Přehled o publikaci

The development of financial markets is to an increasing extent currently characterized by their interior and exterior integration, internationalization, evolution of a number of new highly sophisticated financial instruments, especially in the segment of financial derivatives, increasing securitization and creation of very complex international financial structures and financial flows within their framework. At the same time, the necessity of restoring free market competition, growing volatility of monetary and financial quantities, institutionalization and intellectualization is more and more intensively discussed. Understandably, both regulation and supervision of the markets have to adapt to these objectively existing trends, including the growing call for increasing the efficiency of all activities. The integration of relations and processes carried out in financial markets requires a similar integration of relations and processes in the sphere of their regulation and supervision. However, there are a number of features of „lower level objectivity“ or specific subjectivity and other characteristics functioning in this sphere which modify the implementation of the above mentioned trend, both in terms of depth and width of its intention and especially in terms of its concrete shape. The level of accepted specifics should never impair the very substance of the integration trend. That is the main theoretical problem dealt with in the artikle which – inter alia – comments on recent (2006) integration of the Czech financial markets regulation and supervision as well.