Securities clearance and settlement systems - a guide to best practices

As an essential part of a nation's financial sector infrastructure, securities clearance, and settlement systems must be closely integrated with national payment systems, so that safety, soundness, certainty, and efficiency can be achieved at a cost acceptable to all participants. Central banks have paid considerable attention to payment systems, but securities clearance, and settlement systems have only recently been subjected to rigorous assessment. The Western Hemisphere Payments and Securities Clearance and Settlement Initiative (WHI), led by the World Bank, and in cooperation with the Centro de Estudios Monetarios Latinoamericanos (CEMLA), gave the authors a unique opportunity to observe how various countries in Latin America, and the Caribbean undertake securities clearance, and settlement. To do so, the authors developed a practical, and implementable assessment methodology, covering key issues that affect the quality of such systems. In this paper they discuss the objectives, scope, and content of a typical securities system, identify the elements that influence the system's quality, and show how their assessment methodology works. They focus on the development of core principles, and minimum standards for integrated systems of payments, and securities clearance and settlement. Their paper fills a gap by providing an evaluation tool for assessors of such systems, especially those who must assess evolving systems in developing, and transition economies. Essentially, an assessment involves a structured analysis to answer four related questions: 1) What are the objective, and scope of a securities clearance and settlement system? 2) Who are the participants, what roles do they play, and what expectations do they have? 3) What procedures are required to satisfy the participants'needs? 4) What inherent risks are involved, and how can they be mitigated at an acceptable cost?Environmental Economics&Policies,Payment Systems&Infrastructure,Financial Intermediation,International Terrorism&Counterterrorism,Securities Markets Policy&Regulation,Financial Intermediation,Environmental Economics&Policies,Settlement of Investment Disputes,Payment Systems&Infrastructure,Insurance&Risk Mitigation

El capital social como enfoque teórico en Dirección Estratégica

[EN] The objective of this research paper is to investigate, from a theoretical point of view, the strategic relevance of social capital. In recent years, academic literature in this field has witnessed remarkable growth, recognizing social capital as a key element for companies, due to its contribution to the creation of competitive advantages. However, it might be said that its development is still emerging, given the number of discrepancies among researchers regarding its definition, measurement, and its positive or negative impact on other variables. For this reason, a set of empirical studies that show the social capital effect on diverse types of organizational results have been reviewed, taking as a reference the definition and dimensions proposed by Nahapiet and Ghoshal (1998). Additionally, different theoretical links between social capital and four related Strategic Management approaches are presented, such as the Intellectual Capital-Based View, the Knowledge-Based View, the Resource-Based View and the Dynamic Resource-Based View. A main conclusion drawn from this review is that social capital, being a knowledge-based resource, enables access to both internal and external resources and thus a firm’s competitive advantage and, consequently, its value creation can be generated from the combination of both areas. Going in depth and clarifying this strategic linkage are thus a challenge to address in future studies.[ES] El principal objetivo de este trabajo es mostrar la relevancia estratégica del capital social organizacional desde un punto de vista teórico. En los últimos años, la literatura académica relacionada con este concepto ha experimentado un notable crecimiento, reconociendo que el capital social es un elemento fundamental para que las empresas generen ventajas competitivas. Sin embargo, se podría afirmar que su desarrollo es todavía incipiente al existir multitud de discrepaciancias entre los investigadores acerca de su conceptuación, la medición de sus dimensiones o los efectos positivos o negativos que podría tener sobre otras variables. Por este motivo, tomando como referencia la definición y dimensiones propuestas por Nahapiet y Ghoshal (1998), se ha realizado una revisión de las investigaciones que, de manera empírica, han estudiado las relaciones entre el capital social y distintos tipos de resultados organizacionales. Igualmente, se exponen diferentes nexos teóricos encontrados entre el capital social y los principales enfoques en Dirección Estratégica como son Enfoque Basado en el Capital Intelectual, el Enfoque Basado en el Conocimiento, el Enfoque Basado en los Recursos y el Enfoque Basado en las Capacidades dinámicas. Se concluye que el capital social, como recurso basado en el conocimiento, podría permitir el acceso a otros recursos internos o externos, y que la creación de valor y la generación de ventajas competitivas de una empresa puede provenir de la combinación de ambos ámbitos. Así, futuros estudios deben encaminarse hacia la profundización y clarificación de este nexo estratégico

Perfil estratégico y análisis económico-financiero. Aplicación a cuatro grandes empresas españolas

El objetivo de este trabajo es aplicar los conocimientos de los campos financiero y estratégico al análisis de una serie de empresas sobresalientes en sus respectivos sectores. De esta forma, se consigue un acercamiento entre las enseñanzas universitarias y la realidad empresarial. Además, se muestra una aplicación directa de la estrategia y las finanzas al diagnóstico y evaluación de las características y del conjunto de condiciones que hacen que una determinada empresa se mantenga como líder en su sector económico

Integracija društveno odgovornog poslovanja u strategiju tehnološki intenzivnih poduzeća: poslovni slučaj

This paper presents a new perspective which calls for an integration of ethics and corporate social responsibility (CSR) into the company strategy as a source of competitive advantages. The research question we pose is how a company can successfully carry out this integration of CSR into its strategic management, for which a model that includes three stages – introduction, implementation and generalization of CSR – is presented. Based on an exploratory case study within a Spanish technology-intensive firm (Indra), we show the way this company has developed and implemented an explicit plan for the integration of ethical values and CSR initiatives into its corporate and business strategies. Although this company has established its own methodology in order to develop and implement CSR plans, it fits in essence to our three-stage model of CSR integration. In general, our analyses show a beneficial impact of the development and implementation of CSR plan for this technology-intensive company. In particular, it seems that the CSR plan enables companies to improve its’ internal and external (competitive) context through a better exploration and exploitation of knowledge, its stable relationships with stakeholders and the development and improvement of intangible resources such as reputation or social capital. It is also shown that there are important factors to consider in order this process can successfully carried out, such as organizational culture, human resource practices or knowledge management systems. Future research will need to engage in largerscale confirmatory as well as longitudinal studies of the impact of CSR implementation for company performance.U radu je predstavljena nova perspektiva koja integraciju etičkog i društveno odgovornog poslovanja u strategiju poduzeća smatra izvorom konkurentskih prednosti. Postavljeno je istraživačko pitanje koje nastoji utvrditi na koji način poduzeće može uspješno provesti integraciju društveno-odgovornog poslovanja u strateški menadžment i u tu svrhu predstavljen je model koji uključuje tri faze: uvod, implementaciju i generalizaciju društveno-odgovornog poslovanja. Na temelju eksplorativne analize slučaja procesa strateškog oblikovanja unutar tehnološko intenzivnog poduzeća u Španjolskoj (Indra), prikazan je eksplicitan plan integracije etičkih vrijednosti i inicijativa društveno odgovornog poslovanja u njegovu korporativnu i pripadajuće poslovne strategije. Iako je ovo poduzeće uspostavilo svoju metodologiju za provođenje i razvoj planova društveno odgovornog poslovanja, ono se u biti uklapa u naš model integracije u tri faze. Općenito, provedene analize prikazuju pozitivan utjecaj razvoja i implementacije plana društveno odgovornog poslovanja na promatrano tehnološko intenzivno poduzeće. Posebice, čini se kako plan društveno odgovornog poslovanja, kroz bolje istraživanje i iskorištavanje znanja te kroz postojanje stabilnih odnosa s interesno-utjecajnim skupinama, omogućava poduzećima unaprjeđenje njihovog unutarnjeg i vanjskog (konkurentskog) okruženja. Kako bi se to potvrdilo, u budućnosti su potrebna opsežnija konfirmativna, ali i longitudinalna istraživanja utjecaja implementacije društveno odgovornog poslovanja na uspješnost poduzeća

PI3Kα inhibition reduces obesity in mice

Partial inhibition of PI3K is one of the best-validated and evolutionary conserved manipulations to extend longevity. The best known health beneficial effects of reduced PI3K are related to metabolism and include increased energy expenditure, reduced nutrient storage, and protection from obesity. We have previously shown that a dual chemical inhibitor of the alpha and delta PI3K isoforms (CNIO-PI3Ki) reduces obesity in mice and monkeys, without evident toxic effects after long-term treatment. Here, we dissect the role of the alpha and delta PI3K isoforms by making use of selective inhibitors against PI3Kα (BYL-719 also known as alpelisib) or PI3Kδ (GS-9820 also known as acalisib). Treatment of mice with the above mentioned inhibitors indicated that BYL-719 increases energy expenditure in normal mice and efficiently reduces body weight in obese (ob/ob) mice, whereas these effects were not observed with GS-9820. Of note, the dose of BYL-719 required to reduce obesity was 10x higher than the equivalent dose of CNIO-PI3Ki, which could suggest that simultaneous inhibition of PI3K alpha and delta is more beneficial than single inhibition of the alpha isoform. In summary, we conclude that inhibition of PI3Kα is sufficient to increase energy expenditure and reduce obesity, and suggest that concomitant PI3Kα inhibition could play an auxiliary role

A telecom analytics framework for dynamic quality of service management

Since the beginning of Internet, Internet Service Providers (ISP) have seen the need of giving to users? traffic different treatments defined by agree- ments between ISP and customers. This procedure, known as Quality of Service Management, has not much changed in the last years (DiffServ and Deep Pack-et Inspection have been the most chosen mechanisms). However, the incremen-tal growth of Internet users and services jointly with the application of recent Ma- chine Learning techniques, open up the possibility of going one step for-ward in the smart management of network traffic. In this paper, we first make a survey of current tools and techniques for QoS Management. Then we intro-duce clustering and classifying Machine Learning techniques for traffic charac-terization and the concept of Quality of Experience. Finally, with all these com-ponents, we present a brand new framework that will manage in a smart way Quality of Service in a telecom Big Data based scenario, both for mobile and fixed communications

p21(Cip1) plays a critical role in the physiological adaptation to fasting through activation of PPARα.

Fasting is a physiological stress that elicits well-known metabolic adaptations, however, little is known about the role of stress-responsive tumor suppressors in fasting. Here, we have examined the expression of several tumor suppressors upon fasting in mice. Interestingly, p21 mRNA is uniquely induced in all the tissues tested, particularly in liver and muscle (>10 fold), and this upregulation is independent of p53. Remarkably, in contrast to wild-type mice, p21-null mice become severely morbid after prolonged fasting. The defective adaptation to fasting of p21-null mice is associated to elevated energy expenditure, accelerated depletion of fat stores, and premature activation of protein catabolism in the muscle. Analysis of the liver transcriptome and cell-based assays revealed that the absence of p21 partially impairs the transcriptional program of PPARα, a key regulator of fasting metabolism. Finally, treatment of p21-null mice with a PPARα agonist substantially protects them from their accelerated loss of fat upon fasting. We conclude that p21 plays a relevant role in fasting adaptation through the positive regulation of PPARα

Development of an hydrophobic fluoro-silica surface for studying homotypic cancer cell aggregation–disaggregation as a single dynamic process in vitro

Under normal conditions the detachment of anchorage-dependant cells from their extracellular matrix typically induces programmed cell death which is mediated through a pathway referred to as anoikis. However, a resistance to anoikis in cancer enables the migration of cells from the primary tumour and the establishment of aggressive metastatic disease. Although cancer cell aggregation is known to be an important mechanism within anoikis resistance, research into the underlying mechanisms that govern this process remain problematic as commercially available tissue culture material can only sustain 2D monolayer or 3D aggregate/spheroid cultures. This necessitates the development of a system that can accommodate for cancer cell aggregation–disaggregation as a single dynamic process, without the disruption of passaging cells between alternate substrates. This study describes a procedure for modifying tissue culture polystyrene (TCP) to produce a fluoro-silica (FS) surface which preferentially promotes the deposition of a distinct profile of proteins/factors from serum which mediate the transient aggregation of human breast cancer cell lines. This modified surface therefore provides an experimental platform for better understanding cancer cell aggregation–disaggregation events in vitro, and their influence on the establishment of metastatic disease in patients with cancer

El andamiaje conversacional en una tarea oral de mediación: Un análisis del uso del habla de contacto y otras fórmulas lingüísticas de cortesía positiva

This article analyses the individual responses of 20 upper-intermediate learners to an oral mediation task. Particularly, it focuses on the initial and closing linguistic resources and strategies that are displayed in each participant’s production in order to address the needs of the recipient included in the task description. With this aim, some categories of analysis are created. These categories have been designed following the descriptors of the Companion Volume of the CEFRL as well as previous literature and studies on small talk’s functionalities. Therefore, to analyse the initiation of the conversation the categories of using greetings, empathy and compassion linguistic markers and readiness to help formulae are explored. On the other hand, to inquire into the ending of the sustained-monologue, comprehension checking formulae, empathetic markers used as well as concluding and summarizing formulae have been studied. The results show that there is a lack of attention to the task’s description and, thus, to the recipient’s needs. Furthermore, additional training is needed in concluding formulae, including unimportant talk.El presente artículo analiza las respuestas de 20 estudiantes de nivel intermedio alto a una tarea de mediación oral. Se fija en los recursos y estrategias lingüísticas que cada producción presenta al inicio y al final para establecer o concluir un contacto comunicativo cordial, así como para atender a las necesidades del interlocutor, siguiendo el enunciado de la tarea. Para ello, se crean una serie de categorías de análisis. Estas se basan tanto en lo propuesto en los descriptores del Volumen Complementario del MCERL como en otros estudios relativos al habla de contacto y sus funciones. Así pues, al analizar los mecanismos lingüísticos iniciales, se han estudiado: los saludos, las expresiones para mostrar empatía y otras expresiones para mostrar disposición a ayudar o colaborar. Por otro lado, para indagar en la finalización del monólogo sostenido, se ha prestado atención a las expresiones para comprobar la comprensión, para mostrar empatía y a otras expresiones para resumir los puntos principales. Los resultados muestran que existe una falta de atención hacia el enunciado y, con ello, a las necesidades del receptor. Asimismo, se considera preciso una mayor formación en estructuras y fórmulas lingüísticas que sirvan para concluir un monólogo