Bachelor's thesis (Turku University of Applied Sciences) Degree Program in Business Management

Partly coming from the fact that the author of the current Thesis has had to 
continually educate himself in order to make progress in the research, partly 
due to the fact that better ideas are often encountered at the end of every 
process when the “bigger” picture is more evident – several parts of the 
research could be done in a completely different way. 
Firstly, if presented with an opportunity to reorganize the structural composition 
of the work, the author would prefer inductive approach to deductive and, thus, 
shift the focus from theoretical concepts to empirical research, which proved to 
be much more engaging then a simple observation of existing frameworks. 
While it would require creating an additional research process to satisfy those 
needs, it would as well allow delving deeper into the way commercial banks 
handle their business operations. 
Secondly, at the time when the work was finalized
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, some of the newly 
published annual financial statistical data of observed commercial banks has 
not yet been published. Therefore, annual reports covering 2011 had to be 
applied and, thus, certain numbers could slightly change for Osuuspankki and 
Handelsbanken (reviews of Nordea’s and Danske Bank Group’s operations are 
actually based on the information for 2012).
Moreover, for the sake of maintaining the integrity of the research paper, while 
covering the upcoming regulation frameworks the focus of the research has 
been centred only on the two major ones 
– Basel III and CRD IV. However, 
additional directives are also coming into force and a more detailed analysis of 
the empirical part would definitely require reviewing them 
– Solvency II, new 
recovery and resolution procedures and, to a lesser extent, changes in 
accounting regulations (IFRS) (Nordea’s Risk management report 2011, p. 72). 
Additionally, according to Bloomberg’s financial analysts, new taxation 
legislation targeted at derivative trading is scheduled (or at least planed) to 
come into force in the 
nearest future (Bloomberg on “EU transaction tax plan”, 
2012).
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10.02.13 

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TURKU UNIVERSITY OF APPLIED SCIENCES THESIS | Artem Vorobyev 
In principle, this information could be interpreted in several ways: such tax could 
potentially restrict or lower derivatives trading in certain regions serving in this 
case as a risk management policy from EU authorities, as derivative trading is a 
volatile transaction; on the other hand, if the tax rate is not high enough, it could 
simply decrease the amount of unnecessary and superfluous derivatives in 
circulation on the market. 
In this case, a logical question to ask would be 
– why were all of these facts not 
included in the original research? The answer is plain and simple: most of these 
facts have been uncovered as a result of research itself and at the end of 
research, when the whole structure had been finalised and the text written. 
Thus, it would take the author considerably more pages and, what is most 
important, 
– time to intersperse all of these newly discovered information into 
the original structure of the research paper. With that being sad, the initial 
research objectives have fully been reached and it is up to further works in this 
field to fill up the gaps.

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