Comment Letter: The NYSE and the End of the Structural Separation between Regulatory and Commercial Interests of the Exchange

The NYSE transformed into a for profit entity in 2006. As part of the approval process, the NYSE agreed to structurally separate the regulatory function from the business function. In doing so, the NYSE created NYSE Regulation, a non-profit with an independent board, to handle most regulatory matters. During the comment period, a spirited debate arose over the ability of a for profit company to carry out a regulatory mission. Some suggested that the regulatory function was incompatible with a "for profit" motive and that NYSE Regulation should be spun off. Others accepted the proposed structure but called for additional changes designed to reduce the possible influence of the public holding company over the regulatory function. In the end, the SEC approved the structure but with a number of prophylactic safeguards including the requirement that NYSE Regulation have a board consisting of all independent directors (save the CEO) and that directors from the for profit holding company could not make up a majority of the board. More recently, however, the NYSE has proposed to end the structural separation of the two functions and instead put in place a functional separation. The proposal would result in the termination of the delegation agreement between the Exchange and NYSE Regulation and the creation of both a Regulatory Oversight Committee of the Board of Directors of the Exchange and the creation of a Chief Regulatory Officer. This letter examines the history of the separation of the two functions and critiques the NYSE's proposal.

Chandra and Suzaku observations of the Be/X-ray star HD110432

We present an analysis of a pointed 141 ks Chandra high-resolution transmission gratings observation of the Be X-ray emitting star HD110432, a prominent member of the γ Cas analogs. This observation represents the first high-resolution spectrum taken for this source as well as the longest uninterrupted observation of any γ Cas analog. The Chandra light curve shows a high variability but its analysis fails to detect any coherent periodicity up to a frequency of 0.05 Hz. Hardness ratio versus intensity analyses demonstrate that the relative contributions of the [1.5-3] Å, [3-6] Å, and [6-16] Å energy bands to the total flux change rapidly in the short term. The analysis of the Chandra High Energy Transmission Grating (HETG) spectrum shows that, to correctly describe the spectrum, three model components are needed. Two of those components are optically thin thermal plasmas of different temperatures (kT ≈ 8-9 and 0.2-0.3 keV, respectively) described by the models vmekal or bvapec. The Fe abundance in each of these two components appears equal within the errors and is slightly subsolar with Z ≈ 0.75 Z ☉. The bvapec model better describes the Fe L transitions, although it cannot fit well the Na XI Lyα line at 10.02 Å, which appears to be overabundant. Two different models seem to describe well the third component. One possibility is a third hot optically thin thermal plasma at kT = 16-21 keV with an Fe abundance Z ≈ 0.3 Z ☉, definitely smaller than for the other two thermal components. Furthermore, the bvapec model describes well the Fe K shell transitions because it accounts for the turbulence broadening of the Fe XXV and Fe XXVI lines with a v turb ≈ 1200 km s–1. These two lines, contributed mainly by the hot thermal plasma, are significantly wider than the Fe Kα line whose FWHM < 5 mÅ is not resolved by Chandra. Alternatively, the third component can be described by a power law with a photon index of Γ = 1.56. In either case, the Chandra HETG spectrum establishes that each one of these components must be modified by distinct absorption columns. The analysis of a noncontemporaneous 25 ks Suzaku observation shows the presence of a hard tail extending up to at least 33 keV. The Suzaku spectrum is described with the sum of two components: an optically thin thermal plasma at kT ≈ 9 keV and Z ≈ 0.74 Z ☉, and a very hot second plasma with kT ≈ 33 keV or, alternatively, a power law with photon index of Γ = 1.58. In either case, each one of the two components must be affected by different absorption columns. Therefore, the kT = 8-9 keV component is definitely needed while the nature of the harder emission cannot be unambiguously established with the present data sets. The analysis of the Si XIII and S XV He-like triplets present in the Chandra spectrum points to a very dense (ne ~ 1013 cm–3) plasma located either close to the stellar surface (r < 3R *) of the Be star or, alternatively, very close (r ~ 1.5R WD) to the surface of a (hypothetical) white dwarf companion. We argue, however, that the available data support the first scenario.

Thermogravimetric study of the decomposition of printed circuit boards from mobile phones

Thermal decomposition of printed circuits boards (PCB) is studied, using thermogravimetric analysis to compare the thermal behavior of PCB of mobile phones before and after the removal of the metallic fraction by acid washing. Several dynamic and dynamic + isothermal runs have been carried out at different heating rates (5, 10 and 20 K min−1), from room temperature to more than 1100 K. Also runs in the presence and in the absence of oxygen were performed (combustion and pyrolysis runs). Moreover, TG–MS experiments were performed (both in inert and oxidizing atmosphere) in order to better understand the thermal decomposition of these wastes and identify some compounds emitted during the controlled heating of these materials. Different reaction models are proposed, one for pyrolysis and one for combustion of the two kinds of wastes studied, which proved to simulate appropriately the experimental results at all the heating rates simultaneously.

50 years of the ‘twin engine’. Franco-German reconciliation, European integration and reflections for Asia. EU Centre Singapore Background Brief No. 8, March 2013

On 22 January 2013, French President François Hollande and German Chancellor Angela Merkel gathered in Berlin to celebrate the 50th anniversary of the signing of the Élysée Treaty, the document that ended centuries of rivalry and warfare between their two countries. It is all too easy to forget the importance of Franco-German reconciliation. The 1950 Schuman Declaration, which led to the creation of the European Union’s (EU) predecessor, the European Coal and Steel Community (ECSC), sought to render the prospect of war between France and Germany ‘not only unthinkable but materially impossible’. Over 60 years later, when the EU was awarded the Nobel Peace Prize, the Norwegian Nobel Committee noted that indeed, ‘war between Germany and France is unthinkable’. Halfway around the world in Asia, the other theatre of World War II, tensions between China and Japan have arisen, with Taiwan and South Korea also in the fray. Nationalist movements in these countries have grown. This background brief lays out the issues for a timely reappraisal of the applicability, or otherwise, of the European integration and reconciliation processes to East Asia. The brief seeks to outline the contours of the historic act of Franco-German reconciliation, and its consequences ever since. Starting from a brief look at the history of rivalry and war between the two countries, the brief examines the events leading to the signing of the Élysée Treaty in 1963, and the development of Franco-German exchanges that have cemented the relationship. Difficulties between the countries are also raised. A timescale analysis of the opinion of the two publics is considered, as a measure of the success of Franco-German reconciliation.

The Berlin Republic and the real end of the post-war era. OSW Commentary No. 67, 2011-12-07

In the post-war era, Germany has undergone a deep change almost like clockwork every two decades. In 1949, the foundations were laid for the establishment of the two German states: the Federal Republic of Germany and the German Democratic Republic; 1968–1969 was the time of the student revolt as a harbinger of the democratisation and liberalisation of society; and in 1989–1990, the process of unification took place, with all its consequences. Two decades later, another deep revision of the values is happening, as a consequence of which Germany is bidding a final farewell to the post-war epoch and its inherent certainties: its advancing society, the homogeneous national state and the faith in Europe as a solution to the ‘German question.’ This revision will not be revolutionary. However, as with the previous turning points, Germany is becoming a different state and a different society, which Europe will have to build its relations with anew.

The future of the Franco-German tandem. OSW Commentary No. 83, 2012-07-11

Following the victories of François Hollande in the presidential election and the Socialist Party in the parliamentary election, the existing model of relations between Germany and France as symbolised by the Merkel-Sarkozy duo is undergoing a transformation. Along with the defeat for Sarkozy, who had fostered close cooperation with the German Chancellor, we are witnessing a change in the German-French modus operandi, which was based on making confidential agreements concerning the anti-crisis measures in the eurozone and then presenting ready-made solutions to other EU members (as in the case of the successive versions of the document currently known as the fiscal pact). However, a conflict in bilateral relations, which would mean a total breakdown of the Franco-German engine, is rather unlikely. In fact, François Hollande’s proposals have diminished the appearance of the two states’ exceptional compatibility, and have restored the specific relationship affected by the natural rivalry between two states, who because of their economies’ different orientation have divergent interests. Nevertheless, both sides are destined to reach a compromise, as neither can attain its goals in the face of the other’s opposition. In the long term, Hollande is likely to maintain a common front with Germany in fighting the crisis, while at the same time trying (with his allies from the south of the EU) to limit Berlin’s political and economic superiority.

N-terminal fusion of a toll-like receptor 2-ligand to a Neospora caninum chimeric antigen efficiently modifies the properties of the specific immune response

Immunoprophylactic products against neosporosis during pregnancy should induce an appropriately balanced immune response. In this respect, OprI, a bacterial lipoprotein targeting toll like receptor (TLR)2, provides promising adjuvant properties. We report on the manipulation of the innate and the T-cell immune response through the fusion of OprI with the Neospora caninum chimeric protein Mic3-1-R. In contrast to Mic3-1-R, OprI-MIC3-1-R significantly activated bone-marrow dendritic cells from naïve mice. Mice immunized with OprI-Mic3-1-R induced an immune response with mixed T helper (Th)1 and Th2 properties (high levels of both immunoglobulin (Ig)G1 and IgG2a and of interleukin (IL)-10, IL-12(p70) and interferon-γ responses) whereas Mic3-1-R+saponin induced a clear Th2-biased response (low IgG2a and high IL-4 and IL-10). After mating and challenge with N. caninum, increased expression of interferon-γ was only found in placentas from OprI-Mic3-1-R immunized dams. However, no protection against vertical transmission and neonatal mortality was observed in either of the two groups. These results indicated that more exhaustive studies must be done to elucidate the immune mechanisms associated with transplacental transmission. Antigen linkage to TLR2-ligands, such as OprI, is a useful tool to investigate this enigma by reorienting the innate and adaptive immune responses against other candidate antigens in future studies.

Legislative manual and rules of the House of Representatives.

Description based on: 33rd Legislature, 1913.

Titles and documents relative to the seigniorial tenure, required by an address of the Legislative Assembly, 1851.

Another compilation with similar title was also published in 1852. The contents of the two volumes are different.

An account of the proceedings of the merchants, manufacturers, and others, concerned in the wool and woollen trade of Great Britain, in their application to Parliament, that the laws respecting the exportation of wool might not be altered, in arranging the union with Ireland, but left to the wisdom of the imperial Parliament, if such a measure should hereafter appear to be just and expedient.

Issued by a committee of the merchants and manufacturers, John Maitland, chairman.

The two angry women of Abingdon,

Series title also at head of t.-p.

Storia di cinque mesi del reame delle Due Sicilie (da gennajo a maggio 1859); ricordi.

Mode of access: Internet.

Confederate veterans of the state of Oklahoma /

"The flags of the Confederate States of America" inserted as last page.

Elegia et marmora ad Ferdinandum II, utriusque Siciliæ regem /

Mode of access: Internet.

Vita del re di Napoli,

Mode of access: Internet.