This thesis deals with problems of automatic trading system for trading on commodity exchange. Automated trading system for the purpose of this thesis is based on the principle of adaptive moving average. This principle is processed initially at a theoretical level, then the thesis analyzes the problem of making automated trading system and risks of online trading. The final section describes implementation and testing of automatic trading system.

The main aim of this diploma thesis is to analyze the options of trading Forex by combining fundamental and technical analysis in connection to intraday trading. One of the goals is to identify pros and cons of these analysis. Based on the gained information, design trading portfolio consisting of different strategies. Each strategy will be programmed as automated trading system and optimized and tested on historical price data.

Verifying the reliability and functionality of a complex system like a trading system is highly demanding since failure in such a system can cause serious economic problems. Automated random testing is a good solution to find new and rare failures in such a system. Test cases in random testing usually contain a long sequence of actions that debugging them manually to find the root cause of the failure is a very boring and tiresome task. This thesis aims to create a model for automating the task of the debugging to reduce the failed test case to an equivalent test case that only contains relevant actions that together cause the failure. Delta debugging is the core algorithm of the model that simplifies a failed test case by successive testing. The target of the project is TRADExpress system of Cinnober Financial Technology AB. The model is integrated to the random testing framework of the TRADExpress system.

Financial markets use complex computer trading systems whose failures can cause serious economic damage, making reliability a major concern. Automated random testing has been shown to be useful in finding defects in these systems, but its inherent test oracle problem (automatic generation of the expected system output) is a drawback that has typically prevented its application on a larger scale. Two main tasks have been carried out in this thesis as a solution to the test oracle problem. First, an independent model of a real trading system based on constraint programming, a method for solving combinatorial problems, has been created. Then, the model has been integrated as a true test oracle in automated random tests. The test oracle maintains the expected state of an order book throughout a sequence of random trade order actions, and provides the expected output of every auction triggered in the order book by generating a corresponding constraint program that is solved with the aid of a constraint programming system. Constraint programming has allowed the development of an inexpensive, yet reliable test oracle. In 500 random test cases, the test oracle has detected two system failures. These failures correspond to defects that had been present for several years without being discovered neither by less complete oracles nor by the application of more systematic testing approaches. The main contributions of this thesis are: (1) empirical evidence of both the suitability of applying constraint programming to solve the test oracle problem and the effectiveness of true test oracles in random testing, and (2) a first attempt, as far as the author is aware, to model a non-theoretical continuous double auction using constraint programming. / Winner of the Swedish AI Society's prize for the best AI Master's Thesis 2010.

Climate system protection from the legal point of view Climate change seems to be a defining ecological issue of the 21st century. However, unlike other global threats there are still some scientific uncertainties about the gravity of this problem and its actual consequences. On the other hand the proven fact is that the Earth climate is affected by altered atmospheric concentrations of greenhouse gases. Dozens of recent studies clearly indicate that the changes in the atmosphere are a result of human activities and that an immediate action is needed to reduce greenhouse gas emissions and avoid reaching more harmful levels. If nothing is happened, climate change would lead to a rise in global average temperature together with other associated impacts such as melting glaciers, rising sea-levels or more frequent appearence of extreme weather events. The climate change issue is being addressed both at international and national level. There is a need to take a coordinated action of all states worldwide with respect to their development capabilities and historic responsibilities. International negotiations in last couple of years have shown that it will be very difficult to achieve an agreement between countries with different intrests. The aim of this diploma thesis is to summarize a development of the...

A presente tese se propõe a responder a seguinte questão: É correto afirmar que o regionalismo desenvolvimentista sul-americano, implantado ao longo do século XX, e o novo regionalismo desenvolvimentista, implantado ao longo da primeira década do século XXI, são compatíveis com as regras do sistema multilateral de comércio? Em outras palavras, as organizações de integração regional da América do Sul têm balizado as suas políticas desenvolvimentistas no policy space decorrente das prerrogativas jurídicas para o desenvolvimento do sistema multilateral de comércio? Para tratar o refrido tema, parte-se da premissa que os países da América do Sul historicamente sempre fizeram uso das prerrogativas jurídicas para o desenvolvimento, desde que tais surgiram no sistema multilateral de comércio, e possibilitaram a implantação de políticas no plano nacional e regional. Ao longo da tese, é analisada, desde uma perspectiva jurídica, a compatibilidade com as regras do sistema multilateral de comércio dos principais aspectos desenvolvimentistas das organizações de integração regional criadas na América do Sul, desde a ALALC, em 1960, até a UNASUL, em 2008. Concluiu-se que tanto o velho quanto o novo regionalismo desenvolvimentista da América do Sul foram levados adiante em concordância com o direito internacional do comércio, seja ao longo do período GATT, seja ao longo do período OMC. Mesmo com a redução de policy space decorrente da entrada em vigor dos acordos da OMC, a América do Sul vislumbrou manter um relativamente alto nível de espaço político (policy space) para a criação de políticas públicas de desenvolvimento. Atualmente, percebe-se uma tendência das organizações de integração regional da América do Sul, especialmente da UNASUL e do MERCOSUL, de levar adiante políticas públicas em torno de temas não-regulados pela OMC, o que caracterizaria uma estratégia OMC-extra. O novo regionalismo desenvolvimentista sul-americano está finalmente se constituindo para além do policy space do sistema multilateral de comércio, o que, por não configurar, a priori, uma incompatibilidade dos processos de integração com as regras da OMC, contribui para fortalecer o primado do direito internacional na América do Sul. / This thesis aims to answer the following question: Can it be said that the South American developmental regionalism, carried out throughout the twentieth century, and the new developmental regionalism, implemented during the first decade of this century, are compatible with the rules of multilateral trading system? In other words, have the regional integration organizations in South America based their developmental policies in the policy space resulting from the developmental legal prerogatives of the multilateral trading system? To treat such theme, we start from the premise that the countries of South America have historically made use of legal rights for development, since these arose in the multilateral trading system, and enabled the implementation of policies at the national and regional levels. From a legal perspective, the thesis analyses the compatibility of the main developmental aspects of regional integration organizations created in South America since the LAFTA in 1960 to UNASUR, in 2008 with the rules of the multilateral trading system. It was concluded that both the old and the new developmental regionalism in South America were brought forward in accordance with international trade law, either through the GATT period, either during the WTO period. Even with the reduction of policy space resulting from the entry into force of the WTO agreements, South America managed to maintain a relatively high level of policy space for the creation of developmental public policies. Currently, there is a perceived trend of regional integration organizations in South America, especially the MERCOSUR and UNASUR, to carry out public policies on topics unregulated by the WTO, which would characterize a strategy WTO-extra. The new South American developmental regionalism is finally going beyond the policy space of the multilateral trading system, which, by not setting a priori incompatibility of the integration processes with WTO rules, contributes to strengthen the rule of international law in South America.

A presente tese se propõe a responder a seguinte questão: É correto afirmar que o regionalismo desenvolvimentista sul-americano, implantado ao longo do século XX, e o novo regionalismo desenvolvimentista, implantado ao longo da primeira década do século XXI, são compatíveis com as regras do sistema multilateral de comércio? Em outras palavras, as organizações de integração regional da América do Sul têm balizado as suas políticas desenvolvimentistas no policy space decorrente das prerrogativas jurídicas para o desenvolvimento do sistema multilateral de comércio? Para tratar o refrido tema, parte-se da premissa que os países da América do Sul historicamente sempre fizeram uso das prerrogativas jurídicas para o desenvolvimento, desde que tais surgiram no sistema multilateral de comércio, e possibilitaram a implantação de políticas no plano nacional e regional. Ao longo da tese, é analisada, desde uma perspectiva jurídica, a compatibilidade com as regras do sistema multilateral de comércio dos principais aspectos desenvolvimentistas das organizações de integração regional criadas na América do Sul, desde a ALALC, em 1960, até a UNASUL, em 2008. Concluiu-se que tanto o velho quanto o novo regionalismo desenvolvimentista da América do Sul foram levados adiante em concordância com o direito internacional do comércio, seja ao longo do período GATT, seja ao longo do período OMC. Mesmo com a redução de policy space decorrente da entrada em vigor dos acordos da OMC, a América do Sul vislumbrou manter um relativamente alto nível de espaço político (policy space) para a criação de políticas públicas de desenvolvimento. Atualmente, percebe-se uma tendência das organizações de integração regional da América do Sul, especialmente da UNASUL e do MERCOSUL, de levar adiante políticas públicas em torno de temas não-regulados pela OMC, o que caracterizaria uma estratégia OMC-extra. O novo regionalismo desenvolvimentista sul-americano está finalmente se constituindo para além do policy space do sistema multilateral de comércio, o que, por não configurar, a priori, uma incompatibilidade dos processos de integração com as regras da OMC, contribui para fortalecer o primado do direito internacional na América do Sul. / This thesis aims to answer the following question: Can it be said that the South American developmental regionalism, carried out throughout the twentieth century, and the new developmental regionalism, implemented during the first decade of this century, are compatible with the rules of multilateral trading system? In other words, have the regional integration organizations in South America based their developmental policies in the policy space resulting from the developmental legal prerogatives of the multilateral trading system? To treat such theme, we start from the premise that the countries of South America have historically made use of legal rights for development, since these arose in the multilateral trading system, and enabled the implementation of policies at the national and regional levels. From a legal perspective, the thesis analyses the compatibility of the main developmental aspects of regional integration organizations created in South America since the LAFTA in 1960 to UNASUR, in 2008 with the rules of the multilateral trading system. It was concluded that both the old and the new developmental regionalism in South America were brought forward in accordance with international trade law, either through the GATT period, either during the WTO period. Even with the reduction of policy space resulting from the entry into force of the WTO agreements, South America managed to maintain a relatively high level of policy space for the creation of developmental public policies. Currently, there is a perceived trend of regional integration organizations in South America, especially the MERCOSUR and UNASUR, to carry out public policies on topics unregulated by the WTO, which would characterize a strategy WTO-extra. The new South American developmental regionalism is finally going beyond the policy space of the multilateral trading system, which, by not setting a priori incompatibility of the integration processes with WTO rules, contributes to strengthen the rule of international law in South America.

氣候變遷已然成為國際間急需面對的課題。為了減輕溫室氣體排放量所採取之環境政策工具，不僅需要內國及國際環境法制加以處理，也需要輔以經濟誘因來推動溫室氣體減量工作。開發中國家因經濟成長使排放量急劇增加，包括亞洲主要國家的中國大陸、南韓、日本與台灣等，也開始積極推動碳交易機制。 碳交易機制連結是一種將各國的碳交易機制有組織性地連結而成全球碳交易市場的方式，在目前全球氣候變遷制度談判僵局之下，亞洲國家積極建立推動各國碳交易機制及其法規，亞洲碳交易市場連結發展之可能性成為氣候變遷焦點之一。本文採取文獻回顧法及歸納法，透過檢視分析學者文獻、歐盟、加州與魁北克碳交易機制的連結法規制度，探討連結碳交易機制所需要的法規要素，藉由分析成功的連結經驗，以探討亞洲國家複製歐盟、加州與魁北克碳交易機制連結模式之可行性。 以亞洲國家現今關於碳交易制度的立法規劃來看，目前只有韓國法規具有明確立法連結之相關規定，因此，進而比對韓國連結法規是否已具備足以對外連結之規範及要素，檢視韓國在運行了韓國碳交易機制之後，是否會有對外連結的可能性。台灣雖然已經於2015年通過溫室氣體減量及管理法，並於同年7月生效之，在該法規中有連結之基本概念，但是對於其他如減量階段時程、抵銷詳細規範等，在法規中或其他相關法規中未有具體擘劃。 在面臨亞洲地區一個大型的區域性碳交易市場即將崛起之際，亞洲地區的國家若要發展下一步的連結碳交易機制，在法規制度內須對於對外連結有明確的法律授權，其碳交易機制才有望可發展後續的對外連結。 / In order to reduce greenhouse gas emissions, every country should not only construct the international environmental law and country law, but also use economic strategies as assistant. The emission increases sharply because of rapid economic growth in developing countries in Asia. Therefore, major Asian countries including China, South Korea, Japan and Taiwan, promote the emission trading system. The emissions trading system is a key tool for reducing greenhouse gas emissions. Linking the emission trading systems is an organized way to create a global carbon market. When the global climate change negotiation is deadlocked, a growing number of countries in Asia are integrating cap-and-trade systems into their national climate policies, so that the probability of developing the carbon market in Asia becomes the main issue. This study summarizes and refers to the scholars’ reference materials, the law and regulation of the EU, California and Quebec emission trading systems. The aim of the study is to: (1) generalize the legal and institutional requirements for linking emissions trading systems by analyzing the experiences from the EU, California and Quebec; (2) discuss whether emission trading systems in Asia could be linked. The study concludes that only South Korea has the relevant legislation that authorizes linking with other emissions trading systems in Asia. It is more likely that South Korea emission trading system will establish link to other countries. By viewing and comparing the legal requirements for linking emissions trading system in this study, however, it seems like that there are still some legal challenges for South Korea to be fully prepared for linking with other emissions trading systems in the short term.

La nécessité d’une action mondiale pour limiter les émissions de gaz à effet de serre est reconnue par la majorité des pays, mais l’incapacité du régime climatique international à fournir une régulation globale des rejets de GES dans l’atmosphère a conduit à l’échec de l’approche top-down. Cet impossible consensus a conduit à un point de rupture dans la structure du régime climatique mondial dont témoignent notamment le développement, avant l’Accord de Paris d’une approche bottom-up, fondée sur une gouvernance climatique polycentrique et multiniveaux. C’est dans ce contexte qu’émergent et se développent, à différentes échelles administratives, les dix-neuf systèmes de permis d’émissions négociables aujourd’hui en fonctionnement dans le monde. De fait, aucune homogénéité n’est recherchée dans la conception de ces mécanismes de réglementation. Les choix structurels sont dépendants des caractéristiques et contraintes politiques et économiques de la zone géographique à laquelle ils appartiennent. Les configurations et les effets de l’élargissement des systèmes de permis négociables sont encore débattus et cette thèse apporte des recommandations sur la manière dont ces extensions et connexions pourraient avoir lieu.A partir d’analyses de la littérature empirique et de simulations à l’aide d’un modèle d’équilibre partiel pour le secteur énergétique (modèle POLES), nous préconisons la mise en place de mécanismes de cloisonnement sectoriel et de restrictions aux échanges de permis. En effet, dans un contexte caractérisé par des constructions hétérogènes de systèmes de permis d’émissions négociables, une diffusion non-universelle de ces marchés et une inclusion non-intégrale de tous les secteurs de l’économie, nous concluons que deux types d’ajustements sont essentiels. Premièrement, nous démontrons la nécessité d’une configuration et d’un cloisonnement sectoriel des marchés, cela afin d’impulser une dynamique d’innovations, de limiter les impacts sur la compétitivité internationale et de rendre conforme le système aux exigences des politiques connexes. Deuxièmement, nous justifions l’intérêt des mécanismes de restriction aux échanges internationaux de permis d’émissions négociables ; ils permettent en particulier une meilleure redistribution des gains liés à l’échange, tout en réduisant le coût total de la politique climatique et les quantités de GES émis par rapport à une pure segmentation des marchés.Finalement, l’existence de plusieurs prix du carbone apparaît incontournable dans le contexte actuel d’une gouvernance climatique mondiale hétérogène et d’une multiplicité d’objectifs politiques nationaux. Encourager le développement de prix différents par secteur et par pays permettrait, sous certaines conditions, de favoriser l’acceptabilité politique, de renforcer l’efficacité environnementale et d’améliorer l’efficience économique des systèmes de permis d’émission. / Most countries recognize that a coordinated worldwide action to limit greenhouse gas (GHG) emissions has to be implemented. However, the countries inability to coordinate their efforts led to the failure of the top-down climate architecture. Today, the international climate governance adopts a different direction, which based on bottom-up approach. This approach promotes polycentric and multi-level governances, that induce several independent policy-makers in different administrative scales (province, state and region). Therefore, the actual implemented Emission Trading Systems (ETS), as well as the emerging ones, grow in a domestic context. This context, in terms of economic development, political commitment and geographical coverage, determine the ETS design. Then, there is no harmonized design among ETS, no universal diffusion of these mechanisms in the world and a lack of integral inclusion of all sectors in these carbon markets. While researchers and policy-makers discuss the optimal features of such systems, this thesis examines different configuration options and coverage areas for the tradable permit schemes.Using a world energy-economy partial equilibrium simulation model (POLES) and drawing on experiences with real-world ETSs (based on empirical literature), we recommend two types of adjustments: the restrictions on trade permits between sectors, in one hand, and the control of international permit exchange between ETS, in the second hand. Indeed, we demonstrate firstly the necessity to separate ETS by sector and adapt them considering the specificities of each sector. This kind of policy will stimulate innovation in each sector. Also, it will limit the impacts on the international competitiveness and it will lead climate policy to other economic policies. Secondly, we develop a model to describe the effects of exchange permits emissions considering international linking among emissions trading systems. We prove that restriction exchange mechanisms are necessary to insure the redistribution of exchange gain compared to full linking. At the same time, these trade restriction mechanisms minimize the total cost and increase GHG emissions reductions compared to a segmented market.Considering the diversity of national political objectives and the bottom-up context of world climate framework, we concluded that the coexistence of several carbon prices is unavoidable and necessary. Encouraging the development of several carbon prices can promote political acceptability, strengthen environmental efficiency and improve economic efficiency.

Submitted by (edna.saturno@ufrpe.br) on 2016-05-24T16:31:30Z No. of bitstreams: 1 Helia Cavalcanti Correa Teixeira.pdf: 722085 bytes, checksum: 907e5992b3d6cc6b52100960509a0841 (MD5) / Made available in DSpace on 2016-05-24T16:31:31Z (GMT). No. of bitstreams: 1 Helia Cavalcanti Correa Teixeira.pdf: 722085 bytes, checksum: 907e5992b3d6cc6b52100960509a0841 (MD5) Previous issue date: 2014-05-06 / This study goals to analyze the relation of commercialization system with causes of losses of leafy vegetables: lettuce, chive and coriander traded by producers, middlemen, Central Supply and Logistics of Pernambuco (CEASA) and private supermarkets in Recife. We specifically sought to identify the main causes of losses in the commercialization system; To quantify and to value the physical and monetary losses caused in the marketing process; To check the retailer’s and wholesaler’s commercialization margin. A theoretical basis was presented about agricultural market, marketing channels and flows, losses in production and marketing of hardwoods, horticulture, production of leafy vegetables, logistics, market structure, pricing system. In the study data collection was carried out through visits and semi-structured interviews with farmers: the leafy vegetables lettuce, scallions and cilantro in Vitória de Santo Antão in the settlement of Natuba with middlemen, with the permittees of supply structures and supermarkets Grand Reef. We also implemented a research questionnaire to identify the monetary losses, physical losses, causes of losses, among other issues part of the chain of marketing of leafy greenery. The results of this study demonstrate that the losses in trading occur throughout this process and consequences of these losses are reflected in the budget of the end user, due to increase in price. According to the producers, there are physicall loses of 73,13% of the three hardwoods studied, and there is a total loss of 40,22% of hardwoods to the middleman, while for the retailer and wholesaler from CEASA there is a loss of 34.48% of leafy, and at last there is a loss of 25,36% of hardwood on the supermarkets. / O presente estudo tem como premissa analisar a relação entre o sistema de comercialização e as causas de perdas das hortaliças folhosas: alface, cebolinha e coentro, comercializados entre os produtores, os atravessadores, a Central de Abastecimento e Logística de Pernambuco (CEASA) e os supermercados. Especificamente, buscou-se verificar as principais causas das perdas no sistema de comercialização; Quantificar e valorar as perdas físicas e monetárias provocadas no processo de comercialização; Verificar a margem de comercialização do varejista e atacadista. Um aporte teórico sobre: mercado agrícola, canais e fluxos de comercialização, perdas na produção e comercialização de folhosas, olericultura, sistema de produção das hortaliças folhosas, logística, estrutura de mercado, formação de preço foi apresentado. No estudo a coleta de dados, foi realizada por meio de visitas e entrevistas semiestruturadas com os produtores: das hortaliças folhosas da alface, da cebolinha e do coentro no Município de Vitória de Santo Antão no assentamento de Natuba, com os atravessadores, com os permissionários da CEASA e com os supermercados do Grande Recife. Realizou-se também a aplicação do questionário de pesquisa de campo, com o objetivo de fazer um levantamento: das perdas monetárias, perdas físicas, causas das perdas, entre outras questões para cada ator integrante do processo de comercialização das hortaliças folhosas. Os resultados encontrados desse estudo demonstram que as maiores causas das perdas na comercialização estão associadas às doenças relacionadas: ao cultivo, às condições climáticas, aos produtos que machucam durante o transporte, o manuseio do cliente. Em relação aos produtores, perde-se fisicamente 73,13% das três folhosas estudadas, a perda total das folhosas para o atravessador confere 40,22%, já para o varejista e atacadista permissionário do CEASA configura uma perda de 34,48% de folhosas e por último tem-se uma perda de 25,36% das folhosas para o supermercado.