建设适合我国证券电子商务的新模式

本文在分析目前我国证券电子商务模式分类的基础上,提出了以证券经纪商服务模式的差别划分的新证券电子商务模式,并给出模式选择的建议。     

券商如何拓展证券电子商务

对于传统券商来说，如何对原有的组织结构作一些调整，建立和完善一套适应新业务发展要求的组织形式，是其能否在证券电子商务领域取得突破的关键环节之一。     

证券电子商务平台的设计与实现

证券电子商务是指电子商务在证券领域的应用。狭义地说，证券电子商务是指以互联网为基础平台的网上证券交易。广义地说，证券电子商务是利用先进的信息技术，依托互联网、无线通信网、有线电视网等现代化的数字媒体，以在线方式开展传统证券市场上的各种业务，并在此过程中实现多种业务的创新。     

浅析证券电子商务开展

一、证券电子商务的特点 证券电子商务就是运用最先进的信息与网络技术对证券公司原有业务体系中的各类资源及业务流程进行重组,使用户与内部工作人员通过网络就可开展业务与服务.对于证券公司的经纪业务来说,电子商务就意味着用户的所有交易过程及围绕交易的所有信息获取与分析、投资咨询服务等要求均可以虚拟方式实现,相应证券公司对客户的所有服务与管理工作均可通过网络完成.     

我国证券电子商务发展的问题及对策研究

随着互联网的迅猛发展，网络逐渐渗透和蔓延到各行各业，作业信息技术应用较早且较多的证券业更是受到巨大冲击，因此，研究我国证券电子商务发展所面临的问题及应当采取的相应对策便非常有必要。本文通过对券商实施证券电子商务的内在原因的分析，说明发展证券电子商务的必要性，进而通过分析我国券商在实施证券电子商务过程中所遇到的问题给出相应的对策和建议。     

电子商务与网络银行的安全解决方案

电子商务是未来商务发展的趋势，网络银行又是电子商务顺利开展的必要条件，但是最让消费担心和网络银行头疼的是信用卡支付的安全问题，本通过阐述网络银行支付安全问题的解决方案即SET安全电子协议得出结论：网上支付可以做到安全可靠。     

还电子商务诚信的天空

Internet的爆炸式增长，给电子商务的发展带来了新的机遇和动力。作为一种新型商务模式，电子商务能提供准确、快速、高效的商务运作，是当今世界商务运作发展的主流方向。与此同时，它还带来了一场史无前例的革命，它对社会的生产和管理、政府职能、法律制度以及教育化等各个方面都产生了巨大的影响。目前，世界上几个主要的发达国家都在大规模地用电子商务来取代传统的商务活动方式，     

电子商务安全问题的防范

在信息数字化日趋成为主流的今天，电子商务已随着互联网的普及而飞速发展，其安全性也成为业界的一个热点研究方向。为了确保网上信息的可靠性和保密性，必须采用信息安全技术来完成身份认证、信息加密传输以及保障信息的完整性。     

捷德为您提供电子商务安全解决方案

在电子商务如火如荼发展的今天,如果一家公司想在市场上立于不败之地,就必须将生意搬上网络。然而,网上交易如同在海边垂钓,海中确实有大鱼,但收获却不容乐观,而且种种新招层出不穷。若要获得较为丰厚的收成,您必须在因特网的广阔海洋中试试运气。数字签名将使网上签订的合同具有法律约束力,从而对电子商务的发展起着巨大的推动作用。     

电子商务中的安全小额支付技术

一般情况下，大额常规支付的成本较高，当被支付物价值本身很低时（如每次0．01～1元），其支付成本也要求很低，所以用较复杂的大额支付方案就不具有实用价值。针对此种情况，可行的方法是构造出协议结构简单、处理高效的支付形式，即小额支付系统。小额支付系统适用于支付额低、重复率高、支付额不固定的支付场合，应用范围包括电子出版、电子计量、信，自、服务、网络视频服务和移动通信等。     

Regulating securities analysts

We examine the effects of regulations designed to address the potential conflict of interest that arises when sell-side analyst research is not independent of investment banking. We focus on two types of regulation: (1) internal barriers between equity research and investment banking that restrict communication; and (2) disclosure requirements relating to analyst compensation. We find that information barriers can increase research effort and improve report quality by limiting an investment bank's ability to distort its analyst's incentives. However, this type of regulation can also reduce information production and lower the quality of reports if an investment bank benefits directly from research activity. Disclosure requirements, on the other hand, unambiguously lead to more informative prices and a higher report quality relative to either information barriers or no regulation.     

Pricing interest-rate-derivative securities

This article shows that the one-state-variable interest-ratemodels of Vasicek (1977) and Cox, Ingersoll, and Ross (1985b)can be extended so that they are consistent with both the currentterm structure of interest rates and either the current volatilitiesof all spot interest rates or the current volatilities of allforward interest rates. The extended Vasicek model is shownto be very tractable analytically. The article compares optionprices obtained using the extended Vasicek model with thoseobtained using a number of other models.     

Automated securities trading

Technological developments have permitted rapid changes in the structures of securities trading markets. These changes call for a reevaluation of regulatory regimes. For example, because divergent market structures competing for order flow may fall within different regulatory structures, the proper allocation of regulatory costs should be weighed. Because of the open access by all investors to all markets that technology permits, regulators need to examine the level of oversight necessary to ensure the protection of investors. Because of existing statutory limits, automated systems may pose particular problems in the U.S. regarding the appropriate levels of regulation for non-intermediated trading and cross-border systems that are regulated by an overseas authority. On another topic, automation facilitates increased transparency. In turn, transparency promotes investor protection, encourages market liquidity, and fosters the efficiency of securities markets by facilitating price discovery and open competition, thus reducing the effects of fragmentation. In the end, because it enhances the efficiency of the market's price discovery function and liquidity, transparancy contributes to the efficient allocation of scarce capital among competing demands for that capital. Finally, regulators should participate in the review of automated systems integrity, especially in the areas of capacity, security, and disaster recovery.National Association of Securities Dealers, Inc.A significant portion of this article appeared in a paper prepared by the Division of Market Regulation of the U.S. Securities and Exchange Commission for the 1991 Annual Conference of the International Organization of Securities Commissions, Panel on Automated Trading, September 26, 1991.The Securities and Exchange Commission, as a matter of policy, disclaims responsibility for any private publication or statements by any of its employees. The views expressed herein are those of the authors and do not necessarily reflect those of the Commission or the other members of the staff of the Commission.Mr. Adkins' contribution to this article occurred while he was a staff member of the Securities and Exchange Commission. The views expressed herein are those of Mr. Adkins only and do not necessarily reflect those of the Commission, the National Association of Securities Dealers, Inc., or members of the staffs of the Commission or the NASD.     

Underwriter reputation and the pricing of securities: Evidence from asset-backed securities

This paper investigates whether and how the underwriter reputation can affect the pricing of securities. Using data on collateralized loan obligations (CLO), asset-backed securities (ABS), and asset-backed medium-term notes (ABN) from 2014 to 2019 in China bond market, we find that the underwriter's reputation has a significantly negative impact on the issuance spread. This effect is more pronounced in the CLO and ABS markets, while that in the ABN market is not significant. Furthermore, we find that the originators play a critical role in determining the issuance spread of securities, as state-owned and listed originator receive a lower initial yield spread. In addition, the number of tranches and the proportion of subordination in a deal also have a stronger effect on the relation between which the underwriters' reputation and securities prices. These results suggest that underwriters play a role in reducing information asymmetry between originators and investors, which is partly corrected via underwriter reputation.     

Measuring securities litigation risk

Extant research commonly uses indicator variables for industry membership to proxy for securities litigation risk. We provide evidence on the construct validity of this measure by reporting on the predictive ability of alternative models of litigation risk. While the industry measure alone does a relatively poor job of predicting litigation, supplementing this variable with measures of firm characteristics (such as size, growth, and stock volatility) considerably improves predictive ability. Additional variables such as those that proxy for corporate governance quality and managerial opportunism do not add much to predictive ability and so do not meet the cost–benefit test for inclusion.     

发行通货膨胀指数化债券探讨

按一只债券在整个生命期内其未来现金流(包括本金和利息)是否固定,分为固定利率债券和浮动利率债券.其中浮动利率债券的未来现金流=利差 参考指数.当参考指数是与通货膨胀相关的指数时,这类债券就可以称为通胀指数债券(IIS).     

Economics of blockchain-based securities settlement

We undertake economic modeling of the behavior of participants in blockchain-based securities settlement implemented through hashed timelock contracts (HTLCs). HTLCs have been noted to have the problem of failure when one of the participants attempted to void the transaction by making a late signature. We propose that the premium should be paid by a structurally favorable participant and show that failure due to late signatures rarely occurs according to the utilities of the participants after the introduction of the premium theoretically. Then we conduct quantitative analysis using KRX bond settlement data and show that the proposed method provides better settlement results than the benchmark model. In particular, our results help regulator or policy makers consider fintechs in their regulatory and policy decisions without significantly departing from their original framework.