Post-market infrastructures and financial stability.

Post-market infrastructures execute critical functions — clearing and delivery versus payment — for the performance of trades in financial assets. This makes them potential vectors for destabilisation of the financial system in the event of malfunctions. Their impact on systemic risk warrants the supervisory and oversight authorities' concern for analysing the various risks that such infrastructures may incur and the efforts to establish a comprehensive set of recommendations for mitigating these risks. This objective has now been achieved with the publication of the CPSS/IOSCO recommendations in November 2001. These recommendations are intended to be universal in scope. In addition to setting adequate standards, the relevant authorities, and central banks in particular, have extended the scope of their responsibility in the field of maintaining financial stability by including the oversight of post-market infrastructures. The statutes of the Banque de France have recently been amended in such terms. Securities clearing and settlement infrastructures are changing rapidly both in Europe, where consolidation and sweeping rationalisation are taking place, and on the wider international scene. Users expect greater functional integration of infrastructures, which should contribute to the expansion of low-cost cross-border transactions and greater efficiency in securities processing. These changes have prompted the relevant authorities to co-operate more closely in the regulation, prudential supervision and oversight of the cross-border infrastructures being developed in Europe. With the development of pan-European infrastructures in the Paris financial markets, the Banque de France has played a very active role in enhancing co-ordinated oversight in conjunction with the other relevant national authorities.

Testing the inversion of asteroids' Gaia photometry combined with ground-based observations

We investigated the reliability of the genetic algorithm which will be used to invert the photometric measurements of asteroids collected by the European Space Agency Gaia mission. To do that, we performed several sets of simulations for 10 000 asteroids having different spin axis orientations, rotational periods and shapes. The observational epochs used for each simulation were extracted from the Gaia mission simulator developed at the Observatoire de la C\^{o}te d'Azur, while the brightness was generated using a Z-buffer standard graphic method. We also explored the influence on the inversion results of contaminating the data set with Gaussian noise with different $\sigma$ values. The research enabled us to determine a correlation between the reliability of the inversion method and the asteroid's pole latitude. In particular, the results are biased for asteroids having quasi-spherical shapes and low pole latitudes. This effect is caused by the low lightcurve amplitude observed under such circumstances, as the periodic signal can be lost in the photometric random noise when both values are comparable, causing the inversion to fail. Such bias might be taken into account when analysing the inversion results, not to mislead it with physical effects such as non-gravitational forces. Finally, we studied what impact on the inversion results has combining a full lightcurve and Gaia photometry collected simultaneously. Using this procedure we have shown that it is possible to reduce the number of wrong solutions for asteroids having less than 50 data points. The latter will be of special importance for planning ground-based observations of asteroids aiming to enhance the scientific impact of Gaia on Solar system science.Comment: Accepted in MNRA

Radio observations of active galactic nuclei with mm-VLBI

Over the past few decades, our knowledge of jets produced by active galactic nuclei (AGN) has greatly progressed thanks to the development of very-long-baseline interferometry (VLBI). Nevertheless, the crucial mechanisms involved in the formation of the plasma flow, as well as those driving its exceptional radiative output up to TeV energies, remain to be clarified. Most likely, these physical processes take place at short separations from the supermassive black hole, on scales which are inaccessible to VLBI observations at centimeter wavelengths. Due to their high synchrotron opacity, the dense and highly magnetized regions in the vicinity of the central engine can only be penetrated when observing at shorter wavelengths, in the millimeter and sub-millimeter regimes. While this was recognized already in the early days of VLBI, it was not until the very recent years that sensitive VLBI imaging at high frequencies has become possible. Ongoing technical development and wide band observing now provide adequate imaging fidelity to carry out more detailed analyses. In this article we overview some open questions concerning the physics of AGN jets, and we discuss the impact of mm-VLBI studies. Among the rich set of results produced so far in this frequency regime, we particularly focus on studies performed at 43 GHz (7 mm) and at 86 GHz (3 mm). Some of the first findings at 230 GHz (1 mm) obtained with the Event Horizon Telescope are also presented.Comment: Published in The Astronomy & Astrophysics Review. Open access: https://link.springer.com/article/10.1007/s00159-017-0105-

Understanding the relationship between the environment of the black hole and the radio jet: optical spectroscopy of compact AGN

We aim to investigate the relationship between radio jet activity on parsec-scales and the characteristics of both the bright active galactic nuclei (AGN) and their broad line regions (BLR). For this purpose, we combine 2cm Very Long Baseline Array observations of AGN with their optical spectral observations. This would enable us to investigate the optical spectra of a set of 172 relativistically beamed, flat-spectrum AGN with the nuclear disk oriented near to the plane of sky. Here, we present first results from optical spectroscopic observations of the brightest AGN from the 2 cm VLBA survey, and show a diversity of their spectral morphologies.Comment: 2 pages, to be published in the Proceedings of "Multiwavelength AGN Surveys", Cozumel, Dec 8 - 12, 200

A novel approach to security enhancement of chaotic DSSS systems

In this paper, we propose a novel approach to the enhancement of physical layer security for chaotic direct-sequence spread-spectrum (DSSS) communication systems. The main idea behind our proposal is to vary the symbol period according to the behavior of the chaotic spreading sequence. As a result, the symbol period and the spreading sequence vary chaotically at the same time. This simultaneous variation aims at protecting DSSS-based communication systems from the blind estimation attacks in the detection of the symbol period. Discrete-time models for spreading and despreading schemes are presented and analyzed. Multiple access performance of the proposed technique in the presence of additional white Gaussian noise (AWGN) is determined by computer simulations. The increase in security at the physical layer is also evaluated by numerical results. Obtained results show that our proposed technique can protect the system against attacks based on the detection of the symbol period, even if the intruder has full information on the used chaotic sequence.Peer ReviewedPostprint (author's final draft

Radio-optical scrutiny of the central engine in compact AGN

We combine Very-Long-Baseline Interferometry (VLBI) data for $\sim100$ active galactic nuclei (AGN) available from the Very Large Baseline Array (VLBA) 2 cm imaging survey and optical spectroscopy to investigate the relationships in the emission-line region--central engine--radio jet system. Here, we present the diversity of spectral types among the brightest AGN in our sample. We also discuss correlations between the mass of the central engine and properties of the parsec-scale radio jet for 24 AGN selected by the presence of H$\beta$ broad-emission lines in their spectra.Comment: 4 pages, 5 figures, to appear in the proceedings of the Workshop on "Multiband Approach to AGN" held in Bonn (Germany), 30 September - 2 October 2004, to be published in "Memorie della Societa Astronomica Italiana