Producer Choice was the title given to the trading system, designed around an internal market, which was introduced at the BBC in the years between 1991 and 1994. The initiative represented the biggest organisational change in the BBC's history. The political background to Producer Choice was conditioned by the perceived need of the BBC to ensure renewal of its ten-year Charter in 1996. Producer Choice helped to secure Charter Renewal because it provided the means whereby new accountability and cost measurements were set in place. The 'command economy' of the old BBC was to be replaced with an internal market, and the organisation given an enhanced managerial focus. Using a combination of participant observation, semi-structured interviews, an analysis of all relevant documentation, and the application of theory concerning processual models of change, the nature of bureaucracy, changes in public sector management and the shift from hierarchy to marketisation, the thesis answers three questions: What is Producer Choice? How has it been implemented? What have been its outcomes? The thesis concludes by drawing out some analytical generalisations about the management of change regarding the 'process of sanctification', the effects of divisionalisation on organisational cohesion, and the characteristics of internal markets.

Magister Legum - LLM / This research is based on the premise that the BRICS group is a movement directed at the rebalancing power and wealth that may put an end to the domination of developed countries in the multilateral trading system. In order to effectively explore the role of BRICS in the further development of the multilateral trading system, this research poses the following questions: 1- What is the legal and institutional framework of the BRICS group and how does this framework relate to the objectives of BRICS group? 2- What is the interaction between the WTO and BRICS countries in the multilateral trading system? 3- What is the position of BRICS countries in the decision making process in the multilateral trading system? This research assesses the rise of the BRICS group, in relation to the participation of developing countries within the WTO. It presents some aspects regarding the challenges and complications that developing countries face in their participation in the multilateral trading system. The research further seeks to explore if this participation allows for more democratic development of the current multilateral trading system.

This report presents a quantitative research and trading system (QUARTS) for US equities. After introduction of US stock market structure, it presents the quantitative model concept, specifically, its components and its interactions with different environments. Equipped with a software architecture design discipline that follows three steps -- define the problem; design the solution; and deploy to sites -- it designs the architecture of QUARTS. This is followed by a prototype implementation of research environment. Finally it gives two sample quantitative models to demonstrate the use of research environment. The report includes a detailed survey of Software Architecture and Design Methodologies to help readers to better understand the derivation of QUARTS architecture. / text

The master's thesis deals with the design of the proposed automatic trading system especially for daily trading on the currency markets. The aim of the thesis is to create a complex theoretical basis, in the practical part of the work to use the knowledge to create a suitable automatic trading system. The thesis focuses on the technical analysis of the currency markets. The proposed system will be optimally optimized to maximize profitability and stability with application to the most liquid currency pairs.

The aim of the thesis is testing of created investment strategies on American capital market. The beginning of the thesis is devoted to the explanation of principles of Walk-forward optimalization, description of tested time period and shares and other starting points of the thesis. Afterwards several tools of technical analysis are used to create two trading systems, which are then tested. The final part of the thesis is devoted to the analysis of results of both trading system and to suggestions, which could improve both trading systems performance.

Magistrinio darbo pirmojoje dalyje iškeliama klimato kaitos problema, apžvelgiami pagrindiniai tarptautiniai susitarimai, kurių pagrindu formuojama šiltnamio dujų prekybos sistema Europos Sąjungoje. Šioje dalyje nagrinėjamos taršos mažinimo priemonės – lankstieji Kioto protokolo mechanizmai (bendro įgyvendinimo ir švarios plėtros) bei jų metu sukuriami šiltnamio dujų prekybos sistemos objektai. Antrojoje darbo dalyje apibrėžiama, kas yra šiltnamio dujų prekybos sistema - aptariami jos įkūrimo Europos Sąjungoje etapai ir ypatybės. Aiškinamasi, kokie šiltnamio dujų prekybos sistemą reglamentuojantys teisės aktai yra priimti Lietuvos Respublikoje bei kokie mechanizmai nėra numatyti. Šioje dalyje išsamiai nagrinėjami šiltnamio dujų prekybos sistemos objektai ir jų sukūrimą reglamentuojančios Europos Parlamento ir Tarybos direktyvos 2004/101/EB dėl Kioto protokolo projektų mechanizmų principai. Remiantis Europos Sąjungos teisės aktais, daromos apibendrintos išvados dėl dar nenumatytų šiltnamio dujų prekybos galimybių nacionaliniuose teisės aktuose. Trečiojoje magistrinio darbo dalyje pateikiama pirmųjų šiltnamio dujų prekybos sistemos metų Lietuvoje analizė, pateikiami 2005-2007 ir 2008-2012 metų laikotarpių nacionalinių paskirstymo planų pagrindiniai skirtumai. Šioje darbo dalyje analizuojamos taršos mažinimo priemonių įgyvendinimo galimybės bei apžvelgiamos Lietuvos šiltnamio dujų prekybos administravime dalyvaujančios institucijos. Remiantis atlikta analize ir šiltnamio dujų... [to full text] / The problem of climate change is raised in the first part of the thesis and the main international treaties are overviewed. These treaties lay the basis for emissions trading system in the European Union. Means for emissions reduction: Kyoto mechanisms (joint implementation and clean development) and created objects of emissions trading system while implementing mechanisms are reviewed. In the second part of the thesis greenhouse gas emissions trading system is described and stages and features of its creation in the European Union are discussed. Legal acts of emissions trading system of the Republic of Lithuania are explained and not foreseen possibilites for implementation of Kyoto mechanisms are overwied. Objects of emissions trading system are described detaily together with principles of Kyoto mechanisms and Directive 2004/101/EC of the Eurpean Parliament and of the Council for Kyoto Protocol‘s project mechanisms. Refering to legal acts of the European Union, conclusions for possibilities of implementation of Kyoto mechanisms which are not foreseen in national law system are drawn. In the third part of the thesis the analysis of the first year of emissions trading system in Lithuania are overwied, main differences of national allocation plans for 2005-2007 and 2008- 2012 periods are presented. The possibilities for emissions reduction are analysed and administrative system of institutions of emissions traning system in Lithuania is overviewed. Conclussions and... [to full text]

This thesis focuses on design, implementation and optimalization of automated trading system based on breakout strategy and public fundamental data wich trades on FOREX. It descripes theoretical backgroud of financial markets and especially focuces on FOREX. This automated trade system is implemented in object oriented programing paradigm for MetaTrader 5 platform. Last part of thesis is aimed at testing implemented system on historical data in order to evaluate the correctness of system and optimalizations.

歐美知名交易所的整併工程，在過去十年間持續進行，其整併目的皆基於降低成本以及提升合併後之綜效為目標。然近幾年來交易所之合併案例，往往強調交易所整併後，新一代交易系統之發展、該新系統對於交易所之貢獻及可能發揮之綜效。例如：Nasdaq 與OMX AB整併後，將共同推出新一代GENIUM交易系統，或是Euronext 與NYSE整併後，將共同規劃推出Universal Trading Platform交易系統，或是DBAG(德國交易所集團)內部各子公司之整併後，將推動新一代交易系統。由前述交易所整併案例，我們發現交易系統之發展策略非常重要，未來的金融交易市場，應整合既有資源，持續不斷開發功能健全的交易平台，並以提供更好之交易效率及交易環境為目標。基於國外交易所之發展經驗及我國證券期貨周邊單位持續進行四合一之規劃研究，本論文特別從各交易所資訊組織結構、我國期貨市場規模、新一代期貨交易功能之需求等角度，探討與研究我國新一代期貨交易系統之發展策略。 回顧2008年，全球金融海嘯對於各國金融市場皆有程度不一之衝擊，在景氣及市場尚未完全復甦之際，探討證券期貨四合一後，新一代期貨市場所需之交易系統更具實務上之需求及意義。2008年我國期貨市場交易量136,719,777口，較前一年成長18.73%。2008年全球期貨市場交易量17,666,155,848口，較前一年成長13.24%。2009年1~4月，我國期貨市場交易量50,207,070口，較前一年同期成長24.99%（資料來源：FOW TRADEData)。從這樣的統計數據中，我們可以發現期貨市場在全球金融海嘯的過程中，積極發揮期貨市場避險的功能。 因此，本研究論文，收集過去關於證券期貨四合一之相關資訊系統整合研究資料、歐美各知名交易所整併前後交易系統之發展，以及整併後資訊組織之功能等參考文獻，研究並探討新一代期貨交易系統之規劃方向、目標及策略。現階段國外知名交易所，已大致陸續完成整併作業，倘未來我國證券期貨市場周邊單位，落實執行四合一計畫。關於新一代期貨交易系統之發展策略之訂定，確有其必要性，再以期貨市場近年之發展趨勢來看，健全交易系統功能完整性，提高對期貨商之資訊服務、滿足新的交易制度及新商品上線需求，規劃新一代交易系統之總體策略，可行之方法除持續投入資源，自行開發新一代期貨交易系統之外，與知名交易所或資訊公司合作開發，亦是另一種選擇。綜上，希望本研究論文能於四合一之前提下，對我國新一代期貨交易系統發展策略之擬訂有所助益。

This thesis, examines three research questions concerning the coherence between the European Union (EU) rules about State aid for environmental protection and the “polluter-pays-principle” (PPP) in the context of the free allocation practice in the European Union Emissions Trading System (EU ETS).  The aim of the first research question is to study whether the free allocation of emission rights within the EU ETS is compatible with the EU State aid rules. The conclusion to this research question is that the free allocation practice does fulfil the criteria to constitute State aid but that the Commission has permitted derogations against this prohibition, provided certain conditions such as necessity and proportionality are fulfilled.   The second research question is whether the free allocation method is compatible with the PPP. The PPP can be divided into an economic dimension and a legal dimension and it is concluded that the free allocation practice is contrary to at least the legal dimension of the PPP. According to the OECD, exceptions from the principle can be made but the EU has not established conditions for when such derogations from the PPP can be made.   The third research question concerns the compatibility between the EU State aid rules and the PPP. Generally there is no disharmony between the State aid rules and the PPP, since the PPP should not be seen as a mere prohibition against aid to polluters, but can also be considered a complement to State aid rules. However in the specific case of the free allocation rules in the EU ETS, State aid measures contrary to the PPP are carried out. Since the EU has not established conditions for whether derogations from the PPP can be made, it is concluded that the free allocation practice within the EU ETS does expose a disharmony between the PPP and the State aid rules. It is suggested that the EU clarifies the conditions for permitting derogations from the PPP, in preparation for the fourth phase of the EU ETS.

O objetivo geral desta pesquisa é analisar a atuação do Brasil em comércio exterior durante os anos de 2003 a 2013. Considera-se que neste período o país tem feito uso de medidas protecionistas com o objetivo de elevar a competitividade dos bens brasileiros. Este fato fica mais evidente a partir de 2011, com o lançamento do Plano Brasil Maior, dentro do qual as medidas de defesa comercial passam a integrar diretrizes oficiais do governo, em conjunto com perfurações tarifárias e aumentos de tarifas à importação. Além disso, outros programas, integrantes da política industrial e de comércio exterior, apresentam forte conteúdo nacionalista. Por outro lado, o fraco desempenho do setor industrial evidencia que, apesar do protecionismo, a indústria doméstica não consegue se restabelecer como setor dinâmico da economia. Nesse contexto, é possível afirmar que políticas comerciais que visam a combater processos de desindustrialização são paradoxais com as regras multilaterais? Para responder a esta pergunta, a análise foi dividida em dois artigos científicos. Primeiramente, é apresentada uma revisão bibliográfica sobre o tema da desindustrialização, para entender a evolução do conceito e a maneira como ele é trabalhado pelos principais autores nacionais e estrangeiros. O artigo busca incluir a política comercial, enquanto instrumento macroeconômico, nesta análise, ressaltando o seu papel nos resultados comerciais. Já o segundo artigo traz dados empíricos, a partir do levantamento das resoluções da CAMEX no período 2003-2013, com o objetivo de mapear o protecionismo da política comercial brasileira e entender se tais medidas servem ao propósito de exercer uma força contrária ao processo de desindustrialização. / The overall objective of this research is to analyze Brazilian performance in international trade from 2003 to 2013. During this period, Brazil has made use of protectionist measures in order to raise the competitiveness of its goods. It is more evident from 2011, with the launch of the \"Greater Brazil Plan\", within which the trade defense measures became part of the governmental guidelines, along with import tariff rate increases and perforations of Mercosul\'s Common External Tariff. In addition, there are other programs, within both trade and industrial policies, which present strong nationalist content. On the other hand, the low performance of the industrial sector shows that, despite the use of protectionist measures, the domestic industry could not be stablished, as a dynamic sector of the economy. In this context, is it possible to state that trade policies, which aim to fight de-industrialization are paradoxical with multilateral trade rules? To answer to this question, firstly, we present a review of the literature on the topic of de-industrialization, focusing on the definition of the concept, as well as how the main authors have used it. The article aims to include trade policy in the analysis, by highlighting its role in trade results, while a macroeconomic instrument. The second article provides empirical data from the survey of CAMEX resolutions during the years of 2003 to 2013, in order to map the protectionism content of Brazilian trade policy and to understand whether such measures serve to the purpose of exerting a counterforce to de deindustrialization process.