Post-market infrastructures and financial stability.

Post-market infrastructures execute critical functions — clearing and delivery versus payment — for the performance of trades in financial assets. This makes them potential vectors for destabilisation of the financial system in the event of malfunctions. Their impact on systemic risk warrants the supervisory and oversight authorities' concern for analysing the various risks that such infrastructures may incur and the efforts to establish a comprehensive set of recommendations for mitigating these risks. This objective has now been achieved with the publication of the CPSS/IOSCO recommendations in November 2001. These recommendations are intended to be universal in scope. In addition to setting adequate standards, the relevant authorities, and central banks in particular, have extended the scope of their responsibility in the field of maintaining financial stability by including the oversight of post-market infrastructures. The statutes of the Banque de France have recently been amended in such terms. Securities clearing and settlement infrastructures are changing rapidly both in Europe, where consolidation and sweeping rationalisation are taking place, and on the wider international scene. Users expect greater functional integration of infrastructures, which should contribute to the expansion of low-cost cross-border transactions and greater efficiency in securities processing. These changes have prompted the relevant authorities to co-operate more closely in the regulation, prudential supervision and oversight of the cross-border infrastructures being developed in Europe. With the development of pan-European infrastructures in the Paris financial markets, the Banque de France has played a very active role in enhancing co-ordinated oversight in conjunction with the other relevant national authorities.

Protection of deferred net payment and securities settlement systems: the examples of SIT and Relit.

As the last stage in the risk-prevention programme for the Paris financial centre, the securing of deferred net settlement systems concerns the SIT interbank clearing system, the retail payment system for customer transactions, and Relit, the securities delivery-versus-payment system, which in particular processes transactions effected on the regulated market Euronext Paris. The Banque de France, which is in charge of overseeing the smooth functioning of payment and securities settlement systems has taken the step of asking the French banking community to strengthen the security of the SIT and Relit systems. The aim of this initiative to enhance security (or built-in protection) is to protect these systems, in compliance with the applicable international standards, from settlement risk. The risks borne by the participants in SIT and Relit are systemic in character and this has been accentuated by the recent developments in the European environment in which these systems operate. The protection mechanisms defined for these two systems display similar features: protection against the failure of the participant with the largest settlement obligation, establishment of a permanent common mutual fund for each of the two systems, supplemented where necessary by individual collateral, setting of ceilings for transactions exchanged, and use of central bank money holdings as collateral. The implementation of these safety mechanisms for SIT and Relit will involve various players, who will accordingly take on new responsibilities: participants in the two systems, the administrator of the guarantee fund (a role which will fall to the operator of each of the two systems: GSIT for SIT and Euroclear France for Relit), as well the depository for collateral, which will be the Banque de France.

Séminaire monétaire international : Infrastructures de marché et stabilité financière.

L’utilisation d’infrastructures de marché, notamment de chambres de compensation, renforce la transparence et la solidité des marchés dérivés de gré à gré, mais implique que leur gestion de risques soit en mesure de résister à un choc systémique.Stabilité financière, produits dérivés, marchés financiers de gré à gré, infrastructures de marché, chambres de compensation, risque systémique, monnaie de banque centrale.

La surveillance des moyens de paiement et des systèmes d’échange.

Le premier rapport sur la surveillance des moyens de paiement et des systèmes d’échange de la Banque de France présente le cadre dans lequel s’inscrit la mission de surveillance, le résultat des évaluations réalisées et les enjeux pour l’avenir.Surveillance, moyen de paiement, instrument de paiement, système d’échange, système de paiement, système de compensation et de règlement d’instruments financiers.

Integrated Water Vapor during Rain and Rain-Free Conditions above the Swiss Plateau

Water vapor column density, or vertically-integrated water vapor (IWV), is monitored by ground-based microwave radiometers (MWR) and ground-based receivers of the Global Navigation Satellite System (GNSS). For rain periods, the retrieval of IWV from GNSS Zenith Wet Delay (ZWD) neglects the atmospheric propagation delay of the GNSS signal by rain droplets. Similarly, it is difficult for ground-based dual-frequency single-polarisation microwave radiometers to separate the microwave emission of water vapor and cloud droplets from the rather strong microwave emission of rain. For ground-based microwave radiometry at Bern (Switzerland), we take the approach that IWV during rain is derived from linearly interpolated opacities before and after the rain period. The intermittent rain periods often appear as spikes in the time series of integrated liquid water (ILW) and are indicated by ILW ≥ 0.4 mm. In the present study, we assume that IWV measurements from radiosondes are not affected by rain. We intercompare the climatologies of IWV(rain), IWV(no rain), and IWV(all) obtained by radiosonde, ground-based GNSS atmosphere sounding, ground-based MWR, and ECMWF reanalysis (ERA5) at Payerne and Bern in Switzerland. In all seasons, IWV(rain) is 3.75 to 5.94 mm greater than IWV(no rain). The mean IWV differences between GNSS and radiosonde at Payerne are less than 0.26 mm. The datasets at Payerne show a better agreement than the datasets at Bern. However, the MWR at Bern agrees with the radiosonde at Payerne within 0.41 mm for IWV(rain) and 0.02 mm for IWV(no rain). Using the GNSS and rain gauge measurements at Payerne, we find that IWV(rain) increases with increase of the precipitation rate during summer as well as during winter. IWV(rain) above the Swiss Plateau is quite well estimated by GNSS and MWR though the standard retrievals are limited or hampered during rain periods

An Indoor Microwave Radiometer for Measurement of Tropospheric Water

This article presents the first detailed description of the innovative measurement setup of an indoor tropospheric microwave radiometer [TROpospheric WAter RAdiometer (TROWARA)] that avoids water films on radome. We discuss the performance of a commercial outdoor microwave radiometer [Humidity And Temperature PROfiler radiometer (HATPRO)] for measuring tropospheric water parameters in Bern, Switzerland. The HATPRO is less than 20 m from the TROWARA and has different instrument characteristics. Brightness temperatures measured by HATPRO are analyzed by comparing them with coincident measurements from TROWARA and Radiative Transfer Simulations based on the [European Centre for Medium-Range Weather Forecasts (ECMWF)] operational analysis data (denoted as RTSE). To find the source of brightness temperature bias, a gradient boosting decision tree is used to analyze the sensitivity of eight feature factors to bias. Data processing routines of the two radiometers use different algorithms to retrieve integrated water vapor (IWV) and integrated cloud liquid water (ILW), whereas the same physical algorithms based on the radiative transfer equation are applied to obtain the opacity and rain rate. Using 62 days of data with varied weather conditions, it was found that TROWARA brightness temperatures are in good agreement with RTSE. HATPRO brightness temperatures are significantly overestimated by about 5 K at 22 GHz, compared to TROWARA and RTSE. HATPRO brightness temperatures at 31 GHz agree well with TROWARA and RTSE (within about ±1 K). The overestimated brightness temperatures in the K-band and the HATPRO retrieval algorithm lead to an overestimation of IWV and ILW by HATPRO. The opacities at 31 GHz match very well for TROWARA and HATPRO during no rain with a verified R2of 0.96. However, liquid water floating or remaining water films on the radome of the outdoor HATPRO radiometer induce an overestimation of the rain rate. The physical reason for the overestimated 22-GHz brightness temperatures of the HATPRO is mainly the result of the combined effect of instrument calibration, the surrounding environment of the instrument, and the Sun elevation angle. This can be a problem with the Generation 2 HATPRO radiometer and this problem was resolved in the Generation 5 HATPRO radiometer

Validation of aerosol backscatter profiles from Raman lidar and ceilometer using balloon-borne measurements

Remote-sensing measurements by light detection and ranging (lidar) instruments are fundamental for the monitoring of altitude-resolved aerosol optical properties. Here we validate vertical profiles of aerosol backscatter coefficient ( aer) measured by two independent lidar systems using co-located balloon-borne measurements performed by Compact Optical Backscatter Aerosol Detector (COBALD) sondes. COBALD provides high-precision in situ measurements of aer at two wavelengths (455 and 940 nm). The two analyzed lidar systems are the research Raman Lidar for Meteorological Observations (RALMO) and the commercial CHM15K ceilometer (Lufft, Germany). We consider in total 17 RALMO and 31 CHM15K profiles, colocated with simultaneous COBALD soundings performed throughout the years 2014–2019 at the MeteoSwiss observatory of Payerne (Switzerland). The RALMO (355 nm) and CHM15K (1064 nm) measurements are converted to 455 and 940 nm, respectively, using the Ångström exponent profiles retrieved from COBALD data. To account for the different receiver field-of-view (FOV) angles between the two lidars (0.01–0.02 ) and COBALD (6 ), we derive a custom-made correction using Mie-theory scattering simulations. Our analysis shows that both lidar instruments achieve on average a good agreement with COBALD measurements in the boundary layer and free troposphere, up to 6 km altitude. For medium-high-aerosol-content measurements at altitudes below 3 km, the mean standard deviation difference in aer calculated from all considered soundings is -2% 37%(-0:018 0.237Mm-1 sr-1 at 455 nm) for RALMO-COBALD and C5% 43% (C0.009 0.185Mm-1 sr-1 at 940 mm) for CHM15K- COBALD. Above 3 km altitude, absolute deviations generally decrease, while relative deviations increase due to the prevalence of air masses with low aerosol content. Uncertainties related to the FOV correction and spatial- and temporalvariability effects (associated with the balloon’s drift with altitude and different integration times) contribute to the large standard deviations observed at low altitudes. The lack of information on the aerosol size distribution and the high atmospheric variability prevent an accurate quantification of these effects. Nevertheless, the excellent agreement observed in individual profiles, including fine and complex structures in the aer vertical distribution, shows that under optimal conditions, the discrepancies with the in situ measurements are typically comparable to the estimated statistical uncertainties in the remote-sensing measurements. Therefore, we conclude that aer profiles measured by the RALMO and CHM15K lidar systems are in good agreement with in situ measurements by COBALD sondes up to 6 km altitude.Swiss National Science Foundation (SNSF) European Commission PZ00P2 168114 200021_159950/

Prospective intraindividual comparison between respiratory-triggered balanced steady-state free precession and breath-hold gradient-echo and time-of-flight magnetic resonance imaging for assessment of portal and hepatic veins

The purpose of this study was to compare respiratory-triggered balanced steady-state free precession (bSSFP) with breath-hold contrast-enhanced dynamic two-dimensional (2D) gradient-echo (GRE) and time-of-flight (TOF) magnetic resonance imaging (MRI) for portal and hepatic vein visualization and assessment of portal and hepatic venous variants. Sixty patients with liver disease underwent nonenhanced bSSFP and contrast-enhanced GRE, bSSFP, and TOF imaging. Contrast-to-noise ratios (CNRs) for portal and hepatic veins were measured. Two readers rated the quality of portal and hepatic vein visualization on a 5-point Likert scale. The diagnostic performance of each MRI series in the detection of portal and hepatic venous variants was assessed in 40/60 patients who also underwent contrast-enhanced multidetector-row computed tomography (MDCT). CNRs for portal and hepatic veins were highest on contrast-enhanced bSSFP images. Image quality of portal and hepatic veins was rated higher for nonenhanced bSSFP than for contrast-enhanced GRE (p<0.03) and TOF (p<0.003) and higher for contrast-enhanced than for nonenhanced bSSFP (p<0.003). Compared with MDCT, portal and hepatic venous variants were identified with an accuracy of 99% on bSSFP images, with an excellent interobserver agreement (κ=0.97). Compared with MDCT, presence of surgically important portal and hepatic venous anatomical variants can be predicted with high accuracy on bSSFP image

Characterization of aerosol hygroscopicity using Raman lidar measurements at the EARLINET station of Payerne

This study focuses on the analysis of aerosol hygroscopicity using remote sensing techniques. Continuous observations of aerosol backscatter coefficient (ßaer), temperature (T) and water vapor mixing ratio (r) have been performed by means of a Raman lidar system at the aerological station of MeteoSwiss at Payerne (Switzerland) since 2008. These measurements allow us to monitor in a continuous way any change in aerosol properties as a function of the relative humidity (RH). These changes can be observed either in time at a constant altitude or in altitude at a constant time. The accuracy and precision of RH measurements from the lidar have been evaluated using the radiosonde (RS) technique as a reference. A total of 172 RS profiles were used in this intercomparison, which revealed a bias smaller than 4¿%¿RH and a standard deviation smaller than 10¿%¿RH between both techniques in the whole (in lower) troposphere at nighttime (at daytime), indicating the good performance of the lidar for characterizing RH. A methodology to identify situations favorable to studying aerosol hygroscopicity has been established, and the aerosol hygroscopicity has been characterized by means of the backscatter enhancement factor (fß). Two case studies, corresponding to different types of aerosol, are used to illustrate the potential of this methodology. The first case corresponds to a mixture of rural aerosol and smoke particles (smoke mixture), which showed a higher hygroscopicity (f355ß=2.8 and f1064ß=1.8 in the RH range 73¿%–97¿%) than the second case, in which mineral dust was present (f355ß=1.2 and f1064ß=1.1in the RH range 68¿%–84¿%). The higher sensitivity of the shortest wavelength to hygroscopic growth was qualitatively reproduced using Mie simulations. In addition, a good agreement was found between the hygroscopic analysis done in the vertical and in time for Case I, where the latter also allowed us to observe the hydration and dehydration of the smoke mixture. Finally, the impact of aerosol hygroscopicity on the Earth's radiative balance has been evaluated using the GAME (Global Atmospheric Model) radiative transfer model. The model showed an impact with an increase in absolute value of 2.4¿W¿m-2 at the surface with respect to the dry conditions for the hygroscopic layer of Case I (smoke mixture).Peer ReviewedPostprint (published version

Tailored algorithms for the detection of the atmospheric boundary layer height from common automatic lidars and ceilometers (ALC)

A detailed understanding of atmospheric boundary layer (ABL) processes is key to improve forecasting of pollution dispersion and cloud dynamics in the context of future climate scenarios. International networks of automatic lidars and ceilometers (ALC) are gathering valuable data that allow for the height of the ABL and its sublayers to be derived in near real time. A new generation of advanced methods to automatically detect the ABL heights now exist. However, diversity in ALC models means these algorithms need to be tailored to instrument-specific capabilities. Here, the advanced algorithm STRATfinder is presented for application to high signal-to-noise ratio (SNR) ALC observations, and results are compared to an automatic algorithm designed for low-SNR measurements (CABAM). The two algorithms are evaluated for application in an operational network setting. Results indicate that the ABL heights derived from low-SNR ALC have increased uncertainty during daytime deep convection, while high-SNR observations can have slightly reduced capabilities in detecting shallow nocturnal layers. Agreement between the ALC-based methods is similar when either is compared to the ABL heights derived from temperature profile data. The two independent methods describe very similar average diurnal and seasonal variations. Hence, high-quality products of ABL heights may soon become possible at national and continental scales