An Empirical Analysis of Transparency-Related Characteristics of European and US Sovereign Bond Markets

We examine transparency-related characteristics of European and US sovereign bond markets and relate these to differences in primary issuance approaches and the design of the different trading platforms. We highlight the existence of a winner’s curse problem in the interaction between B2C and B2B segments of the market, and we provide evidence to analyze its prevalence. We examine the problems that can arise as the result of increasing the transparency of the B2B segment of the market and use the experience of the eSpeed platform in the US to obtain insights into these effects. Our analysis is directly relevant to the policy debate about whether to apply MiFID transparency requirements to the EU sovereign bond markets: our results suggest great caution in creating an extremely homogenous and transparent trading environment for sovereign bonds.

Defining Benchmark Status: An Application using Euro-Area Bonds

The introduction of the euro on 1 January 1999 created the conditions for an integrated government bond market in the euro area. Using a unique data set from the electronic trading platform Euro-MTS, we consider what is the benchmark' in this market. We develop and apply two definitions of benchmark status that differ from the conventional view that the benchmark is the security with lowest yield at a given maturity. Using Granger-causality and cointegration methods, we find a complex pattern of benchmark status in euro-area government bonds.

Using pressure pulse seismology to examine basal criticality and the influence of sticky spots on glacial flow

Here we report results of water pressure pulse studies conducted at Storglaciären (Sweden) and West Washmawapta Glacier (British Columbia, Canada). Comparison of pressure pulse records with meteorological conditions at Storglaciären indicates that several periods of increased basal slip activity observed during a 10 day interval of summer 2008 were due to precipitation loading of the glacier surface, rather than to infiltration of surface water to the glacier bed; this indicates that the glacier bed was close to the failure strength for much of this interval. Pressure pulse magnitudes for the two glaciers were well-fit by power law distributions similar to those earlier observed at Trapridge Glacier (and similar in form to the Gutenberg-Richter relationship commonly used in seismology), suggesting that the mechanical processes that give rise to these distributions are robust features of soft-bedded glaciers. In contrast, interevent time distributions for both glaciers diverge from those observed at Trapridge Glacier for short recurrence intervals, suggesting that the factors that govern the rate at which these processes occur differ between glaciers. An examination of pressure pulse characteristics at West Washmawapta Glacier indicates that the establishment of a basal drainage system in summer 2008 resulted in increased stability and reduced sensitivity to meltwater input, suggesting that common assumptions about the relationship between meltwater production and ice flow are oversimplified. These results demonstrate that water pressure pulse observations can provide valuable insight into the dynamics of soft-bedded glaciers

Landscape and the City: creating a sustainable development

This paper examines the potential of a holistic approach for urban and regional strategies in order to understand the way this might contribute more effectively to current global challenges. Part of a wider research strategy investigating the extent to which low carbon and spatial quality can be delivered at a regional level, it demonstrates benefits of adopting a range of processes to deliver integrated and sustainable urban development. The case studies examined include the Landscape Observatory (Spain), the Room for the River (the Netherlands) and HS2/HS2LV (UK). The Landscape Observatory has raised public awareness of the value of landscape to the extent to which there is now a public law protecting landscape in Catalonia. An investigation of projects dealing with climate adaptation in the Netherlands demonstrates the potential and significance of introducing low carbon and the quality of space in urban and regional infrastructure projects. An examination of the HS2 high-speed rail project in the UK illustrates how it might be possible to impact on the perception and development of a singular engineering project in order to convey a wider sustainable vision and the impact that this might have on future landscape in towns, cities and rural areas. The significance of development of procurement processes, policies and legislations as part of the administration phase of urban and regional landscape schemes are also considered necessary for future landscape strategies. Initial outcomes indicate that successful delivery requires the development of a landscape vision and the understanding of low carbon and spatial quality concepts through design in order to be better expressed in the infrastructure and create added value to our cities and regions

Sustainable landscape design; key ideas for effective implementation

This paper forms part of wider research looking at pioneer landscape strategies across Europe, examining the extent to which low carbon, sustainability and spatial quality can be delivered effectively on urban and strategic scale, and covers examples from the ‘Landscape Observatory’ (Spain), the ‘Room for the River’ and ‘New Dutch Waterline’ (Netherlands), and the ‘HS2/HS2LV’ project (UK). This paper presents the Netherlands and the UK case studies, illustrating effective ways where the key issues of low carbon and quality of space are integrated in the design framework and the impact this has on the decision making. The case studies have shown that effective implementation requires visual communication and an in-depth understanding of how the concepts of sustainability and spatial quality are expressed. Policies, and legislation are also considered significant for landscape based developments

Understanding landscape; the process to a quality and sustainable space

Part of a broader strategy to examine how a more holistic approach to landscape may significantly contribute the global challenges by re-establishing landscape at the forefront of development and as the context within which the development processes take place, this paper investigates the extent to which low carbon and spatial quality can be delivered in regional infrastructure projects. The paper looks at the outcomes of two case studies, one of the Landscape Observatory (Spain) and the second of the Room for the River/Dutch Waterline (Netherlands). The two case studies are complementary, the first examining the way the idea of landscape can change hearts and minds, the second showing how the idea of landscape is used to shape the implementation of national projects in the Netherlands. This research shows how the Landscape Observatory has changed public opinion through a series of catalogues, seminars, projects and public participation to such an extent that there is now a public law protecting landscape – a concept that would have been inconceivable 10 years ago. The two national programmes in the Netherlands known as the ‘Room for the River’ and the ‘Dutch Waterline’, devised in response to the problems of climate change and long term sustainability of the Netherlands, demonstrate the potential and significance of introducing the quality of space as a vital aspect of regional infrastructure. In their different ways, these case studies have shown how this idea of landscape can be used, through a range of specific tools and policies to achieve low carbon and sustainable outcomes as well as the extent to which both are dependent the various modes of visual and spatial representation of concepts, ideas and a sense of place to convey the powerful and profound value of the landscape. Finally, the potential of understanding landscape as the context for the process of development will be analysed by discussing the impact these case studies might have had for the regions