Toxic Currency Options in Poland as a Consequence of the 2008 Financial Crisis

The paper is on toxic foreign exchange options problem which occurred in Poland just prior to and after the outbreak of the recent crisis. Especially Polish enterprises were severely stricken by transactions on fx and interest rate derivatives contracted with their banks. Poland was the only EU country which did not precipitate into recession during the financial crisis beginning in 2008. However, the toxic fx and interest rate derivatives transmitted the shockwaves from global financial markets into Poland. Huge dimensions of losses resulted in conflicts between banks and their customers, who claimed just being cheated by the financial institutions. The article deeply researches into reasons for such developments on Polish fx over-the-counter derivatives market. As a case study, an authentic strategy has been presented. The contract was concluded between the construction company and one of the biggest commercial banks in Poland. Because the case study may be representative for many other cases, the analysis includes exact pricing of option strategy and therefore reveals inequality of the contract. The consequences of non-implementing the MiFID directive in the context of derivatives offering to non-financial customers were also touched in the paper.

Perspectives of the Brazilian Poultry Industry for the Chinese Consumer Market

The objective of this article was to analyze the poultry and derivatives commerce between Brazil and China, taking into account the current market and the perspectives for the next years. The method used was the bibliographic review and analysis of secondary data from different sources, associated with the Market Orientation Theory and the Value Chain Theory. Nowadays, China is Brazil＇s main commercial partner in the international market, but taking into account the chicken meat and its derivatives, having Brazil as the first worldwide exporter and China, the second largest consumer, an effective commercial relationship has not been established yet. To understand the poultry market exchanges between Brazil and China, a framework was built to demonstrate the characteristics and factors found to influence country negotiations, considering current reality and future perspectives. Considering the Theory of Market Orientation, it is concluded that Brazil has effective conditions to consolidate itself as a major supplier of chicken meat and derivatives to China, because it shows determinant characteristics and market factors that allows the association of the national poultry value chain to the demands of the Chinese consumers, but some adjustments are needed in the sphere of international politics.

Some New Derivatives of 3H-benzo[b]Furo[3,2-f]- Benzimidazole with Expected Biological Activity

On the base of benzimidazole and benzofuran containing heterocyclic system, several derivatives with expected biological activity were synthesized. 2,3-diaminodibenzofuran was the primary substance. Adding various cyclic agents, 2-phenil was got, 2-（o-chlorophenil）, 2-（o-oxyphenil）, 2-chlorometyl- and 2-hydroximethyl-3H-benzo[b[furo（3,2-f] benzimidazoles. The aforementioned substances were characterized by IR and NMR spectroscopy.

Generalized Fresnel operators corresponding to optical Fresnel diffraction and the squeezed states

Corresponding to optical Fresnel diffraction, we show that the exponential quadratic operator exp is actually a generalized single-mode Fresnel operator （GFO） in compact form, where [Q,P]=ih. We also demonstrate that exp{iα[（Q1＋Q2）2＋（p1-P2）2]＋iβ[（Q1-Q2）2＋（p1＋p2）2]＋iy（Q1P2＋Q2P1）} is a two-mode GFO. Their disentangling formula and normal ordering form are derived with the use of technique of integration within an ordered product （IWOP） of operators and the coherent state representation. The squeezed states generated by these two GFOs are obtained.