Commodity Exchanges and Antitrust

Historically, commodity exchanges have been viewed as natural monopolies, not subject to competitive forces. But in recent years, both technology and regulatory changes have allowed for competition between rival exchanges in various contracts. With competition comes the regulation of competition. The traditional method of regulating competition is through court adjudication of the Sherman Antitrust Act. But in regulated industries, antitrust authority must be shared in some way with the regulatory authority. Then, it must be implemented by the relevant government entity. This article will explore the impact of competition on this industry and how the exchanges are dealing with the resulting antitrust issues. Not surprisingly, there have been several allegations of anticompetitive activity in violation of the antitrust laws of the United States. Indeed, at least two lawsuits have been filed, and one complaint has been brought to the Commodity Futures Trading Commission (“CFTC”). Here we review the economics of commodity exchanges, and the nature of competition between exchanges. We then examine the new forces for competition in exchanges offering commodity contracts. After this introduction to commodity exchanges, we review the basic economic and legal foundations of antitrust law. We then provide an analysis of antitrust mandate of the CFTC and examine the legal doctrine of implied immunity as it applies to the CFTC. Finally, we discuss various types of antitrust cases, and applies these legal and economic theories to recent case

Quantifying mass balance processes on the Southern Patagonia Icefield

Artículo de publicación ISIWe present surface mass balance simulations of the Southern Patagonia Icefield (SPI) driven by downscaled reanalysis data. The simulations were evaluated and interpreted using geodetic mass balances, measured point balances and a complete velocity field of the icefield for spring 2004. The high measured accumulation of snow of up to 15.4 m w.e. yr−1 (meters water equivalent per year) as well as the high measured ablation of up to 11 m w.e. yr−1 is reproduced by the model. The overall modeled surface mass balance was positive and increasing during 1975–2011. Subtracting the surface mass balance from geodetic balances, calving fluxes were inferred. Mass losses of the SPI due to calving were strongly increasing from 1975–2000 to 2000– 2011 and higher than losses due to surface melt. Calving fluxes were inferred for the individual glacier catchments and compared to fluxes estimated from velocity data. Measurements of ice thickness and flow velocities at the glaciers’ front and spatially distributed accumulation measurements can help to reduce the uncertainties of the different terms in the mass balance of the Southern Patagonia Icefield.FONDECYT 3140135 European Union 22637

Effect of a concussion on subsequent baseline SCAT performance in professional rugby players : a retrospective cohort study in global elite Rugby Union

Objectives This study assessed whether concussion affects subsequent baseline performance in professional rugby players. Annual baseline screening tests are used to guide return-to-play decisions and concussion diagnosis during subsequent screens. It is important that baseline performances are appropriate and valid for the duration of a season and unaffected by factors unrelated to the current head impact event. One such factor may be a concussion following baseline assessment. Setting: The World Rugby concussion management database for global professional Rugby Union. Participants: 501 professional rugby players with two baseline Sports Concussion Assessment Tools (SCATs) and an intervening concussion (CONC) were compared with 1190 control players with successive annual SCAT5s and no diagnosed concussion (CONT). Primary and secondary outcome measures: Symptom endorsement, cognitive and balance performance during annual SCAT baseline assessments. Results: Players with a diagnosed concussion (CONC) endorsed fewer symptoms (change −0.42, 95% CI −0.75 to −0.09), and reported lower symptom severity scores during their second assessment (T2, p<0.001) than non-concussed players (CONT). Concussed players also improved Digits Backward and Final Concentration scores in T2 (p<0.001). Tandem gait time was improved during T2 in CONT. No other sub-mode differences were observed in either group. Conclusions: Reduced symptom endorsement and improved cognitive performance after concussion may be the result of differences in the motivation of previously concussed players to avoid exclusion from play, leading to under-reporting of symptoms and greater effort in cognitive tests. Improved cognitive performance may be the result of familiarity with the tests as a result of greater exposure to concussion screening. The changes are small and unlikely to have clinical significance in most cases, though clinicians should be mindful of possible reasons, possibly repeating sub-modes and investigating players whose baseline scores change significantly after concussion. The findings do not necessitate a change in the sport’s concussion management policy

Automated Analysis of Fluorescence Microscopy Images to Identify Protein-Protein Interactions

The identification of protein interactions is important for elucidating biological networks. One obstacle in comprehensive interaction studies is the analyses of large datasets, particularly those containing images. Development of an automated system to analyze an image-based protein interaction dataset is needed. Such an analysis system is described here, to automatically extract features from fluorescence microscopy images obtained from a bacterial protein interaction assay. These features are used to relay quantitative values that aid in the automated scoring of positive interactions. Experimental observations indicate that identifying at least 50% positive cells in an image is sufficient to detect a protein interaction. Based on this criterion, the automated system presents 100% accuracy in detecting positive interactions for a dataset of 16 images. Algorithms were implemented using MATLAB and the software developed is available on request from the authors

Global Positioning System Time Transfer Receiver (GPS/TTR) prototype design and initial test evaluation

Time transfer equipment and techniques used with the Navigation Technology Satellites were modified and extended for use with the Global Positioning System (GPS) satellites. A prototype receiver was built and field tested. The receiver uses the GPS L1 link at 1575 MHz with C/A code only to resolve a measured range to the satellite. A theoretical range is computed from the satellite ephemeris transmitted in the data message and the user's coordinates. Results of user offset from GPS time are obtained by differencing the measured and theoretical ranges and applying calibration corrections. Results of the first field test evaluation of the receiver are presented

UBE2L6/UBCH8 and ISG15 attenuate autophagy in esophageal cancer cells

Esophageal cancer remains a poor prognosis cancer due to advanced stage of presentation and drug resistant disease. To understand the molecular mechanisms influencing response to chemotherapy, we examined genes that are differentially expressed between drug sensitive, apoptosis competent esophageal cancer cells (OE21, OE33, FLO-1) and those which are more resistant and do not exhibit apoptosis (KYSE450 and OE19). Members of the ISG15 (ubiquitin-like) protein modification pathway, including UBE2L6 and ISG15, were found to be more highly expressed in the drug sensitive cell lines. In this study, we evaluated the contribution of these proteins to the response of drug sensitive cells. Depletion of UBE2L6 or ISG15 with siRNA did not influence caspase-3 activation or nuclear fragmentation following treatment with 5-fluorouracil (5-FU). We assessed autophagy by analysis of LC3II expression and Cyto-ID staining. Depletion of either ISG15 or UBE2L6 resulted in enhanced endogenous autophagic flux. An increase in autophagic flux was also observed following treatment with cytotoxic drugs (5-FU, rapamycin). In ISG15 depleted cells, this increase in autophagy was associated with improved recovery of drug treated cells. In contrast, UBE2L6 depleted cells, did not show enhanced recovery. UBE2L6 may therefore influence additional targets that limit the pro-survival effect of ISG15 depletion. These data identify UBE2L6 and ISG15 as novel inhibitors of autophagy, with the potential to influence chemosensitivity in esophageal cancer cells

Modeling past and future surface mass balance of the Northern Patagonia Icefield

Glaciers are strongly retreating and thinning in Patagonia. We present new inferences about the climatic situation and the surface mass balance on the Northern Patagonia Icefield in the past and the future using a combined modeling approach. The simulations are driven by NCAR/NCEP Reanalysis and ECHAM5 data, which were physically downscaled using the Weather Research and Forecasting regional climate model and simple sub-grid parameterizations. The surface mass balance model was calibrated with geodetic mass balance data of three large non-calving glaciers and with point mass balance measurements. An increase of accumulation on the Northern Patagonia Icefield was detected from 1990–2011 as compared to 1975–1990. Using geodetic mass balance data, calving losses from the Northern Patagonia Icefield could be inferred, which doubled in 2000–2009 as compared to 1975–2000. The 21st century projection of future mass balance of the Northern Patagonia Icefield shows a strong increase in ablation from 2050 and a reduction of solid precipitation from 2080, both due to higher temperatures. The total mass loss in the 21st century is estimated to be 592±50 Gt with strongly increasing rates towards the end of the century. The prediction of the future mass balance of the Northern Patagonia Icefield includes several additional sources of errors due to uncertainties in the prediction of future climate and due to possible variations in ice dynamics, which might modify the geometry of the icefield and change the rate of mass losses due to calving

Head injury assessment in rugby union: clinical judgement guidelines

Background/aim Clinical judgement is a recognised component of a complete off-field concussion assessment. This study identifies guidance criteria for team medical staff when using clinical judgement in their decision-making process during the World Rugby off-field concussion-assessment screen (HIA1). Methods Retrospective study of examining doctor clinical judgement in 1149 HIA1 assessments after a meaningful head impact event completed on rugby union players participating in elite-level international and national competitions between September 2015 and June 2018. We assessed (1) an abnormal subtest result as worse performance compared with preseason baseline values; (2) the proportion of cases where clinicians overruled abnormal HIA1 assessment subtest results and (3) made recommendations on how clinical judgement decisions may be made more safely based on the accuracy of clinical judgement decisions assessed against the final concussion diagnosis. Results One or more subtests were abnormal compared with baseline values in 857 of 1149 HIA1 assessments. Clinical judgement was used to return players to the game despite abnormal subtest results on 424 out of 857 occasions (49%). In a significant majority of cases 356/424 (84%), clinical judgement decisions were correct, with players later cleared of a concussion. An application of guided clinical judgement potentially decreased false negative assessments by 33% (21/63). Conclusions Clinical judgement should be applied in the diagnosis of concussion but done so cautiously. We propose doctors should only use clinical judgement to overrule either one of; or a combination of (1) an abnormal tandem gait and (2) one abnormal cognitive test

Stochastic Assembly of Bacteria in Microwell Arrays Reveals the Importance of Confinement in Community Development

Citation: Hansen, R. H., Timm, A. C., Timm, C. M., Bible, A. N., Morrell-Falvey, J. L., Pelletier, D. A., . . . Retterer, S. T. (2016). Stochastic Assembly of Bacteria in Microwell Arrays Reveals the Importance of Confinement in Community Development. Plos One, 11(5), 18. doi:10.1371/journal.pone.0155080The structure and function of microbial communities is deeply influenced by the physical and chemical architecture of the local microenvironment and the abundance of its community members. The complexity of this natural parameter space has made characterization of the key drivers of community development difficult. In order to facilitate these characterizations, we have developed a microwell platform designed to screen microbial growth and interactions across a wide variety of physical and initial conditions. Assembly of microbial communities into microwells was achieved using a novel biofabrication method that exploits well feature sizes for control of innoculum levels. Wells with incrementally smaller size features created populations with increasingly larger variations in inoculum levels. This allowed for reproducible growth measurement in large (20 mu m diameter) wells, and screening for favorable growth conditions in small (5, 10 mu m diameter) wells. We demonstrate the utility of this approach for screening and discovery using 5 mu m wells to assemble P. aeruginosa colonies across a broad distribution of innoculum levels, and identify those conditions that promote the highest probability of survivial and growth under spatial confinement. Multi-member community assembly was also characterized to demonstrate the broad potential of this platform for studying the role of member abundance on microbial competition, mutualism and community succession

Firms' Main Market, Human Capital and Wages

Recent international trade literature emphasizes two features in characterizing the current patterns of trade: efficiency heterogeneity at the firm level and quality differentiation. This paper explores human capital and wage differences across firms in that context. We build a partial equilibrium model predicting that firms selling in more-remote markets employ higher human capital and pay higher wages to employees within each education group. The channel linking these variables is firms’ endogenous choice of quality. Predictions are tested using Spanish employer-employee matched data that classify firms according to four main destination markets: local, national, European Union, and rest of the World. Employees’ average education is increasing in the remoteness of firm’s main output market. Market–destination wage premia are large, increasing in the remoteness of the market, and increasing in individual education. These results suggest that increasing globalization may play a significant role in raising wage inequality within and across education groups