Dangerous Territoriality of American Securities Law: A Proposal for an Integrated Global Securities Market, The

Market participants, academicians, and governmental officials debated how the United States government should structure multiple securities exchanges for several years before Congress mandated the establishment of the National Market System in the 1975 Amendments to the Securities Exchange Act of 1934. During the intervening twenty-five years, recurring issues concerning the transparency, fragmentation, and fairness of the National Market System have remained unresolved. Recently, the globalization of securities markets and the development of Internet technology that permits cost-effective transnational securities trades and markets have exacerbated these issues. In fact, Internet technology makes the development of an integrated global securities market not only feasible, but optimal. This essay reviews the SEC\u27s approach to the National Market System with an emphasis on developments since the advent of the Cyber-age. The review shows that, despite technological developments that have propelled markets towards globalization, the SEC has taken a distinctly territorial approach in creating a safe harborf rom registrationf or foreign stock ex-changes that utilize the Internet. At present, the SEC is considering the conditions under which such a foreign exchange must register. This essay argues that the SEC should focus more on the systems architecture offoreign securities exchanges and less on its present territorial approach. While maintaining the National Market System and the existing safe harbor, this essay argues that market participants should apply for, and the SEC should consider, granting registration to an Internet-based securities market. The SEC should not base this grant of registration upon the geographic locus of the exchange, or of its members or issuers. Rather, the SEC should grant the registration upon a showing that the exchange\u27s systems architecturefu rthers the objectives of thef ederal securities laws. The proposed integrated global securities market ( IGSM ) would serve as a SRO/exchange that would accept listings from an issuer as long as the issuer meets the disclosure requirements of its home jurisdiction. An issuer listed on the IGSM could not be traded on another exchange, unless that exchange participated in the price/time priority order book of the IGSM. This condition would resolve many of the difficulties that have plagued the National Market System. The IGSM proposal takes account of considerations of regulatory competition because: (1) the price of an issuer\u27s shares traded on the IGSM would reflect the issuer\u27s home country standard of disclosure; (2) the IGSM would compete for listings against other exchanges with higher or lower mandatory levels of disclosure, including those in the National Market System; and (3) the IGSM prevents the listing of an issuer from a strict regulatory regime being traded on an exchange from a lax regulatory regime, i.e., regulatory free-ridin

Dangerous Territoriality of American Securities Law: A Proposal for an Integrated Global Securities Market, The

Market participants, academicians, and governmental officials debated how the United States government should structure multiple securities exchanges for several years before Congress mandated the establishment of the National Market System in the 1975 Amendments to the Securities Exchange Act of 1934. During the intervening twenty-five years, recurring issues concerning the transparency, fragmentation, and fairness of the National Market System have remained unresolved. Recently, the globalization of securities markets and the development of Internet technology that permits cost-effective transnational securities trades and markets have exacerbated these issues. In fact, Internet technology makes the development of an integrated global securities market not only feasible, but optimal. This essay reviews the SEC\u27s approach to the National Market System with an emphasis on developments since the advent of the Cyber-age. The review shows that, despite technological developments that have propelled markets towards globalization, the SEC has taken a distinctly territorial approach in creating a safe harborf rom registrationf or foreign stock ex-changes that utilize the Internet. At present, the SEC is considering the conditions under which such a foreign exchange must register. This essay argues that the SEC should focus more on the systems architecture offoreign securities exchanges and less on its present territorial approach. While maintaining the National Market System and the existing safe harbor, this essay argues that market participants should apply for, and the SEC should consider, granting registration to an Internet-based securities market. The SEC should not base this grant of registration upon the geographic locus of the exchange, or of its members or issuers. Rather, the SEC should grant the registration upon a showing that the exchange\u27s systems architecturefu rthers the objectives of thef ederal securities laws. The proposed integrated global securities market ( IGSM ) would serve as a SRO/exchange that would accept listings from an issuer as long as the issuer meets the disclosure requirements of its home jurisdiction. An issuer listed on the IGSM could not be traded on another exchange, unless that exchange participated in the price/time priority order book of the IGSM. This condition would resolve many of the difficulties that have plagued the National Market System. The IGSM proposal takes account of considerations of regulatory competition because: (1) the price of an issuer\u27s shares traded on the IGSM would reflect the issuer\u27s home country standard of disclosure; (2) the IGSM would compete for listings against other exchanges with higher or lower mandatory levels of disclosure, including those in the National Market System; and (3) the IGSM prevents the listing of an issuer from a strict regulatory regime being traded on an exchange from a lax regulatory regime, i.e., regulatory free-ridin

Dissipation in the superconducting state of kappa-(BEDT-TTF)2Cu(NCS)2

We have studied the interlayer resistivity of the prototypical quasi-two-dimensional organic superconductor $\kappa$-(BEDT-TTF)$_2$Cu(NCS)$_2$ as a function of temperature, current and magnetic field, within the superconducting state. We find a region of non-zero resistivity whose properties are strongly dependent on magnetic field and current density. There is a crossover to non-Ohmic conduction below a temperature that coincides with the 2D vortex solid -- vortex liquid transition. We interpret the behaviour in terms of a model of current- and thermally-driven phase slips caused by the diffusive motion of the pancake vortices which are weakly-coupled in adjacent layers, giving rise to a finite interlayer resistance.Comment: Four pages, three figure

Peanut oral immunotherapy transiently expands circulating Ara h 2–specific B cells with a homologous repertoire in unrelated subjects

Background Peanut oral immunotherapy (PNOIT) induces persistent tolerance to peanut in a subset of patients and induces specific antibodies that might play a role in clinical protection. However, the contribution of induced antibody clones to clinical tolerance in PNOIT is unknown. Objective We hypothesized that PNOIT induces a clonal, allergen-specific B-cell response that could serve as a surrogate for clinical outcomes. Methods We used a fluorescent Ara h 2 multimer for affinity selection of Ara h 2–specific B cells and subsequent single-cell immunoglobulin amplification. The diversity of related clones was evaluated by means of next-generation sequencing of immunoglobulin heavy chains from circulating memory B cells with 2x250 paired-end sequencing on the Illumina MiSeq platform. Results Expression of class-switched antibodies from Ara h 2–positive cells confirms enrichment for Ara h 2 specificity. PNOIT induces an early and transient expansion of circulating Ara h 2–specific memory B cells that peaks at week 7. Ara h 2–specific sequences from memory cells have rates of nonsilent mutations consistent with affinity maturation. The repertoire of Ara h 2–specific antibodies is oligoclonal. Next-generation sequencing–based repertoire analysis of circulating memory B cells reveals evidence for convergent selection of related sequences in 3 unrelated subjects, suggesting the presence of similar Ara h 2–specific B-cell clones. Conclusions Using a novel affinity selection approach to identify antigen-specific B cells, we demonstrate that the early PNOIT-induced Ara h 2–specific B-cell receptor repertoire is oligoclonal and somatically hypermutated and shares similar clonal groups among unrelated subjects consistent with convergent selection. Key words Immunotherapy; antigen-specific B cells; peanut allergy; food allergy; antibody repertoire Abbreviations used APC, Allophycocyanin; BCR, B-cell receptor; CDR, Complementarity-determining region; NGS, Next-generation sequencing; OIT, Oral immunotherapy; PNOIT, Peanut oral immunotherapyNational Institute of Allergy and Infectious Diseases (U.S.) (NIAID U19 AI087881)National Institute of Allergy and Infectious Diseases (U.S.) (NIAID U19 AI095261)United States. National Institutes of Health (1S10RR023440-01A1)National Institute of Allergy and Infectious Diseases (U.S.) (NIAID F32 AI104182)United States. National Institutes of Health (UL1 TR001102

Theory of interlayer tunneling in bi-layer quantum Hall ferromagnets

Spielman et al. have recently observed a large zero-bias peak in the tunnel conductance of a bi-layer system in a quantum Hall ferromagnet state. We argue that disorder-induced topological defects in the pseudospin order parameter limit the peak size and destroy the predicted Josephson effect. We predict that the peak would be split and shifted by an in-plane magnetic field in a way that maps the dispersion relation of the ferromagnet's Goldstone mode. We also predict resonant structures in the DC I-V characteristic under bias by an {\em ac} electric field.Comment: 4 pages, no figures, submitted to Physical Review Letter

The Prevalence and Clinical Implications of Comorbid Back Pain in Shoulder Instability: A Multicenter Orthopaedic Outcomes Network (MOON) Shoulder Instability Cohort Study.

Background:Understanding predictors of pain is critical, as recent literature shows that comorbid back pain is an independent risk factor for worse functional and patient-reported outcomes (PROs) as well as increased opioid dependence after total joint arthroplasty. Purpose/Hypothesis:The purpose of this study was to evaluate whether comorbid back pain would be predictive of pain or self-reported instability symptoms at the time of stabilization surgery. We hypothesized that comorbid back pain will correlate with increased pain at the time of surgery as well as with worse scores on shoulder-related PRO measures. Study Design:Cross-sectional study; Level of evidence, 3. Methods:As part of the Multicenter Orthopaedic Outcomes Network (MOON) Shoulder Instability cohort, patients consented to participate in pre- and intraoperative data collection. Demographic characteristics, injury history, preoperative PRO scores, and radiologic and intraoperative findings were recorded for patients undergoing surgical shoulder stabilization. Patients were also asked, whether they had any back pain. Results:The study cohort consisted of 1001 patients (81% male; mean age, 24.1 years). Patients with comorbid back pain (158 patients; 15.8%) were significantly older (28.1 vs 23.4 years; P < .001) and were more likely to be female (25.3% vs 17.4%; P = .02) but did not differ in terms of either preoperative imaging or intraoperative findings. Patients with self-reported back pain had significantly worse preoperative pain and shoulder-related PRO scores (American Shoulder and Elbow Surgeons score, Western Ontario Shoulder Instability Index) (P < .001), more frequent depression (22.2% vs 8.3%; P < .001), poorer mental health status (worse scores for the RAND 36-Item Health Survey Mental Component Score, Iowa Quick Screen, and Personality Assessment Screener) (P < .01), and worse preoperative expectations (P < .01). Conclusion:Despite having similar physical findings, patients with comorbid back pain had more severe preoperative pain and self-reported symptoms of instability as well as more frequent depression and lower mental health scores. The combination of disproportionate shoulder pain, comorbid back pain and mental health conditions, and inferior preoperative expectations may affect not only the patient's preoperative state but also postoperative pain control and/or postoperative outcomes

Critical Behaviour of Superfluid 4^4He in Aerogel

We report on Monte Carlo studies of the critical behaviour of superfluid $^4$He in the presence of quenched disorder with long-range fractal correlations. According to the heuristic argument by Harris, uncorrelated disorder is irrelevant when the specific heat critical exponent $\alpha$ is negative, which is the case for the pure $^4$He. However, experiments on helium in aerogel have shown that the superfluid density critical exponent $\zeta$ changes. We hypothesize that this is a cross-over effect due to the fractal nature of aerogel. Modelling the aerogel as an incipient percolating cluster in 3D and weakening the bonds at the fractal sites, we perform XY-model simulations, which demonstrate an increase in $\zeta$ from $0.67 \pm 0.005$ for the pure case to an apparent value of $0.722\pm 0.005$ in the presence of the fractal disorder, provided that the helium correlation length does not exceed the fractal correlation length.Comment: 4 pages, RevTex, 3 postscript figures, LaTeX file and figures have been uuencoded

Discourse or dialogue? Habermas, the Bakhtin Circle, and the question of concrete utterances

This is the author's accepted manuscript. The final publication is available at Springer via the link below.This article argues that the Bakhtin Circle presents a more realistic theory of concrete dialogue than the theory of discourse elaborated by Habermas. The Bakhtin Circle places speech within the “concrete whole utterance” and by this phrase they mean that the study of everyday language should be analyzed through the mediations of historical social systems such as capitalism. These mediations are also characterized by a determinate set of contradictions—the capital-labor contradiction in capitalism, for example—that are reproduced in unique ways in more concrete forms of life (the state, education, religion, culture, and so on). Utterances always dialectically refract these processes and as such are internal concrete moments, or concrete social forms, of them. Moreover, new and unrepeatable dialogic events arise in these concrete social forms in order to overcome and understand the constant dialectical flux of social life. But this theory of dialogue is different from that expounded by Habermas, who tends to explore speech acts by reproducing a dualism between repeatable and universal “abstract” discursive processes (commonly known as the ideal speech situation) and empirical uses of discourse. These critical points against Habermas are developed by focusing on six main areas: sentences and utterances; the lifeworld and background language; active versus passive understandings of language; validity claims; obligation and relevance in language; and dialectical universalism