The determinants of a cross market arbitrage opportunity: theory and evidence for the European bond market

This paper examines the determinants of cross-platform arbitrage profits. We develop a structural model that enables us to decompose the likelihood of an arbitrage opportunity into three distinct factors: the fixed cost to trade the opportunity, the level at which one of the platforms delays a price update and the impact of the order flow on the quoted prices (inventory and asymmetric information effects). We then investigate the predictions from the theoretical model for the European Bond market with the estimation of a probit model. Our main finding is that the results found in the empirical part corroborate strongly the predictions from the structural model. The event of a cross market arbitrage opportunity has a certain degree of predictability where an optimal ex ante scenario is represented by a low level of spreads on both platforms, a time of the day close to the end of trading hours and a high volume of trade.

Advances in understanding mineral dust and boundary layer processes over the Sahara from Fennec aircraft observations

The Fennec climate program aims to improve understanding of the Saharan climate system through a synergy of observations and modelling. We present a description of the Fennec airborne observations during 2011 and 2012 over the remote Sahara (Mauritania and Mali) and the advances in the understanding of mineral dust and boundary layer processes they have provided. Aircraft instrumentation aboard the UK FAAM BAe146 and French SAFIRE Falcon 20 is described, with specific focus on instrumentation specially developed and relevant to Saharan meteorology and dust. Flight locations, aims and associated meteorology are described. Examples and applications of aircraft measurements from the Fennec flights are presented, highlighting new scientific results delivered using a synergy of different instruments and aircraft. These include: (1) the first airborne measurement of dust particles sized up to 300 microns and associated dust fluxes in the Saharan atmospheric boundary layer (SABL), (2) dust uplift from the breakdown of the nocturnal low-level jet before becoming visible in SEVIRI satellite imagery, (3) vertical profiles of the unique vertical structure of turbulent fluxes in the SABL, (4) in-situ observations of processes in SABL clouds showing dust acting as CCN and IN at −15 °C, (5) dual-aircraft observations of the SABL dynamics, thermodynamics and composition in the Saharan heat low region (SHL), (6) airborne observations of a dust storm associated with a cold-pool (haboob) issued from deep convection over the Atlas, (7) the first airborne chemical composition measurements of dust in the SHL region with differing composition, sources (determined using Lagrangian backward trajectory calculations) and absorption properties between 2011 and 2012, (8) coincident ozone and dust surface area measurements suggest coarser particles provide a route for ozone depletion, (9) discrepancies between airborne coarse mode size distributions and AERONET sunphotometer retrievals under light dust loadings. These results provide insights into boundary layer and dust processes in the SHL region – a region of substantial global climatic importance.

The representation of the West-African Monsoon vertical cloud structure in the Met Office Unified Model: an evaluation with CloudSat

Weather and climate model simulations of the West African Monsoon (WAM) have generally poor representation of the rainfall distribution and monsoon circulation because key processes, such as clouds and convection, are poorly characterized. The vertical distribution of cloud and precipitation during the WAM are evaluated in Met Office Unified Model simulations against CloudSat observations. Simulations were run at 40-km and 12-km horizontal grid length using a convection parameterization scheme and at 12-km, 4-km, and 1.5-km grid length with the convection scheme effectively switched off, to study the impact of model resolution and convection parameterization scheme on the organisation of tropical convection. Radar reflectivity is forward-modelled from the model cloud fields using the CloudSat simulator to present a like-with-like comparison with the CloudSat radar observations. The representation of cloud and precipitation at 12-km horizontal grid length improves dramatically when the convection parameterization is switched off, primarily because of a reduction in daytime (moist) convection. Further improvement is obtained when reducing model grid length to 4 km or 1.5 km, especially in the representation of thin anvil and mid-level cloud, but three issues remain in all model configurations. Firstly, all simulations underestimate the fraction of anvils with cloud top height above 12 km, which can be attributed to too low ice water contents in the model compared to satellite retrievals. Secondly, the model consistently detrains mid-level cloud too close to the freezing level, compared to higher altitudes in CloudSat observations. Finally, there is too much low-level cloud cover in all simulations and this bias was not improved when adjusting the rainfall parameters in the microphysics scheme. To improve model simulations of the WAM, more detailed and in-situ observations of the dynamics and microphysics targeting these non-precipitating cloud types are required.

Easterly wave disturbances over Northeast Brazil: an observational analysis

This paper aims to identify the circulation associated with Easterly Wave Disturbances (EWDs) that propagate toward the Eastern Northeast Brazil (ENEB) and their impact on the rainfall over ENEB during 2006 and 2007 rainy seasons (April–July). The EWDs identification and trajectory are analyzed using an automatic tracking technique (TracKH). The EWDs circulation patterns and their main features were obtained using the composite technique. To evaluate the TracKH efficiency, a validation was done by comparing the EWDs number tracked against observed cases obtained from an observational analysis. The mean characteristics of EWDs are 5.5-day period, propagation speed of ~9.5 m·s−1, and a 4500 km wavelength. A synoptic analysis shows that between days −2 d and 0 d, the low level winds presented cyclonic relative vorticity and convergence anomalies both in 2006 and 2007. The EWDs signals are strongest at low levels. The EWDs propagation is associated with relative humidity and precipitation positive anomalies and OLR and omega negative anomalies. The EWDs tracks are seen over all ENEB and their lysis occurs between the ENEB and marginally inside the continent. The tracking captured 71% of EWDs in all periods, indicating that an objective analysis is a promising method for EWDs detection.

The Maunder minimum (1645-1715) was indeed a grand minimum: a reassessment of multiple datasets

Aims. Although the time of the Maunder minimum (1645–1715) is widely known as a period of extremely low solar activity, it is still being debated whether solar activity during that period might have been moderate or even higher than the current solar cycle (number 24). We have revisited all existing evidence and datasets, both direct and indirect, to assess the level of solar activity during the Maunder minimum. Methods. We discuss the East Asian naked-eye sunspot observations, the telescopic solar observations, the fraction of sunspot active days, the latitudinal extent of sunspot positions, auroral sightings at high latitudes, cosmogenic radionuclide data as well as solar eclipse observations for that period. We also consider peculiar features of the Sun (very strong hemispheric asymmetry of the sunspot location, unusual differential rotation and the lack of the K-corona) that imply a special mode of solar activity during the Maunder minimum. Results. The level of solar activity during the Maunder minimum is reassessed on the basis of all available datasets. Conclusions. We conclude that solar activity was indeed at an exceptionally low level during the Maunder minimum. Although the exact level is still unclear, it was definitely lower than during the Dalton minimum of around 1800 and significantly below that of the current solar cycle #24. Claims of a moderate-to-high level of solar activity during the Maunder minimum are rejected with a high confidence level.

Variation in morphological and physiological parameters in herbaceous perennial legumes in response to phosphorus supply

Change in morphological and physiological parameters in response to phosphorus (P) supply was studied in 11 perennial herbaceous legume species, six Australian native (Lotus australis, Cullen australasicum, Kennedia prorepens, K. prostrata, Glycine canescens, C. tenax) and five exotic species (Medicago sativa, Lotononis bainesii, Bituminaria bituminosa var albomarginata, Lotus corniculatus, Macroptilium bracteatum). We aimed to identify mechanisms for P acquisition from soil. Plants were grown in sterilised washed river sand; eight levels of P as KH2PO4 ranging from 0 to 384 μg P g−1 soil were applied. Plant growth under low-P conditions strongly correlated with physiological P-use efficiency and/or P-uptake efficiency. Taking all species together, at 6 μg P g−1 soil there was a good correlation between P uptake and both root surface area and total root length. All species had higher amounts of carboxylates in the rhizosphere under a low level of P application. Six of the 11 species increased the fraction of rhizosphere citrate in response to low P, which was accompanied by a reduction in malonate, except L. corniculatus. In addition, species showed different plasticity in response to P-application levels and different strategies in response to P deficiency. Our results show that many of the 11 species have prospects for low-input agroecosystems based on their high P-uptake and P-use efficiency.

CLEC-2 is not required for platelet aggregation at arteriolar shear

The C-type lectin receptor CLEC-2 is expressed primarily on the surface of platelets, where it is present as a dimer, and is found at low level on a subpopulation of other hematopoietic cells, including mouse neutrophils [1–4] Clustering of CLEC-2 by the snake venom toxin rhodocytin, specific antibodies or its endogenous ligand, podoplanin, elicits powerful activation of platelets through a pathway that is similar to that used by the collagen receptor glycoprotein VI (GPVI) [4–6]. The cytosolic tail of CLEC-2 contains a conserved YxxL sequence preceded by three upstream acidic amino acid residues, which together form a novel motif known as a hemITAM. Ligand engagement induces tyrosine phosphorylation of the hemITAM sequence providing docking sites for the tandem-SH2 domains of the tyrosine kinase Syk across a CLEC-2 receptor dimer [3]. Tyrosine phosphorylation of Syk by Src family kinases and through autophosphorylation leads to stimulation of a downstream signaling cascade that culminates in activation of phospholipase C γ2 (PLCγ2) [4,6]. Recently, CLEC-2 has been proposed to play a major role in supporting activation of platelets at arteriolar rates of flow [1]. Injection of a CLEC-2 antibody into mice causes a sustained depletion of the C-type lectin receptor from the platelet surface [1]. The CLEC-2-depleted platelets were unresponsive to rhodocytin but underwent normal aggregation and secretion responses after stimulation of other platelet receptors, including GPVI [1]. In contrast, there was a marked decrease in aggregate formation relative to controls when CLEC-2-depleted blood was flowed at arteriolar rates of shear over collagen (1000 s−1 and 1700 s−1) [1]. Furthermore, antibody treatment significantly increased tail bleeding times and mice were unable to occlude their vessels after ferric chloride injury [1]. These data provide evidence for a critical role for CLEC-2 in supporting platelet aggregation at arteriolar rates of flow. The underlying mechanism is unclear as platelets do not express podoplanin, the only known endogenous ligand of CLEC-2. In the present study, we have investigated the role of CLEC-2 in platelet aggregation and thrombus formation using platelets from a novel mutant mouse model that lacks functional CLEC-2.

Connections between clouds, radiation, and midlatitude dynamics: a review

We review the effects of dynamical variability on clouds and radiation in observations and models and discuss their implications for cloud feedbacks. Jet shifts produce robust meridional dipoles in upper-level clouds and longwave cloud-radiative effect (CRE), but low-level clouds, which do not simply shift with the jet, dominate the shortwave CRE. Because the effect of jet variability on CRE is relatively small, future poleward jet shifts with global warming are only a second-order contribution to the total CRE changes around the midlatitudes, suggesting a dominant role for thermodynamic effects. This implies that constraining the dynamical response is unlikely to reduce the uncertainty in extratropical cloud feedback. However, we argue that uncertainty in the cloud-radiative response does affect the atmospheric circulation response to global warming, by modulating patterns of diabatic forcing. How cloud feedbacks can affect the dynamical response to global warming is an important topic of future research.

Trends in the CERES dataset, 2000–13: the effects of sea ice and jet shifts and comparison to climate models

We review the effects of dynamical variability on clouds and radiation in observations and models and discuss their implications for cloud feedbacks. Jet shifts produce robust meridional dipoles in upper-level clouds and longwave cloud-radiative effect (CRE), but low-level clouds, which do not simply shift with the jet, dominate the shortwave CRE. Because the effect of jet variability on CRE is relatively small, future poleward jet shifts with global warming are only a second-order contribution to the total CRE changes around the midlatitudes, suggesting a dominant role for thermodynamic effects. This implies that constraining the dynamical response is unlikely to reduce the uncertainty in extratropical cloud feedback. However, we argue that uncertainty in the cloud-radiative response does affect the atmospheric circulation response to global warming, by modulating patterns of diabatic forcing. How cloud feedbacks can affect the dynamical response to global warming is an important topic of future research.

PETS 2015: datasets and challenge

This paper presents the two datasets (ARENA and P5) and the challenge that form a part of the PETS 2015 workshop. The datasets consist of scenarios recorded by us- ing multiple visual and thermal sensors. The scenarios in ARENA dataset involve different staged activities around a parked vehicle in a parking lot in UK and those in P5 dataset involve different staged activities around the perimeter of a nuclear power plant in Sweden. The scenarios of each dataset are grouped into ‘Normal’, ‘Warning’ and ‘Alarm’ categories. The Challenge specifically includes tasks that account for different steps in a video understanding system: Low-Level Video Analysis (object detection and tracking), Mid-Level Video Analysis (‘atomic’ event detection) and High-Level Video Analysis (‘complex’ event detection). The evaluation methodology used for the Challenge includes well-established measures.

PETS 2014: dataset and challenge

This paper describes the dataset and vision challenges that form part of the PETS 2014 workshop. The datasets are multisensor sequences containing different activities around a parked vehicle in a parking lot. The dataset scenarios were filmed from multiple cameras mounted on the vehicle itself and involve multiple actors. In PETS2014 workshop, 22 acted scenarios are provided of abnormal behaviour around the parked vehicle. The aim in PETS 2014 is to provide a standard benchmark that indicates how detection, tracking, abnormality and behaviour analysis systems perform against a common database. The dataset specifically addresses several vision challenges corresponding to different steps in a video understanding system: Low-Level Video Analysis (object detection and tracking), Mid-Level Video Analysis (‘simple’ event detection: the behaviour recognition of a single actor) and High-Level Video Analysis (‘complex’ event detection: the behaviour and interaction recognition of several actors).

The sensitivity of convective aggregation to diabatic processes in idealized radiative-convective equilibrium simulations

Idealized explicit convection simulations of the Met Office Unified Model exhibit spontaneous self-aggregation in radiative-convective equilibrium, as seen in other models in previous studies. This self-aggregation is linked to feedbacks between radiation, surface fluxes, and convection, and the organization is intimately related to the evolution of the column water vapor field. Analysis of the budget of the spatial variance of column-integrated frozen moist static energy (MSE), following Wing and Emanuel [2014], reveals that the direct radiative feedback (including significant cloud longwave effects) is dominant in both the initial development of self-aggregation and the maintenance of an aggregated state. A low-level circulation at intermediate stages of aggregation does appear to transport MSE from drier to moister regions, but this circulation is mostly balanced by other advective effects of opposite sign and is forced by horizontal anomalies of convective heating (not radiation). Sensitivity studies with either fixed prescribed radiative cooling, fixed prescribed surface fluxes, or both do not show full self-aggregation from homogeneous initial conditions, though fixed surface fluxes do not disaggregate an initialized aggregated state. A sensitivity study in which rain evaporation is turned off shows more rapid self-aggregation, while a run with this change plus fixed radiative cooling still shows strong self-aggregation, supporting a “moisture memory” effect found in Muller and Bony [2015]. Interestingly, self-aggregation occurs even in simulations with sea surface temperatures (SSTs) of 295 K and 290 K, with direct radiative feedbacks dominating the budget of MSE variance, in contrast to results in some previous studies.

Verbs in space: axis and direction of motion norms for 299 English verbs

A strong body of work has explored the interaction between visual perception and language comprehension; for example, recent studies exploring predictions from embodied cognition have focused particularly on the common representation of sensory—motor and semantic information. Motivated by this background, we provide a set of norms for the axis and direction of motion implied in 299 English verbs, collected from approximately 100 native speakers of British English. Until now, there have been no freely available norms of this kind for a large set of verbs that can be used in any area of language research investigating the semantic representation of motion. We have used these norms to investigate the interaction between language comprehension and low-level visual processes involved in motion perception, validating the norming procedure’s ability to capture the motion content of individual verbs. Supplemental materials for this study may be downloaded from brm.psychonomic-journals.org/content/supplemental.

Impact of Laptev Sea flaw polynyas on the atmospheric boundary layer and ice production using idealized mesoscale simulations

The interaction between polynyas and the atmospheric boundary layer is examined in the Laptev Sea using the regional, non-hydrostatic Consortium for Small-scale Modelling (COSMO) atmosphere model. A thermodynamic sea-ice model is used to consider the response of sea-ice surface temperature to idealized atmospheric forcing. The idealized regimes represent atmospheric conditions that are typical for the Laptev Sea region. Cold wintertime conditions are investigated with sea-ice–ocean temperature differences of up to 40 K. The Laptev Sea flaw polynyas strongly modify the atmospheric boundary layer. Convectively mixed layers reach heights of up to 1200 m above the polynyas with temperature anomalies of more than 5 K. Horizontal transport of heat expands to areas more than 500 km downstream of the polynyas. Strong wind regimes lead to a more shallow mixed layer with strong near-surface modifications, while weaker wind regimes show a deeper, well-mixed convective boundary layer. Shallow mesoscale circulations occur in the vicinity of ice-free and thin-ice covered polynyas. They are forced by large turbulent and radiative heat fluxes from the surface of up to 789 W m−2, strong low-level thermally induced convergence and cold air flow from the orographic structure of the Taimyr Peninsula in the western Laptev Sea region. Based on the surface energy balance we derive potential sea-ice production rates between 8 and 25 cm d−1. These production rates are mainly determined by whether the polynyas are ice-free or covered by thin ice and by the wind strength.

Impacts of parameterized orographic drag on the Northern Hemisphere winter circulation

A recent intercomparison exercise proposed by the Working Group for Numerical Experimentation (WGNE) revealed that the parameterized, or unresolved, surface stress in weather forecast models is highly model-dependent, especially over orography. Models of comparable resolution differ over land by as much as 20% in zonal mean total subgrid surface stress (Ttot). The way Ttot is partitioned between the different parameterizations is also model-dependent. In this study, we simulated in a particular model an increase in Ttot comparable with the spread found in the WGNE intercomparison. This increase was simulated in two ways, namely by increasing independently the contributions to Ttot of the turbulent orographic form drag scheme (TOFD) and of the orographic low-level blocking scheme (BLOCK). Increasing the parameterized orographic drag leads to significant changes in surface pressure, zonal wind and temperature in the Northern Hemisphere during winter both in 10 day weather forecasts and in seasonal integrations. However, the magnitude of these changes in circulation strongly depends on which scheme is modified. In 10 day forecasts, stronger changes are found when the TOFD stress is increased, while on seasonal time scales the effects are of comparable magnitude, although different in detail. At these time scales, the BLOCK scheme affects the lower stratosphere winds through changes in the resolved planetary waves which are associated with surface impacts, while the TOFD effects are mostly limited to the lower troposphere. The partitioning of Ttot between the two schemes appears to play an important role at all time scales.