Szukana fraza: [Abstrakt = "The goal of the paper is presentation of main changes taking place on the European capital market during last decades. Following reasons of changes are presented\: globalization, deregulations, increasing importance of institutional investors and innovations. Te main attention is paid to importance of institutional investors. The research concentrates on the UCITS market in 2002\-2006. The author as well paid attention on selected changes on the capital market like stock exchanges consolidations and demutualization. The paper concentrates mainly on the EU financial market."]

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