Commentary on 3 papers on the role of capital regulation in bank supervision

This paper was presented at the conference "Financial services at the crossroads: capital regulation in the twenty-first century" as part of session 6, "The role of capital regulation in bank supervision." The conference, held at the Federal Reserve Bank of New York on February 26-27, 1998, was designed to encourage a consensus between the public and private sectors on an agenda for capital regulation in the new century.Bank capital ; Bank supervision

The challenges of risk management in diversified financial companies

In recent years, financial institutions and their supervisors have placed increased emphasis on the importance of measuring and managing risk on a firmwide basis—a coordinated process referred to as consolidated risk management. Although the benefits of this type of risk management are widely acknowledged, few if any financial firms have fully developed systems in place today, suggesting that significant obstacles have led them to manage risk in a more segmented fashion. In this article, the authors examine the economic rationale behind consolidated risk management. Their goal is to detail some of the key issues that supervisors and practitioners have confronted in assessing and developing consolidated risk management systems. In doing so, the authors clarify why implementing consolidated risk management involves significant conceptual and practical difficulties. They also suggest areas in which additional research could help resolve some of these difficulties.Risk management ; Financial institutions ; Bank supervision

Integrated ultrasonic particle positioning and low excitation light fluorescence imaging

A compact hybrid system has been developed to position and detect fluorescent micro-particles by combining a Single Photon Avalanche Diode (SPAD) imager with an acoustic manipulator. The detector comprises a SPAD array, light-emitting diode (LED), lenses, and optical filters. The acoustic device is formed of multiple transducers surrounding an octagonal cavity. By stimulating pairs of transducers simultaneously, an acoustic landscape is created causing fluorescent micro-particles to agglomerate into lines. The fluorescent pattern is excited by a low power LED and detected by the SPAD imager. Our technique combines particle manipulation and visualization in a compact, low power, portable setup

Twenty Years of Searching for (and Finding) Globular Cluster Pulsars

Globular clusters produce orders of magnitude more millisecond pulsars per unit mass than the Galactic disk. Since the first cluster pulsar was uncovered twenty years ago, at least 138 have been identified - most of which are binary millisecond pulsars. Because of their origins involving stellar encounters, many of these systems are exotic objects that would never be observed in the Galactic disk. Examples include pulsar-main sequence binaries, extremely rapid rotators (including the current record holder), and millisecond pulsars in highly eccentric orbits. These systems are allowing new probes of the interstellar medium, the equation of state of material at supra-nuclear density, the mass distribution of neutron stars, and the dynamics of globular clusters.Comment: 9 pages, 6 figures. Submitted review for the "40 Years of Pulsars" conference in Montreal, Aug 2007. To be published by the AI

Filamentation Instability of Interacting Current Sheets in Striped Relativistic Winds: The Origin of Low Sigma?

I outline a mechanism, akin to Weibel instabilities of interpenetrating beams, in which the neighboring current sheets in a striped wind from an oblique rotator interact through a two stream-like mechanism (a Weibel instability in flatland), to create an anomalous resistivity that heats the sheets and causes the magnetic field to diffusively annihilate in the wind upstream of the termination shock. The heating has consequences for observable unpulsed emission from pulsars.Comment: 7 pages, 9 figures. To be published in the proceedings of ``40 Years of Pulsars'