge of trades recently negotiated elsewhere in the market. They are also negotiating in potential ignorance of the prices currently available from other counterparties. This is the reason why OTC markets are said to be relatively opaque and are qualified as «Dark Markets» by Duffie (2012) in his recent monograph to reflect the fact that investors are somewhat in the dark about the most attractive available deals and about whom to contact. In this work, we are particularly interested in the evolution over time of the distribution across investors of information learned from private trade negotiations. Specifically, we aim to establish the asymptotic stability of equilibrium dynamics of information sharing in a large interaction set. An agent’s optimal current effort to search for information sharing opportunities depends on that agent’s current level of information and on the cross-sectional distribution of information quality and search efforts of other agents. Under the Duffie-Malamud-Manso (2009) framework, in equilibrium, agents search maximally until their information quality reaches a trigger level and then search minimally. In the context of percolation of information between agents, the information can be transmitted directly or indirectly. The first studies of such a problem were made by Duffie-Manso (2007) and then by Duffie-Giroux-Manso (2010). In that second study the case of the percolation of information by groups of more than 2 investors was addressed and solved for a perfect information transmission kernel. That last study has led Bélanger-Giroux (2013) to the problem of extending the Wild sums for a general interacting kernel (not only for the kernel which adds the information). On the other hand, in Duffie-Malamud-Manso (2009), the authors explain that, for the information sharing in a large population, each agent is endowed with signals regarding the likely outcome of a random variable of common concern, like the price of an asset of common interest. Such a setting leads to nonlinear systems of evolution equations. The agents’ goal is to obtain an equilibrium policy specified by a set of parameters of a trigger policy; more specifically the minimal search effort trigger policies. We concentrate our study on those trigger policies in order to provide more intuitive and practical results. Doing so, we are able to obtain the existence of the steady state even when the intensity function is not a product. And in our framework, we are even able to show the asymptotic stability starting with any initial law. This can be done because we are able to show that, by a change of kernels, the systems of ODE’s, which are expressed by a set of kernels (one 1-airy and one 2-airy) are equivalent to systems expressed with a single 2-airy kernel even with a constant intensity equal to one (by a change of time). We show also that starting from any distribution, the solution converges to the limit proportions. Furthermore, we are able to show the exponential stability using the Routh-Hurwitz criterion for an example of a finite system of differential equations. The solution of such a system of equations describes the cross distribution of types in the market.

研究動機 交換交易為新興財務處理工具，屬於衍生性金融商品一種，可使企業降低資金成本及規避財務風險，自一九八一年世界銀行與IBM公司簽訂首筆貨幣交換交易之後，市場迅速發展。惟因需金融財務處理、證券發行及外匯交易等專業知識技術，牽涉相關法律、會計稅務等問題增加複雜性。又其屬於資產負債表外項目，不受相關法規牽制，參與者可依照個別需求選擇操作期間及方式，相對於其他標準化的期貨契約等可提供多樣選擇與長期的避險功能，但由於資訊不易公開揭露，容易產生法律與管理風險。 一九九五年二月霸菱銀行因衍生性金融商品交易操作不當，導致該銀行破產轉讓，以及一九九五年一月我國華僑銀行在外國債權投資與利率交換交易上遭受逾六千萬美元的帳面損失，致使國內金融主管單位與監理機構對其加強管理。一九九八年LTCM長期資本管理公司之避險基金在同年八月底，該基金契約之總面值在交換交易超過七千五百億美元、期貨交易超過五千億美元、選擇權和店頭市場衍生性商品交易超過一千五百億美元，由於異常槓桿操作、資訊揭露不足、忽視流動性風險、操作策略等因素，導致破產並造成前十七大交易對手所承受的實質損失金額總數約在三十至五十億美元之間。 由於交易型態不斷地推陳出新，法律屬性難以定位，使其存有高度法律不確定性，以美國為例，除管轄爭議外，鑒於店頭衍生性商品之高度風險，交易適當性也廣受討論。為了解上述業務開放可能產生的問題，並因應金融國際化的趨勢，有深入認識交換交易之必要，是以本文擬就交換交易可能涉及之法律問題加以探討研究。 研究範圍 交換交易可利用信用評等不同所產生的比較利益來進行，因此進行交易的任何一方均可獲利，傳統上視其為增加遊戲；與期貨與選擇權有所不同，期貨與選擇權除帶有投機性質外，係一方獲利以他方損失為代價之零和遊戲。又交換交易係屬資產負債表外之項目，不受相關法規限制，參與者可依照需要選擇操作期間與方式，相較於其他已經標準化的避險工具可提供多樣與長期避險功能，但由於不受法規牽制，交易本質並無要求標準化契約及特定交易方式，相對交易風險較高。本文擬就下列問題加以介紹： （一）交換交易之定義、種類、功能、特色 （二）ISDA標準化契約內容 （三）美國法院判決分析交換交易之法律性質 （四）美國與我國相關法令規範分析 第一章為緒論，介紹論文研究動機、範圍。第二章為交換交易類型介紹，並進一步介紹現行實務廣泛使用ISDA標準化契約內容。 第三章由美國判決角度探討交換交易法律性質，由判決所建立各項標準討論交換交易是否屬於美國證交法與證券交易法之「證券」。 第四章介紹美國管理機關與法規制度，說明交換交易管轄範圍爭議，主管機關間如何協調達成協議，與美國對於新交易類型權益交換所作修正之規範。 第五章介紹我國證券金融期貨法規範，鑑於諸多交易類型不斷變化衍生，其特性與交易模式於立法層面恐非立法者於制定證券交易法當時所能預料導致現行證券交易法些許規定在規範面與實際適用可能會產生漏洞。現行市場商品有諸多由第三人為發行機構，標的資產與股權或債券相連結之金融工具如股權連結商品可能與權益交換產生相同的問題，是以本文由權益交換出發討論其與證券交易法有價證券之關係，與內部人短線交易法律層面法律漏洞，以供我國證券交易法未來之參考。第六章為結論。

Tesis para optar al grado de Magíster en Finanzas / Autor no autoriza el acceso a texto completo de su documento / El presente estudio analiza el desarrollo del mercado de derivados internacionales y local, así como también la implementación de las cámaras de compensación como entidades que permite la mitigación del riesgo de contraparte y la prevención de futuras crisis. En el documento se identifica que las cámaras de compensación son parte importante de la propuesta actual de los organismos internacionales como mitigadoras de eventuales crisis financieras al reducir el riesgo de contraparte, sin embargo concentran gran parte del riesgo sistémico, por ende la importancia de estudiar los beneficios y riesgos que otorgan este tipo de infraestructura financiera, con el objetivo de identificar las recomendaciones y precauciones que deben seguir tanto las sociedades que pretendan constituirse en Chile como los participantes de estas entidades y así disminuir los potenciales efectos adversos que pueden provocar estas entidades en la economía chilena. Ante esto se procede a evaluar la normativa chilena, identificando que la ley Nº20.345 regula los sistemas de compensación y liquidación de sistemas financieros, la cual cumple con los estándares de prevención de riesgo básico que son definidos por la literatura y con los estándares internacionales establecidos por IOSCO (International Organization of Securities Commissions), las que a su vez en temas regulatorios se complementa con las Normas de Carácter General dictadas por la Superintendencia de Valores y Seguros. A su vez, se evalúan los servicios que ha presentado la nueva cámara de compensación de derivados OTC (over the counter o mercado extrabursátil), Comder, entidad que a su vez, en la teoría cumple con considerar los elementos de gestión de riesgo operacional y riesgo de contraparte, derivados de su actividad, ante lo cual se prevé una pronta aprobación de sus Normas de Funcionamiento y su inicio de operaciones, una vez sean validados sus modelos de cálculos. Finalmente, se identifica que si bien la normativa chilena ha adoptado una actitud conservadora al momento de establecer los requisitos con los cuales estas entidades deben cumplir, es de esperar que éstos sigan adaptándose al desarrollo internacional y al comportamiento que posea la nueva cámara de compensación de derivados, y siempre enfocándose en la protección a la estabilidad financiera y a la confianza de los mercados en el país.

Class of 2017 Abstract / Objectives: The aim of this project was to assess community-dwelling older adults’ knowledge of prescription and Over-the-Counter (OTC) medications associated with fall risk, then provide an online educational intervention tailored to older adults on the topics they answer incorrectly. The knowledge assessment of the missed questions will be repeated after the online education to detect the effectiveness of the online intervention in increasing the knowledge of community-dwelling older adults. Methods: This study used an interventional design with pre-test, post-test survey method to quantitatively analyze community-dwelling older adults’ knowledge on medication-related fall risk. The persons taking the survey were community dwelling older adults, 65 years of age and older, living in the greater Tucson and Phoenix areas. Data was obtained through an online Qualtrics questionnaire between February 1, 2016 and February 1, 2017. The survey respondents answered questions regarding prescription and OTC medications associated with fall risk. For the questions they answered incorrectly, an online educational intervention tailored to older adults was provided immediately. The knowledge assessment of the missed questions was repeated after the online education to detect the effectiveness of the intervention. Results: Questionnaires were completed by 302 community-dwelling older adults. The mean age of the participants was 79 (range 65 to > 96), and majority were women (61.2%). A majority of respondents (53.87%) reported falling once in the last 5 years. Of the total participants, 50% were taking between 5 and 9 prescribed medications and 56% taking 0 to 4 OTC medications. The primary outcome of this study is that online education was effective in educating community dwelling older adults on medication-related fall risk. Patients whose pharmacist had previously educated them did not directly correlate with better performance on the pretest than those who did not receive counseling. Participants that received online education during the survey improved their score from 69% before education to 84% post education. Conclusions: The online educational intervention on medication-related fall among older adults was effective and informative. Such educational strategy may be used by pharmacists to educate older patients using medications that may increase fall risks.

The subject of this thesis is the evaluation of certain legal aspects of financial markets regulation related especially to dealing activities. Important role plays the context of contemporary period struggling with the consequences of recent financial crisis with the emphasis put on EU (resp. national) regulation. The first part is in general devoted to the meaning of existent regulation itself. Related legislation and institutional layout are subsequently brought closer in context of national and esp. EU environment. Certain point of interest deserves even (american) the most comprehensive financial markets reform ever. The key part of this thesis devotes to public law aspects instantly influencing dealing and trading activities on financial markets and their contrast to reality. The first theme describes categorization of clients entering on financial markets and duties put on subjects involved (counterparties), who conclude ind. deals with them. Then follow rating agencies, who have been influencing daily routine on financial markets for years and whose evaluation activities imminently influence the row of processes present on financial markets - starting from calculation of capital adequacy requirements until settlement of credit derivatives trades. Capital adequacy is put in context with...