High-frequency trading(HFT)practices in the global financial markets involve the use of information and communication technologies(ICT),especially the capabilities of high-speed networks,rapid computation,and algorith...High-frequency trading(HFT)practices in the global financial markets involve the use of information and communication technologies(ICT),especially the capabilities of high-speed networks,rapid computation,and algorithmic detection of changing information and prices that create opportunities for computers to effect low-latency trades that can be accomplished in milliseconds.HFT practices exist because a variety of new technologies have made them possible,and because financial market infrastructure capabilities have also been changing so rapidly.The U.S.markets,such as the National Association for Securities Dealers Automated Quote(NASDAQ)market and the New York Stock Exchange(NYSE),have maintained relevance and centrality in financial intermediation in financial markets settings that have changed so much in the past 20 years that they are hardly recognizable.In this article,we explore the technological,institutional and market developments in leading financial markets around the world that have embraced HFT trading.From these examples,we will distill a number of common characteristics that seem to be in operation,and then assess the extent to which HFT practices have begun to be observed in Asian regional financial markets,and what will be their likely impacts.We also discuss a number of theoretical and empirical research directions of interest.展开更多
According to customs statistics, China’s exports of machinery and electric products in 1996 were worth US$ 48.21 billion, an increase of 9.9 percent over the preceding year, and 8.4 percent higher than the growth rat...According to customs statistics, China’s exports of machinery and electric products in 1996 were worth US$ 48.21 billion, an increase of 9.9 percent over the preceding year, and 8.4 percent higher than the growth rate of the nation’s total exports. The proportion of machinery and electric product exports in the nation’s total foreign trade volume\ increased from 29.5 percent in 1995 to 31.9 percent in 1996, a growth at 2.4 percent.展开更多
This article describes research needs for sustainable buildings as defi ned in a July 2009 National Science Foundationsponsored workshop.This workshop brought together building researchers with researchers in the area...This article describes research needs for sustainable buildings as defi ned in a July 2009 National Science Foundationsponsored workshop.This workshop brought together building researchers with researchers in the areas of distributed renewable energy and multifunctional materials to engage their expertise and identify overlapping research needs and opportunities.An overview of sustainable building design provided the broad context for discussion.This overview was followed by focused presentations in building control systems,advanced building envelopes,and systems and process integration.In addition,presentations on distributed renewable energy and multi-functional materials supported the participants in outlining and generating research needs that connect the topic areas.The primary outcome from this part of the workshop was the identifi cation of key sustainable building research needs in:transformative measurements;passive strategies;regional solutions and living labs;systems integration;storage and cascades;adoption of international advances;and implementation and market transformation.These needs,along with associated technical challenges and potential impacts,are described in this paper to guide sustainable building research.展开更多
文摘High-frequency trading(HFT)practices in the global financial markets involve the use of information and communication technologies(ICT),especially the capabilities of high-speed networks,rapid computation,and algorithmic detection of changing information and prices that create opportunities for computers to effect low-latency trades that can be accomplished in milliseconds.HFT practices exist because a variety of new technologies have made them possible,and because financial market infrastructure capabilities have also been changing so rapidly.The U.S.markets,such as the National Association for Securities Dealers Automated Quote(NASDAQ)market and the New York Stock Exchange(NYSE),have maintained relevance and centrality in financial intermediation in financial markets settings that have changed so much in the past 20 years that they are hardly recognizable.In this article,we explore the technological,institutional and market developments in leading financial markets around the world that have embraced HFT trading.From these examples,we will distill a number of common characteristics that seem to be in operation,and then assess the extent to which HFT practices have begun to be observed in Asian regional financial markets,and what will be their likely impacts.We also discuss a number of theoretical and empirical research directions of interest.
文摘According to customs statistics, China’s exports of machinery and electric products in 1996 were worth US$ 48.21 billion, an increase of 9.9 percent over the preceding year, and 8.4 percent higher than the growth rate of the nation’s total exports. The proportion of machinery and electric product exports in the nation’s total foreign trade volume\ increased from 29.5 percent in 1995 to 31.9 percent in 1996, a growth at 2.4 percent.
文摘This article describes research needs for sustainable buildings as defi ned in a July 2009 National Science Foundationsponsored workshop.This workshop brought together building researchers with researchers in the areas of distributed renewable energy and multifunctional materials to engage their expertise and identify overlapping research needs and opportunities.An overview of sustainable building design provided the broad context for discussion.This overview was followed by focused presentations in building control systems,advanced building envelopes,and systems and process integration.In addition,presentations on distributed renewable energy and multi-functional materials supported the participants in outlining and generating research needs that connect the topic areas.The primary outcome from this part of the workshop was the identifi cation of key sustainable building research needs in:transformative measurements;passive strategies;regional solutions and living labs;systems integration;storage and cascades;adoption of international advances;and implementation and market transformation.These needs,along with associated technical challenges and potential impacts,are described in this paper to guide sustainable building research.
