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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
61

Design podlahového mycího stroje pro sedící obsluhu / Design of Ride-on Floor Cleaner

Badin, Jakub January 2016 (has links)
The topic of this master’s thesis is design of ride-on scrubber-dryer. The thesis concerns own design, which is based on findings from the analysis of the current state of knowledge.
62

Physico-chemical and mineralogical characterisation of earthy materials indigenously used as cosmetics

Ibeh, Oluebube Sallty 18 September 2017 (has links)
MENVSC / Department of Hydrology and Water Resources / Africa is endowed with various earthy materials, of which each community is uniquely identified. Inspite of the vast knowledge of western cosmetics, application of traditionally used cosmetics have been in existence and will be into practice from generation to generation, this is as a result of their various indigenous knowledge about traditional cosmetics. They are mostly applied during traditional rites and festive periods. Occasionally, earthy materials play a vital role in traditionally used cosmetics. Different reasons have been associated with the use of these earthy materials, they are: for skin cleansing, protection against ultra violet radiation, skin lightening, perfecting the distorted part of the skin and improving beauty. This study is focused on the physico-chemical, chemical and mineralogical characterisation of earthy materials indigenously used as cosmetics. This is achieved firstly by identifying the various earthy materials applied topically as well as their constituents. Samples for this study were obtained from six (6) different African countries namely: Botswana, Cameroon, Democratic Republic of the Congo, Nigeria, South Africa and Swaziland and were subjected to the following analyses: Scanning Electron Microscope and Electron Dispersive X-ray Spectroscopy for the morphology and elemental analysis, hydrometer method for the determination of particle sizes of each sample and a texture Auto Lookup Software Package (TAL Version 4.2) for the classification of their various textures (%clay, %sand and %silt). The X-ray diffractometry was applied for the identification of their mineral phases (secondary, major and minor). The Brunauer Emmett and Teller (BET) method was used for the physisorption analysis and classifying them according to their isotherm types (Type I, II, III, IV, V and VI). The chemical analysis was achieved by X-ray fluorescence (XRF). The result revealed that the morphology of the various representative samples varies, except CMR 1; 2, SCC 1; 2 and SLW 1; 2 which showed same structure and same elemental constituents, their resemblance indicated that they possess same geological formation. The XRF result indicated the presence of the following trace elements: Al, As, Au, Ba, Bi, Br, Ca, Cd, Ce, Cl, Co, Cr, Cs, Dy, Er, Eu, Fe, Ga, Gd, Ge, Hf, Hg, Ho, I, In, K, La, Lr, Lu, Mg, Mn, Mo, Na, Nd, Ni, Nb, Os, P, Pb, Pd, Pr, Pt, Re, Rh, Ru, S, Sc, Se, Sb, Si, Sm, Sn, Sr, Ta, Te, Tb, Th, Ti, U, V, W, Y, Yb, Zr and Zn, were measured in ppm. For example, Fe – 66.47 (Qwa-Qwa), Al – 4.64 (Swaziland), Si – 6.26 (Democratic Republic of Congo), Ti – 3.75 (Qwa-Qwa) and so on. From the particle size distribution analysis, some samples were identified to be clay (BTS 1, BTS 2, NG 1, SCC 4, SCC 5, SCC 9, SCC 11, SCC 12, SWL 1 and SWL 2) with their particle sizes < 2μm, whereas other samples showed other properties which are > 2 μm. Ten minerals were identified in the clay fraction samples: albite, goethite, halloysite, hematite, kaolinite (kaolinite-1Md, kaolinite 1) Mica (muscovite), sulphur, talc, chalcanthite and whewellite. The BET method vii for physical adsorption revealed that BTS 1, BTS 2, CMR 1, CMR 2, DRC A, DRC B, NG 1, NG 2, SWL 1, SWL 2, SCC 1, SCC 4, SCC 5, SCC 8, SCC 9, SCC 11 and SCC 12 countries possess Type II isotherm whereas samples from SCC 2, SCC 6, SCC 7 and SCC 10 had Type III isotherm. The physisorption analysis result also determined the various surface areas and porosity of each representative samples.
63

Automated Take-ups : The effects of replacing a manual operation for  anautomated financial system within Clearing Services / Automatiska Take-ups

Bea, Anders January 2016 (has links)
Within the banking industry many tasks, that previousrelied upon by manual labour is continuously being exchangedfor automated solutions. With the update in themethod of performing services through advanced software,benefits such as decrease in cost, increase in handling capacityor decrease in management delay come into focus.In the sector of Clearing Services the automation of simulatingrisk and clearing trades is being less of a questionand more of a requirement, since an increase in demand forderivatives clearing is expected. With this as a focus pointthis research project studied the potential effects that achange from manual to automation might present. To alsograsp a better understanding of the future market and competitivepotential the current situation on the market wasalso researched, where regulation proved itself as one ofthe motivating factors behind an increased activity. Thestudy concluded not only a decrease in cost, handling delayand increase in clearing capacity, but also future requirementfor implementation if any sustainable positionamongst market competition is to be expected. In additionthe resources that are relieved from the performing simulationsand take-ups would be able to focus on projects thatwould increase product value for the customer. / Inom bankindustrin overgår i dagsläget en stor andelprocesser från manuell hantering till att bli automatiserade.Genom uppdateringen till avancerad mjukvara, i relationtill hur tjänster hanteras och genomfors, så framkommerfordelar såsom exempelvis reduktioner i kostnader, processfordrojning,samt okad hanteringskapacitet. Automatiseringi sektorn Clearing Services är mer eller mindre ettkrav, då okad efterfråga utav clearing av derivat är forväntad.Med detta som fokus har denna studie undersoktpotentiella effekter som kan framkomma i en overgång frånmanuellt arbete till automatisering. For att bättre forståden framtida marknaden och den potentiella konkurrenskraften,undersokdes även den nuvarande marknaden. Meddetta identifierades även den motiverande faktorn bakomregulering och hur den påverkar det okande intresset gällandeclearing av derivat. Studien nådde fram till slutsatsenatt implementation skulle leda till reduktioner av kostnader,processfordrojning och okad hanteringskapacitet. Foratt behålla en kompetitiv position på marknaden for derivatclearing så kommer automatisering att krävas. Vidareskulle frilagda resurser från automatisering även kunna användasfor att utveckla produkter vilka okar kundvärdet.
64

Backtesting Expected Shortfall : A qualitative study for central counterparty clearing

Berglund, Emil, Markgren, Albin January 2022 (has links)
Within Central Counterparty Clearing, the Clearing House collects Initial Margin from its Clearing Members. The Initial Margin can be calculated in many ways, one of which is by applying the commonly used risk measure Value-at-Risk. However, Value-at-Risk has one major flaw, namely its inability to encapsulate Tail Risk. Due to this, there has for long been a desire to replace Value-at-Risk with Expected Shortfall, another risk measure that has shown to be much better suited to encapsulate Tail Risk. That said, Value-at-Risk is still used over Expected Shortfall, something which is mainly due to the fact that there is no consensus regarding how one should backtest Expected Shortfall. The goal of this thesis is to evaluate some of the most commonly proposed methods for backtesting Expected Shortfall. In doing this, several non-parametric backtests of Expected Shortfall are investigated using simulated data as well as market data from different types of securities. Moreover, this thesis aims to shed some light on the differences between Value-at-Risk and Expected Shortfall, highlighting why a change of risk measure is not as straightforward as one might believe. From the investigations of the thesis, several backtests are found to be sufficient for backtesting the Initial Margin with Expected Shortfall as the risk measure, the so called Minimally Biased Relative backtest showing the overall best performance of the looked at backtests. Further, the thesis visualizes how Value-at-Risk and Expected Shortfall are two risk measures that are inherently different in a real-world setting, emphasizing how one should be careful making conversions between the two based upon parametric assumptions.
65

The extent of bush encroachment and its effects on the ecosystem services of a mixed bushveld of Makapanstad rangelands, North-West Province, South Africa

Mndela, Mthunzi 12 August 2020 (has links)
The encroachment of rangelands by woody plants causes an imbalance in the grass:bush ratio leading to decline in ecosystem services including grazing capacity, biodiversity, and water yield. This study assessed the historical changes in woody cover, and the effects of bush clearing on water loss, atmospheric carbon uptake, herbaceous vegetation, and soil seed bank (SSB) dynamics. The study was conducted at Makapanstad (Radi and Maseding) and Kgomokgomo rangelands, North-West Province, South Africa. Landsat imagery was used to assess woody cover over 34 years (1984 - 2018) in a total area of 16 397 ha. Evapotranspiration (ET) and gross primary productivity (GPP) were assessed in cleared sites and their adjacent uncleared sites from 2013 to 2018. Woody plant densities, herbaceous composition, ground cover and biomass production were assessed in 24, 5×5-m plots distributed equally in three 2500-m2 bush-encroached blocks in each rangeland in February 2016. Three samples for soil nutrient analysis were collected 20-cm deep in each plot. Thereafter, half (1250-m2) of each block was mechanically cleared to make three replicates of cleared and uncleared microsites. Post-treatment survey of vegetation was conducted in February 2017. SSB was assessed for samples collected in April 2016 before bush clearing and in August, October and December 2016, and April and August 2017 in paired microsites. In 1984, herbaceous cover (humid + arid grasslands) dominated, accounting for 36% of the total area followed by woody cover (shrublands + bushlands) and unvegetated cover (bare soils + abandoned croplands), with respective proportions of 33 and 31%. There were substantial land cover changes over time, with shrub cover increasing linearly (r2 = 0.94, p < 0.05) at a rate of 0.26% year-1, increasing the total woody cover (TWC) to 38% in 2018. Cropland abandonment was the main driver of increase in shrub cover in the study area. Herbaceous cover declined with increase in TWC (r2 = 0.69), whereas bare soil cover increased (r2 = 0.70) with TWC over time. The main encroachers were Vachellia tenuispina at Radi, Vachellia tortilis at Maseding and Dichrostachys cinerea and V. tortilis at Kgomokgomo. Most of the woody species correlated with total N and clay content (r = 0.96; p < 0.05) in black vertic clay soils of Radi and Maseding, whereas non-leguminous species correlated with total N and C:N in the red-yellow apedal soils of Kgomokgomo. ET and GPP varied interannually in all rangelands and both declined significantly (p < 0.05) after bush clearing at Radi and Kgomokgomo but not at Maseding. ET increased with GPP in cleared (r2 = 0.50-0.59) and uncleared sites (r2 = 0.82-0.93) at Radi and they showed a strong relationship (r2 >0.70) in both sites at Maseding and Kgomokgomo. ET ranged from 0.26-0.46 and 0.48-0.97 Kg H2O m-2 day-1 in cleared and uncleared sites, respectively, at Radi and from 0.44-0.98 and 0.63-1.24 Kg H2O m-2 day-1 at Kgomokgomo. Total SSB densities (constituted mostly by early successional species) increased significantly (p < 0.05) to 2470, 1872 and 693 seeds m-2 at Radi, Maseding and Kgomokgomo, respectively, in cleared microsites in August 2017. Similarly, biomass production (BP) and basal cover (BC) were highest in cleared relative to uncleared microsites. Overall, increase in woody cover reduced herbaceous cover and this calls for bush control in the studied rangelands. The decline in ET after bush clearing suggested that bush clearing could be used to increase rangeland water yield. Increased SSB densities, BP and BC indicated that bush clearing facilitates passive restoration. / Thesis (PhD (Pasture Science))--University of Pretoria, 2020. / Agricultural Research Council / National Research Foundation / Plant Production and Soil Science / PhD (Pasture Science) / Unrestricted
66

Exploring the Feasibility of Replicating SPAN-Model's Required Initial Margin Calculations using Machine Learning : A Master Thesis Project for Intraday Margin Call Investigation in the Commodities Market

Branestam, Clara, Sandgren, Amanda January 2023 (has links)
Machine learning is a rapidly growing field within artificial intelligence that an increasing number of individuals and corporations are beginning to utilize. In recent times, the financial sector has also started to recognize the potential of these techniques and methods. Nasdaq Clearing is responsible for managing the clearing business for the clearinghouse's members, and the objective of this thesis has been to explore the possibilities of using machine learning to replicate a subpart of the SPAN model's margin call calculations, known as initial margin, in the commodities market. The purpose of replicating SPAN's initial margin calculations is to open up for possibilities to create transparency and understanding in how the input variables affect the output. In the long run, we hope to broaden the insights on how one can use machine learning within the margin call processes. Various machine learning algorithms, primarily focused on regression tasks but also a few classification ones, have been employed to replicate the initial margin size. The primary objective of the methodology was to determine the algorithm that demonstrated the best performance in obtaining values that were as close as possible to the actual initial margin values. The findings revealed that a model composed of a combination of classification and regression, with non-parametric algorithms such as Random Forest and KNN, performed the best in both cases. Our conclusion is that the developed model possesses the ability to effectively compute the size of the initial margin and thus accomplishes its objective. / Maskininlärning är ett snabbt växande område inom artificiell intelligens som allt fler individer och företag börjar använda. Finanssektorn har nu också börjat undersöka hur dessa tekniker och metoder kan skapa värde. Nasdaq Clearing hanterar clearingverksamheten för clearinghusets medlemmar och syftet med denna uppsats har varit att undersöka möjligheterna att använda maskininlärning för att replikera en del av SPAN-modellens beräkningar av marginkravet som kallas Initial Marginal. Syftet med att replikera SPANs initiala marginberäkningar är att öppna upp för möjligheter att skapa transparens och förståelse för hur inputvariablernapåverkar outputen. På sikt hoppas vi kunna bredda insikterna hur maskininlärningslösningar skulle kunna användas inom "Margin Call"- processen. De metoder som användes för att replikera storleken på Initial Margin var olika maskininlärningsalgoritmer, främst fokuserade på regressionsuppgifter men några klassificeringsalgoritmer användes också. Fokus i metoden var att hitta vilken algoritm som presterade bäst, det vill säga den algoritm som predikterade närmst de faktiska värdena för Initial Margin. Resultatet visade sig vara en modell som kombinerade klassificering och regression, där icke-parametriska algoritmer såsom Random Forest och KNN var de som presterade bäst i båda fallen. Vår slutsats är att den utvecklade modellen har en god förmåga att beräkna storleken på Initial Margin och därmed uppfyller den sitt syfte.
67

Techniques involved in the use of chemicals in an attempt to establish wildlife clearings

Trumbo, Harold A. January 1963 (has links)
The main objective of this project was to determine the possibility and feasibility of creating wildlife clearings through the use of herbicides as compared to conventional methods of bulldozing and hand clearing. The selected study area adjoining a series of 3 compartments designated as Broad Run Research Area, designed to study various methods of habitat manipulation. Twelve areas were selected for treatment and numbered consecutively. Two were abandoned; No. 1 because of its small size and No. 3 because of the value in its natural condition. A square clearing design was arranged in each of the remaining 10 areas. Four herbicides were selected for testing, each proposed clearing was divided into 4 equal sections in order to apply the 4 herbicides to each clearing; one per quarter-section. The 4 herbicides tested were Monuron, Fenuron, 2,4,5-T, and Ammonium sulfamate. Nonuron and Fenuron, in granular form, were applied around the base of each stem at rates of 5 and 10 grams per stem. Stems 0-4.9 inches d.b.h. received 5 grams and stems 5 inches d.b.h. and larger received 10 grams. Ammonium sulfamate and 2,4,5-T were applied to frills cut at waist height. The ax cute in 2,4,5-T treatment were spaced at 4 inch intervals, and in the ammonium sulfamate treatment were continuous and overlapping. These two chemicals were applied by the use of 2 gallon garden sprayers; ammonium sulfamate at a rate of 7lbs. of crystals dissolved in 2 gallons of water and 2,4,5-T at a rate of 12 lbs. active ingredient per 100 gals. of No. 2 diesel fuel. Frills were filled to overflowing. The granular herbicides were applied in June and July 1958 and the frill treatments were made in August of that year. Two stem counts by species were made on each entire area. The first was made immediately after treatment and the second after one complete growing season. The percent of kill was computed for each herbicide based on the stem counts. Herbaceous sample plots 1/100 acre in size, were established in 4 areas representing 4 topographical features. Two stem counts were made on each of these 4 areas. An incidental field study using 1,2, and 4-grams of Fenuron per stem revealed that most woody species can be controlled with 1 gram of active ingredient per stem. Openings were satisfactorily established with Fenuron and Monuron; a lower rate of application could have been used. Techniques used in frilling would have to be altered to obtain satisfactory results when using 2,4,5-T and ammonium sulfamate; complete frills are necessary for 2,4,5-T treatments and the ax cuts placed closer to the root collar in ammonium sulfamate treatments. Sight observations revealed the areas were being used by deer, rabbit, grouse, turkey, and woodcock. / Master of Science
68

Advanced Studies in Veterinary Anatomy: Angiogenesis in Caprine Reproductive Organs of Non-Pregnant and Pregnant Normal and Swainsonine-Treated Does

Hafez, Shireen Abdelgawad 22 April 2005 (has links)
The female reproductive organs are among the few adult tissues in which periodic angiogenesis normally occurs. Pathological angiogenesis can occur in various conditions, such as solid tumors. Vascular endothelial growth factor (VEGF) signaling often represents a critical rate-limiting step in physiological and pathological angiogenesis. This study utilizes development of utero-ovarian vasculature during pregnancy in goats as a model of physiological angiogenesis. Non-pregnant does and does at 4, 7, 10, 13, 16, and 18 weeks of gestation were used. Arteries of the reproductive tract were injected <i>in situ</i> with Microfil®. The tracts were fixed, dehydrated, and rendered transparent to reveal the paths of arteries. The ovarian artery was tortuous and lay in close apposition to the uterine tributary of the ovarian vein in all specimens studied. In non-pregnant does, this arrangement may serve as a local utero-ovarian pathway for the corpus luteum (CL) luteolysis at the end of non-fertile estrous cycle. During pregnancy, this arterio-venous arrangement may transfer luteotropic substances from uterus to ovary, which may serve in maternal recognition of pregnancy and fit the fact that the goat is CL dependent throughout gestation. In some cases of triplets, the size of the uterine branch of the ovarian artery was equal to or even larger than that of its parent artery and/or the ipsilateral uterine artery; and the vaginal artery contributed a connecting branch to the uterine artery. These physiological adaptations of the ovarian and/or vaginal arteries correlate well with the increasing nutrient demands of the growing multiple fetuses. In a second experiment, the vasculature of the uterus and ovaries was injected <i>in situ</i> with a mixture of Batson's No.17® and methyl methacrylate and then processed for observation by SEM. The microvasculature differed between non-pregnant and pregnant does, and with advancing gestation. We concluded that goats possess a <i>multivillous</i> type placenta. Capillary sinusoids and crypts on the fetal surface of the caruncle may compensate for the negative effect of the increased interhemal distance. Intussusceptive angiogenesis should be considered as equally possible and important mechanism as sprouting angiogenesis during placental development. Capillary diameters increased significantly during pregnancy especially after 4 weeks. Capillary density index was 66.8, 68.7, 55.5, 63.5, 70.1, 70.4, 64.5 percent in non-pregnant, 4, 7, 10, 13, 16, and 18 weeks of pregnancy, respectively. In the ovary, coiling of the ovarian branch of the ovarian artery around the ovarian tributary of the ovarian vein was observed. This may represent a local channel required for product transport from ovarian vein to ovarian artery and might have a role in regulating blood pressure to various ovarian structures. Immunolocalization of VEGF was performed as a third experiment. Immunostaining was observed in cyto- trophoblasts, maternal epithelial tissues, and vascular endothelium and smooth muscle, but not in binucleate giant cells or connective tissue. No apparent differences were observed in intensity and pattern of VEGF staining associated with advancing gestation. Luteal and follicular cells, and endothelium and smooth muscles of the ovarian vasculature positively stained. Patterns and intensity of staining of VEGF suggest that the fetus is directing its own survival by producing growth factors affecting fetal and maternal tissues. VEGF may have a role in growth and differentiation of cytotrophoblasts, as well as, development and maintenance of CL. In the fourth experiment, the sequential expression of VEGF and its receptors (fms-like tyrosine kinase, Flt-1 and kinase-insert domain-containing receptor, KDR) was measured using real-time quantitative PCR. Targets were detected in all studied tissues; however, levels of expression differed according to the stage of pregnancy. Expression of VEGF and its receptor mRNAs increased with advancing pregnancy, which correlates with the expansion of vasculature during pregnancy. Differences in the time-courses of the expression of Flt-1 and KDR mRNAs during pregnancy suggest that each receptor plays a different role in the angiogenic process. As an application of our model of angiogenesis, we tested the effect of swainsonine (active compound of locoweed and a potential anti-cancer drug) on the process. Does treated with swainsonine were euthanized at 7 and 18 weeks. No significant differences were found in sinusoidal diameters in treated does at 7 weeks, but a decrease in capillary density index was noted. In the ovary, focal avascular areas were observed in the corpus luteum of swainsonine-treated does at 7 weeks of pregnancy. Swainsonine caused great distortion in the uterine and ovarian vasculature at 18 weeks. A decrease in intensity of the immunoreactivity to VEGF antibody was observed in tissues from swainsonine-treated does at 7 and 18 weeks. There was no substantial effect of swainsonine on the expression of VEGF and its receptors' mRNAs in any of the studied tissues (except in the left ovary, where it had an inhibitory effect) at 7 weeks of pregnancy, but it had an inhibitory effect at 18 weeks. Demonstration of swainsonine's potential to negatively affect vascular development and suppress genes likely involved in angiogenesis at critical stages of blood vessel proliferation lends credibility to its potential as anti-cancer drug. / Ph. D.
69

店頭衍生性商品交易集中結算之研究─以美國2010金融改革法案為中心 / A study on the central clearing of over-the-counter derivatives –emphasis on the U.S. financial reform act 2010

鄭琇霙 Unknown Date (has links)
原為避險目的而生之衍生性商品,因為金融創新,不僅交易規模擴大,交易對象也變得多元,甚至進一步成為部分投機者賺取高報酬之工具。依統計資料,透過店頭市場交易之衍生性商品,其名目價值遠高於在集中市場交易者,然店頭市場交易係由雙方自行協商交易條件,在欠缺相關揭露要求之情況下,市場透明度低,且欠缺有力之違約風險控管機制,兼之此市場中參與者間之高度關聯性,使得一旦有違約情況發生,影響層面往往波及當事人以外之眾多對象。 在金融危機過後,國際間開始檢討此次危機之成因,並研擬後續可能改革方向,針對店頭市場交易部分,則強調透過集中交易、集中結算以及交易資訊揭露等方式加強監管。美國為眾多戮力於金融改革之國家中較早通過具體條文者,2010年的改革法案將店頭衍生性交易納入規範,以集中結算為改革重點,並施加交易資訊申報公開、保證金、資本準備和部位限制等要求。儘管集中結算制度為改革關鍵,在法案中卻存在部分豁免規定,例如僅標準化衍生性商品須集中結算、外匯換匯及遠期外匯兩類衍生性商品可免集中結算、以及最終使用者所從事之交易亦可豁免等。 對於上述豁免規定,本文認為基於集中結算制度本身運作之前提,為結算之衍生性商品必須有一定之流動性及標準化,加上採行集中結算可能會增加之避險成本,因此美國改革法案中之例外為妥協後之結果。上述例外存在之本身,以及相關主管機關所提行政規則修正草案中存在之缺失,皆增加了藉以規避集中結算制度之可能性,而成為美國改革法案集中結算制度之潛在漏洞,無法防範店頭衍生性交易再度賈禍。觀察過去美國幾次重大金融改革,皆是在金融危機後大幅加強對市場之管制,然管制之必要性卻須待多年運行後才能獲致理性檢驗之機會。此次集中結算制度之改革然結果如何,仍需待實際於市場實施後才能準確評價。 / Because of financial innovation, the trading volume of derivatives increases and the market participants get varied. Derivatives, that were developed to hedge or mitigate risk, become one of the tools to speculate. According to statistics, the total nominal value of derivatives traded in the over-the-counter (OTC) market is much higher than that traded in the exchange. Because of the low market transparency, the lack of powerful risk mitigating mechanism and the high correlation among major market participants, default of one counterparty may cause systemic risk. After the global financial market meltdown in 2008, countries devoted attention to the causes of the financial crisis, especially to the OTC derivatives. To reduce the risk identified in the OTC derivatives market, trading on the exchange or electronic trading platform, central clearing and information disclosure are some measures to be implemented. The Dodd-Frank Act was the earliest reform act passed by the U.S. among these countries. Although central clearing is the major component of the act, there are also several exemptions of it. For example, non-standard derivatives, foreign exchange swaps, foreign exchange forwards and derivatives traded by end-user are exempted from central clearing requirement. To be central cleared, the OTC derivatives must be standardized and with certain liquidity. Once central cleared, companies would be unable to use customized derivatives to mitigate commercial risk and the cost of hedge would probability increases. These are some reasons mentioned to support the central clearing exemption. However, the existence of these exemptions may become the inherent loopholes of the act. This article would first introduce the central clearing exemptions and evaluate the possible effect these exemptions might cause.
70

Vegetation response to clearing of exotic invasive plants along the Sabie River, South Africa

Garner, Richard David 26 February 2007 (has links)
Student Number : 9202137P - MSc Dissertation - School of Animal, Plant and Environmental Studies - Faculty of Science / The Reconstruction and Development Programme’s Mpumalanga Working for Water Programme (WWP) has cleared exotic and commercial weed species from the riverine environment since 1994. This study serves as an assessment of the impact and modification caused as a result of invasion and the subsequent clearing of the exotic vegetation on flora in the riverine zone of the Sabie River Catchment. The experimental design compares the before and after clearing effects and includes altitude and invasion intensity variables. The investigations included: in situ soil seed banks, environmental modification, vegetation structure, species diversity and effectiveness of clearing. Clearing and invasion by exotic species altered soil chemical, physical and ground cover parameters. The extent of these modifications was dependent on the extent of invasion and clearing done within the community. Clearing of exotic species however, acted as an additional disturbance to that caused by invasion. Environmental modifications that occurred with clearing and invasion within the study were positively related to percentage soil organic matter, and ground cover (soil, litter, vegetation). Invasion by exotic species alters the vegetation structure, the extent of which was directly related to the invasion intensity. The main source of vegetation structure modification is attributed to tall growing exotic species such as Eucalyptus grandis and Solanum mauritianum. Both of these species dominated the indigenous vegetation, E. grandis by expanding the upper canopy and S. mauritianum by dominating the mid canopy. Clearing of invasive vegetation resulted in an additional disturbance proportional to the extent of invasion intensity. Invasion did not result in any large changes to the vegetation at low intensity but clearing at this intensity increased the disturbance and altered the vegetation structure. Soil seed banks were limited in the number of species and dominated by two exotic species. The soil seed bank of woody species related positively to the community species richness. The total soil seed bank density did not relate to invasion intensity or clearing thereof but propagules of individual species within the soil seed banks did. The seeds of the exotic species, Acacia mearnsii and S. mauritianum, illustrated burial as prerequisite for persistence in the soil seed bank. A. mearnsii and S. mauritianum seeds were found to have half-life’s of up to 25 years and 13 months respectively. The species richness and diversity varied only marginally because of invasion and clearing. Species alpha diversity increased with clearing due to weedy and pioneer species establishment. Beta diversity effectively highlights the species turnover with clearing and invasion. Success in eradication of exotic species had mixed results. Clearing of high invasion sites was effective but in lower invasion categories a number of exotic individuals were missed. Clearing effectiveness was good for certain species such as E. grandis and Pinus patula, but poor for others such as S. mauritianum. Coppicing is a significant issue for E. grandis and S. mauritianum. The persistence of individuals (coppicing & missed individuals) coupled with very large persistent seed banks has repercussions for the clearing programme, as it may prevent effective eradication. Initially the WWP has been successful in removing exotic vegetation, however there is a failure to address the regenerative properties of some exotic species. Unless a rigid schedule of follow up clearing treatments occurs, an even larger invasion problem could exist.

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