On the Sources of Private Information in FX Markets

We investigate the source of information advantage in inter-dealer FX trading using data on trades and counterparty identities. In liquid dollar exchange rates, information is concentrated among dealers that trade most frequently and specialize their activity in a particular rate. In cross-rates, traders that engage in triangular arbitrage are best informed. Better-informed traders are also located on larger trading floors. In cross-rates, the ability to forecast flows explains all of the advantage of the triangular arbitrageurs. In liquid dollar rates, specialist traders can forecast both order flow and the component of exchange rate changes that is uncorrelated with flow.

Re-engineering Sources of Law for Unaided Litigants

The better models of e-Gov posit high levels of informational communication between citizen and state. Unfortunately, in one area, that communication has traditionally been poor: that is, access to sources of law. There have been a number of reasons for this, but a primary one has been that law was historically mediated for the citizen by the legal profession. This situation is changing with ever increasing numbers of unrepresented litigants being involved at all levels of national court systems in each and every country as well as a generally higher level of intrusion of legislation into everyday home and business life. There have been attempts to improve access through internet based services, but these have improved communication (‘understanding of law’) to only a limited extent. It may be time, this article suggests, to consider re-engineering legal sources so that they better fit the needs of eGov.

Investigation on localisation accuracy for first and higher order ambisonics reproduced sound sources

Ambisonics and higher order ambisonics (HOA) technologies aim at reproducing sound field either synthesised or previously recorded with dedicated microphones. Based on a spherical harmonic decomposition, the sound field is more precisely described when higher-order components are used. The presented study evaluated the perceptual and objective localisation accuracy of the sound field encoded with four microphones of order one to four and decoded over a ring of loudspeakers. A perceptual test showed an improvement of the localisation with higher order ambisonic microphones. Reproduced localisation indices were estimated for the four microphones and the respective synthetic systems of order one to four. The perceptual and objective analysis revealed the same conclusions. The localisation accuracy depends on the ambisonic order as well as the source incidence. Furthermore, impairments linked to the microphones were highlighted.