Hedge funds, credit risk transfer and financial stability.

Over the past decade, central bankers and financial institution supervisors have sharpened their focus on the increasingly important role that private pools of investment funds play in global financial markets. The growth in these pools has contributed significantly to market efficiency and financial stability by expanding liquidity in many financial markets, improving price discovery, and, ultimately, lowering the costs of capital. Private investment pools and the alternative investment strategies they pursue have contributed to a signifi cant expansion of the global markets and have helped accelerate the evolution in traded credit products such as credit derivatives, collateralized debt obligations, and the securitization of an increasing array of traditionally illiquid assets. However, because of the lack of transparency and an established regime of supervision of these investment vehicles, policymakers and supervisors have become concerned about customer protection and the potential for systemic risk. This paper discusses some of the key issues confronting supervisors in light of the recent growth of private investment pools and the rapid developments in the area of credit risk transfer, with a particular focus on the implications of these trends regarding systemic risk and financial stability.

'BRS Mandinho': the first platycarpa peach cultivar released in Brazil.

Pêssegos tipo platicarpa têm alcançado ótimos preços devido à boa aceitação no mercado. entretanto, a quase totalidade das cultivares lançadas são bastante exigentes em frio hibernal e não se adaptam às condições brasileiras, exceção representada por pequenas áreas de microclimas, com elevada altitude. a cultivar BRS Mandinho é a primeira cultivar da variedade botânica platicarpa lançada no Brasil e adapta-se a condições subtropicais. Suas plantas são vigorosas e a floração, no Rio Grande do Sul, ocorre na segunda quinzena de Julho. As frutas são doces e amadurecem em novembro e apresentam massa média de 55,3 g.Scientific Communication

BRS Cainguá, a blackberry fresh-market cultivar.

Uma das razões para a baixa demanda de amoras do mercado no Brasil é o sabor ácido da fruta fresca. Os frutos da cultivar BRS Cainguá, recém-lançada, têm um sabor melhor e uma forma muito atraente

BRS Jaspe: a processing peach cultivar for low chill areas.

O programa de melhoramento da Embrapa fornece um processamento de pêssego cultivar, 'BRS Jaspe'. Ao longo dos anos, o rendimento desta cultivar foi estável e seus frutos podem ser colhidos em meados de novembro, com bom tamanho e sabor. Pode representar uma alternativa à cultivar Granada, com um período de maturação semelhante

Instability and `Sausage-String' Appearance in Blood Vessels during High Blood Pressure

A new Rayleigh-type instability is proposed to explain the `sausage-string' pattern of alternating constrictions and dilatations formed in blood vessels under influence of a vasoconstricting agent. Our theory involves the nonlinear elasticity characteristics of the vessel wall, and provides predictions for the conditions under which the cylindrical form of a blood vessel becomes unstable.Comment: 4 pages, 4 figures submitted to Physical Review Letter

Chromosomal variability in the wild ornamental species of Symphysodon (Perciformes: Cichlidae) from Amazon

Cytogenetic studies were conducted on three discus species which inhabit the Amazon in Brazil: Symphysodon haraldi from Manacapuru, S. aequifasciatus from Tefé and S. discus from Barcelos. All individuals showed 2n=60 chromosomes, most of them biarmed. No sexual chromosomal heteromorphism was verified. However, different karyotypic formulae, owing to the presence of subtelocentric chromosomes, were verified for S. aequifasciatus and S. discus. One of the karyotypic formulae from S. aequifasciatus (cytotype 2) differs from the others, due to one of the homologues in the first chromosome pair being significantly larger than the other. A large variability was observed toward the nucleolar organizer regions (NOR) of S. haraldi and S. aequifasciatus. Although the number of silver-stained blocks varied from 2 to 5, confirming different NOR patterns, at least seven homologue pairs were involved with NORs. In S. discus only two marks were observed, however two chromosome pairs were involved, characterizing a multiple NOR system for the three species. The heterochromatic blocks were mainly located in the pericentromeric region of all chromosomes but, in some of them, they are also located in the proximal regions, both in the short and long arms. Moreover, in the cytotype 2 from S. aequifasciatus, an interstitial heterochromatic block was observed on the long arm of the largest homologue of the first pair. A direct comparison of karyotypes from more related genera (Heros, Uaru, Mesonauta and Pterophyllum), makes it clear that a succession of chromosomal rearrangements, mainly pericentric inversions, translocations and fissions/fusions occurred resulting in the present diploid number and intraspecific karyological variability found in Symphysodon. Copyright © 2008 Sociedade Brasileira de Ictiologia

The Moss Macromitrium Richardii (Orthotrichaceae) with Sporophyte and Calyptra Enclosed in Hymenaea Resin from the Dominican Republic

Abstract Dominican amber is an important source for Early Miocene bryophytes. We report the moss Macromitrium richardii Schwägr., an extant representative of the Orthotrichaceae, from the Dominican amber collection of the American Museum of Natural History. This species is currently a widespread Neotropical epiphyte. The specimen includes several gametophytes and sporophytes, and represents the first fossil record of Orthotrichaceae. Alongside the Macromitrium shoots we observed several fragments of the liverworts Cheilolejeunea antiqua and Frullania sp. The unusual thermal behavior of the resin sample initially led to doubts about the Miocene age of the specimen, but chemical analyses of the Hymenaea resin provides evidence that the specimen represents a highly oxidized sample of Miocene Dominican amber rather than an artificially thermally-treated subfossil resin (copal). Our inclusion demonstrates the exceptional preservation potential of tree resin, but our observations also suggest that provenance (including any possibility that a modern resin has been thermally treated to make it appear older) should be scrutinized when single pieces with atypical thermal behavior and exceptionally well-preserved extant morphotypes come to light

Estimating the Phanerozoic history of the Ascomycota lineages : Combining fossil and molecular data

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