Designing a Regulatory and Supervisory Framework for Integrated Financial Markets

The financial crisis that started in 2007 casts doubt about the ability of national laws and competent authorities to manage the stability of the financial system and to protect investors. This is due to the relevant evolving features of financial intermediation, like the cross-border strategies in banking, with many M&A undertaken, especially in Europe, and more in general the globalization of finance, also through the many recent operations among exchanges. The associated regulatory and supervisory challenges have proved to be difficult to tackle. An international perspective is needed on single banking regulatory instruments, even if it is impossible at this stage to imagine unique rules and single international authorities managing capital ratios, deposit insurance, reserve requirements and lending of last resort, as well as other tools for providing financial markets stability. However, some common principles on regulation and the structure of supervision may be stated both in US and in Europe: we suggest a “four peak” approach to the matter.The financial crisis that started in 2007 casts doubt about the ability of national laws and competent authorities to manage the stability of the financial system and to protect investors. This is due to the relevant evolving features of financial intermediation, like the cross-border strategies in banking, with many M&A undertaken, especially in Europe, and more in general the globalization of finance, also through the many recent operations among exchanges. The associated regulatory and supervisory challenges have proved to be difficult to tackle. An international perspective is needed on single banking regulatory instruments, even if it is impossible at this stage to imagine unique rules and single international authorities managing capital ratios, deposit insurance, reserve requirements and lending of last resort, as well as other tools for providing financial markets stability. However, some common principles on regulation and the structure of supervision may be stated both in US and in Europe: we suggest a “four peak” approach to the matter.Refereed Working Papers / of international relevanc

Class IIa HDACs repressive activities on MEF2-depedent transcription are associated with poor prognosis of ER⁺ breast tumors.

MEF2s transcription factors and class IIa HDACs compose a fundamental axis for several differentiation pathways. Functional relationships between this axis and cancer are largely unexplored. We have found that class IIa HDACs are heterogeneously expressed and display redundant activities in breast cancer cells. Applying gene set enrichment analysis to compare the expression profile of a list of putative MEF2 target genes, we have discovered a correlation between the down-regulation of the MEF2 signature and the aggressiveness of ER(+) breast tumors. Kaplan-Meier analysis in ER(+) breast tumors evidenced an association between increased class IIa HDACs expression and reduced survival. The important role of the MEF2-HDAC axis in ER(+) breast cancer was confirmed in cultured cells. MCF7 ER(+) cells were susceptible to silencing of class IIa HDACs in terms of both MEF2-dependent transcription and apoptosis. Conversely, in ER(-) MDA-MB-231 cells, the repressive influence of class IIa HDACs was dispensable. Similarly, a class IIa HDAC-specific inhibitor preferentially promoted the up-regulation of several MEF2 target genes and apoptosis in ER(+) cell lines. The prosurvival function of class IIa HDACs could be explained by the repression of NR4A1/Nur77, a proapoptotic MEF2 target. In summary, our studies underscore a contribution of class IIa HDACs to aggressiveness of ER(+) tumors

The CHESS survey of the L1157-B1 bow-shock: high and low excitation water vapor

Molecular outflows powered by young protostars strongly affect the kinematics and chemistry of the natal molecular cloud through strong shocks resulting in substantial modifications of the abundance of several species. As part of the "Chemical Herschel Surveys of Star forming regions" guaranteed time key program, we aim at investigating the physical and chemical conditions of H20 in the brightest shock region B1 of the L1157 molecular outflow. We observed several ortho- and para-H2O transitions using HIFI and PACS instruments on board Herschel, providing a detailed picture of the kinematics and spatial distribution of the gas. We performed a LVG analysis to derive the physical conditions of H2O shocked material, and ultimately obtain its abundance. We detected 13 H2O lines probing a wide range of excitation conditions. PACS maps reveal that H2O traces weak and extended emission associated with the outflow identified also with HIFI in the o-H2O line at 556.9 GHz, and a compact (~10") bright, higher-excitation region. The LVG analysis of H2O lines in the bow-shock show the presence of two gas components with different excitation conditions: a warm (Tkin~200-300 K) and dense (n(H2)~(1-3)x10^6 cm-3) component with an assumed extent of 10" and a compact (~2"-5") and hot, tenuous (Tkin~900-1400 K, n(H2)~10^3-10^4 cm-3) gas component, which is needed to account for the line fluxes of high Eu transitions. The fractional abundance of the warm and hot H2O gas components is estimated to be (0.7-2)x10^{-6} and (1-3)x10^{-4}, respectively. Finally, we identified an additional component in absorption in the HIFI spectra of H2O lines connecting with the ground state level, probably arising from the photodesorption of icy mantles of a water-enriched layer at the edges of the cloud.Comment: Accepted for publication in A&A. 12 pages, 9 figures, 4 table

Ambulatory surgery for perianal Crohn’s disease. Study of feasibility

Background. One-third of Crohn’s disease (CD) patients present perianal fistula. The gold standard in the diagnosis and treatment of symptomatic perianal disease (PAD) in CD is the exploration of the anal canal and distal rectum under anesthesia (EUA). This procedure is mainly conducted as a day case surgery. Unfortunately, it is not always possible to proceed within the ideal timing and any delay may well represent a relevant clinical issue. The aim of this study was to evaluate the feasibility of outpatient treatment of symptomatic perianal fistulas in CD patients. Methods. All CD patients under regular follow-up at our inflammatory bowel disease referral center, presenting with symptomatic perianal fistulas, were offered surgical consultation. The data of patients were prospectively collected for three years (February 2014 to February 2017) for the purpose of the study. All clinical information, including previous EUA and/or records from MRI and endoscopic ultrasound, was included. Outpatient anal canal and distal rectum exploration and treatment (OE) were undertaken during the specialist surgical consultation. Fistulas were classified according to Parks’s classification; the type of outpatient treatment and compliance of patients were recorded. Pain was assessed by VAS at the time of the procedure and during the first control. Patients were followed up in the surgical clinic in relation to the study. Results. Ninety-two CD patients with symptomatic perianal fistulas had surgical consultation during the study period. OE was offered to all but 18 patients who fulfilled the exclusion criteria or had an extremely severe disease; six patients refused the OE (8.11%). Of the 68 patients undergoing OE, eleven (16.18%) had previous surgery for perianal disease. The OE was accomplished in sixty-one patients (89.71%), while in 7 patients, it was abandoned for scarce compliance. Nine patients (14.75%) underwent drainage of perianal abscess; in 3 of them, it was possible to probe the fistula tract, find the internal orifice, and pass a loose seton. Overall, setonage was performed in 50 patients (81.97%). Rectovaginal setons were placed in 3 patients and more than one seton (up to 3) in 6 cases. Fistulotomy was performed in 4 simple subcutaneous fistulous tracts. Concordance with the preoperative findings was found in 54 out of 61 patients. EUA was scheduled at the time of OE for the 7 patients who did not complete the procedure. All sixty-one patients who had the OE were followed up for a minimum of 12 months. Conclusions. This preliminary study indicates that OE in CD patients with symptomatic perianal fistulas is safe and feasible in a high-volume referral center. It might provide several benefits, including patients’ logistics, reduce or remove patients’ symptoms and discomfort, allow for a timely start of medical therapy, and avoid further complications

Thermal Conductivity Enhancement of Al2O3 Nanofluid in Ethylene Glycol and Water Mixture

AbstractThe ability of nanofluids that exhibits enhanced thermal performance is acknowledged by researchers through studies since decades ago. However, the observation of thermal properties for nanofluids in water and ethylene glycol based is not fully explored yet. Hence, this paper presents the thermal conductivity of water and ethylene glycol (EG) based Al2O3 nanofluid. The 13 nm sized Al2O3 nanoparticles were dispersed into three different volume ratio of water: EG such as 40:60, 50:50 and 60:40 using a two-step method. The measurement of thermal conductivity was performed using KD2 Pro Thermal Properties Analyzer at working temperatures of 30 to 70 ̊C for volume concentration of 0.5 to 2.0%. The results indicate that the thermal conductivity increases with the increase of nanofluid concentration and temperature. While the percentage of ethylene glycol increase, the range of thermal conductivity decreases due to ethylene glycol properties. The measurement data of the nanofluids give maximum enhancement of thermal conductivity at condition 2.0% volume concentration, temperature of 70 ̊C and for all base fluid

Nitrous oxide emissions in a membrane bioreactor treating saline wastewater contaminated by hydrocarbons

The joint effect of wastewater salinity and hydrocarbons on nitrous oxide emission was investigated. The membrane bioreactor pilot plant was operated with two phases: i. biomass acclimation by increasing salinity from 10 gNaCl L−1 to 20 gNaCl L−1 (Phase I); ii. hydrocarbons dosing at 20 mg L−1 with a constant salt concentration of 20 gNaCl L−1 (Phase II). The Phase I revealed a relationship between nitrous oxide emissions and salinity. During the end of the Phase I, the activity of nitrifiers started to recover, indicating a partial acclimatization. During the Phase II, the hydrocarbon shock induced a temporary inhibition of the biomass with the suppression of nitrous oxide emissions. The results revealed that the oxic tank was the major source of nitrous oxide emission, likely due to the gas stripping by aeration. The joint effect of salinity and hydrocarbons was found to be crucial for the production of nitrous oxid

Robots for Exploration, Digital Preservation and Visualization of Archeological Sites

Monitoring and conservation of archaeological sites are important activities necessary to prevent damage or to perform restoration on cultural heritage. Standard techniques, like mapping and digitizing, are typically used to document the status of such sites. While these task are normally accomplished manually by humans, this is not possible when dealing with hard-to-access areas. For example, due to the possibility of structural collapses, underground tunnels like catacombs are considered highly unstable environments. Moreover, they are full of radioactive gas radon that limits the presence of people only for few minutes. The progress recently made in the artificial intelligence and robotics field opened new possibilities for mobile robots to be used in locations where humans are not allowed to enter. The ROVINA project aims at developing autonomous mobile robots to make faster, cheaper and safer the monitoring of archaeological sites. ROVINA will be evaluated on the catacombs of Priscilla (in Rome) and S. Gennaro (in Naples)

Large Deviations of the Free-Energy in Diluted Mean-Field Spin-Glass

Sample-to-sample free energy fluctuations in spin-glasses display a markedly different behaviour in finite-dimensional and fully-connected models, namely Gaussian vs. non-Gaussian. Spin-glass models defined on various types of random graphs are in an intermediate situation between these two classes of models and we investigate whether the nature of their free-energy fluctuations is Gaussian or not. It has been argued that Gaussian behaviour is present whenever the interactions are locally non-homogeneous, i.e. in most cases with the notable exception of models with fixed connectivity and random couplings $J_{ij}=\pm \tilde{J}$. We confirm these expectation by means of various analytical results. In particular we unveil the connection between the spatial fluctuations of the populations of populations of fields defined at different sites of the lattice and the Gaussian nature of the free-energy fluctuations. On the contrary on locally homogeneous lattices the populations do not fluctuate over the sites and as a consequence the small-deviations of the free energy are non-Gaussian and scales as in the Sherrington-Kirkpatrick model

A phase II study of induction chemotherapy followed by concurrent chemoradiotherapy in elderly patients with locally advanced non-small-cell lung cancer.

The optimal management of unresectable locally advanced non-small-cell lung cancer in older patients has not been defined to date. The present phase II study was planned to evaluate the activity and safety of platinum-based induction chemotherapy followed by concurrent chemoradiotherapy in elderly patients with locally advanced non-small-cell lung cancer. Patients received two cycles of paclitaxel (175 mg/m) and carboplatin (area under the curve: 5) day 1, every 3 weeks. Chemoradiotherapy (thoracic radiation therapy) was initiated on day 42 and consisted of 1.8 Gy daily, five times per week over 5 weeks (45.0 Gy target dose) followed by 10 2.0 Gy daily fractions. Concomitant chemotherapy was weekly paclitaxel 50 mg/mq followed by weekly carboplatin at an area under the curve of 2. The eligibility for patients: age 70 or older and histologically documented untreated non-small-cell lung cancer, locally advanced, unresectable, stage III A N2 bulky or III B. Thirty consecutive patients were enrolled onto the study. The median age was 73 (range 70-76). According to the intention-to-treat analysis, 1 month after the end of combined chemoradiotherapy, we observed complete and partial responses in one and 19 of the 30 patients, respectively, for an overall response rate of 66% (95% confidence interval, 45-76%). Median progression-free survival was 8.7 months (95% confidence interval, 3.4-37.8) and median survival was 15 months (95% confidence interval, 4.2-52.1). During the treatment, 12 patients (40.0%) experienced grade 3-4 neutropenia, two patients neutropenic fever, and three patients grade 3 anaemia and grade 3 thrombocytopenia, respectively. Grade 3 oesophagitis, during concomitant radiotherapy, was observed in six patients (20.0%). No treatment-related mortality was reported. The investigated sequential approach including induction chemotherapy followed by concurrent chemoradiotherapy appears safe and seems a reasonable chance for the treatment of locally advanced non-small-cell lung cancer in the elderly population

The CHESS survey of the L1157-B1 shock: the dissociative jet shock as revealed by Herschel--PACS

Outflows generated by protostars heavily affect the kinematics and chemistry of the hosting molecular cloud through strong shocks that enhance the abundance of some molecules. L1157 is the prototype of chemically active outflows, and a strong shock, called B1, is taking place in its blue lobe between the precessing jet and the hosting cloud. We present the Herschel-PACS 55--210 micron spectra of the L1157-B1 shock, showing emission lines from CO, H2O, OH, and [OI]. The spatial resolution of the PACS spectrometer allows us to map the warm gas traced by far-infrared (FIR) lines with unprecedented detail. The rotational diagram of the high-Jup CO lines indicates high-excitation conditions (Tex ~ 210 +/- 10 K). We used a radiative transfer code to model the hot CO gas emission observed with PACS and in the CO (13-12) and (10-9) lines measured by Herschel-HIFI. We derive 20010^5 cm-3. The CO emission comes from a region of about 7 arcsec located at the rear of the bow shock where the [OI] and OH emission also originate. Comparison with shock models shows that the bright [OI] and OH emissions trace a dissociative J-type shock, which is also supported by a previous detection of [FeII] at the same position. The inferred mass-flux is consistent with the "reverse" shock where the jet is impacting on the L1157-B1 bow shock. The same shock may contribute significantly to the high-Jup CO emission.Comment: 7 pages, 9 figures, accepted for publication in Astronomy and Astrophysic