Optimal client recommendation for market makers in illiquid financial products

The process of liquidity provision in financial markets can result in prolonged exposure to illiquid instruments for market makers. In this case, where a proprietary position is not desired, pro-actively targeting the right client who is likely to be interested can be an effective means to offset this position, rather than relying on commensurate interest arising through natural demand. In this paper, we consider the inference of a client profile for the purpose of corporate bond recommendation, based on typical recorded information available to the market maker. Given a historical record of corporate bond transactions and bond meta-data, we use a topic-modelling analogy to develop a probabilistic technique for compiling a curated list of client recommendations for a particular bond that needs to be traded, ranked by probability of interest. We show that a model based on Latent Dirichlet Allocation offers promising performance to deliver relevant recommendations for sales traders.Comment: 12 pages, 3 figures, 1 tabl

Development of lung tissue phantoms for bioluminescent imaging

White nylon material was chosen to make cylindrical tissue phantoms for development of bioluminescence tomography techniques. A low-level light source, delivered through an optic fiber of core diameter 200 μm, was placed at different locations on one phantom surface. The light travels through the phantom, reaches the external surface, and is captured by a liquid nitrogen-cooled CCD camera. The scattering, absorption, and anisotropy parameters of the phantom are obtained by matching the measured light transmission profiles to the profiles generated by the TracePro software. The perturbation analysis, with the homogeneous phantoms, demonstrated that the imaging system is sufficiently sensitive to capture intensity change of higher than 0.5nW/cm2 or a location shift of the light source of more than 200 microns. It is observed that the system can distinguish two point light sources with separation of about 2 mm. The perturbation analysis is also performed with the heterogeneous phantom. Based on our data, we conclude that there is inherent tomographic information in bioluminescent measures taken on the external surface of the mouse, which suggests the feasibility of bioluminescence tomography for biomedical research using the small animals, especially the mice

In vivo tomographic imaging based on bioluminescence

The most important task for bioluminescence imaging is to identify the emission source from the captured bioluminescent signal on the surface of a small tested animal. Quantitative information on the source location, geometry and intensity serves for in-vivo monitoring of infectious diseases, tumor growth, metastases in the small animal. In this paper, we present a point-spread function-based method for reconstructing the internal bioluminescent source from the surface light output flux signal. The method is evaluated for sensing the internal emission sources in nylon phantoms and within a live mouse. The surface bioluminescent signal is taken with a highly sensitive CCD camera. The results show the feasibility and efficiency of the proposed point-spread function-based method

Circulating microRNAs Reveal Time Course of Organ Injury in a Porcine Model of Acetaminophen-Induced Acute Liver Failure

Acute liver failure is a rare but catastrophic condition which can progress rapidly to multi-organ failure. Studies investigating the onset of individual organ injury such as the liver, kidneys and brain during the evolution of acute liver failure, are lacking. MicroRNAs are short, non-coding strands of RNA that are released into the circulation following tissue injury. In this study, we have characterised the release of both global microRNA and specific microRNA species into the plasma using a porcine model of acetaminophen-induced acute liver failure. Pigs were induced to acute liver failure with oral acetaminophen over 19h±2h and death occurred 13h±3h thereafter. Global microRNA concentrations increased 4h prior to acute liver failure in plasma (P<0.0001) but not in isolated exosomes, and were associated with increasing plasma levels of the damage-associated molecular pattern molecule, genomic DNA (P<0.0001). MiR122 increased around the time of onset of acute liver failure (P<0.0001) and was associated with increasing international normalised ratio (P<0.0001). MiR192 increased 8h after acute liver failure (P<0.0001) and was associated with increasing creatinine (P<0.0001). The increase in miR124-1 occurred concurrent with the pre-terminal increase in intracranial pressure (P<0.0001) and was associated with decreasing cerebral perfusion pressure (P<0.002)

Intrachromosomal Looping Is Required for Activation of Endogenous Pluripotency Genes during Reprogramming

SummaryGeneration of induced pluripotent stem cells (iPSCs) by defined factors is an extremely inefficient process, because there is a strong epigenetic block preventing cells from achieving pluripotency. Here we report that virally expressed factors bound to the promoters of their target genes to the same extent in both iPSCs and unreprogrammed cells (URCs). However, expression of endogenous pluripotentcy genes was observed only in iPSCs. Comparison of local chromatin structure of the OCT4 locus revealed that there was a cohesin-complex-mediated intrachromosomal loop that juxtaposes a downstream enhancer to the gene’s promoter, enabling activation of endogenous stemness genes. None of these long-range interactions were observed in URCs. Knockdown of the cohesin-complex gene SMC1 by RNAi abolished the intrachromosomal interaction and affected pluripotency. These findings highlight the importance of the SMC1-orchestrated intrachromosomal loop as a critical epigenetic barrier to the induction of pluripotency

Big data and data repurposing – using existing data to answer new questions in vascular dementia research

Introduction: Traditional approaches to clinical research have, as yet, failed to provide effective treatments for vascular dementia (VaD). Novel approaches to collation and synthesis of data may allow for time and cost efficient hypothesis generating and testing. These approaches may have particular utility in helping us understand and treat a complex condition such as VaD. Methods: We present an overview of new uses for existing data to progress VaD research. The overview is the result of consultation with various stakeholders, focused literature review and learning from the group’s experience of successful approaches to data repurposing. In particular, we benefitted from the expert discussion and input of delegates at the 9th International Congress on Vascular Dementia (Ljubljana, 16-18th October 2015). Results: We agreed on key areas that could be of relevance to VaD research: systematic review of existing studies; individual patient level analyses of existing trials and cohorts and linking electronic health record data to other datasets. We illustrated each theme with a case-study of an existing project that has utilised this approach. Conclusions: There are many opportunities for the VaD research community to make better use of existing data. The volume of potentially available data is increasing and the opportunities for using these resources to progress the VaD research agenda are exciting. Of course, these approaches come with inherent limitations and biases, as bigger datasets are not necessarily better datasets and maintaining rigour and critical analysis will be key to optimising data use

Puddle formation, persistent gaps, and non-mean-field breakdown of superconductivity in overdoped (Pb,Bi)2Sr2CuO6+{\delta}

The cuprate high-temperature superconductors exhibit many unexplained electronic phases, but it was often thought that the superconductivity at sufficiently high doping is governed by conventional mean-field Bardeen-Cooper-Schrieffer (BCS) theory[1]. However, recent measurements show that the number of paired electrons (the superfluid density) vanishes when the transition temperature Tc goes to zero[2], in contradiction to expectation from BCS theory. The origin of this anomalous vanishing is unknown. Our scanning tunneling spectroscopy measurements in the overdoped regime of the (Pb,Bi)2Sr2CuO6+{\delta} high-temperature superconductor show that it is due to the emergence of puddled superconductivity, featuring nanoscale superconducting islands in a metallic matrix[3,4]. Our measurements further reveal that this puddling is driven by gap filling, while the gap itself persists beyond the breakdown of superconductivity. The important implication is that it is not a diminishing pairing interaction that causes the breakdown of superconductivity. Unexpectedly, the measured gap-to-filling correlation also reveals that pair-breaking by disorder does not play a dominant role and that the mechanism of superconductivity in overdoped cuprate superconductors is qualitatively different from conventional mean-field theory

Development of lung tissue phantoms for bioluminescent imaging

White nylon material was chosen to make cylindrical tissue phantoms for development of bioluminescence tomography techniques. A low-level light source, delivered through an optic fiber of core diameter 200 μm, was placed at different locations on one phantom surface. The light travels through the phantom, reaches the external surface, and is captured by a liquid nitrogen-cooled CCD camera. The scattering, absorption, and anisotropy parameters of the phantom are obtained by matching the measured light transmission profiles to the profiles generated by the TracePro software. The perturbation analysis, with the homogeneous phantoms, demonstrated that the imaging system is sufficiently sensitive to capture intensity change of higher than 0.5nW/cm2 or a location shift of the light source of more than 200 microns. It is observed that the system can distinguish two point light sources with separation of about 2 mm. The perturbation analysis is also performed with the heterogeneous phantom. Based on our data, we conclude that there is inherent tomographic information in bioluminescent measures taken on the external surface of the mouse, which suggests the feasibility of bioluminescence tomography for biomedical research using the small animals, especially the mice

Cerebral activations related to ballistic, stepwise interrupted and gradually modulated movements in parkinson patients

Patients with Parkinson's disease (PD) experience impaired initiation and inhibition of movements such as difficulty to start/stop walking. At single-joint level this is accompanied by reduced inhibition of antagonist muscle activity. While normal basal ganglia (BG) contributions to motor control include selecting appropriate muscles by inhibiting others, it is unclear how PD-related changes in BG function cause impaired movement initiation and inhibition at single-joint level. To further elucidate these changes we studied 4 right-hand movement tasks with fMRI, by dissociating activations related to abrupt movement initiation, inhibition and gradual movement modulation. Initiation and inhibition were inferred from ballistic and stepwise interrupted movement, respectively, while smooth wrist circumduction enabled the assessment of gradually modulated movement. Task-related activations were compared between PD patients (N = 12) and healthy subjects (N = 18). In healthy subjects, movement initiation was characterized by antero-ventral striatum, substantia nigra (SN) and premotor activations while inhibition was dominated by subthalamic nucleus (STN) and pallidal activations, in line with the known role of these areas in simple movement. Gradual movement mainly involved antero-dorsal putamen and pallidum. Compared to healthy subjects, patients showed reduced striatal/SN and increased pallidal activation for initiation, whereas for inhibition STN activation was reduced and striatal-thalamo-cortical activation increased. For gradual movement patients showed reduced pallidal and increased thalamo-cortical activation. We conclude that PD-related changes during movement initiation fit the (rather static) model of alterations in direct and indirect BG pathways. Reduced STN activation and regional cortical increased activation in PD during inhibition and gradual movement modulation are better explained by a dynamic model that also takes into account enhanced responsiveness to external stimuli in this disease and the effects of hyper-fluctuating cortical inputs to the striatum and STN in particular

Neoproterozoic to Paleozoic long-lived accretionary orogeny in the northern Tarim Craton

The Tarim Craton, located in the center of Asia, was involved in the assembly and breakup of the Rodinia supercontinent during the Neoproterozoic and the subduction-accretion of the Central Asian Orogenic Belt (CAOB) during the Paleozoic. However, its tectonic evolution during these events is controversial, and a link between the Neoproterozoic and Paleozoic tectonic processes is missing. Here we present zircon U-Pb ages, Hf isotopes, and whole-rock geochemical data for the extensive granitoids in the western Kuruktag area, northeastern Tarim Craton. Three distinct periods of granitoid magmatism are evident: circa 830–820 Ma, 660–630 Ma, and 420–400 Ma. The magma sources, melting conditions (pressure, temperature, and water availability), and tectonic settings of various granitoids from each period are determined. Based on our results and the geological, geochronological, geochemical, and isotopic data from adjacent areas, a long-lived accretionary orogenic model is proposed. This model involves an early phase (circa 950–780 Ma) of southward advancing accretion from the Tianshan to northern Tarim and a late phase (circa 780–600 Ma) of northward retreating accretion, followed by back-arc opening and subsequent bidirectional subduction (circa 460–400 Ma) of a composite back-arc basin (i.e., the South Tianshan Ocean). Our model highlights a long-lived accretionary history of the southwestern CAOB, which may have initiated as part of the circum-Rodinia subduction zone and was comparable with events occurring at the southern margin of the Siberian Craton, thus challenging the traditional southward migrating accretionary models for the CAOB