美国期货结算机构的演变过程及启示

本文通过研究美国期货结算机构设置的过程和经验,发现独立化和统一化是美国期货结算机构设置的主要演变趋势。通过计量模型和案例分析对我国不同结算机构的结算成本进行了比较,发现我国期货结算机构面临的主要问题是结算成本有降低的空间;风险控制水平有待提高。本文认为,建立一个不受任何期货交易所控制的独立统一结算机构,不仅有利于期货结算风险的控制,更可以降低结算成本,提高结算效率。

我国期货结算机构设置与中央对手方设计

期货结算机构作为结算服务的组织者和承担者,在期货结算风险管理中发挥着举足轻重的作用。同时,中央对手方被越来越多的期货结算机构应用,这一举措提高了结算机构的风险控制能力,也给其带来了许多的不确定性。为此,我国期货结算应合理设置结算机构,长期目标是建立中央期货结算公司来提供统一结算服务,而现有的中央对手方则需要从法律、法规和结算机构风险管理措施上给予支持。

中央债券托管结算机构的风险控制作用

随着债券回购以及短期国债现货市场的快速发展 ,债券交割风险逐渐成为货币市场乃至整个金融市场系统性风险的重要组成部分。为控制结算风险 ,建立中央债券托管系统成为各国金融市场基础设施建设最具革命性、最具实质性意义的举措。中国的中央托管结算机构是在社会经济为不规范的国债回购所引发的系统性金融风险付出巨大代价的背景下应运而生的。中国新兴市场的不规范性 ,使得中国的中央结算机构面临更复杂的局面。为了充分发挥中央结算机构在风险管理中的功能 ,应当为其建立一套风险控制准则。按照这一准则和逐步发挥其自律组织功能的思路 ,今后几年 ,中央结算公司应在统一托管、对次级托管的有效监督以及提供“券款对付”的结算服务等方面进一步发挥其作用。

委托外部中介机构结算审计的风险及其防范

很多人认为,外部中介机构出具的审计报告具有法律效力,审计风险的防范可以放松些,事实上并非如此。本文分析了委托外部中介机构开展工程结算审计的各种风险,并提出了风险防范对策,对保证审计质量,有较强的现实意义。

工程物资贸易公司结算管理研究

工程物资贸易公司结算管理是一项专业性和技术性非常强的工作,全面、准确、实事求是的工程物资结算,可以有效控制公司经营成本,提高公司预算和决算的准确性,降低公司的经营风险。文章从结算作用、结算原则、结算职责机构设置和结算注意事项四个方面详细地阐述了物贸公司结算管理工作思路和做法,以期达到抛砖引玉、以飨读者的目的。

改进和加强银行结算工作

改革后的银行结算仍然存在的问题、问题存在的原因以及改进和加强银行结算工作的几点设想。在社会主义市场经济的条件下 ,银行的结算工作越来越重要 ,为了能使银行的结算工作适应新形势的发展 ,就要从多方面努力。

无纸化背景下证券权利若干问题研究

无纸化使证券不再采取纸质的外观形式,但并未对作为证券实质内容的证券权利有任何改变。本文在深入分析无纸化背景下证券权利及其持有、证明和变动等方面特征的基础上,对涉及相关问题的现行法律法规进行了审视和检讨,认为无纸化不仅仅是证券枝节问题上的技术进步,而是动摇证券法制基本规则的革新。因此,我国无论是对现行公司证券法律的修订还是制定单行的无纸化法,首先应在理念上深化对证券无纸化的认识,进而对无纸化背景下证券权利的持有、证明、变动等基本内容作出明确规定。

关于期货交易所“中央对手方”法律地位问题的探讨

我国法律体系中尚未明确期货结算机构(期货交易所)的中央对手方法律定位。理论上对期货结算机构在期货结算中的法律地位问题存在分歧,主要有"期货合同结算担保方说"和"期货合同主体说"两种观点。通过比较分析境外主要期货市场关于其期货结算机构法律地位的规定,以及境外关于中央对手方制度的法律基础——合同更新和公开要约制度,得出关于我国期货交易所在结算中法律定位问题的结论和建议,即我国期货立法不宜引入中央对手方概念和确立期货结算机构在结算中的中央对手方法律地位,应否定期货结算机构的期货合同主体地位。

New Architecture of Pipeline CORDIC

Aim To design an ASIC based on CORDIC(coordinate rotations digital computer) to meet the requirement of coordinate conversion in high speed radar signal processing. Methods A new pipeline CORDIC architecture easily realized in VLSI was introduced. Results and Conclusion The results of hardware simulation with FPGA show that the pipeline CORDIC architecture meets the requirement.

An approach to improving maneuver performance of coning algorithm

Aiming to improve the maneuver performance of the strapdown inertial navigation attitude coning algorithm a new coning correction structure is constructed by adding a sample to the traditional compressed coning correction structure. According to the given definition of classical coning motion the residual coning correction error based on the new coning correction structure is derived. On the basis of the new structure the frequency Taylor series method is used for designing a coning correction structure coefficient and then a new coning algorithm is obtained.Two types of error models are defined for the coning algorithm performance evaluation under coning environments and maneuver environments respectively.Simulation results indicate that the maneuver accuracy of the new 4-sample coning algorithm is almost double that of the traditional compressed 4-sample coning algorithm. The new coning algorithm has an improved maneuver performance while maintaining coning performance compared to the traditional compressed coning algorithm.

Formation mechanism and crystal simulation of Na_2O-doped calcium aluminate compounds

Calcium aluminate clinkers doped with Na2O were synthesized using analytically pure reagents CaCO3, Al2O3, SiO2 and Na2CO3. The effects of Na2O-doping on the formation mechanism of calcium aluminate compounds and the crystal property of 12CaO·7Al2O3 (C12A7) cell were studied. The results show that the minerals containing Na2O mainly include 2Na2O·3CaO·5Al2O3 and Na2O·Al2O3, when the Na2O content in clinkers is less than 4.26% (mass fraction). The rest of Na2O is mainly doped in 12CaO·7Al2O3, which results in the decrease of the crystallinity of 12CaO·7Al2O3. The crystallinity of 2Na2O·3CaO·5Al2O3 is also inversely proportional to the Na2O content in clinkers. The formation processes of 2Na2O·3CaO·5Al2O3 and 12CaO·7Al2O3 can be divided into two ways, which are the direct reactions of raw materials and the transformation of CaO·Al2O3, respectively. The simulation shows that the covalency of O-Na bond in Na2O-doped 12CaO·7Al2O3 cell is weaker than those of O-Ca and O-Al bonds. The free energy of the unit cell increases because of Na2O doping, which results in the improvement of chemical activity of 12CaO·7Al2O3. The leaching efficiency of Al2O3 in clinker is improved from 34.81% to 88.17% when the Na2O content in clinkers increases from 0 to 4.26%.

Digestion mechanism and crystal simulation of roasted low-grade high-sulfur bauxite

Low-grade high-sulfur bauxite was pretreated via suspension roasting and muffle furnace roasting to remove sulfur and enhance digestion properties.The results show that sulfur can be efficiently removed,and the alumina digestion properties are significantly improved after suspension roasting.Under optimal conditions(t=70 min,T=280°C,w(CaO)=8%and Nk=245 g/L),the digestion ratios are 94.45%and 92.08%for the suspension-roasted and muffle-roasted ore,respectively,and the apparent activation energies are 63.26 and 64.24 kJ/mol,respectively.Two crystal models were established by Materials Studio based on the XRD patterns.The DFT simulation shows that the existing Al—O bands after suspension roasting can improve alumina digestion.The(104)and(113)planes of Al2O3 after suspension roasting are found to combine with NaOH more easily than those of Al2O3 treated in a muffle furnace.

Analysis of solution findings in the conceptual design of function structures

In the conceptual stage the function design process is realized by the computer aided application. After surveying on the function specification methods and the function modeling, a computer aided function design environment is analyzed. Subsequently based on a module library and principle catalogue, a solution finding process as a part of conceptual design is proposed for a creative design. In addition, a search algorithm to find the solution of adaptable function structure is also discussed. The concepts proposed in this paper can support the subsequent design stages, especially simulation for checking the function structure defects.

Formalization of P Systems by Maude

Rewriting logic is a unified model of concurrency, which provides a formal commo n framework of well-known models of concurrent systems. A new formal method of t he specification and execution of P systems using rewriting logic was proposed. The powerful tool Ma ude 2.0 is used to implement this specification. In order to present the general ideas in a concr ete case study, a simple and classical example from the literature is adopted to present how to formally spe cify and execute a P system.

Computerized three-dimensional design system for rectangular tile coating on hull surface

To better guide the coating process of rectangular tiles on a ship hull, a computerized three-dimensional design method is proposed. Research was done on a tile generating algorithm, tile laying design flow, tiles gap examination algorithm, and tiles slight displacement, as well as cutting and rotating algorithms.A three-dimensional design system was developed using an MDT platform. The application of this system indicates that using the design arrangement to coat tiles on a ship’s hull can result in enhanced coating quality.

Study of the ship design process model for collaborative design

The ship design process model is the basis for developing the ship collaborative design system under network environment.According to the characteristics of the ship design, a method for dividing the ship design process into three layers is pat forward, that is project layer, design task layer and design activity layer, then the formalized definitions of the ship design process model, the decomposing principles of the ship design process and the architecture of the ship collaborative design (SDPM) system are presented. This method simplifies the activity network, makes the optimization and adjustment of the design plan convenient and also makes the design process easier to control and change, at last the architecture of the ship collaborative design system is discussed.

A policy-based billing management architecture for the next generation IP-based network

IP billing is not only a basic functionality to operate IP sen＇ices, but also it is fundamental to offer customers with a stable and QoS-enabled network environment. As IP-based network has been widely agreed to be the core network of NGN, and existing IP billing system is too simple to fulfill the emerging requirements, the next generation IP billing has become an interesting topic in recent years. Policy-based management brings flexibility and scalability to systems by describing management logic and functions through policies, and thus reduces the complexity of the management of large-scale systems. Working on existing efforts, this paper proposed an improved IETF policy framework based upon which a policy-based billing management architecture for the next generation IP-based network was presented. Then a prototype with some basic functionalities was developed. The results of the experiment validated the expected improvements specified in this paper.

Cryptanalysis of Cryptosystems Based on General Linear Group

Advances in quantum computers threaten to break public key cryptosystems such as RSA, ECC, and EIGamal on the hardness of factoring or taking a discrete logarithm, while no quantum algorithms are found to solve certain mathematical problems on non-commutative algebraic structures until now. In this background, Majid Khan et al.proposed two novel public-key encryption schemes based on large abelian subgroup of general linear group over a residue ring. In this paper we show that the two schemes are not secure. We present that they are vulnerable to a structural attack and that, it only requires polynomial time complexity to retrieve the message from associated public keys respectively. Then we conduct a detailed analysis on attack methods and show corresponding algorithmic description and efficiency analysis respectively. After that, we propose an improvement assisted to enhance Majid Khan's scheme. In addition, we discuss possible lines of future work.

Minimizing of the only-insertion insdel systems

A more recent branch of natural computing is DNA computing. At the theoretical level, DNA computing is powerful. This is due to the fact that DNA structure and processing suggest a series of new data structures and operations, and to the fact of the massive parallelism. The insertion-deletion system （insdel system） is a DNA computing model based on two genetic operations： insertion and deletion which, working together, are very powerful, leading to characterizations of recursively enumerable lan- guages. When designing an insdel computer, it is natural to try to keep the underlying model as simple as possible. One idea is to use either only insertion operations or only deletion operations. By helping with a weak coding and a morphism, the family INS4^7DEL0^0 is equal to the family of recursively enumerable languages. It is an open problem proposed by Martin-Vide et al. on whether or not the parameters 4 and 7 appearing here can be replaced by smaller numbers. In this paper, our positive answer to this question is that INS2^4DEL0^0 can also play the same role as insertion and deletion. We suppose that the INS2^4DEL0^0 may be the least only-insertion insdel system in this situation. We will give some reasons supporting this conjecture in our paper.