实达借势EMV进军国际

前不久，实达电脑设备公司(实达外设)的主流金融POS产品系列在中国大陆首家通过国际金融IC卡EMV2000规范检测。此举不仅标志着实达金融POS打开了进军国际市场的第一道大门，同时也意味着中国银行卡EMV迁移计划迈出了实质性的一步。     

实达借势EMV进军国际

能快速有效地把握机遇,往往是企业成功的“诀窍”之一。面临EMV迁移这一世界银行卡发展史上影响最为巨大的事件,实达电脑设备公司(实达外设)很好地把握了这个千载难逢的大好良机。     

关于我国银行卡EMV迁移的思考和探讨

为了积极探讨国内EMV迁移的实施战略和有效途径,由北京利普门电子有限公司独家协办、中国金融电脑杂志社主办的“利普门杯”EMV迁移有奖征文活动日前已圆满结束,本刊特设三期“EMV迁移优秀征文”专栏,选登部分获奖作品,以飨读者。     

关于中国银行卡实施EMV迁移的思考

EMV是ELROPAY、MASTERCARD和VISA三大国际组织联合起来，共同制定的基本借记／贷记应用功能的IC卡统一技术标准。目前，银行IC卡的EMV迁移已经被包括国际组织、各国商业银行广泛提及，正在成为全球银行卡变革的一个重要课题。对于中国的银行业，同样面临这一课题，而且由于中国银行卡发展的特殊性，在EMV迁移方面还有一些特有的问题需要考虑。     

推进我国银行卡EMV迁移的思考和建议

EMV规范是由Europay、Master Card、VISA三个国际银行卡组织联合制定的金融集成电路(IC)卡的金融支付标准。随着技术发展、EMV标准的完善及国际EMV迁移计划的实施,银行磁条卡向IC卡的迁移是必然的发展趋势。本文在对实施EMV迁移的现实意义以及主要制约因素进行分析的基础上,从实施原则、实施步骤、成本问题、业务模式、和行业规范等方面对于进一步推动我国银行卡EMV提出了相应的建议。     

IC复合卡:夯实我国银行卡EMV迁移的基础

EMV是国际信用卡组织联合制定的全球IC智能卡金融支付应用标准,银行卡的EMV迁移是我国不可回避的选择。本文首先分析了EMV迁移的优势以及目前我国银行卡使用情况,认为一种新的IC复合卡(磁条卡与芯片卡合二为一)将有助于我国银行卡顺利完成迁移,其次介绍了该卡出现的必要性及其构成原理;最后分析了该卡在我国的广泛应用前景。     

加快国内EMV迁移的一个契机

距离亚太区EMV迁移的最后转换期限2006年越来越近，面对这场带有强制性色彩的银行卡革命，中国人民银行、中国银联和各商业银行等有关各方纷纷采取多种措施积极应对，但由于高额迁移成本的制约，尚未取得实质性的进展。在这样的背景下，适逢十几亿国人更换电子身份证的时机，笔     

实施新战略实达外设添翼腾飞

2005年11月28日，实达电脑设备公司(实达外设)与香港利泉控股公司、北京联迪恒星科技公司、香港Smartview公司在福建会堂省直厅正式签约，共同合资成立实达联迪商用设备有限公司，合资公司总投资人民币2亿元，注册资金人民币1亿元。合资公司的成立获得福建省政府、福州市政府、省信息产业厅的领导以及省市相关部门的大力支持，李川副省长亲切会见了各签约企业的代表。合资公司的成立表明了实达外设全面实施新战略，大力发展民族品牌和实达外设产业的决心。     

吹响EMV迁移的前奏曲——推广银行IC卡纪实

为了与国际接轨,我国银行卡业的EMV迁移工作已进入探讨和规划阶段。多家银行已在本行和本区域内进行了IC卡的试点。1997年,农业银行福建省分行营业部(以下简称为福建省营业部)被人民银行批准为IC卡试点行,经过八年的技术与市场开发,目前在福州市发展的银行IC卡涉及福州市的商界     

Liquidity in the forward exchange market

The forward foreign exchange market is modelled within the framework of a limited participation two-country model and then simulated using the artificial economy methodology. The new model improves on the standard two-country cash-in-advance model in a number of ways. It gets closer to the observed lack of autocorrelation in spot returns and it helps to explain the persistence in the forward discount. However, it cannot account for the relative volatilities of spot returns and the forward discount. Finally, the model goes some distance in explaining the forward discount bias puzzle but falls short of resolving it.     

The forward discount puzzle and market efficiency

We argue that the forward discount puzzle is primarily a statistical phenomenon and that statistical rejections of Uncovered Interest Parity do not necessarily constitute valid rejections of market efficiency. We find by using a Taylor expansion a theoretical negative bias in existing regressions of UIP. We propose two alternative tests for market efficiency, one of which is designed to measure the degree of market inefficiency. Our results from these tests indicate that for all four of the bilateral dollar parities studied the foreign exchange market is efficient despite decisive clear rejections of UIP using the conventional regression approach.     

Time-varying international diversification and the forward premium

This paper reproduces the slope of the uncovered interest rate parity (UIP) regression for ten country pairs within one standard deviation under rational expectations. We propose an infinite horizon dynamic stochastic general equilibrium model with incomplete markets. Heterogeneous investors experience varying risk aversion as a result of habit formation.The underlying mechanism of the model relies on varying international diversification in the investors' portfolio choice decision. In response to their changing habit levels, investors' hedging desire varies over time. This leads to adjustments in interest rates. The habit-induced investment decisions are negatively correlated with movements in the exchange rate. This results in a negative correlation between interest rates and expected exchange rates, as implied by a negative UIP slope.Depending on the magnitude of habits, the model is capable of reproducing positive as well as negative UIP slopes, as seen empirically in the data.     

Market fragility and international market crashes

We extend the Pukthuanthong and Roll (2009) measure of integration to provide an estimate of systemic risk within international equity markets. Our measure indicates an increasing likelihood of market crashes. The conditional probability of market crashes increases substantially following increases of our risk measure. High levels of our risk measure indicate the probability of a global crash is greater than the probability of a local crash. That is, conditional on high levels of systemic risk, the probability of a severe crash across multiple markets is larger than the probability of a crash within a smaller number of markets.     

Bid-ask spreads in the market for forward exchange

Recent empirical testing of interest rate parity places a crucial role on the existence of transactions costs in the form of the bid-ask spread. Existing theoretical models tie in the bid-ask spread to exchange rate uncertainty. This paper directs itself to a formal model of the forward exchange market to show that foreign exchange uncertainty per se is not the cause of fluctuating bid-ask spreads. Instead emphasis is placed on relative degrees of absolute risk aversion and the heterogeneity of information sets.     

A two-factor model for the electricity forward market

This paper provides a two-factor model for electricity futures that captures the main features of the market and fits the term structure of volatility. The approach extends the one-factor model of Clewlow and Strickland to a two-factor model and modifies it to make it applicable to the electricity market. We will particularly deal with the existence of delivery periods in the underlying futures. Additionally, the model is calibrated to options on electricity futures and its performance for practical application is discussed.     

Stock market liberalization and international risk sharing

This paper empirically examines what macroeconomic risks are shared (or not shared) internationally after stock market liberalization in several developing countries. To address this issue, we incorporate an international asset pricing model into a non-linear structural vector autoregression (VAR) system that identifies various sources of macroeconomic risks. We find that most of the risks corresponding to exogenous financial market shocks are surprisingly well shared, although other macroeconomic risks associated with exogenous shocks to output, inflation and monetary policies are not fully shared across countries. Our results suggest that one of the main benefits from stock market liberalization is to allow the countries studied in this paper to better hedge against exogenous and idiosyncratic financial market risks, and stock market liberalization needs to be accompanied by other measures of economic integration in order to achieve the full benefits of international risk sharing.     

The dynamics of international equity market expectations

This paper develops a noisy rational expectations model of the way in which international investors adjust their expectations of asset payoffs in a given country in response not only to public information signals but also to private information signals whose precision differs across investors. The model predicts that the perceptions of investors in one country about the future market returns in another country are related differently to realized past returns depending on their informational disadvantage relative to other investors: the greater is that informational disadvantage, the greater is the change in perception associated with returns. The predictions are confirmed by monthly survey data of institutional money managers investing in developed markets from 1995 to 2000.     

The realized forward term premium in the repo market

Repurchase agreements for general-collateral government debt measure the short-term cost of riskless borrowing, thus avoiding issues relating to specialness of Treasury offerings or irregular term-to-maturity in the Treasury bill market. The spread between reverse and repo rates has previously been ignored by researchers who find that the pure expectation hypothesis either holds at this extremely short end of the term structure or that observed deviations from the expectations hypothesis are not economically significant. This paper shows that the time-varying realized forward premium at the short-end of the yield curve is consistently positive when accounting for the spread between repurchase and reverse repurchase agreement rates.