主机房的信息化集成化管理

金融企业的主机房是金融信息系统的核心，但相当多金融企业的主机房尚未实现信息化管理。工商银行绍兴市分行经过一年多实践，逐步实现了信息化、集成化管理。期间主要设计完成了两大主机房管理平台：一是基于LINUX、UNIX系统的机房管理平台；二是建立在WINDOWS系统上的机房管理平台。同时LINUX、UNIX系统的管理平台可以在WINDOWS办公机上单击一按钮直接进入，实现了两大管理平台之间的对接。     

产权管理电子政务平台的体系结构设计

近几年来电子政务的倡导、实践和发展证明,电子政务可以促进政府职能改革、政府规范管理及政府管理创新。作为电子政务平台重要组成部分的企业产权管理信息平台建立并投入运行以后,用户既可以通过该平台浏览查阅到本地区乃至全国有关的产权管理信息,还可以在本平台上办理本单位的企业产权登记、产权变更、产权交易、年度检查等手续,从事资产评估业务,了解本地区企业产权管理的政策、法律和动态等。本文主要论述企业产权管理信息平台的网站体系结构的软硬件设计、网站栏目的设计、信息系统的模块设计等。1.企业产权管理信息平台网站系统架构。企业产权管理网站是在现有政务运作的基础上,立足于发展电子政务应用的官     

电子商业汇票的未来影响

2008年初，中国人民银行在充分研究论证的基础上决定组织开发建设全国统一的电子商业汇票系统。经过各方近两年来的共同努力，电子商业汇票系统于10月28日开通运行，《电子商业汇票业务管理办法》、《电子商业汇票系统管理办法》等一系列规章制度也陆续颁布实施。电子商业汇票系统的建成，为全国范围内的电子商业汇票提供了集中登记托管和转让流通平台，将对未来我国票据业务和票据市场发展，对商业银行和企业支付结算、短期融资、票据管理、财务管理等方方面面产生重大影响。     

YapStone在12年后终接受风投

过去的12年来,为房产管理和其他网络市场提供电子支付平台的科技公司Yap Stone围绕电子支付开拓了盈利可观的业务,并将风险投资家闭之门外。而近日,Yap Stone终于接受了来自AccelPartners及Meritech Capital Partners的5000万美元融资。YapStone研发的端对端电子支付平台RentPayment,便于房产管理者接     

浅谈企业内控管理与实施ERP的结合应用

ERP系统是现代企业的一种重要经营管理系统,它以计算机网络系统为载体,有效为企业提供开展基本业务流程的信息管理平台.内控管理是企业现代化管理的主要手段,也是企业能够实现高效运转与有序经营的重要保障.将企业的内控管理与ERP有效结合应用,符合了企业实施现代化管理的基本目标,更使企业管理人员可以根据企业发展现状及市场变化情况来及时调整相应的管理策略,从而规范企业内部管理,实现企业经济效益的稳步提升.     

ERP环境下的财务管理思维

<正>ERP是Enterprise Resource Planning的缩写,就是人们所说的企业资源计划系统。它是一种系统化的管理平台,它将所有的资源综合在一起,对生产经营过程的各个环节进行规划。因此,ERP体现了一种系统化的管理思想,企业的决策层和员工可以通过这个系统来决策。财务管理是ERP系统中的其中一个模块,它在财务管理方面主要涉及财务计划、控制、分析和     

电子商务企业融资渠道分析

电子商务企业由于其发展的内在要求,对于融资有着特别的需求,而电子商务企业又可分为电子商务平台企业和平台的使用者,这两类企业的融资需求特点是不同的,本文将分别进行分析,前者主要介绍资本市场融资,后者主要介绍基于电子商务平台的银行信用贷款。     

电子商务企业融资渠道分析

电子商务企业由于其发展的内在要求,对于融资有着特别的需求,而电子商务企业又可分为电子商务平台企业和平台的使用者,这两类企业的融资需求特点是不同的,本文将分别进行分析,前者主要介绍资本市场融资,后者主要介绍基于电子商务平台的银行信用贷款。     

强化企业融资管理的问题研究

融资管理就是指企业为了满足经营的资金的需求,有效的控制融入资金的成本风险,选择合适本企业发展的融资战略和融资模式,从而最大限度的优化本企业的资本结构。它是现代企业财务管理的重要任务之一,对企业的生存发展具有长远的意义,是企业不断提高竞争力实现稳定健康可持续发展的重要保证。随着竞争的加剧,企业面临的内外压力都在不断加大,企业的融资管理也面临着更大的挑战,新时代背景条件下如何有效实现企业的融资管理,促进企业的稳定健康发展将成为许多财务从业管理人员重要的研究课题。     

商业银行建立B2B客户关系管理平台的设想

目前,我国商业银行纷纷研发推出客户关系管理系统(CRM),然而这种系统却因为单向性缺陷限制了功能的发挥,特别是商业银行拥有的最大财富——客户资源,没能在系统中得到充分利用。探索将商业银行现有的客户关系管理系统与B2B电子商务平台功能有机结合起来,真正形成一个集企业发展与银行管理于一体的银企互动平台,进而实现企业与银行的相互促进与共进共赢,十分必要。     

全球固定收益电子交易平台发展现状及其趋势

该文从市场分类、交易模式、组成架构等角度介绍了电子固定收益交易平台的技术特征，总结了全球代表性电子固定收益平台的服务特色，及我国固定收益平台的发展现状，并展望了电子固定收益交易平台的发展趋势，指出未来固定收益平台建设将呈现交易平台综合化、交易模式多样化、数据信息服务快捷与增值并重、风险监控能力不断加强等特点。     

衡水市电子农务网络平台的建设研究

当前，农业信息化程度不高是制约农业发展的主要因素。建设新农村、培养新农民、发展新农业都需要信息化的高效推动。建设农村电子农务网络平台是推进农村信息化建设、促进农村综合改革、帮助农民致富增收的重大举措。     

Quasi-centralized limit order books

A quasi-centralized limit order book (QCLOB) is a limit order book (LOB) in which financial institutions can only access the trading opportunities offered by counterparties with whom they possess sufficient bilateral credit. In this paper, we perform an empirical analysis of a recent, high-quality data set from a large electronic trading platform that utilizes QCLOBs to facilitate trade. We argue that the quote-relative framework often used to study other LOBs is not a sensible reference frame for QCLOBs, so we instead introduce an alternative, trade-relative framework, which we use to study the statistical properties of order flow and LOB state in our data. We also uncover an empirical universality: although the distributions that describe order flow and LOB state vary considerably across days, a simple, linear rescaling causes them to collapse onto a single curve. Motivated by this finding, we propose a semi-parametric model of order flow and LOB state for a single trading day. Our model provides similar performance to that of parametric curve-fitting techniques but is simpler to compute and faster to implement.     

Strategies for responding to RAC requests electronically

Providers that would like to respond to complex RAC reviews electronically should consider three strategies: Invest in an EHR software package or a high-powered scanner that can quickly scan large amounts of paper. Implement an audit software platform that will allow providers to manage the entire audit process in one place. Use a CONNECT-compatible gateway capable of accessing the Nationwide Health Information Network (the network on which the electronic submission of medical documentation program runs).     

Cross-impact and no-dynamic-arbitrage

We extend the ‘No-dynamic-arbitrage and market impact’-framework of Gatheral [Quant. Finance, 2010, 10(7), 749–759] to the multi-dimensional case where trading in one asset has a cross-impact on the price of other assets. From the condition of absence of dynamical arbitrage we derive theoretical limits for the size and form of cross-impact that can be directly verified on data. For bounded decay kernels we find that cross-impact must be an odd and linear function of trading intensity and cross-impact from asset i to asset j must be equal to the one from j to i. To test these constraints we estimate cross-impact among sovereign bonds traded on the electronic platform MOT. While we find significant violations of the above symmetry condition of cross-impact, we show that these are not arbitrageable with simple strategies because of the presence of the bid-ask spread.     

The information content of retail investors’ order flow

In this paper, we provide evidence that the trading activity of small retail investors carries significant genuine information that can be exploited for the short-term out-of-sample forecasting of foreign exchange rates. Our findings are based on a unique dataset of around 2000 retail investors from the OANDA FXTrade electronic trading platform. Our results are consistent with the view that in the foreign exchange market private information is highly dispersed, but can be extracted by observing customer order flow. Previous studies, however, focused on the information content of costumer order flow of dealers in the interbank market, whose clients are themselves large institutional and professional investors. Our study is the first that analyzes a crowd of small retail investors and shows that even the trading activity of these investors contains, on aggregate, important non-public information that can be exploited for short-term exchange rate forecasting. Our findings lead us to conjecture that retail investors (on aggregate) are not pure noise traders but process dispersed information at least partially in a similar way as large institutional investors and hence place their orders accordingly.     

地方政府融资平台贷款风险分析与思考

地方政府融资平台贷款风险分析不能仅仅着眼于单纯的地方政府和企业层面,而应首先从更宏观的视野来考察中国地方政府乃至中国政府的总体负债水平,在此基础上,再来考察地方政府和融资平台的关系、融资平台之间的关系、融资平台自身,从而确定地方政府融资平台贷款的风险特征,提出解决之道。     

Trading costs and price discovery

The price discovery roles of a set of related markets or securities have been investigated in many different settings where trading costs effect is often commingled with other trading arrangement factors. In Hong Kong, regular futures and mini futures contracts as well as their underlying spot asset are all traded on a same electronic trading platform. The trading arrangements thus provide us with a unique setting where we can isolate the impacts of transaction costs on price discovery. Using Hasbrouck’s (J Finance 50:1175–1199, 1995) information share approach, it is found that in Hong Kong, the regular futures contracts market plays a dominant role in price discovery while the mini futures and cash index markets play minor roles. The results in this paper provide an unequivocal support to the trading costs hypothesis.     

Price discovery and trade fragmentation in a multi-market environment: Evidence from the MTS system

This paper proposes new metrics for the process of price discovery on the main electronic trading platform for euro-denominated government securities. Analysing price data on daily transactions for 107 bonds over a period of 27 months, we find a greater degree of price leadership of the dominant market when our measures (as opposed to the traditional price discovery metrics) are used. We also present unambiguous evidence that a market’s contribution to price discovery is crucially affected by the level of trading activity. The implications of these empirical findings are discussed in the light of the debate about the possible restructuring of the regulatory framework for the Treasury bond market in Europe.     

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.