Foreign Exchange Market Microstructure and the WM/Reuters 4pm Fix

A market fix serves as a benchmark for foreign exchange (FX) execution, and is employed by many institutional investors to establish an exact reference at which execution takes place. The currently most popular FX fix is the World Market Reuters (WM/R) 4pm fix. Execution at the WM/R 4pm fix is a service offered by FX brokers (normally banks), who deliver execution at the fix provided they obtain the trade order until a certain time prior to 4pm. In this paper, we study the market microstructure around 4pm. We demonstrate that market dynamics can be distinguished from other times during the day through increased volatility and size of movements. Our findings question the aggregate benefit to the client base of using the 4pm fix in its current form.Comment: 20 Pages, 6 Figures, 3 Table

Comparison of response quality and attack recognition in karate kumite between reality and virtual reality – a pilot study

Virtual reality (VR) is an often-used instrument in sports science research and practical training. However, VR studies with experienced athletes and sports specific tasks are rare. Furthermore, the transfer from interventions in VR into reality is even less investigated. It is possible to analyze benefits of VR using in-situ studies comparing human behavior in VR with reality. If no differences occur in the human behavior, then VR would be appropriate for interventions to improve athletes’ performance. Therefore, we let seven karate athletes respond each to ten attacks of a real attacker (reality) and a virtual attacker (VR using a Head Mounted Display) and compared the parameters “response quality” and “attack recognition” under both conditions. As attacks we chose Gyaku-Zuki (reverse punch, GZ) and Kizami-Zuki (attack with the front arm, KZ). ANOVAs and sign tests showed isolated cases of significant differences between both conditions: response quality in KZ, and attack recognition for 150ms in GZ, all p0.05). The remaining comparisons showed no significant differences (p>0.05). We conclude that further research is needed but the results of the present pilot study are promising to assume that VR is suitable for applications because similar performance outcome in reality and VR were obtained

Improvement of Early Recognition of Attacks in Karate Kumite Due to Training in Virtual Reality

In a Virtual Reality training, young karate athletes divided in two groups (intervention vs. control group) responded to attacks of a virtual opponent. For the analysis, the first reaction of the responding karate athletes was detected. From that point three reaction times were subtracted to analyze the attack of the virtual opponent at the time of the recognition of the real athlete. The attacks were divided into four movement stages. Analysis of Variance (ANOVAs) with repeated measures and estimation of effect sizes as well as Bonferroni post-hoc tests were applied to calculate interactions between time (PRE to POST), group (intervention vs. control) and reaction time (150 ms vs. 255 ms vs. 370 ms). We found significant effects for time and time x group interactions for the attacks Gyaku-Zuki and Kizami-Zuki as well as an effect for time x reaction time in Gyaku-Zuki (all p < 0.001), but no significant effects for time x group x reaction time in both attacks (p > 0.05). Paired t-tests showed significant improvements in attack recognition from PRE to POST for the intervention group, but not for the control group. At the pretest all athletes responded to late movement stages (extension of the pushing arm) while the intervention group responded to early movement stages (preparing steps and reduction of distance before the attack) at the posttest due to the Virtual Reality training. Early steps for the preparation of the attack and the reduction of distance seem to be important signals for attack recognition

Neural distinctiveness of fatigue and low sleep quality in multiple sclerosis

Background and purpose Fatigue and low sleep quality in multiple sclerosis (MS) are closely related symptoms. Here, the associations between the brain's functional connectivity (FC) and fatigue and low sleep quality were investigated to determine the degree of neural distinctiveness of these symptoms. Method A hundred and four patients with relapsing–remitting MS (age 38.9 ± 10.2 years, 66 females) completed the Modified Fatigue Impact Scale and the Pittsburgh Sleep Quality Index and underwent resting-state functional magnetic resonance imaging. FC was analyzed using independent-component analysis in sensorimotor, default-mode, fronto-parietal and basal-ganglia networks. Multiple linear regression models allowed us to test the association between FC and fatigue and sleep quality whilst controlling for one another as well as for demographic, disease-related and imaging variables. Results Higher fatigue correlated with lower sleep quality (r = 0.54, p < 0.0001). Higher fatigue was associated with lower FC of the precentral gyrus in the sensorimotor network, the precuneus in the posterior default-mode network and the superior frontal gyrus in the left fronto-parietal network, independently of sleep quality. Lower sleep quality was associated with lower FC of the left intraparietal sulcus in the left fronto-parietal network, independently of fatigue. Specific associations were found between fatigue and the sensorimotor network's global FC and between low sleep quality and the left fronto-parietal network's global FC. Conclusion Despite the high correlation between fatigue and low sleep quality in the clinical picture, our findings clearly indicate that, on the neural level, fatigue and low sleep quality in MS are associated with decreased FC in distinct functional brain networks

NFDI-Neuro: building a community for neuroscience research data management in Germany

Increasing complexity and volume of research data pose increasing challenges for scientists to manage their data efficiently. At the same time, availability and reuse of research data are becoming more and more important in modern science. The German government has established an initiative to develop research data management (RDM) and to increase accessibility and reusability of research data at the national level, the Nationale Forschungsdateninfrastruktur (NFDI). The NFDI Neuroscience (NFDI-Neuro) consortium aims to represent the neuroscience community in this initiative. Here, we review the needs and challenges in RDM faced by researchers as well as existing and emerging solutions and benefits, and how the NFDI in general and NFDI-Neuro specifically can support a process for making these solutions better available to researchers. To ensure development of sustainable research data management practices, both technical solutions and engagement of the scientific community are essential. NFDI-Neuro is therefore focusing on community building just as much as on improving the accessibility of technical solutions

The Pattern Recognition Receptor (RAGE) Is a Counterreceptor for Leukocyte Integrins: A Novel Pathway for Inflammatory Cell Recruitment

The pattern recognition receptor, RAGE (receptor for advanced glycation endproducts), propagates cellular dysfunction in several inflammatory disorders and diabetes. Here we show that RAGE functions as an endothelial adhesion receptor promoting leukocyte recruitment. In an animal model of thioglycollate-induced acute peritonitis, leukocyte recruitment was significantly impaired in RAGE-deficient mice as opposed to wild-type mice. In diabetic wild-type mice we observed enhanced leukocyte recruitment to the inflamed peritoneum as compared with nondiabetic wild-type mice; this phenomenon was attributed to RAGE as it was abrogated in the presence of soluble RAGE and was absent in diabetic RAGE-deficient mice. In vitro, RAGE-dependent leukocyte adhesion to endothelial cells was mediated by a direct interaction of RAGE with the β2-integrin Mac-1 and, to a lower extent, with p150,95 but not with LFA-1 or with β1-integrins. The RAGE–Mac-1 interaction was augmented by the proinflammatory RAGE-ligand, S100-protein. These results were corroborated by analysis of cells transfected with different heterodimeric β2-integrins, by using RAGE-transfected cells, and by using purified proteins. The RAGE–Mac-1 interaction defines a novel pathway of leukocyte recruitment relevant in inflammatory disorders associated with increased RAGE expression, such as in diabetes, and could provide the basis for the development of novel therapeutic applications

Atmospheres from very low-mass stars to extrasolar planets

Within the next few years, several instruments aiming at imaging extrasolar planets will see first light. In parallel, low mass planets are being searched around red dwarfs which offer more favorable conditions, both for radial velocity detection and transit studies, than solar-type stars. We review recent advancements in modeling the stellar to substellar transition. The revised solar oxygen abundances and cloud models allow to reproduce the photometric and spectroscopic properties of this transition to a degree never achieved before, but problems remain in the important M-L transition characteristic of the effective temperature range of characterizable exoplanets.Comment: submitted to Memorie della Societa Astronomica Italian

Methylene blue for malaria in Africa: results from a dose-finding study in combination with chloroquine

The development of safe, effective and affordable drug combinations against malaria in Africa is a public health priority. Methylene blue (MB) has a similar mode of action as chloroquine (CQ) and has moreover been shown to selectively inhibit the Plasmodium falciparum glutathione reductase. In 2004, an uncontrolled dose-finding study on the combination MB-CQ was performed in 435 young children with uncomplicated falciparum malaria in Burkina Faso ( CQ monotherapy had a > 50% clinical failure rate in this area in 2003). Three serious adverse events (SAE) occurred of which one was probably attributable to the study medication. In the per protocol safety analysis, there were no dose specific effects. The overall clinical and parasitological failure rates by day 14 were 10% [95% CI (7.5%, 14.0%)] and 24% [ 95% CI (19.4%, 28.3%)], respectively. MB appears to have efficacy against malaria, but the combination of CQ-MB is clearly not effective in the treatment of malaria in Africa