Market financialisation radically changes the process of oil pricing and results in increase of price volatility. Normal contango situation in financial markets is favorable for government risk hedging. Optimal hedging strategy depends on derivatives’ market conditions, but the recommended contract is put/spread option. Budget hedging may be beneficial for Government as it permits to include oil price in the process of budget planning more accurately.

The paper presents comparative analysis of global approaches to customer due diligence in financial services based on risk-oriented approach and global afford of implementing the financial inclusion policy. Our analysis shows that international practice tends not distinguish between remote and face-to-face identification. Collection of identifying information is being supplemented by the search of new authentication methods, e.x. confirming client’s identity using various sources of information.

This analysis is dedicated to find out methods for setting of route networks where new aircraft can be effectively put into service. The conception of this analysis is based on the idea of so called connectivity principle for airports connected by passenger traffic with each other.
For the passenger traffic analysis the author took passenger traffic data by federal districts starting from the Far East. Then consequently the data for Siberian, Ural, Wolga, Northwestern, Central, Southern and North Caucasian federal districts were analyzed. Passenger traffic to the Crimea was treated separately. Detailed specifications of passenger traffics were provided in order to determine the connections between airports both within federal districts and beyond them and with neighboring areas in western direction. Query of routes was done based on limitations for non-stop flight range and on minimum and maximum (for significant traffics) flight frequencies.
The analysis approach lets us concentrate attention on those airlines which at best fit for putting into service of chosen aircraft. Also this method permits to determine the routes with currently insufficient or low traffics but where there’s a definite growth potential. When analysis data are combined with traffic data and tariffs, then it becomes possible to determine the most profitable routes for introduction of new aircraft. Traffic volume, actual figures and forecast, consolidated characteristics of chosen airlines, list of airlines for further studies of efficiency and competitiveness of introduced aircraft are determined.

The work purpose is to reveal the main directions of transformation of business models of the companies of telecommunication sector in crisis years and to develop offers on management of process of introduction of changes in a business model of the telecommunication companies. As the main method of research the qualitative and comparative analysis was chosen. On the basis of the received results five strategic directions of transformation of business models of the companies of telecommunication sectorareformulated. On their basis the author's model what can be behavioural patterns of the Russian telecommunication companies in the conditions of the being reduced market is constructed.

The research objective is in definition of the main tools participating in process of commercialization of grocery and marketing on the basis of expansion and deepening of the existing theory and methodology of commercialization, and also development of recommendations to improvement of tools that will promote finally to increase of efficiency of process of acceptance of a novelty by the market. Research is conducted on the basis of two-stage methodology including at the first stage carrying out questioning among the employees occupied in the course of commercialization in the large companies FMCG of the market, and at the second stage a case - research of two - players of the Russian market of juice. Confirmation of the made hypothesis that in most cases the innovations put on the market, can be considered grocery that is explainable that such innovations are capable to give to consumers essentially new advantages is result of research. The interrelation between stages of commercialization and the tools applied during this period is also confirmed. In the analysis of separate tools the tools informing the consumer on new products showed the greatest importance. Among them the special importance is played by TV advertizing. Practical application of results consists in identification tools for each of stages of commercialization of innovations the FMCG companies, and also those from them which play a paramount role on each of stages are defined.

The purpose of research – analysis and assessment of competitive advantages of modeling projects company activities in the framework of the concept Business Process Management. The methodology is based on an expert-statistical approach, allowing to consider qualitative factors of efficiency of projects of business modeling, the uncertainty of the market environment functioning of the company and to perform the simulation of the incoming revenues from the project.
The results of the study include the methodology of evaluating the economic efficiency of the project systems Business Process Management taking into account the variety of factors. The distribution obtained during the simulation of the efficiency factors allow us to expand our understanding about the possible course of the process. Subsequent selection of scenarios takes into account the risks of the project for companies to make a more informed conclusion.
For the first time in the theory and practice of economic evaluation of projects developed unified methodology for the quality factors of effectiveness and uncertainty of the environment of business systems. Its application is not limited to the subject area.

With every year, the application of merges and acquisitions strategy becomes more and more topical for Russian companies. One of the most topical issues is carrying out the analysis of efficiency of M&A transactions that is also confirmed by increasing the number of works in the field of assessment of efficiency of M&A transactions of companies.
In this article, the main methods of assessment of efficiency of M&A transactions, and also possibility of use of the DEA method in determining efficiency of transactions of the oil and gas companies are considered for example. The comparative analysis of application of traditional methods and the DEA method using example of an assessment of efficiency of acquisition of JSC Rosneft is carried out. Results of the analysis showed that it is necessary to carry out a complex assessment of productivity of the M&A transaction, using some methods and assessment approaches, since the DEA method not always works in a section of an assessment of efficiency before and after the transaction. So, according to the given calculations, the effect of acquisition in the first year after acquisition was positive (0,001%), but by 2014 became 0,9%. Profitability of assets as started decreasing, and two years later the total change became 5%. Thus profitability of the capital increased in the first year by 26% however in a year this value decreased. At the same time, this method is applicable for an express choice of the companies purposes from a large number of the companies.
The sequence of steps is developed for DEA method application in an assessment of efficiency of carrying out transactions on merges and acquisitions, and also a technique of definition of DMU for an assessment of efficiency of one transaction within DEA method use that gives to research the high practical importance. Recommendations about express selection of the companies purposes for carrying out the transaction of M&A are made.

Features of business models of participants of the market of retail payment services are considered. An approach based on the allocation of nine elements of the business model is used: consumer segments, value propositions, sales channels, customer relationships, revenue streams, key resources, key activities, key partners, cost structure

Features of corporate governance are considered. In modern realities quality of corporate governance is determined by the internal organization (accurate corporate strategy with determination of the purposes and interests of the company). The author offers corporate model which would consider interests not only shareholders, but also other interested participants.