On the cost of delayed currency fixing announcements

In Foreign Exchange Markets vanilla and barrier options are traded frequently. The market standard is a cutoff time of 10:00 a.m. in New York for the strike of vanillas and a knock-out event based on a continuously observed barrier in the inter bank market. However, many clients, particularly from Italy, prefer the cutoff and knock-out event to be based on the fixing published by the European Central Bank on the Reuters Page ECB37. These barrier options are called discretely monitored barrier options. While these options can be priced in several models by various techniques, the ECB source of the fixing causes two problems. First of all, it is not tradable, and secondly it is published with a delay of about 10 - 20 minutes. We examine here the effect of these problems on the hedge of those options and consequently suggest a cost based on the additional uncertainty encountered. --exotic options,currency fixings

The Changing Political Economies of Small West European Countries

The literature on changing varieties of capitalism concentrates on the big economies, particularly the US, Japan and Germany. This important volume sheds light on the group of smaller European countries that share a high degree of corporatism - Austria, Belgium, Denmark, Finland, the Netherlands, Norway, Sweden and Switzerland. Most of them have recently been praised as alter native models to the route exemplified by the US. The authors investigate the trajectories of these countries welfare systems, corporate governance, labour markets and industrial relations from about 1990 until the economic crisis in 2008. The volume also tracks their position in the processes of European integration and asks whether their particular brands of capitalism might be a viable candidate for the European socio-economic model

Large-scale secondary circulations in a limited area model – the impact of lateral boundaries and resolution

Within their domain, regional climate and weather forecasting models deviate from the driving data. Small-scale deviations are a desired effect of adding regional details. There are, however, also deviations of the large-scale circulation, which can be caused by orographic effects and depend on the large-scale flow condition. These ‘secondary circulations’ (SCs) are confined to the model domain due to the prescribed boundary conditions. Here, the impact of different regional model configurations on the SC is analysed in a case study for the European region using an ensemble approach. It is shown that at 500 hPa, vortices of the SC have diameters on the order of several thousand kilometres and are related to wind speed anomalies of more than 5 m/s and geopotential height anomalies of more than 5 dam. The spatial structure and the amplitude of the SC strongly depend on the location of the lateral boundaries. The impact of the boundary location on the anomalies is on the same order of magnitude as the anomalies themselves. The resolution of the regional model, as well as the application of spectral nudging and a smoothed topography, affects mainly the amplitude of the SC, but not the spatial structure

Better than a lens -- Increasing the signal-to-noise ratio through pupil splitting

Lenses are designed to fulfill Fermats principle such that all light interferes constructively in its focus, guaranteeing its maximum concentration. It can be shown that imaging via an unmodified full pupil yields the maximum transfer strength for all spatial frequencies transferable by the system. Seemingly also the signal-to-noise ratio (SNR) is optimal. The achievable SNR at a given photon budget is critical especially if that budget is strictly limited as in the case of fluorescence microscopy. In this work we propose a general method which achieves a better SNR for high spatial frequency information of an optical imaging system, without the need to capture more photons. This is achieved by splitting the pupil of an incoherent imaging system such that two (or more) sub-images are simultaneously acquired and computationally recombined. We compare the theoretical performance of split pupil imaging to the non-split scenario and implement the splitting using a tilted elliptical mirror placed at the back-focal-plane (BFP) of a fluorescence widefield microscope