Dualisme: transparence fiscale accrue et maintien de la sphère privée

Dans ce travail, je me suis penchée sur un sujet d’actualité qui touche la Suisse et un de ses secrets les mieux gardé disait-on ; le secret bancaire. Depuis des siècles, la Suisse a mis en place un système bancaire régit par des pratiques et coutumes, puis par des lois qui ont permis la non-divulgation des détenteurs et ayants droit économiques des comptes bancaires. Depuis toujours celui-ci a été contesté et critiqué par les pays étrangers mais il a su garder sa place et son importance au sein de la politique et législation suisse jusqu’à récemment. En effet, ces dernières années ont été synonyme de crise économique sans précédent et les places financières internationales ont du remettre en question leurs méthodes de contrôles fiscaux. La crise financière de 2008 a eu un impact sur l’économie mondiale ainsi que sur la politique et la légalisation suisse des marchés financiers. Les banques doivent désormais coopérer avec les Etats étrangers suite aux accords signés par le Conseil Fédéral, affaiblissant ainsi le secret bancaire. La sphère privée est-elle donc toujours intouchable en Suisse? Ce travail est structuré en trois parties ; du passé au présent, du présent au futur proche et le futur lointain. Dans la première partie, j’aborderai les notions de base entourant le secret bancaire et comment nous sommes arrivés aujourd’hui à le remettre en question. Dans la seconde partie, j’analyserai les impacts pour les banques et les clients dans un futurproche. Et dans la troisième partie, je souhaiterai mettre en avant les conséquences sur le long terme qui découleront de ces nouvelles réglementations. Je finirai par une conclusion qui reprendra les thèmes abordés tout au long de mon travail

Variance Optimal Hedging in the Black-Scholes Model for a given Number of Transactions

In the Black-Scholes option pricing paradigm it is assumed that the market-mak- er designs a continuous-time hedge. This is not realistic from a practical point of view. We introduce trading restrictions in the Black-Scholes model in the sense that hedging is only allowed a given number of times-only the number is fixed, the market-maker is free to choose the (stopping) times and hedge ratios. We identify the strategy which minimizes the variance of the tracking error for a given initial value of the portfolio. The minimal variance is shown to be the solution to a sequence of optimal stopping problems. Existence and uniqueness is proved. We design a lattice algorithm with complexity N3 (N being the number of lattice points) to solve the corresponding discrete problem in the Cox-Ross-Rubinstein setting. The convergence of the scheme relies on a viscosity solution argument. Numerical results and dynamic simulations are provided

Discrete Superstrategies

We study the minimal initial capital needed to super-replicate an European contingent claim in the Black-Scholes model in the following `real' context: the hedger of the option will only trade at stopping times (which he may freely choose as the hedge ratios). In case the number of trading dates is fixed, we show that this capital corresponds to the buy-and-hold strategy (for a Call option, or the corresponding strategy for any option with a continuous payoff). In case the number may depend on the path of the underlying, we show that if the Black-Scholes delta of the contingent claim is itself a finite-variation process (which excludes standard options in general), this initial capital is the Black-Scholes price of the option. In other cases, e.g. standard options, even for the Call option, the question remains open

Staphylococcus aureus infective endocarditis versus bacteremia strains: Subtle genetic differences at stake

AbstractInfective endocarditis (IE)(1) is a severe condition complicating 10–25% of Staphylococcus aureus bacteremia. Although host-related IE risk factors have been identified, the involvement of bacterial features in IE complication is still unclear. We characterized strictly defined IE and bacteremia isolates and searched for discriminant features. S. aureus isolates causing community-acquired, definite native-valve IE (n=72) and bacteremia (n=54) were collected prospectively as part of a French multicenter cohort. Phenotypic traits previously reported or hypothesized to be involved in staphylococcal IE pathogenesis were tested. In parallel, the genotypic profiles of all isolates, obtained by microarray, were analyzed by discriminant analysis of principal components (DAPC)(2). No significant difference was observed between IE and bacteremia strains, regarding either phenotypic or genotypic univariate analyses. However, the multivariate statistical tool DAPC, applied on microarray data, segregated IE and bacteremia isolates: IE isolates were correctly reassigned as such in 80.6% of the cases (C-statistic 0.83, P<0.001). The performance of this model was confirmed with an independent French collection IE and bacteremia isolates (78.8% reassignment, C-statistic 0.65, P<0.01). Finally, a simple linear discriminant function based on a subset of 8 genetic markers retained valuable performance both in study collection (86.1%, P<0.001) and in the independent validation collection (81.8%, P<0.01). We here show that community-acquired IE and bacteremia S. aureus isolates are genetically distinct based on subtle combinations of genetic markers. This finding provides the proof of concept that bacterial characteristics may contribute to the occurrence of IE in patients with S. aureus bacteremia

Couverture approchée optimale des options européennes

PARIS-DAUPHINE-BU (751162101) / SudocSudocFranceF

Thrombotic thrombocytopenic purpura associated with severe acute pancreatitis in a context of decreased ADAMTS13 activity: a case report.

International audienceThrombotic thrombocytopenic purpura (TTP) is a severe multisystemic microvascular disease defined by the association of hemolytic anemia, thrombocytopenia, acute renal failure, fever, and neurological disorders. The pathophysiology has recently been elucidated by the discovery of a von Willebrand factor-cleaving protease (ADAMTS13) deficiency involved in platelet aggregation and ischemia. The association between TTP and acute pancreatitis (AP) has rarely been reported, described either as a cause or a consequence. The role of ADAMTS13 during AP is still unknown. We describe the case of a 41-year-old woman who developed a TTP, with decreased ADAMTS13 activity, associated with severe AP. Published cases of thrombotic microangiopathy associated with AP are reviewed. The pathophysiology, management, prognostic factors, and rationale for treatment are discussed. AP should be sought in patients with TTP presenting with abdominal pain. On the other hand, TTP should be considered in patients with AP and thrombocytopenia

Prone position and recruitment manoeuvre: the combined effect improves oxygenation.

International audienceINTRODUCTION: Among the various methods for improving oxygenation while decreasing the risk of ventilation-induced lung injury in patients with acute respiratory distress syndrome (ARDS), a ventilation strategy combining prone position (PP) and recruitment manoeuvres (RMs) can be practiced. We studied the effects on oxygenation of both RM and PP applied in early ARDS patients. METHODS: We conducted a prospective study. Sixteen consecutive patients with early ARDS fulfilling our criteria (ratio of arterial oxygen partial pressure to fraction of inspired oxygen (PaO2/FiO2) 98.3 ± 28 mmHg; positive end expiratory pressure, 10.7 ± 2.8 cmH2O) were analysed. Each patient was ventilated in both the supine position (SP) and the PP (six hours in each position). A 45 cmH2O extended sigh in pressure control mode was performed at the beginning of SP (RM1), one hour after turning to the PP (RM2) and at the end of the six-hour PP period (RM3). RESULTS: The mean arterial oxygen partial pressure (PaO2) changes after RM1, RM2 and RM3 were 9.6%, 15% and 19%, respectively. The PaO2 improvement after a single RM was significant after RM3 only (P < 0.05). Improvements in PaO2 level and PaO2/FiO2 ratio were transient in SP but durable during PP. PaO2/FiO2 ratio peaked at 218 mmHg after RM3. PaO2/FiO2 changes were significant only after RM3 and in the pulmonary ARDS group (P = 0.008). This global strategy had a benefit with regard to oxygenation: PaO2/FiO2 ratio increased from 98.3 mmHg to 165.6 mmHg 13 hours later at the end of the study (P < 0.05). Plateau airway pressures decreased after each RM and over the entire PP period and significantly after RM3 (P = 0.02). Some reversible side effects such as significant blood arterial pressure variations were found when extended sighs were performed. CONCLUSIONS: In our study, interventions such as a 45 cmH2O extended sigh during PP resulted in marked oxygenation improvement. Combined RM and PP led to the highest increase in PaO2/FiO2 ratio without major clinical side effects

Acute Ischemic Pancreatitis Following Cardiac Arrest: A Case Report

Context Ischemia is an established cause of acute pancreatitis; however, acute pancreatitis has never been reported after cardiac arrest. Case report We report a case of acute pancreatitis following cardiac arrest with prolonged cardiopulmonary resuscitation in a 58-year-old man, the mechanism of which is likely to be ischemic. The patient developed severe ischemic encephalopathy, leading to death. Possible causes of acute pancreatitis in a context of cardiopulmonary resuscitation are discussed. Conclusion In case of abdominal distension following cardiac arrest, diagnoses of mesenteric ischemia and acute ischemic pancreatitis should be considered. Such digestive complications occurring after cardiac arrest probably reflect the severity of the ischemia.Image: Increased abdominal volume observed in the first hours following cardiac arrest

Variance optimal hedging in the Black-Scholes model for a given number of transactions

Theme 4 - Simulation et optimisation de systemes complexes - Projet MATHFISIGLEAvailable from INIST (FR), Document Supply Service, under shelf-number : 14802 E, issue : a.1999 n.3767 / INIST-CNRS - Institut de l'Information Scientifique et TechniqueFRFranc

Daily use of extracorporeal CO2 removal in a critical care unit: indications and results

Abstract Background While outcome improvement with extracorporeal CO2 removal (ECCO2R) is not demonstrated, a strong pathophysiological rational supports its use in the setting of acute respiratory distress syndrome (ARDS) and COPD exacerbation. We aimed to describe our single-center experience of ECCO2R indications and outcome. Methods Patients treated with ECCO2R in our medial ICU, from March 2014 to November 2017, were retrospectively enrolled. Primary end point was evolution of ventilator settings during the two first days following ECCO2R start. Results Thirty-three patients received ECCO2R. Seventeen were managed with Hemolung®, 10 with Prismalung®, 4 with ILA®, and 2 with Cardiohelp®. Indications for ECCO2R were mild or moderate ARDS (n = 16), COPD exacerbation (n = 11), or uncontrolled hypercapnia due to other causes (n = 6). Four patients were not intubated at the time of ECCO2R start. Median duration of ECCO2R treatment was 7 days [5–10]. In ARDS patients, between baseline and day 2, median tidal volume and driving pressure decreased from 5.3 [4.4–5.9] mL/kg and 10 [8–15] to 3.8 [3.3–4.1] mL/kg and 9 [8–11], respectively. Prone positioning was performed in 10 of the 16 patients, without serious adverse event. In COPD patients, between baseline and day 2, median ventilation minute and PaCO2 decreased significantly from respectively 7.6 [6.6–8.7] L/min and 9.4 [8.4–10.1] kPa to 5.8 [4.9–6.2] L/min and 6 [5.3–6.8] kPa. Four out of 11 COPD patients were extubated while on ECCO2R. Device thrombosis occurred in 5 patients (15%). Hemolysis was documented in 16 patients (48%). One patient died of intracranial hemorrhage, while on ECCO2R. Twenty-four patients were discharged from ICU alive. Twenty-eight day mortality was 31% in ARDS, 9% in COPD patients, and 50% in other causes of refractory hypercapnic respiratory failure. Conclusion ECCO2R was useful to apply ultra-protective ventilation among ARDS patients and improved PaCO2, pH, and minute ventilation in COPD patients