a vision of the future

... There’s Antarctica at what Americans and Europeans so readily regard as the bottom, and then all of Africa stretching up above it: You can see Ethiopia, Tanzania, and Kenya, where the earliest humans ... of a black hole with the mass of a billion suns at the center of a nearby galaxy, and a historic commitment to joint space endeavors by the U.S and Russia There are far-reaching, visionary, and ... notes that if the laws of Nature and the physical constants—such as the speed of light, the electrical charge of the electron, the Newtonian gravitational constant, or Planck’s quantum mechanical...

Ngày tải lên: 04/07/2014, 20:33

... contributions All authors designed the study Hideaki Takata carried out the analyses and drafted several versions of the manuscript Hiroki Nogawa and Hiroshi Nagata supervised the data analysis Hiroshi Nagata ... medical school graduate; therefore, the number of graduates taking the national examination every year is approximately equal to the medical student quota that was in place six years earlier Takata ... Hiroshi Nagata and Hiroshi Tanaka supervised several versions of the manuscript All authors read and approved the final manuscript Page of 19 Sawada A: The nurse shortage problem in Japan Nurs Ethics...

Ngày tải lên: 18/06/2014, 17:20

... Information access and management is an area of great activity, given the rise in popularity of the Internet and the explosion of data available to users It is the application area that this thesis ... standards JAVA itself is not an agent-application Yet, the Java Agent Template is available which "provides basic agent functionality packaged as a Java application This agent can be executed as ... of information that have changed rapidly in the last few years are the amount that it is available in, the number of sources and the ease with which it can be obtained Expectations are that these...

Ngày tải lên: 08/10/2012, 15:22

... Information access and management is an area of great activity, given the rise in popularity of the Internet and the explosion of data available to users It is the application area that this thesis ... standards JAVA itself is not an agent-application Yet, the Java Agent Template is available which "provides basic agent functionality packaged as a Java application This agent can be executed as ... of information that have changed rapidly in the last few years are the amount that it is available in, the number of sources and the ease with which it can be obtained Expectations are that these...

Ngày tải lên: 26/10/2013, 17:15

... ways to further the SATS concept and build acceptance by FAA, the broader GA community, and state and local transportation of cials NASA’s General Aviation Program Of ce devised a “General Aviation ... utility, the SATS vision emphasizes the integration of many capabilities in a class of aircraft A central aim of the integrated demonstrations themselves and the involvement of industry, FAA, and state ... with a general understanding of the U.S aviation and air transportation sectors, many of the statistics and findings that are cited in the later analytical sections of the report appear there The...

Ngày tải lên: 17/02/2014, 06:20

... development initiatives – Uthuru Wasanthaya, Negenahira Navodaya, Rajarata Navodaya, Wayamba Pubuduwa, Pubudamu Wellassa, Kandurata Udanaya, Sabaragamu Arunalokaya and Ran Aruna Public investment ... orchards of 200 hectares each in several districts including Jaffna, Anuradhapura, Kilinochchi, Polonnaruwa, Badulla, Moneragala, Puttalam, Vavuniya, Hambantota and Kalutara – eg Anuradhapura – Mango; ... facilities and new harbours will be established at strategic places Kalpitiya Valachchenai Chilaw Nigambo Dikkovita Mutwal Pottuvil Panadura Beruwala Ambalangoda Kirinda Hikkaduwa Dodanduwa Hambanthota...

Ngày tải lên: 08/03/2014, 23:20

... States, the internationalization of accounting standards may lead to a change in the language of accounting • The growth of outsourcing and an upsurge in the offshoring of services and manufacturing ... risk assurance and thus move up the vertical axis of the Internal Audit 2012 Value Model to demonstrate more value Some proactive internal audit groups have already taken the lead in the area of ... impacting internal audit today and in the future As organizations expand to take advantage of global markets and supply chains, internal audit faces a burgeoning need for its services A majority...

Ngày tải lên: 23/03/2014, 04:20

... Introduction and acceptance problems are limited due to the step­by­step introduction of ADAS • ADAS systems are implemented as visible applications38 • Law is assumed to be adapted in favour of ADAS As part of the integration aspect of this project, the roadmap also covers developments of information and  ... Next, the 'functional description' determined how the supported task was to be carried out. A first step towards a solution was the making of an ADAS roadmap. The roadmap indicated the expected availability of systems like ACC,  FCW, ISA and LDW/LKS/LCA in the 2020 future.   ... feedback to indicate the danger and assist in returning to a safe situation.  The scale of the safety indicator ranges from safe to unsafe, with additional warning indicators in the unsafe area. In  order to assess the safety of the traffic situation, sensor data are used. A statistical formula then calculates the real­time ...

Ngày tải lên: 23/03/2014, 10:20

... 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

... 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 ... sides of the balance sheet The absolute value of exposure to trading counterparties falls on the asset side of the balance sheet, while the allocation of capital to support those assets falls on the ... on the institutional characteristics of clearing These can take a variety of forms The two most typical are clearing houses organised as departments or subsidiaries of their affiliated exchange(s)...

Ngày tải lên: 20/06/2014, 18:20

... usually consist of a default fund, a margining regime that collateralises the obligations of both the clearing members and their customers and the imposition of minimum financial and capital adequacy ... 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 ... study, the cost of capital related to clearing is defined as the value of an investment benchmark portfolio minus the value of the executed portfolio,59 if applicable The cost of capital a clearing...

Ngày tải lên: 20/06/2014, 18:20

... was carried out with the support of special data analysis software (QSR NVIVO 2.0) The third step of the data treatment consists of summarising the coding results, i.e the provision of a quantitative ... 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 ... that are collateral rich and those that are collateral poor.34 The collateral poor tend to be the large trading houses, such as arcades,35 with a high proportion of day trading and low capital...

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 ... considerable.130 In addition, if a CCP manages both the cash and derivative sides of a market place, it can take advantage of the clearers having offsetting positions on both sides In this way, the capital requirement ... effects can also spill over on to other parts of the transaction value chain The trust and collateral management effects can positively impact the liquidity and allocation of capital Negative effects...

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

... 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 ... largely due to the competitive situation of the partnering clearing houses at the time of the implementation of the GCL, but the specifics of the initiative also play a role, in particular that ... favourably disposed to the initiative suggested that many market participants simply not understand the value proposition of the EU Link and that the clearing houses have at the same time failed...

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 ... 5.2.3, the same caveats apply to the figures presented in the following.1 For details on the quantitative analysis and the underlying assumptions, refer to Appendix An additional caveat applies to the...

Ngày tải lên: 20/06/2014, 18:20

... 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 ... required to evaluate this impact If at any point in the future, European rules and regulations are harmonised, and processes are standardised, a reviewed analysis of the dynamics of the clearing industry ... 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...

Ngày tải lên: 20/06/2014, 18:20

... 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 ... 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 ... clearers The main caveat concerning the calculation relates to the following sensitive assumptions: r The calculation of the efficiency impact was based on assumptions regarding the impact of...

Ngày tải lên: 20/06/2014, 18:20

... 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 ... 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 ... 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...

Ngày tải lên: 21/06/2014, 07:20