Vertical integration, competition, and financial exchanges: is there grain in the silo?

We investigate the incentives for vertical or horizontal integration in the financial security service industry, consisting of trading, clearing and settlement. We thereby focus on firms’ decisions but also look on the implications of these decisions on competition and welfare. Our analysis shows that the incentives for vertical integration crucially depend on industry as well as market characteristics. A more pronounced demand for liquidity clearly favors vertical integration whereas deeper financial integration increases the incentives to undertake vertical integration only if the efficiency gains associated with vertical integration are sufficiently large. Furthermore, we show that market forces can suffer from a coordination problem that end in vertically integrated structures that are not in the best interest of the firms. We believe this problem can be addressed by policy measures such as the TARGET2-Securities program. Furthermore, we use our framework to discuss major industry trends and policy initiatives. Keywords: Vertical Integration , Horizontal Integration , Competition , Trading , Settlement JEL Classification: G15, L13, L2

Ab initio simulations of local current densities in mesoscopic films: Current vortices in functionalized graphene nanoribbons

This thesis presents DFT transport simulations of the local current density in functionalized graphene nanoribbons. The main results are current vortices which exceed the average through current significantly. Such current vortices are a source of orbital magnetism

Anreize, systemische Risiken und Intransparenz : Lehren aus der Finanz- und Staatsschuldenkrise ; Sondierungsstudie im Auftrag des Bundesministeriums für Bildung und Forschung

Sondierungsstudie im Auftrag des Bundesministeriums für Bildung und Forschung: Die jüngste Finanzkrise und die darauf folgende Staatsschuldenkrise hat sowohl wirtschaftlich als auch gesellschaftlich tiefgreifende Spuren hinterlassen. Dabei wurden auch sehr deutliche Lücken in der Forschung offenbar. Ziel dieser Studie ist es, aufbauend auf dem aktuellen Forschungsstand weiteren Forschungsbedarf in den wesentlich mit Finanzkrisen verbundenen Bereichen aufzuzeigen. Es werden fünf Forschungsbereiche mit jeweiligen Unterthemen vorgeschlagen. Diese fünf Forschungsbereiche gehen unmittelbar aus der Struktur und den Mechanismen der Finanz- und Staatsschuldenkrise hervor. Dabei wird besonderes Augenmerk auf die wirtschafts- und regulierungspolitische Relevanz der Themen sowie dem Umstand getragen, dass die Beantwortung vieler der Fragen interdisziplinäre Zusammenarbeit erfordert. Finanzkrisen sind inherent mit dem Bankenmodell verbunden. Aufgrund von Verbindungen der Banken untereinander können Probleme einzelner Institute auf andere Institute übertragen werden. Diese systemischen Risiken können das gesamte Finanzsystem destabilisieren. Das Finanzsystem nimmt durch die Kreditvergabe und Bereitstellung von Transaktionssystemen eine herausragende Stellung in einer Volkswirtschaft ein, wodurch stabilisierende Eingriffe der Politik notwendig werden können. Eingriffe zur Wiederherstellung von Stabilität können sehr kostspielig sein und, wie aktuell eindrucksvoll belegt, die stabilisierenden Staaten selbst destabilisieren. Die alternativen Eingriffe vorab betreffen neben der Geldpolitik vor allem regulatorische Eingriffe. Im besonderen sind die Corporate Governance von Finanzinstituten und die Informationsbereitstellung bzw. Transparenz innerhalb des Finanzsektors von Bedeutung. In den vergangen Jahren wuchs vor dem Hintergrund von Regulierung zudem ein paralleles Schattenbankensystems heran, das in seiner Bedeutung dem traditionellen Bankensystem nur unwesentlich nachsteht. Zwar sind die groben Zusammenhänge und Auswirkungen in den einzelnen Bereichen bekannt, jedoch ist für ein tiefgreifendes Verständnis als Grundlage zur Vermeidung bzw. Eindämmung zukünftiger Krisen sowie zur Folgenabschätzung von Regulierung weitere Forschung unabdingbar

Integrated energy monitoring and visualization system for Smart Green City development: Designing a spatial information integrated energy monitoring model in the context of massive data management on a web based platform

U-Eco City is a research and development project initiated by the Korean government. The project's objective is the monitoring and visualization of aggregated and real time states of various energy usages represented by location-based sensor data accrued from city to building scale. The platform's middleware will retrieve geospatial data from a GIS database and sensor data from the individual sensory installed over the city and provide the browser-based client with the accommodated information suitable to display geo-location characteristics specific to the respective energy usage. The client will be capable of processing and displaying real time and aggregated data in different dimensions such as time, location, level of detail, mode of visualization, etc. The platform's middleware has been developed into an operative, advanced prototype, providing information to a Web-based client that integrates and interfaces with the Google Earth and Google Maps plug-ins for geospatially referenced energy usage visualization and monitoring

О напряженном состоянии несущих конструкций выбивных транспортирующих решеток в составе комплексной автоматической формовочной линии

Наведено аналіз конструкції машин для вибивання литва, які основані на piзниx фізичних впливах на матеріал залитої металом форми. Окремі розглянуті технічні рішення можна використовувати при створенні нових або модернізації існуючих вибивальних установок.The analysis of machine structure for casting knockout, based on different physical influences upon the material of shape filled with metal is presented. Separate technical decisions are recommended for the use during modernization of existent knockout plants or at making the new one

A mechanism of viral immune evasion revealed by cryo-EM analysis of the TAP transporter

Cellular immunity against viral infection and tumor cells depends on antigen presentation by the major histocompatibility complex class 1 molecules (MHC I). Intracellular antigenic peptides are transported into the endoplasmic reticulum (ER) by the transporter associated with antigen processing (TAP) and then loaded onto the nascent MHC I, which are exported to the cell surface and present peptides to the immune system1. Cytotoxic T lymphocytes recognize non-self peptides and program the infected or malignant cells for apoptosis. Defects in TAP account for immunodeficiency and tumor development. To escape immune surveillance, some viruses have evolved strategies to either down-regulate TAP expression or directly inhibit TAP activity. To date neither the architecture of TAP nor the mechanism of viral inhibition has been elucidated at the structural level. In this study we describe the cryo-electron microscopy (cryo-EM) structure of human TAP in complex with its inhibitor ICP47, a small protein produced by the herpes simplex virus I. We show that the twelve transmembrane helices and two cytosolic nucleotide-binding domains (NBDs) of the transporter adopt an inward-facing conformation with the two NBDs separated. The viral inhibitor ICP47 forms a long helical hairpin, which plugs the translocation pathway of TAP from the cytoplasmic side. Association of ICP47 precludes substrate binding and also prevents NBD closure necessary for ATP hydrolysis. This work illustrates a striking example of immune evasion by persistent viruses. By blocking viral antigens from entering the ER, herpes simplex virus is hidden from cytotoxic T lymphocytes, which may contribute to establishing a lifelong infection in the host

Electron Beam-Induced Writing of Nanoscale Iron Wires on a Functional Metal Oxide

Electron beam-induced surface activation (EBISA) has been used to grow wires of iron on rutile TiO2(110)-(1 × 1) in ultrahigh vacuum. The wires have a width down to ∼20 nm and hence have potential utility as interconnects on this dielectric substrate. Wire formation was achieved using an electron beam from a scanning electron microscope to activate the surface, which was subsequently exposed to Fe(CO)5. On the basis of scanning tunneling microscopy and Auger electron spectroscopy measurements, the activation mechanism involves electron beam-induced surface reduction and restructuring

Metabolic Pathway Modeling in Muscle of Male Marathon Mice (DUhTP) and Controls (DUC)-A Possible Role of Lactate Dehydrogenase in Metabolic Flexibility

In contracting muscles, carbohydrates and fatty acids serve as energy substrates; the predominant utilization depends on the workload. Here, we investigated the contribution of non-mitochondrial and mitochondrial metabolic pathways in response to repeated training in a polygenic, paternally selected marathon mouse model (DUhTP), characterized by exceptional running performance and an unselected control (DUC), with both lines descended from the same genetic background. Both lines underwent three weeks of high-speed treadmill training or were sedentary. Both lines' muscles and plasma were analyzed. Muscle RNA was sequenced, and KEGG pathway analysis was performed. Analyses of muscle revealed no significant selection-related differences in muscle structure. However, in response to physical exercise, glucose and fatty acid oxidation were stimulated, lactate dehydrogenase activity was reduced, and lactate formation was inhibited in the marathon mice compared with trained control mice. The lack of lactate formation in response to exercise appears to be associated with increased lipid mobilization from peripheral adipose tissue in DUhTP mice, suggesting a specific benefit of lactate avoidance. Thus, results from the analysis of muscle metabolism in born marathon mice, shaped by 35 years (140 generations) of phenotype selection for superior running performance, suggest increased metabolic flexibility in male marathon mice toward lipid catabolism regulated by lactate dehydrogenase.Peer reviewe

A transcriptomic map of EGFR-induced epithelial-to-mesenchymal transition identifies prognostic and therapeutic targets for head and neck cancer

Background Epidermal growth factor receptor (EGFR) is both a driver oncogene and a therapeutic target in advanced head and neck squamous cell carcinoma (HNSCC). However, response to EGFR treatment is inconsistent and lacks markers for treatment prediction. This study investigated EGFR-induced epithelial-to-mesenchymal transition (EMT) as a central parameter in tumor progression and identified novel prognostic and therapeutic targets, and a candidate predictive marker for EGFR therapy response. Methods Transcriptomic profiles were analyzed by RNA sequencing (RNA-seq) following EGFR-mediated EMT in responsive human HNSCC cell lines. Exclusive genes were extracted via differentially expressed genes (DEGs) and a risk score was determined through forward feature selection and Cox regression models in HNSCC cohorts. Functional characterization of selected prognostic genes was conducted in 2D and 3D cellular models, and findings were validated by immunohistochemistry in primary HNSCC. Results An EGFR-mediated EMT gene signature composed of n = 171 genes was identified in responsive cell lines and transferred to the TCGA-HNSCC cohort. A 5-gene risk score comprising DDIT4, FADD, ITGB4, NCEH1, and TIMP1 prognosticated overall survival (OS) in TCGA and was confirmed in independent HNSCC cohorts. The EGFR-mediated EMT signature was distinct from EMT hallmark and partial EMT (pEMT) meta-programs with a differing enrichment pattern in single malignant cells. Molecular characterization showed that ITGB4 was upregulated in primary tumors and metastases compared to normal mucosa and correlated with EGFR/MAPK activity in tumor bulk and single malignant cells. Preferential localization of ITGB4 together with its ligand laminin 5 at tumor-stroma interfaces correlated with increased tumor budding in primary HNSCC tissue sections. In vitro, ITGB4 knock-down reduced EGFR-mediated migration and invasion and ITGB4-antagonizing antibody ASC8 impaired 2D and 3D invasion. Furthermore, a logistic regression model defined ITGB4 as a predictive marker of progression-free survival in response to Cetuximab in recurrent metastatic HNSCC patients. Conclusions EGFR-mediated EMT conveyed through MAPK activation contributes to HNSCC progression upon induction of migration and invasion. A 5-gene risk score based on a novel EGFR-mediated EMT signature prognosticated survival of HNSCC patients and determined ITGB4 as potential therapeutic and predictive target in patients with strong EGFR-mediated EMT

Towards a consistent mechanism of emulsion polymerization—new experimental details

The application of atypical experimental methods such as conductivity measurements, optical microscopy, and nonstirred polymerizations to investigations of the ‘classical’ batch ab initio emulsion polymerization of styrene revealed astonishing facts. The most important result is the discovery of spontaneous emulsification leading to monomer droplets even in the quiescent styrene in water system. These monomer droplets with a size between a few and some hundreds of nanometers, which are formed by spontaneous emulsification as soon as styrene and water are brought into contact, have a strong influence on the particle nucleation, the particle morphology, and the swelling of the particles. Experimental results confirm that micelles of low-molecular-weight surfactants are not a major locus of particle nucleation. Brownian dynamics simulations show that the capture of matter by the particles strongly depends on the polymer volume fraction and the size of the captured species (primary free radicals, oligomers, single monomer molecules, or clusters)