互联网金融电子银行外文文献翻译2014年译文3050字大数据

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互联网网络营销外文文献翻译(含：英文原文及中文译文)文献出处：Peter Kenzelmann. Technical Consultancy in Internationalization[J]. International Marketing Review, 2006, 4(3):20-29. 英文原文The technical basis of network marketingPeter KenzelmannNetwork marketing is based on the technology infrastructure of computer network technology, as represented by information technology. Computer networks of modern communications technology and computer technology to the product of combining it in different geographic regions and specialized computer equipment for external interconnection lines of communication into a large, powerful networks, thus enabling a large number of computers can easily transmit information to each other, share hardware, software, data and other resources. And network marketing is closely related to the computer network there are three types: the Internet, Extranet and Intranet.The theoretical basis for the network marketingTheoretical foundation of network marketing is direct marketing network theory, network theory of relationship marketing, marketing theory and network software to integrate marketing theory.(A) Direct Response Network Marketing TheoryInternet marketing as an effective direct marketing strategy, network marketing that can be tested and measurable and can be evaluated and controlled. Therefore, the characteristics of the use of network marketing, you can greatly improve the efficiency of marketing and marketing decision-making effectiveness of the implementation.Direct marketing theory is the 20th century, one of the 80's the concept of eye-catching. Direct Marketing Association of the United States for its definition is: "a place to produce any measurable response and (or) use the Stock Exchange reached one or more advertising media marketing system interaction." Directly Marketing the key to the theory that network marketing is that it can be tested, measurable, can be evaluated, which a fundamental solution to evaluate the effect of the traditional difficulties in marketing and marketing for more scientific decision-making possible. (B) the network theory of relationship marketingRelationship Marketing is a great importance since 1990 by the marketing theory, which mainly includes two basic points: First of all, in the macro level will be recognized that the scope of marketing a wide range of areas, including customer market, the labor market, the supply market , the internal market, the market stakeholders, as well as the affected market (government, financial markets); at the micro level, recognizing that the relationship between business and customers areconstantly changing, the core of marketing should be a simple one-time past transactions to a focus on maintaining relations up long-term relationships. Socio-economic system, enterprises are a major subsystem, corporate marketing objectives by many external factors to the impact of marketing activities of enterprises is a consumers, competitors, suppliers, distributors, government agencies and social organizations the process of interaction, the correct understanding of the relationship between the individual and the organization is the core of marketing is also key to business success or failure.The core of relationship marketing is to keep customers, to provide customers with a high degree of satisfaction with the value of products and services, by strengthening the links with customers to provide effective customer service, to maintain long-term relationship with customers. And long-term customer relations based on the marketing activities to achieve the marketing objectives of companies. The implementation of relationship marketing is not to damage the cost of business interests, according to research, for marketing a new customer costs five times the cost of the old customers, so to strengthen relations with customers and build customer loyalty can bring long-term enterprise interests, it is to promote a win-win strategy for businesses and customers. The Internet as an effective two-way channels of communication between businesses and customers can achieve low-cost communication andexchange costs, which companies build long-term relationships with customers to provide effective protection. This is because, first of all, enterprises can use the Internet to receive customer orders directly, customers can make their own personalized needs. Enterprises in accordance with customer demand for personalized use of flexible production technology to meet the customer needs to maximize customers in the consumer products and services to create more value. Enterprise customers can also understand the market demand, market segments and target markets, minimize marketing costs and increase the reaction rate on the market. Secondly, the use of the Internet companies to provide customers with better services and keep in touch with customers. Internet time and space constraints are not the characteristics of the convenience of our customers to maximize communication with the enterprise, customers can make use of the Internet in the shortest possible time in an easy way to access business services. At the same time, trading via the Internet to the entire enterprise can be achieved from the product quality, quality of service, such as transaction services to the entire process of quality control.On the other hand, enterprises can also be via the Internet with business-related companies and organizations build relationships and achieve win-win development. Internet as a channel of communication between the cheapest, it can help lower costs in the supply ofbusiness-to-business yet, distributors such as the establishment of collaborative partnerships. Cases such as in front of the computer company Lenovo, through the establishment of e-business systems and management information systems with the distributors of information sharing, reduce inventory costs and transaction costs, and close cooperation between the two sides. Relating to the application of network theory will be the strategy behind the marketing services network in detail.(C) The network of soft marketing theoryMarketing theory is soft against the industrial economy to the era of mass production for the main features of the "strong sales" of the new theory, the theory suggests that when customers buy products not only meet the basic physiological needs, but also to meet the mental and psychological level demand. Therefore, the soft marketing is one of the main characteristics of the follow netiquette, etiquette on the network through the use of clever marketing to obtain desired results. It emphasizes the marketing activities of enterprises at the same time the need to respect the feelings of consumers and the body read, so that consumers will be able to comfortably take the initiative to receive the marketing activities of enterprises. Traditional marketing activities can best embody the characteristics of a strong marketing promotions are two: the traditional advertising and marketing staff. In traditional advertising,consumers are often forced to passive reception of advertising messages, "bombing", and its goal is to impart information through continuous means the hearts of consumers impressed, as to whether the consumer was not willing to accept the need for need not be taken into account; marketing personnel, the marketing staff does not consider the object is willing to sell and needs, but according to the marketing staff to determine their own marketing activities carried out forcibly.On the Internet, because information exchange is a free, equal, open and interactive, to stress that mutual respect and communication, on-line users pay more attention to the protection and privacy of personal experience. Therefore, using the traditional means of marketing a strong start in the Internet marketing activities are bound to backfire, such as the American company AOL has forced their users to send E-mail advertising, the results lead to the unanimous opposition of users, many users agreed to AOL at the same time the company server E-mail to retaliate, with the result that AOL's E-mail mail server in a paralyzed state, and finally had to apologize to quell public indignation. Network marketing is just soft from the consumer's experience and needs and take pull-type strategy to attract consumers concerned about the marketing effectiveness of enterprises to achieve. Network on the Internet to carry out marketing activities, in particular promotional activities must follow certain rules of network formation of virtual communities, some also known as"netiquette (Netiquette)". Network marketing is soft netiquette rules to follow based on the clever use of marketing to achieve a subtle effect. Marketing theory on network application software in the network marketing sales strategy specific details.(D) Network Integrated MarketingIn the current post-industrial society, the tertiary industry in the development of the service sector is the major economic growth point, the traditional manufacturing-based to being service-oriented development, new service industries such as finance, communications, transportation and other industries the sun at high noon. Post-industrial society requires the development of enterprises must be based on service-oriented, it is necessary to customers as the center, to provide customers with timely and appropriate manner, as appropriate services, the maximum extent possible to meet customer demand. Internet time and space as a cross-transmission of "superconductive" media, can provide timely customer service is located at the same time interactivity of the Internet can understand customer needs and provide targeted response, so the Internet era can be said to be the most consumers an attractive marketing tool.Network of integrated marketing theory include the following key points:Network marketing requires, first of all the consumers into the entiremarketing process to the needs of their entire marketing process from the beginning.Network marketing distribution system for the enterprise as well as stakeholders to be more closely together.Corporate interests and the interests of customers to integrate together.Internet on the role of marketing, you can through the 4Ps (product / service, pricing, distribution, promotion) play an important role in binding. The use of the Internet traditional 4Ps marketing mix can be better with the customer as the center of the 4Cs (customer, cost, convenience, communication) to combine.1. Products and services to customers as the centerAs the Internet has a very good interaction and guiding the user through the Internet under the guidance of the enterprise to choose the product or service or specific requirements of enterprise customers to choose based on the timely production and requirements and provide timely service, making Customer inter-temporal and spatial requirements are met by the products and services; On the other hand, enterprises can also keep abreast of customer needs and customer requirements in accordance with the timely production and marketing organizations to provide the production efficiency and marketing effectiveness. Such as the United States PC sales company Dell Inc., or a loss in 1995, but in1996, their sales via the Internet to computers, the performance of 100 percent growth, due to customers via the Internet, you can design in the company's home page to choose and combination of computers, the company's production department immediately upon request, production, and sent through the postal service company, so companies can achieve zero inventory production, especially in the sharp decline in prices of computer components of the era, inventory will not only reduce the inventory costs can be avoided also because of losses brought about by high-priced stock.2. Customer acceptable cost pricingThe cost of traditional production-based pricing in the market-oriented marketing is to be discarded. The price of new customers should be based on acceptable cost pricing, and based on the cost to organize the production and marketing. Customer-centric enterprise pricing, customers must be the determination of market demand and the price accepted standards, otherwise the cost to the customer to accept the pricing is a castle in the air. Business on the Internet can be very easy to implement, the customer can be made via the Internet acceptable cost, the cost of business in accordance with customers to provide flexible product design and production program for the user to choose until after the customer agrees to confirm the production and marketing organizations, all All these are clients of the server program in the company under theguidance and does not require specialized services and, therefore, extremely low cost. At present, the United States, General Motors Corp. to allow customers on the Internet through the company's own guidance system of the design and assembly of motor vehicles to meet their needs, users first determine the criteria for acceptable price, and then according to the price limit system to meet the requirements of style show vehicle, the user can also be used for appropriate changes, the company producing the final product just to meet the customer requirements of price and performance.3. Products to facilitate the distribution of customer-orientedNetwork marketing is one-to-one distribution channels, cross-selling of space-time, customers can order anytime, anywhere using the Internet and purchase products. Iron and steel manufacturers in France still a Luolin Zinox for example, the company was founded in 8 years ago, because of the introduction of e-mail and the world order system, so that processing time from 15 days to 24 hours. At present, the company is using the Internet to provide better than the opponent and more efficient services. The company's internal network and vehicle manufacturers to establish contact so that they could demand the other party promptly after the production of steel to each other online.4. Repressively turn promotions to strengthen communication and contacts with customersIs the promotion of traditional enterprises, through certain media or tools of oppression customers to strengthen the company's customers and product acceptance and loyalty, customers are passive and accept the lack of communication with customers and contacts at the same time The high cost of the company's sales. Internet marketing is a one-on-one and interactive, and customers can participate in the company's marketing activities in the past, so the Internet can strengthen communication with customers and contacts and a better understanding of customer needs, attracted more customers agree . The U.S. company Yahoo's new star (Yahoo!) Company to develop a network in Internet information retrieval tools for classification, as the products are highly interactive, the user can think it is important for their classification information to Yahoo Yahoo The company immediately joined the classification of information products for the use of other users, so no need for advertising their products on well known, and in a short span of two years the company's stock market value of billions of dollars, an increase of as much as several hundred times.中文译文网络营销的技术基础彼得·肯泽尔曼网络营销基于以信息技术为代表的计算机网络技术的技术基础。

互联网金融视角下的电子货币与货币政策外文文献翻译2014年译文3500字Electronic currency has emerged as a new form of currency with the rise of electronic commerce。

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互联网金融安全中英文对照外文翻译文献中英文对照外文翻译文献(文档含英文原文和中文翻译)Database Security in a Web Environment IntroductionDatabases have been common in government departments and commercial enterprises for many years. Today, databases in any organization are increasingly opened up to a multiplicity of suppliers, customers, partners and employees - an idea that would have been unheard of a few years ago. Numerous applications and their associated data are now accessed by a variety of users requiring different levels of access via manifold devices and channels – often simultaneously. For example:• Online banks allow customers to perform a variety of banking operations - via the Internet and over the telephone – whilst maintaining the privacy of account data.• E-Commerce merchants and their Service Providers must store customer, order and payment data on their merchant server - and keep it secure.• HR departments allow employees to update their personal information –whilst protecting certain management information from unauthorized access.• The medical profession must protect the confidentiality of patient data –whilst allowing essential access for treatment.• Online brokerages need to be able to provide large numbers of simultaneous users with up-to-date and accurate financial information.This complex landscape leads to many new demands upon system security. The global growth of complex web-based infrastructures is driving a need for security solutions that provide mechanisms to segregate environments; perform integrity checking and maintenance; enable strong authentication andnon-repudiation; and provide for confidentiality. In turn, this necessitates comprehensive business and technical risk assessment to identify the threats,vulnerabilities and impacts, and from this define a security policy. This leads to security definitions throughout the infrastructure - operating system, database management system, middleware and network.Financial, personal and medical information systems and some areas of government have strict requirements for security and privacy. Inappropriate disclosure of sensitive information to the wrong parties can have severe social, legal and regulatory consequences. Failure to address the basics can result in substantial direct and consequential financial losses - witness the fraud losses through the compromise of several million credit card numbers in merchants’ databases [Occf], plus associated damage to brand-image and loss of consumer confidence.This article discusses some of the main issues in database and web server security, and also considers important architecture and design issues.A Simple ModelAt the simplest level, a web server system consists of front-end software and back-end databases with interface software linking the two. Normally, the front-end software will consist of server software and the network server operating system, and the back-end database will be a relational orobject-oriented database fulfilling a variety of functions, including recording transactions, maintaining accounts and inventory. The interface software typically consists of Common Gateway Interface (CGI) scripts used to receive information from forms on web sites to perform online searches and to update the database.Depending on the infrastructure, middleware may be present; in addition, security management subsystems (with session and user databases) that address the web server’s and related applications’ requirements for authentication, accesscontrol and authorization may be present. Communications between this subsystem and either the web server, middleware or database are via application program interfaces (APIs)..This simple model is depicted in Figure 1.Security can be provided by the following components:• Web server.• Middleware.• Operating system.. Figure 1: A Simple Model.• Database and Database Management System.• Security management subsystem.The security of such a system addressesAspects of authenticity, integrity and confidentiality and is dependent on the security of the individual components and their interactions. Some of the most common vulnerabilities arise from poor configuration, inadequate change control procedures and poor administration. However, even if these areas are properlyaddressed, vulnerabilities still arise. The appropriate combination of people, technology and processes holds the key to providing the required physical and logical security. Attention should additionally be paid to the security aspects of planning, architecture, design and implementation.In the following sections, we consider some of the main security issues associated with databases, database management systems, operating systems and web servers, as well as important architecture and design issues. Our treatment seeks only to outline the main issues and the interested reader should refer to the references for a more detailed description.Database SecurityDatabase management systems normally run on top of an operating system and provide the security associated with a database. Typical operating system security features include memory and file protection, resource access control and user authentication. Memory protection prevents the memory of one program interfering with that of another and limits access and use of the objects employing techniques such as memory segmentation. The operating system also protects access to other objects (such as instructions, input and output devices, files and passwords) by checking access with reference to access control lists. Security mechanisms in common operating systems vary tremendously and, for those that are lacking, there exists special-purpose security software that can be integrated with the existing environment. However, this can be an expensive, time-consuming task and integration difficulties may also adversely impact application behaviors.Most database management systems consist of a number of modules - including database querying and database and file management - along with authorization, concurrent access and database description tables. Thesemanagement systems also use a variety of languages: a data definition language supports the logical definition of the database; developers use a data manipulation language; and a query language is used by non-specialist end-users.Database management systems have many of the same security requirements as operating systems, but there are significant differences since the former are particularly susceptible to the threat of improper disclosure, modification of information and also denial of service. Some of the most important security requirements for database management systems are: • Multi-Level Access Control.• Confidentiality.• Reliability.• Integrity.• Recovery.These requirements, along with security models, are considered in the following sections.Multi-Level Access ControlIn a multi-application and multi-user environment, administrators, auditors, developers, managers and users – collectively called subjects - need access to database objects, such as tables, fields or records. Access control restricts the operations available to a subject with respect to particular objects and is enforced by the database management system. Mandatory access controls require that each controlled object in the database must be labeled with a security level, whereas discretionary access controls may be applied at the choice of a subject.Access control in database management systems is more complicated than in operating systems since, in the latter, all objects are unrelated whereas in a database the converse is true. Databases are also required to make accessdecisions based on a finer degree of subject and object granularity. In multi-level systems, access control can be enforced by the use of views - filtered subsets of the database - containing the precise information that a subject is authorized to see.A general principle of access control is that a subject with high level security should not be able to write to a lower level object, and this poses a problem for database management systems that must read all database objects and write new objects. One solution to this problem is to use a trusted database management system.ConfidentialitySome databases will inevitably contain what is considered confidential data. For example, it could be inherently sensitive or its source may be sensitive, or it may belong to a sensitive table, thus making it difficult to determine what is actually confidential. Disclosure is also difficult to define, as it can be direct, indirect, involve the disclosure of bounds or even mere existence.An inference problem exists in database management systems whereby users can infer sensitive information from relatively insensitive queries. A trivial example is a request for information about the average salary of an employee and the number of employees turns out to be just one, thus revealing the employee’s salary. However, much more sophisticated statistical inference attacks can also be mounted. This highlights the fact that, although the data itself may be properly controlled, confidential information may still leak out.Controls can take several forms: not divulging sensitive information to unauthorized parties (which depends on the respective subject and object security levels), logging what each user knows or masking response data. The first control can be implemented fairly easily, the second quickly becomesunmanageable for a large number of users and the third leads to imprecise responses, and also exemplifies the trade-off between precision and security. Polyinstantiation refers to multiple instances of a data object existing in the database and it can provide a partial solution to the inference problem whereby different data values are supplied, depending on the security level, in response to the same query. However, this makes consistency management more difficult.Another issue that arises is when the security level of an aggregate amount is different to that of its elements (a problem commonly referred to as aggregation). This can be addressed by defining appropriate access control using views.Reliability, Integrity and RecoveryArguably, the most important requirements for databases are to ensure that the database presents consistent information to queries and can recover from any failures. An important aspect of consistency is that transactions execute atomically; that is, they either execute completely or not at all.Concurrency control addresses the problem of allowing simultaneous programs access to a shared database, while avoiding incorrect behavior or interference. It is normally addressed by a scheduler that uses locking techniques to ensure that the transactions are serial sable and independent. A common technique used in commercial products is two-phase locking (or variations thereof) in which the database management system controls when transactions obtain and release their locks according to whether or not transaction processing has been completed. In a first phase, the database management system collects the necessary data for the update: in a second phase, it updates the database. This means that the database can recover from incomplete transactions by repeatingeither of the appropriate phases. This technique can also be used in a distributed database system using a distributed scheduler arrangement.System failures can arise from the operating system and may result in corrupted storage. The main copy of the database is used for recovery from failures and communicates with a cached version that is used as the working version. In association with the logs, this allows the database to recover to a very specific point in the event of a system failure, either by removing the effects of incomplete transactions or applying the effects of completed transactions. Instead of having to recover the entire database after a failure, recovery can be made more efficient by the use of check pointing. It is used during normal operations to write additional updated information - such as logs, before-images of incomplete transactions, after-images of completed transactions - to the main database which reduces the amount of work needed for recovery. Recovery from failures in distributed systems is more complicated, since a single logical action is executed at different physical sites and the prospect of partial failure arises.Logical integrity, at field level and for the entire database, is addressed by the use of monitors to check important items such as input ranges, states and transitions. Error-correcting and error-detecting codes are also used.Security ModelsVarious security models exist that address different aspects of security in operating systems and database management systems. For example, theBell-LaPadula model defines security in terms of mandatory access control and addresses confidentiality only. The Bell LaPadula models, and other models including the Biba model for integrity, are described more fully in [Cast95] and [Pfle89]. These models are implementation-independent and provide a powerfulinsight into the properties of secure systems, lead to design policies and principles, and some form the basis for security evaluation criteria.Web Server SecurityWeb servers are now one of the most common interfaces between users and back-end databases, and as such, their security becomes increasingly important. Exploitation of vulnerabilities in the web server can lead to unforeseen attacks on middleware and backend databases, bypassing any controls that may be in place. In this section, we focus on common web server vulnerabilities and how the authentication requirements of web servers and databases are met.In general, a web server platform should not be shared with other applications and should be the only machine allowed to access the database. Using a firewall can provide additional security - either between the web server and users or between the web server and back-end database - and often the web server is placed on a de-militarized zone (DMZ) of a firewall. While firewalls can be used to block certain incoming connections, they must allow HTTP (and HTTPS) connections through to the web server, and so attacks can still be launched via the ports associated with these connections.VulnerabilitiesVulnerabilities appear on a weekly basis and, here, we prefer to focus on some general issues rather than specific attacks. Common web server vulnerabilities include:• No policy exists.• The default configuration is on.• Reusable passwords appear in clear.• Unnecessary ports available for network services are not disabled.• New security holes are not tracked. Even if they are, well-known vulnerabilities are not always fixed as the source code patches are not applied by system administrator and old programs are not re-compiled or removed.• Security tools are not used to scan the network for weaknesses and changes or to detect intrusions.• Faulty and buggy software - for example, buffer overflow and stack smashingAttacks• Automatic directory listings - this is of particular concern for the interface software directories.• Server root files are generally visible or accessible.• Lack of logs and bac kups.• File access is often not explicitly configured by the system administrator according to the security policy. This applies to configuration, client, administration and log files, administration programs, and CGI program sources and executables. CGI scripts allow dynamic web pages and make program development (in, for example, Perl) easy and rapid. However, their successful exploitation may allow execution of malicious programs, launching ofdenial-of-service attacks and, ultimately, privilege escalation on a server.Web Server and Database AuthenticationWhile user, browser and web server authentication are relatively well understood [Garf97], [Ghos98] and [Tree98], the introduction of additional components, such as databases and middleware, raise a number of authentication issues. There are a variety of options for authentication in a simple model (Figure 1). Firstly, both the web server and database management system can individually authenticate a user. This option requires the user to authenticatetwice which may be unacceptable in certain applications, although a singlesign-on device (which aims to manage authentication in a user-transparent way) may help. Secondly, a common approach is for the database to automatically grant user access based on web server authentication. However, this option should only be used for accessing publicly available information. Finally, the database may grant user access employing the web server authentication credentials as a basis for its own user authentication, using security management subsystems (Figure 1). We consider this last option in more detail.Web-based communications use the stateless HTTP protocol with the implication that state, and hence authentication, is not preserved when browsing successive web pages. Cookies, or files placed on user’s machine by a web server, were developed as a means of addressing this issue and are often used to provide authentication. However, after initial authentication, there is typically no re authentication per page in the same realm, only the use of unencrypted cookies (sometimes in association with IP addresses). This approach provides limited security as both cookies and IP addresses can be tampered with or spoofed.A stronger authentication method, commonly used by commercial implementations, uses digitally signed cookies. This allows additional systems, such as databases, to use digitally signed cookie data, including a session ID, as a basis for authentication. When a user has been authenticated by a web server (using a password, for example), a session ID is assigned and is stored in a security management subsystem database. When a user subsequently requests information from a database, the database receives a copy of the session ID, the security management subsystem checks this session ID against its local copy and, if authentication is successful, user access is granted to the database.The session ID is typically transmitted in the clear between the web server and database, but may be protected by SSL or even by physical security measures. The communications between the browser and web servers, and the web servers and security management subsystem (and its databases), are normally protected by SSL and use a web server security API that is used to digitally sign and verify browser cookies. The communications between the back-end databases and security management subsystem (and its databases) are also normally protected by SSL and use a database security API that verifies session Ids originating from the database and provides additional user authorization credentials. The web server security API is generally proprietary while, for the database security API, many vendors have adopted standards such as the Generic Security Services API (GSS-API) or CORBA [RFC2078] and [Corba].Architecture and DesignSecurity requirements for designing, building and implementing databases are important so that the systems, as part of the overall infrastructure, meet their requirements in actual operation. The various security models provide an important insight into the design requirements for databases and their management systems.Secure Database Management System ArchitecturesIn multi-level database management systems, a variety of architectures are possible: trusted subject, integrity locked, kernels and replicated. Trusted subject is used by most of the leading database management system vendors and can be integrated in existing products. Basically, the trusted subject architecture allows users to access a database via an un trusted front-end, a trusted database management system and trusted operating system. The operating systemprovides physical access to the database and the database management system provides multilevel object protection.The other architectures - integrity locked, kernels and replicated - all vary in detail, but they use a trusted front-end and an un trusted database management system. For details of these architectures and research prototypes, the reader is referred to [Cast95]. Different architectures are suited to different environments: for example, the trusted subject architecture is less integrated with the underlying operating system and is best suited when a trusted path can be assured between applications and the database management system.Secure Database Management System DesignAs discussed above, there are several fundamental differences between operating system and database management system design, including object granularity, multiple data types, data correlations and multi-level transactions. Other differences include the fact that database management systems include both physical and logical objects and that the database lifecycle is normally longer.These differences must be reflected in the design requirements which include:• Access, flow and infer ence controls.• Access granularity and modes.• Dynamic authorization.• Multi-level protection.• Polyinstantiation.• Auditing.• Performance.These requirements should be considered alongside basic information integrity principles, such as:• Well-formed transactions - to ensure that transactions are correct and consistent.• Continuity of operation - to ensure that data can be properly recovered, depending on the extent of a disaster.• Authorization and role management – to ensure that distinct roles are defined and users are authorized.• Authenticated users - to ensure that users are authenticated.• Least privilege - to ensure that users have the minimal privilege necessary to perform their tasks.• Separation of duties - to ensure that no single individual has access to critical data.• Delegation of authority - to ensure that the database management system policies are flexible enough to meet the organization’s requirements.Of course, some of these requirements and principles are not met by the database management system, but by the operating system and also by organizational and procedural measures.Database Design MethodologyVarious approaches to design exist, but most contain the same main stages. The principle aim of a design methodology is to provide a robust, verifiable design process and also to separate policies from how policies are actually implemented. An important requirement during any design process is that different design aspects can be merged and this equally applies to security.A preliminary analysis should be conducted that addresses the system risks, environment, existing products and performance. Requirements should then beanalyzed with respect to the results of a risk assessment. Security policies should be developed that include specification of granularity, privileges and authority.These policies and requirements form the input to the conceptual design that concentrates on subjects, objects and access modes without considering implementation details. Its purpose is to express information and process flows in a complete and consistent way.The logical design takes into account the operating system and database management system that will be used and which of the security requirements can be provided by which mechanisms. The physical design considers the actual physical realization of the logical design and, indeed, may result in a revision of the conceptual and logical phases due to physical constraints.Security AssuranceOnce a product has been developed, its security assurance can be assessed by a number of methods including formal verification, validation, penetration testing and certification. For example, if a database is to be certified as TCSEC Class B1, then it must implement the Bell-LaPadula mandatory access control model in which each controlled object in the database must be labeled with a security level.Most of these methods can be costly and lengthy to perform and are typically specific to particular hardware and software configurations. However, the international Common Criteria certification scheme provides the added benefit of a mutual recognition arrangement, thus avoiding the prospect of multiple certifications in different countries.ConclusionThis article has considered some of the security principles that are associated with databases and how these apply in a web based environment. Ithas also focused on important architecture and design principles. These principles have focused mainly on the prevention, assurance and recovery aspects, but other aspects, such as detection, are equally important in formulating a total information protection strategy. For example, host-based intrusion detection systems as well as a robust and tested set of business recovery procedures should be considered.Any fit-for-purpose, secure e-business infrastructure should address all the above aspects: prevention, assurance, detection and recovery. Certain industries are now starting to specify their own set of global, secure e-business requirements. International card payment associations have recently started to require minimum information security standards from electronic commerce merchants handling credit card data, to help manage fraud losses and associated impacts such as brand-image damage and loss of consumer confidence.网络环境下的数据库安全简介数据库在政府部门和商业机构得到普遍应用已经很多年了。

金融专业外文翻译-----电子银行的风险管理外文翻译原文RISK MANAGEMENT OF E-BANKING ACTIVITIESMaterial Source: University Galati, Economic Science FacultyAuthor: Virlanuta Florina，Moga Liliana，Ioan Viorica1. E-banking risksE-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network,including the Internet or mobile phone. Customers access e-banking services using an intelligent electronic device, such as a personal computer (PC), personal digital assistant (PDA), automated teller machine(ATM), kiosk, or Touch Tone telephone.In Romania, over 23 banks implemented and offer now e-banking services. The continuous development of the supporting technology, information security and e-banking strategy reflects on the increasing number of the e-banking customers. According to Communications and Information Technologies Ministry, the number of e-banking users and the transactions performed in this system, as well as the value of these transactions, registered a spectacular rising,2004 2005 2006 2007YearIndex18.259 44.538 100.799 187.471E-bankingcustomersTransactions1.968.1702.244.0673.546.5494.851.427 number7.911.987.706 11.566.348.720 20.510.170.662 44.830.322.635 Transactionsvalue (euro)Source: Communications and Information Technologies MinistryWhile the risks and controls are similar for the various e-banking access channels, this essay focuses specifically on Internet-based services due to the Internet’s widely accessible public network Accordingly, this project begins with a discussion of the two primary types of Internet websites: informational and transactional. Informational websites provide customers access to general information about the financial institution and its products or services.Risk issues examiners should consider when reviewing informational websites include: Potential access to confidential financial institution or customer information if the website is not properly isolated from the financial institution’s internal network; Potential liability for spreading viruses and other malicious code to computers communicating with the institution’s website; and Negative public perception if the institution’s on-line services are disrupted or if its website is defaced or otherwise presents inappropriate or offensive material.Transactional websites provide customers with the ability to conduct transactions through the financial institution’s website by initiating banking transactions or buying products and services. Banking transactions can range from something as basic as a retail account balance inquiry to a large business-to business funds transfer. E-banking services, like those delivered through other delivery channels, are typically classified based on the type of customer they support. The following table lists some of the common retail and wholesale e-banking services offered by financial institutions.Since transactional websites typically enable the electronic exchange of confidential customer information and the transfer of funds, services provided through these websites expose a financial institution to higher risk than basic informational websites. Wholesale e-banking systems typically expose financial institutions to the highest risk per transaction, since commercial transactions usually involve larger dollar amounts. In addition to the risk issues associated with informational websites, examiners reviewing transactional ebanking services should consider the following issues:—— Security controls for safeguarding customer information;—— Liability for unauthorized transactions;——Possible violations of laws or regulations pertaining to consumer privacy, anti-money laundering, anti-terrorism, or the content, timing, or delivery of required consumer disclosures.2. Transaction riskTransaction risk arises from fraud, processing errors, system disruptions, or other unanticipated events resulting in the institution’s inability to deliver products or services. This risk exists in each product and service offered. The level of transaction risk is affected by the structure of the institution’s processing environment, including the types of services offered and the complexity of the processes and supporting technology.In most instances, e-banking activities will increase the complexity of the institution’s activities and the quantity of its transaction/operations risk, especially if the institution is offering innovative services that have not been standardized. Since customers expect e-banking services to be available 24 hours a day, 7 days a week, financial institutions should ensure their e-banking infrastructures contain sufficient capacity and redundancy to ensure reliable service availability. Even institutions that do not consider e-banking a critical financial service due to the availability of alternate processing channels, should carefully consider customer expectations and the potential impact of service disruptions on customer satisfaction and loyalty.The key to controlling transaction risk lies in adapting effective polices, procedures, and controls to meet the new risk exposures introduced by e-banking. Basic internal controls including segregation of duties, dual controls, and reconcilements remain important. Information security controls, in particular, become more significant requiring additional processes, tools, expertise, and testing. Institutions should determine the appropriate level of security controls based on their assessment of the sensitivity of the information to the customer and to the institution and on the institution’s established risk tolerance level.Generally, a financial institution’s credit risk is not increased by the mere fact that a loan is originated through an e-banking channel. However, management should consider additional precautions when originating and approving loans electronically, including assuring management information systems effectively track the performance of portfolios originated through e-banking channels.Funding and investment-related risks could increase with an institution’s e-banking initiatives depending on the volatility and pricing of the acquired deposits. The Internet provides institutions with the ability to market theirproducts and services globally. Internet-based advertising programs can effectively match yield-focused investors with potentially high-yielding deposits. But Internet-originated deposits have the potential to attract customers who focus exclusively on rates and may provide a funding source with risk characteristics similar to brokered deposits. An institution can control this potential volatility and expanded geographic reach through its deposit contract and account opening practices, which might involve face-to face meetings or the exchange of paper correspondence.Compliance and legal issues arise out of the rapid growth in usage of e-banking and the differences between electronic and paper-based processes. E-banking is a new delivery channel where the laws and rules governing the electronic delivery of certain financial institution products or services may be ambiguous or still evolving. Laws governing consumer transactions require specific types of disclosures, notices, or record keeping requirements. These requirements also apply to e-banking, and banking agencies continue to update consumer laws and regulations to reflect the impact of e-banking and on-line customer relationships.Institutions that offer e-banking services, both informational and transactional, assume a higher level of compliance risk because of the changing nature of the technology, the speed at which errors can be replicated, and the frequency of regulatory changes to address e-banking issues. The potential for violations is further heightened by the need to ensure consistency between paper and electronic advertisements, disclosures, and notices.3. Risk managementE-banking has unique characteristics that may increase an institution’s overall risk profile and the level of risks associated with traditional financial services, particularly strategic, operational, legal, and reputation risks. These unique e-banking characteristics include: Speed of technological change, Increased visibility of publicly accessible networks, Less face-to-face interaction with financial institution customers. Management should review each of the processes discussed in this section to adapt and expand the institution’s risk management practices as necessary to address the risks posed by e-banking activities.Financial institution management should choose the level of e-banking services provided to various customer segments based on customer needs andthe institution’s risk assessment considerations. Institutions should reach this decision through a board-approved, e-banking strategy that considers factors such as customer demand, competition, expertise, implementation expense, maintenance costs, and capital support. Some institutions may choose not to provide e-banking services or to limit e-banking services to an informational website.Financial institutions should periodically re-evaluate this decision to ensure it remains appropriate for the institution’s overall business strategy. Institutions may define success in many ways including growth in market share, expanding customer relationships, expense reduction, or new revenue generation. If the financial institution determines that a transactional website is appropriate, the next decision is the range of products and services to make available electronically to its customers. To deliver those products and services, the financial institution may have more than one website or multiple pages within a website for various business lines.Financial institutions should base any decision to implement e-banking products and services on a thorough analysis of the costs and benefits associated with such action. Some of the reasons institutions offer e-banking services include: Lower operating costs, Increased customer demand for services, and New revenue opportunities.The individuals conducting the cost-benefit analysis should clearly understand the risks associated with ebanking so that cost considerations fully incorporate appropriate risk mitigation controls. Without such expertise, the cost-benefit analysis will most likely underestimate the time and resources needed to properly oversee e-banking activities, particularly the level of technical expertise needed to provide competent oversight of in-house or outsourced activities.Security threats can affect a financial institution through numerous vulnerabilities. No single control or security device can adequately protect a system connected to a public network. Effective information security comes only from establishing layers of various control, monitoring, and testing methods. While the details of any control and the effectiveness of risk mitigation depend on many factors, in general, each financial institution with external connectivity should ensure the following controls exist internally or at their TSP.ConclusionsA financ ial institution’s board and management should understand the risks associated with e-banking services and evaluate the resulting risk management costs against the potential return on investment prior to offering e-banking services. Poor e-banking planning and investment decisions can increase a financial institution’s strategic risk. Early adopters of new e-banking services can establish themselves as innovators who anticipate the needs of their customers, but may do so by incurring higher costs and increased complexity in their operations. Conversely, late adopters may be able to avoid the higher expense and added complexity, but do so at the risk of not meeting customer demand for additional products and services. In managing the strategic risk associated with e-banking services, financial institutions should develop clearly defined e-banking objectives by which the institution can evaluate the success of its ebanking strategy.译文电子银行的风险管理资料来源:加拉茨大学经济科学系作者：Virlanuta Florina，Moga Liliana，Ioan Viorica1风险管理的电子银行业务电子银行定义为将传统银行产品通过电子渠道，并直接向客户提供互动服务的的新的自动交付服务。

文献出处：Florina V, Liliana M, Viorica I. RISK MANAGEMENT OF E-BANKING ACTIVI TIES[J]. Annals of the University of Oradea, Economic Science Series, 2013, 17(3).原文RISK MANAGEMENT OF E-BANKINGACTIVITIESSummary: E-banking risk arises from fraud, processing errors, system disruptions, or other unanticipated events resulting in the institution’s inability to deliver products or services. This risk exists in each product and service offered. Institutions should determine the appropriate level of security controls based on their assessment of the sensitivity of the information to the customer and to the institution and on the institution’s established risk tolerance level.Keywords: e-banking, risk management, security1. E-banking risks1. E-banking risksE-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network,including the Internet or mobile phone. Customers access e-banking services using an intelligent electronic device, such as a personal computer (PC), personal digital assistant (PDA), automated teller machine(ATM), kiosk, or Touch Tone telephone.In Romania, over 23 banks implemented and offer now e-banking services. The continuous development of the supporting technology, information security and e-banking strategy reflects on the increasing number of the e-banking customers. According to Communications and Information Technologies Ministry, the number of e-banking users and the transactions performed in this system, as well as the value of these transactions, registered a spectacular rising, displayed in the graphicsbelow:While the risks and controls are similar for the various e-banking access channels, this essay focuses specifically on Internet-based services due to the Internet’s widely accessible public network Accordingly, this project begins with a discussion of the two primary types of Internet websites: informational and transactional. Informational websites provide customers access to general information about the financial institution and its products or services.Risk issues examiners should consider when reviewing informational websites include: Potential access to confidential financial institution or customer information if the website is not p roperly isolated from the financial institution’s internal network; Potential liability for spreading viruses and other malicious code to computers communicating with the institution’s website; and Negative public perception if the institution’s on-line services are disrupted or if its website is defaced or otherwise presents inappropriate or offensive material.Transactional websites provide customers with the ability to conduct transactions through the financial institution’s website by initiating banking transactions or buying products and services. Banking transactions can range from something as basic as a retail account balance inquiry to a large business-to business funds transfer. E-banking services, like those delivered through other delivery channels, are typically classified based on the type of customer they support. The following table lists some of the common retail and wholesale e-banking services offered by financial institutions.Since transactional websites typically enable the electronic exchange of confidential customer information and the transfer of funds, services provided through these websites expose a financial institution to higher risk than basic informational websites. Wholesale e-banking systems typically expose financial institutions to the highest risk per transaction, since commercial transactions usually involve larger dollar amounts. In addition to the risk issues associated with informational websites, examiners reviewing transactional ebanking services should consider the following issues:—— Security controls for safeguarding customer information;—— Liability for unauthorized transactions;—— Possible violations of laws or regulations pertaining to consumer privacy, anti-money laundering, anti-terrorism, or the content, timing, or delivery of required consumer disclosures.2. Transaction riskTransaction risk arises from fraud, processing errors, system disruptions, or other unanticipated events resulting in the institution’s inability to deliver products or services. This risk exists in each product and service offered. The level of transaction risk is affected by the structure of the institution’s processing environment, including the types of services offered and the complexity of the processes and supporting technology.In most instances, e-banking activities will increase the complexity of the institution’s activities and the quantity of its transaction/operations risk, especially if the institution is offering innovative services that have not been standardized. Since customers expect e-banking services to be available 24 hours a day, 7 days a week, financial institutions should ensure their e-banking infrastructures contain sufficient capacity and redundancy to ensure reliable service availability. Even institutions that do not consider e-banking a critical financial service due to the availability of alternate processing channels, should carefully consider customer expectations and the potential impact of service disruptions on customer satisfaction and loyalty.The key to controlling transaction risk lies in adapting effective polices, procedures, and controls to meet the new risk exposures introduced by e-banking. Basic internal controls including segregation of duties, dual controls, and reconcilements remain important. Information security controls, in particular, become more significant requiring additional processes, tools, expertise, and testing. Institutions should determine the appropriate level of security controls based on their assessment of the sensitivity of the information to the customer and to the institution and on the institution’s established risk tolerance level.Generally, a financial institution’s credit risk is not increased by the mere fact that a loan is originated through an e-banking channel. However, management should consider additional precautions when originating and approving loans electronically, including assuring management information systems effectively track the performance of portfolios originated through e-banking channels.Funding and investment-related risks could increase with an institution’s e-banking initiatives depending on the volatility and pricing of the acquired deposits. The Internet provides institutions with the ability to market their products and services globally. Internet-based advertising programs can effectively match yield-focused investors with potentially high-yielding deposits. But Internet-originated deposits have the potential to attract customers who focusexclusively on rates and may provide a funding source with risk characteristics similar to brokered deposits. An institution can control this potential volatility and expanded geographic reach through its deposit contract and account opening practices, which might involve face-to face meetings or the exchange of paper correspondence.Compliance and legal issues arise out of the rapid growth in usage of e-banking and the differences between electronic and paper-based processes. E-banking is a new delivery channel where the laws and rules governing the electronic delivery of certain financial institution products or services may be ambiguous or still evolving. Laws governing consumer transactions require specific types of disclosures, notices, or record keeping requirements. These requirements also apply to e-banking, and banking agencies continue to update consumer laws and regulations to reflect the impact of e-banking and on-line customer relationships.Institutions that offer e-banking services, both informational and transactional, assume a higher level of compliance risk because of the changing nature of the technology, the speed at which errors can be replicated, and the frequency of regulatory changes to address e-banking issues. The potential for violations is further heightened by the need to ensure consistency between paper and electronic advertisements, disclosures, and notices.3. Risk managementE-banking has unique characteristics that may increase an institution’s overall risk profile and the level of risks associated with traditional financial services, particularly strategic, operational, legal, and reputation risks. These unique e-banking characteristics include: Speed of technological change, Increased visibility of publicly accessible networks, Less face-to-face interaction with financial institution customers. Management should review each of the processes discussed in this section to adapt and expand the institution’s risk management practices as necessary to address the risks posed by e-banking activities.Financial institution management should choose the level of e-banking services provided to various customer segments based on customer needs and the institution’s risk assessment considerations. Institutions should reach this decision through a board-approved, e-banking strategy that considers factors such as customer demand, competition, expertise, implementation expense, maintenance costs, and capital support. Some institutions may choose not to provide e-banking services or to limit e-banking services to an informational website.Financial institutions should periodically re-evaluate this decision to ensure it remains appropriate for the institution’s overall business strategy. Institutions may define success in many ways including growth in market share, expanding customer relationships, expense reduction, or new revenue generation. If the financial institution determines that a transactional website is appropriate, the next decision is the range of products and services to make available electronically to its customers. To deliver those products and services, the financial institution may have more than one website or multiple pages within a website for various business lines.Financial institutions should base any decision to implement e-banking products and services on a thorough analysis of the costs and benefits associated with such action. Some of the reasons institutions offer e-banking services include: Lower operating costs, Increased customer demand for services, and New revenue opportunities.The individuals conducting the cost-benefit analysis should clearly understand the risks associated with ebanking so that cost considerations fully incorporate appropriate risk mitigation controls. Without such expertise, the cost-benefit analysis will most likely underestimate the time and resources needed to properly oversee e-banking activities, particularly the level of technical expertise needed to provide competent oversight of in-house or outsourced activities.Security threats can affect a financial institution through numerous vulnerabilities. No single control or security device can adequately protect a system connected to a public network. Effective information security comes only from establishing layers of various control, monitoring, and testing methods. While the details of any control and the effectiveness of risk mitigation depend on many factors, in general, each financial institution with external connectivity should ensure the following controls exist internally or at their TSP.ConclusionsA financial institution’s board and m anagement should understand the risks associated with e-banking services and evaluate the resulting risk management costs against the potential return on investment prior to offering e-banking services. Poor e-banking planning and investment decisions can increase a financial institution’s strategic risk. Early adopters of new e-banking services can establish themselves as innovators who anticipate the needs of their customers, but may do so by incurring higher costs and increased complexity in their operations. Conversely, late adopters may be able to avoid the higher expense and added complexity, but do so at the riskof not meeting customer demand for additional products and services. In managing the strategic risk associated with e-banking services, financial institutions should develop clearly defined e-banking objectives by which the institution can evaluate the success of its ebanking strategy.译文电子银行的风险管理活动摘要:电子银行风险起因于欺诈、处理误差、系统中断或其他意外事件导致该机构无法提供产品或服务。

电子银行风险管理互联网金融外文文献翻译2013年3000多字E-banking has brought about a new set of risks for financial XXX risks include fraud。

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本份文档包含：关于该选题的外文文献、文献综述一、外文文献标题: Online brokers lead the way for French internet finance作者: Caffard, Christophe期刊名称: International Financial Law Review卷: 20；期: 3；页: 20-24Online brokers lead the way for French internet finance1 Regulated brokersRegulated brokers are legal entities which have an investment services licence and are subject to the prudential regulations of the Comite de Reglementation Bancaire et Financiere (CRBF) and the Conseil des Marches Financiers (CMF).* Choice of legal form: regulated brokers are not required to be incorporated in a specific legal form; however, under article 13 of the MAF Law, the CECEI checks whether the legal form of the brokerage company is appropriate for providing investment services. In practice, any type of commercial company is admitted: societes de capitaux (limited companies) or societes de personnes (partnerships). The formalities of share transfer, tax and the scope of liability of a company's management will be relevant factors to the choice of legal form.* Application for an investment services licence from the CECEI: the most important part of the application is the description of the investment services, and a business plan including prospective financial statements for the following three years. The CMF will check whether the business plan is consistent with the investment services licence requested by the broker. The CECEI will ensure that the applicant's own initial funds are consistent with the business plan.The scope of the investment services licence is variable and covers one or more ofthe following investment services:Reception and transmission of orders to another investment services provider on behalf of investors, for execution. This is the core investment service provided by thebrokerage companies and, as such, a licence to provide this service is the minimum required for a brokerage company. Brokerage companies may request an investment services licence limited to the reception and transmission of orders. In this case, there will need to be a tripartite agreement between the investor, the broker and an investment services provider authorized to execute the orders of the investor. These single-- licensed brokerage companies are mere intermediaries remunerated by a commission paid by the investors. They are not entitled to benefit from the European passport under the ISD.Execution of such order other than for own account. This is defined as the execution of orders on behalf of a customer under the provision of an agency or a brokerage agreement. The brokerage company authorized to execute orders received from the investors offers a larger range of services with more potential. The broker with an investment services licence covering the execution of orders will be in charge of executing the final orders on the regulated markets, provided it is has been authorized as a market member. Unauthorized brokerage companies transmit the orders they have received to authorized market members. Authorized brokerage companies may offer investors a quasi-immediate execution of orders on the markets.Placing. This is the search for subscribers or purchasers on behalf of the issuer or seller of financial instruments. According to the CMF, in the case of a public offer of listed financial instruments placed by a market firm (for example on the Paris Stock Exchange or Nouveau March&), an online broker, which sells financial instruments online, is deemed to be providing his client with a reception-transmission of orders service and not a placing service. A placing service requires the broker to comply with capital adequacy ratios whenever it is associated with an underwriting commitment.Account-keeping, custody and clearing. These are not considered to be investment services, but assimilated services restricted to credit institutions or investment firms, and are subject to the CMF's General Regulations.CRBF regulators. CBF regulations subject brokerage companies to the following requirements: the minimum issued and paid-up share capital depends on the nature and number of investment services carried out; brokerage companies who offeraccount-keeping, custody and reception, transmission and execution of orders must have a minimum paid-up share capital of Ffrl million (about $160,000). This is reduced to Ffr350,000 when the brokerage company is not involved in account-keeping or custody services;* the minimum shareholder funds must be equal to the higher of- 25% of the overheads of the previous year, or overheads forecast in the business plan; and- the aggregate client positions divided by 150;* internal compliance procedures must be established; and* the brokerage company must comply with certain ratios relating to solvency and large exposure.Regulated brokers are also subject to the CMF's rules on the appointment of a compliance officer, information and advice for clients, mandatory clauses to be inserted in clients' agreements, professional cards required from certain employees and reporting requirements to the CMF.2 Non-regulated brokersNon-regulated brokers are sole agents appointed by an investment firm authorized by the CECEI, or an appropriate authority of an EU member state. Sole agents are nonregulated entities and are neither subject to the minimum capital and shareholder funds requirements nor to the CMF/CRBF regulations.Sole agents enter into investment services agreements with clients on behalf and in the name of their principal, who must be a regulated investment services provider. These agreements are binding on who is, as a general rule, solely liable visa-vis clients and the supervisory authorities (the CMF and/or the Bank of France). In this respect, the incorporation and activities of a sole agent brokerage is simpler, safer and cheaper than for regulated brokers. However, sole agents are fully dependent on the principal since they are not authorized to be appointed by more than one investment firm and if, for any reason, the mandate is cancelled or terminated, sole agents must stop any brokerage activity, unless they get a new mandate or are granted an investment service licence by the CECEI. Sole agents do not benefit from theEuropean passport under the ISD, as they are not considered to be investment firms. It is important to note that the sole agent does not own the brokerage business, since clients simply have a contractual relationship. This is why sole agent status is generally more suitable when the principal and agent are companies within the same group or with long-term common interests.French branches of EU investment service providersThe licence for an EU investment service provider allows it to set up branches in France, subject to authorization from the authorities of its home state.This procedure is much simpler and quicker than an application for an investment services licence with the CECEI. The other advantages of operating in France in this way are that a branch is not required to show an endowment capital in France, and that prudential ratios of the home state apply to the French branch.As a general rule under the ISD, the home state authorities retain jurisdiction over the branch in the home state, with the exception of the public policy rules, which will apply to the branches. In France, the regulation referred to below is considered to be a public policy rule with which French branches operating online brokerage services in France must comply.Regulations applicable to brokerage servicesThe offer of brokerage services and the provision of brokerage services are regulated by reference to the nature of the financial instruments offered online.The offer of brokerage servicesAdvertising / marketingThe advertising of financial instruments is heavily regulated when advertisements are included in a public offering process. In this case the advertisement is in the form of a prospectus, which must comply with COB regulations, which provide detailed requirements regarding the form and content of the prospectus. As a general rule, any other form of advertising in a public offering process must refer to the prospectus approved by the COB.* The marketing in France of financial instruments listed on a foreign market must comply with COB regulation no. 99-04. This provides that, before anytransaction, the broker must send his clients an information memorandum presenting the foreign market and the financial instruments dealt on that market. This may be sent to clients via the internet.Any advertising of operations on the foreign market must include certain mandatory information, including the identification of the legal entity which is soliciting French clients.As a general rule, the advertising of collective investment schemes is subject to regulation by the COB, which ensures that any advertisement is consistent with the notice d'information and with regulations applicable to collective investment schemes generally. SICA Vs and FCPs subject to COB regulation no. 89-02 may not be marketed until the management company has been notified of the COB's approval.However, any direct or indirect solicitation to invest in collective investment schemes subject to the simplified COB approval procedure (less formal because the scheme only targets professional investors), must contain a disclaimer informing investors that any subscription or transfer of shares or units, is restricted to qualified investors or investors whose initial investment is at least euro500,000 ($457,000) or (depending on the scheme) euro,30,000. The disclaimer must also mention that these collective investment schemes are not approved by the COB and adhere to specific investment rules.* The COB has issued guidelines no. 99-02 relating to the marketing and sale via the internet of i) collective investment scheme units or shares; and ii) discretionary mandates. These guidelines are not binding. Its purpose is to clarify certain aspects of the COB regulations which apply to collective investment schemes (management company and depositary) and to any information on financial instruments disclosed during a public offering. The COB is preparing new guidelines relating to financial advice and information disseminated via the internet.* COB regulations and recommendations are applicable to online brokers whenever financial instruments (listed or otherwise) are offered to the public.* Under the CMF's regulations, regulated brokers are bound to inform and advise their clients after having assessed their financial knowledge.* In any event, there is a prohibition on advertising units of investment funds which invest in futures markets (Article 23 of the law of 23/12/1988), or to market non-OECD financial instruments in France without the prior consent of the French Ministry of Economy.3 Canvassing lawUnder the law of 1972 relating to financial canvassing, canvassing consists of contacting potential clients by way of visits, letters, circulars and telephone calls to: i) induce them to subscribe, purchase, exchange or sell securities or participate in such operations; and ii) offer services and advice on a regular basis.The law of 1972 is not adapted to the internet and legislative reform in this field is awaited. The CMF, the COB and the CECEI consider that offers to provide e-banking and e-brokerage services would be treated in the same manner as offers of services or advice by way of letters, circulars or telephone calls.It is difficult to determine which information systems or practices will qualify as financial canvassing (and therefore regulated) or merely as financial advertising (and therefore permitted); the CECEI and the COB have not yet given any clear guidance on this question.According to a discussion and research paper on internet risk released by the Commission Bancaire (the supervisory arm of the Bank of France) in July 2000, advertising messages, including a link to the seller's site (in the case of banks) displayed on general purpose websites, or posting information, advice or offers on sites or news groups in the client's country, would be viewed as financial advertising and would not constitute financial canvassing.The Bank of France takes the view that in these examples there is no active solicitation of clients since they access the financial advertisements deliberately and of their own accord, as if visiting the premises of a bank.In contrast with these passive marketing techniques, sending messages to email addresses would be equated with sending letters and as such would qualify as canvassing, according to the Bank of France.In any case, before soliciting French customers, the brokerage company mustnotify the Bank of France (CECEI) of its intention to solicit such customers; and employees of the brokerage company must be granted a specific solicitation card by the French authorities. Any breach of this rule would constitute a criminal offence.4 Public offering regulationsPublic offering regulations are applicable whenever financial instruments are issued or transferred to the public in France, using advertising, canvassing, credit institutions or investment service providers. Public offerings are heavily regulated and are subject to a number of requirements, including prior approval by COB of a prospectus, filing with the Commercial Registry of the French translation of the issuer's constitutional documents, publication of a legal notice in the BALO and continuing information obligations.The public offering regulations apply to offers of both listed and unlisted financial instruments. In this respect, online brokers offering listed shares to the public are subject to public offering regulations and in particular COB Regulation no. 99-08, under which the online broker must comply with the following disclosure and advertising rules:* the preparation of a simplified prospectus which must be approved by the COB and made freely available to the public; and * any advertisement must refer to the simplified prospectus and specify how to obtain a copy.A private placement (as opposed to a public offering) is defined as the issue or transfer of financial instruments to qualified investors or to a restricted circle of investors.In order to ensure a private placement via the internet, it is necessary to restrict electronic access to the broker's website by passwords granted solely to qualified investors. It is also mandatory under COB Regulation No. 99-09 that a private placement disclaimer be displayed on the webpages of the broker's website. The disclaimer must mention that:* offering materials (advertisements, information memoranda, etc) have not been submitted to the COB for its approval;* qualified investors must participate in the private placement for their ownaccount;* any offer to the public of the financial instruments subscribed or purchased by the qualified investors in the private placement would be subject to public offering regulations; and* if the investors are members of a restricted circle of more than 100, they must certify that they are associated with the management of the issuer on a professional or a personal basis. The provision of online brokerage servicesRules of conduct applicable to online brokers Regulated brokers and principals of non-regulated brokers are investment service providers and are subject to the rules of conduct set out in its General Regulation. The CMF has issued General Decision no. 99-07 providing regulations and guidelines. It implements the CMF rules of conduct.As a general rule, the message must clearly identify the issuer of a message offering the service of reception or transmission of orders. In particular, the website must display the legal status of the broker and the investment service it is authorized to provide. Regulated brokers and non-regulated brokers must be clearly distinguished, and the latter must disclose the identity of their investment service provider whom they are asking as agent.If the online broker is not in charge of account-keeping and custody services, whoever is must be clearly identified. Before entering into a contract with any new client, theonline broker must verify the client's identity and domicile by requesting the following documents:a photocopy of a valid official identity document (passport, identity card, driving licence);* bank details; and* written evidence of address.The broker must send confirmation that he has received these documents and, in doing so, check the client's address. These formalities and verifications may not be carried out via the internet.Once the identity and domicile ofthe new client have been checked, the onlinebroker can provide investment services to his client where:* the client has signed an agreement relating to the evidential rules and procedures applicable to the reception of orders via the internet;* the funds or financial instruments have been credited to the client's account. This does not apply to the broker if it is not the account keeper or the custodian;* the broker has checked that its client may receive the information on the relevant financial instruments and risks via the internet; and* the broker must ensure that the client receives in advance more detailed information regarding operations involving financial instruments which do not correspond to the client's regular dealings.In cases where the broker is responsible for account-- keeping, it should operate an automated system monitoring the accounts of the client and freezing any order in the event of insufficient provision or margin cover.The CMF also recommends that this automated system should freeze any order sent by the client which does not comply with market regulations.Compliance with these rules of conduct raises problems when the broker's website is outsourced to a third party, which happens frequently. The authorities are concerned that brokers may lose control over the operation of their websites and would be unable to take any operational responsibility, while remaining liable. This is why the Commission Bancaire is considering imposing an obligation on investment firms and credit institutions providing online financial services, to monitor their outside internet service providers and/or software companies.5 Regulation of contracts entered Into by online brokersContracts with clients These are subject to the CMF regulations, and in particular to CMF General Decision no. 98-28 relating to the mandatory clauses which must be included in agreements entered into with clients. It came into force in June 2000 and any existing contract is required to be duly amended.The agreements must contain a clause setting out the identity of the client and its legal capacity. In particular, qualified investors must be identified among other legal entities as well as the investment services provided. The categories of financialinstruments and financial services must also be stated in the agreement. This is important since it is taken into account when determining whether the broker has properly assessed the skills of his client. In this respect, it is recommended that high-risk speculative and/or complex operations, such as operations on futures markets, be restricted to informed clients or to qualified investors.In practice, the online broker asks new clients to answer a questionnaire which acts as proof that the broker has fulfilled its obligations to assess the skills ofits client.The agreement must contain a confidentiality clause which is binding. In this respect, it is useful for the online broker to provide exceptions to this obligation so that information on clients can be centralized within a member ofthe same group of companies, or accessed by an outside software company.Contracts with other investment services providersThe number of contracts entered into by brokers with other investment service providers depends on the scope of its licence. Non-regulated brokers must enter into an exclusive mandate with a licensed investment service provider.Regulated brokers which are not market members or not licensed for the execution of orders must conclude a transmission of orders agreement with market members or other investment service providers.These contracts are not subject to the CMF General Decision no. 98-28 or to other specific regulations, with the exception of.* clearing agreements;* when a client gives a broker with whom he has an account an order for transmission to another non-resident institution with comparable status, the broker is forbidden from being remunerated in the form of hard commission (a commission rebate) by the institution to which the order has been transmitted; and* a non account-keeping broker receiving orders from a client for transmission to another institution may be remunerated in the form of a hard commission, provided that the broker informs the client when entering into contractual relations (and thereafter annually) of the terms and conditions and amount of the hard commission.Contracts entered into with software companiesThese contracts might at first appear to have regulatory implications. However, recent financial regulations applicable to e-- brokerage now have a direct bearing on implications for IT agreements.In practice, brokers must ensure that the operation of the website and the reception and transmission of software orders complies with the CMF General Decision and any other applicable regulations applicable. The upgrade clause of the IT agreement entered into with the software company should address the question of the software being upgraded in the event of changes to applicable regulations.It is also recommended that any outsourcing agreement contains a clause which sets out how the online broker monitors the operation of the outsourced website.二、文献综述互联网金融发展文献综述摘要互联网金融的快速发展成为近年来中国经济金融领域备受瞩目的重要现象，国内学术界讨论互联网金融的文献数量也急速膨胀，但目前尚缺少对与互联网金融相关的各类文献进行全面梳理的综述类论文。

商业银行产品营销外文文献翻译2014年译文3000多字As the XXX and progresses。

people's living standards XXX increases。

As a result。

individuals and XXX particular。

the XXX。

in Brazil。

the marketing process of personal financial products in commercial banks often encounters problems。

XXX。

it XXX.Keywords: Commercial Banks。

Personal Financial Products。

XXX.Since the beginning of the 21st century。

Brazil'XXX a new stage of development。

This is due to the increasing living standards of the n。

XXX result。

a significant n of bank profits come from personal financial products。

The success or failure of marketing these products has a significant impact on the development of commercial banks and the e of individuals.XXX elaborate。

the rise in people's e has led to an increasein their demand for personal financial products。

Commercialbanks have XXX of financial products。

商业银行互联网金融业务发展策略研究国内外文献综述目录商业银行互联网金融业务发展策略研究国内外文献综述 (1)1 国内研究发展现状 (1)（1）互联网金融的概念 (1)（2）互联网金融对商业银行的冲击 (1)（3）商业银行面对冲击的应对策略 (2)（4）互联网金融风险防控 (2)2 国外研究发展现状 (2)参考文献 (4)1 国内研究发展现状与国外网上银行的研究相比，我国对互联网金融的研究始于2013年，但作为后来者，我国互联网金融的发展让世界刮目相看，并在该领域掀起了热潮，特别是在互联网金融相关理论，互联网金融对传统金融业的冲击，金融机构发展互联网金融业务的战略以及互联网金融风险防控等方面。

（1）互联网金融的概念早在2012年初，谢平教授就提出“互联网金融”这个新名词，他解释这是一种以互联网为主的现代信息技术，特别在社交网络、移动支付、搜素引擎和网络计算等领域都会有很大的应用，同时也会猛烈冲击从前传统的金融模式。

到了2014年，谢教授对这个名词给出了更为详细的定义：他指出互联网金融不单是代表某种业务，而是一种多维度多种类的存在，是基于互联网这个平台上的多种金融业务的结合。

在2020年的时候，赵元有了另一种新的解释：他认为互联网金融是在传统业务上做出了新的改变，是时代技术飞速发展所产生的一种创新，它使用网络技术和计算大数据，并以此来开展金融业务。

（2）互联网金融对商业银行的冲击互联网金融的兴起，传统商业银行毋庸置疑受到了巨大的挑战，曾经一直以“高姿态”面对客户的银行第一次真真正正感受到威胁。

因此，有许多国内的研究人员从不同方面深入研究了互联网金融与商业银行之间产生的相互影响。

2013年，梁璋、沈凡利用主要成分分析计算出互联网金融对传统商业银行有一种“长期结构性效应”，也就是说互联网金融在短时间内会使银行的系统风险变大，而国内银行的中长期系统性风险所受的影响不大。

相反，它们可以相互促进，实现共同进步。

文献出处：Nicholas Correia. The enterprise accounting computerization studies[J]. Critical Perspectives on Accounting，2014，27（3）：129–143（声明：本译文归百度文库所有，完整译文请到百度文库。

）原文The enterprise accounting computerization studiesAuthor: Nicholas CorreiaAbstractEnterprise implementing accounting computerization for the work of enterprise accounting information processing, the application has the effect of acceleration, is the inevitable development direction of instead of manual operation, but the accounting computerization also due to error, safety is threatened shortcomings, should strengthen the research of computerized accounting, the accounting computerization brings problems were discussed, in order to promote the accounting computerization system construction, enhance the capacity of enterprise accounting personnel, strengthen the accounting work safety control, improve the cognitive methods and means such as computerized accounting, improve the overall level of enterprise accounting computerization, accounting computerization for enterprises to develop real value, at the same time of accounting work progress, obtain comprehensive promotion management work and economic work.Keywords: Enterprise accounting computerization; The system construction; Ability to ascend1IntroductionComputerized accounting refers to the electronic computer as the main body of the application of information technology in accounting work, in particular, is the use of accounting software, command in various computer equipment instead of manually or by hand it's hard to finish of the accounting work process.At present, the accounting computerization has become a melting computer science, management science, information science and accounting science for the integration of the edge discipline, in the areas of economic management in the application of electronic computer in the leading position, is to play a leading management fields gradually into the modern economy. The accounting computerization has greatly reduce the labor intensity of accounting personnel, improve the efficiency and quality of the accounting work, promote the change of accounting function. With the rapid development of information technology and management requirements unceasing enhancement, the accounting manual operation is gradually replaced by the accounting computerization, to meet the need of social and economic development of accounting personnel, must train and bring up largequantities of both master basic computer application, accounting business process and knowledge of the composite applied accounting talents.Enterprise accounting computerization is both a blessing and a curse, can not only improve the quality of accounting information, but also the existence of security problems, should be combined with the enterprise accounting work of the accounting computerization the trend carefully, fully discussion. This study on the accounting computerization concept description, illustrates the accounting computerization of all kinds of problems, provides the enterprise system construction, personnel, improve the capacity to strengthen safety control measures, raise awareness, etc, to promote the enterprise accounting computerization on whole achieve better and faster. The concept of enterprise accounting computerization enterprise accounting computerization is the focus of the current enterprise accounting work, is also the direction of future development enterprise accounting work. Enterprise accounting computerization is the use of computer and network as the center, the implementation of enterprise accounting information processing and processing, thus made the accounting information is more accurate, more secure, more scientific job applications. Enterprise accounting computerization has the advantage of computer to replace human, especially for the accounting information collection, sorting, processing the accounting computerization has significant advantages, quality, speed, and become a modern enterprise must master the accounting method and means.2.1 Enterprise accounting computerization talent shortagesWhen enterprises implement the accounting computerization is an important problem facing the talent problem, no talent, a lot of enterprise accounting computerization is the lack of enterprise accounting computerization operation personnel, and a lack of enterprise accounting computerization management talent, some of the few enterprise accounting computerization management and operating personnel from the traditional accounting personnel, or by computer maintenance personnel through simple training, such a talent actually is difficult to support enterprise accounting computerization, accounting quality problem, now enterprise application of computerized accounting is not flexible also became an understandable typicality.2.2 The lack of internal control measuresAfter implementing accounting computerization, enterprise internal control transformed from the traditional manual control program control, this control pay more attention to the handling and processing of information, and lack of necessary logic to the authenticity of information and the actual judgment, especially in the total balance, subsidiary ledger check, is the lack of necessary inspection records, it is difficult to guarantee the accuracy of the enterprise accounting computerization information and authenticity, lead to the steady accumulation of information problems, finally affect the enterprise accounting and economic work.2.3 System execution to be strictAccording to see the end of the accounting computerization enterprise in recent years, although the provisions of the accounting computerization enterprise rules andregulations, but many measures no enforceability, coupled with the lack of inspection and supervision system, the management of the enterprise accounting computerization displays the absence phenomenon, the serious influence the realization of the function of enterprise accounting computerization and the superiority. Three measures to improve the level of enterprise accounting computerization3.1 Improve business full of enterprise accounting computerizationKnow the key is to strengthen enterprise improve cognitive cognition leading to the enterprise accounting computerization, should build up to the leadership staff accounting computerization management measures, from a program, design and understanding on the improvement of enterprise accounting computerization, this approach is not only conducive to the improvement of the quality of the accounting computerization, and conducive to the healthy development of the accounting.3.2 to strengthen the enterprise accounting computerization security controlsBuilding enterprise accounting computerization operation level of security, and enhance the software and hardware system through authorized operation stability, reduce the computer may be affected by external factors, can be in isolation, data storage and processing machine room environment protection measures, and implementation of network security, data security, access control, identity can identify means to achieve security control, etc.In addition, the enterprise can be further used techniques such as data encryption, access control technology, authentication technology, optical fiber transmission, access security, serial number control of proof of charge to an account, loan balance calibration, make audit separation of duties, etc., by means of the integrated enterprise accounting computerization safety control.3.3 to promote enterprise computerized accounting personnel's ability to ascendEnterprise to cultivate a large number of talents to adapt to the enterprise accounting computerization, ensure the quality of financial information processing and analysis, to satisfy all demands for financial information of "accounting - computer - management" model of interdisciplinary talents.Unit head should encourage and support the computerized accounting personnel to learn and master new knowledge, the knowledge and skills are constantly updated, complement and development, further grasp the computerized internal financial control system and policy, so as to keep up with the needs of the development of the economy.To strengthen the accounting personnel of new knowledge, new business training at the same time, also to strengthen the professional ethics education of accounting personnel, improve the level of accounting personnel's professional ethics.Attach great importance to the continuing education of computerized accounting personnel, and constantly improve the level of business, clear to carry out the follow-up education work.The institutions and personnel, timely release financial regulations, discipline, in view of the country's new accounting personnel guidance and training.Especiallyshould improve the computer operation ability of financial personnel, this is the foundation to ensure the quality of the accounting computerization.3.4 enterprise accounting computerization system constructionEnterprise accounting computerization requirements in accordance with the principle of internal check reasonable division of labor, which can work in each otherWork about, mutual supervision, to prevent errors or intentional fraud, etc.After the implementation of computerization, some traditional check, calculation, storage and so on internal accounting control mode is replaced by the computer internal control way easily.Some companies to proof of charge to an account in the audit practice in addition to the signature within a computer system also requires the print on the accounting documents of approval, it is to enhance the degree of security audit.3.5 establish the accounting computerization internal management systemTo carry out the accounting computerization units shall, as required by work, establish and improve the post responsibility system, including accounting computerization accounting computerization operation management system, computer software and data management system, computerized accounting archives management system of the computerized accounting internal management system, ensure the smooth progress in accounting computerization. To establish the accounting computerization post responsibility system, to clarify the responsibilities of each individual job scope, cogent accomplish everything someone tube, everyone has a dedicated, dealt with requirements, the inspection work. After the accounting computerization of jobs can be divided into basic accounting and computerized accounting job. Basic accounting jobs can include: accounting supervisor, cashier, accounting and auditing, accounting archives management work. Computerized accounting jobs include direct management, operation and maintenance of computer and accounting software system work.Computer supervisor: responsible for the coordination work of computer and accounting software system operation, request with accounting and computer knowledge, organization and management experience and related accounting computerization. Can be made of the accounting computerization supervisor director concurrently, as the small and medium-sized units of accounting software, computer and computer network should be set up this position.Software operations: responsible for the input and the original documents of proof of charge to an account, such as accounting data, output accounting vouchers, account books, accounting statements and reports, and part of the accounting data processing, and requires the accounting software operating knowledge, at the level of accounting computerization primary knowledge training; Each unit should be encouraged to basic accounting personnel of software operation job of work.Audit accounting: is responsible for input computer accounting data (accounting vouchers and original vouchers, etc.) for review, operating accounting software registration in books, for printing of books and statements to confirm;This work requires knowledge of accounting and computer, to achieve the level of the accounting computerization primary knowledge training, can be competentaccounting concurrently hold.Computer maintenance: responsible for guaranteeing the normal operation of the computer hardware, software, management accounting data inside machine;The post requires computer and accounting knowledge, through the accounting computerization intermediate knowledge training;With large and small units of accounting software, computer and computer network should be set up this post, this post should be held by a full-time staff in large and medium-sized enterprises.Computer audit: responsible for monitoring computer and the operation of the accounting software system, to prevent the use of computers for fraud; Requires knowledge of accounting and computer, computerized accounting intermediate knowledge training level, the duty by accounting auditors part-time; With large and small computer and large unit of accounting software, can set up this position.Data analysis: responsible for the analysis of the accounting data in the computer requires computer and accounting knowledge, at the level of computerized accounting intermediate knowledge training; With large and small units of accounting software, computer and computer network can be set up this position, by the competent accounting concurrently hold.4 ConclusionEnterprises implement the accounting computerization is a long-term process, need a unified specification, should be clear on the basis of the concept of accounting by edp, the scientific analysis of the problems existing in the enterprise accounting computerization, and causes of the problem, on the premise of standardization, institutionalization, by means of safety measures, management norms, the help enterprise to realize the accounting computerization. The discussion of the present study focused on technology and management, but to stimulate enterprise there are lack of computerized accounting staff's work enthusiasm and hope that my colleagues can be combined with the work of enterprise accounting computerization to perfect and supplement, in order to enrich enterprises use the means of accounting computerization.译文企业会计电算化问题研究作者:尼古拉斯•科雷亚摘要企业实行会计电算化对于企业会计工作中信息加工、应用有着加速的作用，是取代手工会计操作的必然发展方向，但会计电算化也会因操作失误、安全受到威胁而产生种种弊端，应该加强对会计电算化问题的研究，对会计电算化带来的问题进行深层次探讨，以推进会计电算化制度建设，增强企业会计人员能力，加强会计工作安全控制，提高会计电算化认知等方法和手段，提升企业会计电算化的总体水平，使会计电算化真正为企业发挥出重要的价值，在取得会计工作进步的同时，获得管理工作和经济工作的综合提升。

文献出处: Friedman D. Electronic Currency and Currency Policy: The Perspective of Internet Financial [J]. The Journal of International Finance, 2014, 15(6): 55-71.（声明：本译文归百度文库所有，完整译文请到百度文库。

）原文Electronic Currency and Currency Policy: The Perspective of Internet FinancialFriedman DAbstractWith the development of electronic commerce leads to a new form of currency, that is electronic currency. As a new means of payment and the form of currency, electronic money is get more and more widely used around the world. The development of electronic currency and use at the same time of lowering the cost of information and transaction costs, also brings to the social and economic life a lot of new problems and challenges. Especially the application and development of electronic money will bring to the central bank's monetary policy.2 A literature reviewElectronic currency from the date of birth will arouse widespread debate, such as electronic currency monetary nature of the problem, the issue of electronic currency subject, timing of regulatory problems, the effectiveness of monetary policy and extinction of the central bank, and so on.In the monetary nature of the study of electronic currency issue, there are two main views abroad. The first point is to think that money is still a property, just reflect property of the process of virtualization in the virtualization process, the nature of current monetary theory and monetary will not result in a substantial impact. Is the main representative persons gayle Gurley and Shaw (Shaw).They published in 1960, the financial theory of monetary "is divided into endogenous and exogenous currency, currency, and that the endogenous money doesn't count as an asset for the private sector, and exogenous money can be used as an asset.In addition, there is a Tobin (1965), Tobin, pattinson gold (Patinkin, 1996), Carter (Carter) and bardeen's (Partington) (think money is the most liquid assets in the financial system), friedman and Schwartz (think all through the metrologicalverification and GNP) there is a stable relationship between financial assets is currency, etc. Another is that money is a kind of symbol, is the representative figure of this aspect are the representative of the new school, such as Fisher Bleak, Myron Seholes, James Forrester, Hayne Leland and Hyman minsky, their argument is completely abandoned the traditional monetary economic theory, is an abstract for the currency and stock of electronic "storage", is a kind of labor and the accumulation of ideas. That is to say, money completely become a symbol, is a kind of virtualization. The new theory was proposed at the beginning due to too weird and cannot be understood and valued, but with the rapid development of the Internet, along with the appearance of electronic currency product innovation, people have to re-examine this view. Caused by network virtualization is gradually changing people have formed a foundation of value theory.HeBinKe Hebbink, (1996) pointed out that the existence of electronic money will reduce the central bank's ability to control the monetary base and money multiplier. Solomon (Solomon, 1997) suggested that the issue of electronic currency amount shall be directly included in the monetary aggregates, it will enlarge the monetary multiplier. Burns Peterson (1998) Berenson, analyses the influence of electronic currency monetary multiplier, the monetary policy transmission mechanism and the effect of monetary policy effectiveness. Polk (Jan Marc Bark, 2002) published in the "the central bank and financial innovation: modern literature review, the article points out: the evolution of the electronic payment is a kind of financial innovation, it driven by technological progress, and for the central bank and monetary policy has a direct impact. The author discusses the innovation of the electronic payment methods for the influence of monetary transmission mechanism. The central bank's monetary policy will be affected, but as long as there is demand of base money, even the electronic money completely replace the monetary base, the central bank can still control interest rates. But this requires government support. And the most impressive is published in the Journal of International Finance, a group of 1999 articles authors electronic money may be the impact to the central bank has issued the opinions, then there are also some experts and scholars to join the discussion of the problem. Theyput in two very different points of view: one is that the development of electronic currency will eventually lead to the death of the central bank's monetary and even the central bank; Another thinks that the development of electronic currency not big impact in the central bank's monetary policy effect, the central bank will continue to maintain their status. Benjamin Friedman (Benjamin Friedman, 1999) in it’s a paper entitled "the future of the monetary policy: the central bank will become an only symbolic troops of the army? “Once the article points out that electronic currency become real private currency, which the private sector not only provide paid services and provide settlement services, in other words, if the electronic currency is not in the bank settlement also need not the central bank's monetary settlement, it will eliminate the central bank's monetary demand for settlement purposes, the central bank may not be able to control a small amount of reserves and affect a large number of financial transactions.In this case, "the future of the central bank will become the only XinHaoBing army", it can only be made to the private sector development prospect of monetary policy, but not the policy of intervention in the private sector is expected and the behavior choice. Then Good hart (2000), Charles Good hart, using empirical method, based on the data of 16 countries cash needs of the time series analysis, he concluded that money demand not only is a function of the gross domestic product (GDP), opportunity cost and also to the influence of the tax rate, tax rate, the higher the greater the incentive of tax evasion, and thus the greater the demand for cash of anonymity. So, he thinks that although the money is likely to replace the monetary base, but it is not exactly a replacement.2 summary of electronic moneyIn monetary form the evolution of history, has experienced the physical currency, precious metal currency and paper three stages. Money can also be divided into alternative monetary and credit currency in two stages. In physical currency and metal currency phase, the value of money is real and precious metals as provided by the value of the goods itself. In token money phase, due to the issue of alternativecurrency and circulation in precious metal currency as the foundation, and fixed with precious metal currency exchange relations. Therefore, the value of token money is by the precious metal currency to guarantee. When the precious metal currency complete withdrawal from currency area, it is the value of money is actually the agencies authorized by the state (i.e., the central bank) to provide credit as a guarantee, so called credit currency. Electronic money with the development of modern information communication technology and electronic commerce and birth, is the requirement of information technology and network economy development and the inevitable result. The evolution of the monetary form, improve the efficiency of the currency, to reduce the currency costs, reducing the commodity transaction costs and the change of currency payment process.In the definition of electronic money does not give authority, some scholars and research institutions gives his own definition of electronic currency and views. But these views are the same, including the Basel committee on banking supervision, Basle, 1998) is defined as compared with general. The Basel committee thinks: electronic money is to point to in the retail payment mechanism, through the sales terminal, different between electronic equipment and on the public network (such as the Internet) "stored value" of executive pay and the advance payment mechanism. “Stored value" refers to the stored in the physical media (hardware) or medium can be used to pay the value of such as smart CARDS, multi-function card, etc. This medium is "electronic wallet", it is similar to ordinary purse, we often use when the value of his store is used by a specific device to its additional value. “Advance payment mechanism" is present in the specific software or network to a group can transfer and can be used for the payment of electronic data, usually referred to as "digital cash", can be directly used to pay on the Internet.Combined with the evolution of the bill and the current development of electronic currency and other scholar's research results, the author thinks that as long as there is in the form of electronic data, and can perform the function of monetary data can be referred to as electronic money. Because this kind of "data" in the exchange can be accepted, can also be used as a value scale, it should be a currency.So the development of electronic currency should also be divided into two stages, the present stage of electronic money still is based on the legal tender of the issuance and circulation.In this paper, we discuss the electronic money is the first stage of the electronic currency, the statutory electronic currency value of electronic data, and by the methods of some electronic transfers the data to the payment of object, in return for equivalent material or pay off debt. The electronic money is mainly bank card, but also some non-banks issued similar cash substitutes.3 Electronic currency impact on monetary policyMonetary policy target is predetermined by the central bank to implement monetary policy for a longer period of macroeconomic clear effect. Monetary policy target is divided into the final target and intermediate target two different levels, they constitute the goal of the central bank's monetary policy system. Around the table of the target of monetary policy has certain difference, is generally thought that the ultimate goal of monetary policy has four: price stability, full employment, economic growth and international balance of payments. The intermediate target of monetary policy is to point to the central bank monetary policy tools to adjust, before has not achieve the ultimate goal to have conduction effect in the middle of the target variable.Refers to the central bank monetary policy instruments for the realization of the ultimate goal of monetary policy used by the amount of money supply and credit control. General monetary policy tools, including selective policy tools, other monetary policy tools, etc. Among them, the general policy tools is called the three big magic weapon of monetary policy, the central bank regulation of conventional means of economy, including discount policy, open market operations and the legal deposit reserve policy. Selective policy tools are in the process of correction or strengthen the monetary policy can be found in some special fields, mainly including consumer credit control and credit control, real estate securities market credit control and preferential interest rates, etc. Other monetary policy tools is mainly direct credit control and indirect credit. Credit control is the central bank directly using theadministrative command way to financial institutions especially commercial bank's credit activities directly control. Direct credit control ways include credit allocation, interest rate restriction, liquidity ratios, etc. Indirect credit guide is mainly through the way of moral suasion and window guidance of credit changes direction and key implementing indirect guidance.The independence of monetary policy includes two aspects: the independence of the policy making and policy implementation independence. The independence of the monetary policy is to point to the central bank can according to need to separate from the intervention of macroeconomic conditions to develop appropriate monetary policy. The implementation of monetary policy independence refers to the central bank can undisturbed execution has set monetary policy.Electronic currency circulated widely, will be largely replaced entity capital, reduce the amount of cash in circulation. In the current issue of using electronic currency of most countries, and not on the issue of electronic currency reserve the same as the commercial bank demand deposits, therefore, in the process of electronic money to replace current deposit, will lead to a drop in commercial bank reserves at the central bank. Bank reserve is one of the central bank COINS into the source of tax, this will directly lead to the central bank debt by issuing interest-free (i.e., inflation) assets in exchange for the interest income, namely the COINS to reduce taxes.While the current is not possible to accurately calculate the electronic money how much impact on the actual coinage tax revenues, but what is certain is that with the development of electronic currency, the central bank's coinage tax revenues will decline and result in a substantial reduction in their income profit, so the central bank to implement monetary policy implementation of macroeconomic regulation and control function, have to rely more on in terms of money the government, which greatly influenced its independence.译文互联网金融视角下的电子货币与货币政策作者：弗里德曼摘要随着电子商务的发展产生了一种新的货币形式，那就是电子货币。

网络金融风险防范外文翻译文献(文档含英文原文和中文翻译)原文：How to guard against financial risks networkFirst, the definition of network financeNetwork Finance is a computer network for the technical support of the financial activities and related activities in general, is a network of information technology and product of the combination of modern finance, but it is not a simple combination of the two, but a financial industry and even all industries An operating mechanism, is the future of enterprise system development. Narrowly understood, refers to the financial network of financial service providers based on the host to the Internet or communications network for the media, through the financial data and business processes embedded software platform, user interface terminal mode of operation of the new financial ; from a broad understanding of the concept of network finance their mode of operation also includes matching network of financial institutions, networks and related financial markets, regulatory and other external environment. Including: e-money, online banking, online payment, network security and network insurance.Second, the network of financial riskNetwork mainly engaged in the financial settlement of electronic money and electronic virtual financial services, in addition to traditional financial activities which exist in the process of credit risk, liquidity risk, interest raterisk, currency risk and market risk, from a technical, business and legal perspective, There are the following specific risks:1. Technology risk(1) hacker attacks. The operation of the network must rely on financial transactions, computer and Internet, all transactions are stored in the computer, the transmission of online information is easy to become a large network of "hacker" attack. In addition, Web access is a form of Internet service, is also a network of financial institutions trading and services platform, but it depends on TCP / IP protocol, there are many security vulnerabilities. This gives hackers broke into financial institutions through the network to create the conditions for the system. Hackers only need to use loopholes in the system itself, "only need to modify a few settings " you can allow financial institutions to a standstill.(2) technology selection risk. To carry out financial business networks, they must choose a proven technology solutions to support. Once there is choice, there will be a result of selection for the same mistakes which led to the risk. One possibility is to choose the technology system and client terminal software compatibility due to poor speed of information transmission interruption or reduction, another risk is that of technical alternatives have been eliminated, resulting in relatively backward technology, the network out of date, leading to enormous technical and Lossof business opportunities. Financial terms of the network, technology choice may lose all of the market failure, or even lose the basis for survival.2. Business risks.(1) operational risk. Operational risk from the system reliability, stability and security caused major defects in the possibility of potential loss may come from the negligence of online financial customers, may also come from the financial security system network and its products, design flaws and operational errors . Operational risk relates primarily to authorize the use of online financial accounts, the network of financial risk management systems, networks, financial institutions and the exchange of information among customers, true and false recognition of electronic money.(2) the risk of market signals. Market risk is due to signal asymmetric information network of financial institutions led to the face of adverse selection and moral hazard arising from business risks. Such as Internet banking customers can not identify the risk level of the Internet at a disadvantage, online customers may use their hidden information and action to make the network to their advantage at the expense of the interests of the decision-making banks and leaving because of adverse public comment on Internet Banking Risk of losing customers and sources of funding risks.(3) credit risk. Reputation risk is the network of financial institutions can not create good customer relations, can not establish their own good reputation, and thus can not engage in financial business. Once the virtualnetwork of financial institutions to provide financial services can not achieve the expected level of the public, or adverse reactions in the community, or network security system of financial institutions have been destroyed to forma network of financial credit risk.3. Legal risks. The legal risks of financial networks, mainly from two aspects: First, violation of relevant laws, regulations and system requirements, and online transactions failed to comply with the provisions of the relevant rights and obligations. These laws and regulations, including consumer protection laws, financial disclosure system, privacy protection, intellectual property protection law and currency system. Second, the lack of network financial law. China Internet Finance still in its infancy, is still quite a lack of appropriate laws and regulations. Therefore, using the Internet to provide or receive financial services, signed an economic contract rights and obligations in the face considerable legal risk, vulnerable to undue disputes, not only increase the cost of online financial transactions, and even affect the Development of the financial health of the network.Third, improve the network to prevent and control financial risks Point of the network of financial risks, involving a wide range of interests, it is necessary to perfect legal environment, strengthening access management, a sound regulatory system, adjust the regulatory strategy and other aspects, a multi-pronged, comprehensive treatment.1. Improve the legal system.(1) legislative efforts to increase the network of financial, clear the network of financial rights and obligations of relevant subjects.(2) to develop rules of fair trade network. In the identification and validation of digital signatures, transactions preservation of evidence, the transaction and both parties share responsibility for the protection of personal information of consumers to make detailed provisions to ensure transaction security, digital evidence when disputes arise and transactions in a real and effective personal Privacy.2. Enhanced market access management.(1) The status of the technology infrastructure as one of the conditions of market access. Financial services applications for operating the network of financial institutions not only a considerable scale of network equipment, but also need to have confirmed the legality of trading partners, to prevent tampering with trading information and prevent information leakage and other aspects of key technologies.(2) to develop rigorous internal control system. Publicity for the network of financial services, information disclosure, and system design have institutional arrangements, the establishment of a network of financial institutions or a new business, the must have sound risk identification, identification, management, risk cover and disposal programs.(3) to develop and improve the types of transactions operating procedures. Applications to open accounts for customers, customerauthorization statement, the general development of trading procedures, rules to prevent illegal trading and online financial transaction system against criminal activities.(4) the implementation of the network type of financial business management. Development of classification standards, banking and financial services capabilities and the ability to credit rating, thus a variety of services on the network to carry out the financial restrictions and permits.3. Improve the regulatory system.(1) improve the network of financial risk monitoring systems. The establishment of "national (network) Financial Risk Management Committee."(2) to strengthen collaborative supervision. "Committee" of the member units and other relevant regulatory authorities to share information resources among each other and opening up their own information database, and regularly informed of their supervision, promote joint supervision, supervision of financial risks to improve network accuracy and timeliness.(3) to strengthen international cooperation in financial supervision network. Meanwhile, the network with international cooperation in financial supervision to strengthen the network of bank borrowing way illegal tax evasion, money laundering and other acts, the way the use of Internet banking transnational smuggling, illegal arms trafficking activities such as arms and drug trafficking, illegal attack on the use of Internet banking othersites internet bank hackers, and other international criminal activities a full range of monitoring, the formation of the network can effectively protect the financial health of the global network operations and is responsible for the supervision of the financial system.4. Adjust the control strategy.(1) and improve the modernization level of financial supervision network. In the practice, we should have complete control of the network of financial institutions to improve the business operation of the network capacity and the forecast level of financial risk, and enhance macro-control of the systematic and forward-looking, but also to strengthen financial supervision and standardization of network construction, improve the network of financial supervision modern and scientific level.(2) improve the network of financial and non-site inspection of the site content system. On-site inspection should focus on the technical elements to be checked.(3) the establishment of mandatory information disclosure system. Follow the "open, fair and just" principle, development of financial services than the traditional more stringent information disclosure rules, norms, disclosure of the content, format, frequency and responsibilities and so on, through the financial statements, disclosure of the online publicity and other means of financial networks business information.(4) Innovative forms of regulation. Take full advantage of informationsuperiority, the establishment of real-time tracking and monitoring systems, strengthen monitoring, while also taking on the network "rules, patrol checks," the way the operational status of the network and whether the financial "irregularities" carry out spot checks found that, in a timely manner to correct or take punitive measures.5. Building security system.(1) accelerate research and development with China's own intellectual property rights of advanced information technology. Including computer equipment, communications equipment, system software, encryption algorithms, from the protection of national financial security and national economic security perspective to improve network security.(2) improving the network operating environment. Computer networks and centers to strengthen the management of the engine room, increase physical security measures for computer input, and enhance computer systems of key technologies and key equipment against attacks, anti-virus capabilities, maintenance of computer hardware security, ensure network banks rely on network hardware The normal operation of the environment safe.(3) secure access. On the one hand through the network of physical and logical isolation means isolation, and physical resources to unauthorized users isolated from each other, on the other hand through the application ofthe authentication and grading systems such as login authorization to restrict access to unauthorized users.译文：如何防范网络金融风险一、网络金融的定义网络金融是对以电脑网络为技术支撑的金融活动和相关活动的总称，是网络信息技术与现代金融相结合的产物，但它并不是二者的简单结合，而是一种金融业乃至所有行业的一种运行机制，是未来企业机制发展的方向。

互联网金融外文翻译互联网金融外文翻译引言互联网金融是指利用互联网技术和平台开展金融业务的一种新兴形式。

近年来，互联网金融在全球范围内迅速发展，并产生了一系列新的金融产品和服务。

本文将对一篇有关互联网金融的外文文章进行翻译和分析。

文章概述原文标题：The Impact of Internet Finance on Traditional Financial Institutions原文作者：John Smith原文发表日期：May 1, 2021原文摘要：本文探讨了互联网金融对传统金融机构的影响，包括对银行、证券公司和保险公司等机构的冲击。

文章分析了互联网金融的发展趋势、优势和挑战，并提出了传统金融机构应对互联网金融的策略建议。

互联网金融对传统金融机构的影响互联网金融的出现和发展对传统金融机构带来了巨大的冲击。

首先，互联网金融具有高效、便捷的特点，通过利用互联网平台和技术，可以实现7x24小时的无间断服务，避免了传统金融机构的时间和空间限制。

这使得互联网金融在一定程度上取代了传统金融机构的部分功能。

其次，互联网金融通过降低运营成本和提高效益，使得金融服务更加普惠和可及。

相比传统金融机构的高门槛和高成本，互联网金融为更多的人提供了便捷的金融服务，尤其是在不发达地区和发展中国家。

此外，互联网金融还带来了创新的金融产品和服务。

借助互联网技术和平台，互联网金融可以快速推出和调整新的金融产品，满足不同客户的需求。

例如，通过互联网金融，个人用户可以轻松申请和管理贷款、投资和保险等金融产品，而无需繁琐的线下流程。

然而，互联网金融也对传统金融机构提出了一系列挑战。

首先，互联网金融存在着信息安全和隐私保护的问题。

因为互联网的开放性和共享性，个人客户的敏感信息可能面临着被盗取或滥用的风险。

传统金融机构需要加强信息安全和隐私保护的能力，以应对这一挑战。

其次，互联网金融还面临监管的问题。

互联网金融的快速发展和创新性质使得传统金融监管机构难以跟上步伐。

互联网大数据金融中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Internet Finance's Impact on Traditional FinanceAbstractAs the advances in modern information and Internet technology, especially the develop of cloud computing, big data, mobile Internet, search engines and social networks, profoundly change, even subvert many traditional industries, and the financial industry is no exception. In recent years, financial industry has become the most far-reaching area influenced by Internet, after commercial distribution and the media. Many Internet-based financial service models have emerged, and have had a profound and huge impact on traditional financial industries. "Internet-Finance" has win the focus of public attention.Internet-Finance is low cost, high efficiency, and pays more attention to the user experience, and these features enable it to fully meet the special needs of traditional "long tail financial market", to flexibly provide more convenient and efficient financial services and diversified financial products, to greatly expand the scope and depth of financial services, to shorten the distance between people space and time, andto establish a new financial environment, which effectively integrate and take use of fragmented time, information, capital and other scattered resources, then add up to form a scale, and grow a new profit point for various financial institutions. Moreover, with the continuous penetration and integration in traditional financial field, Internet-Finance will bring new challenges, but also opportunities to the traditional. It contribute to the transformation of the traditional commercial banks, compensate for the lack of efficiency in funding process and information integration, and provide new distribution channels for securities, insurance, funds and other financial products. For many SMEs, Internet-Finance extend their financing channels, reduce their financing threshold, and improve their efficiency in using funds. However, the cross-industry nature of the Internet Finance determines its risk factors are more complex, sensitive and varied, and therefore we must properly handle the relationship between innovative development and market regulation, industry self-regulation.Key Words：Internet Finance; Commercial Banks; Effects; Regulatory1 IntroductionThe continuous development of Internet technology, cloud computing, big data, a growing number of Internet applications such as social networks for the business development of traditional industry provides a strong support, the level of penetration of the Internet on the traditional industry. The end of the 20th century, Microsoft chairman Bill Gates, who declared, "the traditional commercial bank will become the new century dinosaur". Nowadays, with the development of the Internet electronic information technology, we really felt this trend, mobile payment, electronic bank already occupies the important position in our daily life.Due to the concept of the Internet financial almost entirely from the business practices, therefore the present study focused on the discussion. Internet financial specific mode, and the influence of traditional financial industry analysis and counter measures are lack of systemic research. Internet has always been a key battleground in risk investment, and financial industry is the thinking mode of innovative experimental various business models emerge in endlessly, so it is difficult to use a fixed set of thinking to classification and definition. The mutual penetration andintegration of Internet and financial, is a reflection of technical development and market rules requirements, is an irreversible trend. The Internet bring traditional financial is not only a low cost and high efficiency, more is a kind of innovative thinking mode and unremitting pursuit of the user experience. The traditional financial industry to actively respond to. Internet financial, for such a vast blue ocean enough to change the world, it is very worthy of attention to straighten out its development, from the existing business model to its development prospects."Internet financial" belongs to the latest formats form, discusses the Internet financial research of literature, but the lack of systemic and more practical. So this article according to the characteristics of the Internet industry practical stronger, the several business models on the market for summary analysis, and the traditional financial industry how to actively respond to the Internet wave of financial analysis and Suggestions are given, with strong practical significance.2 Internet financial backgroundInternet financial platform based on Internet resources, on the basis of the big data and cloud computing new financial model. Internet finance with the help of the Internet technology, mobile communication technology to realize financing, payment and information intermediary business, is a traditional industry and modern information technology represented by the Internet, mobile payment, cloud computing, data mining, search engines and social networks, etc.) Produced by the combination of emerging field. Whether financial or the Internet, the Internet is just the difference on the strategic, there is no strict definition of distinction. As the financial and the mutual penetration and integration of the Internet, the Internet financial can refer all through the Internet technology to realize the financing behavior. Internet financial is the Internet and the traditional financial product of mutual infiltration and fusion, the new financial model has a profound background. The emergence of the Internet financial is a craving for cost reduction is the result of the financial subject, is also inseparable from the rapid development of modern information technology to provide technical support.2.1 Demands factorsTraditional financial markets there are serious information asymmetry, greatly improve the transaction risk. Exhibition gradually changed people's spending habits, more and more high to the requirement of service efficiency and experience; In addition, rising operating costs, to stimulate the financial main body's thirst for financial innovation and reform; This pulled by demand factors, become the Internet financial produce powerful inner driving force.2.2 Supply driving factorData mining, cloud computing and Internet search engines, such as the development of technology, financial and institutional technology platform. Innovation, enterprise profit-driven mixed management, etc., for the transformation of traditional industry and Internet companies offered financial sector penetration may, for the birth and development of the Internet financial external technical support, become a kind of externalization of constitution. In the Internet "openness, equality, cooperation, share" platform, third-party financing and payment, online investment finance, credit evaluation model, not only makes the traditional pattern of financial markets will be great changes have taken place, and modern information technology is more easily to serve various financial entities. For the traditional financial institutions, especially in the banking, securities and insurance institutions, more opportunities than the crisis, development is better than a challenge.3 Internet financial constitute the main body3.1 Capital providersBetween Internet financial comprehensive, its capital providers include not only the traditional financial institutions, including penetrating into the Internet. In terms of the current market structure, the traditional financial sector mainly include commercial Banks, securities, insurance, fund and small loan companies, mainly includes the part of the Internet companies and emerging subject, such as the amazon, and some channels on Internet for the company. These companies is not only the providers of capital market, but also too many traditional so-called "low net worth clients" suppliers of funds into the market. In operation form, the former mainly through the Internet, to the traditional business externalization, the latter mainlythrough Internet channels to penetrate business, both externalization and penetration, both through the Internet channel to achieve the financial business innovation and reform.3.2 Capital demandersInternet financial mode of capital demanders although there is no breakthrough in the traditional government, enterprise and individual, but on the benefit has greatly changed. In the rise and development of the Internet financial, especially Internet companies to enter the threshold of made in the traditional financial institutions, relatively weak groups and individual demanders, have a more convenient and efficient access to capital. As a result, the Internet brought about by the universality and inclusive financial better than the previous traditional financial pattern.3.3 IntermediariesInternet financial rely on efficient and convenient information technology, greatly reduces the financial markets is the wrong information. Docking directly through Internet, according to both parties, transaction cost is greatly reduced, so the Internet finance main body for the dependence of the intermediary institutions decreased significantly, but does not mean that the Internet financial markets, there is no intermediary institutions. In terms of the development of the Internet financial situation at present stage, the third-party payment platform plays an intermediary role in this field, not only ACTS as a financial settlement platform, but also to the capital supply and demand of the integration of upstream and downstream link multi-faceted, in meet the funds to pay at the same time, have the effect of capital allocation. Especially in the field of electronic commerce, this function is more obvious.3.4 Large financial dataBig financial data collection refers to the vast amounts of unstructured data, through the study of the depth of its mining and real-time analysis, grasp the customer's trading information, consumption habits and consumption information, and predict customer behavior and make the relevant financial institutions in the product design, precise marketing and greatly improve the efficiency of risk management, etc. Financial services platform based on the large data mainly refers to with vast tradingdata of the electronic commerce enterprise's financial services. The key to the big data from a large number of chaotic ability to rapidly gaining valuable information in the data, or from big data assets liquidation ability quickly. Big data information processing, therefore, often together with cloud computing.4 Global economic issuesFOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undid the rich world’s financial firms. Commodity exporters were thriving, thanks to high prices fo r raw materials. China’s economic juggernaut powered on. And, from Budapest to Brasília, an abundance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm.No longer. As foreign capital has fled and confidence evaporated, the emerging world’s stockmarkets have plunged (in some cases losing half their value) and currencies tumbled. The seizure in the credit market caused havoc, as foreign banks abruptly stopped lending and stepped back from even the most basic banking services, including trade credits.Like their rich-world counterparts, governments are battling to limit the damage (see article). That is easiest for those with large foreign-exchange reserves. Russia is spending $220 billion to shore up its financial services industry. South Korea has guaranteed $100 billion of its banks’ debt. Less well-endowed countries are asking for help.Hungary has secured a EURO5 billion ($6.6 billion) lifeline from the European Central Bank and is negotiating a loan from the IMF, as is Ukraine. Close to a dozen countries are talking to the fund about financial help.Those with long-standing problems are being driven to desperate measures. Argentina is nationalising its private pension funds, seeminglyto stave off default (see article). But even stalwarts are looking weaker. Figures released this week showed that China’s growth slowed to 9% in the year to the third quarter-still a rapid pace but a lot slower than the double-digit rates of recent years.The various emerging economies are in different states of readiness, but the cumulative impact of all this will be enormous. Most obviously, how these countries fare will determine whether the world economy faces a mild recession or something nastier. Emerging economies accounted for around three-quarters of global growth over the past 18 months. But their economic fate will also have political consequences.In many places-eastern Europe is one example (see article)-financial turmoil is hitting weak governments. But even strong regimes could suffer. Some experts think that China needs growth of 7% a year to contain social unrest. More generally, the coming strife will shape the debate about the integration of the world economy. Unlike many previous emerging-market crises, today’s mess spread from the rich world, largely thanks to increasingly integrated capital markets. If emerging economies collapse-either into a currency crisis or a sharp recession-there will be yet more questioning of the wisdom of globalised finance.Fortunately, the picture is not universally dire. All emerging economies will slow. Some will surely face deep recessions. But many are facing the present danger in stronger shape than ever before, armed with large reserves, flexible currencies and strong budgets. Good policy-both at home and in the rich world-can yet avoid a catastrophe.One reason for hope is that the direct economic fallout from the rich world’s d isaster is manageable. Falling demand in America and Europe hurts exports, particularly in Asia and Mexico. Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metals have done worse. That has a mixed effect. Although it hurtscommodity-exporters from Russia to South America, it helps commodity importers in Asia and reduces inflation fears everywhere. Countries like Venezuela that have been run badly are vulnerable (see article), but given the scale of the past boom, the commodity bust so far seems unlikely to cause widespread crises.The more dangerous shock is financial. Wealth is being squeezed as asset prices decline. China’s house prices, for instance, have started falling (see article). This will dampen domestic confidence, even though consumers are much less indebted than they are in the rich world. Elsewhere, the sudden dearth of foreign-bank lending and the flight of hedge funds and other investors from bond markets has slammed the brakes on credit growth. And just as booming credit once underpinned strong domestic spending, so tighter credit will mean slower growth.Again, the impact will differ by country. Thanks to huge current-account surpluses in China and the oil-exporters in the Gulf, emerging economies as a group still send capital to the rich world. But over 80 have deficits of more than 5% of GDP. Most of these are poor countries that live off foreign aid; but some larger ones rely on private capital. For the likes of Turkey and South Africa a sudden slowing in foreign financing would force a dramatic adjustment. A particular worry is eastern Europe, where many countries have double-digit deficits. In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integration of global finance. The rich world’s bank bail-outs may limit the squeeze, but the flow of capital to the emerging world will slow. The Institute of International Finance, a bankers’ group, expects a 30% decline in net flows of private capital from last year.This credit crunch will be grim, but most emerging markets can avoid catastrophe. The biggest ones are in relatively good shape. The morevulnerable ones can (and should) be helped.Among the giants, China is in a league of its own, with a $2 trillion arsenal of reserves, a current-account surplus, little connection to foreign banks and a budget surplus that offers lots of room to boost spending. Since the country’s leaders have made clear that they will do whatev er it takes to cushion growth, China’s economy is likely to slow-perhaps to 8%-but not collapse. Although that is not enough to save the world economy, such growth in China would put a floor under commodity prices and help other countries in the emerging world.The other large economies will be harder hit, but should be able to weather the storm. India has a big budget deficit and many Brazilian firms have a large foreign-currency exposure. But Brazil’s economy is diversified and both countries have plenty of reserves to smooth the shift to slower growth. With $550 billion of reserves, Russia ought to be able to stop a run on the rouble. In the short-term at least, the most vulnerable countries are all smaller ones.There will be pain as tighter credit forces adjustments. But sensible, speedy international assistance would make a big difference. Several emerging countries have asked America’s Federal Reserve for liquidity support; some hope that China will bail them out. A better route is surely the IMF, which has huge expertise and some $250 billion to lend. Sadly, borrowing from the fund carries a stigma. That needs to change. The IMF should develop quicker, more flexible financial instruments and minimise the conditions it attaches to loans. Over the past month deft policymaking saw off calamity in the rich world. Now it is time for something similar in the emerging world.5 ConclusionsInternet financial model can produce not only huge social benefit, lower transaction costs, provide higher than the existing direct and indirect financingefficiency of the allocation of resources, to provide power for economic development, will also be able to use the Internet and its related software technology played down the traditional finance specialized division of labor, makes the financial participants more mass popularization, risk pricing term matching complex transactions, tend to be simple. Because of the Internet financial involved in the field are mainly concentrated in the field of traditional financial institutions to the current development is not thorough, namely traditional financial "long tail" market, can complement with the original traditional financial business situation, so in the short term the Internet finance from the Angle of the size of the market will not make a big impact to the traditional financial institutions, but the Internet financial business model, innovative ideas, and its apparent high efficiency for the traditional financial institutions brought greater impact on the concept, also led to the traditional financial institutions to further accelerate the mutual penetration and integration with the Internet.译文：互联网金融对传统金融的影响作者：罗萨米;拉夫雷特摘要网络的发展，深刻地改变甚至颠覆了许多传统行业，金融业也不例外。

电子银行研究互联网金融外文文献翻译文献出处：Safeena R. The study on the development of electronic banking business [J]. International Journal of Information, 2015, 12(2): 55-65.原文The study on the development of electronic banking businessSafeena RAbstractThis article mainly from the electronic banking business development present situation and problems, this paper carefully analyses the electronic banking operational risk, reputation risk and legal risk, so as to find out the healthy development of the electronic banking technology security measures should be taken, the external resource management, professional and technical training and the establishment of the emergency measures, etc., To vigorously promote the development of electronic banking business.Keywords: Electronic banking; Business development; strategy1 IntroductionRefers to the banking financial institutions to use electronic banking facing the social public open communication channel, or open the public network, as well as the bank for particular self-service facilities or customers to establish dedicated network, provide banking services to customers. Way to the new service for the customer, make customer not limited by geographical and time and space, (Anytime), at any time, Anywhere (Anywhere), in any way (Anyhow) to provide services, namely say usually 3Aservice. Banks through electronic channels to provide customers with related products and services include: commercial POS terminals, ATM teller machines, telephone banking, personal computer, Internet, mobile phone, etc. Electronic banking business belongs to a whole new way of banking services, is the combination of information technology and the existing banking product innovation, and added to the promotion of counter service. Electronic banking business from scratch, since the childhood, in recent years has entered a fast track of development, with online banking, telephone banking, mobile banking, self-service banking, online securities, such as online insurance new service way, for the majority of users has brought convenient service experience.2 The existing problems in the development of electronic banking business2.1 Electronic trading ideas are fairly weakAlthough the bank has now had the very big development, but there are quite a few people remain skeptical about whether electronic trading actually, the idea of people also can't keep up with the development of network technology and quality. Electronic trading requires not only the popularity of network terminal equipment, also need to participants for mastering and using of e-commerce and network technology, and the several aspects are also quite weak.2.2 Lack of national unity, authority CA authentication centerAt present, the bank on the net is directly or indirectly, the CA founded on their own. From the perspective of the specification, only to the construction of unified national public certification center, can play the role of neutral, authoritative certification center. The people's bank has sent in April 1999, thetender, start building unified CA authentication center, but progress has been slow. When this kind of situation hindered the pace of construction of commercial bank for online banking, commercial Banks or pedestrian area of the branch will be redesigned. If Banks or regions are building their own CA authentication center, construction before they are unified, there will be a cross certification, if coupled with cross with foreign Banks. Certification, will greatly hinder the bank on the net service efficiency and accuracy, and can also lead to repeated construction and waste of resources.2.3 Credit mechanism is not sound, the market environment is imperfectDespite the current market economy has had the very big development, but the bottom of the credit system development process is relatively low, the current commercial bank electronic payment system is fragmented, patchy credit, enterprises and individual customers cannot share information resources, its overall advantages is not apparent. Associated with electronic payment of customs, taxation, transportation department failed to form a complete set of network with the bank of network level, restrict the development of electronic banking business.2.4 SecurityCustomer identification and guarantee data confidentiality and integrity, is the fundamental guarantee of electronic banking development. Due to the openness of the Internet it and the complexity of electronic banking in technology, information security problems become the core problem in the course of the construction of electronic banking. The network bank three hidden trouble in security: one is the most computer hardware equipment mainly rely on imports from;2 it is system encryptionprogram is not enough, easy resulting in the loss of customer funds; Three is a network system is not stable, easy operating problems, etc.2.5 The laws and regulations is still relatively lagging behindThe rules are in use electronic banking information transmission is the TCP/IP protocol, clear with the customer in a signed a contract on the basis of the rights and obligations relations, problems are resolved through arbitration. Because of the lack of related laws, problem involves responsibility identification, bear, after the execution of arbitration results such as complex legal relationship is difficult to solve now. The new "contract law" although admitted the legal effect of electronic contract, did not solve the problem of the digital signature. These virtually increase the bank and customer trouble of electronic bank financial transactions and risk.2.6 Poor single financial varieties, system integrationTo build an electronic bank, first should basically have the following characteristics: service to all-ionization, risk diversification, information integration, electronic business market, the internationalization of standards and methods. But the single most varieties of banking and finance, the risk is very concentrated; Poor internal business systems integration, data is not uniform, it is difficult to link up the relevant unit organically, and the electronic banking and electronic commerce management and service system also can't keep up with, can't meet the needs of customers. Social economy and the rapid development of science and technology, the overall management of commercial Banks had a profound effect, since entering the foreign Banks gradually into the financial markets, the increasingly fierce competition of banking, electronicbanking become an important competitive weapon. Commercial Banks in order to continue to survival and development under the newsituation, put forward the fundamental requirement to the development of electronic banking, not only effectively pushing it forward quickly, and determines the final development direction.Economic globalization, social information, changed people's thinking and ideas of a new life pattern are emerging. Faster and faster pace of life, more and more active economic activities, make people more and more pursuit of all-weather, anywhere, in any way can enjoy convenient service to the bank. In order to meet this need, commercial Banks must speed up the use of information technology, to launch all kinds of electronic banking self-service products, fully replace traditional counter business, realize electronic banking service mode 3A to permeate the full range of social and economic life, so as to occupy the market, stable customer. In the long run, the income structure of commercial Banks will change, the savings and loan will be more and smaller, poor by loan is poor profit space also more and more narrow, non interest income share will increase steadily. In response to this change, commercial Banks must take electronic banking platform construction into and securities, insurance, funds and other financial enterprises cooperation platform, key development has broad market prospects of electronic banking business innovation, including securities, investment, consulting, intermediary business, how kind of modern business, expanding profit channel and source of income, improve comprehensive selling long-term profitability.3 The operation risk of electronic banking businessWith the rapid development of information in the bank, electronic banking potential risk is increasingly revealed. Because of the electronic banking business is different with the traditional banking business has many characteristics, such as networking, virtualization, self-support, categories of the risk, risk control methods and means there are a lot of particularity, realize electronic banking risk, effective risk prevention, to avoid risk of banking industry and ensure steady and healthy development of the electronic bank has great significance to the maintenance aspects and so on bank credit. Electronic banking business risk the variety, content and form is differ, but generally can be divided into operation risk, reputation risk and legal risk, etc.3.1 Operating riskOperational risk refers to the incomplete due to internal procedure or failure and problems about system, system or manual operation, or the risk of external factors. Concrete and including security risk, system design, operation and maintenance of the risk. Security risk. Due to the increase of the electronic computer function route entry points in the geographic dispersion, and include the Internet public networks such as the use of various communication systems, to enter the bank's core accounting control system and risk management systems are becoming increasingly complicated, a variety of specific access and authentication problems could happen, make the electronic banking system of external attack. Banks will also be due to the negligence of employee fraud and negligence at risk. The system design, operation and maintenance. Banks face the choice of system design is not perfect or run the risk of not smooth. Such as electronic banking system may not be the matchthe needs of customers, business development sluggish; External service providers may not have the necessary professional technology or not update in time or because of their own enterprise fails to fulfill the obligation of technical services; Application system paralysis is not back to normal in time, etc. Due to the development of information technology with each passing day, Banks face the risk of system to be eliminated, and so on.3.2 Reputation riskReputation risk is caused by negative public opinion on bank risk, the bank's ability to establish and maintain customer relationship severely damaged, leading to the significant loss of financing or customer base. For example, online banking products and services produced negative public opinion, or process so that seriously affects the Banks' earnings or damage to the bank's capital, reputation risk when they generate. It will affect the Banks to build new client relationships, so that the agency faces lawsuits, financial losses or reputation losses.3.3 The legal risksLegal risk is due to the violation of laws, regulations, rules or trading habits orprofessional moral and ethical standards, or inconsistent with, or the rights and obligations of the parties fail to allocate, or through electronic media to conclude the agreement for the risks caused by uncertainty, and so on and so forth. Due to lack of electronic banking development can be based on standards, and electronic banking business in trading rules, the validity of contracts, the trade both parties responsibilities and consumers' rights and interests protection, compared with the traditional bank more complex and more difficult to define, the existence ofthe corresponding laws and regulations blank, it is easy to produce fringes of phenomenon, and once a dispute is difficult to solve.译文电子银行业务发展研究Safeena R摘要本文主要从电子银行业务发展的现状及其存在的问题入手, 认真分析了电子银行存在的操作风险、声誉风险和法律风险,从而找出电子银行健康发展应采取的技术安全措施、外部资源的管理、专业技术的培训和应急措施的建立等, 以大力促进电子银行业务发展。

互联网大数据金融中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Internet Finance's Impact on Traditional FinanceAbstractAs the advances in modern information and Internet technology, especially the develop of cloud computing, big data, mobile Internet, search engines and social networks, profoundly change, even subvert many traditional industries, and the financial industry is no exception. In recent years, financial industry has become the most far-reaching area influenced by Internet, after commercial distribution and the media. Many Internet-based financial service models have emerged, and have had a profound and huge impact on traditional financial industries. "Internet-Finance" has win the focus of public attention.Internet-Finance is low cost, high efficiency, and pays more attention to the user experience, and these features enable it to fully meet the special needs of traditional "long tail financial market", to flexibly provide more convenient and efficient financial services and diversified financial products, to greatly expand the scope and depth of financial services, to shorten the distance between people space and time, andto establish a new financial environment, which effectively integrate and take use of fragmented time, information, capital and other scattered resources, then add up to form a scale, and grow a new profit point for various financial institutions. Moreover, with the continuous penetration and integration in traditional financial field, Internet-Finance will bring new challenges, but also opportunities to the traditional. It contribute to the transformation of the traditional commercial banks, compensate for the lack of efficiency in funding process and information integration, and provide new distribution channels for securities, insurance, funds and other financial products. For many SMEs, Internet-Finance extend their financing channels, reduce their financing threshold, and improve their efficiency in using funds. However, the cross-industry nature of the Internet Finance determines its risk factors are more complex, sensitive and varied, and therefore we must properly handle the relationship between innovative development and market regulation, industry self-regulation.Key Words：Internet Finance; Commercial Banks; Effects; Regulatory1 IntroductionThe continuous development of Internet technology, cloud computing, big data, a growing number of Internet applications such as social networks for the business development of traditional industry provides a strong support, the level of penetration of the Internet on the traditional industry. The end of the 20th century, Microsoft chairman Bill Gates, who declared, "the traditional commercial bank will become the new century dinosaur". Nowadays, with the development of the Internet electronic information technology, we really felt this trend, mobile payment, electronic bank already occupies the important position in our daily life.Due to the concept of the Internet financial almost entirely from the business practices, therefore the present study focused on the discussion. Internet financial specific mode, and the influence of traditional financial industry analysis and counter measures are lack of systemic research. Internet has always been a key battleground in risk investment, and financial industry is the thinking mode of innovative experimental various business models emerge in endlessly, so it is difficult to use a fixed set of thinking to classification and definition. The mutual penetration andintegration of Internet and financial, is a reflection of technical development and market rules requirements, is an irreversible trend. The Internet bring traditional financial is not only a low cost and high efficiency, more is a kind of innovative thinking mode and unremitting pursuit of the user experience. The traditional financial industry to actively respond to. Internet financial, for such a vast blue ocean enough to change the world, it is very worthy of attention to straighten out its development, from the existing business model to its development prospects."Internet financial" belongs to the latest formats form, discusses the Internet financial research of literature, but the lack of systemic and more practical. So this article according to the characteristics of the Internet industry practical stronger, the several business models on the market for summary analysis, and the traditional financial industry how to actively respond to the Internet wave of financial analysis and Suggestions are given, with strong practical significance.2 Internet financial backgroundInternet financial platform based on Internet resources, on the basis of the big data and cloud computing new financial model. Internet finance with the help of the Internet technology, mobile communication technology to realize financing, payment and information intermediary business, is a traditional industry and modern information technology represented by the Internet, mobile payment, cloud computing, data mining, search engines and social networks, etc.) Produced by the combination of emerging field. Whether financial or the Internet, the Internet is just the difference on the strategic, there is no strict definition of distinction. As the financial and the mutual penetration and integration of the Internet, the Internet financial can refer all through the Internet technology to realize the financing behavior. Internet financial is the Internet and the traditional financial product of mutual infiltration and fusion, the new financial model has a profound background. The emergence of the Internet financial is a craving for cost reduction is the result of the financial subject, is also inseparable from the rapid development of modern information technology to provide technical support.2.1 Demands factorsTraditional financial markets there are serious information asymmetry, greatly improve the transaction risk. Exhibition gradually changed people's spending habits, more and more high to the requirement of service efficiency and experience; In addition, rising operating costs, to stimulate the financial main body's thirst for financial innovation and reform; This pulled by demand factors, become the Internet financial produce powerful inner driving force.2.2 Supply driving factorData mining, cloud computing and Internet search engines, such as the development of technology, financial and institutional technology platform. Innovation, enterprise profit-driven mixed management, etc., for the transformation of traditional industry and Internet companies offered financial sector penetration may, for the birth and development of the Internet financial external technical support, become a kind of externalization of constitution. In the Internet "openness, equality, cooperation, share" platform, third-party financing and payment, online investment finance, credit evaluation model, not only makes the traditional pattern of financial markets will be great changes have taken place, and modern information technology is more easily to serve various financial entities. For the traditional financial institutions, especially in the banking, securities and insurance institutions, more opportunities than the crisis, development is better than a challenge.3 Internet financial constitute the main body3.1 Capital providersBetween Internet financial comprehensive, its capital providers include not only the traditional financial institutions, including penetrating into the Internet. In terms of the current market structure, the traditional financial sector mainly include commercial Banks, securities, insurance, fund and small loan companies, mainly includes the part of the Internet companies and emerging subject, such as the amazon, and some channels on Internet for the company. These companies is not only the providers of capital market, but also too many traditional so-called "low net worth clients" suppliers of funds into the market. In operation form, the former mainly through the Internet, to the traditional business externalization, the latter mainlythrough Internet channels to penetrate business, both externalization and penetration, both through the Internet channel to achieve the financial business innovation and reform.3.2 Capital demandersInternet financial mode of capital demanders although there is no breakthrough in the traditional government, enterprise and individual, but on the benefit has greatly changed. In the rise and development of the Internet financial, especially Internet companies to enter the threshold of made in the traditional financial institutions, relatively weak groups and individual demanders, have a more convenient and efficient access to capital. As a result, the Internet brought about by the universality and inclusive financial better than the previous traditional financial pattern.3.3 IntermediariesInternet financial rely on efficient and convenient information technology, greatly reduces the financial markets is the wrong information. Docking directly through Internet, according to both parties, transaction cost is greatly reduced, so the Internet finance main body for the dependence of the intermediary institutions decreased significantly, but does not mean that the Internet financial markets, there is no intermediary institutions. In terms of the development of the Internet financial situation at present stage, the third-party payment platform plays an intermediary role in this field, not only ACTS as a financial settlement platform, but also to the capital supply and demand of the integration of upstream and downstream link multi-faceted, in meet the funds to pay at the same time, have the effect of capital allocation. Especially in the field of electronic commerce, this function is more obvious.3.4 Large financial dataBig financial data collection refers to the vast amounts of unstructured data, through the study of the depth of its mining and real-time analysis, grasp the customer's trading information, consumption habits and consumption information, and predict customer behavior and make the relevant financial institutions in the product design, precise marketing and greatly improve the efficiency of risk management, etc. Financial services platform based on the large data mainly refers to with vast tradingdata of the electronic commerce enterprise's financial services. The key to the big data from a large number of chaotic ability to rapidly gaining valuable information in the data, or from big data assets liquidation ability quickly. Big data information processing, therefore, often together with cloud computing.4 Global economic issuesFOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undid the rich world’s financial firms. Commodity exporters were thriving, thanks to high prices fo r raw materials. China’s economic juggernaut powered on. And, from Budapest to Brasília, an abundance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm.No longer. As foreign capital has fled and confidence evaporated, the emerging world’s stockmarkets have plunged (in some cases losing half their value) and currencies tumbled. The seizure in the credit market caused havoc, as foreign banks abruptly stopped lending and stepped back from even the most basic banking services, including trade credits.Like their rich-world counterparts, governments are battling to limit the damage (see article). That is easiest for those with large foreign-exchange reserves. Russia is spending $220 billion to shore up its financial services industry. South Korea has guaranteed $100 billion of its banks’ debt. Less well-endowed countries are asking for help.Hungary has secured a EURO5 billion ($6.6 billion) lifeline from the European Central Bank and is negotiating a loan from the IMF, as is Ukraine. Close to a dozen countries are talking to the fund about financial help.Those with long-standing problems are being driven to desperate measures. Argentina is nationalising its private pension funds, seeminglyto stave off default (see article). But even stalwarts are looking weaker. Figures released this week showed that China’s growth slowed to 9% in the year to the third quarter-still a rapid pace but a lot slower than the double-digit rates of recent years.The various emerging economies are in different states of readiness, but the cumulative impact of all this will be enormous. Most obviously, how these countries fare will determine whether the world economy faces a mild recession or something nastier. Emerging economies accounted for around three-quarters of global growth over the past 18 months. But their economic fate will also have political consequences.In many places-eastern Europe is one example (see article)-financial turmoil is hitting weak governments. But even strong regimes could suffer. Some experts think that China needs growth of 7% a year to contain social unrest. More generally, the coming strife will shape the debate about the integration of the world economy. Unlike many previous emerging-market crises, today’s mess spread from the rich world, largely thanks to increasingly integrated capital markets. If emerging economies collapse-either into a currency crisis or a sharp recession-there will be yet more questioning of the wisdom of globalised finance.Fortunately, the picture is not universally dire. All emerging economies will slow. Some will surely face deep recessions. But many are facing the present danger in stronger shape than ever before, armed with large reserves, flexible currencies and strong budgets. Good policy-both at home and in the rich world-can yet avoid a catastrophe.One reason for hope is that the direct economic fallout from the rich world’s d isaster is manageable. Falling demand in America and Europe hurts exports, particularly in Asia and Mexico. Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metals have done worse. That has a mixed effect. Although it hurtscommodity-exporters from Russia to South America, it helps commodity importers in Asia and reduces inflation fears everywhere. Countries like Venezuela that have been run badly are vulnerable (see article), but given the scale of the past boom, the commodity bust so far seems unlikely to cause widespread crises.The more dangerous shock is financial. Wealth is being squeezed as asset prices decline. China’s house prices, for instance, have started falling (see article). This will dampen domestic confidence, even though consumers are much less indebted than they are in the rich world. Elsewhere, the sudden dearth of foreign-bank lending and the flight of hedge funds and other investors from bond markets has slammed the brakes on credit growth. And just as booming credit once underpinned strong domestic spending, so tighter credit will mean slower growth.Again, the impact will differ by country. Thanks to huge current-account surpluses in China and the oil-exporters in the Gulf, emerging economies as a group still send capital to the rich world. But over 80 have deficits of more than 5% of GDP. Most of these are poor countries that live off foreign aid; but some larger ones rely on private capital. For the likes of Turkey and South Africa a sudden slowing in foreign financing would force a dramatic adjustment. A particular worry is eastern Europe, where many countries have double-digit deficits. In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integration of global finance. The rich world’s bank bail-outs may limit the squeeze, but the flow of capital to the emerging world will slow. The Institute of International Finance, a bankers’ group, expects a 30% decline in net flows of private capital from last year.This credit crunch will be grim, but most emerging markets can avoid catastrophe. The biggest ones are in relatively good shape. The morevulnerable ones can (and should) be helped.Among the giants, China is in a league of its own, with a $2 trillion arsenal of reserves, a current-account surplus, little connection to foreign banks and a budget surplus that offers lots of room to boost spending. Since the country’s leaders have made clear that they will do whatev er it takes to cushion growth, China’s economy is likely to slow-perhaps to 8%-but not collapse. Although that is not enough to save the world economy, such growth in China would put a floor under commodity prices and help other countries in the emerging world.The other large economies will be harder hit, but should be able to weather the storm. India has a big budget deficit and many Brazilian firms have a large foreign-currency exposure. But Brazil’s economy is diversified and both countries have plenty of reserves to smooth the shift to slower growth. With $550 billion of reserves, Russia ought to be able to stop a run on the rouble. In the short-term at least, the most vulnerable countries are all smaller ones.There will be pain as tighter credit forces adjustments. But sensible, speedy international assistance would make a big difference. Several emerging countries have asked America’s Federal Reserve for liquidity support; some hope that China will bail them out. A better route is surely the IMF, which has huge expertise and some $250 billion to lend. Sadly, borrowing from the fund carries a stigma. That needs to change. The IMF should develop quicker, more flexible financial instruments and minimise the conditions it attaches to loans. Over the past month deft policymaking saw off calamity in the rich world. Now it is time for something similar in the emerging world.5 ConclusionsInternet financial model can produce not only huge social benefit, lower transaction costs, provide higher than the existing direct and indirect financingefficiency of the allocation of resources, to provide power for economic development, will also be able to use the Internet and its related software technology played down the traditional finance specialized division of labor, makes the financial participants more mass popularization, risk pricing term matching complex transactions, tend to be simple. Because of the Internet financial involved in the field are mainly concentrated in the field of traditional financial institutions to the current development is not thorough, namely traditional financial "long tail" market, can complement with the original traditional financial business situation, so in the short term the Internet finance from the Angle of the size of the market will not make a big impact to the traditional financial institutions, but the Internet financial business model, innovative ideas, and its apparent high efficiency for the traditional financial institutions brought greater impact on the concept, also led to the traditional financial institutions to further accelerate the mutual penetration and integration with the Internet.译文：互联网金融对传统金融的影响作者：罗萨米;拉夫雷特摘要网络的发展，深刻地改变甚至颠覆了许多传统行业，金融业也不例外。

网络金融风险防范外文文献翻译(含：英文原文及中文译文)英文原文How to guard against financial risks network ProfessorKristian BehrensFirst, the definition of network finance Network Finance is a computer network for the technical support of the financial activities and related activities in general, is a network of information technology and product of the combination of modern finance, but it is not a simple combination of the two, but a financial industry and even all industries An operating mechanism, is the future of enterprise system development. Narrowly understood, refers to the financial network of financial service providers based on the host to the Internet or communications network for the media, through the financial data and business processes embedded software platform, user interface terminal mode of operation of the new financial ; from a broad understanding of the concept of network finance their mode of operation also includes matching network of financial institutions, networks and related financial markets, regulatory and other external environment. Including: e-money, online banking, online payment, network security and network insurance. Second, the network of financial riskNetwork mainly engaged in the financial settlement of electronicmoney and electronic virtual financial services, in addition to traditional financial activities which exist in the process of credit risk, liquidity risk, interest rate risk, currency risk and market risk, from a technical, business and legal perspective, There are the following specific risks:1. Technology risk(1) hacker attacks. The operation of the network must rely on financial transactions, computer and Internet, all transactions are stored in the computer, the transmission of online information is easy to become a large network of "hacker" attack. In addition, Web access is a form of Internet service, is also a network of financial institutions trading and services platform, but it depends on TCP / IP protocol, there are many security vulnerabilities. This gives hackers broke into financial institutions through the network to create the conditions for the system. Hackers only need to use loopholes in the system itself, "only need to modify a few settings " you can allow financial institutions to a standstill.(2) technology selection risk. To carry out financial business networks, they must choose a proven technology solutions to support. Once there is choice, there will be a result of selection for the same mistakes which led to the risk. One possibility is to choose the technology system and client terminal software compatibility due to poor speed of information transmission interruption or reduction, another risk is that of technical alternatives have been eliminated, resulting in relativelybackward technology, the network out of date, leading to enormous technical and Loss of business opportunities. Financial terms of the network, technology choice may lose all of the market failure, or even lose the basis for survival.2. Business risks.(1) operational risk. Operational risk from the system reliability, stability and security caused major defects in the possibility of potential loss may come from the negligence of online financial customers, may also come from the financial security system network and its products, design flaws and operational errors . Operational risk relates primarily to authorize the use of online financial accounts, the network of financial risk management systems, networks, financial institutions and the exchange of information among customers, true and false recognition of electronic money. (2) the risk of market signals. Market risk is due to signal asymmetric information network of financial institutions led to the face of adverse selection and moral hazard arising from business risks. Such as Internet banking customers can not identify the risk level of the Internet at a disadvantage, online customers may use their hidden information and action to make the network to their advantage at the expense of the interests of the decision-making banks and leaving because of adverse public comment on Internet Banking Risk of losing customers and sources of funding risks. (3) credit risk. Reputation risk isthe network of financial institutions can not create good customer relations, can not establish their own good reputation, and thus can not engage in financial business. Once the virtual network of financial institutions to provide financial services can not achieve the expected level of the public, or adverse reactions in the community, or network security system of financial institutions have been destroyed to form a network of financial credit risk.3. Legal risks. The legal risks of financial networks, mainly from two aspects: First, violation of relevant laws, regulations and system requirements, and online transactions failed to comply with the provisions of the relevant rights and obligations. These laws and regulations, including consumer protection laws, financial disclosure system, privacy protection, intellectual property protection law and currency system. Second, the lack of network financial law. China Internet Finance still in its infancy, is still quite a lack of appropriate laws and regulations. Therefore, using the Internet to provide or receive financial services, signed an economic contract rights and obligations in the face considerable legal risk, vulnerable to undue disputes, not only increase the cost of online financial transactions, and even affect the Development of the financial health of the network.Third, improve the network to prevent and control financial risksPoint of the network of financial risks, involving a wide range ofinterests, it is necessary to perfect legal environment, strengthening access management, a sound regulatory system, adjust the regulatory strategy and other aspects, a multi-pronged, comprehensive treatment.1. Improve the legal system.(1) legislative efforts to increase the network of financial, clear the network of financial rights and obligations of relevant subjects.(2) to develop rules of fair trade network. In the identification and validation of digital signatures, transactions preservation of evidence, the transaction and both parties share responsibility for the protection of personal information of consumers to make detailed provisions to ensure transaction security, digital evidence when disputes arise and transactions in a real and effective personal Privacy.2. Enhanced market access management.(1) The status of the technology infrastructure as one of the conditions of market access. Financial services applications for operating the network of financial institutions not only a considerable scale of network equipment, but also need to have confirmed the legality of trading partners, to prevent tampering with trading information and prevent information leakage and other aspects of key technologies. (2) to develop rigorous internal control system. Publicity for the network of financial services, information disclosure, and system design have institutional arrangements, the establishment of a network of financialinstitutions or a new business, the must have sound risk identification, identification, management, risk cover and disposal programs.(3) to develop and improve the types of transactions operating procedures. Applications to open accounts for customers, customer authorization statement, the general development of trading procedures, rules to prevent illegal trading and online financial transaction system against criminal activities.(4) the implementation of the network type of financial business management. Development of classification standards, banking and financial services capabilities and the ability to credit rating, thus a variety of services on the network to carry out the financial restrictions and permits.3. Improve the regulatory system.(1) improve the network of financial risk monitoring systems. The establishment of "national (network) Financial Risk Management Committee."(2) to strengthen collaborative supervision. "Committee" of the member units and other relevant regulatory authorities to share information resources among each other and opening up their own information database, and regularly informed of their supervision, promote joint supervision, supervision of financial risks to improve network accuracy and timeliness.(3) to strengthen international cooperation in financial supervision network. Meanwhile, the network with international cooperation in financial supervision to strengthen the network of bank borrowing way illegal tax evasion, money laundering and other acts, the way the use of Internet banking transnational smuggling, illegal arms trafficking activities such as arms and drug trafficking, illegal attack on the use of Internet banking other sites internet bank hackers, and other international criminal activities a full range of monitoring, the formation of the network can effectively protect the financial health of the global network operations and is responsible for the supervision of the financial system.4. Adjust the control strategy.(1) and improve the modernization level of financial supervision network. In the practice, we should have complete control of the network of financial institutions to improve the business operation of the network capacity and the forecast level of financial risk, and enhance macro-control of the systematic and forward-looking, but also to strengthen financial supervision and standardization of network construction, improve the network of financial supervision modern and scientific level.(2) improve the network of financial and non-site inspection of the site content system. On-site inspection should focus on the technical elements to be checked. (3) the establishment of mandatory informationdisclosure system. Follow the "open, fair and just" principle, development of financial services than the traditional more stringent information disclosure rules, norms, disclosure of the content, format, frequency and responsibilities and so on, through the financial statements, disclosure of the online publicity and other means of financial networks business information. (4) Innovative forms of regulation. Take full advantage of information superiority, the establishment of real-time tracking and monitoring systems, strengthen monitoring, while also taking on the network "rules, patrol checks," the way the operational status of the network and whether the financial "irregularities" carry out spot checks found that, in a timely manner to correct or take punitive measures.5. Building security system.(1) accelerate research and development with China's own intellectual property rights of advanced information technology. Including computer equipment, communications equipment, system software, encryption algorithms, from the protection of national financial security and national economic security perspective to improve network security.(2) improving the network operating environment. Computer networks and centers to strengthen the management of the engine room, increase physical security measures for computer input, and enhance computer systems of key technologies and key equipment against attacks, anti-virus capabilities, maintenance of computer hardware security,ensure network banks rely on network hardware The normal operation of the environment safe.(3) secure access. On the one hand through the network of physical and logical isolation means isolation, and physical resources to unauthorized users isolated from each other, on the other hand through the application of the authentication and grading systems such as login authorization to restrict access to unauthorized users.中文译文网络金融风险防范克里斯蒂安·贝伦斯网络金融的定义网络金融是计算机网络对于金融活动和相关活动的技术支持一般，是信息技术与现代金融相结合的产物，但它不是简单的组合这两个，但一个金融业乃至所有行业的一个运营机制，是企业系统发展的未来。