computational finance and economics technical committee

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Page 1: Computational Finance and Economics Technical Committee

MAY 2007 | IEEE COMPUTATIONAL INTELLIGENCE MAGAZINE 73

Computational techniques havebecome a successful methodologyto solve financial and economic

problems. It has been proven to be apowerful tool in domains where analyticsolutions might not be a good alternative.

So far, they have been extensivelyapplied to forecast financial time series,estimate econometric parameters, macro-economics models, price options, repli-cate laboratory results with humansubjects, select equilibria, study the emer-gence of the representative agent andrational expectations, simulate artificialstock markets and social processes, explainthe stylized facts observed in financialmarkets, design public policies, and so on.As we know, the problems in real worldapplications involve high complexity,noisy environments, imprecision, uncer-tainty and vagueness. For this reason thesecomplex computing techniques are need-ed in order to solve problems in theFinancial and Economics areas.

The Computational Finance andEconomics Technical Committee(CFETC) has two principal objectives.The first one is to become a major refer-ence forum for the ComputationalFinance and Economics (CFE) commu-nity by attracting as researchers and pro-fessionals interested in the use ofcomputational intelligence techniques forthis specific application area. The secondobjective is focused on the organizationof research and technology transfer activ-ities. These goals will be achieved mainly

by organizing workshops, conferences,discussion tables and special sessions inthe most important congresses both inthe area of the computational intelligencetechnologies and in the CEF application.Another way to boost the scientific activ-ities is through publication of specialissues in prestigious journals.

During 2006 the activities of the TChave been focused, mainly, on theaccomplishment of the objectives men-tioned above. In particular, the follow-ing activities have been carried out.

A special session has been organized inWCCI 2006 on “Evolutionary Compu-tation in Finance and Economics.” Thissession was such a success that it became aone-day track and will be organized againwithin CEC2007 (Singapore).

To disseminate more assessed knowl-edge in the field of computational financeand economic to the scientific and profes-sional communities, some special issueshave been published or approved: ❏ special issue on “Evolutionary Com-

putation in Finance and Econom-ics,” in the Journal of Computational

Intelligence published by BlackwellPublishing;

❏ special issue on “Soft ComputingTechniques Applied to Finance,” inthe Journal of Applied Intelligence, tobe published by Springer tentativelyin 2007;

❏ special issue on “EvolutionaryComputation for Finance andEconomics,” in IEEE Transactionson Evolutionary Computation (TEC),to be published in 2008.A Task Force on “Portfolio Opti-

mization” was also created (Co-chairedby Professors Edward Tsang and Diet-mar Maringer, University of Essex, UK).

To expand the CFE community andpromote the communication betweenthe members, a lunch meeting was holdat WCCI 2006 in CEC2006. In addi-tion, we have formed the Computa-tional Finance and Economic Network(http://et.evannai.inf.uc3m.es/cfetc-network/index.asp).

Our future aim is to increase andexpand the use of computational tech-niques within the finance and economicsproblems, and let the CFECT become amayor reference in this research area. Dueto the great number of researchers andprofessionals in this area and the amountof technical material published in variousconferences and journals, our future goalsinclude the creation of a new internationalIEEE conference and, possibly, a newinternational journal focused on Compu-tational Finance and Economics.

IEEE in 2007. In addition we are offer-ing various tutorials at CEC.

Our members are also involved inorganizing special issues in journals andbook publications. For example, a spe-cial issue on “Computational Intelli-

gence Approaches in ComputationalBiology and Bioinformatics” is beingarranged for the IEEE/ACM Transac-tions on Computational Biology and Bioin-formatics. In addition an IEEE WileyBook on Computational Intelligence in

Bioinformatics is being edited. Please contact the Chair if you have

any questions regarding the BBTC. Wewould be happy to assist you and wouldbe excited to have you involved in anyof our activities.

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Computational Finance and Economics Technical Committee

Pedro IsasiUniversidad Carlos III de Madrid, SPAIN