Impact of Regulation on Trading in Financial Derivatives in Europe

Varování

Publikace nespadá pod Filozofickou fakultu, ale pod Ekonomicko-správní fakultu. Oficiální stránka publikace je na webu muni.cz.
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FLORIANOVÁ Hana NEŠLEHA Josef

Rok publikování 2016
Druh Článek v odborném periodiku
Časopis / Zdroj International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Citace
www http://waset.org/publications/10007753/impact-of-regulation-on-trading-in-financial-derivatives-in-europe
Obor Řízení, správa a administrativa
Klíčová slova capital markets; financial derivatives; investors' behavior; regulation
Přiložené soubory
Popis Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange and German capital market represented by Deutsche Börse. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation more strict usually discourages subjects to stay on the market immediately although making the regulation more vague to interest more subjects is usually much slower process.
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