LOGROS E RETOS DA IMPLEMENTAÇÃO DE DERIVADOS FINANCEIROS ENTANDARDIZADOS NA COLÔMBIA: UMA ANÁLISE COMPARATIVA COM O MÉXICO, O CHILE E O PERU, 2008-2012

Since 1999 with the elimination of exchange rate band system initiates a significant development in the OTC derivatives market in Colombia. With the recent international financial crisis increases the need for standardized financial de rivatives in order to eliminate counterparty risk in the OTC market presented. This article identifies the achievements and challenges of standardized derivatives market in Colombia since its inception in 2008 until 2012 and analyzing full years; evolution compared to that presented in Mexico, Chile and Peru by an array of diagnostic subsequently raise strategies: market development, product development, horizontal integration, market access and business development through adaptation plan Mexican strategic to the Colombian market.Desde 1999 con la eliminación del sistema de banda cambiaria inicia un desarrollo significativo en el mercado de derivados colombiano (otc)5. Con las recientes crisis financieras internacionales, aumenta la necesidad de estandarizarlos productos derivados financieros con el fin de eliminar el riesgo de contraparte presentado en el mercado otc. Este artículo identifica los logros y los retos que presenta el mercado de derivados estandarizado en Colombia desde su creación en 2008 hasta 2012, analizando así años completos; se compara su evolución con la que ha venido presentado México, Chile y Perú en el mismo periodo mediante una matriz de diagnóstico para posteriormente plantear estrategias de desarrollo de mercado, desarrollo de producto, integración horizontal, acceso al mercado y desarrollo de negocio por medio de la adaptación del plan estratégico mexicano al mercado colombiano.Palabras clave: derivados, integración horizontal, mercado estandarizado, riesgo financiero.Desde 1999 com a eliminação do sistema de banda cambiária dá-se início a um desenvolvimento significativo no mercado de derivados colombiano. (OTC)4 Com as recentes crises financeiras internacionais, cresce a necessidade de estandardizar os produtos derivados financeiros com fim de eliminar o risco de contraparte apresentado no mercado OTC. Neste artigo identificam-se os logros e os retos que apresenta o mercado de derivados estandardizado na Colômbia desde sua criação em 2008 até 2012, analisando assim anos completos; compara-se seu desenvolvimento com o que têm vindo apresentando o México, o Chile e o Peru no mesmo período por meio de uma matriz de diagnóstico para seguidamente plantear estratégias de desenvolvimento de mercado, desenvolvimento de produto, integração horizontal, acesso ao mercado e desenvolvimento de negócio por meio da adaptação do plano estratégico mexicano ao mercado colombiano

Factors influencing the spread of pertussis in households: a prospective study, Catalonia and Navarre, Spain, 2012 to 2013

We aimed to investigate transmission rates of pertussis in household contacts of cases and factors associated with transmission. A prospective epidemiological study was conducted in 2012 and 2013 to determine the incidence of pertussis among household contacts of reported cases in Catalonia and Navarre, Spain. An epidemiological survey was completed for each case and contact, who were followed for 28 days to determine the source of infection (primary case) and detect the occurrence of secondary cases. Odds ratios (ORs) were used to estimate the effectiveness of vaccination and chemoprophylaxis in preventing new cases, using the formula (1 - OR) × 100. For the 688 primary cases, a total of 2,852 contacts were recorded. The household transmission rate was 16.1% (459/2,852) and rose according to the age (> 18 years) and lack of immunisation of the primary cases, and also the age (0-18 years), family relationship (siblings and children), lack of vaccination and chemoprophylaxis of contacts. Pertussis vaccine effectiveness in preventing new cases was 65.0% (95% confidence interval (CI): 11.6 to 86.2) for full vaccination (≥ 4 doses) and 59.7% (95% CI: -6.8 to 84.8) for incomplete vaccination (< 4 doses). The effectiveness of chemoprophylaxis was 62.1% (95% CI: 40.3 to 75.9). To reduce household transmission, contacts should be investigated to detect further cases and to administer chemoprophylaxis. The current vaccination status of cases and contacts can reduce household transmission

Inhibition of PbGP43 expression may suggest that gp43 is a virulence factor in Paracoccidioides brasiliensis

ABSTARCT: Glycoprotein gp43 is an immunodominant diagnostic antigen for paracoccidioidomycosis caused by Paracoccidioides brasiliensis. It is abundantly secreted in isolates such as Pb339. It is structurally related to beta-1,3-exoglucanases, however inactive. Its function in fungal biology is unknown, but it elicits humoral, innate and protective cellular immune responses; it binds to extracellular matrix-associated proteins. In this study we applied an antisense RNA (aRNA) technology and Agrobacterium tumefaciens-mediated transformation to generate mitotically stable PbGP43 mutants (PbGP43 aRNA) derived from wild type Pb339 to study its role in P. brasiliensis biology and during infection. Control PbEV was transformed with empty vector. Growth curve, cell vitality and morphology of PbGP43 aRNA mutants were indistinguishable from those of controls. PbGP43 expression was reduced 80-85% in mutants 1 and 2, as determined by real time PCR, correlating with a massive decrease in gp43 expression. This was shown by immunoblotting of culture supernatants revealed with anti-gp43 mouse monoclonal and rabbit polyclonal antibodies, and also by affinity-ligand assays of extracellular molecules with laminin and fibronectin. In vitro, there was significantly increased TNF-α production and reduced yeast recovery when PbGP43 aRNA1 was exposed to IFN-γ-stimulated macrophages, suggesting reduced binding/uptake and/or increased killing. In vivo, fungal burden in lungs of BALB/c mice infected with silenced mutant was negligible and associated with decreased lung ΙΛ-10 and IL-6. Therefore, our results correlated low gp43 expression with lower pathogenicity in mice, but that will be definitely proven when PbGP43 knockouts become available.

Enabling planetary science across light-years. Ariel Definition Study Report

Ariel, the Atmospheric Remote-sensing Infrared Exoplanet Large-survey, was adopted as the fourth medium-class mission in ESA's Cosmic Vision programme to be launched in 2029. During its 4-year mission, Ariel will study what exoplanets are made of, how they formed and how they evolve, by surveying a diverse sample of about 1000 extrasolar planets, simultaneously in visible and infrared wavelengths. It is the first mission dedicated to measuring the chemical composition and thermal structures of hundreds of transiting exoplanets, enabling planetary science far beyond the boundaries of the Solar System. The payload consists of an off-axis Cassegrain telescope (primary mirror 1100 mm x 730 mm ellipse) and two separate instruments (FGS and AIRS) covering simultaneously 0.5-7.8 micron spectral range. The satellite is best placed into an L2 orbit to maximise the thermal stability and the field of regard. The payload module is passively cooled via a series of V-Groove radiators; the detectors for the AIRS are the only items that require active cooling via an active Ne JT cooler. The Ariel payload is developed by a consortium of more than 50 institutes from 16 ESA countries, which include the UK, France, Italy, Belgium, Poland, Spain, Austria, Denmark, Ireland, Portugal, Czech Republic, Hungary, the Netherlands, Sweden, Norway, Estonia, and a NASA contribution

Global urban environmental change drives adaptation in white clover

Urbanization transforms environments in ways that alter biological evolution. We examined whether urban environmental change drives parallel evolution by sampling 110,019 white clover plants from 6169 populations in 160 cities globally. Plants were assayed for a Mendelian antiherbivore defense that also affects tolerance to abiotic stressors. Urban-rural gradients were associated with the evolution of clines in defense in 47% of cities throughout the world. Variation in the strength of clines was explained by environmental changes in drought stress and vegetation cover that varied among cities. Sequencing 2074 genomes from 26 cities revealed that the evolution of urban-rural clines was best explained by adaptive evolution, but the degree of parallel adaptation varied among cities. Our results demonstrate that urbanization leads to adaptation at a global scale

Determinantes de riesgo en la valoración de acciones en el mercado colombiano: modelo multifactorial comparativo

This article is based on the interest of presenting research results aimed at approaching the possible sources of market risk that may particularly influence on the yields of shares traded in the General Index of the Colombian Stock Exchange (IGBC, for the term in Spanish), hence, an approach is made at models of multiple factors to characterize these behaviors through the methodology of principal asymptotic components (PAC). In the implementation of the univariate and multivariate models two scenarios are worked; the first related to estimations from a rate free of short-term risk (Reference Bank Index –IBR, for the term in Spanish) and a rate free of long-term risk (TES Julios of 2020), whose results generated lead to the conclusion that the models behave better in short-term scenarios and that the best model for prognosis of return on variable equity in Colombia is still the single-factor model represented by the market risk. This research permitted delving deeper into recognizing the shares market in Colombia and contributes to the construction of databases that serve as information source and input for further research interests, as in the construction of the historical dividends of shares between 2007 and 2012; information the market does not have totally available and which permits evaluating assets in much more adjusted manner.Este artículo se fundamenta en el interés de presentar resultados de investigación encaminados a realizar una aproximación a las posibles fuentes de riesgo de mercado que de manera particular pudiesen influir en los rendimientos de las acciones que se cotizan en el Índice General de la Bolsa de valores de Colombia (IGBC), por tanto se realiza una aproximación a modelos de múltiples factores para caracterizar estos comportamientos a través de la metodología de componentes principales asintóticos (ACP). En la implementación de los modelos unifactoriales y multifactoriales se trabajan dos escenarios; el primero relacionado con las estimaciones a partir de una tasa libre de riesgo corto plazo (IBR-Índice Bancario de Referencia) y una tasa libre de riesgo largo plazo (TES Julios del 2020), cuyos resultados generados llevan a la conclusión que los modelos se comportan mejor en escenarios de corto plazo y que el mejor modelo de mejor pronóstico de los retornos de los activos de renta variable en Colombia sigue siendo el modelo de un solo factor representado por el riesgo de mercado. El desarrollo del trabajo de investigación permite ahondar mucho más en el conocimiento del mercado accionario en Colombia y aporta a la construcción de bases de datos que sirven como fuente de información e insumo para posteriores intereses de investigación, como es el caso de la construcción de los dividendos históricos de las acciones en los períodos entre 2007 y 2012, información que el mercado no tiene totalmente disponible y que permite realizar la valoración de los activos de una manera más ajustad

Factoring: una alternativa de financiamiento como herramienta de apoyo para las empresas de transporte de carga terrestre en Bogotá

El subsector de transporte terrestre de carga tiene gran influencia en la competitividad de las exportaciones y el movimiento total de mercancíasen el país; por lo tanto, a través de esta investigación, se evalúa la factibilidad financiera del factoring en el subsector, mediante el análisis comparativo de escenarios que simulan la utilización de esta herramienta entre 2008 y 2012.Los resultados muestran que la aplicación del factoring en este subsector genera ventajas representadas en la reducción de la rotación de cartera, el aumento en los flujos de caja y la creación de valor para las empresas de la muestra y el agregado del subsector

Risk Determinants in the Evaluation of Shares in the Colombian Market: Multifactor Comparative Model

This article is based on the interest of presenting research results aimed at approaching the possible sources of market risk that may particularly influence on the yields of shares traded in the General Index of the Colombian Stock Exchange (IGBC, for the term in Spanish), hence, an approach is made at models of multiple factors to characterize these behaviors through the methodology of principal asymptotic components (PAC). In the implementation of the univariate and multivariate models two scenarios are worked; the first related to estimations from a rate free of short-term risk (Reference Bank Index –IBR, for the term in Spanish) and a rate free of long-term risk (TES Julios of 2020), whose results generated lead to the conclusion that the models behave better in short-term scenarios and that the best model for prognosis of return on variable equity in Colombia is still the single-factor model represented by the market risk. This research permitted delving deeper into recognizing the shares market in Colombia and contributes to the construction of databases that serve as information source and input for further research interests, as in the construction of the historical dividends of shares between 2007 and 2012; information the market does not have totally available and which permits evaluating assets in much more adjusted manner.Este artículo se fundamenta en el interés de presentar resultados de investigación encaminados a realizar una aproximación a las posibles fuentes de riesgo de mercado que de manera particular pudiesen influir en los rendimientos de las acciones que se cotizan en el Índice General de la Bolsa de valores de Colombia (IGBC), por tanto se realiza una aproximación a modelos de múltiples factores para caracterizar estos comportamientos a través de la metodología de componentes principales asintóticos (ACP). En la implementación de los modelos unifactoriales y multifactoriales se trabajan dos escenarios; el primero relacionado con las estimaciones a partir de una tasa libre de riesgo corto plazo (IBR-Índice Bancario de Referencia) y una tasa libre de riesgo largo plazo (TES Julios del 2020), cuyos resultados generados llevan a la conclusión que los modelos se comportan mejor en escenarios de corto plazo y que el mejor modelo de mejor pronóstico de los retornos de los activos de renta variable en Colombia sigue siendo el modelo de un solo factor representado por el riesgo de mercado. El desarrollo del trabajo de investigación permite ahondar mucho más en el conocimiento del mercado accionario en Colombia y aporta a la construcción de bases de datos que sirven como fuente de información e insumo para posteriores intereses de investigación, como es el caso de la construcción de los dividendos históricos de las acciones en los períodos entre 2007 y 2012, información que el mercado no tiene totalmente disponible y que permite realizar la valoración de los activos de una manera más ajustad

Determinantes macroeconómicos de la valoración de acciones: Caso alianza del pacífico

This document has as main objective to identify the macroeconomic determinants that influence the returns of the portfolios in the financial markets of the countries that are part of the Pacific Alliance, for the years between 2009 and 2015. Thus, it is intended to establish if the arbitration pricing theory (APT) postulated by Ross (1976), applies to the portfolios of the Alliance’s stock markets. The portfolios were constructed based on the methodology proposed by Fama and French (1996). The study concludes in empirical terms that the APT model does not apply to the financial markets of the Pacific Alliance countries. Key words: Arbitrage Pricing Theory (APT), macroeconomics factors, stock exchangesEste documento tem como objetivo principal identificar os determinantes macroeconômicos que influenciam o retorno das carteiras nos mercados financeiros dos países que fazem parte da Aliança do Pacífico, para os anos entre 2009 e 2015. Assim, pretende-se estabelecer se a teoria de preços de arbitragem (APT) postulada por Ross (1976), se aplica às carteiras dos mercados de ações da Aliança. As carteiras foram construídas com base na metodologia proposta por Fama e French (1996). O estudo conclui em termos empíricos que o modelo APT não se aplica aos mercados financeiros dos países da Aliança do Pacífico. Palavras-chave: Teoria do Preço de Arbitragem (APT), fatores macroeconômicos, bolsas de valoresEste documento tiene como objetivo identificar los determinantes macroeconómicos que influyen en los retornos de las carteras en los mercados financieros de los países que hacen parte de la Alianza del Pacífico, para los años 2009 a 2015. Se pretende establecer si la teoría de fijación de precios de arbitraje (APT) de Ross (1976), se aplica a los portafolios de los mercados bursátiles de la Alianza. Las carteras se construyeron a partir de la metodología propuesta por Fama & French (1996). El estudio concluye en términos empíricos que el modelo APT no aplica a los mercados financieros de la Alianza del Pacífico. Palabras Clave: Teoría de fijación de precios de arbitraje (APT), factores macroeconómicos, bolsas de valore