Internet has become the most extensible media of data exchange and communication in the world because computer science and technology are more and more popular. The Geographic Information Systems¡]GIS¡^are also developed on the Internet. However, using existing mechanism of data searching on the Internet cannot search data in Web GIS. We can only browse data but not access. This situation makes Web GIS as an isolated island. Users fail to know where and what kinds of data are provided, and these data also cannot be shared. The most important objective of the research is to build an effective mechanism of searching and clearinghouse on the Internet. This mechanism can help computer overcome difficulties in reading and understanding geographic data that are composed of maps and images, and then geographic data can be searched and shared easily as text data. The research will try to create metadata by XML that are complied with FGDC standard. By using two of the XML characteristics, i.e. creating tags and describing data, the computer can retrieve information automatically from metadata on the Internet. Lastly, the geographic search engine and clearinghouse that the research built will collect and integrate geographic metadata to systematically facilitate users finding geographic data they need through Internet, and achieve the objectives of geographic data search and clearinghouse on the Internet.

With the increasing popularity of interest rate swaps the need to understandswaptions, an option of an interest rate swap, is of great importance. A swap-tion can be used in both speculative purposes and to hedge against changesin interest rates. The most important thing to understand is the pricing for-mula. By starting at the basic rate instrument, bonds, we will work our waytowards the pricing formula for a swaption, the Black76 model. The Black76model is a variant of the Nobel prize winning formula Black-Scholes-Merton.With the pricing model we can start looking at the main scope of this thesis,a hedging strategy against swaptions from a clearinghouse perspective.Clearinghouses are central to the modern financial market. They act asa middleman in order to clear trades from clearing members and have anoversight of the financial market. In case a clearing member defaults, theclearinghouse will gain control over the defaulted portfolio. The clearing-house will host an auction of the portfolio which they strive to hold after5 to 15 days. When they hold the portfolio, they are exposed to the risksand therefore it’s of great importance to be able to hedge the assets in theportfolio. In this thesis a strategy and algorithm have been developed todelta-hedge swaptions in order to be delta-neutral under stable market con-ditions.In the thesis we will consider two cases. The first case is when the clear-inghouse receives the portfolio long before the swaptions maturity. In thiscase forward swaps are used to hedge and in order to reduce the number offorward swaps obtained, compression is used. The second case is when theswaption maturity will be reached within the period the clearinghouse holdsthe portfolio. For the days before maturity is reached, forward swaps andcompression is used. After maturity is reached interest rate swaps is used tohedge.For both cases the result is very close to achieving delta-neutrality. Withnormalized deltas with respect to the notional amount the mean delta ex-posure is of the magnitude 10−4 for the first case and 10−6 for the second.However, one thing to keep in mind is that everything is based on simu-lated values under some simplifying assumptions. This thesis should be asolid ground for future studies where more extreme scenarios are considered.With more extreme scenarios one could investigate the possibility to hedgewith Gamma or another Greek such as Vega. / Med den ökande användningen av ränteswappar är det av stor vikt att förståswaptioner, vilket är en option på en ränteswapp. En swaption kan användasbåde för spekulativa syften och för att hedgea mot risker i ränteförändringar.Det viktigaste att förstå är hur man prissätter en swaption. Eftersom swap-tioner baseras på underliggande tillgångar så kommer vi börja med det mestgrundläggande, obligationer, och arbeta oss fram till modellen vi kommer an-vända, Black76. Black76-modellen är en variant av den nobelprisvinnandemodellen Black-Scholes-Merton. Med denna modell kan vi börja undersökadet huvudsakliga syftet med avhandlingen, en hedgningsstrategi för swap-tioner från perspektivet av ett clearingshus.Clearinghus är en central del av den moderna finansmarknaden. De agerarsom en mellanhand för att hantera affärer mellan clearingmedlemmar ochhar en översikt över marknaden. Ifall en clearingmedlem går i konkurs,kommer clearinghuset att ta över portföljen med tillgångar. Clearinghusetkommer att hålla en auktion för att sälja av portföljen. De strävar efteratt hålla auktionen så snabbt som möjligt och det sker generellt efter 5 till15 dagar. Medan de har portföljen så är de exponerade mot riskerna i till-gångarna och därför är det av största vikt att kunna hedga tillgångarna. Iden här avhandlingen har en strategi och en algorithm tagits fram för attanvända delta-hedging för att uppnå delta-neutralitet under normala mark-nadsrörelser.Vi kommer att undersöka två olika fall. Det första fallet är när portföljen tasöver när det är lång tid kvar till swaptionens förfallodatum. Då kommer viatt använda forward swaps för att hedgea och för att minska antalet swapparkommer vi att använda kompression. Det andra fallet är när förfallodatumetuppnås under tiden som clearinghuset håller i portföljen. Dagarna innan för-fallodatumet kommer vi hedgea med forward swaps med kompression. Närdatumet är nått så kommer vi istället att använda ränteswappar.I båda fallen är resultaten nära att uppnå delta-neutralitet. Med normalis-erade deltan med avsenende på det nominella beloppet är medelvärdet avdelta-exponeringen av magnituden 10−4 för det första fallet och 10−6 för detandra. Men, det är värt att komma ihåg att allting är baserat på simuler-ade värden under förenklade antaganden. Denna avhandling bör utgöra enbra grund för vidare studier där man kan undersöka mer extrema mark-nadsrörelser. Med extremare rörelser skulle man kunna undersöka hedgn-ingsstrategier med andra Greker som till exempel Gamma och Vega.

Single-Request/Multiple-Response (SRMR) is an important messaging exchange pattern because it can be used to model many real world problems elegantly. However, SRMR messaging is not directly supported by Web services, and, since it requires Callback to function it is hampered by current in-practice security schemes, such as firewalls and proxy servers. In this thesis, a framework will be proposed to support SRMR and Callback in the context of Web services and the realities of network security. The central component of the proposed solution is a Clearinghouse Web service (CWS), which serves as a communication proxy and realizes the correlation of responses with requests. One and only one CWS will be needed per enterprise that wishes to handle any number of SRMR Web services and their respective clients. Using the framework and related code generation utilities, a non-trivial case study, a Purchase Order System, has been implemented.

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.

As one of the oldest and most innovative financial institutions, a clearinghouse efficiently clears and settles payments for equity transactions as well as other securities. However, this paper will only be concerned with common and preferred equity securities. The purpose of a clearinghouse is to reduce counterparty risk. It acts as an intermediary between two parties, so that the risk of one party failing to honor its contractual obligation is diminished. It reduces settlement risk through netting, the process of eliminating offsetting transactions, thus decreasing the amount of cash flow. I examine the impact of the New York Stock Exchange Clearinghouse upon its establishment in May 1892. Specifically, I analyze the clearinghouse’s effect on trading costs for different equity securities, scrutinizing the effects on bid-ask spreads. I find that once a firm joined the NYSE clearinghouse, both its relative and absolute bid-ask spreads are narrowed, representing an overall reduction in spreads of 5.28 percent.

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El presente trabajo de investigación se concentrará en la industria del cuero y calzado peruana. En el Perú solo el 1.4% de la producción nacional es dedicada a la exportación, así mismo el mantiene estrechas relaciones con potenciales mercados internacionales, los cuales reconocen la buena calidad del producto nacional. En la actualidad, Lima cuenta con varios conglomerados comerciales dedicados al sector, de los cuales resalta el mercado de cueros de Caquetá en el distrito del Rímac, donde se encuentra El Centro de Intercambio Tecnológico para el cuero y calzado o “Citeccal”. Pese a los esfuerzos de El Instituto Tecnológico de la Producción del Perú para elevar el potencial exportador de la industria nacional aún no ha tenido el alcance deseado con las empresas del sector, debido a las carencias de la infraestructura del Citeccal frente a los objetivos trazados. Esta investigación plantea un nuevo Citeccal que mantenga su ubicación estratégica en el mercado de Caquetá, debido su importancia comercial, el valor histórico de la comunidad del lugar y la necesidad urbana de modernizar la zona. Así mismo, que cumpla con los requisitos de la tipología Centro de investigación complementado con el énfasis de arquitectura permeable con el fin de fortalecer los vínculos entre la institución, las empresas y la comunidad del mercado. Se espera alcanzar dicho objetivo mediante los conceptos de accesibilidad, continuidad del contexto urbano, fluidez entre el espacio público y el interior del cite, además busca fortalecer los espacios permeables bajos los conceptos de adaptabilidad, variedad de usos. / The present investigation work is focused on the Peruvian leather and footwear industry. In Peru only 1.4% of the national production is dedicated to export, nevertheless, local industry permanently maintains close relationships with all the potential international markets, which recognize the good quality of Peruvian national products. Nowadays, Lima has several commercial conglomerates dedicated to the sector. One of them is Caquetá leather market in the Rímac district, where Footwear and leather development center called “Citeccal” is located. Despite the efforts of the Technological Institute of Production of Peru to increase the export potential of this national industry, the desired effect for the sector is not achieve due to Citeccal deficient infrastructure. This investigation proposes a new Citeccal maintaining its strategic location in the Caquetá market, owing to the commercial importance, its historical value to the local community and the urban necessity to modernize the area. The new building for Citeccal must need to emphasize the Investigation Center architectural requirements supplemented with the permeability emphasis, in the order to strengthen links between the institution itself, the companies and the market community. It is expected to achieve this through concepts of accessibility, continuity the urban context, fluidity between public and private spaces, also to strengthening permeable spaces will include the concepts of adaptability and a variety of uses. / Tesis

This item contains the agenda, minutes, and attachments for the Faculty Senate meeting on this date. There may be additional materials from the meeting available at the Faculty Center.

This item contains the agenda, minutes, and attachments for the Faculty Senate meeting on this date. There may be additional materials from the meeting available at the Faculty Center.