Industry analysis of the high frequency trading industry : an assessment of the industry boundaries, environment and strategic options

O Mercado Acionário Americano evoluiu rapidamente na última década. Este tornou-se uma arquitetura aberta em que participantes com tecnologia inovadora podem competir de forma eficaz. Várias mudanças regulatórias e inovações tecnológicas permitiram mudanças profundas na estrutura do mercado. Essas mudanças, junto com o desenvolvimento tecnológico de redes de alta velocidade, agiu como um catalisador, dando origem a uma nova forma de negociação, denominada Negociação em Alta Frequência (HFT). As empresas de HFT surgiram e se apropriaram em larga escala do negócio de formação de mercado, no fornecimento de liquidez. Embora HFT tem crescido massivamente, ao longo dos últimos quatro anos, HFT perdeu rentabilidade significativamente, uma vez que mais empresas aderiram ao setor reduzindo as margens. Portanto, diante deste contexto, esta tese buscou apresentar uma breve revisão sobre a atividade de HFT, seguida de uma análise dos limites deste setor, bem como, das características do macroambiente do HFT. Para tanto, a tese realizou uma extensa revisão do histórico literário, documentos públicos qualitativos, tais como, jornais, atas de reunião e relatórios oficiais. A tese empregou um ferramental de análise, Barreiras de Entrada e Mobilidade (Porter, 1980); Modelos de Evolução Setorial (McGahan, 2004); Estrutura do Setor de Informação Intensiva (Sampler, 1998), para analisar os limites do setor de HFT. Adicionalmente, empregou as ferramentas de análise, Modelos de Evolução Setorial (McGahan, 2004) e PESTEL (JOHNSON, SCHOLES, and WHITTINGTON, 2011), para analisar o setor e o contexto que envolve o negócio de HFT. A análise concluiu que as empresas que empregam HFT para atuar e competir no mercado acionário, compoem um setor independente.

Temperature rise in cavities prepared by high and low torque handpieces and Er : YAG laser

Objective The aim of this study was to compare intrapulpal temperature increases produced by a high-speed high-torque (speed-increasing) handpiece, a high-speed low-torque handpiece (air-turbine) and an Er: YAG (Erbium: Yttrium-Aluminum-Garnet) laser. Subject and methods Thirty bovine incisors were reduced to a dentine thickness of 2.0 mm. Class V preparations were prepared to a depth of 1.5 mm, measured with a caliper or by a mark on the burs. A thermocouple was placed inside the pulp chamber to determine temperature increases (C). Analysis was performed on the following groups (n = 10) treated with: G1, low-torque handpiece; G2, high-torque handpiece; and G3, Er: YAG laser (2.94 mu m at 250 mJ/4 Hz), all with water cooling. The temperature increases were recorded with a computer linked to the thermocouples. Results The data were submitted to ANOVA and Tukey statistical test. The average temperature rises were: 1.92 +/- 0.80 degrees C for G1, 1.34 +/- 0.86 degrees C for G2, and 0.75 +/- 0.39 degrees C for G3. There were significant statistical differences among the groups (p = 0.095). All the groups tested did not have a change of temperature that exceeds the threshold of 5.5 degrees C. Conclusion Temperature response to the low and high torque handpieces seemed to be similar, however the Er: YAG laser generated a lower temperature rise.

Mechanistic approach to predict real machining time for milling free-form geometries applying high feed rate

An accurate estimate of machining time is very important for predicting delivery time, manufacturing costs, and also to help production process planning. Most commercial CAM software systems estimate the machining time in milling operations simply by dividing the entire tool path length by the programmed feed rate. This time estimate differs drastically from the real process time because the feed rate is not always constant due to machine and computer numerical controlled (CNC) limitations. This study presents a practical mechanistic method for milling time estimation when machining free-form geometries. The method considers a variable called machine response time (MRT) which characterizes the real CNC machine's capacity to move in high feed rates in free-form geometries. MRT is a global performance feature which can be obtained for any type of CNC machine configuration by carrying out a simple test. For validating the methodology, a workpiece was used to generate NC programs for five different types of CNC machines. A practical industrial case study was also carried out to validate the method. The results indicated that MRT, and consequently, the real machining time, depends on the CNC machine's potential: furthermore, the greater MRT, the larger the difference between predicted milling time and real milling time. The proposed method achieved an error range from 0.3% to 12% of the real machining time, whereas the CAM estimation achieved from 211% to 1244% error. The MRT-based process is also suggested as an instrument for helping in machine tool benchmarking.

Contribuições na modelagem dinâmica e no controle neural de um braço robótico com elos flexíveis

Em geral, estruturas espaciais e manipuladores robóticos leves têm uma característica similar e inerente que é a flexibilidade. Esta característica torna a dinâmica do sistema muito mais complexa e com maiores dificuldades para a análise de estabilidade e controle. Então, braços robóticos bastantes leves, com velocidade elevada e potencia limitada devem considerar o controle de vibração causada pela flexibilidade. Por este motivo, uma estratégia de controle é desejada não somente para o controle do modo rígido mas também que seja capaz de controlar os modos de vibração do braço robótico flexível. Também, redes neurais artificiais (RNA) são identificadas como uma subespecialidade de inteligência artificial. Constituem atualmente uma teoria para o estudo de fenômenos complexos e representam uma nova ferramenta na tecnologia de processamento de informação, por possuírem características como processamento paralelo, capacidade de aprendizagem, mapeamento não-linear e capacidade de generalização. Assim, neste estudo utilizam-se RNA na identificação e controle do braço robótico com elos flexíveis. Esta tese apresenta a modelagem dinâmica de braços robóticos com elos flexíveis, 1D no plano horizontal e 2D no plano vertical com ação da gravidade, respectivamente. Modelos dinâmicos reduzidos são obtidos pelo formalismo de Newton-Euler, e utiliza-se o método dos elementos finitos (MEF) na discretização dos deslocamentos elásticos baseado na teoria elementar da viga. Além disso, duas estratégias de controle têm sido desenvolvidas com a finalidade de eliminar as vibrações devido à flexibilidade do braço robótico com elos flexíveis. Primeiro, utilizase um controlador neural feedforward (NFF) na obtenção da dinâmica inversa do braço robótico flexível e o calculo do torque da junta. E segundo, para obter precisão no posicionamento... (Resumo completo, clicar acesso eletrônico abaixo)

Spray characterization under flash boiling conditions of a DI multi-hole injector at high injection pressures in a combustion vessel

Spray characterization under flash boiling conditions was investigated utilizing a symmetric multi-hole injector applicable to the gasoline direct injection (GDI) engine. Tests were performed in a constant volume combustion vessel using a high-speed schlieren and Mie scattering imaging systems. Four fuels including n-heptane, 100% ethanol, pure ethanol blended with 15% iso-octane by volume, and test grade E85 were considered in the study. Experimental conditions included various ambient pressure, fuel temperature, and fuel injection pressure. Visualization of the vaporizing spray development was acquired by utilizing schlieren and laser-based Mie scattering techniques. Time evolved spray tip penetration, spray angle, and the ratio of the vapor to liquid region were analyzed by utilizing digital image processing techniques in MATLAB. This research outlines spray characteristics at flash boiling and non-flash boiling conditions. At flash boiling conditions it was observed that individual plumes merge together, leading to significant contraction in spray angle as compared to non-flash boiling conditions. The results indicate that at flash boiling conditions, spray formation and expansion of vapor region is dependent on momentum exchange offered by the ambient gas. A relation between momentum exchange and liquid spray angle formed was also observed.

High-density electrode array for imaging in vitro electrophysiological activity

The development of a high-density active microelectrode array for in vitro electrophysiology is reported. Based on the Active Pixel Sensor (APS) concept, the array integrates 4096 gold microelectrodes (electrode separation 20 microm) on a surface of 2.5 mmx2.5 mm as well as a high-speed random addressing logic allowing the sequential selection of the measuring pixels. Following the electrical characterization in a phosphate solution, the functional evaluation has been carried out by recording the spontaneous electrical activity of neonatal rat cardiomyocytes. Signals with amplitudes from 130 microVp-p to 300 microVp-p could be recorded from different pixels. The results demonstrate the suitability of the APS concept for developing a new generation of high-resolution extracellular recording devices for in vitro electrophysiology.

BrainMaps.org - Interactive High-Resolution Digital Brain Atlases and Virtual Microscopy

BrainMaps.org is an interactive high-resolution digital brain atlas and virtual microscope that is based on over 20 million megapixels of scanned images of serial sections of both primate and non-primate brains and that is integrated with a high-speed database for querying and retrieving data about brain structure and function over the internet. Complete brain datasets for various species, including Homo sapiens, Macaca mulatta, Chlorocebus aethiops, Felis catus, Mus musculus, Rattus norvegicus, and Tyto alba, are accessible online. The methods and tools we describe are useful for both research and teaching, and can be replicated by labs seeking to increase accessibility and sharing of neuroanatomical data. These tools offer the possibility of visualizing and exploring completely digitized sections of brains at a sub-neuronal level, and can facilitate large-scale connectional tracing, histochemical and stereological analyses.