Price Discovery in the Dual-Platform US Treasury Market

Inter-dealer trading in US Treasury securities is almost equally divided between two electronic trading platforms that have only slight differences in terms of their relative liquidity and transparency. BrokerTec is more active in the trading of 2-, 5-, and 10-year T-notes while eSpeed has more active trading in the 30-year bond. Over the period studied, eSpeed provides a more pre-trade transparent platform than BrokerTec. We examine the contribution to ‘price discovery’ of activity in the two platforms using high frequency data. We find that price discovery does not derive equally from the two platforms and that the shares vary across term to maturity. This can be traced to differential trading activities and transparency of the two platforms.

Circular polarisation frequency selective surface operating in Ku and Ka band

A double layer circular polarization (CP) frequency selective surface (FSS) for use as a dual-band quasi-optical diplexer suitable for deployment in reflector antenna systems is described. The FSS was designed to reflect Ku band signals (11.7–12.75 GHz) while transmitting Ka band signals (17.3–20.2 GHz) and conserving CP in each of these bands. The simulated/measured reflection loss over the Ku band was less than 0.05/0.1 dB for both TE and TM polarizations, while the simulated/measured axial ratio was less than 0.2/0.75 dB. Over the Ka band, the simulated/measured transmission loss for both polarizations was below 0.25/0.4 dB and the simulated/measured axial ratio was less than 0.25/0.75 dB. To the best of our knowledge, this is the first report of a metallo-dielectric FSS that simultaneously operates in CP for an oblique angle of incidence in both Ku and Ka bands.

Temporal structure of attosecond pulses from laser-driven coherent synchrotron emission

The microscopic dynamics of laser-driven coherent synchrotron emission transmitted through thin foils are investigated using particle-in-cell simulations. For normal incidence interactions, we identify the formation of two distinct electron nanobunches from which emission takes place each half-cycle of the driving laser pulse. These emissions are separated temporally by 130 attoseconds and are dominant in different frequency ranges, which is a direct consequence of the distinct characteristics of each electron nanobunch. This may be exploited through spectral filtering to isolate these emissions, generating electromagnetic pulses of duration ~70 as.

Multiuser dual-hop relaying over hybrid RF/FSO links

The performance of multiuser dual-hop relaying over mixed radio frequency/free-space optical (RF/FSO) links is investigated. RF links are used for the simultaneous data transmission from m single-antenna sources to the relay, which is equipped with n ≥ m receive antennas and a photo-aperture transmitter. The relay operates under the decode-and-forward protocol and utilizes the popular ordered V-BLAST technique to successively decode each user's transmitted stream. A common norm-based ordering approach is adopted, where the streams are decoded in an ascending order. After the V-BLAST decoding, the relay retransmits the initial information to the destination, which is equipped with a photo-detector, via a point-to-point FSO link in m consecutive timeslots. Analytical expressions for the end-to-end outage probability and average symbol error probability of each user are derived. Some engineering insights are manifested, such as the diversity order, the impact of the pointing error displacement on the FSO link and the severity on the turbulence-induced channel fading.