Background of portfolio margin regulation for equity securities productsDevelopment of portfolio margin rulesPortfolio margin computationEligible customersRequired approval and limitation on aggregate margin extendedManaging margin deficienciesDay tradingRisk disclosurePositions not eligible for margin treatmentIssues raised by the new rules   Cross margining at the clearing level—two modelsThe one-pot modelCommodity Exchange Act versus Securities Exchange Act of 1934Segregation of customer fundsClearing firm insolvencyThe two-pot modelCross-margining at the firm levelCross-margining accounts of market makersCross-margining accounts of customers   Making customer cross-margining work under SIPADeciding on a model: one-pot or two-pot?The challenge of including equitiesThe challenge of including OTC derivatives  相似文献   
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1.
将灾后重建与人类的可持续发展结合起来   总被引:2,自引:0,他引:2  
1 引言  我代表联合国系统和联合国开发署驻华代表处,非常荣幸地欢迎各位参加1999年北京自然灾害管理国际研讨会。自然灾害,如1998年发生在中国的大洪水,是罕见的和不确定的事件。去年夏天洪水的主要原因是长江上游和下游同时发生长期的广泛的降雨,这种情况也出现在北方的省份是极为特别的。同样,来自西藏和喜玛拉雅的空前严重的融雪更是加剧了势态的严重性。但是,灾害管理不仅仅是同不确定的自然事件做斗争。我们已经具有一些能力预测灾害,为灾害做准备,减轻自然灾害所带来的风险。虽然一些政府习惯于以过去所发生的灾…  相似文献   
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This study examines the Global Positioning System (GPS) as a tool for field mapping of scattered human remains or other materials in forensic investigations. Two aspects of the GPS are considered: (1) the level of accuracy that can be obtained using a mid-priced GPS unit, and (2) the effectiveness of using the GPS to map scattered materials. The positional accuracy of the GPS receiver was tested using a National Geodetic Survey (NGS) point located in Baton Rouge, LA. The utility of the GPS for mapping was investigated by setting up a mock field recovery and mapping the remains using both the GPS and traditional archeological methods. The results indicate that the positional error for a single location using GPS was less than one-half meter. However, when multiple positions were considered, the data produced on different days were not consistent. Further, the GPS receiver used in this study could not distinguish items in close association. Factors such as tree cover density, the proximity of the materials to structures or trees, and satellite positioning contributed to the erratic data. These results indicate that traditional techniques and photographs are still indispensable for mapping scattered remains or artifacts.  相似文献   
3.
Book review     
David V. Nowlin and Ronald J. Stupak. War as an instrument of policy: past, present, and future. university press of America, Lanham, MD, 1998.  相似文献   
4.
One crucial element for the evolution of cooperation may be the sensitivity to others?? efforts and pay-offs in comparison with one??s own costs and gains. If an individual responds to a disadvantageous reward distribution, then it would likely increase its relative fitness compared with those who do not (Brosnan & de Waal, Nature 428:140, 2004). Recent experimental research indicates that sensitivity toward unequal reward distribution is not a uniquely human trait; non-human primates react to inequity if they witness a conspecific that obtains a more attractive reward for the same effort. However, primates are not the only species that cooperate and thus would benefit from inequity aversion. Canids also frequently cooperate with group members (e.g., wolves, wild dogs, etc.) or humans (domestic dogs), allowing for the possibility that they also are sensitive to the reward distribution. We report the findings of two studies of dogs?? responses to inequity and the social factors that mediate such responses. In the first study, we investigated whether domestic dogs showed a response to the inequity of rewards received for the same action in pairs of familiar dogs. We found that dogs showed significant behavioral differences when tested without food rewards when in the presence of a rewarded partner compared to the baseline and asocial control situations. This indicated that the presence of a rewarded partner matters (Range, Horn, Virányi, & Huber, Proc Natl Acad Sci USA 106(1):340?C345, 2009). In contrast to primates, dogs did not react to differences in the quality of food or effort. In the second study, we analyzed whether individual (motivational or personality) characteristics determined the response of each subject to unequal reward distributions or whether the subject??s responses depended on the specific relationship they had with its partner. We found that individual motivation and the quality of the relationship influenced the dogs?? performance in test conditions, but that these factors varied across the control and reward inequity conditions. Overall, our results suggest that inequity aversion in dogs is conditional on their and their partner??s rewards. Whether inequity aversion is based on the same mechanisms in both humans and non-human primates is still unclear.  相似文献   
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Der Unterlassungsanspruch des § 28 Abs 1 KSchG richtet sich gegen gesetzwidrige Vertragsbestimmungen. Eine Vertragsbestimmung liegt aber nicht vor, wenn der Kunde lediglich best?tigt, die Ware vollst?ndig erhalten zu haben. Es wird zwischen den Parteien nichts geregelt, der Kunde gibt keine Willenserkl?rung ab, die den Vertrag gestaltet. Durch seine Best?tigung wird lediglich ein Beweismittel geschaffen, das der richterlichen Beweiswürdigung im Individualverfahren unterliegt. Das Gesetz selbst untersagt im § 6 Abs 1 Z 11 KSchG nur für den Verbraucher nachteilige Vereinbarungen über die Beweislast, w?hrend durch eine Wissenserkl?rung die Beweislastverteilung nicht vertraglich abge?ndert wird. Die Wissenserkl?rung sagt lediglich aus, wovon der Erkl?rende im Zeitpunkt der Erkl?rung ausgegangenist. Dies im übrigen auch nur dann, wenn der Erkl?rende die Erkl?rung bewusst abgegeben und nicht nur eine ungelesene Urkunde unterfertigte. Die Klausel "Vollst?ndig erhalten:" unterliegt nicht der Inhaltskontrolle nach § 28 Abs 1 KSchG und stellt keine Beweislastverschiebung zu Lasten des Verbrauchers im Sinne des § 6 Abs 1 Z 11 KSchG dar. Ma?geblich für die Qualifikation einer Klausel als eigenst?ndig im Sinne des § 6 KSchG ist nicht die Gliederung des Klauselwerks; es k?nnen vielmehr auch zwei unabh?ngige Regelungen in einem Punkt oder sogar in einem Satz der Allgemeinen Gesch?ftsbedingungen enthalten sein. Es kommt vielmehr darauf an, ob ein materiell eigenst?ndiger Regelungsbereich vorliegt. Dies ist dann der Fall, wenn die Bestimmungen isoliert voneinander wahrgenommen werden k?nnen.  相似文献   
8.
The article sheds light upon the political and scientific career of the conception of a “European Social Model”. In a first step, it gives a comprehensive review of the literature to answer the question for the common characteristics of the European societies. The authors claim that the European Social Model as realised in these societies is characterised by structures and processes of ordered diversity and social compensation. In a second step, the development of the political integration project which is also referred to as the “European Social Model” is lined out. The authors focus on the idea of a regulated capitalism by Jacques Delors, which in the 1990s has been reformulated into a eurokeynesian strategy, as well as on the discussion about a “Third Way” which finally led to the promotion of a ‘new’ European Social Model. It is shown that the principles of the ‘new’ European integration model conflict with and indeed contradict the old structures of the European Social Model, i.e. the shared characteristics of the European societies.  相似文献   
9.
The discriminatory power of the noncoding control region (CR) of domestic dog mitochondrial DNA alone is relatively low. The extent to which the discriminatory power could be increased by analyzing additional highly variable coding regions of the mitochondrial genome (mtGenome) was therefore investigated. Genetic variability across the mtGenome was evaluated by phylogenetic analysis, and the three most variable ~1 kb coding regions identified. We then sampled 100 Swedish dogs to represent breeds in accordance with their frequency in the Swedish population. A previously published dataset of 59 dog mtGenomes collected in the United States was also analyzed. Inclusion of the three coding regions increased the exclusion capacity considerably for the Swedish sample, from 0.920 for the CR alone to 0.964 for all four regions. The number of mtDNA types among all 159 dogs increased from 41 to 72, the four most frequent CR haplotypes being resolved into 22 different haplotypes.  相似文献   
10.
The first 150 words of the full text of this article appear below. Key points
  • Recently adopted rules in the United States significantlyexpand the amount of credit broker–dealers can extendto active traders in equity securities and related derivatives.The new rules allow leverage based on an assessment of the riskin a client's portfolio.
  • These developments may change thecompetitive landscape in two ways. First, they may impact thebusiness currently done by London-based firms by alleviatingthe regulatory disparity that currently drives significant USgenerated equity-financing business to London. Second, the newrules give US broker–dealers a competitive advantage overUS banks in regard to credit extended to US persons to purchaseand carry equity securities.
  • The following article discussesthe new rules as well as legal issues that must be resolvedto assure that the full benefits of these changes can be realizedacross all equity products. These issues involve a resolutionof the differing customer-protection regimes between two . . . [Full Text of this Article]
 
   1. Introduction    2. What is ‘Portfolio Margining’?    3. Cross-margining—overview of existing cross-margining programmes    4. The future: expansion of cross-margining to new products and users
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