SIAG ON Financial Mathematics and Engineering (SIAG/FME) RULES OF PROCEDURE
These RULES OF PROCEDURE (hereinafter called "RULES") apply to the SIAM Activity Group on Financial Mathematics and Engineering. The SIAM Activity Group (hereinafter called "SIAG") to which these RULES apply is formed under the aegis of the Society for Industrial and Applied Mathematics (hereinafter called "SIAM"), and shall operate according to the bylaws of SIAM. The SIAG shall not affiliate with any other organization without first obtaining the written approvals of the SIAM president and the chairman of the SIAM board. No provisions of these RULES shall be construed so as to contradict the bylaws of SIAM.
ARTICLE I: PURPOSE
It is the purpose of the SIAM Activity Group on Financial Mathematics and
Engineering to foster activity in the area of financial mathematics, financial
computation, and financial engineering. Its goals are:
- To foster collaborations among mathematical scientists (including probabilists, statisticians, functional analysts interested in stochastic control and dynamic programming, numerical analysts interested in the numerical solution of parabolic PDEs), computer scientists, computational scientists, and researchers and practitioners in finance and economics;
- To foster collaborations in those areas of research related to theory and to the development and use of mathematical and computational tools in quantitative finance in the public and private sector;
- To promote and facilitate the development of financial mathematics and engineering as an academic discipline.
Within the framework of SIAM, the SIAG will conduct activities that implement its purposes.
ARTICLE II: ACTIVITIES
The SIAG on Financial Mathematics and Engineering will organize activities in financial mathematics. The SIAG is expected to:
1) Organize minisymposia at the SIAM Annual Meeting on years where there is no SIAG conference.
2) Organize a track of at least six minisymposia at the SIAM Annual Meeting at least once every five years. The VP for Programs and the VP at Large will coordinate the scheduling with the SIAG chairs.
Other activities can include:
3) Broker partnerships between academia, industry, and government. The SIAG will
seek to facilitate the establishment of academic programs in FME and to
foster its development as an academic and research discipline. The SIAG
also will facilitate the placement of undergraduate and graduate students
in internships in industry and government.
4) Work with other societies (such as the AMS, IMS, and INFORMS) to promote financial mathematics and engineering. The SIAG will work with other professional societies and industry groups to promote FME. For example, SIAM and another society might organize a workshop on a topic of mutual interest. The SIAG also would attempt to increase government support for FME through various outreach activities.
5) With the approval of the SIAM Program Committee, the SIAG may organize special sessions at SIAM meetings, and conduct special one- or two-day meetings immediately before or after a regular SIAM meeting. Other SIAG meetings may be organized only with the approval of the SIAM president and vice president for programs.
SIAG meetings, workshops, and conferences may be organized only with the approval of the SIAM president and the SIAM vice president for programs.
ARTICLE III: MEMBERSHIP
Membership in the SIAG shall be open to any SIAM member, but to no others.
ARTICLE IV: OFFICERS
Section 1. There shall be a chairperson, vice-chairperson, secretary, and program director, all of whom shall be regular members in good standing of the SIAG. The SIAG shall hold an election to fill those offices every three years, beginning in the third year of operation.
Elections will follow standard SIAM Activity Group practices. In particular, at least two candidates must be nominated for each office and the nomination process must provide the opportunity for any modestly-sized group of SIAG members to nominate candidates.
On the initial formation of the SIAG, the SIAM President shall appoint a slate of officers with the approval of the SIAM Council.
Section 2. The SIAG chairperson shall preside at the meetings of the SIAG, coordinate the annual report to the SIAM Council, and represent the SIAG at meetings of the SIAG chairs. In the absence of the chairperson, the line of succession is the vice-chairperson, secretary, and program director.
Section 3. The secretary of the SIAG shall keep a record of the affairs of the SIAG, handle correspondence, and submit the reports of SIAG activities required in ARTICLE VI.
The secretary is responsible for the production and distribution of SIAG newsletters and for insuring that the information about the SIAG on the SIAM website is correct.
Section 4. The program director will have responsibility for SIAG conferences and programs, including participation in the SIAM Annual Meeting. The program director will coordinate these activities with the chairperson who has overall responsibility for the direction of the SIAG. The program director will serve as the conference organizer or delegate such responsibilities to an individual approved by the chair and other officers.
ARTICLE V: PRIZES AND AWARDS
The SIAG shall not present awards or prizes that recognize scientific achievement, professional service, or the like without prior approval by the SIAM Major Awards Committee, the SIAM Council, and the SIAM Board of Trustees. Petitions to establish prizes or awards must follow standard SIAM procedures.
ARTICLE VI: REPORTING
Each SIAG must submit a written report on its activities to the SIAM Council at each yearly meeting of the Council.
ARTICLE VII: PERIOD OF OPERATION
Each new SIAG must submit a set of RULES to the Council and Board. The SIAG may not begin its activities until its RULES have been approved. In approving the RULES, the Council and Board shall specify the period of activity of the SIAG.
Each period of activity of the SIAG will be three years. Each period of activity must be renewed by the Council and Board. The SIAG shall apply to the Council and Board for renewal seven months prior to the end of each three-year period of activity. The application for renewal shall describe how the SIAG will continue to complement SIAM activities and describe its support of the functions indicated in its RULES. The renewal application shall be based on the SIAM Board and Council "Guidelines for the Renewal and Termination of Activity Groups." The activities of the SIAG shall not be continued to a new three-year period of activity without Council and Board approval.
ARTICLE VIII: TERMINATION
In the event that the activity level of the SIAG is below expectations in any three-year period herein designated, the SIAG shall be considered terminated at the end of that three-year period and any continuation of the SIAG's activities will be contingent on the establishment of a new SIAG according to the practices established for the initiation of a SIAG. Principles for the termination of SIAGs may be found in the SIAM Board and Council "Guidelines for the Renewal and Termination of Activity Groups."
ARTICLE IX: PUBLICATIONS
With the approval of the appropriate managing editor, the SIAG may have articles and news columns in SIAM News and on special occasions, a portion of a SIAM journal may be devoted to topics suggested, organized, and/or prepared by the SIAG. No separate SIAG publications are permitted without the specific written approval of the publications committee.
ARTICLE X: FEES
A yearly membership fee may be assessed each member of the SIAG at the time of payment of annual SIAM dues. This fee shall be established by the SIAM Board of Trustees.
Monies shall be collected and accounted for by SIAM. Such monies shall not be used for purposes other than support of the activities of the SIAG from which they were collected, except that such monies may be assessed on a per-member basis for costs incurred by SIAM in providing services to the members of the SIAG.
ARTICLE XI: CONTRACTS
No officer or member of the SIAG may apply for a grant to support SIAG activities or enter into any contract to support such activities or to provide services without specific approval in writing by the president and either the treasurer of SIAM or the managing director acting on behalf of the treasurer.
No SIAG or any officer or representative thereof shall have any authority to contract debts for, pledge the credit of, or in any way bind SIAM.
ARTICLE XII: FUNDS FOR SUPPORT
Requests for funds to support SIAG activities may be made in writing to the treasurer of SIAM. A loan or grant to the SIAG in the amount of $200 or less can be made by the treasurer. Only one such loan or grant may be made to the SIAG during any fiscal year. Other loans or financial grants to the SIAG shall be approved by the board.
All requests for funds shall be substantiated by a proposed budget for expenditures.
All distributions of said funds shall be in the form of disbursements from SIAM, which disbursements shall be made on receipt of substantiating vouchers.
ARTICLE XIII: CHANGES
Changes to these RULES may be made at any time by the SIAM Council and SIAM Board of Trustees on the recommendation of the SIAM President. Changes to these RULES may be made by the SIAG with the approval of the Council and the Board.
The initial period of activities of this SIAG shall begin on January 1, 2003, and end on December 31, 2005. Each period of activity of the SIAG shall not exceed three years.
Revised by the SIAM Council, July 14, 2005, and the SIAM Board of Trustees, July 16, 2005, to renew the SIAG charter for a three-year period of activity, beginning January 1, 2006, and ending December 31, 2008.
The SIAM Activity Group on Financial Mathematics and Engineering (SIAG/FME) remains active; it has been renewed every two years by the SIAM Council and Board. See the most recent Charter renewal application for their current statement of activities and plans; a copy is located in the SIAG/FME Archive.