Optimal client recommendation for market makers in illiquid financial products

The process of liquidity provision in financial markets can result in prolonged exposure to illiquid instruments for market makers. In this case, where a proprietary position is not desired, pro-actively targeting the right client who is likely to be interested can be an effective means to offset this position, rather than relying on commensurate interest arising through natural demand. In this paper, we consider the inference of a client profile for the purpose of corporate bond recommendation, based on typical recorded information available to the market maker. Given a historical record of corporate bond transactions and bond meta-data, we use a topic-modelling analogy to develop a probabilistic technique for compiling a curated list of client recommendations for a particular bond that needs to be traded, ranked by probability of interest. We show that a model based on Latent Dirichlet Allocation offers promising performance to deliver relevant recommendations for sales traders.Comment: 12 pages, 3 figures, 1 tabl

Observations and Modelling of the Pre-flare Period of the 29 March 2014 X1 Flare

On 29 March 2014, NOAA Active Region (AR) 12017 produced an X1 flare that was simultaneously observed by an unprecedented number of observatories. We have investigated the pre-flare period of this flare from 14:00 UT until 19:00 UT using joint observations made by the Interface Region Imaging Spectrometer (IRIS) and the Hinode Extreme Ultraviolet Imaging Spectrometer (EIS). Spectral lines providing coverage of the solar atmosphere from the chromosphere to the corona were analysed to investigate pre-flare activity within the AR. The results of the investigation have revealed evidence of strongly blue-shifted plasma flows, with velocities up to 200kms−1, being observed 40 minutes prior to flaring. These flows are located along the filament present in the active region and are both spatially discrete and transient. In order to constrain the possible explanations for this activity, we undertake non-potential magnetic field modelling of the active region. This modelling indicates the existence of a weakly twisted flux rope along the polarity inversion line in the region where a filament and the strong pre-flare flows are observed. We then discuss how these observations relate to the current models of flare triggering. We conclude that the most likely drivers of the observed activity are internal reconnection in the flux rope, early onset of the flare reconnection, or tether-cutting reconnection along the filament

Reflection algebra, Yangian symmetry and bound-states in AdS/CFT

We present the `Heisenberg picture' of the reflection algebra by explicitly constructing the boundary Yangian symmetry of an AdS/CFT superstring which ends on a boundary with non-trivial degrees of freedom and which preserves the full bulk Lie symmetry algebra. We also consider the spectrum of bulk and boundary states and some automorphisms of the underlying algebras.Comment: 31 page, 8 figures. Updated versio

The secret symmetries of the AdS/CFT reflection matrices

We find new twisted Yangian symmetries of the AdS/CFT reflection matrices for the Y=0 maximal giant graviton and D5-brane. These new symmetries originate from the known secret symmetries of the Yangian symmetry of the AdS/CFT S-matrix.Comment: 9 pages, v2: published versio

Consciousness and the Physical World

The main file in this deposition is a pdf file containing the scanned pages of the Proceedings. Additional files OCR.txt and OCR.pdf (the latter having the same pagination as the book) are included to simplify search, etc. Because of their automated creation using software, the accuracy of the OCR files cannot be guaranteed, though some checking has been carried out. In the scanned version, entering 'go to page n' in a pdf reader will access the pair of pages 2n and 2n+1. Alternatively, go to the contents pages (accessible via 'go to page', entering 'contents' at the prompt) for the numbers to use with 'go to' for specific chapters. © By arrangement with the publishers, the editors (Brian D Josephson and Vilayanur S Ramachandran) are the present copyright holders. They grant permission for the use of the material in this book in accord with the terms of the CC licence below.Edited proceedings of an interdisciplinary symposium on consciousness held at the University of Cambridge in January 1978. The purpose of the Cambridge conference was to encourage distinguished scientists to express their views on the relationship of conscious experience to the physical world.The conference was supported by a grant from Research Corporation of New York

Yangian symmetry of boundary scattering in AdS/CFT and the explicit form of bound state reflection matrices

The reflection matrices of multi magnon bound states are obtained explicitely by exploiting the Yangian symmetry of boundary scattering on the Y=0 maximal giant graviton brane.Comment: 13 page

On the reflection of magnon bound states

We investigate the reflection of two-particle bound states of a free open string in the light-cone AdS_5 x S^5 string sigma model, for large angular momentum J=J_56 and ending on a D7 brane which wraps the entire AdS_5 and a maximal S^3 of S^5. We use the superspace formalism to analyse fundamental and two-particle bound states in the cases of supersymmetry-preserving and broken-supersymmetry boundaries. We find the boundary S-matrices corresponding to bound states both in the bulk and on the boundary.Comment: 35 pages, v2: few typos and ref corrected, accepted for publication in JHE

Giant magnons and non-maximal giant gravitons

We produce the open strings on $\mathbb{R}\times S^{2}$ that correspond to the solutions of integrable boundary sine-Gordon theory by making use of the $N$-magnon solutions provided in \cite{KPV} together with explicit moduli. Relating the two boundary parameters in a special way we describe the scattering of giant magnons with non-maximal $Y=0$ giant gravitons and calculate the leading contribution to the associated magnon scattering phase.Comment: 34 pages, 8 figure

Approaches towards expression profiling the response to treatment

Over the past 8 years there has been a wealth of breast cancer gene expression studies. The majority of these studies have focused upon characterising a tumour at presentation, before treatment, rather than looking at the effects of treatment on the tumour. More recently, a number of groups have moved from predicting prognosis based upon long-term follow-up to alternative approaches of using expression profiling to measure the effect of treatment on breast tumours and potentially predict response to therapy using either post-treatment samples or both pre-treatment and post-treatment samples. Whilst this provides great potential to further our understanding of the mode of action of treatments and to more accurately select which patients will benefit from a particular treatment, serious issues of experimental design must be considered

Agency, qualia and life: connecting mind and body biologically

Many believe that a suitably programmed computer could act for its own goals and experience feelings. I challenge this view and argue that agency, mental causation and qualia are all founded in the unique, homeostatic nature of living matter. The theory was formulated for coherence with the concept of an agent, neuroscientific data and laws of physics. By this method, I infer that a successful action is homeostatic for its agent and can be caused by a feeling - which does not motivate as a force, but as a control signal. From brain research and the locality principle of physics, I surmise that qualia are a fundamental, biological form of energy generated in specialized neurons. Subjectivity is explained as thermodynamically necessary on the supposition that, by converting action potentials to feelings, the neural cells avert damage from the electrochemical pulses. In exchange for this entropic benefit, phenomenal energy is spent as and where it is produced - which precludes the objective observation of qualia