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The commodity markets are currently subject to significant changes, especially after the technology bubble in 2000 and its subsequent bursting. After 2000 investors began to look for new investment opportunities in order to extend the diversification of their investment portfolios and create new ways of speculation. Since that time the emergence of a commodity boom can be traced. This has had a significant effect on the development of commodity and financial markets which in turn has considerably affected the functioning of the world economy. The paper deals with the modern day trends in commodity exchange trading, focusing specifically on the issue of financialization of commodity markets. Firstly the paper defines and describes these trends in detail and then analyzes it from a range of perspectives. The aim of this paper is to determine which factors are the driving force in the contemporary rapid development of the financialization of commodity markets and what are the implications and consequences for the functioning of the global economy. The end of the paper will discuss the question of whether the process of financialization of commodity markets is beneficial or harmful for further development of the world economy, or more precisely whether it is appropriate to leave these markets to spontaneous development or is it necessary to begin to regulate commodity trading worldwide. [ABSTRACT FROM AUTHOR]

The paper is discussing CNB FX intervention and its impact on all segments of Czech financial markets from process and volumes of transactions point of view and possible consequences. The focus is on foreign exchange, bond and stock market. Although the impact of FX intervention was evident on all markets under discussion, it was not so significant having macroeconomic effects. The only exception is the FX market. The Czech National Bank contributed to the widening gap between market and equilibrium exchange rate. The undervalued Czech currency will have a temporal positive impact on the macroeconomic external balance. [ABSTRACT FROM AUTHOR]

Purpose of the article: The main purpose of this paper is to analyze the integration between the various sectors of the commodity markets, equity index and bond index. Moreover there are also analyzed the risk and return characteristics of individual indices. Methodology/methods: First there is evaluated the correlation trend of individual variables. For this purpose we used a nonparametric Spearman's correlation coefficient. Next method used in the paper is Sharpe ratio. The Sharpe ratio is developed to measure excess return above the risk free rate relative to the standard deviation of returns. Sharpe ratio is calculated by taking monthly data of individual indices. Scientific aim: In connection to the process of financialization of commodity markets which is caused by the sharp increase of amount of money flowing into the commodity markets question arises: What impact does this process have? In this paper we contribute to the discussion about increasing integration between commodities and financial markets in the period of financialization of commodity markets. Findings: Period of financialization of commodity markets was associated with an increase in correlations between stocks and commodities (especially since the second half of 2008), this trend is not permanent, as shown by the sharp drop in correlation at all commodity sectors in 2013. There are observed considerable differences in the correlation between individual commodity indices and equity and bond indices. There were no signs of integration of commodities and bond markets. Conclusions: Commodity assets belong to a specific class of assets that are still considered as alternative investments in comparison to the conventional financial assets. This paper analyzes integration between commodities and financial markets. We found that there is considerable difference between risk/return characteristics for each class of assets and we also found that in the long term commodity assets can contribute to reducing the unsystematic risk of the investment portfolio. [ABSTRACT FROM AUTHOR]

Knowledge the dependence between risk factors is very importance in risk management. The failure of traditional approaches to market risk measure motivates to investigate the relationship between financial markets. The aim of this paper is to examine the dependence between stock index returns and foreign exchange rate returns for six selected economies. In this context, it is detected evidence of dynamic and asymmetric dependence. It is empirically demonstrated that application of asymmetric dynamic copula improves the Value at Riks as well as Expected Shortfall estimates. Overall, the results show that the dependence structure of international financial markets is more complicated than the structure predicted by the traditional approaches to market risk measure. [ABSTRACT FROM AUTHOR]

There is a crucial change in the German financial system and listed corporations: The influence of the financial markets has grown in both fields. Subsequently, shareholders can enforce their interests more efficiently than other stakeholders (e.g. affiliates, NGOs, political communities, and employees). In the paper, diverse explanations for this development are presented and evaluated: disintermediation, financial market capitalism and 'financialization'. Afterward, the topic is discussed in the perspective of theological ethics. Catholic Social Teaching features no financial ethics, but it includes some thoughts that offer an orientation for economic policy, the concept of an economy in service of the common good, the idea of a cooperation between state, market and civil society and socially anchored entrepreneurship as well as the conception of a serving financial economy. In conclusion, action perspectives are described. [ABSTRACT FROM AUTHOR]

The paper deals with contemporary economic importance of interest rates, with special focus on methods of using as a tool of monetary regulation when solving actual problems of world economy. Firstly, results and impacts, achieved by expedient decreasing of interest rates are analyzed and mechanisms activating this method of use of this tool of monetary regulation are described. Secondly, theoretical aspects of these issues, namely the differences of actual macroeconomic policy of governments and central banks and commonly valid theoretical principles are dealt with. In conclusion, these results are synthesized and, based on final results, future development of world economy is predicted, including risk factors that will probably be influencing it forever and that will finally result in collapse with disastrous impact on the future of mankind. [ABSTRACT FROM AUTHOR]

The paper is discussing CNB FX intervention and its impact on all segments of Czech financial markets from process and volumes of transactions point of view and possible consequences. The focus is on foreign exchange, bond and stock market. Although the impact of FX intervention was evident on all markets under discussion, it was not so significant having macroeconomic effects. The only exception is the FX market. The Czech National Bank contributed to the widening gap between market and equilibrium exchange rate. The undervalued Czech currency will have a temporal positive impact on the macroeconomic external balance. [ABSTRACT FROM AUTHOR]

Given the unique position of credit institutions and their systemic importance for the financial stability, their resolution has been traditionally entrusted to supervisory authorities rather than courts. As a result, credit institutions are essentially excluded from the scope of "traditional" insolvency procedure and fall under the resolution regime constituting specific form of administrative proceedings. Directive 2014/59/EU of the European Parliament and of the Council (known as the BRRD) is of a particular consequence here as it harmonized the resolution process at the level of the European Union and the European Economic Area, inter alia through the implementation of specific resolution tools. This article deals with conditions for applicability of such resolution tools, their fundamental mechanics as well as legal implications arising thereunder, considering also the Act on Recovery Procedures and the Financial Market Crisis Resolution under which the BRRD has been implemented into Czech law. [ABSTRACT FROM AUTHOR]

There is a crucial change in the German financial system and listed corporations: The influence of the financial markets has grown in both fields. Subsequently, shareholders can enforce their interests more efficiently than other stakeholders (e.g. affiliates, NGOs, political communities, and employees). In the paper, diverse explanations for this development are presented and evaluated: disintermediation, financial market capitalism and ‘financialization’. Afterward, the topic is discussed in the perspective of theological ethics. Catholic Social Teaching features no financial ethics, but it includes some thoughts that offer an orientation for economic policy, the concept of an economy in service of the common good, the idea of a cooperation between state, market and civil society and socially anchored entrepreneurship as well as the conception of a serving financial economy. In conclusion, action perspectives are described.

In the same way globalisation has transformed the approach to the commerce of tangible goods it has also changed the market environment for the abstract creations represented by securities and rights connected with them. Securities are no longer traded as goods requiring physical transfer and delivery but are instead increasingly traded as intangibles circulating only through changes made to electronic records in securities accounts. When financial markets were dominated by certificated securities their holders had a direct relationship both to the security and to its issuer. Due to the operation of a double legal fiction which, on the one hand, incorporated the rights flowing from the securities in the certificate serving as a corporeal means of transport for the record of these rights, and, on the other, granted to this certificate the status of a movable asset, the holders of securities could trade the security in the same way as any other physical goods. This revolutionary idea became, at the end of 19th and in the first half of 20th centuries, one of the main drivers of the boom in securities trading since it radically reduced related transaction costs. Unfortunately, the subsequent development of securities trading reached such intensity that this legal fiction later became the key impediment to the expansion of capital markets. In consequence, the trading as well as holding patterns of securities had to undergo a substantial transformation. As a result, the overwhelming majority of securities exist today only in the form of an electronic record in the securities account maintained by the intermediary. The relation of the holder to these securities is only indirect since it can be exercised only through the intermediary who performs the transactions with the securities on the basis of the account holder's instruction by way of a change in the records on the account which it maintains for the account holder; to a limited extent the same holds true also for the assertion of rights flowing from the securities to the issuer. This change of basic legal paradigms concerning the existence and the dispositions with securities generates new risks and the need for adaptation of legal regulation of securities to these new risks. While Czech legislation - thanks to the adoption of legal rules regarding the maintenance of electronic securities accounts and the establishment of a central depository - has made an important, although not entirely sufficient step towards the integration of modern systems of indirect securities holding, the same cannot be said with respect to legal doctrine in the area of securities and capital market law. With the exception of a limited number of publications on individual issues, Czech doctrine has so far avoided a more complex examination of the phenomenon of intermediated securities holding, which in fact makes traditional legal concepts applied to directly held certificated securities unusable in the context of indirectly held intangible securities. The new approach to the intermediated holdings of securities adopted in the drafting of UNIDROIT Convention on Substantive Rules regarding Intermediated Securities at the end of 2009 should be followed up by the Czech legislator by creation of a new special legal framework for intermediated securities and their intermediated holdings. He should base himself on the the functional approach while using as far as possible neutral terminology not stained with the old notions stemming from certificated securities. The definition of intermediated securities, as new objects of private law, should not concentrate on the medium for the security, but should be based on subjective rights transferable by a record in a securities account which represents the real nature of intermediated holdings. [ABSTRACT FROM AUTHOR]