Risk Management with Derivatives by Dealers and Market Quality in Government Bond Markets

This paper examines how bond dealers use futures markets to manage the hedgeable market risk component of their core business risk exposure, and whether market quality is adversely affected by their selective risk taking activity. It also investigates the efficiency of market risk sharing within a decentralized semi-transparent market structure. We find that dealers engage in duration targeting, behaving as if they have a comparative advantage in bearing interest rate risk. They make significant directional bets often by holding futures that are in the same direction as the spot. They actively use futures to hedge changes in the spot exposure. They hedge changes in their spot exposure more when the potential costs of regulatory distress are high, when the cost of such hedging is low, and during periods of greater uncertainty. We find that duration targeting by dealers has adverse price effects due to capital constraints as predicted by Froot and Stein (1998). Finally, we find that trades in the spot market are not executed by dealers with extreme exposures. In this context, we recommend market reforms such as introduction of central quote posting or limit order book that will enable more efficient matching of liquidity demanders and suppliers, reduce trading costs, and improve the quality of risk sharing

Risk Management with Derivatives by Dealers and Market Quality in Government Bond Markets

This paper examines how bond dealers use futures markets to manage the hedgeable market risk component of their core business risk exposure, and whether market quality is adversely affected by their selective risk taking activity. It also investigates the efficiency of market risk sharing within a decentralized semi-transparent market structure. We find that dealers engage in duration targeting, behaving as if they have a comparative advantage in bearing interest rate risk. They make significant directional bets often by holding futures that are in the same direction as the spot. They actively use futures to hedge changes in the spot exposure. They hedge changes in their spot exposure more when the potential costs of regulatory distress are high, when the cost of such hedging is low, and during periods of greater uncertainty. We find that duration targeting by dealers has adverse price effects due to capital constraints as predicted by Froot and Stein (1998). Finally, we find that trades in the spot market are not executed by dealers with extreme exposures. In this context, we recommend market reforms such as introduction of central quote posting or limit order book that will enable more efficient matching of liquidity demanders and suppliers, reduce trading costs, and improve the quality of risk sharing

Do Correlated Exposures Influence Intermediary Decision-making? Evidence from Trading Behavior of Equity Dealers

This paper investigates whether dealers’ trading and pricing decisions are governed by their equivalent inventories (based on total returns as in Ho and Stoll, 1983 or on unhedgeable returns as in Froot and Stein, 1998) or by their ordinary inventories, as would be the case in a decentralized market-making organizational structure. It finds that ordinary inventories, and not equivalent inventories best explain dealers’ quote placement strategy, which dealer executes trades and the quality of execution offered to the trades. This finding is consistent with decentralized market making where, due to information sharing difficulties or the nature of compensation contracts, individual dealers care only about risk of stocks managed by them, and not the positions of other dealers within the firm

An improved magnetic field simulator - MAGFLD.

An improved two-dimensional simulator MAGFLD has been developed which is useful for the design and simulation of periodic permanent magnet (PPM) focusing system for linear beam tubes. At present, input is possible only through the input file, which is very simple and user friendly. A complete PPM circuit is generated using the coordinates of first pole piece, first magnet, gun adapter (if the structure is a-periodic) and the region of computation. Small mesh units of either square or rectangular shapes can be used with mesh refinement capability in one or more regions in any or both directions for better accuracy of the solution. Materials with different magnetic permeability can be modeled by defining a characteristic value for each mesh point of the geometry. The effective potential value at each point in the region of interest is calculated based on the vector potential model by using the 5-point finite difference method and the solution is achieved by over relaxation technique for faster convergence. This package has an interface with EGUN to model the electron gun and collector under the influence of magnetic field. Versatile color graphics are capable of plotting both axial magnetic field and flux lines along with the magnetic circuit. MAGFLD has been validated against some published data and experimental results

ANTIBIOTIC USE IN PEDIATRIC INFECTIONS; A STUDY IN TERTIARY CARE HOSPITAL

Objectives: Antibiotics are frequently used in tertiary care hospitals. We conducted an observational study on children admitted to a teaching hospital in south India, to make a profile of antibiotics use and suspected adverse drug reactions (ADRs) owing to them. Methods: Hospitalized children of either sex, aged between 1 month and 12 years, were inspected. Baseline demographic and clinical features, duration of hospital stay, antibiotics received in hospital along with dosing and indications and interest of suspected ADRs attributable to their use were recorded. Every patient was followed up till discharge, admission to the Pediatric Intensive Care Unit, or passing. Results: Over the year and a half report period 364 confirmations were screened. The prevalence of Antibiotics use was 80.22%. The majority of the 292 children who received Antibiotics were males (63.35%). Median age was 35 months, five children died. In most instances, either two (41%) or a single antibiotic (37.32%) was used. Ceftriaxone, co-amoxiclav, amikacin, vancomycin, and ampicillin were predominantly used. Antimalarials, antivirals and antiprotozoals were used occasionally. Average number of Antibiotics per patient was 2.2 ± 1.1 the majority (81.15%) were by parenteral route and initial choice was usually empirical. Prescriptions were usually in generic name. The antibiotic treatment went somewhere in the range of 1 and 32 days, with a middle of 8 days. Five ADRs were noted of which half were skin rash and the rest loose stools. Conclusions: The profile of Antibiotic utilize is comprehensively like prior Indian investigations. Apparent overuse of multiple Antibiotics per prescription and the parenteral route requires exploration. Antibiotics are being used empirically in the absence of policy. ADRs to Antibiotics are occasional and usually mild. The benchmark information can serve in situation analysis for antibiotic prescribing guidelines. Keywords: Antibiotic; Pediatric infections; Adverse drug reactions; Tertiary care hospital

ANTIBIOTIC USE IN PEDIATRIC INFECTIONS; A STUDY IN TERTIARY CARE HOSPITAL

Objectives: Antibiotics are frequently used in tertiary care hospitals. We conducted an observational study on children admitted to a teaching hospital in south India, to make a profile of antibiotics use and suspected adverse drug reactions (ADRs) owing to them. Methods: Hospitalized children of either sex, aged between 1 month and 12 years, were inspected. Baseline demographic and clinical features, duration of hospital stay, antibiotics received in hospital along with dosing and indications and interest of suspected ADRs attributable to their use were recorded. Every patient was followed up till discharge, admission to the Pediatric Intensive Care Unit, or passing. Results: Over the year and a half report period 364 confirmations were screened. The prevalence of Antibiotics use was 80.22%. The majority of the 292 children who received Antibiotics were males (63.35%). Median age was 35 months, five children died. In most instances, either two (41%) or a single antibiotic (37.32%) was used. Ceftriaxone, co-amoxiclav, amikacin, vancomycin, and ampicillin were predominantly used. Antimalarials, antivirals and antiprotozoals were used occasionally. Average number of Antibiotics per patient was 2.2 ± 1.1 the majority (81.15%) were by parenteral route and initial choice was usually empirical. Prescriptions were usually in generic name. The antibiotic treatment went somewhere in the range of 1 and 32 days, with a middle of 8 days. Five ADRs were noted of which half were skin rash and the rest loose stools. Conclusions: The profile of Antibiotic utilize is comprehensively like prior Indian investigations. Apparent overuse of multiple Antibiotics per prescription and the parenteral route requires exploration. Antibiotics are being used empirically in the absence of policy. ADRs to Antibiotics are occasional and usually mild. The benchmark information can serve in situation analysis for antibiotic prescribing guidelines. Keywords: Antibiotic; Pediatric infections; Adverse drug reactions; Tertiary care hospital

A study on adverse drug reactions in patients on antiretroviral therapy in a tertiary care hospital

Background: Besides unparalleled advantages, exceptionally dynamic antiretroviral treatment is additionally connected with extensive variety of potential adverse drug reactions (ADRs), which prevents treatment adherence. The present study is intended to screen and monitor the event of ADRs to different antiretroviral treatment (ART) regimens in a tertiary care ART setup.Methods: A prospective, longitudinal observational study was done in the outpatient setting of nodal ART center, Osmania General Hospital. A sum of 525 patients on different ART regimens were examined for ADRs more than year and a half. Adverse event history, prescription history and other significant subtle elements were captured. Causality and seriousness of each announced ADR were surveyed.Results: 37.33% patients of aggregate members gave a sum of 330 ADRs. Patients from zidovudine-based regimens presented with majority of ADRs such as anemia, central nervous system (CNS), and gastrointestinal (GI) side effects. Tenofovir-based regimens were, be that as it may, observed to be somewhat more secure. The blend with Efavirenz was related with significant CNS reactions while that of Nevirapine was related with rash and pigmentation of nails. Atazanavir supported second-line regimens were quite connected with expanded serum lipid levels taken after by other GI and CNS unfavourable impacts. Expanded liver compounds were found in atazanavir-based second-line ART.Conclusions: The study enables to obtain in sequence on the incidence and pattern of ADRs associated with various antiretroviral regimens, thereby reducing its occurrence and protecting the patient population from avoidable harm. Need of intensive monitoring for ADRs in ARTs along these lines is by all accounts an order

Cloning and characterization of cDNA encoding xyloglucan endotransglucosylase in Pennisetum glaucum L.

Biomass production in plant is directly related to the amount of intercepted solar radiation by the canopy and available water to the plant. Growth and development of leaves, especially under drought condition, is therefore major determinant of crop productivity. Xyloglucan endotransglucosylase (XET) plays important role in growth and development of plants. XETs are a family of enzymes that mediate construction and restructuring of xyloglucan cross-links, thereby controlling the mechanical properties of cell wall. We cloned complete cDNA of an XET from pearl millet (Pennisetum glaucum L.) and characterized it using in silico comparative genomics and activity assays. The cloned cDNA was 1266 bp in length, encoding a protein with 291 amino acids having signal peptide targeting it to the cell wall. The protein showed xyloglucan endotransglucosylase activity but no hydrolytic activity, therefore, named as PgXET1 as per the convention. The comparative genomics revealed that the functional sites of the enzyme (XET) were highly conserved. Evolutionary studies using phylogenetic tree indicated its grouping with XETs from maize (with >95% bootstrap support), barley, rice, etc. This is the first report on cloning and characterization of an XET (PgXET1) from pearl millet, an important dual-purpose crop.Key words: Xyloglucan endotransglucosylase, Pennisetum glaucum, pearl millet, primary cell wall, cell expansion, drought tolerance

Isolation, identification, synthesis, and bioefficacy of female Diacrisia obliqua (Arctiidae) sex pheromone blend. An Indian agricultural pest

Diacrisia obliqua is a polyphagous pest especially on oil seed crops. Adult female sex pheromone blend consists of five pheromone components, which include (3Z,6Z)-cis-9,10-epoxyl,3,6-henicosatriene and (3Z,6Z)-cis-9,10-epoxy3,6-henicosadiene. Synthesis of these enantiomers was achieved through alkylative epoxide rearrangement and stereoselective Wittig olefination reactions as key steps. Bioefficacy experiments both at laboratory and minifield were very positive

Maternal Neonatal Outcome in Relation to Placental Location, Dimensions in Early Pregnancy

Background: Placenta, which is the vital link between mother and fetus, is critical for maternal neonatal well-being. Its study in early pregnancy may provide information about maternal neonatal disorders.Aim: The study aimed to evaluate the relationship of placental location and dimensions in early pregnancy with maternal neonatal outcomes.Subjects and Methods: Primigravida (801) with singleton pregnancy at 10-weeks gestation and no past/present medical and obstetric disorder had ultrasonography for placental location and dimensions and were followed by ultrasonographic (USG) examination (at 20th week and 30th week), clinically for maternal-neonatal outcome. Statistical analysis was done by Epi 6 software (version 6.0, developed by Centres for Disease Control and Prevention, Atlanta, Georgia, USA) using Chi-square test and Fischer exact test for determining the statistical significance of the observations. P values of < 0.05 were considered as significant.Results: The number of primigravida with hypertensive disorders were 2.5% (5/200) with anterior, 20.5% (66/322) with fundal, and with posterior placenta 9.8% (12/123); Placental abruption 2.5% (5/200) with anterior, 6.8% (22/322) with fundal, and 3.3% (4/123) with posterior. With placental surface area <41 cm2 19.0% (37/195), with area 41-55 cm2 7.2% (30/416), and with area >55 cm2 6.8% (13/190), had hypertensive disorders. area < 41 cm2 11.3% (22/195), area 41-55 cm2 5.0% (21/416), and area >55 cm2 3.7% (7/190) had placental abruption. With thick placenta, 39.2% (58/148), thin, 9.4% (9/96), and normal placenta, 5.2% (29/562) had hypertensive disorders. With thick, 11.5% (17/148), thin 16.7% (16/96), and normal placenta 2.7% (15/562) had placental abruption. With anterior 0.5% (1/200), posterior 14.6% (18/123), fundal placenta 10.55% had preterm births. With anterior 7.5% (15/200), posterior 23.6% (29/123), fundal placenta 18% (58/322) had CS.With placental surface area <41 cm2 28.7% (56/195), area 41-55 cm2 14.2% (58/406), with > 55 cm2 14% (28/200) had CS. With thin 27% (25/91), with thick 36.1% (53/148), with normal placenta none had CS for fetal distress.Conclusions: Study of placental location and dimensions in early pregnancy is useful in identifying risks.  Keywords: Dimensions, early pregnancy, location, maternal-neonatal outcome, placent