Tribunal Constitucional: hora de cortar nas PPP’s, contratos futuros-swap…

Veja-se aliás a recente indagação formal da Procuradoria-Geral da República junto do Governo para colocar, se necessário for, em Tribunal, todos os contratos futuros swap. A maior parte dos quais com fortes prejuízos para o Estado português. Vide art.s 227º, 334º, 437º, 762º, entre outros, do Código Civil português. Abstract: See moreover the recent formal inquiry of the Attorney General's Office with the Government to place, if necessary, in court, all future swaps. Most of them with heavy losses to the Portuguese State. See art.s 227, 334, 437, 762º, among others, the Portuguese Civil Code.

Heróis Nacionais dos Contratos-swap no Minho!

A Procuradoria-Geral da República manteve contactos informais com o Ministério das Finanças para avaliar a possibilidade de o Estado levar a tribunal os contratos de alto risco assinados por empresas públicas de transporte. E deu indicações ao Governo de que há condições para conseguir a anulação dos swaps, se o Estado optar pela via litigiosa – o que ainda não aconteceu. Para isso, o Executivo tem de dar essa indicação ao Ministério Público” § The Attorney General's Office had informal contacts with the Ministry of Finance to evaluate the possibility of the state to prosecute high-risk contracts signed by public transport companies. And the Government has indicated that there are conditions to achieve the cancellation of swaps, if the state chooses the remedy litigation - which has not happened yet. For this, the Executive must provide that information to the prosecutor ";

Increased detection of schistosomiasis with Kato-Katz and SWAP-IgG-ELISA in a Northeastern Brazil low-intensity transmission area

INTRODUCTION: The laboratory diagnosis of schistosomiasis is based mainly on the detection of parasite eggs in stool samples through the Kato-Katz (KK) technique, reading one slide by test. However, a widely known limitation of parasitological methods is reduced sensitivity, particularly in low endemic areas. METHODS: To increase sensitivity, we conducted further slide readings from the same stool sample using the parasitological method associated with a serological test. We used the KK method (three slides) and the IgG anti-Schistosoma mansoni-enzyme-linked immunosorbent assay (ELISA) technique to diagnose schistosomiasis in low endemic areas in the Brazilian State of Ceará. Fecal samples and sera from 250 individuals were analyzed. RESULTS: Sixteen percent and 47.2% of samples were positive in parasitological tests and serological tests, respectively. Parasitological methods showed that 32 (80%) individuals tested positive on the first slide, 6 (15%) on the second slide, and 2 (5%) on the third. The performance of the ELISA test in the diagnosis, using the KK method as diagnostic reference, showed a negative predictive value of 100%, with specificity and positive predictive values of 62.8% and 33.9%, respectively. CONCLUSIONS: In this study, the increase from one to three slides analyzed per sample using the KK technique was shown to be a useful procedure for increasing the diagnostic sensitivity of this technique.

Credit default swap (CDS) prediction model & trading strategy

This project focuses on the study of different explanatory models for the behavior of CDS security, such as Fixed-Effect Model, GLS Random-Effect Model, Pooled OLS and Quantile Regression Model. After determining the best fitness model, trading strategies with long and short positions in CDS have been developed. Due to some specifications of CDS, I conclude that the quantile regression is the most efficient model to estimate the data. The P&L and Sharpe Ratio of the strategy are analyzed using a backtesting analogy, where I conclude that, mainly for non-financial companies, the model allows traders to take advantage of and profit from arbitrages.

A systolic array for linear MIMO detection based on an all-swap lattice reduction algorithm

A systolic array to implement lattice-reduction-aided lineardetection is proposed for a MIMO receiver. The lattice reductionalgorithm and the ensuing linear detections are operated in the same array, which can be hardware-efficient. All-swap lattice reduction algorithm (ASLR) is considered for the systolic design.ASLR is a variant of the LLL algorithm, which processes all lattice basis vectors within one iteration. Lattice-reduction-aided linear detection based on ASLR and LLL algorithms have very similarbit-error-rate performance, while ASLR is more time efficient inthe systolic array, especially for systems with a large number ofantennas.

Molecular prototypes for spin-based CNOT and SWAP quantum gates

We show that a chemically engineered structural asymmetry in [Tb2] molecular clusters renders the two weakly coupled Tb3+ spin qubits magnetically inequivalent. The magnetic energy level spectrum of these molecules meets then all conditions needed to realize a universal CNOT quantum gate. A proposal to realize a SWAP gate within the same molecule is also discussed. Electronic paramagnetic resonance experiments confirm that CNOT and SWAP transitions are not forbidden.

Determinants of credit default swap spread: evidence from european credit derivatives market

Tämän tutkielman tavoitteena on selvittää, mitkä tekijät vaikuttavat yrityksen ja valtion velkakirjojen väliseen tuottoeroon. Strukturaalisten luottoriskin hinnoittelumallien mukaan luottoriskiin vaikuttavia tekijöitä ovat yrityksen velkaantumisaste, volatiliteetti ja riskitön korkokanta. Tavoitteena on erityisesti tutkia, kuinka hyvin nämä teoreettiset tekijät selittävät tuottoeroja ja onko olemassa muita tärkeitä selittäviä tekijöitä. Luottoriskinvaihtosopimusten noteerauksia käytetään tuottoerojen määrittämiseen. Selittävät tekijät koostuvat sekä yrityskohtaisista että markkinalaajuisista muuttujista. Luottoriskinvaihtosopimusten ja yrityskohtaisten muuttujien data on kerätty yhteensä 50 yritykselle Euroalueen maista. Aineisto koostuu kuukausittaisista havainnoista aikaväliltä 01.01.2003-31.12.2006. Empiiriset tulokset osoittavat, että strukturaalisten mallien mukaiset tekijät selittävät vain pienen osan tuottoeron muutoksista yli ajan. Toisaalta nämä teoreettiset tekijät selittävät huomattavasti paremmin tuottoeron vaihtelua yli poikkileikkauksen. Muut kuin teoreettiset tekijät pystyvät selittämään suuren osan tuottoeron vaihtelusta. Erityisen tärkeäksi tuottoeron selittäväksi tekijäksi osoittautui yleinen riskipreemio velkakirjamarkkinoilla. Tulokset osoittavat, että luottoriskin hinnoittelumalleja on kehitettävä edelleenniin, että ne ottaisivat huomioon yrityskohtaisten tekijöiden lisäksi myös markkinalaajuisia tekijöitä.

Pub Swap

Treball que descriu com hem programat l'aplicació PubSwap des de la part de la base de dades fins a l'aplicació en Android.

Error en el consentimiento en los contratos de SWAP

Cada cert temps hi ha assumptes d’alt interès social dins de la jurisdicció. En els últims anys, coincidint amb la crisi financera internacional, els assumptes relatius a contractes bancaris complexos, sobretot permutes financeres o swaps, han tingut una gran rellevància. En un context de crisi financera internacional, i també nacional, s'han estès el nombre de demandes dirigides contra bancs i entitats financeres. Són reclamacions en les quals se sol·licita la declaració de nul·litat dels citats contractes, principalment es basa en un error del consentiment, nul·litat que comporta la devolució de les quantitats invertides, de les rentabilitats esperades o de les penalitzacions aplicades davant la resolució anticipada d'us contractes pels clients defraudats en les seves expectatives. Les presents pàgines pretenen un estudi dels litigis sobre SWAPS, principalment dels “Interest Rate Swap”, identificar quins són els contractes bancaris complexes, quines són les normes de consentiment contractual que els regeixen. Respecte dels primers, cal destacar que l'elevat nombre de casos plantejats davant els nostres tribunals no es tradueix en una casuística tan àmplia com seria imaginable. La gran majoria versa sobre les peticions de nul·litat del contracte (total o parcial) realitzades pels clients, al moment en què l'Euribor va descendir, i que allò que molts havien contractat com un segur de cobertura enfront dels elevats tipus d'interès que havien de pagar per les seves hipoteques, veien com conforme als pactes en el contracte, havien de satisfer al seu contrapart (una entitat de crèdit) una liquidació.

Determinants of credit default swap spread, the effect of the financial crisis in the us markets

The purpose of this study is to define what determinants affect the Credit spread. There are two theoretical frameworks to study this: structural models and reduced form models. Structural models indicate that the main determinants are company leverage, volatility and risk-free interest rate, and other market and firm-specific variables. The purpose is to determine which of these theoretical determinants can explain the CDS spread and also how these theoretical determinants are affected by the financial crisis in 2007. The data is collected from 30 companies in the US Markets, mainly S&P Large Cap. The sample time-frame is 31.1.2004 – 31.12.2009. Empirical studies indicate that structural models can explain the CDS spreads well. Also, there were significant differences between bear and bull markets. The main determinants explaining CDS spreads were leverage and volatility. The other determinants were significant, depending on the sample period. However, these other variables did not explain the spread consistently.

Los Credit Default Swap (CDS) o seguros contra cesación de pagos y su estructuración legal como garantía para los inversionistas

La crisis financiera del 2008 provocó la pérdida de riqueza y el derrumbe de los mercados bursátiles y de la economía real, traducida en desempleo, reducción de la productividad, recesión profunda, e incertidumbre en los mercados financieros. En el marco de la crisis de deuda soberana europea, es cuestionable también el grado de certeza de los CDS (Credit Default Swap) como garantía para los inversionistas, considerando las negociaciones existentes entre emisores y bancos europeos para evitar el default de estos instrumentos y por tanto, evitar la indemnización a los inversionistas en su calidad de acreedores. Remontándonos, la crisis financiera internacional del año 2008 tuvo como uno de sus orígenes a las hipotecas denominadas como “subprime”. Estas hipotecas fueron “empaquetadas” junto a otras de alta calificación, en grupos de hipotecas para ser titularizadas y colocadas en el mercado bursátil, mediante instrumentos denominados CDO (Collateralized Debt Obligations), y a aseguradas en algunos casos, través de los CDS (Credit Default Swap), siendo principalmente estos últimos instrumentos financieros, blanco de las críticas y señalados como uno de los culpables de la crisis financiera internacional. Bajo estas consideraciones, se pretende en esta investigación, analizar específicamente los CDS (Credit Default Swap), para determinar su naturaleza jurídica como verdaderos seguros contra cesación de pagos, o como permutas de incumplimiento crediticio. Comprender su estructuración legal como instrumento de garantía para los inversionistas institucionales o particulares, considerando el acontecimiento de la quita de los bonos griegos, la crisis de deuda soberana europea y el default de la deuda argentina, así como las consideraciones del ISDA (International Swaps and Derivatives Association) en estos puntos; su marco legal, su contribución en la reducción del riesgo, su papel especulativo y su incidencia real en la crisis financiera del año 2008.