a probe for the elastic properties of films

... Kokura S, Yoshida N, Sakamoto N, Ishikawa T, Takagi T, Higashihara H, Nakabe N, Handa O, Naito Y & Yoshikawa T (2005) The radical scavenger edaravone enhances the anti-tumor effects of CPT-11 in ... Antiproliferative properties of natural extracts D Lizarraga et al the European Union FEDER funds We thank Professor Francesc Oliva (Department of Statistics at the University of Barcelona) for his assistance ... absorbed in the intestinal tract, and reach the colon mainly intact [27] They are therefore bioavailable to the epithelial cells in the intestinal wall, where procyanidins and other phenolics are extensively...

Ngày tải lên: 07/03/2014, 05:20

... In all cases, the optimal amount of arachidonic acid was determined and used to analyze the effect of S10 0A8 /A9 on oxidase activation After an incubation of 10 at 20 °C, the oxidase activity was ... high affinity for Ca2+, S10 0A8 /A9 had a full charge of bound Ca2+ To check whether the potentiation of oxidase activation by S10 0A8 /A9 was due to a change in affinity of the flavocytochrome b for NADPH ... an optimal amount of arachidonic acid determined for each assay of oxidase activation [12] The rate of O2– production by the activated NADPH oxidase was calculated from the rate of the superoxide...

Ngày tải lên: 18/03/2014, 01:20

... but also of their size and shape Managing size and shape on the nanoscale allows the creation of a class of materials called nanoparticles These materials have a unique combination of physical, ... challenges are the design of the perm-selective membranes, the matrix for the support of the cells, and the system for maintaining them in a viable state The last decade has seen major advances ... was approved by the Governing Board of the National Research Council, whose members are drawn from the councils of the National Academy of Sciences, the National Academy of Engineering, and the...

Ngày tải lên: 23/03/2014, 01:20

... realized is what we have been calling a translation The domain of this translation function is a certain class of texts in some language, and its range is a class of texts in another language A ... Abstract automata, at least the kind we are interested in, can be thought of as a collection or matrix of information-retaining cells The information retained by any particular group of cells at any ... program, or a translation program embodied in a machine? Perhaps we should first examine the question of what we mean by a translation program The idea of a computer program abstracted from any particular...

Ngày tải lên: 23/03/2014, 13:20

... timely and well worth reading, given the many changes afoot in the areas of exchange regulation and clearing.’ HARVEY L PITT Chief Executive Of cer of Kalorama Partners and former Chairman of the ... independent academic methodology The findings of the book not necessarily represent the of cial stance of Barclays Capital The International Capital Market Association’s sponsorship of this publication aims ... that clearing is a topic that has always been regarded as sort of an operational thing The exchanges’ matching engines have had the glamour But I think in the long run the value added of clearing...

Ngày tải lên: 20/06/2014, 18:20

... risk.86 Variation margin is a payment made when the market price of a transaction has changed.87 It is therefore a risk management tool to cover the latest exposure Variation margin is called for ... importantly, collateral management ensures that margin requirements are covered by available collateral If there is a collateral shortfall, a collateral call is generated If there is collateral ... efficient collateral Clearing Services for Global Markets management for the markets In practice, the approach of maintaining a level of competition in financial services may seem more likely, in the EU...

Ngày tải lên: 20/06/2014, 18:20

... positions of the partner clearing house in the form of an omnibus account.136 This means that the opening of a position at one CCP can automatically lead to the creation of an equal and opposite ... monitoring the clearing status of transactions and monitoring margins via a single interface At the same time, clearing houses update and replace their software and systems periodically, typically on a ... compliance with a clearing house’s risk management requirements can be regarded as an offset for the risk assumed by the CCP for the clearing members and for the savings in risk management gained...

Ngày tải lên: 20/06/2014, 18:20

... relevance of cost of capital was mainly based on the following arguments: r collateral-rich clearers have enough capital available; r clearing houses can serve as a cheap form of custody; and r clearing ... firms that offer individual traders access to trading platforms and clearing services Arcades offer traders a place where they can work together, rent a desk and trade for their own account at reduced ... volume of trading of a broker or a bank The clearest example of that are the so-called black-box traders, who trade through an automated system, doing arbitrage of various kinds, or some kind of...

Ngày tải lên: 20/06/2014, 18:20

... mainly affecting the indirect cost categories All of these factors are detailed in the following paragraphs Whereas the validation of the data on clearing house charges revealed that the above-mentioned ... vital As the analysis has shown, the organisation of derivatives clearing could serve as a role model for other parts of the European market infrastructure As outlined above, to evaluate the ... of cost of capital and risk management costs 5.3.2 Transaction cost analyses – clearing members r The comparative analysis of per-contract fees charged by the major horizon- tally and vertically...

Ngày tải lên: 20/06/2014, 18:20

... marketplaces as a means to increase scale are the level of automation and the use of standard interfaces The higher the level of automation and the more common the use of standard interfaces, the ... collateral management and information effects can positively impact the liquidity and allocation of risk and capital – thus increasing the efficiency of capital markets.62 Additionally, the information ... size, for example, results in a doubling of the number of contracts traded, but at the same time also to a bisection of the contract value Therefore, the value of the contracts traded ultimately...

Ngày tải lên: 20/06/2014, 18:20

... smaller; they don’t have the capital of a Morgan Stanley or a Goldman Sachs, so the Asian clearing houses can play a role in representing the financial standing and credit standing of their smaller ... necessarily an advantage to the other side, and there is a cost involved So links are difficult things; unless you can persuade both parties that there is an advantage to each of them there is always ... intermediaries in the market are covering the liabilities they have, then they will have to manage them more actively, banks themselves will have to manage them more actively That means that yesterday Refer...

Ngày tải lên: 20/06/2014, 18:20

... network strategies have varying potential for the realisation of network effects and economies of scale and scope The Transaction Cost Impact Matrix and the Efficiency Impact Matrix analyse whether ... deployment of a European clearing intermediary.121 All it is is a cheaper way of offering GCM services, at the end of the day And the reason that the link doesn’t have more customers is because the ... London Clearing House Ltd (LCH) and the Paris-based clearing house Clearnet SA This network initiative provides valuable material for a case study analysis for various reasons The transaction constitutes...

Ngày tải lên: 20/06/2014, 18:20

... usually not have the leeway to benefit from and further leverage their installed base r Single CCP initiatives (as a particular form of M &A initiatives) have the drawback that the majority of ... initiatives leading towards the creation of a Single CCP The nature of these initiatives gives clearers no choice of participation; participation is obligatory The magnitude of the increase of indirect ... to analyse their customers’ usage patterns in detail The clearing link strategy for Europe should be formulated on the basis of these findings For the purpose of identifying the value of any particular...

Ngày tải lên: 20/06/2014, 18:20

... of intra-day margin calls • Collateral/cash deposited at clearing house for variation margin • Amount of liquidity at customer tied to ensure funding of intra-day margin calls • Collateral/cash ... vital input and formed the basis for the cost analyses and case studies Nonetheless, more research based on quantitative data is needed on the different cost categories and total costs of clearing ... clearing membership as a viable cost-cutting strategy The cost analysis also provided the critical step of generating a quantitative estimate of the total European costs of derivatives clearing...

Ngày tải lên: 20/06/2014, 18:20

... house charges, which are accounted for at a later stage of the calculation of total clearing house charges; refer to step 1.3) r Based on the publicly available information on the number of cleared ... structures for the benchmark clearing members and the remaining 213 European clearers, as classified in Appendix This assumption was due to a lack of data that would have allowed for an accurate assessment ... estimate the effort in mandays No … did you have to adapt your operational/back-office procedures? Yes (no of man-days) (no of man-days) (no of man-days) (no of man-days) (no of...

Ngày tải lên: 20/06/2014, 18:20

... regulators are also taking careful note of the risks that clearing houses have to manage For similar reasons, other financial market policymakers have convened to establish appropriate standards for ... to the national infrastructures is free to so as long as it meets the standards set by the SEC In addition, any organisation can apply for approval and registration as a clearing agency’.266 Although ... volume and value of transactions, trading patterns among counterparties, the characteristics of the traded goods, the credit quality of market participants and the opportunity costs associated...

Ngày tải lên: 21/06/2014, 07:20

... positions of the partner clearing house in the form of an omnibus account.136 This means that the opening of a position at one CCP can automatically lead to the creation of an equal and opposite ... monitoring the clearing status of transactions and monitoring margins via a single interface At the same time, clearing houses update and replace their software and systems periodically, typically on a ... compliance with a clearing house’s risk management requirements can be regarded as an offset for the risk assumed by the CCP for the clearing members and for the savings in risk management gained...

Ngày tải lên: 21/06/2014, 07:20

... relevance of cost of capital was mainly based on the following arguments: r collateral-rich clearers have enough capital available; r clearing houses can serve as a cheap form of custody; and r clearing ... firms that offer individual traders access to trading platforms and clearing services Arcades offer traders a place where they can work together, rent a desk and trade for their own account at reduced ... volume of trading of a broker or a bank The clearest example of that are the so-called black-box traders, who trade through an automated system, doing arbitrage of various kinds, or some kind of...

Ngày tải lên: 21/06/2014, 07:20

... marketplaces as a means to increase scale are the level of automation and the use of standard interfaces The higher the level of automation and the more common the use of standard interfaces, the ... collateral management and information effects can positively impact the liquidity and allocation of risk and capital – thus increasing the efficiency of capital markets.62 Additionally, the information ... size, for example, results in a doubling of the number of contracts traded, but at the same time also to a bisection of the contract value Therefore, the value of the contracts traded ultimately...

Ngày tải lên: 21/06/2014, 07:20

... integration of clearing houses also bears advantages, such as a significant boost in scale To summarise, M &A initiatives are assumed to have a high potential for the realisation of economies of scale ... available for clearing is therefore also erratic The capacity of the clearing house infrastructure has to be configured to accommodate the greatest expected trading volume available for clearing ... the service character of clearing house offerings Neither supply nor demand for clearing is storable On average, the actual utilisation of capacities is therefore relatively low compared to the...

Ngày tải lên: 21/06/2014, 07:20