辅助主干交易系统 提供专业增值服务 中汇达金融信息技术有限公司开业

2011年4月27日．中国外汇交易中心（以下简称“交易中心”）为其控股的上海中汇亿达金融信息技术有限公司（以下简称”中汇亿达公司“）在上海举办了开业庆典。     

云南省农信社连获多个全国奖项

<正>近日,中央国债登记结算有限责任公司(以下简称"中央结算公司")发布了2018年度中债优秀成员名单,云南省农村信用社联合社获"中债优秀成员结算100强——优秀自营机构奖";全国银行间同业拆借中心(以下简称"同业拆借中心")发布了2018年度银     

“债券通”为人民币国际化带来新动力

<正>随着香港回归20周年来临之际,中央各项改革红利也逐渐释放。7月2日,中国人民银行、香港金融管理局联合公告称,决定批准中国外汇交易中心暨全国银行间同业拆借中心、中央国债登记结算有限责任公司、银行间市场清算所股份有限公司和香港交易及结算有限公司、香港债务工具中央结算系统(统称"两地基础设施机构")香港与内地债券市场互联互通合作上线(简称"债券通")。其中,     

机构动态

正星展中国成首批人民币对新加坡元直接交易做市商10月27日,经央行批准,星展银行(中国)有限公司(简称"星展中国")成为中国银行间外汇市场首批人民币对新加坡元(简称"新元")直接交易做市商。星展中国从次日起在银行间外汇市场提供人民币对新元的买卖双向报价,维护市场流动性,履行人民币对新元直接交易做市商义务。     

iDeal金融专业即时通讯平台,助力构建高效安全金融生态(Ⅲ)

iDeal简介全国银行间同业拆借中心即时通讯平台iDeal(以下简称iDeal)是中国外汇交易中心(以下简称“交易中心”)面向银行间市场推出的唯一专业用于银行间市场询价的即时通讯平台,于2018年6月正式上线运行。作为银行间本外币交易平台服务的延伸,iDeal从服务交易询价出发,以解决市场业务的各类实际问题为目标.     

上海汇中伟宏所虚假验资案例分析

据有关媒体报道,2008年11月,上海市静安检察院对2005年1月至12月间,在上海沪西财富中心置业有限公司(以下简称沪西财富公司)等557家公司注册过程中,验资失责的上海汇中伟宏会计师事务所有限公司(以下简称汇中伟宏所)及2名注册会计师吴爱娟和王兴,以中介组织人员出具证明文件重大失实罪提起公诉.     

中国外汇交易中心

中国外汇交易中心暨全国银行间同业拆借中心（以下简称交易中心）是中国人民银行直属事业单位，专事提供银行间市场中心服务。主要职能是：提供银行间外汇交易、人民币同业拆借、债券交易系统并组织市场交易 。     

创新二十载迈步从头越祝贺中国外汇交易中心成立20周年

中国外汇交易中心暨全国银行间同业拆借中心（以下简称交易中心）为银行间同业拆借市场、债券市场、外汇市场等提供交易、交易后处理、信息、基准、培训等服务,是我国银行间市场重要基础设施的提供和组织者,也是传导央行货币政策、支持宏观金融决策的重要平台。     

中国人民银行、香港证券及期货事务监察委员会、香港金融管理局即将正式启动香港与内地利率互换市场互联互通合作

<正>为促进内地与香港金融衍生品市场的协同发展,构建高水平金融开放格局,2022年7月4日,中国人民银行（以下简称人民银行）、香港证券及期货事务监察委员会（以下简称香港证监会）、香港金融管理局（以下简称香港金管局）发布联合公告,同意中国外汇交易中心（全国银行间同业拆借中心）（以下简称外汇交易中心）、银行间市场清算所股份有限公司（以下简称上海清算所）和香港场外结算有限公司（以下简称场外结算公司）开展香港与内地利率互换市场互联互通合作（以下简称“互换通”）,初期先行开通“北向互换通”,香港及其他国家和地区的境外投资者可通过两地基础设施互联互通参与内地银行间金融衍生品市场。自联合公告发布以来,“互换通”的各项准备工作进展顺利,“北向互换通”下的交易将于2023年5月15日启动。为便于“北向互换通”的顺利推出,现就有关事宜说明如下：     

透视“五粮液”这杯酒

<正>五粮液集团有限公司(以下简称"五粮液集团")由宜宾市国资委全资拥有,宜宾五粮液股份有限公司(以下简称"五粮液股份")的控股股东是国有独资公司——宜宾市国有资产经营有限公司,集团董事长和上市公司董事长均由省国资委直接任命。今年7月,证监会对五粮液介入调查,五粮液由于"三宗罪"被推上风口浪尖,而五粮液的关联交易早已被广为诟病。无论是"三宗罪"还是关联交易,其痼疾在于其公司治     

升值之言该如何听

自今年6月中国暗示将松动人民币汇率以来,人民币升值幅度仅为0．4％,这大大低于华盛顿的期待,因此,中美两国的关系日益紧张起来。随着失业率的膨胀,以及选举年即将到来,美国国会再一次将人民币汇率摆上了议事日程：9月6日,华盛顿两位高官为缓和中美关系前往北京,就人民币及其他重要问题进行高峰会晤,以期达成共识。     

商业银行如何应对利率市场化

最近,中国央行的利率政策传达出利率市场化步伐骤然加快的信号,沉浸在央行利率管制环境下的国内商业银行突然感到"利基"竞争的性质发生了重要变化。那么.在利率市场化环境下商业银行应采取怎样的风险偏好,才能使贷款定价覆盖风险溢价?这是银行管理者必须回答的问题。     

When to ally & when to acquire

Acquisitions and alliances are two pillars of growth strategy. But most businesses don't treat the two as alternative mechanisms for attaining goals. Consequently, companies take over firms they should have collaborated with, and vice versa, and make a mess of both acquisitions and alliances. It's easy to see why companies don't weigh the relative merits and demerits of acquisitions and alliances before choosing horses for courses. The two strategies differ in many ways: Acquisition deals are competitive, based on market prices, and risky; alliances are cooperative, negotiated, and not so risky. Companies habitually deploy acquisitions to increase scale or cut costs and use partnerships to enter new markets, customer segments, and regions. Moreover, a company's initial experiences often turn into blinders. If the firm pulls off an alliance or two, it tends to enter into alliances even when circumstances demand acquisitions. Organizational barriers also stand in the way. In many companies, an M&A group, which reports to the finance head, handles acquisitions, while a separate business development unit looks after alliances. The two teams work out of different locations, jealously guard turf, and, in effect, prevent companies from comparing the advantages and disadvantages of the strategies. But companies could improve their results, the authors argue, if they compared the two strategies to determine which is best suited to the situation at hand. Firms such as Cisco that use acquisitions and alliances appropriately grow faster than rivals do. The authors provide a framework to help organizations systematically decide between acquisition and alliance by analyzing three sets of factors: the resources and synergies they desire, the marketplace they compete in, and their competencies at collaborating.     

How to Tie Equity Compensation to Long-Term Results

Companies, investors, and regulators around the world are now seeking to tie executives' payoffs to long-term results and avoid rewarding executives for short-term gains. Focusing on equity-based compensation, the primary component of top executives' pay, the authors analyze how such compensation should best be structured to provide executives with incentives to focus on long-term value creation.
To improve the link between equity compensation and long-term results, the authors recommend that executives be prevented from unwinding their equity incentives for a significant time period after vesting. At the same time, however, the authors suggest that it would be counterproductive to require that executives hold their equity incentives until retirement, as some have proposed. Instead, the authors recommend that companies adopt a combination of "grant-based" and "aggregate" limitations on the unwinding of equity incentives.
Grant-based limitations would allow executives to unwind the equity incentives associated with a particular grant only gradually after vesting, according to a fixed, pre-specified schedule put in place at the time of the grant. Aggregate limitations on unwinding would prevent an executive from unloading more than a specified fraction of the executive's freely disposable equity incentives in any given year.
Finally, the authors emphasize the need for effective limitations on executives' use of hedging and derivative transactions that would weaken the connection between executive payoffs and long-term stock values that a well-designed equity arrangement should produce.     

NYSE execution quality subsequent to migration to hybrid

In October 2006, the NYSE began rolling-out phase three of a four-phase plan initiate its new Hybrid trading mechanism. The results show that this new trading platform introduced a much larger proportion of electronic transactions relative to floor auction transactions. This migration to electronic transactions is further evidenced by a mirror shift in price discovery from floor trades to trades marked for automatic electronic execution. In addition, the move to Hybrid trading introduced a significant decrease in inventory control costs, as well as a noticeable increase in trade persistence. Finally, the new trading platform has increased the speed with which orders are met, and has also decreased the proportion of executed shares which receive price improvement.

How to stop the race to the bottom

Standard tax multipliers are a widespread feature of fiscal equalization systems. A simple theoretical model shows that actual tax multipliers respond positively to changes in standard tax multipliers. This theoretical prediction is tested empirically using data on municipalities in Germany. A quasi-experiment in the state of North Rhine-Westphalia is exploited to identify the incentive effect. The empirical results confirm that local business tax policy is shaped by standard tax multipliers. They provide a straightforward practical tool to avoid a race to the bottom in local business tax rates.