$1$/,6,63(56(36,1$6$%$+$7$6.($0$1$1'$1
.(3(5&$<$$1'$/$06,67(0
H3$<0(176
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¶3HUFHSWLRQXVHRI(363(1'$+8/8$1
'DODP EXNXQ\D \DQJ EHUMXGXO ³,QWURGXFWLRQ WR ( &RPPHUFH´ (IUDLP 7XUEDQ GDQ 'DYLG .LQJ PHQGHILQLVLNDQH FRPPHUFH VHEDJDL ³WKH SURFHVV RI EX\LQJ VHOOLQJ RU H[FKDQJLQJ SURGXFWV VHUYLFHV DQG LQIRUPDWLRQ YLD FRPSXWHU QHWZRUNV´ S 'DUL GHILQLVL WHUVHEXWGDSDWGLDUWLNDQEDKZDHFRPPHUFH DGDODK VXDWX SURVHV SHPEHOLDQ SHQMXDODQ DWDXSHUWXNDUDQSURGXNMDVDGDQLQIRUPDVL PHODOXL MDULQJDQ NRPSXWHU 'HQJDQ GHPLNLDQH FRPPHUFH (& GDSDW GLOLKDW GDUL EHEHUDSD SHUSHNWLI \DLWX NRPXQLNDVL SURVHV ELVQLV MDVD RQOLQH NRODERUDVL GDQ NRPXQLWDV 'DODP EHEHUDSD OLWHUDWXU H FRPPHUFHPHQGDSDW DUWL \DQJ OHELK OXDV VHKLQJJDPHQMDGLHEXVLQHVV\DLWXPHOLSXWL WLGDN KDQ\D SHPEHOLDQ GDQ SHQMXDODQ EDUDQJ GDQ MDVD WHWDSL MXJD PHOD\DQL
SHODQJJDQ EHNHUMD VDPD GHQJDQ SDUWQHU ELVLQV PHODNVDQDNDQ WUDQVDVNL HOHNWURQLN GDODPRUJDQLVDVL
.HEXWXKDQ WHNQRORJL SHPED\DUDQ HOHNWURQLN DGDODK XQWXN PHQDQJJDSL SHUXEDKDQSHUXEDKDQPHQGDVDUGDODPWUHQ VRVLDOHNRQRPL6LVWHPSHPED\DUDQDGDODK LQIUDVWUXNWXU \DQJ WHUGLUL GDUL LQVWLWXVL LQVWUXPHQ SHUDWXUDQ SURVHGXU VWDQGDU GDQ WHNQLV ,QIUDVWUXNWXU LQL GLDGDNDQ XQWXN PHQ\HOHQJJDUDNDQ WUDQVIHU QLODL PRQHWHU DQWDUD VHPXD SLKDN 6LVWHP SHPED\DUDQ \DQJ HILVLHQ PHQJXUDQJL ELD\D SHUWXNDUDQ EDUDQJ GDQ MDVD GDQ VDQJDWGLSHUOXNDQXQWXNIXQJVLDQWDUEDQN XDQJ GDQ SDVDU PRGDO 1DPXQ VLVWHP SHPED\DUDQ \DQJ OHPDK PXQJNLQ GDSDW VDQJDW PHQJKDPEDW SDGD VWDELOLWDV GDQ SHPEDQJXQDQ NDSDVLWDV HNRQRPL .HJDJDODQQ\D GDSDW PHQ\HEDENDQ WLGDN HILVLHQQ\D SHQJJXQDDQ VXPEHU GD\D
NHXDQJDQ NHWLGDNDGLODQ GDODP SHPEDJLDQ ULVLNR GL DQWDUD DJHQ WLPEXOQ\D NHUXJLDQ EDJL SHVHUWD WUDQVDNVL GDQ KLODQJQ\D NHSHUFD\DDQ SDGD VLVWHP NHXDQJDQ GDQ SDGD SHQJJXQDDQ XDQJ 7XJDV XQWXN PHUDQFDQJ VLVWHP LQIUDVWUXNWXU SHPED\DUDQ PHQMDGL OHELK NRPSOHNV NDUHQD SHUVDLQJDQ GDQ LQRYDVL WHUXV PHQHUXV XQWXN PHQFDUL NRPELQDVL \DQJ OHELK EDLN HILVLHQVL KDQGDO DPDQ GDQ VWDELOLWDVVLVWHPGDODPSHQ\HGLDDQOD\DQDQ SHPED\DUDQ XQWXN MXPODK SHQJJXQD \DQJ OHELK EHVDU EDLN LQGLYLGXDO PDXSXQ LQVWLWXVL
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
³6HMDXKPDQD SHUVHSVL QDVDEDK WHUKDGDS NHDPDQDQ GDQ NHSHUFD\DDQ \DQJ PHPSHQJDUXKL SHQHULPDDQ H SD\PHQWV VHEDJDLVDUDQDSHPED\DUDQWUDQVDNVLSDGD QDVDEDKEDQN;<="³ 7XMXDQGDQ0DQIDDW 7XMXDQ
%HUGDVDUNDQ UXPXVDQ PDVDODK GLDWDV PDND WXMXDQ GDUL SHQHOLWLDQ LQL DGDODK XQWXN PHQJHWDKXL VHMDXKPDQD SHUVHSVL QDVDEDK WHUKDGDS NHDPDQDQ GDQ NHSHUFD\DDQ EHUSHQJDUXK WHUKDGDS SHQHULPDDQ H SD\PHQWV H SD\PHQWV DFFHSWDQFHGDODPPHQGXNXQJWUDQVDNVL
0DQIDDW
0DQIDDW \DQJ GDSDW GLSHUROHK GDUL SHQHOLWLDQLQLDGDODKVHEDJDLEHULNXW
0HPEHULNDQ ZDZDVDQ EDJL SHPEDFD
7UDQVDNVLFDEDQJ 7UDQVDNVL HOHNWURQLN -HQLV7UDQVDNVL 3 H U V H Q WD V H 7UDQVDNVL
PHQJHQDL VHMDXKPDQD SHUVHSVL QDVDEDK WHUKDGDS NHDPDQD GDQ NHSHUFD\DDQ EHUSHQJDUXK WHUKDGDS SHQHULPDDQ SHQJJXQD GDODP SHQJJXQDDQHSD\PHQWV
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
DO/LP -HQLV MHQLVH SD\PHQWV /DZUHQFH HW DO *XDQ GDQ +XD $EUD]KHYLFK 'DL GDQ *UXQG\ 6FKQHLGHU DGDODK .DV(OHNWURQLN(OHFWURQLFFDVK WUDQVDNVLGLVHOHVDLNDQPHODOXL SHUWXNDUDQPDWDXDQJHOHNWURQLN .DUWXSUDED\DU3UHSDLG&DUG SHODQJJDQPHQJJXQDNDQNDUWXSUD ED\DUXQWXNMXPODKWHUWHQWXGHQJDQ PHPEXDWHQWULGDULQRPRUNDUWXXQLNGL VLWXVSHGDJDQJ1LODLNDUWXWHUVHEXW PHQXUXQGHQJDQMXPODK\DQJ GLED\DUNDQNHSDGDSHGDJDQJ .DUWX.UHGLW&UHGLW&DUGVHUYHU PHQJRWHQWLNDVLNRQVXPHQGDQ PHPYHULILNDVLGHQJDQEDQNDSDNDK GDQD\DQJPHPDGDLWHUVHGLDVHEHOXP SHPEHOLDQSHPED\DUDQGLSRVWLQJSDGD UHNHQLQJSHODQJJDQGDQSHODQJJDQ GLWDJLKNHPXGLDQXQWXNSHPED\DUDQLQL GDQPHPED\DUVDOGRUHNHQLQJNHEDQN .DUWX'HELW'HELW&DUGSHODQJJDQ PHPSHUWDKDQNDQVDOGRSRVLWLIGL UHNHQLQJGDQXDQJGLNXUDQJNDQGDUL UHNHQLQJNHWLNDWUDQVDNVLGHELW GLODNXNDQ &HN(OHNWURQLN(OHFWURQLF&KHFN VXDWXLQVWLWXVLVHFDUDHOHNWURQLN PHQ\HOHVDLNDQWUDQVDNVLWUDQVDNVL DQWDUDEDQNQ\DSHPEHOLGDQEDQNQ\D SHQMXDOGDODPEHQWXNFHNHOHNWURQLN .DV (OHNWURQLN NDUWX SUDED\DU NDUWX NUHGLW GDQ NDUWX GHELW EDQ\DN GLJXQDNDQ GDODP%& GDQ&& (& 7KHRGRVLRV GDQ *HRUJH VHSHUWL GLWXQMXNNDQ SDGD JDPEDU 6HODQMXWQ\D SHQHOLWLDQ LQL GLIRNXVNDQSDGDNHHPSDWMHQLV(36LQL
3HQHOLWLDQ \DQJ 3HUQDK 'LODNXNDQ 6HEHOXPQ\D
'DODP DUWLNHOQ\D \DQJ EHUMXGXO ³$Q HPSLULFDO VWXG\ RI FXVWRPHUV¶ SHUFHSWLRQV RIVHFXULW\DQGWUXVWLQHSD\PHQWV\VWHPV´ &KDQJVX.LP:DQJ7DR1DPFKXO6KLQ GDQ.L6RR.LP\DQJGLPXDWGDODPMXUQDO (OHFWURQLF &RPPHUFH 5HVHDUFK DQG $SSOLFDWLRQV YROXPH WDKXQ KDODPDQ±NHHPSDWSHQXOLVPHQHOLWL PDVDODK \DQJ EHUNDLWDQ GHQJDQ NHDPDQDQ HSD\PHQWGDUL VXGXW SDQGDQJ SHODQJJDQ 6WXGL LQL PHQJXVXONDQ VXDWX PRGHO NRQVHSWXDO\DQJPHQMHODVNDQIDNWRUIDNWRU SHQHQWXSHUVHSVLNHDPDQDQNRQVXPHQGDQ SHUVHSVL NHSHUFD\DDQ NRQVXPHQ VHUWD SHQJDUXK \DQJ GLWLPEXONDQ ROHK SHUVHSVL NHDPDQDQ NRQVXPHQ GDQ SHUVHSVL NHSHUFD\DDQ NRQVXPHQ SDGD SHQJJXQDDQ VLVWHPHSD\PHQW 8QWXN PHQJXML PRGHO SDUD SHQXOLV PHQJJXQDNDQ PRGHO SHUVDPDDQ VWUXNWXUDO \DQJ GLJXQDNDQ XQWXNPHQJDQDOLVLVGDWD\DQJGLNXPSXONDQ GDUL UHVSRQGHQ GL -DNDUWD GDQ VHNLWDUQ\D 3DUD SHQHOLWL PHQJKDUDSNDQ EDKZD SHQHOLWLDQ LQL DNDQ GDSDW PHPEHULNDQ GDVDU WHRUHWLV EDJL SDUD DNDGHPLVL GDQ MXJD SDQGXDQ SUDNWLV EDJL SHQ\HGLD MDVD GDODP EHUXUXVDQ GHQJDQ DVSHN NHDPDQDQ VLVWHP SHPED\DUDQ HOHNWURQLV 3HQXOLV =DNDUL\D %HONKDP]D
GDQ6\HG $]L]L :DID GDODP DUWLNHOQ\D \DQJ EHUMXGXO ³7KH (IIHFW RI 3HUFHLYHG 5LVN RQ WKH ,QWHQWLRQ WR 8VH (FRPPHUFH 7KH &DVH RI $OJHULD³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³7UXVWDQG7$0LQ 2QOLQH6KRSSLQJ$Q,QWHJUDWHG0RGHO³ GDODPMXUQDO0,64XDUWHUO\9RO1R \DQJ WHUELW EXODQ 0DUHW GDQ GLWHUELWNDQROHK0DQDJHPHQW,QIRUPDWLRQ 6\VWHPV 5HVHDUFK &HQWHU 8QLYHUVLW\ RI 0LQQHVRWD PHQXOLV EDKZD VXDWX LQWHUDNVL \DQJ WHUSLVDK GDQ EHUEHGD EDLN GHQJDQH YHQGRU \DQJ VHEHQDUQ\D PDXSXQ GHQJDQ LQWHUIDFH VLWXV :HE ,7Q\D DGDODK PHUXSDNDQ KDO \DQJ SDOLQJ SHQWLQJ GDODP EHODQMDRQOLQH3DGDSHQHOLWLDQVHEHOXPQ\D
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
'DUL VHJL PHWRGRORJL SHQHOLWLDQ WHUOLKDW EDKZD GDUL NH WLJD DUWLNHO \DQJ GLSLOLK \DLWX VXGL NDU\D =DNDUL\D %HONKDP]D GDQ 6\HG$]L]L:DIDGDQ'DYLG*HIHQ(OHQD .DUDKDQQD GDQ 'HWPDU : 6WUDXE
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
GLPDQIDDWNDQ GDODP HSD\PHQW GDODP
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
DGDODK IDNWRU \DQJ SDOLQJ SHQWLQJ
0HVNLSXQ GHPLNLDQ PDVDODK NHDPDQDQ MXJD PHQMDGL SHUKDWLDQ XQWXN WUDQVDNVL H
SD\PHQW \DQJ EHUQLODL NHFLO 8QWXN WUDQVDNVL EHUQLODL EHVDUQLODL NHDPDQDQ DGDODK KDO \DQJ SDOLQJ SHQWLQJ GDQ SHQJJXQDDQ HQNULSVL GDQ PHNDQLVPH
NHDPDQDQ ODLQ KDUXV VHVXDL
GLSHUWLPEDQJNDQ XQWXN PHQJXUDQJL ULVLNR WUDQVDNVLHSD\PHQW
'DUL NHWLJD DUWLNHO \DQJ GLEDKDV GDODP
ODQGDVDQ WHRUL LQL WHUOLKDW EDKZD
NHSHUFD\DDQ PHUXSDNDQ KDO \DQJ FXNXS
SHQWLQJ GDODP SURVHV DGRSVL VXDWX
SHUGDJDQJDQ GHQJDQ PHODOXL MDULQJDQ
HOHNWURQLV H FRPPHUFH PDXSXQ
SHQJJXQDDQHSD\PHQWVGDODPHFRPPHUFH GLVDPSLQJIDNWRUIDNWRU\DQJODLQVHEDJDL WHODK GLWXQMXNNDQ ROHK NHWLJD NHORPSRN SHQHOLWL GDODP DUWLNHOQ\D PDVLQJ PDVLQJ \DQJ WHODK GLEDKDV GDODP SURSRVDO LQL 3HQHOLWLDQ\DQJGLODNXNDQ&KDQJVX.LPHW DO GDQ 'DYLG *HIHQ HW DO WHODK GLODNXNDQ VHFDUD VHNVDPD GDQ FXNXS OHQJNDS VHGDQJNDQ SHQHOLWLDQ =DNDUL\D %HONKDP]D
HW DO PDVLK PHQJDQGXQJ EHEHUDSD
NHNXUDQJDQ DQWDUD ODLQ GDODP DUWLNHOQ\D WLGDNGLEDKDVNHOHPDKDQNHOHPDKDQGDODP SHQHOLWLDQ\D VHUWD WLGDN GLEDKDVQ\D VDUDQ VDUDQ XQWXN SHQHOLWLDQ VHODQMXWQ\D 8QWXN SHQJHPEDQJDQ OHELK ODQMXW PDVLK SHUOX GLNHPEDQJNDQ SHQHOLWLDQ ODQMXWDQ VHSHUWL PLVDOQ\D PHODNXNDQ SHQHOLWLDQ PHQJHQDL HSD\PHQWV\DQJGLODNXNDQGHQJDQVDPSHO \DQJ GLNXPSXONDQ GDUL QHJDUDQHJDUD ODLQ DWDX PHODNXDQ SHQHOLWLDQ OHELK ODQMXW
GDODPELGDQJNHSHUFD\DDQGDQ7$0GLRQ
OLQH VKRSSLQJ EDLNORQJLWXGLQDOPDXSXQ
FURVVVHFWLRQDO XQWXN PHQJNDML EDJDLPDQD KXEXQJDQ DQWHVHGHQV GDQ NHSHUFD\DDQWUXVWEHUNHPEDQJ .HUDQJND3HPLNLUDQ .RQVHS NHDPDQDQ \DQJ PHPSHQJDUXKL SDUWLVLSDVL SHODQJJDQ GDODP SHPED\DUDQ HOHNWURQLVGDSDWGLNODVLILNDVLNDQPHQMDGL GXDGLPHQVL\DLWXNHDPDQDQREMHNWLIGDQ NHDPDQDQVXEMHNWLI+DOKDO\DQJWHUPDVXN GDODP GLPHQVL REMHNWLI DGDODK ODQJNDK ODQJNDK NHDPDQDQ \DQJ GLDPELO VHEDJDL VROXVL NRQNUHW GDUL (36 XQWXN PHQMDZDE
SHUOLQGXQJDQ WHNQLV WHFKQLFDO SURWHFWLRQV
SURVHGXU WUDQVDNVL WUDQVDFWLRQ
SURFHGXUHVGDQSHUQ\DWDDQNHPDQDPDQ VHFXULW\ VWDWHPHQWV 1DPXQ UDWDUDWD SHODQJJDQ PHUDVD VXOLW XQWXN VHFDUD REMHNWLI PHQJHYDOXDVL VROXVL NHDPDQDQ GDUL (36 (JJHU GDQ $EUD]KHYLFK VHEDJLDQ EHVDU GDUL PHUHND PHQLODL ODQJVXQJ NHDPDQDQ (36 EHUGDVDUNDQ DQWDUPXND GHQJDQ VLVWHP (YDOXDVL VXEMHNWLI NRQVXPHQ WHUKDGDS NHDPDQDQ WLGDN EHUSHQJDUXK SDGD ODQJNDKODQJNDK NHDPDQDQ REMHNWLI VHGDQJNDQ WLQJNDW WLQGDNDQ SHQJDPDQDQ RE\HNWLI
PHPSHQJDUXKL HYDOXDVL VXEMHNWLI
SHODQJJDQWHUKDGDSNHDPDQDQ/LQFNHWDO XQWXN MHODVQ\D KXEXQJDQ LQL GDSDW GLOLKDWSDGDJDPEDU 3HQHOLWLDQ LQL DNDQ PHQJXML VHEXDK PRGHO SHQHOLWLDQ PHQJHQDL SHQJJXQDDQ (36 NRQVXPHQ \DQJ GLSHQJDUXKL ROHK EDLN SHUVHSVL NRQVXPHQ DWDV NHDPDQDQ GDQ NHSHUFD\DDQ 'DODP PRGHO LQL
NHDPDQDQ NRQVXPHQ GLUDVDNDQ GDQ
NHSHUFD\DDQ\DQJGLUDVDNDQGLLQWHJUDVLNDQ NH GDODP PRGHO SHQHOLWLDQ GHQJDQ DVXPVL EDKZD EDLN NHDPDQDQ GDQ NHSHUFD\DDQ
PHUXSDNDQ PDVDODK SHQWLQJ EDJL
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
+$6,/'$13(0%$+$6$1
3HQHOLWLDQ LQL PHQHODDK PDVDODK
NHDPDQDQ GDODP NRQWHNV (36 GDUL VXGXW
SDQGDQJ NRQVXPHQ 3HQHOLWLDQ LQL
PHQJDMXNDQ PRGHO \DQJ PHPEDKDV IDNWRU IDNWRU \DQJ PHQHQWXNDQ NHDPDQDQ \DQJ GLUDVDNDQ QDVDEDK GDQ NHSHUFD\DDQ \DQJ
GLUDVDNDQ GHPLNLDQ MXJD SHQJDUXK
NHDPDQDQ\DQJGLUDVDNDQGDQNHSHUFD\DDQ \DQJ GLUDVDNDQ GDODP SHQJJXQDDQ (36
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
3HQHOLWLDQ LQL MXJD WLGDN PHQHPXNDQ EXNWL DGDQ\D KXEXQJDQ VWDWLVWLN DQWDUD SURVHGXU WUDQVDVNL GHQJDQ NHSHUFD\DDQ \DQJGLUDVDNDQQDVDEDK+GDQSURWHNVL WHNQLVGHQJDQNHSHUFD\DDQ\DQJGLUDVDNDQ QDVDKDK+
3HQHOLWLDQ LQL PHQ\HGLDNDQ NRQWULEXVL
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
.(6,038/$1
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
3HQHOLWLDQ LQL WLGDN PHQHPXNDQ EXNWL DGDQ\D KXEXQJDQ VWDWLVWLN DQWDUD NXDOLWDV SURVHGXU WUDQVDNVL GHQJDQ
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
'$)7$53867$.$
>@ $UJDZDO 3 DQG 3UDVDG $UH LQGLYLGXDO GLIIHUHQFHV JHUPDQH WR WKH DFFHSWDQFH RI QHZ LQIRUPDWLRQ WHFKQRORJ\" 'HFLVLRQ 6FLHQFH 9RO1RSS >@ $EUD]KHYLFK'(OHFWURQLF3D\PHQW 6\VWHPV $ 8VHU&HQWHUHG 3HUVSHFWLYH DQG ,QWHUDFWLRQ 'HVLJQ 7HFKQLVFKH 8QLYHUVLWHLW (LQGKRYHQ (LQGKRYHQ± >@ %HONKDP]D =DNDUL\D 6\HG $]L]L :DID 7KH (IIHFW RI 3HUFHLYHG 5LVN RQWKH,QWHQWLRQWR8VH(FRPPHUFH 7KH &DVH RI $OJHULD -RXUQDO RI ,QWHUQHW %DQNLQJ DQG &RPPHUFH $SULO YRO QR 85/ KWWSZZZDUUD\GHYFRPFRPPHUFH MLEF >@ %ROOHQ.$DQG/RQJ-67HVWLQJ 6WUXFWXUDO (TXDWLRQ 0RGHOV 6DJH 7KRXVDQG2DNV&$ >@ &RWWHOHHU0-&RWWHOHHU&$DQG 3URFKQRZ $ &XWWLQJ FKHFNV FKDOOHQJHV DQG FKRLFHV LQ %% H SD\PHQWV &RPPXQLFDWLRQV RI WKH$&0-XQH± >@ 'DL ; DQG *UXQG\ - 1HW3D\ DQ
RIIOLQH GHFHQWUDOL]HG PLFUR
SD\PHQW V\VWHP IRU WKLQFOLHQW DSSOLFDWLRQV (OHFWURQLF &RPPHUFH 5HVHDUFK DQG $SSOLFDWLRQV ±
>@ )ULHGPDQ % +XUOH\ ' +RZH ' & )HOWHQ ( DQG 1LVVHQEDXP + 8VHUV¶ FRQFHSWLRQV RI ZHE VHFXULW\ DFRPSDUDWLYH VWXG\ ,Q 3URFHHGLQJV RI WKH &+, &KDQJLQJ WKH :RUOG&KDQJLQJ2XUVHOYHV$SULO± $&0 3UHVV 0LQQHVRWD 86$
>@ *HIHQ 'DYLG (OHQD .DUDKDQQD 'HWPDU : 6WUDXE 7UXVW DQG 7$0 LQ 2QOLQH 6KRSSLQJ $Q ,QWHJUDWHG 0RGHO0,64XDUWHUO\9RO1R 0DU SS 3 0DQDJHPHQW ,QIRUPDWLRQ 6\VWHPV 5HVHDUFK &HQWHU 8QLYHUVLW\ RI 0LQQHVRWD 6WDEOH 85/ KWWSZZZMVWRURUJVWDEOH >@ *KR]DOL,GDQ)XDG6WUXFWXUDO (TXDWLRQ 0RGHOLQJ HGLVL SHUWDPD 6HPDUDQJ %DGDQ 3HQHUELW 8QLYHUVLWDV'LSRQHJRUR >@ *XDQ 6 DQG +XD ) $ PXOWL DJHQW DUFKLWHFWXUH IRU HOHFWURQLF SD\PHQW ,QWHUQDWLRQDO -RXUQDO RI ,QIRUPDWLRQ 7HFKQRORJ\ DQG'HFLVLRQ 0DNLQJ±
>@ +DLU - ) $QGHUVRQ 5 ( 7DWKDP 5 / DQG %ODFN : & 0XOWLYDULDWH 'DWD $QDO\VLV WK HGLWLRQ 3HDUVRQ (GXFDWLRQ,QGLD >@ +VLHK & (FRPPHUFH SD\PHQW V\VWHPV FULWLFDO LVVXHV DQG PDQDJHPHQW VWUDWHJLHV +XPDQ 6\VWHPV 0DQDJHPHQW ± >@ -RUHVNRJ . * DQG 6RUERP ' /,65(/ 6WUXFWXUDO (TXDWLRQ 0RGHOLQJ ZLWK WKH 6,03/,6 &RPPDQG /DQJXDJH 6FLHQWLILF ,QWHUQDWLRQDO 6RIWZDUH &KLFDJR ,/
>@ .DODNRWD 5 DQG :KLQVWRQ $ % )URQWLHUV RI (OHFWURQLF &RPPHUFH $GGLVRQ:HVOH\3XEOLVKLQJ >@ .DODNRWD 5 DQG :KLQVWRQ $ %
5HDGLQJV LQ (OHFWURQLF &RPPHUFH $GGLVRQ:HVOH\3XEOLVKLQJ >@ .LP &KDQJVX :DQJ 7DR 1DPFKXO 6KLQ .L6RR .LP $Q HPSLULFDO VWXG\ RI FXVWRPHUV¶ SHUFHSWLRQVRIVHFXULW\DQGWUXVWLQH SD\PHQW V\VWHPV (OHFWURQLF &RPPHUFH 5HVHDUFK DQG $SSOLFDWLRQV 9RO SS ± >@ -XUQDOKRPHSDJH ZZZHOVHYLHUFRPORFDWHHFUD >@ .OLQH5%3ULQFLSOHVDQG3UDFWLFHRI 6WUXFWXUDO (TXDWLRQ 0RGHOLQJ 7KH *XLOIRUG3UHVV1HZ<RUN1< >@ .RXVDULGDV $ 3DULVVLV * DQG $SRVWRORSRXORV 7 $Q RSHQ ILQDQFLDO VHUYLFHV DUFKLWHFWXUH EDVHG RQ WKH XVH RI LQWHOOLJHQW PRELOH GHYLFHV (OHFWURQLF &RPPHUFH 5HVHDUFK DQG $SSOLFDWLRQV ±
>@ /DZUHQFH(1HZWRQ6&RUELWW% %UDLWKZDLWH 5 DQG 3DUNHU & 7HFKQRORJ\ RI ,QWHUQHW %XVLQHVV -RKQ :LOH\ DQG 6RQV $XVWUDOLD 3XEOLVKLQJ >@ <RJL\DQWR +0 6LVWHP ,QIRUPDVL .HSHULODNXDQ 3HQHUELW $QGL <RJ\DNDUWD >@ /LQFN . 3RXVWWFKL . :LHGHPDQQ'*6HFXULW\LVVXHVLQ PRELOHSD\PHQWIURP >@ WKH FXVWRPHU YLHZSRLQW ,Q 3URFHHGLQJV RI WKH WK (XURSHDQ &RQIHUHQFH RQ ,QIRUPDWLRQ 6\VWHPV (&,6 *RWHERUJ 6FKZHGHQ ± >@ 0L\D]DNL - DQG )HUQDQGH] . 7KH DQWHFHGHQWVDQGFRQVHTXHQFHVRIWUXVW LQ RQOLQH SXUFKDVH GHFLVLRQV -RXUQDORI,QWHUDFWLYH0DUNHWLQJ ± >@ 0XNKHUMHH $ DQG 1DWK 3 $ PRGHO RI WUXVW LQ RQOLQH UHODWLRQVKLSEDQNLQJ >@ ,QWHUQDWLRQDO -RXUQDO RI %DQN 0DUNHWLQJ± >@ 1RYDN 7 3 +XIIPDQ ' / DQG <XQJ < ) 0HDVXULQJ WKH FXVWRPHU H[SHULHQFH LQ RQOLQH HQYLURQPHQWV D VWUXFWXUDO PRGHOLQJ DSSURDFK 0DUNHWLQJ 6FLHQFH
>@ 3HKD - 0 DQG .KDPLWRY, 0 3D\&DVK D VHFXUH HIILFLHQW LQWHUQHW SD\PHQW V\VWHP (OHFWURQLF &RPPHUFH 5HVHDUFK DQG $SSOLFDWLRQV± >@ 6FKQHLGHU * (OHFWURQLF &RPPHUFH
7KRPVRQ &RXUVH 7HFKQRORJ\ &DQDGD
