The Euro as an International Currency: explaining puzzling first evidence from the foreign exchange markets

This paper presents evidence that the bid-ask spreads in euro rates increased relative to the corresponding bid-ask spreads in the German mark (DM) prior to the creation of the currency union. This comes with a decrease in transaction volume in the euro rates relative to the previous DM rates. The starkest example is the DM(euro)/yen rate in which the spread has risen by almost two-thirds while the volume decreased by more than one third. This outcome is surprising because the common currency concentrated market liquidity in fewer external euro rates and higher volume tends to be associated with lower spreads. We propose a microstructure explanation based on a change in the information environment of the FX market. The elimination of many cross currency pairs increased the market transparency for order flow imbalances in the dealership market. It is argued that higher market transparency adversely affects the inventory risk sharing efficiency of the dealership market and induces the observed euro spread increase and transaction volume shortfall.

Charge exchange emission from solar wind helium ions

Charge exchange X-ray and far-ultraviolet (FUV) aurorae can provide detailed insight into the interaction between solar system plasmas. Using the two complementary experimental techniques of photon emission spectroscopy and translation energy spectroscopy, we have studied state-selective charge exchange in collisions between fully ionized helium and target gasses characteristic of cometary and planetary atmospheres (H2O, CO2, CO, and CH4). The experiments were performed at velocities typical for the solar wind (200-1500 km s(-1)). Data sets are produced that can be used for modeling the interaction of solar wind alpha particles with cometary and planetary atmospheres. These data sets are used to demonstrate the diagnostic potential of helium line emission. Existing Extreme Ultraviolet Explorer (EUVE) observations of comets Hyakutake and Hale-Bopp are analyzed in terms of solar wind and coma characteristics. The case of Hale-Bopp illustrates well the dependence of the helium line emission to the collision velocity. For Hale-Bopp, our model requires low velocities in the interaction zone. We interpret this as the effect of severe post-bow shock cooling in this extraordinary large comet.

Charge exchange and dissociative processes in collisions of slow He2+ ions with H2O molecules

Experimental and theoretical studies of one-electron capture in collisions of He2+ ions with H2O molecules have been carried out in the range 0.025-12 keV amu(-1) corresponding to typical solar wind velocities of 70-1523 km s(-1). Translational energy spectroscopy (TES), photon emission spectroscopy (PES), and fragment ion spectroscopy were employed to identify and quantify the collision mechanisms involved. Cross sections for selective single electron capture into n=1, 2, and 3 states of the He+ ion were obtained using TES while PES provided cross sections for capture into the He+(2p) and He+(3p) states. Our model calculations show that He+(n=2) and He+(n=3) formation proceeds via a single-electron process governed by the nucleus-electron interaction. In contrast, the He+(1s) formation mechanism involves an exothermic two-electron process driven by the electron-electron interaction, where the potential energy released by the electron capture is used to remove a second electron thereby resulting in fragmentation of the H2O molecule. This process is found to become increasingly important as the collision energy decreases. The experimental cross sections are found to be in reasonable agreement with cross sections calculated using the Demkov and Landau-Zener models.

Dissociative charge exchange and ionization of O-2 by fast H+ and O+ ions: Energetic ion interactions in Europa's oxygen atmosphere and neutral torus

Measurements of electron capture and ionization of O-2 molecules in collisions with H+ and O+ ions have been made over an energy range 10 - 100 keV. Cross sections for dissociative and nondissociative interactions have been separately determined using coincidence techniques. Nondissociative channels leading to O-2(+) product formation are shown to be dominant for both the H+ and the O+ projectiles in the capture collisions and only for the H+ projectiles in the ionization collisions. Dissociative channels are dominant for ionizing collisions involving O+ projectiles. The energy distributions of the O+ fragment products from collisions involving H+ and O+ have also been measured for the first time using time-of-flight methods, and the results are compared with those from other related studies. These measurements have been used to describe the interaction of the energetic ions trapped in Jupiter's magnetosphere with the very thin oxygen atmosphere of the icy satellite Europa. It is shown that the ionization of oxygen molecules is dominated by charge exchange plus ion impact ionization processes rather than photoionization. In addition, dissociation is predominately induced through excitation of electrons into high-lying repulsive energy states ( electronically) rather than arising from momentum transfer from knock-on collisions between colliding nuclei, which are the only processes included in current models. Future modeling will need to include both these processes.

Experimental investigation of the processes determining x-ray emission intensities from charge-exchange collisions

Absolute cross sections have been measured for single and double charge exchange and x-ray line emission for highly charged ions of C, N, 0, and Ne colliding with He, H-2 CO2, and H2O at collisions energies of 7q keV. Present results of charge exchange in He and H-2 compare favorably with previous results. For CO2 and H2O, where prior work is scarce, the classical overbarrier model is found to overestimate results by up to a factor of 3. An analysis of the relative intensities of the observed Lyman x-ray transitions indicates that capture into l states is not statistical, as collision velocities are insufficient to populate the highest angular-momentum states. The importance of autoionization following multiple capture is highlighted, and enhanced radiative stabilization following double capture is observed and compared to other studies. Present results are also discussed in terms of mechanisms likely to generate x-ray emission in comets.

X-ray emission from charge exchange of highly-charged ions in atoms and molecules

Charge exchange followed by radiative stabilization are the main processes responsible for the recent observations of X-ray emission from comets in their approach to the Sun. A new apparatus was constructed at JPL to measure, in collisions of HCIs with atoms and molecules, (a) absolute cross sections for single and multiple charge exchange, and (b) normalized X-ray emission cross sections. The ions are produced by the JPL HCI Facility and passed through a neutral-gas target cell. The product charge states are analyzed by a retarding potential difference technique. Results are made absolute by measuring target pressure, and incident and product ion currents. X-rays emitted from the product ions are detected with a Ge solid-state detector having a resolution of approximately 100 eV. X-ray astronomy has taken major steps forward with the recent launch of the high-resolution satellites Chandra and Newton. The cross sections reported herein are essential for the development of the solar wind comet interaction models inspired by these observations.