Reforming the over-the-counter derivatives market: what’s to be gained?

While derivative financial instruments have made the hedging and exchange of risk more efficient, the recent crisis showed that they also pose a substantial threat to financial stability in times of systemic turmoil. Underlying much of this threat is the lack of transparent reporting in the over-the-counter market for these instruments. This Commentary discusses the advantages of one solution to the transparency proble: moving the settlement or trading of derivatives to exchanges or clearinghouses.Derivative securities ; Financial market regulatory reform ; Over-the-counter markets

Credit default swaps and their market function

Credit derivative instruments allow default risk to be segregated from debt of all kinds. They have granted investors the ability to hedge their portfolios and provided numerous institutions with a new source of income. However, the market for credit default swaps is neither transparent nor regulated, perhaps undermining the stability of the financial system it has helped innovate.Credit derivatives ; Swaps (Finance)

Large magneto-thermal effect and the spin-phonon coupling in a parent insulating cuprate Pr_{1.3}La_{0.7}CuO_4

The magnetic-field (H) dependence of the thermal conductivity \kappa of Pr_{1.3}La_{0.7}CuO_4 is found to show a pronounced minimum for in-plane fields at low temperature, which is best attributed to the scattering of phonons by free spins that are seen by a Schottky-type specific heat and a Curie-Weiss susceptibility. Besides pointing to a strong spin-phonon coupling in cuprates, the present result demonstrates that the H-dependence of the phonon heat transport should not be naively neglected when discussing the \kappa(H) behavior of cuprates, since the Schottky anomaly is ubiquitously found in cuprates at any doping.Comment: 6 pages, 4 figures, accepted for publication in Phys. Rev.

Von Neumann's Quantization of General Relativity

Von Neumann's procedure is applied for quantization of General Relativity. We quantize the initial data of dynamical variables at the Planck epoch, where the Hubble parameter coincides with the Planck mass. These initial data are defined via the Fock simplex in the tangent Minkowskian space-time and the Dirac conformal interval. The Einstein cosmological principle is applied for the average of the spatial metric determinant logarithm over the spatial volume of the visible Universe. We derive the splitting of the general coordinate transformations into the diffeomorphisms (as the object of the second N\"other theorem) and the initial data transformations (as objects of the first N\"other theorem). Following von Neumann, we suppose that the vacuum state is a quantum ensemble. The vacuum state is degenerated with respect to quantum numbers of non-vacuum states with the distribution function that yields the Casimir effect in gravidynamics in analogy to the one in electrodynamics. The generation functional of the perturbation theory in gravidynamics is given as a solution of the quantum energy constraint. We discuss the region of applicability of gravidynamics and its possible predictions for explanation of the modern observational and experimental data.Comment: 14 pages, updated version with extended discussio

Three-dimensional elemental bio-imaging of Fe, Zn, Cu, Mn and P in a 6-hydroxydopamine lesioned mouse brain

Three dimensional maps of iron (Fe), zinc (Zn), copper (Cu), manganese (Mn) and phosphorous (P) in a 6-hydroxydopamine (6-OHDA) lesioned mouse brain were constructed employing a novel quantitative laser ablation-inductively coupled plasma-mass spectrometry (LA-ICP-MS) imaging method known as elemental bio-imaging. The 3D maps were produced by ablating serial consecutive sections taken from the same animal. Each section was quantified against tissue standards resulting in a three dimensional map that represents the variation of trace element concentrations of the mouse brain in the area surrounding the substantia nigra (SN). Damage caused by the needle or the toxin did not alter the distribution of Zn, and Cu but significantly altered Fe in and around the SN and both Mn and Fe around the needle track. A 20% increase in nigral Fe concentration was observed within the lesioned hemisphere. This technique clearly shows the natural heterogeneous distributions of these elements throughout the brain and the perturbations that occur following trauma or intoxication. The method may applied to three-dimensional modelling of trace elements in a wide range of tissue samples. © 2010 The Royal Society of Chemistry

Quantitative elemental bio-imaging of Mn, Fe, Cu and Zn in 6-hydroxydopamine induced Parkinsonism mouse models

This study demonstrates the application of quantitative elemental bio-imaging for the determination of the distribution Cu, Mn, Fe and Zn in Parkinsonism mouse model brains. Elevated concentrations of these metals within the substantia nigra (SN) are suspected to play a role on the development of Parkinson's disease. Elemental bio-imaging employs laser ablation inductively coupled mass spectrometry (LA-ICP-MS) to construct images of trace element distribution. Quantitative data was produced by ablating the standard tissue sections and recording the mean signal intensity calibrated against multi level matrix matched tissue standards. The concentrations of Fe within the substantia nigra of the lesioned animals increased significantly when compared against control animals. Furthermore, the data was compared against solution nebulisation ICP-MS in which the whole substantia nigra was excised. The trends were the same for both methods; however the elemental bio-imaging method returned significantly higher concentrations. This was caused by dilution from inclusion of surrounding tissue of the SN during the excision procedure. © The Royal Society of Chemistry 2009

Bound pair states beyond the condensate for Fermi systems below T_c: the pseudogap as a necessary condition

As is known, the 1/q^2 theorem of Bogoliubov asserts that the mean density of the fermion pair states with the total momentum q obeys the inequality n_q > C/q^2 (q \to 0) in the case of the Fermi system taken at nonzero temperature and in the superconducting state provided the interaction term of its Hamiltonian is locally gauge invariant. With the principle of correlation weakening it is proved in this paper that the reason for the mentioned singular behaviour of n_q is the presence of the bound states of particle pairs with nonzero total momenta. Thus, below the temperature of the superconducting phase transition there always exist the bound states of the fermion couples beyond the pair condensate. If the pseudogap observed in the normal phase of the high-T_c superconductors is stipulated by the presence of the electron bound pairs, then the derived result suggests, in a model-independent manner, that the pseudogap survives below T_c.Comment: REVTeX, 8 pages, no figures, submitted to Phys. Rev.

Profiling the iron, copper and zinc content in primary neuron and astrocyte cultures by rapid online quantitative size exclusion chromatography-inductively coupled plasma-mass spectrometry

Metals often determine the chemical reactivity of the proteins to which they are bound. Each cell in the body tightly maintains a unique metalloproteomic profile, mostly dependent on function. This paper describes an analytical online flow injection quantitative size exclusion chromatography-inductively coupled plasma-mass spectrometry (SEC-ICP-MS) method, which was applied to profiling the metal-binding proteins found in primary cultures of neurons and astrocytes. This method can be conducted using similar amounts of sample to those used for Western blotting (20-150 μg protein), and has a turnaround time of <15 minutes. Metalloprotein standards for Fe (as ferritin), Cu and Zn (as superoxide dismutase-1) were used to construct multi-point calibration curves for online quantification of metalloproteins by SEC-ICP-MS. Homogenates of primary neuron and astrocyte cultures were analysed by SEC-ICP-MS. Online quantification by external calibration with metalloprotein standards determined the mass of metal eluting from the column relative to time (as pg s-1). Total on-column Fe, Cu and Zn detection limits ranged from 0.825 ± 0.005 ng to 13.6 ± 0.7 pg. Neurons and astrocytes exhibited distinct metalloprotein profiles, featuring both ubiquitous and unique metalloprotein species. Separation and detection by SEC-ICP-MS allows appraisal of these metalloproteins in their native state, and online quantification was achieved using this relatively simple external calibration process. © 2013 The Royal Society of Chemistry

Theory of superfluidity and drag force in the one-dimensional Bose gas

The one-dimensional Bose gas is an unusual superfluid. In contrast to higher spatial dimensions, the existence of non-classical rotational inertia is not directly linked to the dissipationless motion of infinitesimal impurities. Recently, experimental tests with ultracold atoms have begun and quantitative predictions for the drag force experienced by moving obstacles have become available. This topical review discusses the drag force obtained from linear response theory in relation to Landau's criterion of superfluidity. Based upon improved analytical and numerical understanding of the dynamical structure factor, results for different obstacle potentials are obtained, including single impurities, optical lattices and random potentials generated from speckle patterns. The dynamical breakdown of superfluidity in random potentials is discussed in relation to Anderson localization and the predicted superfluid-insulator transition in these systems.Comment: 17 pages, 12 figures, mini-review prepared for the special issue of Frontiers of Physics "Recent Progresses on Quantum Dynamics of Ultracold Atoms and Future Quantum Technologies", edited by Profs. Lee, Ueda, and Drummon