The role of Investment Management Systems in regulatory compliance: a Post-Financial Crisis study of displacement mechanisms

The financial crisis of 2007���2009 and the resultant pressures exerted on policymakers to prevent future crises have precipitated coordinated regulatory responses globally. A key focus of the new wave of regulation is to ensure the removal of practices now deemed problematic with new controls for conducting transactions and maintaining holdings. There is increasing pressure on organizations to retire manual processes and adopt core systems, such as Investment Management Systems (IMS). These systems facilitate trading and ensure transactions are compliant by transcribing regulatory requirements into automated rules and applying them to trades. The motivation of this study is to explore the extent to which such systems may enable the alteration of previously embedded practices. We researched implementations of an IMS at eight global financial organizations and found that overall the IMS encourages responsible trading through surveillance, monitoring and the automation of regulatory rules and that such systems are likely to become further embedded within financial organizations. We found evidence that some older practices persisted. Our study suggests that the institutionalization of technology-induced compliant behaviour is still uncertain.

Software-based study of a non-sorting method for median calculation on a set of integer numbers

This paper presents a software-based study of a hardware-based non-sorting median calculation method on a set of integer numbers. The method divides the binary representation of each integer element in the set into bit slices in order to find the element located in the middle position. The method exhibits a linear complexity order and our analysis shows that the best performance in execution time is obtained when slices of 4-bit in size are used for 8-bit and 16-bit integers, in mostly any data set size. Results suggest that software implementation of bit slice method for median calculation outperforms sorting-based methods with increasing improvement for larger data set size. For data set sizes of N > 5, our simulations show an improvement of at least 40%.

Software evolution: a graph based model

A model based on graph isomorphisms is used to formalize software evolution. Step by step we narrow the search space by an informed selection of the attributes based on the current state-of-the-art in software engineering and generate a seed solution. We then traverse the resulting space using graph isomorphisms and other set operations over the vertex sets. The new solutions will preserve the desired attributes. The goal of defining an isomorphism based search mechanism is to construct predictors of evolution that can facilitate the automation of ���software factory��� paradigm. The model allows for automation via software tools implementing the concepts.

Obstacle avoidance routing scheme through optimal sink movement for home monitoring and mobile robotic consumer devices

In recent years, ZigBee has been proven to be an excellent solution to create scalable and flexible home automation networks. In a home automation network, consumer devices typically collect data from a home monitoring environment and then transmit the data to an end user through multi-hop communication without the need for any human intervention. However, due to the presence of typical obstacles in a home environment, error-free reception may not be possible, particularly for power constrained devices. A mobile sink based data transmission scheme can be one solution but obstacles create significant complexities for the sink movement path determination process. Therefore, an obstacle avoidance data routing scheme is of vital importance to the design of an efficient home automation system. This paper presents a mobile sink based obstacle avoidance routing scheme for a home monitoring system. The mobile sink collects data by traversing through the obstacle avoidance path. Through ZigBee based hardware implementation and verification, the proposed scheme successfully transmits data through the obstacle avoidance path to improve network performance in terms of life span, energy consumption and reliability. The application of this work can be applied to a wide range of intelligent pervasive consumer products and services including robotic vacuum cleaners and personal security robots1.

Software evolution: a graph based model

A model based on graph isomorphisms is used to formalize software evolution. Step by step we narrow the search space by an informed selection of the attributes based on the current state-of-the-art in software engineering and generate a seed solution. We then traverse the resulting space using graph isomorphisms and other set operations over the vertex sets. The new solutions will preserve the desired attributes. The goal of defining an isomorphism based search mechanism is to construct predictors of evolution that can facilitate the automation of ���software factory��� paradigm. The model allows for automation via software tools implementing the concepts.

Decreasing the interference of visual-based P300 BCI using facial expression changes

Interferences from the spatially adjacent non-target stimuli evoke ERPs during non-target sub-trials and lead to false positives. This phenomenon is commonly seen in visual attention based BCIs and affects the performance of BCI system. Although, users or subjects tried to focus on the target stimulus, they still could not help being affected by conspicuous changes of the stimuli (flashes or presenting images) which were adjacent to the target stimulus. In view of this case, the aim of this study is to reduce the adjacent interference using new stimulus presentation pattern based on facial expression changes. Positive facial expressions can be changed to negative facial expressions by minor changes to the original facial image. Although the changes are minor, the contrast will be big enough to evoke strong ERPs. In this paper, two different conditions (Pattern_1, Pattern_2) were used to compare across objective measures such as classification accuracy and information transfer rate as well as subjective measures. Pattern_1 was a ���flash-only��� pattern and Pattern_2 was a facial expression change of a dummy face. In the facial expression change patterns, the background is a positive facial expression and the stimulus is a negative facial expression. The results showed that the interferences from adjacent stimuli could be reduced significantly (P<;0.05) by using the facial expression change patterns. The online performance of the BCI system using the facial expression change patterns was significantly better than that using the ���flash-only��� patterns in terms of classification accuracy (p<;0.01), bit rate (p<;0.01), and practical bit rate (p<;0.01). Subjects reported that the annoyance and fatigue could be significantly decreased (p<;0.05) using the new stimulus presentation pattern presented in this paper.

The iso-Score Curve Graph. A new tool for competitive bidding

The present work describes a new tool that helps bidders improve their competitive bidding strategies. This new tool consists of an easy-to-use graphical tool that allows the use of more complex decision analysis tools in the field of Competitive Bidding. The graphic tool described here tries to move away from previous bidding models which attempt to describe the result of an auction or a tender process by means of studying each possible bidder with probability density functions. As an illustration, the tool is applied to three practical cases. Theoretical and practical conclusions on the great potential breadth of application of the tool are also presented.

Detecting abnormal and collusive bids in capped tendering

Recent developments in the area of Bid Tender Forecasting have enabled bidders to implement new types of easy-to-use tools for increasing their chances of winning contracts. Although these new tools (such as iso-Score Curve Graphs, Scoring Probability Graphs, and Position Probability Graphs) are designed for bidders in capped tendering (tenders with an upper price limit), some of their principles can also be applied by a Contracting Authority to detect which bidders do not follow a standard pattern, that is, their bids are extremely high or low. Since a collusive bid generally needs to be sufficiently high or low to make an impact on the bid distribution, any person in charge of supervising capped tenders can be alerted to any bidder that might be involved in a cartel after identifying the same abnormal behavior in a series of tenders through simple calculations and a new type of graph.

Kinetics analysis and automated online screening of aminocarbonylation of aryl halides in flow

Temperature, pressure, gas stoichiometry, and residence time were varied to control the yield and product distribution of the palladium-catalyzed aminocarbonylation of aromatic bromides in both a silicon microreactor and a packed-bed tubular reactor. Automation of the system set points and product sampling enabled facile and repeatable reaction analysis with minimal operator supervision. It was observed that the reaction was divided into two temperature regimes. An automated system was used to screen steady-state conditions for offline analysis by gas chromatography to fit a reaction rate model. Additionally, a transient temperature ramp method utilizing online infrared analysis was used, leading to more rapid determination of the reaction activation energy of the lower temperature regimes. The entire reaction spanning both regimes was modeled in good agreement with the experimental data.

Science drives horticulture's progress and profit

Horticultural science linked with basic studies in biology, chemistry, physics and engineering has laid the foundation for advances in applied knowledge which are at the heart of commercial, environmental and social horticulture. In few disciplines is science more rapidly translated into applicable technologies than in the huge range of man���s activities embraced within horticulture which are discussed in this Trilogy. This chapter surveys the origins of horticultural science developing as an integral part of the 16th century ���Scientific Revolution���. It identifies early discoveries during the latter part of the 19th and early 20th centuries which rationalized the control of plant growth, flowering and fruiting and the media in which crops could be cultivated. The products of these discoveries formed the basis on which huge current industries of worldwide significance are founded in fruit, vegetable and ornamental production. More recent examples of the application of horticultural science are used in an explanation of how the integration of plant breeding, crop selection and astute marketing highlighted by the New Zealand industry have retained and expanded the viability of production which supplies huge volumes of fruit into the world���s markets. This is followed by an examination of science applied to tissue and cell culture as an example of technologies which have already produced massive industrial applications but hold the prospect for generating even greater advances in the future. Finally, examples are given of nascent scientific discoveries which hold the prospect for generating horticultural industries with considerable future impact. These include systems modeling and biology, nanotechnology, robotics, automation and electronics, genetics and plant breeding, and more efficient and effective use of resources and the employment of benign microbes. In conclusion there is an estimation of the value of horticultural science to society.

Exact Search Directions for Optimization of Linear and Nonlinear Models Based on Generalized Orthonormal Functions

A novel technique for selecting the poles of orthonormal basis functions (OBF) in Volterra models of any order is presented. It is well-known that the usual large number of parameters required to describe the Volterra kernels can be significantly reduced by representing each kernel using an appropriate basis of orthonormal functions. Such a representation results in the so-called OBF Volterra model, which has a Wiener structure consisting of a linear dynamic generated by the orthonormal basis followed by a nonlinear static mapping given by the Volterra polynomial series. Aiming at optimizing the poles that fully parameterize the orthonormal bases, the exact gradients of the outputs of the orthonormal filters with respect to their poles are computed analytically by using a back-propagation-through-time technique. The expressions relative to the Kautz basis and to generalized orthonormal bases of functions (GOBF) are addressed; the ones related to the Laguerre basis follow straightforwardly as a particular case. The main innovation here is that the dynamic nature of the OBF filters is fully considered in the gradient computations. These gradients provide exact search directions for optimizing the poles of a given orthonormal basis. Such search directions can, in turn, be used as part of an optimization procedure to locate the minimum of a cost-function that takes into account the error of estimation of the system output. The Levenberg-Marquardt algorithm is adopted here as the optimization procedure. Unlike previous related work, the proposed approach relies solely on input-output data measured from the system to be modeled, i.e., no information about the Volterra kernels is required. Examples are presented to illustrate the application of this approach to the modeling of dynamic systems, including a real magnetic levitation system with nonlinear oscillatory behavior.

UNIVERSAL COVERING OF DRIFTLESS CONTROL SYSTEMS

Let M be a finite-dimensional manifold and Sigma be a driftless control system on M of full rank. We prove that for a given initial state x epsilon M, the covering space Gamma(Sigma, x) for a monotonic homotopy of trajectories of Sigma which is recently constructed in [1] coincides with the simply connected universal covering manifold of M and that the terminal projection epsilon(x) : Gamma(Sigma, x) -> M given by epsilon(x) ([alpha]) = alpha(1) is a covering mapping.

A linear optimization approach to the combined production planning model

Two fundamental processes usually arise in the production planning of many industries. The first one consists of deciding how many final products of each type have to be produced in each period of a planning horizon, the well-known lot sizing problem. The other process consists of cutting raw materials in stock in order to produce smaller parts used in the assembly of final products, the well-studied cutting stock problem. In this paper the decision variables of these two problems are dependent of each other in order to obtain a global optimum solution. Setups that are typically present in lot sizing problems are relaxed together with integer frequencies of cutting patterns in the cutting problem. Therefore, a large scale linear optimizations problem arises, which is exactly solved by a column generated technique. It is worth noting that this new combined problem still takes the trade-off between storage costs (for final products and the parts) and trim losses (in the cutting process). We present some sets of computational tests, analyzed over three different scenarios. These results show that, by combining the problems and using an exact method, it is possible to obtain significant gains when compared to the usual industrial practice, which solve them in sequence. (C) 2010 The Franklin Institute. Published by Elsevier Ltd. All rights reserved.

Invariants of binary differential equations

In this paper, we study binary differential equations a(x, y)dy (2) + 2b(x, y) dx dy + c(x, y)dx (2) = 0, where a, b, and c are real analytic functions. Following the geometric approach of Bruce and Tari in their work on multiplicity of implicit differential equations, we introduce a definition of the index for this class of equations that coincides with the classical Hopf`s definition for positive binary differential equations. Our results also apply to implicit differential equations F(x, y, p) = 0, where F is an analytic function, p = dy/dx, F (p) = 0, and F (pp) not equal aEuro parts per thousand 0 at the singular point. For these equations, we relate the index of the equation at the singular point with the index of the gradient of F and index of the 1-form omega = dy -aEuro parts per thousand pdx defined on the singular surface F = 0.

TOWARD SEMANTIC WEB SERVICES AS MVC APPLICATIONS: FROM OWL-S VIA UML

OWL-S is an application of OWL, the Web Ontology Language, that describes the semantics of Web Services so that their discovery, selection, invocation and composition can be automated. The research literature reports the use of UML diagrams for the automatic generation of Semantic Web Service descriptions in OWL-S. This paper demonstrates a higher level of automation by generating complete complete Web applications from OWL-S descriptions that have themselves been generated from UML. Previously, we proposed an approach for processing OWL-S descriptions in order to produce MVC-based skeletons for Web applications. The OWL-S ontology undergoes a series of transformations in order to generate a Model-View-Controller application implemented by a combination of Java Beans, JSP, and Servlets code, respectively. In this paper, we show in detail the documents produced at each processing step. We highlight the connections between OWL-S specifications and executable code in the various Java dialects and show the Web interfaces that result from this process.