O presente estudo tem por objetivo analisar e discutir a regulamentação e as principais características do mercado de balcão brasileiro como um todo, a fim de propor algumas modificações que o tornem mais seguro. Dentro do mercado de balcão, os negócios são realizados e estruturados de acordo com a vontade e as necessidades de ambas as partes, logo os contratos não são padronizados, também não existe um local determinado para as negociações acontecerem, sendo que estas podem ser realizadas por telefone ou via sistema eletrônico. No Brasil tal mercado é dividido em dois segmentos: o organizado, onde os contratos são pelo menos realizados ou registrados em órgãos que estão sob a supervisão da Comissão de Valores Mobiliários (CVM) e o não organizado, em que os contratos são firmados ou registrados em órgãos que não são fiscalizados pela CVM, logo esta parte do mercado de balcão esta menos sujeita à regulações. É dentro deste último segmento que são negociados os contratos de soja verde, de troca de insumo por produto, de CPR de gaveta, dentre outros, que servem como financiamento da produção agropecuária brasileira. Estes contratos incorrem em muitos riscos já que são firmados entre as partes e não possuem qualquer tipo de garantia oferecida por órgãos regulatórios, no que tange à sua liquidação, ou seja, não contam em seu ambiente de negociação com um sistema de clearing house. Logo, este trabalho buscou por meio de documentação de fontes primárias e secundárias e entrevistas não estruturadas, realizadas com profissionais que trabalham diretamente com o mercado de balcão, elaborar uma agenda de sugestões para tornar o ambiente de balcão não organizado mais regulamentado. Concluiu-se que existem medidas que podem ser implantadas no segmento aqui em questão, como a padronização de alguns itens dos contratos negociados, tais como as unidades de negociação e os meses de vencimento e também a conscientização dos agentes de mercado da importância de registrar suas operações, que podem tornar o mercado de balcão não organizado mais transparente e seguro. / This study aims to analyze and discuss regulations and main characteristics of the Brazilian over-the-counter (OTC) market as a whole and propose some changes to make it safer. Within the OTC, business is conducted and structured according to wishes and needs of both parties, therefore contracts are not standardized, and there is no physical place to conduct negotiations, which can be made by phone or through an electronic system. In Brazil, this market is divided into two segments: the organized one, where contracts are at least made or registered in organs under the supervision of the Comissão de Valores Mobiliários (CVM) and not organized, in which contracts are not made or registered nor inspected by CVM, thus, this type of OTC trade is less subject to regulation. Within this segment, contracts of soja verde (green soybean), exchange input product, off-the-record CPR, and others that serve for financing Brazilian agricultural production. These contracts are subjected to many risks as they are signed by the parties and do not have any warranty offered by regulators regarding liquidation, in others words, they do not make use of the clearing house. Therefore, this study aims to elaborate suggestions to provide regulation to the over-the-counter market through unstructured interviews conducted with professionals who work directly with the OTC market and documentation of primary and secondary sources. It can be concluded that there are measures to be implemented in the segment at issue here, such as the standardization of some items traded by contracts, such as bargaining units and the months of expiration and also raise awareness of the importance of market agents to register their operations, which can make the not organized OTC market more transparent and secure.

by Li Kwing-hong, Alvin, Tang Chun-sing, Roger. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1988. / Bibliography: leaf 71.

by Leung Wang Shek, Alice K.Y. Tsang. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1981. / Bibliography: leaf 136.

by Lim Luen-ho. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references. / TABLE OF CONTENTS --- p.i / ABSTRACT --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGEMENTS --- p.vi / INTRODUCTION --- p.1 / Internationalization of Securities Markets --- p.1 / Institutional Investors --- p.1 / Technological Developments --- p.2 / Growth Opportunities in Developing Countries --- p.2 / Deregulation of financial markets --- p.3 / Central Clearing and Settlement in Hong Kong --- p.4 / Objective of Study --- p.5 / METHODOLOGY --- p.6 / Data Collection --- p.6 / Sampling --- p.7 / WORLD-WIDE TREND IN THE DEVELOPMENT OF CLEARING AND SETTLEMENT OF SECURITIES --- p.8 / October Stock Market Crash of 1987 --- p.8 / Current Trend in the Clearing and Settlement System --- p.9 / Development of the Clearing and Settlement Systems in Asian Countries --- p.11 / Implications for Hong Kong Stock Market --- p.13 / Rebuilding of a Good Image as an Efficient Market --- p.13 / Competition from Other Markets Trading Hong Kong Listed Stocks --- p.14 / Competition from Other Asian Stock Markets --- p.15 / Prerequisite to Becoming a Regional Exchange in Long Run --- p.17 / Possible Directions for the Future Development of Central Clearing and Settlement Systemin Hong Kong --- p.18 / Allowing the investors (especially the institutional investors) to be the direct participants of CCASS --- p.19 / Linking CCASS to the settlement systems of other national markets --- p.19 / Issuing global certificates with the consensus of the issuers of the stocks --- p.20 / DEVELOPMENT OF THE CLEARING AND SETTLEMENT SYSTEM IN HONG KONG --- p.21 / History of CCASS --- p.21 / Current Issues --- p.25 / Cost Issue --- p.25 / Legislation Issues --- p.27 / Current Clearing and Settlement System --- p.28 / How a Trade is Settled --- p.28 / Issues of the Existing System --- p.30 / Too short settlement --- p.30 / Physical settlement --- p.30 / Exposures to counterparty risk --- p.31 / Chain reaction of settlement risks --- p.31 / Risks for loss of scrips --- p.31 / Central Clearing and Settlement System (CCASS) --- p.32 / Overview of CCASS Operation --- p.32 / Advantages of CCASS --- p.34 / Minimizing the need for physical delivery of share certificates --- p.34 / Eliminate the chance of losing scrips --- p.34 / Extended settlement period --- p.34 / Minimizing counterparty risk --- p.35 / Enhancing market development --- p.35 / Ability to handle huge amount of daily turnover --- p.36 / Implications --- p.36 / System Design --- p.36 / Managing of Conflicts of Interest --- p.40 / Registrars --- p.40 / Brokers --- p.41 / Custodians --- p.43 / CONCLUSION --- p.44 / The Role of Government in the Development of CCASS --- p.44 / Current Task of SFC concerning CCASS --- p.49

As a financial institution that clears and settles payments for equity and other securities, a clearinghouse essentially reduces the counterparty risk. It diminishes the risk of one party failing to meet its obligations, and makes markets more efficient through netting. This paper examines the impact of the establishment of the Day Clearing Branch on April 26, 1920, which allowed the NYSE Clearinghouse to net cash values and clear loans, supposedly resulting in savings in banking, time, and labor. The common and preferred equity securities that traded on the NYSE during the year 1920 were analyzed. The effect on bid-ask spreads and volume traded were scrutinized. It was found that these securities had increases in bid-ask spreads and decreases in volume traded, contrary to prior hypotheses.

O presente estudo tem por objetivo analisar e discutir a regulamentação e as principais características do mercado de balcão brasileiro como um todo, a fim de propor algumas modificações que o tornem mais seguro. Dentro do mercado de balcão, os negócios são realizados e estruturados de acordo com a vontade e as necessidades de ambas as partes, logo os contratos não são padronizados, também não existe um local determinado para as negociações acontecerem, sendo que estas podem ser realizadas por telefone ou via sistema eletrônico. No Brasil tal mercado é dividido em dois segmentos: o organizado, onde os contratos são pelo menos realizados ou registrados em órgãos que estão sob a supervisão da Comissão de Valores Mobiliários (CVM) e o não organizado, em que os contratos são firmados ou registrados em órgãos que não são fiscalizados pela CVM, logo esta parte do mercado de balcão esta menos sujeita à regulações. É dentro deste último segmento que são negociados os contratos de soja verde, de troca de insumo por produto, de CPR de gaveta, dentre outros, que servem como financiamento da produção agropecuária brasileira. Estes contratos incorrem em muitos riscos já que são firmados entre as partes e não possuem qualquer tipo de garantia oferecida por órgãos regulatórios, no que tange à sua liquidação, ou seja, não contam em seu ambiente de negociação com um sistema de clearing house. Logo, este trabalho buscou por meio de documentação de fontes primárias e secundárias e entrevistas não estruturadas, realizadas com profissionais que trabalham diretamente com o mercado de balcão, elaborar uma agenda de sugestões para tornar o ambiente de balcão não organizado mais regulamentado. Concluiu-se que existem medidas que podem ser implantadas no segmento aqui em questão, como a padronização de alguns itens dos contratos negociados, tais como as unidades de negociação e os meses de vencimento e também a conscientização dos agentes de mercado da importância de registrar suas operações, que podem tornar o mercado de balcão não organizado mais transparente e seguro. / This study aims to analyze and discuss regulations and main characteristics of the Brazilian over-the-counter (OTC) market as a whole and propose some changes to make it safer. Within the OTC, business is conducted and structured according to wishes and needs of both parties, therefore contracts are not standardized, and there is no physical place to conduct negotiations, which can be made by phone or through an electronic system. In Brazil, this market is divided into two segments: the organized one, where contracts are at least made or registered in organs under the supervision of the Comissão de Valores Mobiliários (CVM) and not organized, in which contracts are not made or registered nor inspected by CVM, thus, this type of OTC trade is less subject to regulation. Within this segment, contracts of soja verde (green soybean), exchange input product, off-the-record CPR, and others that serve for financing Brazilian agricultural production. These contracts are subjected to many risks as they are signed by the parties and do not have any warranty offered by regulators regarding liquidation, in others words, they do not make use of the clearing house. Therefore, this study aims to elaborate suggestions to provide regulation to the over-the-counter market through unstructured interviews conducted with professionals who work directly with the OTC market and documentation of primary and secondary sources. It can be concluded that there are measures to be implemented in the segment at issue here, such as the standardization of some items traded by contracts, such as bargaining units and the months of expiration and also raise awareness of the importance of market agents to register their operations, which can make the not organized OTC market more transparent and secure.

<p>In terms of forensic entomology, one area that is scrutinized most is the estimation of a minimum post mortem interval (mPMI) based on insects that are present at a crime scene. The identification of the insects found at the scene if the first step to calculate a mPMI. However, currently there are no methods that can present the courts with accurate statistical error rates in identification, because the current methods are reliant on an expert’s use of a morphological key to identify the specimen, and this identification method does not produce a confidence value. This project aimed to test a method of identification using geometric morphometrics that can produce confidence intervals to provide to the courtrooms. </p><p> Before any identification could start, a standard preservation protocol was developed to ensure that all diagnostic features are preserved, and specimens can be identified in the same way. A clearing method was designed to clear specimens within 24hrs using potassium hydroxide, so they can be dissected and mounted the next day. The dissection of the specimens was a simple six-step procedure to split the mouth hooks, the cuticle and the posterior spiracle. This procedure ensures that all diagnostic features are preserved on a microscope slide.</p><p> With all of the features preserved, the microscope slide is photographed for storage and an investigator can perform geometric morphometrics to identify the insect. This study tested the application of geometric morphometrics to distinguish between three genera of Calliphoridae (<i>Calliphora</i>,<i>Lucilia</i>, <i>Phormia</i>), from three locations in the US (Delaware, Indiana, California). Results showed significant (p-value: <0.05) variation in shape among all genera. When genera were tested for shape differences based on location, these variations were also significant (p-value: <0.05). The implication of these results is that enough shape difference exists to distinguish between these genera and to distinguish between populations.</p>

Esta dissertação parte da indagação sobre o arquétipo residencial arquitetônico da casa-pátio, que se configura como um vazio na habitação, um espaço confinado, protegido e oculto. Este pátio interno, fechado, com suas sutis mas ricas características, conferem a ele uma ambiência única, com uma peculiar atmosfera. Essa indagação originou-se a partir da vivência do autor, como estagiário de arquitetura, em uma casa na cidade de Porto Alegre, construída na década de 1970, de autoria do arquiteto Elyseu Victor Mascarello (1935- 2008), formado em 1958, na Universidade Federal do Rio Grande do Sul, onde foi aluno do primeiro corpo docente da instituição. A investigação consolida a busca do autor pela compreensão sobre o que estava em jogo na clareira da residência, quem eram os atuantes, e se haveria uma forma de mimetizar aquela condição em novos projetos ou outras situações. A identificação do pátio interno como uma clareira na casa e sua aproximação metafórica com o conceito heideggeriano da clareira do ser (Lichtung) conduz a pesquisa à investigação sobre a fenomenologia de acordo com a visão de Heidegger, relacionando a clareira filosófica, existencial, à clareira física, doméstica. Nestas condições, a clareira da casa-pátio Mascarello torna-se o cerne central da pesquisa, na busca pelas nuances presentes que a configuram, que a potencializam. A clareira de Heidegger é definida e aproximada à casa sagrada, existencial. No âmbito doméstico, outros exemplos de tipologias de clareiras em casas-pátio são desvelados, analisando-se suas potencialidades de clareiras. Este trabalho busca, portanto, trazer uma nova luz à casa com pátio interno, sob a égide da ancestralidade conceitual da casa, analisando o microcosmos criado, a presença da natureza e do cosmos em diferentes tipologias de casas-pátio. / This dissertation arose out of the inquiry concerning to the architectonic residential archetype of the courtyard house, which is configured by an empty area in the habitation, a confined, protected and occult space. This enclosed inner courtyard, with its subtle yet rich features, gives it a unique ambience with a peculiar atmosphere. This investigation was originated from the author’s experience, as an architectural intern, in a house located in Porto Alegre, built in the 1970s, by the architect Elyseu Victor Mascarello (1935-2008). Mascarello graduated in 1958, from the Federal University of Rio Grande do Sul, where he had been a student of the first academic teachers of the institution. The investigation consolidates the author's search for an understanding of what was at stake in the clearing of the residence, what were the active elements, and whether there would be a way of miming that condition into new projects or into other situations. The identification of the internal courtyard as a clearing in the house and its metaphorical relation, with the Heideggerian concept of the clearing of being (Lichtung), leads the research to the investigation of phenomenology, according to Heidegger's view, relating the existential philosophical clearing to the physical domestic clearing. Under these conditions, the clearing of Mascarello’s courtyard house becomes the central focus of the research, aiming to find the existing nuances, which configures and enhances the clearing. Heidegger's clearing is defined and related to the sacred, existential house. Within the domestic scope, other examples of clearing typologies in courtyard houses are unveiled, analyzing their potential for clearings. This work thus aims to shed a new light on the house with internal courtyard, under the aegis of the conceptual ancestry of the house, analyzing the created microcosm, the presence of nature and of the cosmos in different courtyard house typologies.

Thesis (Ph.D.)--University of Western Australia, 2007.

Thesis (doctoral)--Universiteit Utrecht, 2001. / "Met een samenvatting in het Nederlands." Includes bibliographical references.