Reflections on Applications of International Standards for Financial Data Exchange in China Securities and Futures Markets

1.1. Development of international data exchange standards in securities field Securities market involves a large number of participants, like investors, securities companies, exchanges, clearingcorporations and so on. Businesses among the participants are completed via data exchange. Therefore, the data exchange protocols serve an important factor to determine and promote the sate and rapid development of the securities market.

International exchanges on electrostatic protection and standardization

The 6th Electrostatic Protection and Standardization International Conference was held on November 10,2017 in Guizhou Normal University on the themes of＂promoting the discipline construction of electrostatic protection engineering and accelerating the development of electrostatic protection technology and industry＂.Experts and representatives held in-depth discussions on theoretical study,

XML-based Data Processing in Network Supported Collaborative Design

In the course of network supported collaborative design, the data processing plays a very vital role. Much effort has been spent in this area, and many kinds of approaches have been proposed. Based on the correlative materials, this paper presents extensible markup language （XML） based strategy for several important problems of data processing in network supported collaborative design, such as the representation of standard for the exchange of product model data （STEP） with XML in the product information expression and the management of XML documents using relational database. The paper gives a detailed exposition on how to clarify the mapping between XML structure and the relationship database structure and how XML-QL queries can be translated into structured query language （SQL） queries. Finally, the structure of data processing system based on XML is presented.

Monetary Stability and Crisis Predictions Fallacies

In present days,our instable financial markets,characterized by heavier growing monetary responsibilities,are delivering and enlarging ever growing central banks’functions.The financial stability applied standards have been creating contradictory results in the recent Great Recessions since the year 1987 up to the central banks model,after the 2008 last financial crisis,with major central banks as the FED and the CEB(Diamond,2007,pp.189-200)conflicting main operative areas,monetary and financial goals with unexpected results.We have been living a very difficult and dramatic period,which suggests a lot of reconsiderations about what the monetary policy means and may pursue and in which area,with respect to the financial system restrictions,in particular,during the post-second World War,based initially on the pseudo gold dollar parity,things were relatively stable and major financial crises were happening in emerging peripheral markets only.Financial stability was ever relevant,but it was not something to which governments devoted institutional attention.Based on what happened during the recent crisis,it is now of capital responsibility connecting monetary and economic financial stability jointly.Central banks,on the contrary,seem not able to pursue both functions relying on classical market tools.Up to now,the only obligation,imposed to a central bank as a private agent,has been taking care of monetary stability,to contain inflation rates over upper limits,assumed in entering definitely in the legal tender monetary,regime almost everywhere over the planet.Originally,for specific monetary policy purposes alone,between central banks and possible financial entities,there were no guidelines or structural determined controls,only institutional and statutory single bank’s operational clauses.There were no legal constraints such as formal loan to-value,or loan to cash-flows,or formal capital level limits,based on actual constraints.Free repurchase agreements and sales or purchases of securities(the most relevant tools of monetary policy guidelines),generally based on private financial covenants,were the sole most recurrent tactical interferences in adjusting the economic free activity.The assuming statutory thresholds were casual in the incorporating state,central banks used to monitor the activities of agents through economic incentives,rather than mandating and monitoring specific legal prescriptions.The evolving inconsistency of both activities has become even more manifest;two conditions should be fulfilled simultaneously:To avoid dilemmas in which a central bank might be called to make the autonomous independent management choice between monetary price stability,pursuing at same time,generally incompatible,financial stability,two different policies should be rarely jointly assigned to same bodies,especially central banks.As regards the first issue,the IMF nevertheless,with Brunnermeier and Sannikov(Brunnermeier&Sannikov,2012),has argued that price stability and financial stability are interlinked Short-term debt financing played an important role in the run-up to the financial crisis,as increases in leverage helped boost growth but also made the economy more susceptible to a downturn.Since the recession,private agents have reduced their debt level while many governments have increased borrowing.This deleveraging process appears to be holding back the recovery,and the Japanese experience suggests that such deleveraging can continue over an extended period”,unless in the long run we are all broken at state level,as history seems now to prove.It is true indeed,as reminded by Lamfalussy(Lamfalussy et al.,2010,pp.7-9),and now widely proved by facts,that prices and the growth-employment objectives,run into each other because it is seldom the case that the pursuit of one is consistent with the pursuit of the second in global economies.

What Happened to Jacques Rueff and Robert Triffin?

A present monetary theory of the Great Depression has been explained as stemming from Milton Friedman,ignoring the previous Davanzati,a Florentine finding,in the 16th Century,an explanation solution to the increase of prices due to the arrival of Spanish silver from the New World.Designed to counter the Keynesian notion that the Depression resulted from instability theories,characterizing most modern capitalistic economies,Friedmans explanation identified lately the monetary trend as a disordered monetary policy,carried out by erroneous Federal Reserve Board interventions,possible after the Aldrich-Vreeland innovations,introducing Treasury money in the year 1908.More recent works about the Great Depression reconsider the attempts to restore the international gold standard,suppressed on the brink of World War I.We learnt that current views of the Depression,as analyzed in the 1920s by Ralph Hawtrey and Gustav Cassel,while recommending a gold standard reset,reflect that such standard risk deflations,unless the resulting increase in the international monetary demand linked to physical gold,could be satisfied.Although their early warnings of potential disaster became actual and their policy advice was consistently correct,their contributions were ignored and forgotten.The vanishing of their comments was firstly outlined not a long time ago,by Batchelder and Glasner What Ever Happened to Hawtrey and Cassel? (2013)This paper explores the possible reasons for the remarkable historical disregard of the Hawtrey-Cassel monetary explanation of the Great Depression,even by Nobel Prize winner Robert Mundell in his 2000 historical Nobel reconsideration of the monetary 20th century(Mundell,2000).The paper stresses the identical historical conditions surfacing after the Bretton Woods agreements.Robert Triffin and Jacques Rueff comment likely warnings as in the first Great Depression,under the monetary policy illusion and the Central Banks excessive disregard of the basics of the quantitative theory on the long run,mostly ignored.Robert Triffin started to address the problem in March and June of 1959,Italian Banca Nazionale del Lavoro Quarterly Review.The first of these articles(Part One:Diagnosis)explains in the simplest possible terms,the extraordinary success of the nineteenth century system of international gold based convertibility,and the calamitous collapse of the late 1920s attempts to bring it back to life.It may hold for us today an indication of the main efforts facing the similar attempt at reconstructing the past expressed some 64 years later,after the first of August 1914,by Triffin during the 1978 Christmas weekend.To deal with them in simple,commonsense terms would inevitably classify the author as an unrealistic whose views deserve no more than a raising of eyebrows.Jacques Rueff,with his The Monetary Sin of the West,a logical consequence of the Triffin previous notes of the 1960s,went straight to the consequences of the Camp David resolutions of President Nixon who just temporarily asked his Treasury Secretary,John Conally to suspend the gold convertibility.There were two changes in United States(U.S.)government policy toward the monetary role of gold in the last 100 years.The first was in 1933-1934;all holdings of gold were confiscated in March 1933.Then,the U.S.Treasury adopted a parity for the U.S.dollar of$35.00 an ounce at the end of January 1934.Gold production surged,the private demand for gold fell,and the U.S.experienced large increases in foreign demand for U.S.dollar securities.In those years there was a massive flow of gold to the U.S.The second historical change in U.S.gold policy followed the meeting at Camp David on August the 15th 1971,when the U.S.Treasury closed its gold window fearing a run on its gold holdings,declining towards$10 billion.Some U.S.officials sought to diminish the monetary role of gold.The anticipation of some U.S.officials attending Camp David was that the persistent U.S.payments problem would disappear,once foreign currencies had no parities in terms of the U.S.dollar.The prices of these foreign currencies would increase and the U.S.trade surplus would become larger.Instead,many foreign Central Banks became larger buyers of dollarssecurities,which led to a higher price of the U.S.dollar and a U.S.trade structural deficit.The U.S.international investment position morphed from the worlds largest creditor country,to the worlds present day largest debtor.

A Review on TSO-DSO Data Exchange,CIM Extensions and Interoperability Aspects

The exchange of information between transmission system operators(TSOs)and distribution system operators(DSOs)is a common practice.However,the evolution of the regulatory frameworks in Europe has increased the need for enhancing TSO-DSO data exchange and interoperability.This paper provides an overview of the TSO-DSO data exchanges and demonstrates the best practices using International Electrotechnical Commission(IEC)common information model(CIM),including the implementation of IEC common grid model exchange standard(CGMES),and discussion of the corresponding advantages,disadvantages,and challenges.Furthermore,this paper evaluates and reports the activities already carried out within European projects,with particular focus on TSO-DSO interoperability.Finally,this paper concludes the need for TSOs and DSOs to rely on standard-based solutions when performing TSO-DSO data exchange,which enables the efficient operation and development of the future power systems.

STEP-NC Based High-level Machining Simulations Integrated with CAD/CAPP/CAM

With the development of manufacturing,numerical control(NC) machining simulation has become a modern tool to obtain safe and reliable machining operations.Although some research and commercial software about NC machining simulations is available,most of them is oriented for G&M code.It is a low-level data model for computer numerical control(CNC),which has inherent drawbacks such as incomplete data and lack of accuracy.These limitations hinder the development of a real simulation system.Whereas,standard for the exchange of product data-compliant numerical control(STEP-NC) is a new and high-level data model for CNC.It provides rich information for CNC machine tools,which creates the condition for an informative and real simulation.Therefore,this paper proposes STEP-NC based high-level NC machining simulations solution integrated with computer-aided design/computeraided process planning/computer-aided manufacturing(CAD/CAPP/CAM).It turned out that the research provides a better informed simulation environment and promotes the development of modern manufacturing.

Study on Distributed Knowledge Information System for Product Design

To overcome the limitations of commercial CAD and handbook form of knowledge expression, the Distributed Knowledge Information System (DKIS) for product design is proposed. The structure of DKIS and the key issues in its implementation are introduced; the method of knowledge store and transfer of DKIS is discussed. The mechanism of knowledge representation, acquisition and utilization, based on Internet network, is achieved. Based on the concept of function driven, integrated Artificial Neural Networks and Active Server Pages techniques, transplanting the trained ANN into DKIS system, a new method for retrieving knowledge in DKIS over Internet is achieved. Finally, a prototype of DKIS is developed to demonstrate the feasibility of the structure and constructional method of DKIS. The work pro-vides a scheme for speed knowledge acquisition and shortens the cycle of product development.

STEP-based Feature Recognition System for B-spline Surface Features

The geometrical and topological information of 3D computer aided design （CAD） models should be represented as a neut- ral format file to exchange the data between different CAD systems. Exchange of 3D CAD model data implies that the companies must exchange complete information about their products, all the way from design, manufacturing to inspection and shipping. This informa- tion should be available to each relevant partner over the entire life cycle of the product. This led to the development of an international standard organization （ISO） neutral format file named as standard for the exchange of product model data （STEP）. It has been ob- served from the literature, the feature recognition systems developed were identified as planar, cylindrical, conical and to some extent spherical and toroidal surfaces. The advanced surface features such as B-spline and its subtypes are not identified. Therefore, in this work, a STEP-based feature recognition system is developed to recognize t--spline surface features and its sub-types from the 3D CAD model represented in AP203 neutral file format. The developed feature recognition system is implemented in Java programming language and the product model data represented in STEP AP203 format is interpreted through Java standard data access interface （JSDAI）. The developed system could recognize B-spline surface features such as B-Spline surface with knots, quasi uniform surface, uniform surface, rational surface and Bezier surface. The application of extracted B-spline surface features information is discussed with reference to the toolpath generation for STEP-NC （STEP AP238）.

Feature Analysis of STEP Application Protocol and its Application

This paper uses semantic data modelling and CAD/CAPP/CAM integration to analyze the features defined in the STEP AP214, its characteristics of definition and distribution, and its influence on the complexity of CAD/CAPP/CAM application integration. A framework is developed for applications of CAD/CAPP/CAM integration based on the STEP to reduce the complexity of integration implementation. Two application program interfaces (API), namely, application protocol API and application API, are developed. The frameworks hierarchy structure and the application program interfaces between the layers make the integration of applications easier.

STEP AP 242 Managed Model-based 3D Engineering:An Application Towards the Automation of Fixture Planning

Fixture design and planning is one of the most important manufacturing activities, playing a pivotal role in deciding the lead time for product development. Fixture design, which affects the part-quality in terms of geometric accuracy and surface finish, can be enhanced by using the product manufacturing information(PMI) stored in the neutral standard for the exchange of product model data(STEP) file, thereby integrating design and manufacturing. The present paper proposes a unique fixture design approach, to extract the geometry information from STEP application protocol(AP) 242 files of computer aided design(CAD) models, for providing automatic suggestions of locator positions and clamping surfaces. Automatic feature extraction software "FiXplan", developed using the programming language C#, is used to extract the part feature, dimension and geometry information. The information from the STEP AP 242 file is deduced using geometric reasoning techniques, which in turn is utilized for fixture planning. The developed software is observed to be adept in identifying the primary, secondary, and tertiary locating faces and locator position configurations of prismatic components. Structural analysis of the prismatic part under different locator positions was performed using commercial finite element method software, ABAQUS, and the optimized locator position was identified on the basis of minimum deformation of the workpiece.The area-ratio(base locator enclosed area(%)/work piece base area(%)) for the ideal locator configuration was observed as 33%. Experiments were conducted on a prismatic workpiece using a specially designed fixture, for different locator configurations. The surface roughness and waviness of the machined surfaces were analysed using an Alicona non-contact optical profilometer. The best surface characteristics were obtained for the surface machined under the ideal locator positions having an area-ratio of 33%, thus validating the predicted numerical results. The efficiency, capability and applicability of the developed software is demonstrated for the finishing operation of a sensor cover – a typical prismatic component having applications in the naval industry, under different locator configurations.The best results were obtained under the proposed ideal locator configuration of area-ratio 33%.