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Annual Report Annual Report Apr. 2012 – Mar. 2013 CSFI Center for the Study of Finance and Insurance 大阪大学金融・保険教育研究センター 平成二十四年度活動報告書 Contents Overview of CSFI 1 The Proposal of the CSFI 1 2 Features of the CSFI 2 3 New Effort of the CSFI 4 4 Organization Diagram 5 5 Faculty 6 6 Advisory Board 11 7 Co-operating Affiliates and Related Organizations 12 8 The Research Division of Derivatives Trading and Risk Management 13 supported by Osaka Securities Exchange Co., Ltd. Educational Activities 9 Features of the Educational Program 15 10 Course Outlines 16 11 Career Opportunities 21 12 Registrations for Study and Careers after Completion 23 13 Specially Appointed Faculty from Abroad 31 14 Mini-Lecture Series 34 15 METI “Industry-Academia Joint Committee on Highly Qualified Human Resources 36 in Finance" Research Activities 16 Seminar Series 37 17 The Research Division of Derivatives Trading and Risk Management 53 supported by Osaka Securities Exchange Co., Ltd. 18 Workshop 65 19 CREST 87 20 Volatility Index Japan (VXJ) 88 Appendix Certification Results 2007 - 2012 90 1 The Proposal of the CSFI We intend to develop a new academic graduate program in finance and insurance blending in social and natural science fields. In recent years, the need to maintain a pension system and asset management operations which are consistent with our aging society and its declining birth-rate, has been widely recognized, as has the need to establish a global-standard risk management system. For these reasons, it has become necessary to develop, establish and promote scientific methodologies with economic logic, around asset management and risk control, suitable for use by individuals, companies, local or central government. In relation to such methodologies, a new branch of learning called “Financial Engineering” (Mathematical Finance/ Quantitative Finance) has been introduced as an interdisciplinary area integrating monetary economics, probability theory, stochastic process theory, statistics and operations research etc. In fact, in the financial business world, various derivative products have already been designed and developed based on theories constructed in recent years by this new interdisciplinary study, and they have been traded in the market or exchanged by cross trading at a fair price. Those products are already widely used for risk-management. Finance/Financial Engineering and Acturial/Pension Mathematics share the common feature of providing methodologies for quantifying immediate risks to control or hedge against those risks, although the risk categories covered by the two fields differ. Accordingly, the growing awareness that research and education in those disciplines should be integrated has been increasingly supported by specialists such as researchers and business practitioners. Relaxation of various regulations has removed the institutional boundaries between a bank, security funds and insurance groups, resulting in financial conglomeratization. Therefore, it is necessary to integrate Acturial/Pension Mathematics and Finance/Financial Engineering in order to carry out research and education. For this reason, the Osaka University established the Center for the Study of Finance and Insurance (CSFI) to develop and implement the interdisciplinary academic program by integrating social and natural science with Acturial/Pension Mathematics and Finance/Financial Engineering. The Center's establishment is also in line with the strategy and practicality of the Science and Technology Policy using the concepts of integration of “Natural Science” and “Humanities/Social Science”, and Science and Technology as it applies to society, that are proclaimed in the fundamental principles of the Japanese Government’s Science and Technology Basic Plan. In addition, in the designing of financial products such as derivatives and insurance/pensions systems, our society needs to thoroughly understand the roles of the financial system (financial market/policy), economic activities and roles of insurance/pension systems at each stage of the human life cycle. The CSFI aims to develop and provide the education to respond to these requirements. The CSFI wishes to contribute to creating a safe society and achieving financial security throughout the human life span in our aging society with its declining birth-rate. 1 2 Features of the CSFI The CSFI will develop a new academic program blending the social and natural science fields in co-operation with four graduate schools of the Osaka University and the financial business world to provide the new finance and insurance education. In finance and actuarial science education, it is necessary to provide an academic program which is well balanced between both social/institutional aspects and mathematical/technological aspects. This is because in designing and developing financial/insurance/pension systems and products, it is essential to have not only advanced mathematical and technological knowledge, but also correct understanding of the economic meanings/roles of such systems and products in a complex society. Conversely, even if some people are only able to understand the economic meanings/roles, these people may fail to utilize the right application, analysis and development, unless they understand the advanced mathematical theories which are necessary for designing/developing them properly. Therefore, it is necessary to train professionals who have adequate mathematical/technological as well as social/institutional knowledge. A unique feature of the CSFI is the development of new educational programs integrated in both science and humanities fields, to provide the human resources which are urgently needed in today's society. 2 Another remarkable feature of the CSFI is that it takes into consideration not only financial economics, financial engineering and mathematical finance but also actuarial mathematics. The Osaka University has many professors in the fields of probability theory, stochastic calculus, statistics and monetary economics. Since 1999, a number of professors in these fields have formed a group called "Finance Theory and Applications” (FTA), and have carried out education and research activities with the co-operation of its members. On the basis of those activities, the CSFI is developing a new and unique integrated program of socio-natural science and teaching materials by organizing a multi-disciplinary faculty embracing science, engineering sciences, information science and economics to devise a new educational system. In addition, since the CSFI's research fields are closely related to the financial business world, professionals in business practice are invited to join the teaching team and practical business education is introduced to the educational program. 3 3 New Effort of the CSFI Development of Research/Education Program for Software Innovation Leading Since April 2011, the CSFI has worked on the ``Development of Research/Education Program for Software Innovation Leading” in partnership with Graduate School of Information Science and Technology, Osaka University, and GRACE Center, National Institute of Informatics (NII). This is a human resource development program on the software technology, a core of information and communication technology (ICT) which can be an infrastructure for an advanced information society in the future, with the support from the Ministry of Education, Culture, Sports, Science and Technology. This program is aimed at developing and disseminating an advanced software technology through the software design technology by conducting research/education programs based on university-industry collaboration and integration of fields. 4 4 Organization Diagram The CSFI faculty consists of the following: 1. Faculties jointly appointed by four graduate schools (Graduate Schools of Engineering Science, Economics, Science and Information Science and Technology) 2. Specially appointed domestic and overseas faculties 3. Temporary faculties within associated institutions 5 5 Faculty The faculty members in various fields provide lectures based on the CSFI's interdisciplinary program. Director Kosuke OYA (since August 2012) Jointly Appointed Professor Teaching Staff of Research Division of Derivatives Trading and Risk Management supported by Osaka Securities Exchange Co., Ltd. Professor, Graduate School of Economics Masamitsu OHNISHI (until July 2012) Jointly Appointed Professor Professor, Graduate School of Economics Vice Director Masayuki UCHIDA (since August 2012) Jointly Appointed Professor Professor, Graduate School of Engineering Science Hiroshi SUGITA (until July 2012) Jointly Appointed Professor Professor, Graduate School of Science Specially appointed faculty Hideo NAGAI Specially Appointed Professor Faculty member of Research Division of Derivatives Trading and Risk Management supported by Osaka Securities Exchange Co., Ltd. Professor, Faculty of Engineering Science, Kansai University Kazuhiko NISHINA Specially Appointed Professor Faculty member of Research Division of Derivatives Trading and Risk Management supported by Osaka Securities Exchange Co., Ltd. Professor, Department of Economics, Meiji Gakuin University Nabil MAGHREBI Specially Appointed Professor Faculty member of Research Division of Derivatives Trading and Risk Management supported by Osaka Securities Exchange Co., Ltd. Professor, Graduate School of Economics, Wakayama University Isao ISHIDA Associate Professor of Research Division of Derivatives Trading and Risk Management supported by Osaka Securities Exchange Co.,
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