Money market funds in the US and the EU: a legal and comparative analysis

The failure of the Reserve Primary Fund, a US money market fund, in September 2008 triggered a widespread withdrawal of assets from other money market funds in the US. The withdrawals led the US Government to adopt emergency measures to maintain market stability. The ability of money market funds to rapidly withdraw funding from the financial system also showed during the European sovereign debt crisis in the summer of 2011. The crisis prompted further regulatory debate on both sides of the Atlantic on how to make money market funds more resilient to investors’ runs and systemic shocks. The solutions that are currently discussed propose to eliminate the essential bank-like feature of money market funds – their ability to transact at a stable share price – and thereby reduce their attractiveness to investors seeking cash management options outside the banking system. This thesis detaches from those discussions originally enquiring on how should money market funds be regulated in the US and in the EU. As a theoretical premise, this research identifies two overarching goals for money market funds regulation, namely, investor protection and systemic stability. The prevalent proposals for regulation are thus seen as misguided because the change in money market funds pricing mechanisms and the accounting convention would demonstrably not satisfy these goals. In order to formulate the new propositions for the regulation of money market funds in the US and the EU, therefore, this thesis first critically evaluates the existing US and EU regulatory frameworks applicable to money market funds from the standpoint of the dual policy goal of investor protection and systemic stability. Secondly, it introduces an alternative path for achieving this dual goal. It is argued that the blueprint of the international money market fund regulation ought to focus on full disclosure of the funds’ assets and liabilities – portfolio holdings and fund investors – as the primary measure of investor protection. Such disclosure also addresses systemic stability concerns by empowering regulators to properly monitor the transmission channels of funding risk. While my study does not purport to do away with risk limiting rules for money market funds, it cautions against copying the US-centric view of the investment standards to the much shallower European markets under the banners of harmonisation. Instead, this thesis advocates a harmonised international approach to the transparency of money market fund activities and the creation of a global database of market 5 exposures that would subject asset managers to public scrutiny and enable regulators to monitor the major risk transmitting channels. By these means the dual regulatory goal in money market fund regulation – investor protection and systemic stability – shall be upheld

Використання мікроелементів в умовах зміни клімату

The article highlights the state of provision of soil in Ukraine with trace elements, justifies a gradual decrease in their content and significance for plants, and especially in changing climatic conditions.Studies carried out on the southern chernozem in the conditions of the Steppe zone of Ukraine established the effectiveness of treating seeds before sowing and plants in the main phases of vegetation with microblasts and biologics at the harvest level and the quality of grown products. Thus, pre-treatment of winter wheat seeds depending on the complex of preparations on average in three varieties. provided an increase in grain yield from 5.5 to 20.5%.To a greater extent, yields are increased by the use of micro-fertilizers and biologics to treat both seeds before sowing and sowing plants during vegetation. On the example of studies with sunflower, significant increases in the yield of seeds, its fat content and an increase in the conditional yield (collection) of oil per hectare were determined.Key words: trace elements, biologics, winter wheat, sunflower, seed and plant processing, yield, crop quality, conditional oil yield.В статті висвітлено стан забезпеченості ґрунтів України мікроелементами, обґрунтовано поступове зменшення їх вмісту та значення для рослин і особливо за зміни кліматичних умов.Дослідженнями, проведеними на чорноземі південному в умовах зони Степу України, встановлено ефективність обробки насіння перед сівбою та рослин в основні фази вегетації мікродобривами і біопрепаратами на рівні врожаю і якість вирощеної продукції. Так, передпосівна обробка насіння пшениці озимої залежно від комплексу препаратів у середньому по трьох сортах. забезпечила приріст урожайності зерна від 5,5 до 20,5%.Ще більшою мірою врожайність зростає за використання мікродобрив та біопрепаратів для обробки як насіння перед сівбою, так і посіву рослин упродовж вегетації. На прикладі досліджень із соняшником визначено істотні прирости врожайності насіння, вмісту в ньому жиру та збільшення умовного виходу (збору) олії з гектару.Ключові слова: мікроелементи, біопрепарати, пшениця озима, соняшник, обробка насіння і рослин, урожайність, якість урожаю, умовний вихід олії

Synthesis and characterisation of new MO(OH)2 (M = Zr, Hf) oxyhydroxides and related Li2MO3 salts

Two new solid MO(OH)2 (M = Zr, Hf) oxyhydroxides have been synthesised by an ion-exchange reaction from Li2MO3 (M = Zr, Hf) precursors obtained by a citrate combustion technique. The crystal structure of the oxyhydroxides has been solved by direct methods and refined using Rietveld full profile fitting based on X-ray powder diffraction data. Both oxyhydroxides crystallize in a P21/c monoclinic unit cell and have a structure resembling that of the related salts. Detailed characterisation of the fine-structure features and chemical bonding in precursors and oxyhydroxide powders has been performed using vibrational spectroscopy, nuclear magnetic resonance spectroscopy, scanning electron microscopy, pair distribution function analysis and quantum-chemical modelling

Results of hydraulic calculations of the Chernozemelskaya irrigation system channels

Purpose: hydraulic calculations of the current water supply network of the Chernozemelskaya irrigation system channels. Materials and methods. The materials for the calculations were: operational records of the Chernozemelskaya irrigation system, the results of field surveys of channels and data from instrumental measurements of water levels, velocities and water discharges in the surveyed discharge section lines of distributary channels. The field work was carried out according to the generally accepted rules and methods of surveys, hydrometric measurements and assessment of the reclamation facilities state. Channel hydraulic calculations were performed for the conditions of constant water flow in their channels on rectilinear sections. Calculations of the main elements of the water cross-section of the Chernozemelskaya irrigation system channels were carried out using passport data and the results of field surveys of these channels. Results. Calculations of the main elements of the water cross-section of the channels for the control stations on the Yashkul and Gashun distribution canals of the Chernozemelskaya irrigation system were performed, rating curves of discharge and average water flow velocity in channels from the depth of their filling were constructed; permissible (non-eroding and non-silting) velocities of water flow in the channels were determined. Conclusions. It was found for the discharge section line on the Gashun distribution canal, that siltation of the channel will occur at a water flow discharge of Q < 2.75 m³/s and channel filling of h < 1.0 m. When assessing the channel of the Gashun canal for the susceptibility to erosion, it was determined that the channel in the control station section can pass the specified discharge without being eroded. Checking the channel of the Yashkul distribution canal in the control section for siltation and erosion showed that its channel will not be eroded in the considered range of water flow velocities from 0.62–1.14 m/s

Structural Investigations of Li1.5Al0.5Ge1.5(PO4)3 glass-ceramics by Solid State NMR

NASICON-type conductors based on LiGe2(PO4)3 are very promising lithium-conducting electrolytes for all-solid-state lithium-ion and lithium batteries. Al-doped LiGe2(PO4)3 solid electrolytes possessed higher conductivity (∼10-4 S/cm at room temperature) and stability versus metallic Li. In this paper, we present the structure study of Li1.5Al0.5Ge1.5(PO4)3 compound. Fast lithium-ion conductor Li1.5Al0.5Ge1.5(PO4)3 solid electrolyte have been obtained through glass crystallization at 820 °C during 8 h. Structural positions occupied by atoms have been examined by solid state nuclear magnetic resonance experiments. 6Li, 7Li, 27Al 31P NMR measurements have been performed at room temperature. © Published under licence by IOP Publishing Ltd.Russian Science Foundation, RSFThe reported study was funded by the Russian Science Foundation according to the research project № 18-73-00099. The characterization of materials was carried out at the Shared Access Centre “Composition of Compounds” of the Institute of High Temperature Electrochemistry of the Ural Branch of the RAS, Yekaterinburg, Russian Federation