CLS Bank: Managing Foreign Exchange Settlement Risk

In the foreign exchange market, where average daily turnover is in trillions of dollars and trades span time zones, legal systems, and domestic payments systems, participants take on various risks. The most serious risk is credit risk - the risk that one party will fail to pay. Central banks, private sector financial institutions, and domestic payments systems operators laboured for more than a decade to develop a multi-currency settlement system to deal with these risks. The result, the CLS Bank, began operations in September 2002. It virtually eliminates the credit risk inherent in foreign exchange transactions by providing a payment-versus-payment arrangement for settlement. The CLS Bank is regulated by the Federal Reserve Board in consultation with the central banks that have currencies settling through its system. At present there are seven currencies, including the Canadian dollar. The Bank of Canada acts as banker for the CLS Bank, providing it with a settlement account and making and receiving payments on its behalf through the Large Value Transfer System. With the participation and support of the world's largest foreign-exchange-dealing institutions, and growing membership, the CLS Bank has the potential to become the dominant global mechanism for settling foreign exchange transactions.

Creating a Supportive Culture for Online Teaching: A Case Study of a Faculty Learning Community

This case study describes the creation of a supportive culture for online teaching at a western university that was transitioning to a new learning management system. The case study highlighted the creation of a faculty learning community as one strategy to address the challenge of faculty working through a change process. The faculty learning community provided a space for the development of best practices in teaching, drawing from the pedagogical experiences of teachers from diverse disciplines. The learning community also provided a venue for expanding the technical knowledge level of faculty members with a range of comfort levels with varied technologies

Nitrogen Abundances and the Distance Moduli of the Pleiades and Hyades

Recent reanalyses of HIPPARCOS parallax data confirm a previously noted discrepancy with the Pleiades distance modulus estimated from main-sequence fitting in the color-magnitude diagram. One proposed explanation of this distance modulus discrepancy is a Pleiades He abundance that is significantly larger than the Hyades value. We suggest that, based on our theoretical and observational understanding of Galactic chemical evolution, nitrogen abundances may serve as a proxy for helium abundances of disk stars. Utilizing high-resolution near-UV Keck/HIRES spectroscopy, we determine N abundances in the Pleiades and Hyades dwarfs from NH features in the 3330 Ang region. While our Hyades N abundances show a modest 0.2 dex trend over a 800 K Teff range, we find the Pleiades N abundance (by number) is 0.13+/-0.05 dex lower than in the Hyades for stars in a smaller overlapping Teff range around 6000 K; possible systematic errors in the lower Pleiades N abundance result are estimated to be at the <0.10 dex level. Our results indicate [N/Fe]=0 for both the Pleiades and Hyades, consistent with the ratios exhibited by local Galactic disk field stars in other studies. If N production is a reliable tracer of He production in the disk, then our results suggest the Pleiades He abundance is no larger than that in the Hyades. This finding is supported by the relative Pleiades-Hyades C, O, and Fe abundances interpreted in the current context of Galactic chemical evolution, and is resistant to the effects on our derived N abundances of a He abundance difference like that needed to explain the Pleiades distance modulus discrepancy. A physical explanation of the Pleiades distance modulus discrepancy does not appear to be related to He abundance.Comment: Accepted for publication in the Publications of the Astronomical Society of the Pacifi