OTC Derivatives Market in India: Recent Regulatory Initiatives and Open Issues for Market Stability and Development

The OTC derivatives markets all over the world have shown tremendous growth inrecent years. In the wake of the present financial crisis, which is believed to have beenexacerbated by OTC derivatives, increasing attention is being paid to analysing theregulatory environment of these markets. In this context, we analyse the regulatoryframework of the OTC derivatives market in India. The paper, inter alia, seeks toprove the point that the Indian OTC derivatives markets, unlike many otherjurisdictions, are well regulated. Only contracts where one party to the contract is anRBI regulated entity are considered legally valid in India. A good reporting systemand a post-trade clearing and settlement system, through a centralised counter party,has ensured good surveillance of the systemic risks in the Indian OTC market.From amongst the various OTC derivatives markets permitted in India, interest rateswaps and foreign currency forwards are the two prominent markets. However, byinternational standards, the total size of the Indian OTC derivatives markets stillremains small because credit default swaps were conspicuously absent in India untilnow. It appears that Indian OTC derivatives markets will grow fast once again afterthe present financial crisis is over. This research paper explores those open issues thatare important to ensure market stability and development. On the issue of the muchdiscussed competition between exchange-traded and OTC-traded derivatives, webelieve that the two markets serve different purposes and would contribute more torisk management and market efficiency, if viewed as complementary. Regarding theintroduction of new derivative products for credit risk transfer, the recentannouncement by the RBI that it would introduce credit default swaps is a welcomesign. We believe that routing of credit default swaps through a reporting platform andmanaging its post-trade activities through a centralised counterparty would providebetter surveillance of the market. Strengthening the position of the ClearingCorporation of India Ltd. (CCIL) as the only centralised counterparty for Indian OTCderivatives market and better supervision of the off-balance sheet business offinancial institutions are two measures that have been proposed to ensure the stabilityof the market.Derivatives and Over the Counter Market, Financial Institutions and Services and Government Policy and Financial Regulation

A study on the use of organic additives on the protocorm-like bodies (PLBS) growth of Phalaenopsis violacea orchid

The potential of different concentrations of various banana cultivars extracts, papaya extract, tomato extract and coconut water (0, 10, 20, 30%) to the control (without carbon source and plant growth regulator free medium) for reliable proliferation of Phalenopsis violacea protocorm-like bodies (PLB) under in vitro condition. The results indicated that organic extracts were taken up from the media as shown by the increased in percentage of PLB proliferation rate. Maximum growth of PLB was obtained in half-strength Murashige and Skoog (MS) semi-solid medium supplemented with 10% of Mas (AA) banana pulp extract. However, it has been noticed that at a higher concentrations of organic extract tend to be inhibitory to the PLB proliferation which could be due to the osmotic stress. PLBs grown in half-strength MS supplemented with papaya extract had the lowest PLB proliferation rate among the different organic extracts. It can be concluded that, adding Mas (AA) banana pulp extract at concentration of 10% can be a potential replacement of sucrose in the media. Therefore, the short time length of in vitro culture and its high efficiency makes addition of suitable organic extracts well suited for mass propagation of Phalenopsis violacea orchid

A Study on the Use of Organic Additives on the Protocorm-like Bodies (PLBS) Growth of Phalaenopsis violacea Orchid

The potential of different concentrations of various banana cultivars extracts, papaya extract, tomato extract and coconut water (0, 10, 20, 30%) to the control (without carbon source and plant growth regulator free medium) for reliable proliferation of Phalenopsis violacea protocorm-like bodies (PLB) under in vitro condition. The results indicated that organic extracts were taken up from the media as shown by the increased in percentage of PLB proliferation rate. Maximum growth of PLB was obtained in half-strength Murashige and Skoog (MS) semi-solid medium supplemented with 10% of Mas (AA) banana pulp extract. However, it has been noticed that at a higher concentrations of organic extract tend to be inhibitory to the PLB proliferation which could be due to the osmotic stress. PLBs grown in half-strength MS supplemented with papaya extract had the lowest PLB proliferation rate among the different organic extracts. It can be concluded that, adding Mas (AA) banana pulp extract at concentration of 10% can be a potential replacement of sucrose in the media. Therefore, the short time length of in vitro culture and its high efficiency makes addition of suitable organic extracts well suited for mass propagation of Phalenopsis violacea orchid

Histology and scanning electron microscopy observations of cryopreserved protocorm-like bodies of Dendrobium sonia-28

The genus Dendrobium possesses horticultural importance. Dendrobium sonia-28 is an important ornamental orchid in the flower industry. Cryopreservation is a favoured long-term storage method for orchids with propagation problems. Protocorm-like bodies (PLBs) of Dendrobium sonia-28 were cryopreserved using the vitrification technique. Histology and scanning electron microscopy (SEM) observations were conducted on stock, non-cryopreserved (control), and cryopreserved PLBs of Dendrobium sonia-28 to detect cryoinjuries resulting from the vitrification protocol. Histological observations of control PLBs indicated that the preculture, osmoprotection, and dehydration steps were not physically damaging to the PLBs. Histological and SEM analyses of cryopreserved PLBs indicated that the freezing and thawing cycles inflicted damages on the parenchymatic regions of the PLBs. Only embryogenic cells survived the treatment. Scanning electron microscopy studies of the control and cryopreserved PLBs indicated that both osmotic and freezing injuries occurred only in the interior regions of the PLBs

Cryopreservation of PLBs of Brassidium Fly Away Using Encapsulation-Dehydration Techniqu

In vitro grown protocorm-like bodies (PLBs) of Brassidium Fly Away orchid hybrid were cryopreserved using encapsulation- dehydration technique. The viability of the cryopreserved cells was determined by 2,3,5-triphenyltetrazolium chloride (TTC) assay. For the preculture treatment, the PLBs were excised into two standard sizes of 1-2 and 4-5 mm and were precultured on half-strength Murashige and Skoog (MS) semi solid medium supplemented with diff erent concentrations of sucrose (0, 0.2, 0.4, 0.6, 0.8 and 1.0M). The PLBs size 4-5 mm and 0.6 M sucrose concentration was selected based on highest viability obtained in TTC assay. The PLBs were encapsulated for 30 minutes using 3% (w/v) liquid sodium alginate medium supplemented with 0.4M sucrose and 0.1M calcium chloride and osmoprotected in 0.75M sucrose solution for 24 hours at 25°C. The beads were then dehydrated using 50g heat-sterilised silica gel for four hours, cryopreserved for 24 hours, thawed in a 40±2°C water bath for 90 seconds, and regenerated in semi-solid half-strength. Biochemical analyses were conducted and the cryopreserved PLBs had produced lower content of chlorophyll while the highest specifi c peroxidase activity was observed in cryopreserved PLBs

Optimisation of transient green fluorescent protein (GFP) gene expression in Phalaenopsis Violacea Orchid mediated by Agrobacterium Tumefaciens-mediated transformation system

Numerous transformation factors were successfully optimised to develop a reliable and highly efficient Agrobacterium-mediated transformation into the protocorm-like bodies (PLBs) of Phalaenopsis violacea. The optimisation of factors influencing stable transformation efficiency in new species is very important as it can reduce the costs in labor and materials in the future. Hypervirulent Agrobacterium tumefaciens strains, EHA 101 and 105, harboring the pCAMBIA 1304 plasmid which contains gusA gene and gfp gene as the reporter markers, were used for transformation study. Transient gfp gene expression was used to evaluate the efficiency of T-DNA delivery in transformants due to its simple, non-destructive and cell autonomous procedure. Agrobacterium strain EHA 105 was proved to be better in transforming the targeted PLBs than EHA 101, based on the notably high transient expression of gfp gene in all the parameters tested. Different temperatures during cocultivation period, the concentration of L-cysteine, calcium (CaCl2) and silver nitrate (AgNO3) in cocultivation medium as well as pH and light and dark conditions during co-cultivation period were identified to be major factors in enhancing the percentage of transient gfp gene expression. Increased T-DNA delivery efficiencies were obtained when P. violacea PLBs were co-cultivated with Agrobacterium tumefaciens strain EHA 105 in half-strength MS medium supplemented with 5% of banana Mas extract containing 200 mg.L-1 L-cysteine, 60μM silver nitrate, without calcium, adjusted to pH 5.5 and incubated in the dark at 24°C. The results from transient transformation of PLBs suggested that Agrobacterium-mediated transfer of T-DNA to the naturally recalcitrant P. violacea is feasible and is highly efficient. Consequently, by combining the best treatments, an efficient and reproducible Agrobacterium-mediated transformation protocol could be continued to facilitate the insertion of any desirable traits for the production of transgenic Phalaenopsis violacea orchid

Cryopreservation of Brassia rex Orchid Shoots Using PVS2 Technique

In vitro grown shoots of Brassia rex orchid hybrid was cryopreserved by means of plant vitrification solution 2 (PVS2) technique. For the preculture treatment, the shoots were excised into two standard sizes of 0.5-1.0 and 1.0-1.5 cm and were precultured on half-strength Murashige and Skoog (MS) semi solid medium supplemented with different concentrations of sucrose (control (0.06 M), 0.1, 0.25, 0.5 and 0.75 M) for 24 and 48 h. For the PVS2 dehydration treatment, the 0.1 M precultured (48 h and 1.0-1.5 cm) shoots were chosen for further experiment where the shoots were dehydrated in PVS2 solution at various durations (5, 10, 15, 20, 25 and 30 min) at 0 and 24°C for positive and negative storage in Liquid Nitrogen (LN). The viability of the cryopreserved cells were determined by 2, 3, 5-triphenyltetrazolium chloride (TTC) assay and chlorophyll extraction techniques. The best condition of PVS2 treatment was at 20 min of PVS2 treatment at 0°C prior to storage in liquid nitrogen. In chlorophyll determination based on chlorophyll assay, the highest concentration of total chlorophyll concentration (56.250 µg g-1) was obtained from shoots that were dehydrated for 25 min in PVS2 solution at 0°C without storage in liquid nitrogen

Preliminary study of DMSO vitrification technique of Dendrobium sonia 28 using protocorm-like bodies (PLBs) explant

In vitro grown shoot derived from protocorm-like bodies of Dendrobium sonia 28 hybrid were cryopreserved under liquid nitrogen condition, by means of DMSO vitrification method. Prior to the cryopreservation, the shoot were excised into two types of different length of 0.5-1.0 cm and 1.0-1.5 cm. Those entire excised shoot were grown on half-strength Murashige and Skoog (MS) semi solid medium. Upon DMSO vitrification method, the shoots were precultured (24 and 48 hours) at different sucrose concentrations (0.06 M, 0.10 M, 0.25 M, 0.50 M and 0.75 M). Vitrification process proceeded with culturing of the shoots in a loading solution consist of mixture of 2 M glycerol and 0.4 M sucrose for 20 minutes at room temperature (28°C), followed by further dehydration process with DMSO for a different incubation duration (0 minute, 10 minutes, 20 minutes and 30 minutes) at temperature of 0°C and 24°C. The shoots were later plunged into liquid nitrogen. After recovering from the liquid nitrogen storage, the shoots underwent rapid thawing (40°C) and were grown in a regrowth semi solid medium for two days under dark condition. TTC analysis was carried out to determine the viability of the shoots after storage under liquid nitrogen. The highest absorbance value at 540 nm was obtained using 2,3,5, triphenyl tetrazolium chloride (TTC) assay from the treatment of 1.0-1.5 cm shoots precultured for 24 hours in 0.5 M sucrose concentration MS semi-solid medium at 0°C for the 10 minutes incubation time in DMSO solution. The DMSO vitrification method was a crucial step in the orchid cryopreservation of Dendrobium sonia 28 hybrid shoot. Treatment of DMSO solution was proven to be capable of carrying out the dehydration process which was important for the survival rate of Dendrobium sonia 28 hybrid shoot undergoing cryopreservation at ultra low temperature (-196°C)

Preliminary study on cryopreservation of Dendrobium Bobby Messina protocorm- like bodies by vitrification

Protocorm-like bodies of Dendrobium Bobby Messina were cryopreserved by vitrification method. In this study, protocorm-like bodies (PLBs) with the size range of 1-2 and 3-4 mm were selected from 4 weeks old culture, pretreated with half strength semi-solid Murashige and Skoog (MS) media supplemented with 0.5 M sucrose at 25°C for 24 h. Pretreated PLBs were then treated with a mixture of 2 M glycerol and 0.4 M sucrose supplemented with half strength liquid MS media at 25°C for 20 min. Osmoprotected PLBs were then dehydrated with plant vitrification solution 2 at 0°C for 20 min before storage in liquid nitrogen. After rapid warming in water bath at 40°C for 90 s, the PLBs were washed with half strength liquid MS media supplemented with 1.2 M sucrose and then cultured on half strength semi-solid MS media supplemented with 2% sucrose without the presence of any growth regulators. Survival of the cryopreserved PLBs was assessed based on triphenyl tetrazoliumchloride (TTC) spectrophotometrical analysis. The PLBs with 3-4 mm size range showed better viability comparative to size range 1-2 mm for both cryopreserved and non-cryopreserved PLBs. The best pretreatment concentration used in pretreatment media was 0.6 M sucrose and 1.2 M sorbitol, respectively

Preliminary study on cryopreservation of Dendrobium Bobby Messina protocorm- like bodies by vitrification

Protocorm-like bodies of Dendrobium Bobby Messina were cryopreserved by vitrification method. In this study, protocorm-like bodies (PLBs) with the size range of 1-2 and 3-4 mm were selected from 4 weeks old culture, pretreated with half strength semi-solid Murashige and Skoog (MS) media supplemented with 0.5 M sucrose at 25°C for 24 h. Pretreated PLBs were then treated with a mixture of 2 M glycerol and 0.4 M sucrose supplemented with half strength liquid MS media at 25°C for 20 min. Osmoprotected PLBs were then dehydrated with plant vitrification solution 2 at 0°C for 20 min before storage in liquid nitrogen. After rapid warming in water bath at 40°C for 90 s, the PLBs were washed with half strength liquid MS media  supplemented with 1.2 M sucrose and then cultured on half strength semi-solid MS media supplemented with 2% sucrose without the presence of any growth regulators. Survival of the cryopreserved PLBs was assessed based on triphenyl tetrazoliumchloride (TTC) spectrophotometrical analysis. The PLBs with 3-4 mm size range showed better viability comparative to size range 1-2 mm for both cryopreserved and non-cryopreserved PLBs. The best pretreatment concentration used in pretreatment media was 0.6 M sucrose and 1.2 M sorbitol, respectively.Key words: Cryopreservation, vitrification, Dendrobium Bobby Messina, Pretreatment