The Market for Markets: Development of International Securities and Commodities Trading

International Linkage of securities exchanges is an idea unheard of not long ago, but whose time has come quickly. Since 1984, five different links have been created between United States securities or commodities exchanges and counterparts abroad. Three other links have been proposed, and several more are being informally discussed. At the same time, financial firms are investing in in-house international trading technology. The exchanges are battling the development of these in-house trading links for the expanding business in international securities and commodities trading, attempting to persuade traders to use linked markets rather than their own internal connections. “Each exchange is involved in a bitter struggle with every other exchange for that most precious of financial commodities: liquidity. If an exchange loses it – either to other exchanges or to the growing telephone market – it is dead.” This rapid development suggests that markets are linking to fill an existing demand and to stimulate active trading. Experience to date, however, has not borne out this assumption. Table 1 indicates the volume of trading through 1986 in the three currently-operating securities market linkages; Table 2 indicates the same information for the two commodities market linkages. Although a large number of trades do occur, the volume is not significant. This trading experience indicates that market linkages have not been developed in response to existing or articulated demand. The rush to develop international trading systems, therefore, is not motivated by the exchanges’ desire to capitalize on traders’ existing need of, and consequent willingness to pay for, an international marketplace. Assuming that development of these links is not cost-free, and also assuming that the exchanges involved are profit-maximizing firms, they must anticipate some future demand for these services in order to justify the present investment in linkages. This Article explores the economic theory of market development and applies it to the international marketplace, in an attempt to determine why market linkages are developing in the absence of apparent or articulated demand. Part I chronicles the development of the five existing market linkages. Part II discusses economic theories of market development and applies them to these international market linkages as well as an existing domestic model of market linkage: the Intermarket Trading System. Part III discusses the various regulatory issues raised by international market development

A new method for determining the magnetic properties of solid materials employed in unconventional magnetic circuits

The mechanical and thermal properties of common, solid (non-laminated) ferromagnetic materials are widely available, but the electro-magnetic characteristics of such solid materials are often undefined. Existing characterization procedures such as the toroidal ring sample test method are capable of mapping the electro-magnetic properties of solid materials quite accurately when investigating materials to be used in conventional magnetic circuits, i.e. where the flux paths and induced eddy currents follow the more common ‘radial’ characteristics as in a standard rotating machine. When solid ferromagnetic material is employed in unconventional machine structures, such as for transverse flux machines or tubular linear machines, simple toroidal test methods do not accurately represent the flux conditions in the stator material. In this paper a new testing method is proposed to accurately impose the correct flux conditions for tubular linear machines. The proposed method uses a simple experimental test setup to characterize the magnetic properties of solid, ferro-magnetic material. The basic experimental results from the new setup are compared to results from 3D finite element analysis

Hawkes process as a model of social interactions: a view on video dynamics

We study by computer simulation the "Hawkes process" that was proposed in a recent paper by Crane and Sornette (Proc. Nat. Acad. Sci. USA 105, 15649 (2008)) as a plausible model for the dynamics of YouTube video viewing numbers. We test the claims made there that robust identification is possible for classes of dynamic response following activity bursts. Our simulated timeseries for the Hawkes process indeed fall into the different categories predicted by Crane and Sornette. However the Hawkes process gives a much narrower spread of decay exponents than the YouTube data, suggesting limits to the universality of the Hawkes-based analysis.Comment: Added errors to parameter estimates and further description. IOP style, 13 pages, 5 figure

Preferential associated anomalies in 818 cases of microtia in South america

The etiology of microtia remains unknown in most cases. The identification of patterns of associated anomalies (i.e., other anomalies that occur with a given congenital anomaly in a higher than expected frequency), is a methodology that has been used for research into the etiology of birth defects. We conducted a study based on cases of microtia that were diagnosed from more than 5 million live (LB)- and stillbirths (SB) examined in hospitals participating in ECLAMC (Latin American Collaborative Study of Congenital Malformations) between 1967 and 2009. We identified 818 LB and SB with microtia and at least one additional non-related major congenital anomaly (cases) and 15,969 LB and SB with two or more unrelated major congenital anomalies except microtia (controls). A logistic regression analysis was performed to identify the congenital anomalies preferentially associated with microtia. Preferential associations were observed for 10 congenital anomalies, most of them in the craniofacial region, including facial asymmetry, choanal atresia, and eyelid colobomata. The analysis by type of microtia showed that for anomalies such as cleft lip and palate, macrostomia, and limb reduction defects, the frequency increased with the severity of the microtia. In contrast, for other anomalies the frequency tended to be the same across all types of microtia. Based on these results we will integrate data on the developmental pathways related to preferentially associated congenital anomalies for future studies investigating the etiology of microtia.Fil: Luquetti, Daniela V.. University of Washington; Estados Unidos. Seattle Children’s Research Institute; Estados UnidosFil: Cox, Thimoty C.. Monash University; Australia. University of Washington; Estados UnidosFil: López Camelo, Jorge Santiago. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. CEMIC-CONICET. Centro de Educaciones Médicas e Investigaciones Clínicas "Norberto Quirno". CEMIC-CONICET.; ArgentinaFil: Dutra, Maria da Graça. Instituto Oswaldo Cruz; BrasilFil: Cunningham, Michael L.. University of Washington; Estados Unidos. Seattle Children’s Research Institute; Estados UnidosFil: Castilla, Eduardo Enrique. Centro de Educación Médica e Investigaciones Clínicas “Norberto Quirno”; Argentina. Instituto Oswaldo Cruz; Brasil. Instituto Nacional de Genética Médica Populacional; Brasi

Functional evolution of the feeding system in rodents

The masticatory musculature of rodents has evolved to enable both gnawing at the incisors and chewing at the molars. In particular, the masseter muscle is highly specialised, having extended anteriorly to originate from the rostrum. All living rodents have achieved this masseteric expansion in one of three ways, known as the sciuromorph, hystricomorph and myomorph conditions. Here, we used finite element analysis (FEA) to investigate the biomechanical implications of these three morphologies, in a squirrel, guinea pig and rat. In particular, we wished to determine whether each of the three morphologies is better adapted for either gnawing or chewing. Results show that squirrels are more efficient at muscle-bite force transmission during incisor gnawing than guinea pigs, and that guinea pigs are more efficient at molar chewing than squirrels. This matches the known diet of nuts and seeds that squirrels gnaw, and of grasses that guinea pigs grind down with their molars. Surprisingly, results also indicate that rats are more efficient as well as more versatile feeders than both the squirrel and guinea pig. There seems to be no compromise in biting efficiency to accommodate the wider range of foodstuffs and the more general feeding behaviour adopted by rats. Our results show that the morphology of the skull and masticatory muscles have allowed squirrels to specialise as gnawers and guinea pigs as chewers, but that rats are high-performance generalists, which helps explain their overwhelming success as a group

The Effect of Extended Use of Banminth in Swine Diets

Banminth has been shown to kill the adult roundworms and also to stop the second stage larvae, thus preventing the damage caused by migration to the liver and lungs. The objective of this experiment was to determine the effect of feeding Banminth on performance of swine when fed to 75, 125 or 220 lb. and on comparative liver and lung damage

CTIX Message System User\u27s Manual Version 1.0

This manual describes how to use the CTIX Message System for interprocess communication in a distributed application program. The CTIX Message System is a package of message-passing facilities developed by the Concurrent Systems Group of the Department of Computer Science at Washington University, It provides a process-to-process asynchronous, buffered communication medium. The package is implemented on a network of Convergent Technologies (CT) MiniFrame workstations. These workstations support the CTIX (the Ct\u27s version of UNIX System V) operating system and the TCP/IP network protocols

Amino Acid Supplementation of Low Protein Corn-Soy Diets for Young Weaned Pigs

The objectives of this experiment were to determine the need for tryptophan supplementation of low protein starter diets supplemented with lysine and methionine and to determine the value of N-acetyl-DL-tryptophan as a source of tryptophan