A convex duality method for optimal liquidation with participation constraints

In spite of the growing consideration for optimal execution in the financial mathematics literature, numerical approximations of optimal trading curves are almost never discussed. In this article, we present a numerical method to approximate the optimal strategy of a trader willing to unwind a large portfolio. The method we propose is very general as it can be applied to multi-asset portfolios with any form of execution costs, including a bid-ask spread component, even when participation constraints are imposed. Our method, based on convex duality, only requires Hamiltonian functions to have $C^{1,1}$ regularity while classical methods require additional regularity and cannot be applied to all cases found in practice

The behavior of dealers and clients on the European corporate bond market: the case of Multi-Dealer-to-Client platforms

For the last two decades, most financial markets have undergone an evolution toward electronification. The market for corporate bonds is one of the last major financial markets to follow this unavoidable path. Traditionally quote-driven i.e., dealer-driven) rather than order-driven, the market for corporate bonds is still mainly dominated by voice trading, but a lot of electronic platforms have emerged. These electronic platforms make it possible for buy-side agents to simultaneously request several dealers for quotes, or even directly trade with other buy-siders. The research presented in this article is based on a large proprietary database of requests for quotes (RFQ) sent, through the multi-dealer-to-client (MD2C) platform operated by Bloomberg Fixed Income Trading, to one of the major liquidity providers in European corporate bonds. Our goal is (i) to model the RFQ process on these platforms and the resulting competition between dealers, and (ii) to use our model in order to implicit from the RFQ database the behavior of both dealers and clients on MD2C platforms

Immunohistochemical localization of hTERT protein in human tissues

Telomerase is a ribonucleoprotein complex mainly composed of a reverse transcriptase catalytic subunit (telomerase reverse transcriptase gene, hTERT) that copies a template region of its RNA subunit to the end of the telomere. For detecting telomerase activity in a tissue specimen the TRAP assay is a relatively sensitive and specific method, but it can be used only on fresh tissue extracts and offers no information at the single cell level. Immunohistochemistry (IHC) allows to detect hTERT protein expression at an individual cell level in human tissues. We have tested commercially available anti-hTERT antibodies in formalin-fixed and paraffin-embedded human tissues by IHC. Only one monoclonal antibody (NCL-hTERT; Novacastra) was sufficiently specific and this was applied to human tissues in which telomerase activity had been shown by TRAP assay and hTERT mRNA expression by RT-PCR. hTERT protein localized diffusely in the nucleoplasm and more intensely in the nucleoli of cancer cells and proliferating normal cells. Mitotic cells showed diffuse staining of the entire cell. Granular cytoplasmic staining was occasionally found in some tumor cells. In telomerase-positive tumors not all the tumor cells showed hTERT immunoreactivity. A significantly heterogeneous hTERT protein expression was observed in human tumor tissues. The hTERT immunostaining in fixed tissues was concordant with telomerase activity and hTERT mRNA expression in corresponding non-fixed samples. Quantitative RT-PCR of microdissected sections showed that hTERT mRNA expression was higher in cells with nuclear expression than in those with cytoplasmic expression. Double staining with the M30 antibody showed that a subpopulation of hTERT-negative cells is apoptotic. We conclude that: (1) hTERT protein can be detected by IHC in fixed human tissues, but the choice of the antibody, tissue processing, and reaction conditions are critical, (2) hTERT protein localizes in the nucleoplasm, more strongly in the nucleolus, and occasionally in the cytoplasm, (3) telomerase-positive tumors show significant heterogeneity of hTERT protein expression, and (4) a subpopulation of hTERT protein negative tumor cells is identified as apoptotic cell

The human telomerase RNA gene (hTERC) is regulated during carcinogenesis but is not dependent on DNA methylation

Telomerase, the ribonucleoprotein complex involved in telomere maintenance, is composed of two main components: hTERT and hTERC. hTERT seems to be the rate-limiting factor for telomerase activity, although hTERC expression was also shown to correlate to a certain extent with telomerase reactivation. To determine whether the absence of hTERC expression could be the consequence of DNA methylation, we quantified hTERC RNA in 60 human samples (19 telomerase-negative normal tissues, nine telomerase-positive and 22 telomerase-negative tumor tissues, eight telomerase-positive and two telomerase-negative cell lines) using a quantitative dot blot on RT-PCR products. Most of the normal tissues did not express hTERC whereas, in telomerase-positive cell lines and in telomerase-positive tumor tissues, a strong up-regulation was observed, suggesting that hTERC transcription is up-regulated during tumorigenesis. The two telomerase-negative cell lines did not express hTERC. In a series of 22 telomerase-negative soft tissue sarcomas (STS), half did not express hTERC at all, or only weakly, whereas a wide range of expression was observed in the other half. As methylation might be involved in hTERC silencing, we examined the methylation pattern in all samples by direct sequencing and methylation-specific single stand conformation analysis after bisulfite modification. hTERC methylation was never observed, neither in normal nor in tumor tissues. Furthermore, there was no correlation between hTERC expression and proliferation, telomere length or hTERT expression in telomerase-negative STS. In contrast, three of eight telomerase-positive cell lines and the two telomerasenegative cell lines were found to be hypermethylated, suggesting that the methylation observed may occur during cell line establishment. In conclusion, this study shows that hTERC expression is indeed regulated during carcinogenesis, but this regulation is unlikely to depend on hTERC methylation, cell proliferation rate, telomere length or hTERT expressio

Percutaneous release for trigger finger in idiopathic and hemodialysis patients

Sixty-seven trigger fingers of 58 idiopathic and hemodialysis patients were treated by percutaneous A1-pulley release technique. Severity of triggering was classified into five grades for treatment selection and prediction of possible results. Results were excellent in 41 fingers, good in 9, fair in 7, and poor in 10, requiring additional treatment. The results of the lower grades were better, and those of the higher grades were poor. Excellent or good results appeared to depend on the proper selection of the patients according to the grading system and confirmation of triggering disappearance just after the release. There were neither infections nor neuro-vascular deficits after treatment. Compared to conventional open release, this treatment was found to be more useful from the standpoints of ease and safety of the technique, and the patients' quick return to normal life.</p

Language effects in trilinguals: An ERP study.

International audienceEvent-related potentials were recorded during the visual presentation of words in the three languages of French-English-Spanish trilinguals. Participants monitored a mixed list of unrelated non-cognate words in the three languages while performing a semantic categorization task.Words in L1 generated earlier N400 peak amplitudes than both L2 and L3 words, which peaked together. On the other hand, L2 and L3 words did differ significantly in terms of N400 amplitude, with L3 words generating greater mean amplitudes compared with L2 words. We interpret the effects of peak N400 latency as reflecting the special status of the L1 relative to later acquired languages, rather than proficiency in that language per se. On the other hand, the mean amplitude difference between L2 and L3 is thought to reflect different levels of fluency in these two languages

Programmable unitary spatial modes manipulation

Free space propagation and conventional optical systems such as lenses and mirrors all perform spatial unitary transforms. However, the subset of transforms available through these conventional systems is limited in scope. We present here a unitary programmable mode converter (UPMC) capable of performing any spatial unitary transform of the light field. It is based on a succession of reflections on programmable deformable mirrors and free space propagation. We first show theoretically that a UPMC without limitations on resources can perform perfectly any transform. We then build an experimental implementation of the UPMC and show that, even when limited to three reflections on an array of 12 pixels, the UPMC is capable of performing single mode tranforms with an efficiency greater than 80% for the first 4 modes of the TEM basis

A Novel Antiserum Against a Predicted Human Peripheral Choline Acetyltransferase (hpChAT) for Labeling Neuronal Structures in Human Colon

Choline acetyltransferase (ChAT), the enzyme synthesizing acetylcholine (ACh), has an exon-skipping splice variant which is expressed preferentially in the peripheral nervous system (PNS) and thus termed peripheral ChAT (pChAT). A rabbit antiserum previously produced against rat pChAT (rpChAT) has been used for immunohistochemistry (IHC) to study peripheral cholinergic structures in various animals. The present study was undertaken to develop a specific antiserum against a predicted human pChAT (hpChAT) protein. A novel mouse antiserum has been successfully raised against a unique 14-amino acid sequence of hpChAT protein. Our Western blot using this antiserum (termed here anti-hpChAT serum) on human colon extracts revealed only a single band of 47 kDa, matching the deduced size of hpChAT protein. By IHC, the antiserum gave intense staining in many neuronal cells and fibers of human colon but not brain, and such a pattern of staining seemed identical with that reported in colon of various animals using anti-rpChAT serum. In the antibody-absorption test, hpChAT-immunoreactive staining in human colon was completely blocked by using the antiserum pre-absorbed with the antigen peptide. Double immunofluorescence in human colon moreover indicated that structures stained with anti-hpChAT were also stained with anti-rpChAT, and vice versa. hpChAT antiserum allowed the identification of cell types, as Dogiel type cells in intramural plexuses, and fiber innervation of colon muscles and mucosae. The present results demonstrate the specificity and reliability of the hpChAT antiserum as a novel tool for immunohistochemical studies in human colon, opening venues to map cholinergic innervation in other human PNS tissues

New insight on the enteric cholinergic innervation of the pig colon by central and peripheral nervous systems: reduction by repeated loperamide administration

IntroductionThe central and peripheral nervous systems provide cholinergic innervation in the colon. The ability to assess their neuroanatomical distinctions is still a challenge. The pig is regarded as a relevant translational model due to the close similarity of its enteric nervous system (ENS) with that of human. Opioid-induced constipation is one of the most common side effects of opioid therapy.MethodsWe developed an approach to differentiate the central and peripheral cholinergic innervation of the pig colon using double immunolabeling with a novel mouse anti-human peripheral type of choline acetyltransferase (hpChAT) antibody combined with a rabbit anti-common type of ChAT (cChAT) antibody, a reliable marker of cholinergic neurons in the central nervous system. We examined their spatial configurations in 3D images of the ENS generated from CLARITY-cleared colonic segments. The density was quantitated computationally using Imaris 9.7. We assessed changes in the distal colon induced by daily oral treatment for 4  weeks with the μ opioid receptor agonist, loperamide (0.4 or 3  mg/kg).ResultsThe double labeling showed strong cChAT immunoreactive (ir) fibers in the cervical vagus nerve and neuronal somata and fibers in the ventral horn of the sacral (S2) cord while hpChAT immunoreactivity was visualized only in the ENS but not in the vagus or sacral neural structures indicating the selectivity of these two antibodies. In the colonic myenteric plexus, dense hpChAT-ir neurons and fibers and varicose cChAT-ir fibers surrounding hpChAT-ir neurons were simultaneously visualized in 3D. The density of cChAT-ir varicose fibers in the outer submucosal plexus of both males and females were higher in the transverse and distal colon than in the proximal colon and in the myenteric plexus compared to the outer submucosal plexus and there was no cChAT innervation in the inner submucosal plexus. The density of hpChAT in the ENS showed no segmental or plexus differences in both sexes. Loperamide at the highest dose significantly decreased the density hpChAT-ir fibers + somata in the myenteric plexus of the distal colon.DiscussionThese data showed the distinct density of central cholinergic innervation between myenteric and submucosal plexuses among colonic segments and the localization of cChAT-ir fibers around peripheral hpChAT neurons in 3D. The reduction of cholinergic myenteric innervation by chronic opiate treatment points to target altered prokinetic cholinergic pathway to counteract opiate constipation

Plio-Quaternary coastal uplift along the western Iberian margin: insights from dated marine terraces (Peniche, central Portugal)

This study provides a detailed geomorphological study of the Peniche Peninsula, located in westernmost Iberia, a resistant rocky limestone headland subjected to high energy Atlantic Ocean coastal processes. We have used field mapping, surveying, sedimentary facies analysis, geochronology (electron spin resonance [ESR]; U-Series), but also identification of fossils and lithic artefacts, in order to: 1) reconstruct styles and timing of paleoenvironmental changes, 2) correlate to Marine Isotope Stages (MIS), and 3) quantify coastal uplift rates during the Quaternary. The marine terrace deposits, comprising calcite cemented conglomerates and siliciclastic sandstones, sometimes capped by travertines, were studied in detail along the SW sector of the peninsula, at the Furninha Cave site. The mapping (1/10,000 scale) and dating results obtained allow to identify several marine levels and to correlate them to MIS’s: 1) a culminant wave-cut platform at 29-33 m (above mean sea level) (Pm), with a probable age of 3.7 Ma; 2) a wave-cut platform at 24-28 m (Tm1), dated as 883±120 ka, probably correlated with high sea level conditions spanning ca.1000-790 ka (MIS25-19); 3) a wave-cut platform at 19-21 m (Tm2), with a beach conglomerate and sandstone, dated as 707±32 ka and correlated to 790-680 ka (MIS17); 4) a wave-cut platform at 14-16 m (Tm3), with a beach conglomerate and sandstone, and capping travertine, probably recording aggradation during 620-460 ka (MIS15-13) (ESR: 598±160, 563±63, 490±44 ka; U-series: >620 ka); 5) a wave-cut platform at 11-13 m (Tm4), with beach conglomerate and sandstone followed by travertine, dated as 315±48 ka, probably recording 430-275 ka (MIS11-9); 6) a wave-cut platform at 6-9 m (Tm5), with beach conglomerate, sandstone and travertine, dated as 288±53 ka, probably spanning 290-180 ka (MIS7); 7) a wave-cut platform at 4.0 m (Tm6), probably spanning 125-85 ka (MIS5); 8) aeolian sand units, respectively, of Late Pleistocene and Holocene age; 9) modern beach sediments, ranging from sands to boulders. A long term Plio-Quaternary corrected uplift rate of 0.004-0.006 m/ka is obtained using the Pm level as a key geomorphic marker (eustatic level = +10-20 m). In contrast, for the last ~1 Ma the inset Pleistocene marine terrace levels (Tm1-Tm6) indicate apparent short-term uplift rates between 0.02 and 0.05 m/ka (means of 0.03 to 0.04 m/ka) and corrected short-term uplift rates between -0.05 and 0.05 m/ka (means of -0.02 to 0.05 m/ka). This study demonstrates that the Quaternary compressive reactivation of the Western Iberian Margin has determined coastal low to moderate uplift rates; active tectonics play an important role in the geomorphic expression and distribution of Pleistocene marine terraces, recording vertical ground motions (uplift/subsidence) superimposed onto global sea-level oscillations