5,442 research outputs found
Managing Operational Risk in Payment, Clearing, and Settlement Systems
Awareness of operational risk has increased greatly in recent years, both at individual financial institutions and for payment, clearing, and settlement systems (PCSS). PCSS consist of networks of interconnected elements (i.e., central operators, participants, and settlement agents); operational problems at any one of the key elements have the potential to disrupt the system as a whole and negatively affect financial stability. The author describes the key features of systemically important PCSS in Canada and the oversight role of the Bank of Canada with respect to those systems. She also describes one approach that could be used to assess and manage operational risk in Canadian PCSS. This approach relies on a consistent definition of operational risk that can be applied across all elements of a PCSS. It uses a recent methodology adapted from the management of operational risk at individual financial institutions. This methodology, called the loss-distribution approach, assesses risk in terms of the potential outcomes of operational events owing to certain risk factors (such as systems problems, human error, process problems, and external events), their likelihood, and their frequency. Once operational risk databases are developed that record the frequency and severity of operational events, it will be possible to estimate parts of the loss distributions for PCSS. In the meantime, qualitative analysis provided by operations experts associated with the various elements of PCSS will be important for judging the potential impact and frequency of events. In a changing financial environment, it is hoped that this methodology could be used to supplement core aspects of operational risk management, such as sound corporate governance, internal controls, policies and procedures, knowledgeable people, and robust contingency plans.Financial institutions; Payments, clearing and settlements systems
RRS Discovery Cruise 360, 19 Jan-02 Feb 2011. Trials of the Autosub LR AUV, HyBIS, PELAGRA, Ellsworth Camera and MYRTLE-X Lander systems
There were five main objectives for the trials cruise: The first tests of the Autosub Long Range AUV, testing of the HyBIS video guided grab system, testing of the MYRTLE-X Lander systems, testing of a deep camera system for the Lake Ellsworth probe and test deployments of the PELAGRA neutrally buoyant sediment capture drifters.The working area was about 300 miles south west of the Canary Islands, in international waters, over benthic plains of 4000 m depth, with some tests of the video systems over a isolated sea mount rising to 1200 m depth. Most of the objectives of the cruise where met, with successful diving and control of the Autosub LR, tests of the HyBIS and Ellsworth camera systems, and 3 deployments and recoveries of two PELAGRA floats. Several wire tests of MYRTLE-X systems were carried out, predominantly successful, but concerns over the release system prevented a deployment of the lander
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Discourses of diversity: ‘top down’ and grassroots approaches to recruitment and retention of Black and Minority Ethnic people in social work education
The central theme discussed here is of the contrasting discourse of ‘top down’ government initiatives in recruitment and retention of Black and Minority Ethnic (BME) social work students and a grassroots, community based initiative. The discourse of the former tends to recognise and work with difference, putting aside personal prejudice and the provision of support to people who are ‘different’. Whereas, the discourse of the latter has a propensity to challenge institutional racism, foster partnership between education providers, community groups and networks within the local voluntary sector and draws from a strengths-based black community development model. A starting point for this paper is the understanding that the nature of language of inclusion of people from BME communities in social work education either reflects and reinforces, or challenges the power relationships embedded in these arenas. We contrast the language and approaches of top down government policies with a grassroots community project to identify opportunities and challenges in these differing approaches. To contextualise this conversation, we draw on the work of Harris (2003), who traces the unfolding discourse of social work education from the late 1970s to early 21st Century
Excess Collateral in the LVTS: How Much is Too Much?
The authors build a theoretical model that generates demand for collateral by Large Value Transfer System (LVTS) participants under the assumption that they minimize the cost of holding and managing collateral for LVTS purposes. The model predicts that the optimal amount of collateral held by each LVTS participant depends on the opportunity cost of collateral, the transactions costs of acquiring assets used as collateral and transferring them in and out of the LVTS, and the distribution of an LVTS participant's payment flows in the LVTS. The authors conclude that the aggregate amount of collateral pledged to the LVTS is quite close to that predicted by the model, when benchmark values are used for opportunity and transactions costs that are based on anecdotal evidence, despite the fact that these costs are likely to vary among participants. If one LVTS participant that appears to face a lower opportunity cost of collateral is excluded from the analysis, the model predicts an aggregate level of collateral that is within 5 per cent of the amount actually held by LVTS participants, on average, between February 1999 and May 2003. The authors also apply panel-data regressions to the level of collateral held in the LVTS. They find that the results are broadly supportive of the theoretical model. Sensitivity analysis of this model indicates that, when the opportunity cost of collateral increases, the amount of collateral that participants hold could be greatly reduced.
An Evaluation of the Impact of the Glasgow Diabetes Project For Healthcare For Patients With Type 2 Diabetes
Inside the Black Box: Price Linkage and Transmission Between Energy and Agricultural Markets
This study addresses the complex relationship between energy and agricultural markets—represented by corn, ethanol, and gasoline prices—particularly in light of the growth in biofuel production. Contemporaneous price response and transmission of market shocks are investigated in a simultaneous-equation system to disclose fundamental driving forces before and after the development of large-scale ethanol production. We use a dynamic conditional correlation multivariate GARCH model to demonstrate a strengthening relationship among corn, ethanol, and gasoline prices. We identify a structural change point at March 25, 2008 using the test by Bai and Perron (2003). The strengthened market relationship is further illustrated by variance decomposition based on a structural VAR model.corn, ethanol, gasoline, structural break, Structural VAR, GARCH, Agricultural and Food Policy, Demand and Price Analysis, Research Methods/ Statistical Methods, Resource /Energy Economics and Policy, C32, Q11, Q4,
Understanding older consumers' usage of self-service technologies: test of two models
Self-service technologies play a major role in enabling consumers to perform service delivery themselves. This requires consumers adopting this service delivery process to modify their behaviour, however some consumers may resist change. Evidence of this is particularly strong in
older consumers (plus 50 years of age) where their usage of self-service banking technologies (SSBT's) is considerably lower than for younger consumers. This paper specifically explores the beliefs, attitudes, intentions and usage behaviour of SSBT's by older consumers through the
comparison of the suitability, fit and explanatory power of two existing models, namely the Theory of Planned Behaviour (TPB) (Ajzen 1991) and Technology Acceptance Model (TAM)
(Davis, Bagozzi & Warshaw 1989). Survey methodology approach using a mailed questionnaire to 600 randomly selected respondents resulted in the return of 208 (35%) usable questionnaires. The use of SSBT's varied across the sample with 19% (40) non-users; 19% (40) low users (<
50% use); and 62% (128) moderate to high users (> 60%). The models were tested using AMOS 4.01 (Arbuckle & Wothke 1999), maximum likelihood estimation method. The TAM had a less than acceptable fit resulting in a modified TAM. The Modified TAM when compared with the TPB model had an overall better fit to the data in that all fit statistics were within acceptable limits and similar explanatory power. However, with the addition of two specific belief constructs in the modified TAM, perceived ease of use and perceived usefulness, these constructs provide a richer understanding of the factors that influence attitude (A), behaviour intention (BI) and behaviour (B) of older consumers' usage of SSBT's. Further, the failure of the perceived behavioural control pathway to contribute to the explanation of SSBT behaviour in the TPB model effectively gives the advantage to the Modified TAM. It is primarily for these reasons that the Modified TAM is favoured over the TPB model in this study
Liposomes encapsulating polymeric chitosan based vesicles - a vesicle in vesicle system for drug delivery
Drug delivery systems comprising vesicles prepared from one amphiphile encapsulating vesicles prepared from a second amphiphile have not been prepared previously due to a tendency of the bilayer components of the different vesicles to mix during preparation. Recently we have developed polymeric vesicles using the new polymer-palmitoyl glycol chitosan and cholesterol in a 2:1 weight ratio. These polymeric vesicles have now been encapsulated within egg phosphatidylcholine (egg PC), cholesterol (2:1 weight ratio) liposomes yielding a vesicle in vesicle system. The vesicle in vesicle system was visualised by freeze fracture electron microscopy. The mixing of the different bilayer components was studied by monitoring the excimer fluorescence of pyrene-labelled polymeric vesicles after their encapsulation within egg PC liposomes or hexadecyl diglycerol ether niosomes. A minimum degree of lipid mixing was observed with the polymeric vesicle-egg PC liposome system when compared to the polymeric vesicle-hexadecyl diglycerol ether niosome system. The polymeric vesicle-egg PC vesicle in vesicle system was shown to retard the release of encapsulated solutes. 28% of 5(6)-carboxyfluorescein (CF) encapsulated in the polymeric vesicle compartment of the vesicle in vesicle system was released after 4 h compared to the release of 62% of encapsulated CF from plain polymeric vesicles within the same time period
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