Academic literature on the topic 'Dohled nad finančními trhy'

Diploma thesis is dealing with causes of current financial crisis, especially with financial regulation failure and its analysis. Regulation failure was incontrovertibly the important cause of current crisis. As a result of regulation failure we can identify these as follows: asset securitization,rating agencies failure, information asymmetry,negative externalities etc. This thesis is also concerned with analysis of bankruptcy of american investment bank Lehman Brothers. The last part of work examine the financial regulatory reform.

This diploma thesis focuses on problems of regulation and supervision over financial market in Czech Republic. The first part of diploma thesis describes briefly the Czech financial market and its main characteristics. The following four chapters evaluate main steps in the development of supervision and also its key inadequacies. According to the main segments of financial market these chapters deal with four markets -- capital market, banking market, insurance market and market of co-operative credit bank. In connection with the actual world economy situation, I mention the actual U. S. mortgage crisis, which is behind the turbulences on financial markets. The last chapter is dwelling on the integration of supervision over the financial market. In the Czech Republic four options of the institutional arrangement of integrated supervision had been comming into question, which are also considered in my thesis. On the basis of predominant advantages, the variant of full integration into the central bank prevailed. One of the aims of my diploma thesis is to analyse, whether this integration of supervision is advantageous for the Czech Republic and whether it brings better results than the earlier sector arrangement of the supervision.

My thesis is directed to the definition, description and comparison of models of the financial market's regulation and supervision. The attention is addressed in particular to institutional aspects of individual systems, advantages and risks which are connected with them, and also to reasons which trigger changes in single countries. The internacional standards are basis for their legal anchorage in which parameters of the independence and accountibility play an immense role. The quality setting of the institutional structure is one, however not sufficient, presumption for the effective supervision's performance. It should not be an objective but only a stepping stone to achieve a better effeciency. The decision which model will be applied for the regulation and supervision is left upon national jurisdictions as it is actually them to take into account all the benefits and expenses including the economic size, structure and level of the market development, legal environment and the central bank's role. Within the last 20 years a fully integrated supervision was generally accepted in the frame of single institution for all financial market's sectors, mostly outside the central bank. Nevertheless, the contemporary regulation is scrutinized in the light of global financial crisis originated in the year 2008. On the base of actual findings it can be expressed that the current mechanism of regulation is not efficient and does not correspond with the degree of global interconnection among financial markets and the offer of inovative financial products. Although the European Union prepared amendments which came into effect from January 1st 2011, by which new bodies were established, the time for a detailed analysis of the potentional contributions has not come yet. However, I suppose the framework for regulation will again be reevaluated in the future. In my opinion no solution brings a complete eliminaton of risks concerning vulnerabilities and systematic shocks on the financial markets. The main analytic part of my thesis is focused on the current supervisory system in the Czech republic and Slovakia, which is based on fully integrated architecture within the central bank. Having used the methods of enquiry and intentional selection I verified the validity of two hypotheses: 1. National supervisory institutions grow in favour of market participants unlike the new set european bodies. 2. The current institutional form of the financial market supervision has a support of market participants in the Czech republic and Slovakia. The results imply that the first hypothesis is valid for the Czech republic only where generally exists a bigger discretion in relation to the new european regulation and supervision bodies. In the case of the second hypothesis it can be said that it was confirmed in terms of the institutional form of the financial market supervision has a major support of financial institutions and experts in both the Czech republic and Slovakia.

The aim of this thesis is to do an in-depth research into the development of regulation and supervision over the financial and bank markets in the European Union and the USA at the time of the ongoing financial crisis. The first part deals with general theoretical attitudes and targets of regulation and supervision over financial markets. Furthermore, it focuses on the effects of the financial crisis and the problems faced by European as well as American banking institutions and on the rescue measures taken by national governments. The second part presents a comprehensive view on the individual steps and regulating propositions taken by the EU and USA. In the main, it describes the regulation reform and the new architecture of the supervising system over the financial sector. The conclusion of this work is a summary of the acquired knowledge about the regulation reform and the supervision over the financial sector and its objective is to evaluate the impact on the world economy produced by this reform.

The aim of the diploma is to introduce provide information about financial system of Russia. It includes a description and classification of Russian financial markets, development of the whole system and describe a current financial position during the crisis. Diploma also includes Regulation and Supervision part, which is relatively important due to a present situation in the financial world. In terms of practical part basing on technical and fundamental analyses the author tends to forecast the probable future trend of development of the Russian Trade System RTS. The diploma is made for a wide range of prospective readers, who even might not be interested in Finance.

The objective of this diploma thesis is to process an analysis of financial supervision in the Czech Republic, Germany, Switzerland, Spain and Italy with special attention to banking industry which is the most influent part of the financial market in all countries. Besides this major analysis, the economic growth analysis for years 2000 to 2014 (2015) is made in every country. The very last step is a comparison of supervision systems and their connection to economic performance of countries. Conclusions bring the answer for my question: whether the economic condition (since 2000 until now) depends on the system of financial supervision in European countries. The theoretical part consists of chapters about the theory of national economy, financial markets, where there are basic theoretical concepts explained, market functions and market division. Last but not least, the theory of financial supervision is analyzed: what is the essence, legal framework, what is the supervision purpose and what are the goals of supervisors. Firstly, there should also be the theory of central banking but it does not make any sense to explain this theory here since central banks are not the main supervisor authorities of financial markets (except the Czech Republic, but also here the policies are separated). The practical part involves six subchapters, everyone is devoted to one state (the Czech Republic, Germany, Switzerland, Spain, Italy), the very last subchapter is about the comparison and analysis of results. In every state the history of financial market is processed together with institutional areas after 2000, legal framework and the analysis of supervision activity with special attention to capital, liquidity and resilience to shocks. European growth is analyzed according to GDP, inflation rate, unemployment, wage growth and GDP per capita in comparison with EU (28) and EA (19). The research brings the results that there is a connection between financial supervision and economic growth.

Za cíl diplomové práce jsem si stanovila především zanalyzovat technické rezervy a finanční umístění České pojišťovny a. s. a stručněji celého pojistného trhu. Provedla jsem analýzu těchto časových řad a odhady budoucích hodnot na několik let dopředu. Udělala jsem také rozbor situace na českém pojistném trhu, především z hlediska předepsaného pojistného, a popis začlenění ČR do Evropské unie. Popsala jsem funkce a činnosti Úřadu státního dozoru v pojišťovnictví a penzijním připojištění. Významnou úlohu v dohledu nad pojistným trhem má také solventnost, a proto jsem se na ni zaměřila v další části této diplomové práce. Na závěr jsem se pokusila nastínit současnou problematiku sjednocení dohledu nad finančním trhem. Celé dílo sleduje údaje za český pojistný trh a konkrétně za Českou pojišťovnu a. s., která zaujímá nejsilnější postavení na pojistném trhu v České republice.

Resumé Irena Valentová Financial Markets Supervision Fragmented, and therefore insufficient, and ineffective regulation of and supervision over financial markets was blamed to be one of the main sources of the recent economic crisis, that manifested in 2008. The main theme of the present thesis consists of the changes in the institutional framework of financial markets supervision in the European Union introduced as a reaction to the recent economic crisis. The first part of the present thesis composed of chapters two, three, and four, deals with definition of some expressions used in the second part of the thesis, namely: financial markets, regulation and supervision of financial markets. The concept of financial market is explained, its components as well as structure described. Next, several reasons leading to need of effective regulation are brought and discussed and, finally, the concept of supervision as used in the context of financial markets is established. The second part of the thesis composed of chapters five and six, describes the current status of institutional framework of financial markets supervision. First, in chapter five, current situation in the Czech republic is briefly described. Chapter six, in turn, deals with the naissance of European System of Financial Supervision. The...

The Czech National Bank, its legal status and scope of activities Abstract The theme of this thesis is the Czech National Bank, its legal status and scope of activities. The aim of the thesis is to describe and analyse the development of central banking and to evaluate current legal status of the Czech National Bank. Due to the volume of the Czech National Bank's activities, the work is focused only on the supervisory activities of the Czech National Bank and on the examination of the functioning of the unified supervision system. The thesis is divided into five parts. The first part deals with theoretical issues of the emergence of central banking and with the functions of central banks. The following part deals with the development of central banking in the Czech lands from the time of the Austrian Empire until the establishment of the independent Czech Republic. The third part of the thesis describes legal status of the Czech National Bank, its establishment in the Constitution of the Czech Republic, its tasks, objectives and its independence. Furthermore, the thesis describes bank's relationship with other constitutional institutions, its organizational structure, management and regulatory activities. The fourth part of the thesis deals with the supervisory activities of the Czech National Bank. At the...

This thesis deals with supervision over the financial market and its legal framework. I chose the topic because I have always been interested in the issue concerning the financial market. This thesis enables readers to get familiarized with the current situation of the financial market supervision in the Czech Republic, European Union and three member states of European Union, i.e. United Kingdom, France and Slovakia. The Chapter One is an introduction to the theme. The second chapter deals with the basic terms used in the thesis as financial market, supervision, inspection etc. It is a theoretical part of the thesis. The third chapter examines relevant legislation of the European Union and it is dedicated to the EU financial supervision. A new structure for EU financial supervision was agreed in 2010 following the adoption of the de Larosière report in November 2008. At the beginning of 2011 the European Systemic Risk Board (ESRB) and three European Supervisory Authorities (ESAs) were established. The purpose of the new structure is to ensure effective surveilance of the EU financial market. The ESRB is responsible for monitoring and assessing potential threats to the stability of the financial system. It can issue risk warnings when necessary, and can make recommendations for remedial action,...