The quality of price formation at market openings and closings: evidence from the Nasdaq stock market

Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a model where trades are time-critical, liquidity is limited and there is limited enforcement of trades. We show a CCP novating trades implements efficient trading behaviour. It is optimal for the CCP to face default losses to achieve the efficient level of trade. To cover these losses, the CCP optimally uses margin calls, and, as the default problem becomes more severe, also requires default funds and then imposes position limits

Some Perspectives on Immunosuppressive Drugs

In conclusion, the antimetabolites have proven extremely interesting in the laboratory for the exploration of the mechanism of antibody synthesis and related problems. They have also proven to be extremely useful and interesting materials in the clinic. Whether they are going to replace any other standard forms of therapy, such as the corticosteroids, is, in my view, doubtful. Their use at the moment is experimental and their ultimate place in clinical medicine is by no means settled. They appear to have two important effects in man: 1) Suppression of antibody formation which can be, in many individuals, selective; and 2) Very important anti-inflammatory properties which may account for their effects on immune injury and for some of the very rapid responses seen in individuals treated with these agents

Anabolic decline in the aging male: a situation of unbalanced syncrinology.

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Volumetric microvascular imaging of human retina using optical coherence tomography with a novel motion contrast technique

Phase variance-based motion contrast imaging is demonstrated using a spectral domain optical coherence tomography system for the in vivo human retina. This contrast technique spatially identifies locations of motion within the retina primarily associated with vasculature. Histogram-based noise analysis of the motion contrast images was used to reduce the motion noise created by transverse eye motion. En face summation images created from the 3D motion contrast data are presented with segmentation of selected retinal layers to provide non-invasive vascular visualization comparable to currently used invasive angiographic imaging. This motion contrast technique has demonstrated the ability to visualize resolution-limited vasculature independent of vessel orientation and flow velocity

A near-field scanned microwave probe for spatially localized electrical metrology

We have developed a near-field scanned microwave probe with a sampling volume of approximately 10 micron in diameter, which is the smallest one achieved in near-field microwave microscopy. This volume is defined to confine close to 100 percent of the probe net sampling reactive energy, thus making the response virtually independent on the sample properties outside of this region. The probe is formed by a 4 GHz balanced stripline resonator with a few-micron tip size. It provides non-contact, non-invasive measurement and is uniquely suited for spatially localized electrical metrology applications, e.g. on semiconductor production wafers.Comment: 6 pages, 3 figures, submitted to Appl. Phys. Let