Central counterparty auction design

We analyze the role of auctions in managing the default of a central counterparty's clearing member. We first consider two established sealed-bid auction formats in which clearing members simultaneously submit bids for a defaulting clearing member's portfolio: first price and first price with budget constraints. We argue that the use of some form of penalty could have significant implications for financial stability by inefficiently distributing losses deriving from the unallocated portfolio to surviving clearing members. In response to these potential adverse implications, we propose a third auction type, second price with loss-sharing, which increases the revenue by allowing bidders to consider potential losses within their bidding function without passively waiting for a possible form of penalty

Słowo od redaktora

24 maja 2022 r. doszła do nas wiadomość o śmierci profesora Stanisława Salmonowicza. [...] Przypominamy też kunszt Stanisława Salmonowicza jako historyka, prezentując dwa publikowane już na łamach „Biuletynu” artykuły [...] Rok 2022 był naznaczony stratą nie tylko z powodu śmierci Stanisława Salmonowicza. W przedostatnim dniu roku odszedł inny wybitnytoruński historyk i przyjaciel Fundacji – prof. Mieczysław Wojciechowski.  [...

Veri fication of Staff Pro ficiency in the Calibration Laboratory on Voltage, Frequency, Resistance and Capacity Measurements , Journal of Telecommunications and Information Technology, 2016, nr 4

The Laboratory of Electrical, Electronic and Optoelectronic Metrology is accredited by the Polish Center of Accreditation for nearly two decades. Over time, the requirements of proficiency verification are growing continuously. In order to satisfy higher and higher of reliability demands the most promising staff proficiency verification estimators were examined for voltage, frequency, resistance and capacity measurements. The article presents measurement systems used for verification, analysis of results or simulations, and shows conclusion for selecting the best solution

Aktywność Instytutu Łączności na rzecz rozwoju nowoczesnych systemów i technik satelitarnych, Telekomunikacja i Techniki Informacyjne, 2018, nr 1-2

Od momentu przystąpienia Polski do Europejskiej Agencji Kosmicznej, zainteresowanie krajowych firm i instytucji segmentem technik i systemów satelitarnych znacząco wzrosło. W niniejszym artykule opisano działania Instytutu Łączności – Państwowego Instytutu Badawczego (IŁ) na tym polu na przestrzeni kilku ostatnich lat. Poszczególne części publikacji poświęcone są osobnym obszarom tematycznym podejmowanym przez IŁ, w tym: badaniom dostępności sygnałów GNSS na terenie Polski, standaryzacji i rozwojowi nowego systemu łączności na morzu VDES, pracom związanym z opracowaniem koncepcji polskiego satelity AIS/VDES oraz metrologii czasu

Nicotinic Acetylcholine Receptors Containing α6 Subunits Contribute to Alcohol Reward-Related Behaviors

Evidence is emerging that neuronal nicotinic acetylcholine receptors (nAChRs) in the mesolimbic dopamine (DA) system are involved in mediating the reinforcing effects of alcohol. Midbrain DA neurons express high levels of α6 subunit-containing nAChRs that modulate DA transmission, implicating their involvement in reward-related behaviors. The present study assessed the role of α6-containing nAChRs in modulating alcohol reward using transgenic mice expressing mutant, hypersensitive α6 nAChR subunits (α6L9′S mice). α6L9′S mice and littermate controls were tested in three well-established models of alcohol reward: 24-hr two-bottle choice drinking, drinking in the dark (DID), and conditioned place preference (CPP). Confocal microscopy and patch-clamp electrophysiology were used to demonstrate the localization and function of hypersensitive α6 subunit-containing nAChRs. Results indicate that female α6L9′S mice showed significantly higher alcohol intake at low concentrations of alcohol (3% and 6%) in the two-bottle choice procedure. Both male and female α6L9′S mice drank significantly more in the DID procedure and displayed an alcohol-induced place preference using a low dose of alcohol (0.5 g/kg) that was ineffective in littermate controls. Confocal microscopy showed that α6 subunit-containing nAChRs are selectively expressed on ventral tegmental area (VTA) DAergic, but not GABAergic neurons. Patch-clamp electrophysiology demonstrated that VTA DA neurons of α6L9′S mice are hypersensitive to ACh. Collectively, these results suggest that α6L9′S mice are more sensitive to the rewarding effects of alcohol, and suggest that VTA α6 subunit-containing nAChRs modulate alcohol reward. Thus, α6 subunit-containing nAChRs may be a promising therapeutic target for treatment of alcohol use disorders

Structured Light Stereoscopic Imaging with Dynamic Pseudo-random Patterns

Abstract. Structured light stereoscopic imaging offers an efficient and afford-able solution to 3D modeling of objects. The majority of structured light pat-terns that have been proposed either provide a limited resolution or are sensitive to the inherent texture on the surface of the object. This paper proposes an in-novative imaging strategy that accomplishes 3D reconstruction of objects using a combination of spatial-neighboring and time-multiplexing structured light pat-terns encoded with uniquely defined pseudo-random color codes. The approach is extended with the concept of dynamic patterns that adaptively increases the reconstruction resolution. Original techniques are introduced to recover and validate pseudo-random codes from stereoscopic images, and to consistently map color and texture over the reconstructed surface map. Experimental results demonstrate the potential of the solution to create reconstructions with various densities of points and prove the robustness of the approach on objects with dif-ferent surface properties