信息化时代的自助终端

随着银行信息化建设的不断发展，自助交易已经成为现代化商业银行服务客户的主要渠道。自助交易根据是否涉及现金可分为现金自助交易和非现金自助交易两类。其中现金自助交易设备（ATM、CDM、存取款一体机、外币兑换机等）应用已经进入成熟阶段，而非现金自助设备（自助终端）应用还处于发展阶段。本文针对自助终端系统的现状、需求进行分析，并由此对自助终端系统设计、建设、推广进行一些评析和展望。     

自助设备厂商论剑2006金融展

白1987年2月第一台金融自助设备在国内开始使用至今，金融自助服务已经逐渐深入到人们的生活和工作中，并被国内各大金融机构作为业务延伸的有力工具。2006年9月17日，金融自助设备厂商又一次齐聚北京，各施手段，论剑2006金融展，都希望从中获得商机，分得头啖汤。德利多富、广电运通、联迪商用、迪堡、日立、怡化等一大批知名厂商，在金融展上占据了展馆的显著位置，展示全新ATM设备、银行系统解决方案、现代银行网点创新模式、中间件业务应用等，让观众目不暇接。下面就让我们一起来体验一下本届金融展中自助设备所带来的最新技术和先进服务理念。     

Analysing multi-level Monte Carlo for options with non-globally Lipschitz payoff

Giles (Oper. Res. 56:607–617, 2008) introduced a multi-level Monte Carlo method for approximating the expected value of a function of a stochastic differential equation solution. A key application is to compute the expected payoff of a financial option. This new method improves on the computational complexity of standard Monte Carlo. Giles analysed globally Lipschitz payoffs, but also found good performance in practice for non-globally Lipschitz cases. In this work, we show that the multi-level Monte Carlo method can be rigorously justified for non-globally Lipschitz payoffs. In particular, we consider digital, lookback and barrier options. This requires non-standard strong convergence analysis of the Euler–Maruyama method.      

基于粗糙集理论的银行盈利预测分析

一、引言粗糙集理论RST（RoughSetTheory）是波兰Z．Pawlak教授在１９８２年提出的一种数据推理方法。粗糙集理论自２０世纪８０年代诞生以来，由于其在研究不完整数据和不精确知识的表达、学习、归纳等方面的强大功能，在人工智能、知识发现、模式识别、股票数据分析、故障检测等方面取得了较为成功的应用。中国加入WTO后，随着外资银行的介入，我国商业银行将面临更大的挑战与风险，承受更大的市场竞争压力。为此，学术界和金融界就加强风险防范、提高银行竞争力进行了探讨。银行盈利能力一直是被关注的焦点，而对银行盈利能力的关注…     

关于当前商业银行自助银行建设的思考

本文运用管理会计方法,分析自助银行成本效益情况,测算了保本交易量,并提出了加快自助银行建设的建议。     

Smoothing the payoff for efficient computation of Basket option prices

We consider the problem of pricing basket options in a multivariate Black–Scholes or Variance-Gamma model. From a numerical point of view, pricing such options corresponds to moderate and high-dimensional numerical integration problems with non-smooth integrands. Due to this lack of regularity, higher order numerical integration techniques may not be directly available, requiring the use of methods like Monte Carlo specifically designed to work for non-regular problems. We propose to use the inherent smoothing property of the density of the underlying in the above models to mollify the payoff function by means of an exact conditional expectation. The resulting conditional expectation is unbiased and yields a smooth integrand, which is amenable to the efficient use of adaptive sparse-grid cubature. Numerical examples indicate that the high-order method may perform orders of magnitude faster than Monte Carlo or Quasi Monte Carlo methods in dimensions up to 35.     

探究银行自助设备安全高效运行之道--2010年自助设备风险与防范研讨会圆满落幕

随着信息化、网络化的日新月异,ATM交易在银行支付渠道中发挥的作用越来越重要,然而近年来,利用ATM实施的犯罪行为也日渐增多,加强ATM等银行自助设备的安全管理已成为各银行提升银行自助服务、完善自助服务渠道以及促进我国金融业稳健发展的关键问题。     

Beyond payoff diagrams: how to present risk and return characteristics of structured products

The market for structured products in Germany and Switzerland experienced a decade of rapid growth before the financial crisis. When Lehman Brothers went bankrupt, however, it became apparent that many private investors had not been aware of the risks involved in these certificates. There is evidence that the success of some of the most popular products was due to behavioral biases of investors. There is also concern that the complexity and diversity of the products was accompanied by low transparency. In practice, the information provided to investors is still often focused on payoff diagrams. For the future development of the market, it is important to improve investors’ information and understanding. To this end, this paper analyzes the information requirements and proposes a risk and return survey to provide relevant and comprehensive information on market risk. Specifically, we propose to (1) illustrate the return probability distribution in three different ways, in particular a rolling dice analogy, (2)  apply the Leland model to specify the risk and return tradeoff, and (3) include a specific measure of active risk. We illustrate these measures and information tools for a sample of stylized products.     

农村自助金融服务终端的机构载体功能:济宁案例

基础金融服务在农村地区的缺失,是由其规模不经济的经营属性所决定的。济宁市通过创新、研发和推广农民自助服务终端,实现了低成本的金融服务功能下移,与农村基本标准化金融需求实现正效益对接,对传统机构网点实现了良好替代,具备了机构载体功能和普及基础．可以作为消除基础金融服务空白乡镇的一条切实可行的途径。     

欠发达农村地区布放自助金融服务机具的难点及对策

银行卡发展是一项利国利民的工程,对减少现金流通、降低交易成本具有重要意义。而在农村地区,银行卡的推广和使用受制于自助金融服务机具如ATM、POS机的布放。本文着重分析了欠发达农村地区布放自助金融服务机具的难点,并提出相应的对策建议。     

Efficient estimation of lower and upper bounds for pricing higher-dimensional American arithmetic average options by approximating their payoff functions

In this paper, we develop an efficient payoff function approximation approach to estimating lower and upper bounds for pricing American arithmetic average options with a large number of underlying assets. The crucial step in the approach is to find a geometric mean which is more tractable than and highly correlated with a given arithmetic mean. Then the optimal exercise strategy for the resultant American geometric average option is used to obtain a low-biased estimator for the corresponding American arithmetic average option. This method is particularly efficient for asset prices modeled by jump-diffusion processes with deterministic volatilities because the geometric mean is always a one-dimensional Markov process regardless of the number of underlying assets and thus is free from the curse of dimensionality. Another appealing feature of our method is that it provides an extremely efficient way to obtain tight upper bounds with no nested simulation involved as opposed to some existing duality approaches. Various numerical examples with up to 50 underlying stocks suggest that our algorithm is able to produce computationally efficient results.