FORMATION OF THE MARKET OF DIGITAL FINANCIAL ASSETS IN THE RUSSIAN FEDERATION

The main prerequisites for introducing digital assets into the Russian practice, contributing to the development of digital financial relations, have been identified. The necessity of settling the category of “digital financial assets” at the level of legislation has been justified. The draft Federal Law “On Digital Financial Assets” has been analyzed in order to reveal the main points of implementation of activity in this area in the Russian conditions. The adoption of regulatory acts in the field of regulation of digital financial assets will provide a synergistic effect from digitalization processes

Determining an Optimal Structure of a Portfolio Containing Assets of Mature and Emerging Markets

In the modern world, derivatives on leading stock indices are very often the focus of attention of portfolio investors. Inclusion of such tools in a portfolio actually allows investing immediately in the economy of a particular country or its individual sector. The aim of the work is the formation of an optimal investment portfolio containing derivatives on stock indices of countries with mature and emerging stock markets. To achieve this goal, the study solves the following tasks: two optimal portfolios — the portfolio containing indices of developed countries and the portfolio containing indices of emerging countries — are formed; the mixed portfolio containing indices of both sectors is formed; a comparative analysis of the effectiveness of the resulting portfolios is carried out. To obtain an optimal portfolio structure, the Markowitz model is used. The results of applying this model allow to draw the following conclusions regarding the investment attractiveness of the stock market of mature and emerging economies. In terms of portfolio risk level, it is possible to obtain a couple of portfolios, one of which would contain only assets of mature markets, and the other — only assets of emerging ones. However, in this case, the level of profitability will be significantly lower in the portfolio consisting of assets of the mature sector. The mixed portfolio provides a much wider range of alternative investment options based on the efficient frontier, both in terms of the risk and profitability criterion

Fair Value Accounting Model for Stock Indices

When forming the risk portion of an investment portfolio, one may include into it both stocks of individual companies representing different sectors of the economy in different regions, and derivative financial instruments, such as futures on stock indices. The latter are an excellent instrument for investing in a country's stock, eliminating the necessity for the investor to solve the non-trivial problem of determining the optimal set of attractive assets, because, as a rule, the stock index includes the most successful companies in most industries. If one only decides to include stock indices in the portfolio on the basis of their current price, it can be assumed that in the moment one should invest in assets that have not gone up at all or enough, yet. However, this estimate is not objective, as indices have different volatility, and therefore, it is incorrect to compare the absolute size of the drawdown in crisis time, and those of the growth rate in the post-crisis period, if one wants to determine overvalued and undervalued assets. Obviously, when making the final decision on whether to include stock indices in the portfolio, it is also necessary to rely on the results of a fundamental analysis of these assets. So, the articles aims at determining the structure of the risk portion of the investment portfolio by identifying instruments that are underestimated in terms of their fundamental characteristics. To achieve the aim of the study, the following main tasks were solved: the initial set of exogenous factors influencing the dynamics of stock indices was determined; the parameters of the models of stock indices dependence on the factors influencing them are assessed, the corresponding projected values are calculated; a set of instruments is determined for including stock indices in the investment portfolio by comparing their real and model values. The models created make it possible to determine the optimal structure of an investment portfolio, which would include stock indices futures for such countries as Taiwan, Mexico, Brazil, Great Britain, Germany and the USA

Інтернет-комунікації у стратегіях цифровізації бізнесу підприємств сфери послуг

Digitalization of business in the sphere of services is proved to create new terms, forms and technologies of services rendering and to strengthen the enterprise competitive position, while undue considering the actual tendencies in strategies of Internet-communications development can bring the business of rendering the services of certain type to end in failure. The acceleration of processes of electronization of relations between suppliers and consumers of services is illustrated. Advantages of digital communications over the traditional ones are stated. These advantages are: freedom from territorial limitations for distribution of communication messages, considerably less charges per contact, possibility of feed-back, possibility of real-time monitoring of effeciency of every communication event, easy access of consumers to information regardless of time and place of the consumers residence.Dividing of facilities of Internet-communications into groups by possibility of applying them by the enterprises of service business is carried out. The actual trends of Internet-communications are analysed. It is shown that strategic prospects of chat-bot usage is predetermined by possibility to provide information and communication in 24/7 mode, by the comfort for a client as well as by the considerable economy of resources. Significance for Internet-communications of such trends as expansion of application of vocal search, complemented and virtual reality, and orientation on mobile devices with geotargetting is emphasized. The importance of business processes automation and of speeding-up the web-site loading is illustrated. The modern Internet user mainly gives preference to viewing the video data instead of re-reading the texts what makes investing in development of creative video-content to be very promising. As potential consumers give more credence to the content created by actual consumers, stimulating the users of services to express their opinions and ideas, to place the photo- and video data as well as systematic elimination of the defects indicated in reviews become important direction of Internet-communications development. The native advertising in the Internet and providing of “transparency” of enterprises-service providers for the real and potential clients gain in significance. It is reasoned that the enterprises of service business must take into account in their marketing strategies the objective trends related to the development of digital technologies as well as to the modern features of exceptionally communicative influence on clients; prerequisites for strengthening of this influence are created by possibilities of the Internet use.Обґрунтовано, що цифровізація бізнесу у сфері послуг створює нові умови, форми і технології їх надання, зміцнює конкурентні позиції підприємств, а несвоєчасне врахування актуальних трендів у стратегіях розвитку Інтернет-комунікацій може призвести до руйнації бізнесу з надання певного виду послуг. Проілюстровано прискорення процесів електронізації стосунків між надавачами і споживачами послуг. Сформульовано переваги цифрових комунікацій над традиційними: відсутність територіальних обмежень для розповсюдження комунікаційних повідомлень, значно менші витрати у розрахунку на один контакт, можливість зворотного зв’язку, можливість відстежувати результативність кожного комунікаційного заходу у режимі реального часу, легкий доступ споживачів до інформації незалежно від часу і місця їх перебування. Здійснено поділ засобів Iнтернет-комунікацій на групи стосовно можливості їх застосування підприємствами сфери послуг. Проаналізовано актуальні тренди Інтернет-комунікацій. Показано, що стратегічна перспективність використання чат-ботів зумовлюється можливістю надання інформації і спілкування у режимі 24/7, зручністю для клієнта, значною економією ресурсів. Підкреслено роль для Інтернет-комунікацій таких трендів, як розширення застосування голосового пошуку, доповненої і віртуальної реальності, орієнтації на мобільні пристрої з гео-таргетингом. Проілюстрована важливість автоматизації бізнес-процесів, підвищення швидкості завантаження сайтів. Сучасний користувач Інтернету переважно віддає перевагу переглядові відеоматеріалу замість перечитування тексту, що зумовлює перспективність інвестування у створення креативного відео-контенту. Оскільки підвищеною довірою потенційних споживачів користується контент, створений фактичними споживачами, важливим напрямом стає стимулювання користувачів послуг щодо висловлення думок, розміщення фото- і відеоматеріалів, а також систематична робота над виправленням недоліків, вказаних у відгуках. Підвищується роль нативної реклами в Інтернеті і забезпечення “прозорості” підприємств-надавачів послуг для своїх реальних і потенційних клієнтів. Обґрунтовано, що підприємства сфери послуг повинні враховувати у своїх маркетингових стратегіях об’єктивні тренди, пов’язані як з розвитком власне цифрових технологій, так і з сучасними особливостями суто комунікативного впливу на клієнтів, поштовх для посилення якого створюють можливості використання Інтернету

FINANCIAL ASPECTS OF ESTABLISHING THE INSTITUTION OF THE SELF-EMPLOYMENT

The concept of self-employment as a form of individual entrepreneurship has been considered. A detailed analysis of the experience of foreign countries in establishing the institution of the self-employment,common and distinctive features of the applied models of the development of self-employment in European countries, Australia and the USA, has been presented. Much attention has been paid both the characteristic of the category “self-employed citizens” and the review of their areas of activity in Russia today. Available mechanisms and tools for the development of self-employment have been analyzed. Particular attention has been paid to the analysis of the concept of self-employment and its forms, presented in legislative acts, which serve as the basis for effective regulation by the government. Conclusions and recommendations of the authors on the application of the new special tax treatment on the income of self-employed citizens, implemented as part of a pilot project in several regions of the Russian Federation, have been presented

Clinical and pathogenic aspects of vibrational disease and comorbid pathologies.

Despite the tendency to decrease in the level of vibrational disease morbidity, this pathology is third in the structure of occupational diseases in Ukraine. According to research design, we have examined 178 vibrational disease patients of I and II degree due to local vibration. They have been divided into 3 groups: first — 66 patients with vibrational disease and chronic obstructive pulmonary disease; second — 60 patients with vibrational disease and arterial hypertension of II degree, and group of comparison – 52 patients with isolated course of vibrational disease. We have used clinical and physiological, ELISA methods to estimate cytokines levels in these patients. We have found that clinical signs of vibrational disease depend on vibrational disease progressing and comorbid pathologies. Overlay of chronic obstructive pulmonary disease to vibra­tional disease significantly worsens disease course, manifested by augmenting of clinical symptoms, neurovascular and trophic violations. Comorbid course of vibrational disease and arterial hypertension leads to respective worsening of cardio-vascular pathology. One of the mechanisms of development and progressing of vibrational disease is imbalance of cytokine chain of immunity — increase of the amount of inflammatory cytokine TNF-α and decrease of anti-inflammatory — IL-10. Overlay of chronic obstructive pulmonary disease enhances this trend. In patients with comorbid course of vibrational disease and arterial hypertension we have observed development of secondary dysregulatory state of immunocompetent system. This is proved by increased levels of inflammatory cytokines (TNF-α by 62.5 % and IL-8 by 46.5 %), and decreased activity of melatonin by 35.0 % in comparison with group of patients with isolated vibrational disease

Clinical and pathogenic aspects of vibrational disease and comorbid pathologies.

Despite the tendency to decrease in the level of vibrational disease morbidity, this pathology is third in the structure of occupational diseases in Ukraine. According to research design, we have examined 178 vibrational disease patients of I and II degree due to local vibration. They have been divided into 3 groups: first — 66 patients with vibrational disease and chronic obstructive pulmonary disease; second — 60 patients with vibrational disease and arterial hypertension of II degree, and group of comparison – 52 patients with isolated course of vibrational disease. We have used clinical and physiological, ELISA methods to estimate cytokines levels in these patients. We have found that clinical signs of vibrational disease depend on vibrational disease progressing and comorbid pathologies. Overlay of chronic obstructive pulmonary disease to vibra­tional disease significantly worsens disease course, manifested by augmenting of clinical symptoms, neurovascular and trophic violations. Comorbid course of vibrational disease and arterial hypertension leads to respective worsening of cardio-vascular pathology. One of the mechanisms of development and progressing of vibrational disease is imbalance of cytokine chain of immunity — increase of the amount of inflammatory cytokine TNF-α and decrease of anti-inflammatory — IL-10. Overlay of chronic obstructive pulmonary disease enhances this trend. In patients with comorbid course of vibrational disease and arterial hypertension we have observed development of secondary dysregulatory state of immunocompetent system. This is proved by increased levels of inflammatory cytokines (TNF-α by 62.5 % and IL-8 by 46.5 %), and decreased activity of melatonin by 35.0 % in comparison with group of patients with isolated vibrational disease

ВЛИЯНИЕ АБСЦИЗОВОЙ КИСЛОТЫ НА ФОРМИРОВАНИЕ НЕКРОТИЧЕСКОЙ И ХЛОРОЗНОЙ ЗАЩИТНЫХ РЕАКЦИЙ У РАСТЕНИЙ РЖИ (SECALE CEREALE L.) ОТ РЖАВЧИННОЙ ИНФЕКЦИИ

The changes in the ABA contents in rye plants are investigated in the development of different protective reactions against rust infection. A temporary significant increase in the ABA content both in resistant (Secale sp. derzhavinii – Puccinia dispersa), and in incompatible (Secale sereale grade Igumenskaja – Puccinia coronifera) combinations can be a signal to involve antistressful programs in infected tissues directed against pathogen suppression, whereas a high ABA concentration in all pathogenesis stages in a susceptible pathosystem reduces the efficacy of plant antistressful programs and results in the development of disease.В работе исследованы изменения эндогенного содержания АБК в динамике развития хлорозной и некротической защитных реакций в листьях устойчивой и восприимчивой форм ржи. Исходя из полученных данных, можно сделать вывод о том, что временное, значительное увеличение содержания АБК на начальных этапах взаимодействия растения с патогенами как в устойчивой (рожь Державина – Puccinia dispersa), так и в несовместимой (рожь сорта Игуменская – Puccinia coronifera) комбинациях может служить сигналом для включения антистрессовых программ в инфицированных тканях, направленных на подавление активности возбудителя болезни. Тогда как долговременное поддержание высокой концентрации АБК на всех стадиях патогенеза в восприимчивой патосистеме (рожь сорта Игуменская – Puccinia dispersa) приводит к снижению эффективности защитных систем и развитию болезни

ДОСЛІДЖЕННЯ ХРОНІЧНОЇ ТОКСИЧНОСТІ ПАРЕНТЕРАЛЬНОЇ ФОРМИ ІНГІБІТОРА ФУНКЦІЇ НАДНИРКОВИХ ЗАЛОЗ о,п΄-ДДД (ХЛОДИТАНУ)

The aim of the work. Experimental study of chronic toxicity of 5 % solution for injection of inhibitor adrenal o,p'-DDD. Мaterials and Methods. Object of research – parenteral form o,p'-DDD. The experiment was carried out on male Wistar rats for 90 days. At baseline and at 14, 30 and 90 days, the blood and urine tests were performed. At the end of the experiment histological examinations carried out of adrenal, kidney, liver and heart. Results and Discussion. Hematologic blood tests showed that after 14 days of administration of the drug solution of solvent and observed significant changes in hematological parameters (white blood cells, and platelets). This indicates that manifestations the toxic effect is primarily due to the action of the solvent. Histological examination of the main organs of animals found significant damage to the cells of the adrenal zona fasciculata, and small changes in the liver. Heart and kidney damage have not received. Conclusions. At 90-day intraperitoneal injection of the drug in the solvent and o,p'-DDD (chloditan) observed toxic effects, primarily due to the action of a solvent. The long-term (90 days) continuous administration of the drug is an activation of the hypothalamic-pituitary-adrenal system in response to the significant reduction of glucocorticoid hormones in the destruction of their producing cells. It was demonstrated that the introduction of the solvent and the solution o,p'- DDD (chloditan) did not affect the urinary system. Histological examination established that the introduction of peritoneal solution o, p'-DDD produces a particular damaging effect on the cells of the adrenal zona fasciculata. The solution in the o,p'-DDD has a moderate effect on the liver of rats. The solvent is also not indifferent by these bodies.Мета роботи. Експериментальне вивчення хронічної токсичності 5 % розчину для ін’єкцій інгібітора функції надниркових залоз о,п΄-ДДД (хлодитану). Матеріали і методи. Об’єкт дослідження – парентеральна форма о,п΄-ДДД. Експеримент проводили на щурах-самцях лінії Вістар протягом 90 днів. На початку дослідження, а також на 14-ту, 30-ту та 90-ту доби проводили аналізи крові та сечі. В кінці експерименту здійснено гістологічні дослідження надниркових залоз, нирок, печінки та серця. Результати й обговорення. Проведено доклінічні дослідження нової лікарської форми препарату о,п΄-ДДД та визначено її хронічну токсичність. Гематологічні аналізи крові показали, що вже після 14 діб введення розчинника і розчину препарату спостерігаються значні зміни гематологічних показників (лейкоцитів та тромбоцитів). Те, що отримані результати для обох чинників подібні, свідчить, що прояви токсичного ефекту, насамперед, зумовлені дією розчинника. Гістологічні дослідження основних органів тварин виявили значні ушкодження клітин пучкової зони надниркових залоз і невеликі зміни в печінці. Серце і нирки не зазнали ушкоджень. Висновки. Показано, що при довготривалому безперервному введенні препарату відбувається активація гіпоталамо-гіпофізарно-адреналової системи у відповідь на значне зниження рівня глюкокортикоїдних гормонів внаслідок руйнування продукуючих їх клітин. Гістологічними дослідженнями встановлено, що при перитонеальному введенні розчин о,п΄-ДДД справляє специфічний ушкоджувальний вплив на клітини пучкової зони надниркових залоз. Розчин о,п΄-ДДД справляє помірний вплив на печінку щурів, серце та нирки не зазнають ушкоджень. Виявлені токсичні ефекти зумовлені, насамперед, дією розчинника

Observation of an Excited Bc+ State

Using pp collision data corresponding to an integrated luminosity of 8.5 fb-1 recorded by the LHCb experiment at center-of-mass energies of s=7, 8, and 13 TeV, the observation of an excited Bc+ state in the Bc+π+π- invariant-mass spectrum is reported. The observed peak has a mass of 6841.2±0.6(stat)±0.1(syst)±0.8(Bc+) MeV/c2, where the last uncertainty is due to the limited knowledge of the Bc+ mass. It is consistent with expectations of the Bc∗(2S31)+ state reconstructed without the low-energy photon from the Bc∗(1S31)+→Bc+γ decay following Bc∗(2S31)+→Bc∗(1S31)+π+π-. A second state is seen with a global (local) statistical significance of 2.2σ (3.2σ) and a mass of 6872.1±1.3(stat)±0.1(syst)±0.8(Bc+) MeV/c2, and is consistent with the Bc(2S10)+ state. These mass measurements are the most precise to date