The quality of price formation at market openings and closings: evidence from the Nasdaq stock market

Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a model where trades are time-critical, liquidity is limited and there is limited enforcement of trades. We show a CCP novating trades implements efficient trading behaviour. It is optimal for the CCP to face default losses to achieve the efficient level of trade. To cover these losses, the CCP optimally uses margin calls, and, as the default problem becomes more severe, also requires default funds and then imposes position limits

Miniature modular microwave end-to-end receiver

An end-to-end microwave receiver system contained in a single miniature hybrid package mounted on a single heatsink is presented. It includes an input end connected to a microwave receiver antenna and an output end which produces a digital count proportional to the amplitude of a signal of a selected microwave frequency band received at the antenna and corresponding to one of the water vapor absorption lines near frequencies of 20 GHz or 30 GHz. The hybrid package is on the order of several centimeters in length and a few centimeters in height and width. The package includes an L-shaped carrier having a base surface, a vertical wall extending up from the base surface and forming a corner therewith, and connection pins extending through the vertical wall. Modular blocks rest on the base surface against the vertical wall and support microwave monolithic integrated circuits on top surfaces thereof connected to the external connection pins. The modular blocks lie end-to-end on the base surface so as to be modularly removable by sliding along the base surface beneath the external connection pins away from the vertical wall

Observation of topological transition of Fermi surface from a spindle-torus to a torus in large bulk Rashba spin-split BiTeCl

The recently observed large Rashba-type spin splitting in the BiTeX (X = I, Br, Cl) bulk states due to the absence of inversion asymmetry and large charge polarity enables observation of the transition in Fermi surface topology from spindle-torus to torus with varying the carrier density. These BiTeX systems with high spin-orbit energy scales offer an ideal platform for achieving practical spintronic applications and realizing non-trivial phenomena such as topological superconductivity and Majorana fermions. Here we use Shubnikov-de Haas oscillations to investigate the electronic structure of the bulk conduction band of BiTeCl single crystals with different carrier densities. We observe the topological transition of the Fermi surface (FS) from a spindle-torus to a torus. The Landau level fan diagram reveals the expected non-trivial {\pi} Berry phase for both the inner and outer FSs. Angle-dependent oscillation measurements reveal three-dimensional FS topology when the Fermi level lies in the vicinity of the Dirac point. All the observations are consistent with large Rashba spin-orbit splitting in the bulk conduction band.Comment: 28 pages, supplementary informatio

Structure-based discovery of fiber-binding compounds that reduce the cytotoxicity of amyloid beta.

Amyloid protein aggregates are associated with dozens of devastating diseases including Alzheimer's, Parkinson's, ALS, and diabetes type 2. While structure-based discovery of compounds has been effective in combating numerous infectious and metabolic diseases, ignorance of amyloid structure has hindered similar approaches to amyloid disease. Here we show that knowledge of the atomic structure of one of the adhesive, steric-zipper segments of the amyloid-beta (Aβ) protein of Alzheimer's disease, when coupled with computational methods, identifies eight diverse but mainly flat compounds and three compound derivatives that reduce Aβ cytotoxicity against mammalian cells by up to 90%. Although these compounds bind to Aβ fibers, they do not reduce fiber formation of Aβ. Structure-activity relationship studies of the fiber-binding compounds and their derivatives suggest that compound binding increases fiber stability and decreases fiber toxicity, perhaps by shifting the equilibrium of Aβ from oligomers to fibers. DOI:http://dx.doi.org/10.7554/eLife.00857.001

Structures of fibrils formed by α-synuclein hereditary disease mutant H50Q reveal new polymorphs.

Deposits of amyloid fibrils of α-synuclein are the histological hallmarks of Parkinson's disease, dementia with Lewy bodies and multiple system atrophy, with hereditary mutations in α-synuclein linked to the first two of these conditions. Seeing the changes to the structures of amyloid fibrils bearing these mutations may help to understand these diseases. To this end, we determined the cryo-EM structures of α-synuclein fibrils containing the H50Q hereditary mutation. We find that the H50Q mutation results in two previously unobserved polymorphs of α-synuclein: narrow and wide fibrils, formed from either one or two protofilaments, respectively. These structures recapitulate conserved features of the wild-type fold but reveal new structural elements, including a previously unobserved hydrogen-bond network and surprising new protofilament arrangements. The structures of the H50Q polymorphs help to rationalize the faster aggregation kinetics, higher seeding capacity in biosensor cells and greater cytotoxicity that we observe for H50Q compared to wild-type α-synuclein

Calibration and Irradiation Study of the BGO Background Monitor for the BEAST II Experiment

Beam commissioning of the SuperKEKB collider began in 2016. The Beam Exorcism for A STable experiment II (BEAST II) project is particularly designed to measure the beam backgrounds around the interaction point of the SuperKEKB collider for the Belle II experiment. We develop a system using bismuth germanium oxide (BGO) crystals with optical fibers connecting to a multianode photomultiplier tube (MAPMT) and a field-programmable gate array (FPGA) embedded readout board for monitoring the real-time beam backgrounds in BEAST II. The overall radiation sensitivity of this system is estimated to be $(2.20\pm0.26)\times10^{-12}$ Gy/ADU (analog-to-digital unit) with the standard 10 m fibers for transmission and the MAPMT operating at 700 V. Our $\gamma$-ray irradiation study of the BGO system shows that the exposure of BGO crystals to $^{60}$Co $\gamma$-ray doses of 1 krad has led to immediate light output reductions of 25--40%, and the light outputs further drop by 30--45% after the crystals receive doses of 2--4 krad. Our findings agree with those of the previous studies on the radiation hard (RH) BGO crystals grown by the low thermal gradient Czochralski (LTG Cz) technology. The absolute dose from the BGO system is also consistent with the simulation, and is estimated to be about 1.18 times the equivalent dose. These results prove that the BGO system is able to monitor the background dose rate in real time under extreme high radiation conditions. This study concludes that the BGO system is reliable for the beam background study in BEAST II