Organizing Equity Exchanges

In the last years equity exchanges have diversified their operations into business areas such as derivatives trading, posttrading services, and software sales. Securities trading and post-trading are subject to economies of scale and scope. The integration of these functions into one institution ensures efficiency by economizing on transactions costs. Using balanced panel data from major equity exchanges over the period 2005-2007, we examine empirically the presence of economies of scale in securities trading. Moreover, we analyze the impact of vertical integration of trading, clearing, and settlement, the impact of the size of an exchange, and the impact of diversification on the profitability of exchanges. The evidence confirms that a large number of transactions leads to low costs per trade. The evidence shows that the profitability of equity exchanges is highest for vertically integrated exchanges and that diversification and size have a negative impact on their profitability

North-South cooperation through BIOTA: An interdisciplinary monitoring programme in arid and semi-arid southern Africa

Connecting disciplines in a north– South collaboration has many advantages: mutualisms evolve, synergies are created and spin-offs emerge. The BIOTA South (Biodiversity Monitoring Transect Analysis in southern Africa) programme, with its long-term vision to generate knowledge of biodiversity along a north–south transect in southern Africa, is providing opportunities for research, technology transfer and capacity building while focusing on potential solutions for critical challenges that face this environmentally vulnerable part of the subcontinen

TNFSF18 (tumor necrosis factor (ligand) superfamily, member 18)

Review on TNFSF18 (tumor necrosis factor (ligand) superfamily, member 18), with data on DNA, on the protein encoded, and where the gene is implicated

Dose-dependent T-cell Dynamics and Cytokine Cascade Following rVSV-ZEBOV Immunization.

BACKGROUND: The recent West African Ebola epidemic led to accelerated efforts to test Ebola vaccine candidates. As part of the World Health Organisation-led VSV Ebola Consortium (VEBCON), we performed a phase I clinical trial investigating rVSV-ZEBOV (a recombinant vesicular stomatitis virus-vectored Ebola vaccine), which has recently demonstrated protection from Ebola virus disease (EVD) in phase III clinical trials and is currently in advanced stages of licensing. So far, correlates of immune protection are incompletely understood and the role of cell-mediated immune responses has not been comprehensively investigated to date. METHODS: We recruited 30 healthy subjects aged 18-55 into an open-label, dose-escalation phase I trial testing three doses of rVSV-ZEBOV (3×105 plaque-forming units (PFU), 3×106 PFU, 2×107 PFU) (ClinicalTrials.gov; NCT02283099). Main study objectives were safety and immunogenicity, while exploratory objectives included lymphocyte dynamics, cell-mediated immunity and cytokine networks, which were assessed using flow cytometry, ELISpot and LUMINEX assay. FINDINGS: Immunization with rVSV-ZEBOV was well tolerated without serious vaccine-related adverse events. Ebola virus-specific neutralizing antibodies were induced in nearly all individuals. Additionally, vaccinees, particularly within the highest dose cohort, generated Ebola glycoprotein (GP)-specific T cells and initiated a cascade of signaling molecules following stimulation of peripheral blood mononuclear cells with Ebola GP peptides. INTERPRETATION: In addition to a benign safety and robust humoral immunogenicity profile, subjects immunized with 2×107 PFU elicited higher cellular immune responses and stronger interlocked cytokine networks compared to lower dose groups. To our knowledge these data represent the first detailed cell-mediated immuneprofile of a clinical trial testing rVSV-ZEBOV, which is of particular interest in light of its potential upcoming licensure as the first Ebola vaccine. VEBCON trial Hamburg, Germany (NCT02283099)

3D structure and formation of hydrothermal vent complexes at the Paleocene-Eocene transition, the Møre Basin, mid-Norwegian margin

Acknowledgments We thank Statoil for providing us with the PL251 (Tulipan) geophysical and geologic reports for well 6302/6- 1. We thank NORSAR for the free academic use of the SeisRox software during the modeling procedures and to Schlumberger for the free academic use of Petrel 2015. Spectral decomposition was carried out using FFA Geoteric software at the University of Aberdeen. FFA are thanked for donation of the software license to the University of Aberdeen. The authors further acknowledge the support from the Research Council of Norway through its Center of Excellence funding scheme, project 223272 (CEED), and from the MIMES project (grant no. 244155). We also gratefully acknowledge the support by the Faculty of Mathematics and Natural Sciences of the University of Oslo to TS. Clayton Grove and Craig Magee are thanked for their many insightful comments and suggestions that helped improve the paper substantially.Peer reviewedPublisher PD

Towards a taxonomy of process quality characteristics for assessment

Previous assessment of process quality have focused on process capability (i.e. the ability of a process to meet its stated goals). This paper proposes a taxonomy of alternative process quality characteristics based on intrinsic and extrinsic quality attributes. The ultimate goal of this taxonomy is to provide a framework to conduct process assessments using different process quality aspects. Such a framework would considerably broaden process quality perspectives beyond the primary measure of process capability. It would also allow practitioners to identify and evaluate relevant quality characteristics for processes based on specific contexts and implications. For the process assessment model developers, it offers a list of process quality characteristics that could be used to develop relevant process measurement frameworks

Virological failure after 1 year of first-line ART is not associated with HIV minority drug resistance in rural Cameroon

Objectives The aim of this study was to describe clinical and virological outcomes in therapy-naive HIV-1-positive patients treated in a routine ART programme in rural Cameroon. Methods In a prospective cohort, 300 consecutive patients starting first-line ART were enrolled and followed for 12 months. Among 238 patients with available viral load data at Month 12, logistic regression was used to analyse risk factors for virological failure (≥1000 HIV RNA copies/mL) including clinical, immunological and virological parameters, as well as data on drug adherence. Population sequencing was performed to detect the presence of drug-resistance mutations in patients with virological failure at Month 12; minority drug-resistance mutations at baseline were analysed using next-generation sequencing in these patients and matched controls. Results At Month 12, 38/238 (16%) patients experienced virological failure (≥1000 HIV RNA copies/mL). Patients with virological failure were younger, had lower CD4 cell counts and were more often WHO stage 3 or 4 at baseline. Sixty-three percent of patients with virological failure developed at least one drug-resistance mutation. The M184V (n = 18) and K103N (n = 10) mutations were most common. At baseline, 6/30 patients (20%) experiencing virological failure and 6/35 (17%) matched controls had evidence of minority drug-resistance mutations using next-generation sequencing (P = 0.77). Lower CD4 count at baseline (OR per 100 cells/mm3 lower 1.41, 95% CI 1.02-1.96, P = 0.04) and poorer adherence (OR per 1% lower 1.05, 95% CI 1.02-1.08, P < 0.001) were associated with a higher risk of virological failure. Unavailability of ART at the treatment centre was the single most common cause for incomplete adherence. Conclusions Virological failure after 1 year of ART was not associated with minority drug resistance at baseline but with incomplete adherence. Strategies to assure adherence and uninterrupted drug supplies are pivotal factors for therapy succes

Longitudinal development of antibody responses in COVID-19 patients of different severity with ELISA, peptide, and glycan arrays : an immunological case series

The current COVID-19 pandemic is caused by the severe acute respiratory syndrome coronavirus-2 (SARS-CoV-2). A better understanding of its immunogenicity can be important for the development of improved diagnostics, therapeutics, and vaccines. Here, we report the longitudinal analysis of three COVID-19 patients with moderate (1) and mild disease (2 and 3). Antibody serum responses were analyzed using spike glycoprotein enzyme linked immunosorbent assay (ELISA), full-proteome peptide, and glycan microarrays. ELISA immunoglobulin A, G, and M (IgA, IgG, and IgM) signals increased over time for individuals 1 and 2, whereas 3 only showed no clear positive IgG and IgM result. In contrast, peptide microarrays showed increasing IgA/G signal intensity and epitope spread only in the moderate patient 1 over time, whereas early but transient IgA and stable IgG responses were observed in the two mild cases 2 and 3. Glycan arrays showed an interaction of antibodies to fragments of high-mannose and core N-glycans, present on the viral shield. In contrast to protein ELISA, microarrays allow for a deeper understanding of IgA, IgG, and IgM antibody responses to specific epitopes of the whole proteome and glycans of SARS-CoV-2 in parallel. In the future, this may help to better understand and to monitor vaccination programs and monoclonal antibodies as therapeutics

Simple Viscous Flows: from Boundary Layers to the Renormalization Group

The seemingly simple problem of determining the drag on a body moving through a very viscous fluid has, for over 150 years, been a source of theoretical confusion, mathematical paradoxes, and experimental artifacts, primarily arising from the complex boundary layer structure of the flow near the body and at infinity. We review the extensive experimental and theoretical literature on this problem, with special emphasis on the logical relationship between different approaches. The survey begins with the developments of matched asymptotic expansions, and concludes with a discussion of perturbative renormalization group techniques, adapted from quantum field theory to differential equations. The renormalization group calculations lead to a new prediction for the drag coefficient, one which can both reproduce and surpass the results of matched asymptotics

Increased neutralization and IgG epitope identification after MVA-MERS-S booster vaccination against Middle East respiratory syndrome

Vaccine development is essential for pandemic preparedness. We previously conducted a Phase 1 clinical trial of the vector vaccine candidate MVA-MERS-S against the Middle East respiratory syndrome coronavirus (MERS-CoV), expressing its full spike glycoprotein (MERS-CoV-S), as a homologous two-dose regimen (Days 0 and 28). Here, we evaluate a third vaccination with MVA-MERS-S in a subgroup of trial participants one year after primary immunization. A booster vaccination with MVA-MERS-S is safe and well-tolerated. Both binding and neutralizing anti-MERS-CoV antibody titers increase substantially in all participants and exceed maximum titers observed after primary immunization more than 10-fold. We identify four immunogenic IgG epitopes, located in the receptor-binding domain (RBD, n=1) and the S2 subunit (n=3) of MERS-CoV-S. The level of baseline anti-human coronavirus antibody titers does not impact the generation of anti-MERS-CoV antibody responses. Our data support the rationale of a booster vaccination with MVA-MERS-S and encourage further investigation in larger trials