股指期货相关法律问题探讨

股票指数期货简称股指期货或期指，是以股票价格指数作为交易标的物的金融期货品种，是20世纪80年代金融创新浪潮中出现的最重要、最成功的金融衍生工具之一，也是金融期货中历史最短、发展最快的金融衍生产品。目前，股指期货作为国际资本市场成熟的风险管理工具．发挥着日益重要的作用。     

与人民币汇率挂钩的结构性存款定价分析

外汇结构性存款产品是将固定利率变为浮动利率的创新产品,其收益与某一标的挂钩。与人民币汇率挂钩的结构性存款即收益率与人民币汇率相关联的外币存款,它同时也是国内金融市场中发行交易的一种人民币衍生产品。利率市场化及汇制改革以来,我国金融环境发生较大变化,本文着重研究这一变化下,与人民币汇率挂钩的结构性存款产品的定价问题。通过数值计算、蒙特卡洛、Matlab仿真等方法验证现有的与人民币汇率挂钩结构性存款的定价是否合理并给出定价建议。对此类问题的研究将有助于科学合理地认识相关金融衍生产品的风险收益特征,总结产品设计、定价和营销等环节中存在的问题,增强自主创新能力,推动该产品在金融市场上的良性发展。     

商业银行营销新产品——信用衍生产品

一、引言信用衍生产品(credit derivatives)是由参与信用衍生工具交易双方签订的一项金融性合约。其发展用于规避信用风险,管理风险敞口的新型金融衍生工具。信用衍生合约将信用风险从标的资产中剥离出来,并进行定价,使它能够转移给最适于承担或最愿意管理该风险的投资者。它可以在不改变与客户关系的前提下运作,一方面贷款者可     

贴现算术亚式期权定价及其在金融风险管理中的应用(简报)

金融衍生产品具有规避风险、套利、降低融资成本、增加投资报酬以及作为资产负债管理的重要功能, 因此 被广泛应用于金融市场的风险管理. 金融衍生产品的核心是期权定价, 针对金融资产的支付方式, 几何亚式期权与算术亚式期权是规避风险的有力工具. 但考虑到有效对冲一定时期内 资产现值变动而引起的金融风险, 本文考虑引入一种新型的贴现算术亚式期权产品.     

金融衍生工具的风险与防范

金融工具的衍生和发展为资本市场注入了活力。近年来,与金融衍生工具交易有关的一系列触目惊心事件的发生,金融衍生工具自身的高风险及市场、信用、流动、操纵、法律等风险,对国际金融体系的安全和稳定产生严重的冲击,扩大了经济的虚拟化和泡沫程度,一再引起人们对金融衍生工具市场上存在的巨大风险的注意和反省。本文试图从金融衍生工具涉及的风险分析着手,通过对金融衍生工具的风险管理的思考,进一步对其风险防范提出建议。     

论金融衍生交易风险管理的法律规制

本文介绍了我国金融衍生交易风险管理的现状,结合我国金融衍生交易法律的生存及发展环境,深入挖掘法制建设存在的问题,全面分析了我国金融衍生交易法律风险的产生原因,借鉴各国金融衍生工具法律风险的表现各异的监管方法,明确提出了完善我国金融衍生产品交易法制的对策建议。     

期权定价的数值方法

现代金融衍生证券诞生于20世纪70年代,衍生证券随着金融衍生证券市场的蓬勃发展,给现代金融学提出了及其复杂的数学问题,包括金融变量的数学描述、各种金融变量之间的关系分析、市场风险的计算与控制等等。期权作为金融衍生工具的核心,发展至今已经具有丰富的内涵和越来越复杂的交易技巧,不仅被应用于金融工程,也在理财、投资、保险等领域得到及其广泛而深入的应用,提供了极其重要的经济功能,对规避风险,降低交易成本,增加市场的流动性,提高交易效率,赚取利润具有重要意义本文主要研究金融衍生证券核心-期权的定价问题。     

论金融衍生工具在理财产品中的应用

我国改革开放以来,国家的经济形势有着突飞猛进的发展,G D P在近十年来都保持着近10%的增长率,与此同时通货膨胀率却成功的控制在了3%～5%的水平上。这使得我国居民手中的剩余资金大量聚集,从而诞生了理财这一新的需求。但由于传统金融产品在流动性与收益率方面的局限性,使得传统的理财产品较之储蓄产品缺乏应有的竞争力。这就需要使用金融衍生工具对传统理财产品进行改进。介绍了金融衍生工具的概念及特点,并详述了期权,互换等金融衍生工具在理财方面的的运作机制、原理及获利方式。     

透视新技术环境下金融衍生工具的影响力

随着新技术的应用,信息传播速度加快,原有的传统金融产品已无法满足客户的需求,金融机构为取得更高的收益,开始寻求并设计新的金融产品。金融业的对外开放和金融市场的加速发育,金融衍生工具涌入我国金融市场,给使用衍生金融工具规避风险的企业财务核算体系带来了许多值得思考的问题。     

金融衍生证券仿真实验建设初探

随着我国衍生证券市场的发展，对金融工程人才实践能力的要求越来越高。而目前专门的金融衍生证券仿真实验室还很少。文章对建立金融衍生证券仿真实验的必要性进行了分析，并就实验硬件设备建设、模拟系统建设、实验教材建设等方面提出了建设的目标和具体的建议。     

Characterization of Ordovician carbonate reservoirs, southeastern Saskatchewan, Canada

The discovery of the prolific Ordovician Red River reservoirs in 1995 in southeastern Saskatchewan was the catalyst for extensive exploration activity which resulted in the discovery of more than 15 new Red River pools. The best yields of Red River production to date have been from dolomite reservoirs. Understanding the processes of dolomitization is, therefore, crucial for the prediction of the connectivity, spatial distribution and heterogeneity of dolomite reservoirs.The Red River reservoirs in the Midale area consist of 3～4 thin dolomitized zones, with a total thickness of about 20 m, which occur at the top of the Yeoman Formation. Two types of replacement dolomite were recognized in the Red River reservoir: dolomitized burrow infills and dolomitized host matrix. The spatial distribution of dolomite suggests that burrowing organisms played an important role in facilitating the fluid flow in the backfilled sediments. This resulted in penecontemporaneous dolomitization of burrow infills by normal seawater. The dolomite in the host matrix is interpreted as having occurred at shallow burial by evaporitic seawater during precipitation of Lake Almar anhydrite that immediately overlies the Yeoman Formation. However, the low δ18O values of dolomited burrow infills (-5.9‰～ -7.8‰, PDB) and matrix dolomites (-6.6‰～ -8.1‰, avg. -7.4‰ PDB) compared to the estimated values for the late Ordovician marine dolomite could be attributed to modification and alteration of dolomite at higher temperatures during deeper burial, which could also be responsible for its 87Sr/86Sr ratios (0.7084～0.7088) that are higher than suggested for the late Ordovician seawaters (0.7078～0.7080). The trace amounts of saddle dolomite cement in the Red River carbonates are probably related to "cannibalization" of earlier replacement dolomite during the chemical compaction.     

A computer generator for randomly layered structures

AcomputergeneratorforrandomlylayeredstructuresYUJia shun1,2,HEZhen hua2(1.TheInstituteofGeologicalandNuclearSciences,NewZealand;2.StateKeyLaboratoryofOilandGasReservoirGeologyandExploitation,ChengduUniversityofTechnology,China)Abstract:Analgorithmisintrod…     

海南岛地体及其毗邻陆缘晚中生代—新生代古地磁研究和构造演化

本文叙述了对海南岛及其毗邻大陆边缘白垩纪到第四纪地层岩石进行古地磁研究的全部工作过程。通过分析岩石中剩余磁矢量的磁偏角及磁倾角的变化,提出海南岛白垩纪以来经历的构造演化模式如下:早期伴随顺时针旋转而向南迁移,后期伴随逆时针转动并向北运移。联系该地区及邻区的地质、地球物理资料,对海南岛上述的构造地体运动提出以下认识:北部湾内早期有一拉张作用,主要是该作用使湾内地壳显著伸长减薄,形成北部湾盆地。从而导致了海南岛的早期构造运动,而海南岛后期的构造运动则主要是受南海海底扩张的影响。海南地体运动规律的阐明对于了解北部湾油气盆地的形成演化有重要的理论和实际意义。     

Exciton Seebeck in Molecular Systems

Various applications relevant to the exciton dynamics,such as the organic solar cell,the large-area organic light-emitting diodes and the thermoelectricity,are operating under temperature gradient.The potential abnormal behavior of the exicton dynamics driven by the temperature difference may affect the efficiency and performance of the corresponding devices.In the above situations,the exciton dynamics under temperature difference is mixed with     

Achieving Unusual States of Matter Under High Pressure

The elongation method,originally proposed by Imamura was further developed for many years in our group.As a method towards O(N)with high efficiency and high accuracy for any dimensional systems.This treatment designed for one-dimensional(ID)polymers is now available for three-dimensional(3D)systems,but geometry optimization is now possible only for 1D-systems.As an approach toward post-Hartree-Fock,it was also extended to     

《Chinese Science Bulletin》SUBJECT INDEX TO VOLUME 59(2014)

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An on-line scaling method for improving scalability of a database cluster

The explosive growth of the Internet and database applications has driven database to be more scalable and available, and able to support on-line scaling without interrupting service. To support more client's queries without downtime and degrading the response time, more nodes have to be scaled up while the database is running. This paper presents the overview of scalable and available database that satisfies the above characteristics. And we propose a novel on-line scaling method. Our method improves the existing on-line scaling method for fast response time and higher throughputs. Our proposed method reduces unnecessary network use, i.e. , we decrease the number of data copy by reusing the backup data. Also, our on-line scaling operation can be processed parallel by selecting adequate nodes as new node. Our performance study shows that our method results in significant reduction in data copy time.     

An improved R-tree based on childnode''s probability

R-Tree is a good structure for spatial searching. But in this indexing structure,either the sequence of nodes in the same level or sequence of traveling these nodes when queries are made is random. Since the possibility that the object appears in different MBR which have the same parents node is different, if we make the subnode who has the most possibility be traveled first, the time cost will be decreased in most of the cases. In some case, the possibility of a point belong to a rectangle will shows direct proportion with the size of the rectangle. But this conclusion is based on an assumption that the objects are symmetrically distributing in the area and this assumption is not always coming into existence. Now we found a more direct parameter to scale the possibility and made a little change on the structure of R-tree, to increase the possibility of founding the satisfying answer in the front sub trees. We names this structure probability based arranged R-tree (PBAR-tree).     

An Index mechanism for multi-scale view in spatial databases

There are numerous geometric objects stored in the spatial databases. An importance function in a spatial database is that users can browse the geometric objects as a map efficiently. Thus the spatial database should display the geometric objects users concern about swiftly onto the display window. This process includes two operations:retrieve data from database and then draw them onto screen. Accordingly, to improve the efficiency, we should try to reduce time of both retrieving object and displaying them. The former can be achieved with the aid of spatial index such as R-tree, the latter require to simplify the objects. Simplification means that objects are shown with sufficient but not with unnecessary detail which depend on the scale of browse. So the major problem is how to retrieve data at different detail level efficiently. This paper introduces the implementation of a multi-scale index in the spatial database SISP (Spatial Information Shared Platform) which is generalized from R-tree. The difference between the generalization and the R-tree lies on two facets: One is that every node and geometric object in the generalization is assigned with a importance value which denote the importance of them, and every vertex in the objects are assigned with a importance value,too. The importance value can be use to decide which data should be retrieve from disk in a query. The other difference is that geometric objects in the generalization are divided into one or more sub-blocks, and vertexes are total ordered by their importance value. With the help of the generalized R-tree, one can easily retrieve data at different detail levels.Some experiments are performed on real-life data to evaluate the performance of solutions that separately use normal spatial index and multi-scale spatial index. The results show that the solution using multi-scale index in SISP is satisfying.     

Integrating GIS Web services based on mediating architecture

The geographic information service is enabled by the advancements in general Web service technology and the focused efforts of the OGC in defining XML-based Web GIS service. Based on these models, this paper addresses the issue of services chaining,the process of combining or pipelining results from several interoperable GIS Web Services to create a customized solution. This paper presents a mediated chaining architecture in which a specific service takes responsibility for performing the process that describes a service chain. We designed the Spatial Information Process Language (SIPL) for dynamic modeling and describing the service chain, also a prototype of the Spatial Information Process Execution Engine (SIPEE) is implemented for executing processes written in SIPL. Discussion of measures to improve the functionality and performance of such system will be included.