Protection of deferred net payment and securities settlement systems: the examples of SIT and Relit.

As the last stage in the risk-prevention programme for the Paris financial centre, the securing of deferred net settlement systems concerns the SIT interbank clearing system, the retail payment system for customer transactions, and Relit, the securities delivery-versus-payment system, which in particular processes transactions effected on the regulated market Euronext Paris. The Banque de France, which is in charge of overseeing the smooth functioning of payment and securities settlement systems has taken the step of asking the French banking community to strengthen the security of the SIT and Relit systems. The aim of this initiative to enhance security (or built-in protection) is to protect these systems, in compliance with the applicable international standards, from settlement risk. The risks borne by the participants in SIT and Relit are systemic in character and this has been accentuated by the recent developments in the European environment in which these systems operate. The protection mechanisms defined for these two systems display similar features: protection against the failure of the participant with the largest settlement obligation, establishment of a permanent common mutual fund for each of the two systems, supplemented where necessary by individual collateral, setting of ceilings for transactions exchanged, and use of central bank money holdings as collateral. The implementation of these safety mechanisms for SIT and Relit will involve various players, who will accordingly take on new responsibilities: participants in the two systems, the administrator of the guarantee fund (a role which will fall to the operator of each of the two systems: GSIT for SIT and Euroclear France for Relit), as well the depository for collateral, which will be the Banque de France.

Post-market infrastructures and financial stability.

Post-market infrastructures execute critical functions — clearing and delivery versus payment — for the performance of trades in financial assets. This makes them potential vectors for destabilisation of the financial system in the event of malfunctions. Their impact on systemic risk warrants the supervisory and oversight authorities' concern for analysing the various risks that such infrastructures may incur and the efforts to establish a comprehensive set of recommendations for mitigating these risks. This objective has now been achieved with the publication of the CPSS/IOSCO recommendations in November 2001. These recommendations are intended to be universal in scope. In addition to setting adequate standards, the relevant authorities, and central banks in particular, have extended the scope of their responsibility in the field of maintaining financial stability by including the oversight of post-market infrastructures. The statutes of the Banque de France have recently been amended in such terms. Securities clearing and settlement infrastructures are changing rapidly both in Europe, where consolidation and sweeping rationalisation are taking place, and on the wider international scene. Users expect greater functional integration of infrastructures, which should contribute to the expansion of low-cost cross-border transactions and greater efficiency in securities processing. These changes have prompted the relevant authorities to co-operate more closely in the regulation, prudential supervision and oversight of the cross-border infrastructures being developed in Europe. With the development of pan-European infrastructures in the Paris financial markets, the Banque de France has played a very active role in enhancing co-ordinated oversight in conjunction with the other relevant national authorities.

Séminaire monétaire international : Infrastructures de marché et stabilité financière.

L’utilisation d’infrastructures de marché, notamment de chambres de compensation, renforce la transparence et la solidité des marchés dérivés de gré à gré, mais implique que leur gestion de risques soit en mesure de résister à un choc systémique.Stabilité financière, produits dérivés, marchés financiers de gré à gré, infrastructures de marché, chambres de compensation, risque systémique, monnaie de banque centrale.

La surveillance des moyens de paiement et des systèmes d’échange.

Le premier rapport sur la surveillance des moyens de paiement et des systèmes d’échange de la Banque de France présente le cadre dans lequel s’inscrit la mission de surveillance, le résultat des évaluations réalisées et les enjeux pour l’avenir.Surveillance, moyen de paiement, instrument de paiement, système d’échange, système de paiement, système de compensation et de règlement d’instruments financiers.

Prospective intraindividual comparison between respiratory-triggered balanced steady-state free precession and breath-hold gradient-echo and time-of-flight magnetic resonance imaging for assessment of portal and hepatic veins

The purpose of this study was to compare respiratory-triggered balanced steady-state free precession (bSSFP) with breath-hold contrast-enhanced dynamic two-dimensional (2D) gradient-echo (GRE) and time-of-flight (TOF) magnetic resonance imaging (MRI) for portal and hepatic vein visualization and assessment of portal and hepatic venous variants. Sixty patients with liver disease underwent nonenhanced bSSFP and contrast-enhanced GRE, bSSFP, and TOF imaging. Contrast-to-noise ratios (CNRs) for portal and hepatic veins were measured. Two readers rated the quality of portal and hepatic vein visualization on a 5-point Likert scale. The diagnostic performance of each MRI series in the detection of portal and hepatic venous variants was assessed in 40/60 patients who also underwent contrast-enhanced multidetector-row computed tomography (MDCT). CNRs for portal and hepatic veins were highest on contrast-enhanced bSSFP images. Image quality of portal and hepatic veins was rated higher for nonenhanced bSSFP than for contrast-enhanced GRE (p<0.03) and TOF (p<0.003) and higher for contrast-enhanced than for nonenhanced bSSFP (p<0.003). Compared with MDCT, portal and hepatic venous variants were identified with an accuracy of 99% on bSSFP images, with an excellent interobserver agreement (κ=0.97). Compared with MDCT, presence of surgically important portal and hepatic venous anatomical variants can be predicted with high accuracy on bSSFP image

Physical and optical properties of 2010 Eyjafjallajökull volcanic eruption aerosol: ground-based, Lidar and airborne measurements in France

International audienceDuring the Eyjafjallajökull eruption (14 April to 24 May 2010), the volcanic aerosol cloud was observed across Europe by several airborne in situ and ground-based remote-sensing instruments. On 18 and 19 May, layers of depolarizing particles (i.e. non-spherical particles) were detected in the free troposphere above the Puy de Dôme station, (PdD, France) with a Rayleigh-Mie LIDAR emitting at a wavelength of 355 nm, with parallel and crossed polarization channels. These layers in the free troposphere (FT) were also well captured by simulations with the Lagrangian particle dispersion model FLEXPART, which furthermore showed that the ash was eventually entrained into the planetary boundary layer (PBL). Indeed, the ash cloud was then detected and characterized with a comprehensive set of in situ instruments at the Puy de Dôme station (PdD). In agreement with the FLEXPART simulation, up to 65 μg m−3 of particle mass and 2.2 ppb of SO2 were measured at PdD, corresponding to concentrations higher than the 95 percentile of 2 yr of measurements at PdD. Moreover, the number concentration of particles increased to 24 000 cm−3, mainly in the submicronic mode, but a supermicronic mode was also detected with a modal diameter of 2 μm. The resulting optical properties of the ash aerosol were characterized by a low scattering Ångström exponent (0.98), showing the presence of supermicronic particles. For the first time to our knowledge, the combination of in situ optical and physical characterization of the volcanic ash allowed the calculation of the mass-to-extinction ratio (η) with no assumptions on the aerosol density. The mass-to-extinction ratio was found to be significantly different from the background boundary layer aerosol (max: 1.57 g m−2 as opposed to 0.33 ± 0.03 g m−2). Using this ratio, ash mass concentration in the volcanic plume derived from LIDAR measurements was found to be 655 ± 23 μg m−3 when the plume was located in the FT (3000 m above the sea level - a.s.l.). This ratio could also be used to retrieve an aerosol mass concentration of 579 ± 60 μg m−3 on 19 April, when LIDAR observations detected the ash cloud at 3000 m a.s.l. in correspondence with model simulations (FLEXPART). On 22 April, another ash plume entered the BL, and although it was more diluted than during the May episode, the French research aircraft ATR42 that passed over Clermont-Ferrand in the PBL confirmed the presence of particles with a supermicronic mode, again with a modal diameter at 2 μm. This data set combining airborne, ground-based and remote sensing observations with dispersion model simulations shows an overall very good coherence during the volcanic eruption period, which allows a good confidence in the characteristics of the ash particles that can be derived from this unique data set

Characterization of aerosol hygroscopicity using Raman lidar measurements at the EARLINET station of Payerne

This study focuses on the analysis of aerosol hygroscopicity using remote sensing techniques. Continuous observations of aerosol backscatter coefficient (ßaer), temperature (T) and water vapor mixing ratio (r) have been performed by means of a Raman lidar system at the aerological station of MeteoSwiss at Payerne (Switzerland) since 2008. These measurements allow us to monitor in a continuous way any change in aerosol properties as a function of the relative humidity (RH). These changes can be observed either in time at a constant altitude or in altitude at a constant time. The accuracy and precision of RH measurements from the lidar have been evaluated using the radiosonde (RS) technique as a reference. A total of 172 RS profiles were used in this intercomparison, which revealed a bias smaller than 4¿%¿RH and a standard deviation smaller than 10¿%¿RH between both techniques in the whole (in lower) troposphere at nighttime (at daytime), indicating the good performance of the lidar for characterizing RH. A methodology to identify situations favorable to studying aerosol hygroscopicity has been established, and the aerosol hygroscopicity has been characterized by means of the backscatter enhancement factor (fß). Two case studies, corresponding to different types of aerosol, are used to illustrate the potential of this methodology. The first case corresponds to a mixture of rural aerosol and smoke particles (smoke mixture), which showed a higher hygroscopicity (f355ß=2.8 and f1064ß=1.8 in the RH range 73¿%–97¿%) than the second case, in which mineral dust was present (f355ß=1.2 and f1064ß=1.1in the RH range 68¿%–84¿%). The higher sensitivity of the shortest wavelength to hygroscopic growth was qualitatively reproduced using Mie simulations. In addition, a good agreement was found between the hygroscopic analysis done in the vertical and in time for Case I, where the latter also allowed us to observe the hydration and dehydration of the smoke mixture. Finally, the impact of aerosol hygroscopicity on the Earth's radiative balance has been evaluated using the GAME (Global Atmospheric Model) radiative transfer model. The model showed an impact with an increase in absolute value of 2.4¿W¿m-2 at the surface with respect to the dry conditions for the hygroscopic layer of Case I (smoke mixture).Peer ReviewedPostprint (published version

Seasonal variations in aerosol particle composition at the puy-de-Dôme research station in France

Detailed investigations of the chemical and microphysical properties of atmospheric aerosol particles were performed at the puy-de-Dôme (pdD) research station (1465 m) in autumn (September and October 2008), winter (February and March 2009), and summer (June 2010) using a compact Time-of-Flight Aerosol Mass Spectrometer (cToF-AMS). Over the three campaigns, the average mass concentrations of the non-refractory submicron particles ranged from 10 μg m&lt;sup&gt;&amp;minus;3&lt;/sup&gt; up to 27 μg m&lt;sup&gt;&amp;minus;3&lt;/sup&gt;. Highest nitrate and ammonium mass concentrations were measured during the winter and during periods when marine modified airmasses were arriving at the site, whereas highest concentrations of organic particles were measured during the summer and during periods when continental airmasses arrived at the site. The measurements reported in this paper show that atmospheric particle composition is strongly influenced by both the season and the origin of the airmass. The total organic mass spectra were analysed using positive matrix factorisation to separate individual organic components contributing to the overall organic particle mass concentrations. These organic components include a low volatility oxygenated organic aerosol particle (LV-OOA) and a semi-volatile organic aerosol particle (SV-OOA). Correlations of the LV-OOA components with fragments of &lt;i&gt;m/z&lt;/i&gt; 60 and &lt;i&gt;m/z&lt;/i&gt; 73 (mass spectral markers of wood burning) during the winter campaign suggest that wintertime LV-OOA are related to aged biomass burning emissions, whereas organic aerosol particles measured during the summer are likely linked to biogenic sources. Equivalent potential temperature calculations, gas-phase, and LIDAR measurements define whether the research site is in the planetary boundary layer (PBL) or in the free troposphere (FT)/residual layer (RL). We observe that SV-OOA and nitrate particles are associated with air masses arriving from the PBL where as particle composition measured from RL/FT airmasses contain high mass fractions of sulphate and LV-OOA. This study provides unique insights into the effects of season and airmass variability on regional aerosol particles measured at an elevated site

How can existing ground-based profiling instruments improve European weather forecasts?

Observations of profiles of winds, aerosol, clouds, winds, temperature and humidity in the lowest few km of the atmosphere from networks of ceilometers, Doppler wind lidars and microwave radiometers are starting to flow in real time to forecasting centers in Europe. To realise the promise of improved predictions of hazardous weather such as flash floods, wind storms, fog and poor air quality from high-resolution mesoscale models, the forecast models must be initialized with an accurate representation of the current state of the atmosphere, but the lowest few km are hardly accessible by satellite, especially in dynamically-active conditions. We report on recent European developments in the exploitation of existing ground-based profiling instruments so that they are networked and able to send data in real-time to forecast centers. The three classes of instruments are: (i) Automatic lidars and ceilometers providing backscatter profiles of clouds, aerosols, dust, fog and volcanic ash, the last two being especially important for air traffic control; (ii) Doppler wind lidars deriving profiles of wind, turbulence, wind shear, wind-gusts and low-level jets; and (iii) Microwave radiometers estimating profiles of temperature and humidity in nearly all weather conditions. Twenty-two European countries and fifteen European National Weather Services are collaborating in the project, that involves the implementation of common operating procedures, instrument calibrations, data formats and retrieval algorithms. Currently, data from 220 ceilometers in 17 countries are being distributed in near real-time to national weather forecast centers; this should soon rise to many hundreds. The wind lidars should start delivering real time data in late 2018, and the plan is to incorporate the microwave radiometers in 2019. Initial data assimilation tests indicate a positive impact of the new data

Protecting forests acting on farms: study practices, uses and representations of stakeholders in the forest to develop strategies for restoration in the Mabira Forest Reserve, central Uganda

Foreaim European project aims at the restoration of the degraded forests of Eastern Africa and Madagascar, by ameliorating the incomes of the rural inhabitants through seven work-package. The work-package 1 corresponds in search of practices, uses and representations linked to the tree and the forest. The present study tries to present the different stakeholders as well as representations, the levels of dependency and possible resolutions for forest restoration. In collaboration with CIRAD and the University of Makerere, this job was performed around Mabira Forest Reserve, located between two biggest cities of Uganda near the lake Victoria. It is based on a socio-economic survey by interviews and a forest inventory. First of all, there were studied the lawful system, positive and customary, linked to the tree in farms and the forest. It was shown that the boundary of the forest was not subjected to large attacks of agricultural cleaning and that deterioration was more diffuse (charcoal, disappearing of overexploited species). Then, we were approached the practices of the farmers linked to planting trees on farms The forests' use by the enclaves' inhabitants depended on the size of the land, on their incomes and on the distance between the forest and their house. It was possible to define three main types of farmers: the big wood-self-sufficient landowners, owners with a partial dependence on the forest, and the small owners depending broadly on the forest. Other threats influenced the forest, the urban coal consumer and the industrial project of deforestation. An inventory, accomplished near the places of interviews displayed another form of representation, pointed out that the forest remains dense on important sectors (600 stems / hectare and 30 m ² / hectare on average) but that degradation was visible in the form of invasive species (e.g. Broussonetia papiriféra). Thanks to these different factors, it was possible to determine the levels of dependency of the stakeholders, their uses and the impact on the forest Then it was given some suggestions to understand the reasonings of different types of stakeholders, in the subsequent act to restore Mabira forest