The launch of HUFONIA and the related international experience of overnight indexed swap (OIS) markets

In relation to the October 2010 launch of the HUFONIA Swap Index, we discuss the most important characteristics of the overnight indexed swap (OIS) market, one of the fastest-growing segments of advanced money markets. OIS contracts allow for the cost-effective management of short-term interest rate risks while also facilitating profitable investment strategies to foresee the central bank's interest rate decisions, which, according to international experience, have greatly contributed to their popularity. A further benefit of OIS contracts is that partners’ credit risk and counterparty limits only play a minor role in their pricing. Looking at the underlying motives of central banks in market development, empirical analyses show that OIS markets can provide one of the most accurate indicators of short-term interest rate expectations, and could furnish additional information in the preparation and evaluation of monetary policy decisions. In conjunction, the financial crisis brought attention to the significance of the so-called LIBOR-OIS spread, an indicator also suitable for assessing the solvency of the banking system. The essential conditions of market development, such as the availability of a reliable reference rate and the presence of foreign market makers, are ensured in Hungary. However, due to the limited market size the fixed costs of market development are somewhat higher than in major currency areas. Nearly half of market makers have prepared their trading and accounting systems for transactions until 2011 Q2. Market activity could be driven by strategies aimed at mitigating or converting banks’ exposure to interest rate risks in the future.OIS, overnight indexed swap, HUFONIA, libor-ois spread, interest rate risk, policy rate expectations, market building.

Digitális jegybankpénz: a monetáris politika új eszköze

A digitális jegybankpénz (DJBP) felhasználók széles köre számára elérhető, digitális, rugalmasan alakítható, potenciálisan kamatozó, jegybankra szóló pénzügyi követelés. Az új eszközt számos országban kutatják, és motivációi között a pénzügyi rendszerek elérésének szélesítése mellett a készpénz digitalizált formájának megteremtése és monetáris politikai motívumok is meghúzódnak. Egy kamatozó digitális jegybankpénz közvetlenné tehetné a jegybank kamattranszmisszióját, aminek segítségével javulhat a monetáris politika hatékonysága. Továbbá erősödhet segítségével a bankok között kialakuló verseny, valamint a pénzügyi innovációk elterjedését is támogathatja. A vele kapcsolatban felmerülő kockázatokat – mint a pénzügyi közvetítés sérülése – az eszköz bevezetésének köszönhetően emelkedő kamatok hatására bővülő bankbetétállomány, valamint az eszköz mennyiségét korlátozó limitek ellensúlyozhatják. A kamatozó digitális jegybankpénz célzott monetáris politikát tehet lehetővé, valamint a közvetlenül érvényesülő kamatkondíciók a monetáris transzmisszió hatékonyságát is növelhetik

Central Bank Digital Currency: A New Instrument of Monetary Poliy

Central bank digital currency is a claim on the central bank, which is accessible by a wide range of customers, digital, flexible and potentially interest-bearing. The new asset is being researched in many countries, and widening the accessibility of financial services, creating the digitalized form of cash with monetary policy considerations being among its motivations. An interest-bearing central bank digital currency could make the central bank’s monetary transmission direct, which could improve the efficiency of monetary policy. Furthermore, the asset could help to strengthen competition among banks and could support the spread of financial innovations. Risks related to the instrument, such as disintermediation, can be counterbalanced by the increasing deposit volumes due to higher interest rates after the introduction of the instrument, and by limits set on the maximum holdings of the asset. An interest-bearing central bank digital currency can make targeted monetary policy possible, furthermore, the direct transmission of interest rates could enhance the efficiency of monetary transmission

Selective expression of a sodium pump isozyme by cough receptors and evidence for its essential role in regulating cough

We have identified a distinct subtype of airway vagal afferent nerve that plays an essential role in regulating the cough reflex. These afferents are exquisitely sensitive to punctate mechanical stimuli, acid, and decreases in extracellular chloride concentrations, but are insensitive to capsaicin, bradykinin, histamine, adenosine, serotonin, or changes in airway intraluminal pressures. In this study we used intravital imaging, retrograde neuronal tracing, and electrophysiological analyses to characterize the structural basis for their peculiar mechanical sensitivity and to further characterize the regulation of their excitability. In completing these experiments, we uncovered evidence for an essential role of an isozyme of Na(+)-K(+) ATPase in regulating cough. These vagal sensory neurons arise bilaterally from the nodose ganglia and are selectively and brilliantly stained intravitally with the styryl dye FM2-10. Cough receptor terminations are confined and adherent to the extracellular matrix separating the airway epithelium and smooth muscle layers, a site of extensive remodeling in asthma and chronic obstructive pulmonary disease. The cough receptor terminals uniquely express the alpha(3) subunit of Na(+)-K(+) ATPase. Intravital staining of cough receptors by FM2-10, cough receptor excitability in vitro, and coughing in vivo are potently and selectively inhibited by the sodium pump inhibitor ouabain. These data provide the first detailed morphological description of the peripheral terminals of the sensory nerves regulating cough and identify a selective molecular target for their modulation

Down-phase auditory stimulation is not able to counteract pharmacologically or physiologically increased sleep depth in traumatic brain injury rats

Modulation of slow-wave activity, either via pharmacological sleep induction by administering sodium oxybate or sleep restriction followed by a strong dissipation of sleep pressure, has been associated with preserved posttraumatic cognition and reduced diffuse axonal injury in traumatic brain injury rats. Although these classical strategies provided promising preclinical results, they lacked the specificity and/or translatability needed to move forward into clinical applications. Therefore, we recently developed and implemented a rodent auditory stimulation method that is a scalable, less invasive and clinically meaningful approach to modulate slow-wave activity by targeting a particular phase of slow waves. Here, we assessed the feasibility of down-phase targeted auditory stimulation of slow waves and evaluated its comparative modulatory strength in relation to the previously employed slow-wave activity modulators in our rat model of traumatic brain injury. Our results indicate that, in spite of effectively reducing slow-wave activity in both healthy and traumatic brain injury rats via down-phase targeted stimulation, this method was not sufficiently strong to counteract the boost in slow-wave activity associated with classical modulators, nor to alter concomitant posttraumatic outcomes. Therefore, the usefulness and effectiveness of auditory stimulation as potential standalone therapeutic strategy in the context of traumatic brain injury warrants further exploration

Sensory Neuron-Specific GPCR Mrgprs Are Itch Receptors Mediating Chloroquine-Induced Pruritus

The cellular and molecular mechanisms mediating histamine-independent itch in primary sensory neurons are largely unknown. Itch induced by chloroquine (CQ) is a common side effect of this widely used antimalarial drug. Here, we show that Mrgprs, a family of G protein-coupled receptors expressed exclusively in peripheral sensory neurons, function as itch receptors. Mice lacking a cluster of Mrgpr genes display significant deficits in itch induced by CQ but not histamine. CQ directly excites sensory neurons in an Mrgpr-dependent manner. CQ specifically activates mouse MrgprA3 and human MrgprX1. Loss- and gain-of-function studies demonstrate that MrgprA3 is required for CQ responsiveness in mice. Furthermore, MrgprA3-expressing neurons respond to histamine and coexpress gastrin-releasing peptide, a peptide involved in itch sensation, and MrgprC11. Activation of these neurons with the MrgprC11-specific agonist BAM8-22 induces itch in wild-type but not mutant mice. Therefore, Mrgprs may provide molecular access to itch-selective neurons and constitute novel targets for itch therapeutics

Expression of taste receptors in Solitary Chemosensory Cells of rodent airways

<p>Abstract</p> <p>Background</p> <p>Chemical irritation of airway mucosa elicits a variety of reflex responses such as coughing, apnea, and laryngeal closure. Inhaled irritants can activate either chemosensitive free nerve endings, laryngeal taste buds or solitary chemosensory cells (SCCs). The SCC population lies in the nasal respiratory epithelium, vomeronasal organ, and larynx, as well as deeper in the airway. The objective of this study is to map the distribution of SCCs within the airways and to determine the elements of the chemosensory transduction cascade expressed in these SCCs.</p> <p>Methods</p> <p>We utilized a combination of immunohistochemistry and molecular techniques (rtPCR and in situ hybridization) on rats and transgenic mice where the Tas1R3 or TRPM5 promoter drives expression of green fluorescent protein (GFP).</p> <p>Results</p> <p>Epithelial SCCs specialized for chemoreception are distributed throughout much of the respiratory tree of rodents. These cells express elements of the taste transduction cascade, including Tas1R and Tas2R receptor molecules, α-gustducin, PLCβ2 and TrpM5. The Tas2R bitter taste receptors are present throughout the entire respiratory tract. In contrast, the Tas1R sweet/umami taste receptors are expressed by numerous SCCs in the nasal cavity, but decrease in prevalence in the trachea, and are absent in the lower airways.</p> <p>Conclusions</p> <p>Elements of the taste transduction cascade including taste receptors are expressed by SCCs distributed throughout the airways. In the nasal cavity, SCCs, expressing Tas1R and Tas2R taste receptors, mediate detection of irritants and foreign substances which trigger trigeminally-mediated protective airway reflexes. Lower in the respiratory tract, similar chemosensory cells are not related to the trigeminal nerve but may still trigger local epithelial responses to irritants. In total, SCCs should be considered chemoreceptor cells that help in preventing damage to the respiratory tract caused by inhaled irritants and pathogens.</p

Whole-body tissue stabilization and selective extractions via tissue-hydrogel hybrids for high-resolution intact circuit mapping and phenotyping

To facilitate fine-scale phenotyping of whole specimens, we describe here a set of tissue fixation-embedding, detergent-clearing and staining protocols that can be used to transform excised organs and whole organisms into optically transparent samples within 1–2 weeks without compromising their cellular architecture or endogenous fluorescence. PACT (passive CLARITY technique) and PARS (perfusion-assisted agent release in situ) use tissue-hydrogel hybrids to stabilize tissue biomolecules during selective lipid extraction, resulting in enhanced clearing efficiency and sample integrity. Furthermore, the macromolecule permeability of PACT- and PARS-processed tissue hybrids supports the diffusion of immunolabels throughout intact tissue, whereas RIMS (refractive index matching solution) grants high-resolution imaging at depth by further reducing light scattering in cleared and uncleared samples alike. These methods are adaptable to difficult-to-image tissues, such as bone (PACT-deCAL), and to magnified single-cell visualization (ePACT). Together, these protocols and solutions enable phenotyping of subcellular components and tracing cellular connectivity in intact biological networks