Omnibus accounts to Finnish investors? – An analysis of the costs and benefits that omnibus account structure brings to Finnish account operators and investors

The Finnish Securities Markets are being harmonized to enable better, more reliable and timely settlement of securities. Omnibus accounts are a common practice in the European securities markets. Finland forbids the use of omnibus accounts from its domestic investors. There is a possibility that the omnibus account usage is allowed for Finnish investors in the future. This study aims to build a comprehensive image to Finnish investors and account operators in determining the costs and benefits that the omnibus account structure would have for them. This study uses qualitative research methods. A literature review provides the framework for this study. Different kinds of research articles, regulatory documents, studies performed by European organisations, and Finnish news reportages are used to analyse the costs and benefits of omnibus accounts. The viewpoint is strictly of account operators and investors, and different effects on them are contemplated. The results of the analysis show that there are a number of costs and benefits that investors and account operators must take into consideration regarding omnibus accounts. The costs are related to development of IT-systems so that participants are able to adapt to the new structure and operate according to its needs. Decrease in the holdings’ transparency is a disadvantage of the structure and needs to be assessed precisely to avoid some problems it might bring. Benefits are mostly related to the increased competition in the securities markets as well as to the possible cost reductions of securities settlement. The costs and benefits were analysed according to the study plan of this thesis and as a result, the significance and impact of omnibus accounts to Finnish investors and account operators depends on the competition level and the decisions that all market participants make when determining if the account structure is beneficial for their operations.

Families of orthogonal functions defined by the Weyl groups of compact Lie groups

Plusieurs familles de fonctions spéciales de plusieurs variables, appelées fonctions d'orbites, sont définies dans le contexte des groupes de Weyl de groupes de Lie simples compacts/d'algèbres de Lie simples. Ces fonctions sont étudiées depuis près d'un siècle en raison de leur lien avec les caractères des représentations irréductibles des algèbres de Lie simples, mais également de par leurs symétries et orthogonalités. Nous sommes principalement intéressés par la description des relations d'orthogonalité discrète et des transformations discrètes correspondantes, transformations qui permettent l'utilisation des fonctions d'orbites dans le traitement de données multidimensionnelles. Cette description est donnée pour les groupes de Weyl dont les racines ont deux longueurs différentes, en particulier pour les groupes de rang $2$ dans le cas des fonctions d'orbites du type $E$ et pour les groupes de rang $3$ dans le cas de toutes les autres fonctions d'orbites.

A Characterization of Exact Non-atomic Market Games

Continuous exact non-atomic games are naturally associated to certain operators between Banach spaces. It thus makes sense to study games by means of the corresponding operators. We characterize non-atomic exact market games in terms of the properties of the associated operators. We also prove a separation theorem for weak compact sets of countably additive measures, which is of independent interest.

Croissance et ensemble nodal de fonctions propres du laplacien sur des surfaces

Dans cette thèse, nous étudions les fonctions propres de l'opérateur de Laplace-Beltrami - ou simplement laplacien - sur une surface fermée, c'est-à-dire une variété riemannienne lisse, compacte et sans bord de dimension 2. Ces fonctions propres satisfont l'équation $\Delta_g \phi_\lambda + \lambda \phi_\lambda = 0$ et les valeurs propres forment une suite infinie. L'ensemble nodal d'une fonction propre du laplacien est celui de ses zéros et est d'intérêt depuis les expériences de plaques vibrantes de Chladni qui remontent au début du 19ème siècle et, plus récemment, dans le contexte de la mécanique quantique. La taille de cet ensemble nodal a été largement étudiée ces dernières années, notamment par Donnelly et Fefferman, Colding et Minicozzi, Hezari et Sogge, Mangoubi ainsi que Sogge et Zelditch. L'étude de la croissance de fonctions propres n'est pas en reste, avec entre autres les récents travaux de Donnelly et Fefferman, Sogge, Toth et Zelditch, pour ne nommer que ceux-là. Notre thèse s'inscrit dans la foulée du travail de Nazarov, Polterovich et Sodin et relie les propriétés de croissance des fonctions propres avec la taille de leur ensemble nodal dans l'asymptotique $\lambda \nearrow \infty$. Pour ce faire, nous considérons d'abord les exposants de croissance, qui mesurent la croissance locale de fonctions propres et qui sont obtenus à partir de la norme uniforme de celles-ci. Nous construisons ensuite la croissance locale moyenne d'une fonction propre en calculant la moyenne sur toute la surface de ces exposants de croissance, définis sur de petits disques de rayon comparable à la longueur d'onde. Nous montrons alors que la taille de l'ensemble nodal est contrôlée par le produit de cette croissance locale moyenne et de la fréquence $\sqrt{\lambda}$. Ce résultat permet une reformulation centrée sur les fonctions propres de la célèbre conjecture de Yau, qui prévoit que la mesure de l'ensemble nodal croît au rythme de la fréquence. Notre travail renforce également l'intuition répandue selon laquelle une fonction propre se comporte comme un polynôme de degré $\sqrt{\lambda}$. Nous généralisons ensuite nos résultats pour des exposants de croissance construits à partir de normes $L^q$. Nous sommes également amenés à étudier les fonctions appartenant au noyau d'opérateurs de Schrödinger avec petit potentiel dans le plan. Pour de telles fonctions, nous obtenons deux résultats qui relient croissance et taille de l'ensemble nodal.

Resonance Frequencies of Compact Microstrip Antenna

The arrow shaped microstrip antenna, which produces dual frequency dual polarisation operation with considera-ble size reduction compared to conventional patches has been reported [I]. These antennas provide greater area reduction and improved gain compared to drum shaped patches [2]. Prediction of the resonance frequency of drum shaped patches [3] and circular patches for broadband operation [4] are available in the literature. In this Letter, we propose empirical formulas for calculating the resonance frequencies of the arrow shaped microstrip antenna. These antennas can be employed for obtaining dual frequency with the same polarisation, bandwidth enhancement, circular polarisation etc. by varying its different parameters or by introducing slots. The proposed design equations provide an easier and simple way of predicting the resonant frequencies of these patches.

New compact microstrip antenna

A new microstrip antenna geometry with considerable reduction in size, with similar radiation characteristics to those of an equivalent rectangular patch antenna is proposed. A relationship has been suggested for fmding out the resonant frequency of the new geometry, and its validity has been established by the experimental results. Without increasing the aperture area, this geometry also offers a facility for considerably reducing the resonant frequency compared to conventional patches.

Resonance frequencies of compact microstrip antenna

A simple technique for calculating the resonance frequencies of a compact arrow-shaped microstrip antenna is presented and discussed . The accuracy of the method is validated by experimental results

Compact Wideband Antenna for 2.4 GHz WLAN Applications

A novel compact wideband antenna for wireless local area network (WLAN) applications in the 2.4 GHz band are presented. The proposed low profile antenna of dimensions 15 x 14.5 x 1.6 mm offers 18.6% bandwidth and an average gain of~5 dBi. The antenna can be excited directly using a 50 coaxial probe

Compact Planar Multiband Antenna for GPS, DCS, 2.4/5.8 GHz WLAN Applications

A compact single –feed multiband planar antenna configuration Suitable for GPS, DCS. 2.4/5.8 GHz WLAN applications are presented. The antenna has dimensions 38 x 3 x 1.6 mm and offers good radiation and reflection characteristics in the above frequency bands. The antenna has a simple geometry and can be easily fed using a 50 coaxial probe

Compact asymmetric coplanar waveguide filter

The design and implementation of a novel asymmetric coplanar waveguide (ACPW ) band rejection filter using defected ground structure ( DGS) is presented . The proposed ACPW DGS technology provides band gap characteristics with only one cell in the lateral ground plane . The equivalent circuit model of the proposed DGS unit section is described . Measurements of ACPW DGS showed good agreement with simulation and the proposed model

Analysis of a New Compact Microstrip Antenna

A new compact micro strip antenna element is analyzed. The analysis can accurately predict the resonant frequency, input impedance, and radiation patterns. The predicted results are compared with experimental results and excellent agreement is observed . These antenna elements are more suitable in applications where limited antenna real estate is available

Aircraft down-range profiles formed from simulated and compact-range radar backscatter

Compact-range radar backscatter measurements are taken of aircraft scale models. In addition, computer software is used to predict the RCS of the aircraft. Synthetic down-range profiles formed from the two sources of backscatter data are compared and visualized in an innovative manner. Similar discrimination rates between the two aircraft are obtained on data from both source

Circularly Polarized Compact Microstrip Antenna

A compact microstrip antenna with circular polarization radiation is demonstrated.A reducation in the required parameters for achieving CP radiation makes the present antenna design simpler

Dual-band dual-polarized compact microstrip antenna

Experimental studies on a compact dual frequency microstrip antenna are presented. This antenna configuration provides an area reduction of 40% compared to a standard rectangular antenna operating at the same frequency without much degradation of the gain. The antenna structure can be modified to achieve the desired ratio between the two resonant frequencies