Counterparty Credit Limits: An Effective Tool for Mitigating Counterparty Risk?

A counterparty credit limit (CCL) is a limit imposed by a financial institution to cap its maximum possible exposure to a specified counterparty. Although CCLs are designed to help institutions mitigate counterparty risk by selective diversification of their exposures, their implementation restricts the liquidity that institutions can access in an otherwise centralized pool. We address the question of how this mechanism impacts trade prices and volatility, both empirically and via a new model of trading with CCLs. We find empirically that CCLs cause little impact on trade. However, our model highlights that in extreme situations, CCLs could serve to destabilize prices and thereby influence systemic risk

Testing of disability identification tool for schools

There has been an ongoing concern about the lack of reliable data on disabled children in schools. To date there has been no consistent way of identifying and categorising disabilities. Schools in England are currentlyrequired to collect data on children with Special Educational Need (SEN), but this does not capture information about all disabled children. The lack of this information may seriously restrict capacity at all levels of policy and practice to understand and respond to the needs of disabled children and their families in line with Disability Discrimination Act (2005) and the single Equality Act (2010). The aim of the project was to test the draft tools for identifying disability and accompanying guidance in a sample of all types of maintained schools in order to assess their usability and reliability and whether they resulted in the generation of robust and consistent data that could reliably inform school returns for the annual School Census

The DM Environment: From Annotation to Dissemination

DM (formerly Digital Mappaemundi) is an online environment that allows users to easily assemble collections of images and texts for study, produce their own rich analysis data, and publish online resources for individual, group or public use. DM is ready for multi-year work with five partner projects (including a new partnership with the British Library) to implement a publicly available user-friendly environment that enables users to 1) assemble collections of resources from any combination of accessible repositories; 2) create richly linked data (e.g., annotation networks involving combinations of images, texts, fragments, web resources, and other annotations) and collections, sequences and indices that organize this data; 3) export data in a number of linked data formats; and 4) easily produce publicly accessible and interactive websites based on such data and linked data published elsewhere

Modulational instability in a layered Kerr medium: Theory and Experiment

We present the first experimental investigation of modulational instability in a layered Kerr medium. The particularly interesting and appealing feature of our configuration, consisting of alternating glass-air layers, is the piecewise-constant nature of the material properties, which allows a theoretical linear stability analysis leading to a Kronig-Penney equation whose forbidden bands correspond to the modulationally unstable regimes. We find very good {\it quantitative} agreement between theoretical, numerical, and experimental diagnostics of the modulational instability. Because of the periodicity in the evolution variable arising from the layered medium, there are multiple instability regions rather than just one as in the uniform medium.Comment: 4 pages, 4 figures, contains experimental + computational + theoretical results, to appear in Physical Review Letter

Mfd Protects Against Oxidative Stress in Bacillus Subtilis Independently of its Canonical Function in DNA Repair

Background: Previous reports showed that mutagenesis in nutrient-limiting conditions is dependent on Mfd in Bacillus subtilis. Mfd initiates one type of transcription-coupled repair (TCR); this type of repair is known to target bulky lesions, like those associated with UV exposure. Interestingly, the roles of Mfd in repair of oxidative-promoted DNA damage and regulation of transcription differ. Here, we used a genetic approach to test whether Mfd protected B. subtilis from exposure to two different oxidants. Results: Wild-type cells survived tert-butyl hydroperoxide (t-BHP) exposure significantly better than Mfd-deficient cells. This protective effect was independent of UvrA, a component of the canonical TCR/nucleotide excision repair (NER) pathway. Further, our results suggest that Mfd and MutY, a DNA glycosylase that processes 8-oxoG DNA mismatches, work together to protect cells from lesions generated by oxidative damage. We also tested the role of Mfd in mutagenesis in starved cells exposed to t-BHP. In conditions of oxidative stress, Mfd and MutY may work together in the formation of mutations. Unexpectedly, Mfd increased survival when cells were exposed to the protein oxidant diamide. Under this type of oxidative stress, cells survival was not affected by MutY or UvrA. Conclusions: These results are significant because they show that Mfd mediates error-prone repair of DNA and protects cells against oxidation of proteins by affecting gene expression; Mfd deficiency resulted in increased gene expression of the OhrR repressor which controls the cellular response to organic peroxide exposure. These observations point to Mfd functioning beyond a DNA repair factor in cells experiencing oxidative stress

Modeling Broadband Ocean Acoustic Transmissions with Time-Varying Sea Surfaces

Solutions to ocean acoustic scattering problems are often formulated in the frequency domain, which implies that the surface is frozen in time. This may be reasonable for short duration signals but breaks down if the surface changes appreciably over the transmission time. Frequency domain solutions are also impractical for source-receiver ranges and frequency bands typical for applications such as acoustic communications (e.g. hundreds to thousands of meters, 1-50 kHz band). In addition, a driving factor in the performance of certain acoustic systems is the Doppler spread, which is often introduced from sea-surface movement. The time-varying nature of the sea surface adds complexity and often leads to a statistical description for the variations in received signals. A purely statistical description likely limits the insight that modeling generally provides. In this paper, time-domain modeling approaches to the sea-surface scattering problem are described. As a benchmark for comparison, the Helmholtz integral equation is used for solutions to static, time-harmonic rough surface problems. The integral equation approach is not practical for time-evolving rough surfaces and two alternatives are formulated. The first approach is relatively simple using ray theory. This is followed with a ray-based formulation of the Helmholtz integral equation with a time-domain Kirchhoff approximation

Propositionalism without propositions, objectualism without objects

Propositionalism is the view that all intentional states are propositional states, which are states with a propositional content, while objectualism is the view that at least some intentional states are objectual states, which are states with objectual contents, such as objects, properties, and kinds. This paper argues that there are two distinct ways of understanding propositionalism and objectualism: (1) as views about the deep nature of the contents of intentional states, and (2) as views about the superficial character of the contents of intentional states. I argue that we should understand the views in the second way. I also argue that the propositionalism debate is fairly independent from debates over the deep nature of intentionality, and that this has implications for arguments for propositionalism and objectualism from claims about the nature of intentional content. I close with a short discussion of how related points apply to the debate over singular content

Social approach in preschool children with Williams syndrome: The role of the face.

Background Indiscriminate social approach behaviour is a salient aspect of the Williams syndrome (WS) behavioural phenotype. The present study examines approach behaviour in preschoolers with WS and evaluates the role of the face in WS social approach behaviour. Method Ten preschoolers with WS (aged 3-6 years) and two groups of typically developing children, matched to the WS group on chronological or mental age, participated in an observed play session. The play session incorporated social and non-social components including two components that assessed approach behaviour towards strangers, one in which the stranger’s face could be seen and one in which the stranger’s face was covered. Results In response to the non-social aspects of the play session, the WS group behaved similarly to both control groups. In contrast, the preschoolers with WS were significantly more willing than either control group to engage with a stranger, even when the stranger’s face could not be seen. Conclusion The findings challenge the hypothesis that an unusual attraction to the face directly motivates social approach behaviour in individuals with WS

Mindfulness and design: creating spaces for well being

What is the relationship between mindfulness therapy and the physical settings in which it is practiced? Mindfulness is defined as ―paying attention to what‘s happening in the present moment in the mind, body and external environment, with an attitude of curiosity and kindness‖ (MAPG, 2015: 5), however the qualities of the ‘external environment’ are rarely discussed in relation to mindfulness. As mindfulness based therapies increasingly applied in clinical and educational settings, this presents opportunities to explore how the design of a space – from the arrangement of furniture through to the qualities of a room, building, landscape, or wider spatial context – may influence mindfulness practice and its therapeutic benefits. In this workshop, a combination of research presentation and therapeutic practice was conducted. Literature from landscape architecture and architecture was presented, evidencing the effects of built environment design on mental health and well-being and emphasizing notions of ‘biophilic design’. Delegates were then invited to participate in guided mindfulness mediations, followed by facilitated group enquiry about the combined effects of formal mindfulness practice and the qualities of the physical space we were practicing within