Volatility changes caused by the trading system:a Markov switching application

An expanding literature exists to suggest that the trading mechanism can influence the volatility of security returns. This study adds to this literature by examining the impact that the introduction of SETS, on the London Stock Exchange, had on the volatility of security returns. Using a Markov switching regime change model security volatility is categorized as being in a regime of either high or low volatility. It is shown that prior to the introduction of SETS securities tended to be in a low volatility regime. At the time SETS was introduced securities moved to a high volatility regime. This suggests that volatility increased when SETS was introduced.

Bandpass switching in a nonlinear optical loop mirror

We demonstrate bandpass nonlinear switching, using a novel device configuration based on a nonlinear-optical loop mirror and an in-fiber Bragg grating. Self-switching is demonstrated in the soliton regime by use of an asymmetrically arranged in-fiber Bragg grating as a wavelength-selective element. In addition, we adapt the configuration to perform efficient two-wavelength switching.

Soliton switching using cascaded nonlinear-optical loop mirrors

We demonstrate multiple-peaked switching in a nonlinear-optical loop mirror and present an experimental investigation of device cascading in the soliton regime based on a sequence of two independent nonlinear-optical loop mirrors. Cascading leads to an enhanced switching response with sharper switching edges, flattened peaks, and increased interpeak extinction ratios. We observe that pulses emerging from the cascade retain the sech2 temporal profile of a soliton with minimal degradation in the spectral characteristics.

Bandpass switching based on a nonlinear optical loop mirror and an in-fibre grating reflector

Nonlinear optical loop mirror (NOLM) requires breaking the loop symmetry to enable the counter propagating pulses to acquire a differential π phase shift. This is achieved with either an asymmetric fused fibre coupler at the input or by the inclusion of an asymmetrically located gain or loss element within the loop. By introducing a frequency selective loss element, nonlinear switching may be confined to a narrow band of wavelengths or multiple wavelengths. This configuration may have applications in time-wavelength demultiplexing. We demonstrate this technique of bandpass switching in the soliton regime using a fibre-Bragg grating reflector as the wavelength dependent loss.

Bandpass switching in a nonlinear optical loop mirror

A novel device configuration is used to demonstrate wavelength-confined, a bandpass, switching in a nonlinear-optical loop mirror (WOLM). Demonstrated is a self-switching in the soliton regime using a partially reflecting Bragg grating as a wavelength-dependent loss element. Two wavelength operation in which a signal is switched through the use of cross phase modulation, are demonstrated. Observed is the operation of the device confined to wavelengths defined by the grating reflection band.

Soliton switching using cascaded nonlinear-optical loop mirrors

We demonstrate multiple-peaked switching in a nonlinear-optical loop mirror and present an experimental investigation of device cascading in the soliton regime based on a sequence of two independent nonlinear-optical loop mirrors. Cascading leads to an enhanced switching response with sharper switching edges, flattened peaks, and increased interpeak extinction ratios. We observe that pulses emerging from the cascade retain the sech2 temporal profile of a soliton with minimal degradation in the spectral characteristics.