Conflicts of interest in self-regulation : can demutualized exchanges successfully manage them?

The author examines the implications of demutualization of financial exchanges for their roles as self-regulatory organizations. Many regulators and exchanges believe that conflicts of interest increase when exchanges convert to for-profit businesses. Demutualization also changes the nature of an exchange's regulatory role as broker-dealers'ownership interests are reduced. These factors are leading to reduced regulatory roles for exchanges in many jurisdictions. The resulting changes have significant implications for regulation of financial markets, especially as exchanges are the only self-regulating organizations (SROs) in most countries. Major changes in the role of exchanges require a rethinking of the allocation of regulatory functions and the role of self-regulation, as well as stronger mechanisms to mitigate conflicts of interest. Carson looks at the views of both exchanges and regulators on these issues in Asian, European, and North American jurisdictions where major exchanges have converted to for-profit businesses. He finds that views on the conflicts of interest faced by demutualized exchanges vary widely. In addition, the tools and processes used by exchanges and regulators to manage conflicts also differ significantly across jurisdictions. The author concludes that new and greater conflicts result from demutualization and canvasses the regulatory responses in the jurisdictions examined.Economic Theory&Research,Payment Systems&Infrastructure,Non Bank Financial Institutions,International Terrorism&Counterterrorism,Environmental Economics&Policies,International Terrorism&Counterterrorism,Non Bank Financial Institutions,Environmental Economics&Policies,Insurance&Risk Mitigation,Economic Theory&Research

Your turn: experiments in narrative and play

Carson and Miller’s artists’ book, 'The Exquisite Fold', utilises the book as a site for play and storytelling. Both acts are interpretative; they are ways through which both child and adult attempt to understand the world that surrounds them. In 'Your Turn' the process of making 'The Exquisite Fold' is explored in terms of both its content and its very particular physical construction. Through this examination the ideas that underpin the book are drawn out; the potential for the book to be played with (particularly as a place to play with narrative) and, in turn, the impulse to uncover meaning through narrative and play

Lymphocytoma in the Bovine

A Shorthorn cow, approximately twelve years old, was admitted to Stange Memorial Clinic with a history of indigestion and periodic bloating during the past two weeks. Symptomatic treatment and relief of the bloat by passing a stomach tube was administered by the ambulatory clinic staff which had previously attended the cow. She would eat and appear normal but then would soon bloat again and refuse to eat. At no time was an elevated temperature observed

Anna T. Cianciolo and Robert J. Sternberg. Intelligence: A Brief History . Blackwell Brief Histories of Psychology. Oxford, UK: Blackwell Publishing, 2004. 170 pp. 52.95(cloth).ISBN1−4051−0823−1.52.95 (cloth). ISBN 1-4051-0823-1. 17.95 (paper). ISBN 1-4051-0824-X.

No abstract.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/55997/1/20226_ftp.pd

Christ and Culture Valued: Test Cases on Fairness

This research engages H. Richard Niebuhr’s work, Christ and Culture. Niebuhr’s book is a seminal work on the historical trends of Christian cultural engagement. This research applies several tests to the paradigm demonstrated in Niebuhr’s work. These tests demonstrate that Christ and Culture presents a paradigm that lacks fairness and does not adequately meet the goals of an explanatory paradigm. Niebuhr’s paradigm has shaped the discussion of Christian cultural engagement for over fifty years, and this research was done to demonstrate the need for new conversation-shaping paradigms in the field of Christian cultural engagement

Frequency control in synchronized networks of inhibitory neurons

We analyze the control of frequency for a synchronized inhibitory neuronal network. The analysis is done for a reduced membrane model with a biophysically-based synaptic influence. We argue that such a reduced model can quantitatively capture the frequency behavior of a larger class of neuronal models. We show that in different parameter regimes, the network frequency depends in different ways on the intrinsic and synaptic time constants. Only in one portion of the parameter space, called `phasic', is the network period proportional to the synaptic decay time. These results are discussed in connection with previous work of the authors, which showed that for mildly heterogeneous networks, the synchrony breaks down, but coherence is preserved much more for systems in the phasic regime than in the other regimes. These results imply that for mildly heterogeneous networks, the existence of a coherent rhythm implies a linear dependence of the network period on synaptic decay time, and a much weaker dependence on the drive to the cells. We give experimental evidence for this conclusion.Comment: 18 pages, 3 figures, Kluwer.sty. J. Comp. Neurosci. (in press). Originally submitted to the neuro-sys archive which was never publicly announced (was 9803001