Advanced manufacturing systems: supply–demand matching of manufacturing resource based on complex networks and Internet of Things

ABSTRACT

After investigation on the existing advanced manufacturing systems (AMSs), it is found that supply–demand matching of manufacturing resource is one of the common issues to be addressed in all AMSs, and methods for addressing this issue have evolved from P2P (peer-to-peer)-based, to information centre-based, and to platform (or system)-based matching, and are moving towards socialisation and service-based solutions. In order to adapt to this trend, a new method for manufacturing resource supply–demand matching based on complex networks and Internet of Things (IoT) is proposed, and a four-layered architecture for implementing this method is designed. In this method, IoT technology is employed to realise the intelligent perception and accessing of various manufacturing resources and capabilities (MR&C), which enables logical aggregation of various distributed MR&C in the form of services. Then complex networks model and theory are used to realise the efficient manufacturing service management, optimal-allocation, and supply–demand matching. In this article, the specific key technologies for implementing the method are presented, including key technologies for manufacturing service generation and aggregation, manufacturing demand/task management, supply–demand matching of MR&C in the form of services, and value/utility adding based on manufacturing service network (MSN), manufacturing task network (MTN) and manufacturing enterprises collaborative network (ECN).     

浅议NASDAQ做市商的收入、成本与功能

做市商的收入主要包括买卖价差、ECN或NASQ返还的通道费和其它收入。做市商的成本主要包括指令处理成本、存货成本、竞争性成本和信息不对称成本。做市商的功能是提高市场的流动性、提高市场的稳定性和提高市场的有效性和透明度。     

The bumpy road of biomass gasification in the Netherlands: Explaining the rise and fall of an emerging innovation system

In this paper, the concept of System Functions of Innovation Systems is applied to provide an explanation of the success or failure of an emerging technology, i.e. biomass gasification, with empirical data on the evolution of this technology in the Netherlands during 1980-2004. A new list of System Functions has been developed lately and is used to identify the most relevant events in the evolution of the Biomass Gasification Innovation System. We show that a structural misalignment occurred between the institutional framework within which the technology could have been developed and the technical requirements of the technology. Finally, the absence of System Functions such as the guidance of the search, resource allocation and advocacy coalition explains the failure of this technology over time.     

Tick test accuracy in foreign exchange ECN markets

Recent computer quoting activity has increased the allure of the tick test because the quote rule and its variants require matching asynchronous trade and quote records. We find tick test accuracy of 1.2 million forex trades is about 67% which falls to 63% for zerotick trades (half the sample). Accuracy declines as quoted spreads decrease and as time to the previous trade increases. We observe extreme asymmetry for midquote changes, where buyer accuracy is 96% (27%) for up (down) changes, respectively. The quote rule is about 77% accurate. The group tick test is superior to the bulk volume classification method.     

Electronic Communication Networks and Liquidity on the Nasdaq

This paper examines the growth of electronic communication networks (ECNs) and their impact on the liquidity of Nasdaq stocks. I find that the recent growth of trading through ECNs has resulted in tighter bid-ask spreads, greater depths, and less concentrated markets. Overall, our results support the hypothesis that electronic communication networks have improved Nasdaq liquidity.     

Intraday Price Discovery in the DJIA Index Markets

Abstract:  This paper explores the dynamics of price discovery between the Dow Jones Industrial Average (DJIA) index and its three derivative products: the DIAMOND exchange-traded fund (ETF), the floor-traded regular futures, and the electronically traded mini futures. Even though the American Stock Exchange is the primary listing exchange for the ETF, the analysis indicates that the electronically traded ETF on the Archipelago (ArcaEx) electronic communications network dominates the price discovery process for DIAMOND shares. The E-mini futures contribute the most to price discovery, followed by the ArcaEx DIAMOND. The DJIA index and regular futures contribute least to price discovery. The analysis is repeated using the derivatives of the S&P 500 index as a robustness check. The results indicate that multi-market trading ensures greater pricing efficiency. Informed traders favor electronic trading because of immediate and anonymous trade execution.