OTC derivatives: financial stability challenges and responses from authorities.

The importance of well-functioning over-the-counter (OTC) derivatives markets for fi nancial stability was highlighted during the financial market turmoil, when significant shortcomings in risk management and market transparency were exposed. In response to these experiences, public authorities have launched a series of measures to strengthen OTC derivatives markets. This article provides an overview of this work. It explains the significance of well-functioning OTC derivatives markets and discusses the main lessons from the financial crisis regarding the need to strengthen their resiliency and transparency. Then, we describe the main tools under consideration, relating to the use of sound market infrastructures – central counterparties and trade repositories –, enhanced bilateral risk management as well as to cooperation between regulators and overseers of infrastructures and banking supervisors. We finally describe the state of play of the main initiatives within these areas.

Behavioral technology and its application to fire toxicology research

The application of behavioral technology to the toxicity testing of pyrolysis/combustion (P/C) products is discussed and two categories of behavioral tests commonly employed in fire toxicology programs are reviewed. Data are presented from a comparison of carbon monoxide (CO) induced incapacitation in rats performing in a rotating wheel or under a Sidmon free-operant schedule of shock avoidance. Rats performing in the rotating wheel were behaviorally incapacitated at CO concentrations and carboxyhemoglobin levels significantly lower than those which incapacitated operant avoidance animals. It is concluded that different measures of behavioral incapacitation may vary since incapacitation is a function of the particular toxic mechanism at work and the behavioral requirements of the specific task employed in the test procedure

Reading policies for joins: An asymptotic analysis

Suppose that $m_n$ observations are made from the distribution $\mathbf {R}$ and $n-m_n$ from the distribution $\mathbf {S}$. Associate with each pair, $x$ from $\mathbf {R}$ and $y$ from $\mathbf {S}$, a nonnegative score $\phi(x,y)$. An optimal reading policy is one that yields a sequence $m_n$ that maximizes $\mathbb{E}(M(n))$, the expected sum of the $(n-m_n)m_n$ observed scores, uniformly in $n$. The alternating policy, which switches between the two sources, is the optimal nonadaptive policy. In contrast, the greedy policy, which chooses its source to maximize the expected gain on the next step, is shown to be the optimal policy. Asymptotics are provided for the case where the $\mathbf {R}$ and $\mathbf {S}$ distributions are discrete and $\phi(x,y)=1 or 0$ according as $x=y$ or not (i.e., the observations match). Specifically, an invariance result is proved which guarantees that for a wide class of policies, including the alternating and the greedy, the variable M(n) obeys the same CLT and LIL. A more delicate analysis of the sequence $\mathbb{E}(M(n))$ and the sample paths of M(n), for both alternating and greedy, reveals the slender sense in which the latter policy is asymptotically superior to the former, as well as a sense of equivalence of the two and robustness of the former.Comment: Published at http://dx.doi.org/10.1214/105051606000000646 in the Annals of Applied Probability (http://www.imstat.org/aap/) by the Institute of Mathematical Statistics (http://www.imstat.org

Ouabain-induced cytoplasmic vesicles and their role in cell volume maintenance

Cellular swelling is controlled by an active mechanism of cell volume regulation driven by a Na+/K+-dependent ATPase and by aquaporins which translocate water along the osmotic gradient. Na+/K+-pump may be blocked by ouabain, a digitalic derivative, by inhibition of ATP, or by drastic ion alterations of extracellular fluid. However, it has been observed that some tissues are still able to control their volume despite the presence of ouabain, suggesting the existence of other mechanisms of cell volume control. In 1977, by correlating electron microscopy observation with ion and water composition of liver slices incubated in differentmetabolic conditions in the presence or absence of ouabain, we observed that hepatocytes were able to control their volume extruding water and recovering ion composition in the presence of ouabain. In particular, hepatocytes were able to sequester ions and water in intracellular vesicles and then secrete themat the bile canaliculus pole.We named this “vesicularmechanismof cell volume control.” Afterward, thismechanism has been confirmed by us and other laboratories in several mammalian tissues.This review summarizes evidences regarding this mechanism, problems that are still pending, and questions that need to be answered. Finally, we shortly review the importance of cell volume control in some human pathological conditions

Universality and Scaling at the Onset of Quantum Black Hole Formation

In certain two-dimensional models, collapsing matter forms a black hole if and only if the incoming energy flux exceeds the Hawking radiation rate. Near the critical threshold, the black hole mass is given by a universal formula in terms of the distance from criticality, and there exists a scaling solution describing the formation and evaporation of an arbitrarily small black hole.Comment: 9 pages, 3 figures (uuencoded

Cortical free association dynamics: distinct phases of a latching network

A Potts associative memory network has been proposed as a simplified model of macroscopic cortical dynamics, in which each Potts unit stands for a patch of cortex, which can be activated in one of S local attractor states. The internal neuronal dynamics of the patch is not described by the model, rather it is subsumed into an effective description in terms of graded Potts units, with adaptation effects both specific to each attractor state and generic to the patch. If each unit, or patch, receives effective (tensor) connections from C other units, the network has been shown to be able to store a large number p of global patterns, or network attractors, each with a fraction a of the units active, where the critical load p_c scales roughly like p_c ~ (C S^2)/(a ln(1/a)) (if the patterns are randomly correlated). Interestingly, after retrieving an externally cued attractor, the network can continue jumping, or latching, from attractor to attractor, driven by adaptation effects. The occurrence and duration of latching dynamics is found through simulations to depend critically on the strength of local attractor states, expressed in the Potts model by a parameter w. Here we describe with simulations and then analytically the boundaries between distinct phases of no latching, of transient and sustained latching, deriving a phase diagram in the plane w-T, where T parametrizes thermal noise effects. Implications for real cortical dynamics are briefly reviewed in the conclusions

Anomaly induced effective actions in even dimensions and reliability of s-wave approximation

The reduction of 4d matter-gravity theory to $S_2$, $H_2$ or $R_2$ leads to effective 2d dilatonic gravity with dilaton coupled matter. Spinors give the exceptional example of the theory which is conformally invariant in 4d as well as in 2d, after reduction. We find 4d and 2d conformal anomaly induced effective action (EA) for Majorana spinor. It is expected for some time that s-wave EA (i.e. the one for dilaton coupled 2d matter) is some (s-wave) approximation to 4d EA. We compare such 2d and 4d spinor EAs on the same gravitational background and argue that s-wave EA indeed qualitatively corresponds to no higher derivatives approximation for 4d EA.Comment: LaTeX file, 12 pages, the discussion of the Hawking radiation is adde

Introduzione

Nella cornice del Piano Colore Isole Egadi, il convegno internazionale \u201cIdentity | The Colors of Project\u201d evidenzia il ruolo strategico dell\u2019identit\ue0 \u2013 di un\u2019istituzione, di un\u2019azienda, di un territorio \u2013 con particolare riferimento alle connotazioni identificative del colore. Qui, studiosi con competenze disciplinari diverse si confrontano sul tema spaziando in ambiti molto diversi: dal prodotto al cibo, dal web al car design, dalla fotografia alla brand identity

Combined membrane process for dealcoholization of wines: Osmotic distillation and reverse osmosis

The demand of beverages with low or zero alcohol content is fast growing over the last years for health benefits of drinkers and more restrictive policies in alcohol consumption. Membrane processes are nowadays the most commonly used. They have undoubtedly led to improvements in quality, particularly for the low processing temperatures, but determined volatile compounds loss which in many instances resulted in unsatisfactory sensory quality. This study evaluates the combination of two membrane processes for the production of lower alcohol wines: osmotic distillation (OD) and reverse osmosis (RO). It aims for retain the flavour, preserve the good taste of wine with low alcohol content. A red wine (13.2 %v/v) was reduced in alcohol strength of about -5, -6, -8 %v/v through a RO and OD combined process: the initial wine was firstly treated through RO and was subsequently processed through OD to obtain partial dealcoholized wines. Such wines were then compared with those obtained through OD technique. Low alcohol wines were analysed for chemico-physical parameters and volatile composition. The results showed a better retention of the main chemical properties and volatile compounds in wines with low alcohol content obtained through the combined OD and RO process than those through single OD

The impact of the mode of thought in complex decisions: intuitive decisions are better

A number of recent studies have reported that decision quality is enhanced under conditions of inattention or distraction (unconscious thought; Dijksterhuis, 2004; Dijksterhuis and Nordgren, 2006; Dijksterhuis et al., 2006). These reports have generated considerable controversy, for both experimental (problems of replication) and theoretical reasons (interpretation). Here we report the results of four experiments. The first experiment replicates the unconscious thought effect, under conditions that validate and control the subjective criterion of decision quality. The second and third experiments examine the impact of a mode of thought manipulation (without distraction) on decision quality in immediate decisions. Here we find that intuitive or affective manipulations improve decision quality compared to analytic/deliberation manipulations. The fourth experiment combines the two methods (distraction and mode of thought manipulations) and demonstrates enhanced decision quality, in a situation that attempts to preserve ecological validity. The results are interpreted within a framework that is based on two interacting subsystems of decision-making: an affective/intuition based system and an analytic/deliberation system