Estimating liquidity risk using the exposure-based cash-flow-at-risk approach: an application to the UK banking sector

This paper uses a relatively new quantitative model for estimating UK banks' liquidity risk. The model is called the exposure-based cash-flow-at-risk (CFaR) model, which not only measures a bank's liquidity risk tolerance but also helps to improve liquidity risk management through the provision of additional risk exposure information. Using data for the period 1997–2010, we provide evidence that there is variable funding pressure across the UK banking industry, which is forecasted to be slightly illiquid with a small amount of expected cash outflow (i.e. £0.06 billion) in 2011. In our sample of the six biggest UK banks, only the HSBC maintains positive CFaR with 95% confidence, which means that there is only a 5% chance that HSBC's cash flow will drop below £0.67 billion by the end of 2011. RBS is expected to face the largest liquidity risk with a 5% chance that the bank will face a cash outflow that year in excess of £40.29 billion. Our estimates also suggest Lloyds TSB's cash flow is the most volatile of the six biggest UK banks, because it has the biggest deviation between its downside cash flow (i.e. CFaR) and expected cash flow

Fighting forms of expression

Even though Key (2016) has done a very thorough job of assembling evidence showing that fish are unlikely to have the neurological capacity to be conscious and feel pain, there will still be a significant number of behavioural biologists who want to continue maintaining that fish do have consciousness and suffer from pain. In this commentary the reasons for people resisting the conclusions of the evidence are discussed. The reasons revolve around three aspects of the debate: the overblown respect humans have for the powers of consciousness in our day-to-day behaviour, the often used assumption that the possession of complex behaviour must mean that an animal is conscious, and by the misapplication of words such as ‘pain.

Trade of live brooders of the black tiger shrimp, Penaeus Monodon Fabricius 1978, at Visakhapatnam, Andhra Pradesh

The demand for brooders of Penaeus monodon by the hatcheries, which are solely dependant on wild brooders for their seed production, has resulted in a vigorous fishery and trade for this species, especially along the Visakhapatnam coast. More than three hundred brooders are brought in per day for trading during the peak landing season from December to March every year. The price of gravid brooders has been declining over the years but on an average is about Rs. 30,000 per brooder. The total length of male brooders ranged from 190 to 246 mm during the three years under study and for females it varied between 210 and 330 mm. A specialized methodology for transportation, storage and trade of P. monodon brooders has been evolved over the years at Visakhapatnam Fishing Harbour. Concentrated exploitation of brooders from the wild and presence of pathogens in them makes a strong case for development of specific pathogen free brooders and conservation of wild stock

Hexagons, Kinks and Disorder in Oscillated Granular Layers

Experiments on vertically oscillated granular layers in an evacuated container reveal a sequence of well-defined pattern bifurcations as the container acceleration is increased. Period doublings of the layer center of mass motion and a parametric wave instability interact to produce hexagons and more complicated patterns composed of distinct spatial domains of different relative phase separated by kinks (phase discontinuities). Above a critical acceleration, the layer becomes disordered in both space and time.Comment: 4 pages. The RevTeX file has a macro allowing various styles. The appropriate style is "myprint" which is the defaul

The atypical chemokine receptor Ackr2 constrains NK cell migratory activity and promotes metastasis

Chemokines have been shown to be essential players in a range of cancer contexts. In this study, we demonstrate that mice deficient in the atypical chemokine receptor Ackr2 display impaired development of metastasis in vivo in both cell line and spontaneous models. Further analysis reveals that this relates to increased expression of the chemokine receptor CCR2, specifically by KLRG1+ NK cells from the Ackr2−/− mice. This leads to increased recruitment of KLRG1+ NK cells to CCL2-expressing tumors and enhanced tumor killing. Together, these data indicate that Ackr2 limits the expression of CCR2 on NK cells and restricts their tumoricidal activity. Our data have important implications for our understanding of the roles for chemokines in the metastatic process and highlight Ackr2 and CCR2 as potentially manipulable therapeutic targets in metastasis

Efficient Algorithm on a Non-staggered Mesh for Simulating Rayleigh-Benard Convection in a Box

An efficient semi-implicit second-order-accurate finite-difference method is described for studying incompressible Rayleigh-Benard convection in a box, with sidewalls that are periodic, thermally insulated, or thermally conducting. Operator-splitting and a projection method reduce the algorithm at each time step to the solution of four Helmholtz equations and one Poisson equation, and these are are solved by fast direct methods. The method is numerically stable even though all field values are placed on a single non-staggered mesh commensurate with the boundaries. The efficiency and accuracy of the method are characterized for several representative convection problems.Comment: REVTeX, 30 pages, 5 figure