Search results for "Financial instrument"
showing 10 items of 22 documents
Regulation of security tokens as financial instruments in the EU: is there a need for amendments?
2022
In 2020 the European Commission proposed laws on crypto-assets and DLT. The EU treats security tokens as financial instruments, provided that they fall into the MiFID II definition. This Thesis aims to provide classification for crypto-asset as a financial instrument, to identify regulatory gaps in the EU legislation applicable to crypto-assets that qualify as financial instruments (security tokens), and to provide recommendations in relation to security tokens regulation in the EU. The results indicate that Amending Directive will harmonize the procedure for classification of a crypto-asset as a financial instrument across the EU, but the requirement for the expected profit to be derived f…
New Perspectives on Ecological Networks
2017
This chapter introduces the theme of ecological networks, exploring the reference theoretical bases within the International academic debate, and proposing a reflection on how protected areas should no longer be considered as the sum of different components, but rather as a network. In relation to this aspect, the transnational and national models of ecological networks, carried out in the different European countries, are analyzed, through a detailed, updated study of relevant national and international documents. Particular attention is given to the European ecological Natura 2000 network that constitutes the official framework for European policies on protected natural areas. The work hi…
Credit and financial markets in the Iberian Peninsula at the end of the Middle Ages. Historiographic production and recent developments
2021
El artículo examina la trayectoria de los estudios sobre el crédito y los mercados financieros en la Península Ibérica a finales de la Edad Media, desde los primeros trabajos sobre la usura y el préstamo a interés, fundamentalmente judío, en la primera mitad del siglo XX, hasta las líneas de investigación más recientes, que se ramifican en diversas direcciones, desde el marco teórico, doctrinal y legal del mercado del crédito y el estudio de los diferentes instrumentos financieros –préstamo a interés, crédito comercial y bancario, crédito a largo plazo en forma de censales y censos consignativos– a la deuda pública y el crédito privado, especialmente el crédito rural. Todos estos estudios m…
Market risk reporting in banking overcoming the limits of IAS/IFRS and Basel regulation
2017
Market risk in banking activity is becoming a more severe issue day by day for several reasons. Analysing it from a regulatory point of view is fundamental for assessing whether or not banks are in the conditions of disclosing a satisfactory degree of information about their market risk exposure. The two regulatory constraints to consider are International Accounting Standards (IAS/IFRS) and the Basel regulation. Both of them seem to put too many constraints on banks. They turn out to be over-over-regulated. Even if regulators put many efforts in trying to provide a useful regulation for banks' risk reporting and capital adequacy, we are still far from a good regulation. The regulatory proc…
Calibration of optimal execution of financial transactions in the presence of transient market impact
2012
Trading large volumes of a financial asset in order driven markets requires the use of algorithmic execution dividing the volume in many transactions in order to minimize costs due to market impact. A proper design of an optimal execution strategy strongly depends on a careful modeling of market impact, i.e. how the price reacts to trades. In this paper we consider a recently introduced market impact model (Bouchaud et al., 2004), which has the property of describing both the volume and the temporal dependence of price change due to trading. We show how this model can be used to describe price impact also in aggregated trade time or in real time. We then solve analytically and calibrate wit…
The adaptive nature of liquidity taking in limit order books
2014
In financial markets, the order flow, defined as the process assuming value one for buy market orders and minus one for sell market orders, displays a very slowly decaying autocorrelation function. Since orders impact prices, reconciling the persistence of the order flow with market efficiency is a subtle issue. A possible solution is provided by asymmetric liquidity, which states that the impact of a buy or sell order is inversely related to the probability of its occurrence. We empirically find that when the order flow predictability increases in one direction, the liquidity in the opposite side decreases, but the probability that a trade moves the price decreases significantly. While the…
Ways of Promoting Cultural Ecotourism for Local Communities in Sibiu Area
2014
Abstract Now, Romanian tourism is being confronted with problems of infrastructure and image, and this is a reason we consider that the chance of sustainable development of this area is being represented by promoting niche tourism, namely cultural ecotourism. In an age of globalization, the authentic cultural patrimony is that which makes the difference and represents an opportunity for sustainable development of local communities. The essence of sustainable development is represented by the harmonious integration of economic development, by responsible governing, by ensuring the social cohesion and community man - nature. By the attested value cultural ecotourism can become a touristic pro…
Evaluation of Banking Digitization Policy of Romanian Commercial Banks
2018
Nowadays, even in Romania, we faced with process of digitalization of financial system, especially of banking system. Natural person—banks relationships are more and more distant as location, but more and faster as financial transaction results, because of banking digitalization process based on performance of internet era. The paper’s aims are to answer to questions like: Are Romanian past, actual and future generations prepared to be fully integrated in banking digitalization process? Do Romanian natural person understands the usefulness and benefits of digital banking services/? Or, how benefits of Romanian commercial banks are changing? The methodological support includes analyzing empi…
Deute públic i renda censalista al País Valencià en el segle XV. Una proposta d’interpretació
2018
L’emergència de la nova fiscalitat –de la Corona, de les ciutats i del regne– va ser, sens dubte, una de les grans transformacions polítiques i econòmiques del final de l’edat mitjana. Amb l’impost va aparèixer un deute públic consolidat que, en la Corona d’Aragó, es va desenvolupar mitjançant el censal, un instrument financer semblant a les rentes constituées franceses o les perpetual annuities angleses. A partir del cas del País Valencià, pot assajar-se una estimació del volum de rendes generat pel deute públic i de com es distribuïen des del punt de vista geogràfic i social. Així doncs, en aquest article s’estudia en quins nivells de la xarxa urbana es concentraven aquests recursos i qui…
Empirical Study on the Relationship between the Cross-Correlation among Stocks and the Stocks' Volatility Clustering
2013
In this paper we discuss univariate and multivariate statistical properties of volatility with the aim of understanding how these two aspects are interrelated. Specifically, we focus on the relationship between the cross-correlation among stock's volatilities and the volatility clustering. Volatility clustering is related to the memory property of the volatility time-series and therefore to its predictability. Our results show that there exists a relationship between the level of predictability of any volatility time-series and the amount of its inter-dependence with other assets. In all considered cases, the more the asset is linked to other assets, the more its volatility keeps memory of …