Deutsche Bank (Germany)

This research paper deals with the field of financial econometrics. Two financial market phenomena are investigated: covolatility and safe haven assets using time series analysis and high-frequency data on financial assets. The main objective is re-examining the safe haven and hedge properties of two currency classes, distinguished by the regulation and centralization level. While the role of a long-term hedge and safe haven during crisis periods, such as COVID, has been explored in the literature for various assets, this paper fills a significant gap by utilizing intraday transaction data and addresses numerous issues related to integrated covariance estimation. By sampling the data so frequently we get more complete information on price movement and trading activity. The two-phase analysis led to the achievement of the goal - the answer to the main hypothesis: The robust two times scaled estimator is superior to other considered covolatility estimators. This hypothesis leads to the identification of a safe haven currency in comparison with the general market movements. We determine the best covolatility estimator and identify Swiss Franc as the best performing safe haven currency compared to general market movements and confirm that Bitcoin has the characteristics of safe haven currency.

Abstract Arthurian scholarship predominantly deals with medieval works; in recent years, however, a new field of study has opened up focussing on the reception of the Matter of Britain after the medieval period. It is difficult to survey post-medieval Arthurian works and their contexts because, in comparison, there are far more sources to be taken into account and these tend to cover a much longer period. Scholarly writings are also difficult to survey because they often focus upon single works. To bring structure to this complex situation, this article first offers an overview of certain Arthurian works since Malory that are useful as reference points for orientation. It then lists four characteristics that unite Arthurian reception: Plenitude, seriality, recognisability and the primacy of narrative. Finally, the hypothesis is put forward that the history of reception is characterised by a recurring engagement with certain problems. Four problems are reconstructed as examples: History, community, love and the marvellous.

Embedded finance is revolutionising the way financial services are delivered, enabling the seamless integration of financial products into everyday, nonfinancial contexts. As regulatory frameworks evolve, and advancements in technologies like application programming interfaces (APIs) and artificial intelligence accelerate, embedded finance is becoming an indispensable pillar of modern financial ecosystems. This paper analyses the factors driving the rapid expansion of embedded finance and highlights its growing significance in today’s digital economy. By focusing on the success criteria that are crucial for the effective implementation and long-term sustainability of these solutions, the research provides a comprehensive guide for financial institutions and partners alike. Through an empirical analysis of various use cases, the study uncovers the most promising applications and identifies the main factors that are driving the success of embedded finance initiatives. As this innovative approach continues to gain momentum, it opens up vast opportunities for growth and innovation, offering the potential to reshape how financial services are integrated into both consumer and business ecosystems, driving efficiency and enhancing the user experience.

Zusammenfassung Im Juni 2021 legte die Europäische Kommission nach einer vorangegangenen umfassenden Konsultation ihren Entwurf zur grundlegenden Novellierung der Verbraucherkreditrichtlinie 2008/48/EU (nachstehend VerbraucherkreditRL 2008) vor. Ein Jahr später veröffentlichte der Europäische Rat am 7. 6. 2022 seinen Gegenentwurf. Im nachfolgenden Trilog zwischen Europäischer Kommission, Europäischem Rat und Europäischem Parlament konnte im April 2023 Einigung über den Richtlinientext erzielt werden. Das Europäische Parlament hat am 12. 9. 2023 in erster Lesung den Text verabschiedet und zur weiteren Verhandlung an den Rat und die Kommission übermittelt. Es ist daher an der Zeit, sich mit dem vom Parlament verabschiedeten Richtlinientext zu befassen und einen ersten Überblick über die wesentlichen Änderungen und deren voraussichtliche Auswirkungen auf die Praxis bei der Vergabe von Verbraucherkrediten in Deutschland zu geben.

PurposeThe purpose of this paper is to analyse and investigate how intensified regulatory requirements related to outsourcing have influenced and changed the outsourcing activities of German financial institutions.Design/methodology/approachThe study involved interviewing 11 outsourcing experts in the German financial sector, including four of the five largest banks in Germany. In coding and analysing the collected data, this study adopted the approach of a qualitative content analysis framework.FindingsThe study found that the revised legal requirements have had a significant and potentially negative impact on the efficiency of outsourcing, leading to a necessity for German financial institutions to internally realign their outsourcing managements. The study further revealed practical realigned methods German financial institutions executed to meet the legal requirements.Originality/valueThe impact, meaning and relevance of legal requirements in the outsourcing environment of German financial institutions has been relatively under-researched from a qualitative perspective and focused on other primary fields of investigation like outsourcing decisions and outcomes. This study has, by adopting a qualitative approach, addressed the identified gap by providing first-hand insights and new knowledge.

Wahrend einer Erfassung der Springspinnenfauna der griechischen Insel Kreta wurden 24 Arten aus 18 Gattungen nachgewiesen. Eine der Arten, Pellenes floriisp. nov., wird neu beschrieben. Zudem werden mehrere Springspinnenarten erstmals fotografisch dargestellt. Daruber hinaus werden einige taxonomische Probleme hinsichtlich der Springspinnenfauna von Kreta kurz besprochen.