什么是多选择融资便利 多选择融资便利于1984年由瑞典最先采用，是欧洲票据市场的又一创新。这种便利允许借款人采用多种方式提取资金，包括短期贷款、浮动信用额度、银行承兑票据等，所有这些方式都已包括在票据发行便利之中。 目录 1 多选择融资便利的特点 2 相关条目 多选择融资便利的特点 借款人在选择借款的期限、货币种类、利率基数等方面有较大的灵活性，也能筹集到发行欧洲票据所不能筹集到的资金，并在最便宜或者最适时的情况下提取资金。 多选择融资便利除包含“额外借款选择的新融资便利”、“有浮动额度选择的便利”、“有银行承兑票据选择的便利”外，还有借款人的票据和包销备用信用选择的便利。它把没有承诺的票据发行便利、美国商业票据和已承诺的备用信贷归纳成一揽子计划，如果条件对发行欧洲票据或商业票据不利，借款人可将备用信贷当做循环信贷支取款项。 相关条目 循环包销便利 票据发行便利 包销性票据发行便利
IntroductionThe Dow Jones BRIC 50 Index is designed to serve as the basis for index-linked products, particularly exchange-traded funds (ETFs) and derivatives. The index intends to represent the largest, most liquid stocks of companies in Brazil, Russia, India and the China Offshore region whose shares are available to international investors. The Dow Jones BRIC 50 Index is a composite of four subindexes covering Brazil, Russia, India, and China Offshore.The Dow Jones BRIC 50 Index is constructed by selecting companies from the Dow Jones Total Stock Market country indexes for Brazil, Russia, India and China Offshore. The China Offshore stock selection includes companies whose primary operations are in mainland China but whose stocks trade on the exchanges of Hong Kong and the U.S. Eligible stocks include H shares and ADRs/ADSes and U.S.-listed only stocks.The objective of the Dow Jones BRIC 50 Index is to optimize factors of greatest importance in an investable index; liquidity, turnover rate, transaction costs and tracking error against the broad-market benchmark.Key Features1.base Date and ValueThe base date for The Dow Jones BRIC 50 Index is December 31, 2002, and its base value is 100.2.Index FormulaThe Dow Jones BRIC 50 Index is calculated using Laspeyres’ formula, meaning it measures price changes against a fixed-based-period quantity weight. A detailed explanation of the Laspeyres formula is provided in section 8.2 of the Guide to the Dow Jones Global Indexes.3.Dividend TreatmentThe Dow Jones BRIC 50 Index is calculated in both price-return and total-return forms in U.S. dollars and Euros. Dividend payments are not taken into account in the price index, whereas dividend payments net of taxes are reinvested in the index sample of the total-return index. only extraordinary and special cash dividends are included in the index. Special dividends from non-operating income continue to be included in the index calculation.4.WeightingThe Dow Jones BRIC 50 Index is capitalization-weighted. The float-adjusted shares outstanding for each class of stock are used to determine the company’s market capitalization. Float adjustments are based on the rules in Section 7 of the Guide to the Dow Jones Global Indexes. The weighting of each component is capped at 10% of the index’s total market capitalization at the quarterly updates.5.DisseminationThe index is calculated and disseminated every 15 seconds whenever any of its primary exchanges are open. On exchange holidays, the previous day’s closing price for each affected stock is used for index calculation. If a corporate action becomes effective on an exchange holiday, the adjusted closing price for the previous business day is used.6.Stock PricesThe Dow Jones BRIC 50 Index is computed using the last-traded prices of its components during the official trading hours of its components’ primary exchanges. Index calculation begins when the first official opening component price is received. Until a particular stock opens, its adjusted closing price from the previous day is used in index computation. If trading in a stock is halted during a session, its last-traded price is used in all subsequent index computations until trading resumes. If trading is suspended before the opening, the stock’s adjusted closing price from the previous day is used to calculate the index.7.Input DataReal-time stock prices are provided by Reuters. The latest trading price is used for index calculation.The number of shares is determined separately for each class of stock. This information is obtained from a variety of data vendors. The data is also sourced from the companies themselves.Corporate actions are sourced from public news services, regulatory filings and data vendors. The companies themselves are used as an additional source.Float data is obtained from a variety of sources including data? vendors, exchanges, regulators and the companies themselves8.Computational PrecisionIndex values are available with six decimal precision (note: index values displayed by vendors are rounded to two decimal places). Index divisors are available with up to ten decimal places. Additional precision for index levels and divisors may be maintained internally for index adjustment purposes. Any values derived by the index calculation engine from a corporate action used for the divisor adjustments and index computations are rounded to six decimal places.Index Construction MethodologyStocks are selected within each country based on size and liquidity rankings, subject to buffers, and then are aggregated to create the index.1. Index UniverseThe index selection universe for the Dow Jones BRIC 50 Index comprises all components of the Dow Jones Total Stock Market country indexes covering Brazil, Russia, India and China Offshore. The China Offshore stocks include all H shares, ADRs/ADSes and U.S.-listed shares.In the Brazil, Russia, India and China Offshore markets, eligible securities are screened for liquidity. Any security that had more than 10 non-trading days over the past quarter is excluded, unless the lack of trading is due to a situation that is determined to be temporary. The remaining companies are then ranked by float-adjusted market capitalization to represent more accurately the investable size of each security. Stocks in the top 95% of the underlying float-adjusted market capitalization are then selected as components of the underlying indexes that form the universe for the Dow Jones BRIC 50 Index, skipping stocks that fall in the bottom 1% of the universe by float-adjusted market capitalization and in the bottom 0.01% of the universe by turnover.2.Initial Component SelectionThe selection of the initial index components includes the following steps:1). The largest 30 stocks in each country Index (10 for Russia) are ranked by float-adjusted market capitalization. For companies with more than one common share class inthe universe, only the most liquid share class is eligiblefor the index.2). Those 30 stocks (10 for Russia) are then ranked by average U.S.-Dollar trading volume over the three months prior to the selection date.3). A final ranking for each country is calculated by equally weighting the market capitalization and volume ranks.4). The 15 top-ranked stocks (5 for Russia) on each country’s selection list are included in the index.5). The maximum weight of any component is capped at 10%. If necessary, a cap weighting factor is calculated for the stock and applied on the index review date. Between reviews, component weights are free to fluctuate due to changes in market prices. Caps are not adjusted or created to reflect share increases or changes due to price increases between reviews.Periodic Review1.Annual Review ProcessThe annual review process includes the following steps:1). Repeat steps one and two in Section 3.2 of the Initial Component Selection.2). A final ranking for each country is calculated by equally weighting the market capitalization and volume ranks.3). All current components ranked in the top 20 (7 for Russia) are retained in the index, by selecting current components first and then moving to non-components, subject to the following buffer rules:All non-components ranked in the top 10 (3 for Russia) are added to the index.If the component count following the buffer additions is less? than 15 (5 for Russia), companies are added to the country’s segment until the count reaches its target. If the count would be more than 15 (5 for Russia), companies are removed, starting with the lowest ranked stock until the target is reached.2.Quarterly Update ProcessThe component shares outstanding and free-float factors are reviewed quarterly to coincide with the review of the Dow Jones Global Indexes. The weighting of each component is capped at 10% of the index’s total market capitalization at each quarterly update, if necessary.3.Announcement PeriodComponent changes as a result of the annual review are announced after the close of trading on the second Friday in September and take effect at the open of trading on the next business day following the third Friday in September. Changes to a component’s shares, free-float factors and 10%-cap factors as a result of the quarterly updates are implemented after the closing values have been established on the third Friday in March, June, September and December, and are effective at the open of the next trading day.4.Implementation DateComponent changes as a result of the annual review are implemented after the official closing values have been established on the third Friday in September and are effective at the open of the next trading day. Changes to a component’s shares, free-float factors and 10%-cap factors as a result of the quarterly updates are implemented after the closing values have been established on the third Friday in March, June, September and December, and are effective at the open of the next trading day.Index MaintenanceIn addition to the scheduled annual review, the Dow Jones BRIC 50 Index is reviewed on an ongoing basis. A change to the index composition and a related weight adjustment is necessary whenever there is an extraordinary event (e.g. delisting, bankruptcy, merger, takeover, etc.) involving an index component. In these cases, each event is accounted for as soon as it is effective. Such changes in an index’s components are announced, whenever possible, two days prior to their implementation. Divisor adjustments are made using the formulas and procedures described in Section 8.3 of the Guide to the Dow Jones Global Indexes. The current index divisors are updated daily and disseminated at www.djindexes.com.1.Changes of Primary-Market ListingIn the event that a component company’s primary-market listing is moved to an ineligible exchange as defined in Section 3.1, the company will be removed from the Dow Jones BRIC 50 Index.2.Monthly Selection ListA selection list is created at the end of each month and upon a listing of any eligible large IPO. The selection list comprises the top 30 companies (10 for Russia) in the Dow Jones China Offshore Index and the Brazil, Russia and India country indexes based on float-adjusted market capitalization. The list indicates possible changes in the composition of the index at the next annual review and is used to determine replacements for stocks that are removed from the index due to mergers, financial distress or similar extraordinary events.3.Early RemovalAny company that is removed from the Dow Jones China Offshore Index or the Brazil, Russia or India DJGI index that is also a component of the Dow Jones BRIC 50 Index is automatically removed from that index at the same time.4.Spinoffs and Related RestructuringsIf an index constituent is restructured into two or more new companies, the largest new company in terms of market capitalization will be included in the index immediately after the close of trading on the day the restructuring becomes effective, providing it otherwise would be eligible for index membership. If the restructuring involves an index constituent spinning off a portion of its business to form a new company or companies, the parent company, if otherwise eligible for index membership, generally will be retained in the index until the next annual review. However, there may be situations where a spinoff, due to its size, may be retained in an index instead of the legally surviving parent company.5.MergersIf an index constituent merges with another company, component or non-component, its index membership will be assumed by the new company immediately after the close of trading on the effective date of the merger, providing the new company also qualifies for the index. If both companies are current index components, the top-ranked non-component from the most current selection list will fill the vacancy created by the merger.6.TakeoversIf an index component is taken over by another component company, the former will be removed from the index immediately after the close of trading on the day the takeover becomes effective. The replacement will be the highest ranked non-component from the most recent available selection list. If an index component is taken over by a non-component company, the acquiring company will replace its position in the index, provided the acquiring company meets all eligibility criteria. Otherwise, the highest ranking non-component from the most recent available selection list will be selected as the replacement.7.Delisting and BankruptcyIf an index constituent is delisted by its primary market or is in bankruptcy proceedings, it will be removed from the index immediately. It will be replaced by the highest-ranking non-component from the most recent available selection list.Data Correction PolicyTo maintain a high standard of data integrity, a series of procedures have been implemented to ensure accuracy, timeliness and consistency. Input prices are monitored using a variety of computerized range-check warning systems for both ticker-plant and real-time index systems. Fault tolerant methods are employed in the collection of market and corporate action data. Various verification and audit tasks are performed to ensure the quality of the real-time data feeds and related market data.While significant efforts are taken to ensure the accuracy of the information used for the index calculation, an index error may occur due to incorrect or missing data, including trading prices, exchange rates, shares outstanding and corporate actions, operational errors or other reasons.前十名成份股资料摘要
A graphical representation of the change in value of a trading account over a time period. An equity curve with a consistently positive slope would generally indicate that the trading strategies of the account are profitable, while a negative slope would indicate that the account is in the red. |||Since it presents performance data in graphical form, an equity curve is ideal for providing a quick analysis of how a strategy has performed. Also, multiple equity curves can be used to assess various trading strategies in terms of performance and risk.
什么是速度线 同扇形原理考虑的问题一样，速度线也是用以判断趋势是否将要反转的。不过，速度线给出的是固定的直线，而扇形原理中的直线是随着股价的变动而变动的。另外，速度线又具有一些百分比线的思想。它是将每个上升或下降的幅度分成三等分进行处理，所以，有时，我们又把速度线称为三分法。 与别的切线不同，速度线有可能随时变动，一旦有了新高或新低，则速度线将随之发生变动，尤其是新高和新低离原来的高点低点相距很近时，更是如此，原来的速度线可以说一点用也没有。 速度线一经被突破，其原来的支撑线和压力线的作用将相变换位置，这也是符合支撑线和压力线的一般规律的。 速度线的画法 1、找到一个上升或下降过程的最高点和最低点(这一点同百分比线相同)，然后，将高点和低点的垂直距离三等分。 2、连接高点(在下降趋势中)与0.33分界点和0.67分界点，或低点(在上升趋势中)与0.33和0.67分界点，得到两条直线。这两条直线就是速度线 速度线的基本思想（应用） 速度线最为重要的功能是判断一个趋势是被暂时突破还是长久突破(转势)。 其基本的思想叙述如下： 1、在上升趋势的调整之中，如果向下折返的程度突破了位于上方0.67的速度线，则股价将试探下方的0.33速度线。如果速度线被突破，则股价将一泻而下，预示这一轮上升的结束，也就是转势。 2、在下降趋势的调整中，如果向上反弹的程度突破了位于下方的0.67速度线，则股价将试探上方的0.33速度线。如果0.33速度线被突破，则股价将一路上行，标志这一轮下降的结束，股价进入上升趋势。
什么是套利指令 套利指令是指同时买入和卖出两种期货合约的指令。一个指令执行后，另一个指令也立即执行。 ">编辑] 目录 1 套利指令的特点 2 套利指令的内容 3 参考文献 套利指令的特点 以买进一个期货合约而卖出另一个期货合约的指令。其合约即可是相同的，也可以是不同的，其市场即可在相同的市场中进行买卖，又可在不同的市场上进行买卖。 ">编辑] 套利指令的内容 它包括跨商品套利指令、跨期套利指令和跨市场套利指令等。下达套利指令可以不指定具体的买卖价格，而是以一个固定的价差来确定指令，这是因为套利者并不关心某一期货合约的价格，决定套利交易结果的两个相关合约之间的价差的变化。 例如，“购买一手7月棉花期贷合约并以170个基点以上的价差出售一手11月棉花期货合约”，这就是一个以价差报价的跨期套利指令。 参考文献 ↑ 贾秀岩.期货交易指南.ISBN:7-5005-2371-8/F713.5.中国财政经济出版社,1994.04. ↑ 江岩.期货与期权市场.ISBN:7-80634-401-2/F830.9.泰山出版社,2004.05.
A trading account that belongs to a legal entity such as a corporation or limited partnership. There are certain advantages to entity trading accounts over individual trading accounts, such as tax deductions and certainty in tax law. |||An entity trading account needs one or more persons with authority to trade in the account. Such persons should be competent and honest traders in order to avoid losses in the account arising from poor trading decisions or unscrupulous behavior.
什么是竞聘上岗 竞聘上岗是市场经济条件下企业发展的产物。“竞”和“聘”是一个问题的两个方面。竞争是企业中的个人行为，它所体现的是“能者上、庸者下”的用人原则，通过竞争激励机制的实施，充分调动广大干部职工的积极性和创造性，大幅度提高全员劳动生产率。聘任是企业的组织行为，它所体现的是一级组织对干部的合理使用，在一定意义上讲，聘任什么样的干部比竞争上岗更为重要，竞争只是前提和形式，聘任才是内容和结果。 竞聘上岗是部分企业干部选拔的方式之一。员工可以平等参与岗位竞聘，由企业组织考官进行评审，经过一系列测试，以德、才、能、识、体的全面衡量选拔员工． 竞聘上岗的现行做法 目前国有企业“竞聘上岗”一般操作流程：首先，企业内部成立“竞聘上岗”领导小组，领导小组负责统计和列出所有竞聘岗位，同时公布每个岗位的任用条件和标准，动员大家竞聘，确定竞聘人选名单；第二，设计“竞聘上岗”的内容和流程，并组织实施；第三，公布竞聘结果，根据结果任用人员。 尽管多数企业基本遵循相同的流程，但在具体做法上仍然存有差异，表现在： 实施操作上，有的企业整个竞聘过程全权委托外部专业的测评公司，有的企业自己独立实施； 竞聘岗位统计上，有的企业仅列出已空缺或新出现的岗位，有的企业则列出现有全部中层岗位重新竞聘上岗； 竞聘内容上，针对民主评议、笔试、演讲或面试等内容，有的企业仅选择其中的一项或两项内容，有的企业几项内容全部考察。 在操作内容和方法上的细节差异，往往造成“竞聘上岗”工作在企业中形成不同的影响和效果。 竞聘上岗遵循“公正、公开和透明”的原则和“标准明确、程序规范、竞争公平”的要求，可以避免人才选拔过程中因为不公正在员工心中造成不满情绪，但要进一步提高企业人才“竞聘上岗”的科学性和有效性，还需在具体测评方法和工具上下功夫，采用现代的人才测评技术。 人才测评技术在竞聘上岗中应用 人才测评技术的应用 现代人力资源治理的首要目的就是实现人-职匹配。不同的工作岗位对任职者的素质有不同的要求。只有当任职者具备岗位要求的素质并达到规定的水平，才能最好的胜任这项工作，获得最大绩效。现代人才测评就是通过综合利专心理学、治理学和人才学等多方面的学科知识，对人的能力、个人特点和行为进行系统地、客观地测量和评估，为科学用人提供决策依据。 1、诊断岗位素质要求和任职条件 针对多数国有企业而言，目前工作分析和职位说明书主要是对岗位的工作职责的分析和界定。对于职位胜任素质，包括个性、动机和能力的描述，内容一般较简单或不明确。现代人才测评技术通常采用要害事件法，判定出岗位所需的“要害”素质，并对素质做质和量的解释，同时对各种素质内容分配相应的权重，建立竞聘岗位的基本素质测评维度体系，从而保证考官在竞聘过程中对竞聘者有明确、科学的考察依据。 2、设计竞聘评估内容，选择评估的方法和工具 通过心理测验、360度评议、竞聘演讲和面试等方法从工作业绩、能力、群众基础、动机和个性方面对竞聘者进行考察评估。 通过纸笔心理测验可以对竞聘者的个性和动机进行考察，尽管个性本身无好坏之分，但与具体工作结合起来就有好坏之分，如一个很内向的人就不太适合做公关工作。动机则是推动一个人行为的内在原因，动机的强烈与否往往决定行为过程的效率和结果。如一个成就动机强的人往往表现为积极上进，并且最终可能会成就一番事业，反之可能碌碌无为，一事无成。 360度评价是指企业全体人员根据360度调查问卷维度项目，分别对竞聘者打分，测评师对民主评议数据进行统计分析，给出每个人最终得分。360度评价对行为正直、责任心、协调能力、团队建设能力、工作成绩等维度测评效度较高。 演讲既可是即兴的，也可以是有预备的。考官可以从以下几个方面观察竞聘者：声音是否洪亮有利，口齿是否清楚，抑扬顿挫，还是平平淡淡缺乏感染力；举止是否自然、平静放松；目光是否与观众进行了交流；结构是否清楚，论证是否充分。在这个项目中可以着重从语言表达能力、说服能力和自信心等方面考察竞聘者。 面试是现代人才测评中非常重要的一种方法，主要是因为面试可以通过面对面的动态交流得到有关竞聘者的整体印象，这往往是其他方式所难以得到的，正如古人云：“百闻不如一见”。所以，面试这一考察环节，建议在竞聘过程中尽量采用。当然，现代人才测评中的面试与传统选人用人中应用的面试还是不同的，传统的面试通常是简单的面对面交谈，它具有主观随意性的特点，现代人才测评中的面试则不同的，通常在面试前都有明确的面试目的、问题设计、评分标准和相对统一的面试程序，所以比传统的方法更具客观性。面试根据规范化程度分为结构化面试、半结构化面试和非结构化面试。“竞聘上岗”面试一般采用结构化面试方式，结构化面试是指面试的测评要素、面试题目、评分标准、具体操作步骤和技法在面试前已经高度规范化、结构化和精细化，以便保证对每位竞聘者公平。 3、设计竞聘实施流程 竞聘实施过程中测评环节的先后排列，应本着先易后难，低费用优先的原则。通常首先进行笔试和民主测评进行大面积淘汰；其次进行演讲和面试，主要是因为演讲和结构化面试通常采用多对一的方式，每组需要5-7名考官，主考官要求练习有素、经验丰富，外请考官费用较高；同时面试题目设计的好坏很大程度上影响着面试的效果，请专业的公司设计面试题目也需要一笔费用。 人才测评的后续效应 “竞聘上岗”过程中采用测评技术，竞聘结束后，测评师将为企业提供参与竞聘人员的全面测评报告，此报告为企业未来的人力资源开发与使用提供科学的信息依据。 1、为企业提供人员评估信息 在传统的人力资源状况信息中，一般只包括一些简单的人员信息，比如性别、年龄、学历等。但这些信息无法全面准确的反映人员的素质状况，更难以判定组织当前的人员状况能否满足未来发展的需要。通过在“竞聘上岗”引入测评技术，为竞聘人员建立能力水平和个人特点等心理素质方面的“心理档案”，便于今后人事治理中实现人职匹配。同时企业把握了现有部分人员的总体能力结构和特点，有利于对组织的运作情况进行诊断，为提出新的治理决策提供依据。 2、为竞聘者提供培训信息 在“竞聘上岗”过程中使用人才测评技术，界定了与目标岗位有关的素质要求，并按综合素质水平的高低排序，不仅有效的选拔治理人员也是很有价值的培训方法。一方面，竞聘者可以从测评报告中得到关于自身优点和不足的反馈信息；另一方面，竞聘者可以从评价过程中熟悉到什么是治理行为中的重要要素。 3、为团队建设提供依据 建设好一个团队，首先其成员之间的素质匹配要合理，比如，一个团队中两个成员都想成为“一把手”，就轻易产生冲突与权利之争，这样的团队战斗力会大受影响。根据测评结果对团队进行人员配置，使团队人员能力、态度、爱好、个性、年龄等搭配相得益彰，有助于增强团队凝聚力。
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