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Abstract: Futures trading is the core of futures business, and it is considered as one of the typical complex systems. To investigate the complexity of futures trading, we employ the analytical method of complex networks. First, we use real trading records from the Shanghai Futures Exchange to construct futures trading networks, in which nodes are trading participants, and two nodes have a common edge if the two corresponding investors appear simultaneously in at least one trading record as a purchaser and a seller, respectively. Then, we conduct a comprehensive statistical analysis on the constructed futures trading networks. Empirical results show that the futures trading networks exhibit features such as scale-free behavior with interesting odd–even-degree divergence in low-degree regions, small-world effect, hierarchical organization, power-law betweenness distribution, disassortative mixing, and shrinkage of both the average path length and the diameter as network size increases. To the best of our knowledge, this is the first work that uses real data to study futures trading networks, and we argue that the research results can shed light on the nature of real futures business. [ABSTRACT FROM AUTHOR]

Abstract: Chinese is spoken by the largest number of people in the world, and it is regarded as one of the most important languages. In this paper, we explore the statistical properties of Chinese language networks (CLNs) within the framework of complex network theory. Based on one of the largest Chinese corpora, i.e. People’s Daily Corpus, we construct two networks (CLN1 and CLN2) from two different respects, with Chinese words as nodes. In CLN1, a link between two nodes exists if they appear next to each other in at least one sentence; in CLN2, a link represents that two nodes appear simultaneously in a sentence. We show that both networks exhibit small-world effect, scale-free structure, hierarchical organization and disassortative mixing. These results indicate that in many topological aspects Chinese language shapes complex networks with organizing principles similar to other previously studied language systems, which shows that different languages may have some common characteristics in their evolution processes. We believe that our research may shed some new light into the Chinese language and find some potentially significant implications. [Copyright &y& Elsevier]