The Role of Foreign Exchange Dealers in Providing Overnight Liquidity

This paper illustrates that dealers in foreign exchange markets not only provide intraday liquidity, they are key participants in the provision of overnight liquidity. Dealing institutions receive compensation for holding undesired inventory balances in part from the information they receive in customer trades. These flows can be used to forecast future movements in the exchange rate. Findings suggest that Canadian dealers, as a group and individually, are more likely to provide interday liquidity to foreign rather than Canadian financial customers. Financial institutions operating in multiple price-correlated markets manage their risky positions across markets. An interdependent relationship is revealed between the supply of liquidity provided by non-financial firms and dealing institutions across time, and across markets.Exchange rates; Market structure and pricing; Financial markets

Where Does Price Discovery Occur in FX Markets?

Trades in foreign exchange markets are initiated around the world and around the clock. This study illustrates that trades are more informative when initiated in a local country or in major foreign exchange centers like London and New York. Evidence suggests that informational asymmetries based on geography arise from the market making capacity of dealers and the customer order flow that dealers capture during regional business hours. Findings also show that market orders initiated in price-correlated FX markets are not informative. Transparency in quotes on electronic trading platforms may prevent informed participants from exploiting information across FX markets. Overall, these results are robust across different market conditions.Market structure and pricing; Exchange rates; Financial markets

Price Discovery Across Geographic Locations in the Foreign Exchange Market

The ongoing process of price discovery in foreign exchange markets provides valuable information to certain market participants. Recent empirical findings suggest that aggregate measures of order flow convey information about the fundamental value of the exchange rate. Using a market microstructure approach, D'Souza reports on a two-year study of completed transactions within the Canadian and Australian exchange rate markets to examine the relationship between exchange rate returns and trades initiated in different locations. Based on the information content of the trades, he finds that geographic location and hours of operation are two of the factors driving informed interdealer trading.

Enhancement of thermoelectric figure-of-merit of Graphene upon BN-doping and sample length reduction

Using first-principles density functional perturbation theory based calculations of length-dependent lattice thermal conductivity (\k{appa} L ) and using our previously calculated results (Phys Rev B 95 085435 (2017)) of electrical transport, we report results of thermoelectric figure-of-merit (ZT ) of monolayer and bilayer Graphene. We find nearly ten-fold increase in ZT for the graphene sample doped with boron nitride and reduced sample length. We also compare \k{appa} L calculated using the iterative real space method with conventional analytical Callaway-Klemens method and obtain the flexural (ZA) phonon modes to be dominant in thermal transport unlike in the latter method. Our calculations are in good agreement with available experimental data.Comment: 11 pages, 9 figures. Recently accepted in Journal of Applied Physic

A Brief Comparison Between Available Bio-printing Methods

The scarcity of organs for transplant has led to large waiting lists of very sick patients. In drug development, the time required for human trials greatly increases the time to market. Drug companies are searching for alternative environments where the in-vivo conditions can be closely replicated. Both these problems could be addressed by manufacturing artificial human tissue. Recently, researchers in tissue engineering have developed tissue generation methods based on 3-D printing to fabricate artificial human tissue. Broadly, these methods could be classified as laser-assisted and laser free. The former have very fine spatial resolutions (10s of $\mu$m) but suffer from slow speed ( $< 10^2$ drops per second). The later have lower spatial resolutions (100s of $\mu$ m) but are very fast (up to $5\times 10^3$ drops per second). In this paper we review state-of-the-art methods in each of these classes and provide a comparison based on reported resolution, printing speed, cell density and cell viability