This diploma thesis presents the simulation of the high frequency trading (HFT) strategies on electronic markets such as NASDAQ. The simulation is based on merging real historical order flow data and order flow of artificial trading agents representing new HFT strategies. This concept has not yet been widely discussed elsewhere. The problems discussed include: processing order flow market data, very precise time referencing, parametric reaction latency, various order types distinction etc. The design and the implementation of simulation process are presented, with respect to high computational requirements, modularizable strategies implementation and parallelization of whole simulation. In the final part of the work, we discuss the implementation and the results of a simulation of a simple HFT strategy.

Transaction in securities and their legal regulation The aim of this thesis is to define transactions with securities which are executed on capital market by investment firm. Theses is composed of 7 main chapters. Introductory chapters briefly provide evolution of securities in history. Afterwards the thesis focuses on the definition of securities according to contemporary legal regulation and reflects recent multiple changes in legal regulation. Attention is concentrated also to classification of securities in legal regulation. Types of contracts used in transactions with securities are also described. Consequently thesis concentrates on capital market regulation and supervision from the perspective of European and national law and reflects ongoing harmonization process. Primary attention is concentrated on position and activities of investment firm. It is the investment firm which provides investment services to customers and executes transactions with securities on capital market. Thesis focuses particularly on prudential requirements for providing investment services, categorization of customers, execution of client orders on terms that are most favorable to the client, scope of information which must be provided and requirements regarding qualification of personnel. The final part is devoted...

This thesis is focused on a private brand of food supplements called IPC COMPLEX. IPC COMPLEX is produced by company Pharmaceutical Corporaration, a.s., and has been freshly introduced in the Czech market. The paper aims to assess production costs and sales in 2013, to calculate mark-up, margin and total gross profit. A comparison of sales with the rival products in each category follows. The evaluation is also subjected to meet the balance sheet established before entering the market. Moreover, the aims of the management are assessed together with return on investments and presumed positive impact on management of the society. The research focuses on monitoring the private brand. The data - provided exclusively for this research, were collected in 2013 and represent all 42 pharmacies owned by the chain IPC in the Czech Republic. The thesis tries to evaluate economic impacts of private brand on the pharmaceutical market for food supplements. These consequences are compared with impacts of private brands in other fields. Generally, the impact is believed to be positive and to be beneficial for powerful retail chains. Despite the minor failures, this thesis proved that a private brand of food supplements can have the very same positive impact on the Czech pharmaceutical market. The private brand has...

Resumé Název: Právní problematika operací s cennými papíry a finančními deriváty Title: Legal issues of transactions with securities and financial derivatives Klíčová slova: deriváty, cenné papíry, kapitálový trh Key words: derivatives, securities, capital market Resume: The crucial aspect in the economic development was and still is the way of financial payments and fund raising. The historical development had a number of forms (barter, gold coins), the more modern methods led to the introduction of securities and financial derivatives. From the beginning of introducing securities and financial derivatives to the market the methods of their trading became increasingly sophisticated and thus grew the importance and need of their legal definition and assessment of their use. Given the current importance of these financial instruments, which are increasingly affecting the economic and social life of many countries, I decided to at least generally analyze this area in this thesis. My thesis primarily analyzes the regulation of securities, financial derivatives and trading with them in the Czech legal system in order to highlight the imperfections that may in practice lead to ambiguous interpretation and tries to help to eliminate these gaps. The focus of the thesis lies in the comparison of the institutional...

Abstract/ Modern Types of Derivatives and its Reflection in the Positive Law The purpose of my thesis is to provide an introduction to modern types of derivatives and analyze its regulation in the positive law of the Czech Republic. The reason for my research is an absence of literature on modern types of derivatives in the Czech language, as well as the fact that the legal nature of derivatives remains still unclear. The thesis is composed of four chapters. Chapter One provides an introduction into derivatives in general. It deals with the notion of derivatives and classifies them as an innovative instrument of the capital market. It also tries to analyze various definitions of derivatives, and although it concludes that there is no ideal, all-encompassing definition of derivatives, existing definitions usually give fairly good idea about what the derivatives are. Chapter One further deals with the regulation of derivatives in the Czech law (importantly, its tries to rebut an opinion that derivatives fall under the regulation of hazardous activities), it focuses on economic function of derivatives (namely hedging and speculation), it explains and justifies the division of derivatives into "classic" and "modern" or "exotic" derivatives, and finally it describes the main types of classic derivatives and its...

In the era of constant advancing of the globalization and quick development of the financial markets, the financial markets supervision is still the current topic. Lately, these tendencies have been significantly strengthened under the influence of ongoing world financial crisis. In the light of the crisis, which started as a "credit crisis", the topic of the financial markets supervision has become discussed in countries worldwide and also at the international level, because finding of an effective arrangement and supervision execution could substantially help to overcome the crisis. The main goal of this paper is the analysis and comparison of the legislation on the activities of the Czech and Slovak National Bank in the field of the execution of financial market supervision. The development of Czech and Slovak legislation is interesting as they both emerged from the same legal foundation, went through the phase of individual development and then they became closer again influenced by the European Union. The first two chapters of this thesis focus on the definition of basic terms used further in the thesis and then characteristics of the basic models of the supervision institutional organization. The second chapter deals with the subjects of the financial markets supervision and contains list of...

The purpose of this master thesis is to define the term "dominant position" of an undertaking under the EU Competition Law and to find out, what circumstances are decisive in order to be able to identify existence of a dominant position. The second part of the thesis focuses on actual problems connected with the dominant undertakings, namely the standardization and the effectiveness of the interventions of competition authorities into the actions of dominant undertakings on rapidly developing IT markets. The thesis deals with the concept of dominant position and does not address particular types of abusive behaviour enumerated in Article 102 (a) - (d) TFEU. The first chapter briefly describes the system of EU Competition Law. The focus is directed on agreements distorting competition (Art. 101 TFEU), abuse of dominant position (Art. 102 TFEU) and control of concentrations between undertakings (Council Regulation No. 139/2004). The second chapter looks at the term "dominant position" of an undertaking and its delimitations. The subchapters describe definition of relevant market, market share, market power and other market conditions which shall be taken into account in the dominant position analysis. Space is further devoted to the existing dominant position on the neighbouring market and to the...

The impact of labour legislation on the labour market in the Czech Republic - institutional aspects The purpose of this master's degree thesis is to analyse how the labour legislation impacts on the labour market in the Czech Republic with a focus on institutional aspects of this impact. The thesis is (except the introduction and the conclusion) composed of three chapters. Each of the chapters deals with different aspects of labour market. Chapter one describes labour market as a very important part of every economy as well as labour market determinants leading to the economy's prosperity. Chapter two economically analyses efficiency of a selected labour market instituonal aspects. Economics is choosen for analysis as a science enabling to see not only the visible, but also the invisible impacts of human action. The chapter consists of five parts. Part one focuses on the impacts of employment protection. Part two deals with the labour union effect. Part three investigates labour policy tools, especially unemployment benefits, investment incentives and minimum wage. Part four focuses on tax policy. Part five addresses the issue of anti-discrimination law measures. These parts contain conclusions relevant for the following chapter three. Chapter three examines recent progress of Czech labour legislation and...

In long term well-diversified portfolio of commodities is not only profitable as well as a portfolio of stocks, but they are also slightly less risky. Profitability of the portfolio of commodities is negatively correlated with the return of the portfolio of stocks and bonds. This means that commodities are effective in diversifying equity and bond portfolios. And since this yields negative correlation increases with the length of time. The benefits of diversification are greater the longer they are used. Not only that, since the return of the portfolio of commodities depends positively with inflation, commodities are the most appropriate group of assets to protect against inflation.

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.