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With a notional amount outstanding of more than USD 500 trillion, the market for OTC derivatives is of vital importance for global financial stability. A growing proportion of these contracts are cleared via central counterparties (CCPs), which means that CCPs are gaining in importance as critical financial market infrastructures. At the same time, there is growing concern that a new „too big to fail" problem could arise, as the CCP industry is highly concentrated due to economies of scale. From a European perspective, it should be noted that the clearing of euro-denominated OTC derivatives mainly takes place in London, hence outside the EU in the foreseeable future. For some time there has been a controversial discussion as to whether this can remain the case post Brexit. CCPs, which clear a significant proportion of euro OTC derivatives and are systemically relevant from an EU perspective, should be subject to direct supervision by EU authorities and should be established in the EU. This would represent an important building block for a future Capital Markets Union in Europe, as regulatory or supervisory arbitrage in favour of systemically important third-country CCPs could be prevented. In addition, if a systemically relevant CCP handling a considerable portion of the euro OTC derivatives business were to run into serious difficulties, this may impact ECB monetary policy. This applies both to demand for central bank money and to the transmission of monetary policy measures, which can be significantly impaired, particularly in the event that the repo market or payment systems are disrupted. It is therefore essential for the ECB to be closely involved in the supervision of CCPs. Against this background, the draft amendment of EMIR (European Market Infrastructure Regulation) presented on 13 June 2017 is a step in the right direction. In addition, there is an urgent need to introduce a recovery and resolution mechanism for CCPs in the EU to complement the existing single resolution mechanism (SRM) for banks in the eurozone. Only then can the diverse interdependencies between banks and CCPs be adequately taken into account in the recovery and resolution programmes required in a financial crisis.
The German federal government intended to alleviate the burden of increasing fuel prices by introducing a temporary reduction of energy taxes on gasoline and diesel. In order to evaluate the impact of this measure on consumer prices at the filling stations the development of procurement costs for crude oil as well as the downstream development of refinery and distribution margins have to be taken into account. It turns out that about 80 % of the tax reduction has been passed on to end consumers on and around the effective date of the tax relief. However, within the first month the impact of the tax reduction has been wiped out for diesel completely as the gross margin of the mineral oil groups have substantially improved since then. On the other hand, for gasoline (E10) at least part of the impact can still be observed as the initial margin improvement has come down in the meantime. For a detailed analysis the German antitrust authority should look into the pricing algorithms of all 14,000 filling stations in Germany.
Mehr Nachhaltigkeit im deutschen Leitindex DAX : Reformvorschläge im Lichte des Wirecard-Skandals
(2020)
Im Rahmen der Aufarbeitung des Wirecard-Skandals wird auch eine Änderung der Kriterien zur Aufnahme in den deutschen Leitindex DAX diskutiert. Die bislang von der Deutschen Börse vorgesehenen Maßnahmen gehen in die richtige Richtung, sind aber nicht weitreichend genug. Es bedarf eines deutlichen Zeichens, dass sich künftig nur solche Unternehmen für den DAX qualifizieren können, die ein zumindest befriedigendes Maß an Nachhaltigkeit gemessen durch einen ESG-Risk-Score (Environment, Social, Governance) in ihrer Geschäftstätigkeit erreichen. Eine Simulation verdeutlicht, dass nach ESG-Kriterien seit langem kritisch betrachtete Unternehmen dem DAX nicht mehr angehören würden. Damit könnte mehr Kapital in nachhaltig wirtschaftende Unternehmen und Sektoren fließen.
We analyze the experimental data on nuclei and hypernuclei yields recently obtained by the STAR collaboration. The hybrid dynamical and statistical approaches which have been developed previously are able to describe the experimental data reasonably. We discuss the intriguing difference between the yields of normal nuclei and hypernuclei which may be related to the properties of hypermatter at subnuclear densities. New (hyper)nuclei could be detected via particle correlations. Such measurements are important to pin down the production mechanism.
Dieser Arbeit lag die Fragestellung zugrunde, welchen Einfluss die jeweilige Transfusionsstrategie auf AML-Patienten unter intensiver Induktionschemotherapie hat.
Dafür wurde ein am Universitätsklinikum Frankfurt zwischen 2007 und 2018 behandeltes Kollektiv von 352 Patienten untersucht. So erfolgte hier bis ins Jahr 2015 hinein die Transfusion eines EK ab einem Hb-Wert <8g/dl und nach Änderung des Transfusionstriggers ab einem Hb <7g/dl. AML-Patienten aus dem Jahr 2015 – dem Jahr der Änderung der Transfusionsregel – wurden von weiterer Untersuchung ausgeschlossen, um zwei klar abgrenzbare Kohorten erhalten zu können.
Es zeigte sich, dass die weniger restriktive Transfusionskohorte unter Induktionschemotherapie einen durchschnittlich um 1g/dl höheren Hb-Wert aufwies und früher als die restriktive Kohorte transfundiert wurde. Die Anzahl an Fiebertagen, CRP-Werte, Aufenthalte auf Intensivstation sowie die Dauer des Krankenhausaufenthaltes betrachtend, zeigte sich hingegen kein signifikanter Unterscheid zwischen beiden Kohorten.
Basierend auf unserer Arbeit ergeben sich keine Hinweise dafür, dass die restriktive Transfusionspraxis einer weniger restriktiven für AML-Patienten unterlegen ist. Limitierend auf die Aussagekraft der Ergebnisse wirken sich dabei die retrospektive Natur der Arbeit sowie die zeitliche Verschiebung der Behandlungszeiträume beider Kohorten aus.
Ergebnisse der bislang ausstehenden randomisierten Studien, die den Einfluss unterschiedlicher Transfusionsregimes auf Patienten mit hämatologischen Krankheiten untersuchen, sind in Bälde zu erwarten. Die bereits vorliegenden Pilotstudien und Ergebnisse der TRIST-Studie decken sich mit der von uns beobachteten Nicht-Unterlegenheit der restriktiven Transfusionspraxis für ein hämatoonkologisches Patientenkollektiv, sodass es abzuwarten gilt, ob sich dies auch in weiteren größeren randomisierten und kontrollierten Studien beweisen kann.
We analyze the experimental data on nuclei and hypernuclei yields recently obtained by the STAR collaboration. The hybrid dynamical and statistical approaches which have been developed previously are able to describe the experimental data reasonably. We discuss the intriguing difference between the yields of normal nuclei and hypernuclei which may be related to the properties of hypermatter at subnuclear densities. Most importantly new (hyper-)nuclei could be detected via particle correlations, and such measurements are relevant to pin down the production mechanism.
We analyze the experimental data on nuclei and hypernuclei yields recently obtained by the STAR collaboration. The hybrid dynamical and statistical approaches which have been developed previously are able to describe the experimental data reasonably. We discuss the intriguing difference between the yields of normal nuclei and hypernuclei which may be related to the properties of hypermatter at subnuclear densities. Most importantly new (hyper-)nuclei could be detected via particle correlations, and such measurements are relevant to pin down the production mechanism.
We report on new measurements of Cabibbo-suppressed semileptonic D+s decays using 3.19 fb−1 of e+e− annihilation data sample collected at a center-of-mass energy of 4.178~GeV with the BESIII detector at the BEPCII collider. Our results include branching fractions B(D+s→K0e+νe)=(3.25±0.38(stat.)±0.16(syst.))×10−3 and B(D+s→K∗0e+νe)=(2.37±0.26(stat.)±0.20(syst.))×10−3 which are much improved relative to previous measurements, and the first measurements of the hadronic form-factor parameters for these decays. For D+s→K0e+νe, we obtain f+(0)=0.720±0.084(stat.)±0.013(syst.), and for D+s→K∗0e+νe, we find form-factor ratios rV=V(0)/A1(0)=1.67±0.34(stat.)±0.16(syst.) and r2=A2(0)/A1(0)=0.77±0.28(stat.)±0.07(syst.).
he process e+e−→pK0Sn¯K−+c.c. and its intermediate processes are studied for the first time, using data samples collected with the BESIII detector at BEPCII at center-of-mass energies of 3.773, 4.008, 4.226, 4.258, 4.358, 4.416, and 4.600 GeV, with a total integrated luminosity of 7.4 fb−1. The Born cross section of e+e−→pK0Sn¯K−+c.c. is measured at each center-of-mass energy, but no significant resonant structure in the measured cross-section line shape between 3.773 and 4.600 GeV is observed. No evident structure is detected in the pK−, nK0S, pK0S, nK+, pn¯, or K0SK− invariant mass distributions except for Λ(1520). The Born cross sections of e+e−→Λ(1520)n¯K0S+c.c. and e+e−→Λ(1520)p¯K++c.c. are measured, and the 90\% confidence level upper limits on the Born cross sections of e+e−→Λ(1520)Λ¯(1520) are determined at the seven center-of-mass energies.
An amplitude analysis of the 𝐾𝑆𝐾𝑆 system produced in radiative 𝐽/𝜓 decays is performed using the (1310.6±7.0)×106 𝐽/𝜓 decays collected by the BESIII detector. Two approaches are presented. A mass-dependent analysis is performed by parametrizing the 𝐾𝑆𝐾𝑆 invariant mass spectrum as a sum of Breit-Wigner line shapes. Additionally, a mass-independent analysis is performed to extract a piecewise function that describes the dynamics of the 𝐾𝑆𝐾𝑆 system while making minimal assumptions about the properties and number of poles in the amplitude. The dominant amplitudes in the mass-dependent analysis include the 𝑓0(1710), 𝑓0(2200), and 𝑓′2(1525). The mass-independent results, which are made available as input for further studies, are consistent with those of the mass-dependent analysis and are useful for a systematic study of hadronic interactions. The branching fraction of radiative 𝐽/𝜓 decays to 𝐾𝑆𝐾𝑆 is measured to be (8.1±0.4)×10−4, where the uncertainty is systematic and the statistical uncertainty is negligible.
Using 16 energy points of e+e− annihilation data collected in the vicinity of the J/ψ resonance with the BESIII detector and with a total integrated luminosity of around 100 pb−1, we study the relative phase between the strong and electromagnetic amplitudes of J/ψ decays. The relative phase between J/ψ electromagnetic decay and the continuum process (e+e− annihilation without the J/ψ resonance) is confirmed to be zero by studying the cross section lineshape of μ+μ− production. The relative phase between J/ψ strong and electromagnetic decays is then measured to be (84.9 ± 3.6)◦ or (−84.7 ± 3.1)◦ for the 2(π+π−)π0 final state by investigating the interference pattern between the J/ψ decay and the continuum process. This is the first measurement of the relative phase between J/ψ strong and electromagnetic decays into a multihadron final state using the lineshape of the production cross section. We also study the production lineshape of the multihadron final state ηπ+π− with η → π+π−π0, which provides additional information about the phase between the J/ψ electromagnetic decay amplitude and the continuum process. Additionally, the branching fraction of J/ψ → 2(π+π−)π0 is measured to be (4.73 ± 0.44)% or (4.85 ± 0.45)%, and the branching fraction of J/ψ → ηπ+π− is measured to be (3.78 ± 0.68) × 10−4. Both of them are consistent with the world average values. The quoted uncertainties include both statistical and systematic uncertainties, which are mainly caused by the low statistics.
Bounding Dark Energy from the SPARC rotation curves: Data driven probe for galaxy virialization
(2024)
Dark Energy (DE) acts as a repulsive force that opposes gravitational attraction. Assuming galaxies maintain a steady state over extended periods, the estimated upper bound on DE studies its resistance to the attractive gravitational force from dark matter. Using the SPARC dataset, we fit the Navarro-Frenk-White (NFW) and Hernquist models to identify the most suitable galaxies for these models. Introducing the presence of DE in these galaxies helps establish the upper limit on its repulsive force. This upper bound on DE sits around ρ(<Λ)∼10−25~kg/m3, only two orders of magnitude higher than the one measured by Planck. We discuss the conditions for detecting DE in different systems and show the consistency of the upper bound from galaxies to other systems. The upper bound is of the same order of magnitude as ρ200=200ρc for both dark matter profiles. We also address the implications for future measurements on that upper bound and the condition for detecting the impact of Λ on galactic scales.
Regulating IP exclusion/inclusion on a global scale: the example of copyright vs. AI training
(2024)
This article builds upon the literature on inclusion/inclusivity in IP law by applying these concepts to the example of the scraping and mining of copyright-protected content for the purpose of training an artificial intelligence (AI) system or model. Which mode of operation dominates in this technological area: exclusion, inclusion or even inclusivity? The features of AI training appear to call for universal and sustainable “inclusivity” instead of a mere voluntary “inclusion” of AI provider bots by copyright holders. As the overview on the copyright status of AI training activities in different jurisdictions and emerging laws on AI safety (such as the EU AI Act) demonstrates, the global regulatory landscape is, however, much too fragmented and dynamic to immediately jump to an inclusive global AI regime. For the time being, legally secure global AI training requires the voluntary cooperation between AI providers and copyright holders, and innovative techno-legal reasoning is needed on how to effectuate this inclusion.
Determining the phase structure of Quantum Chromodynamics (QCD) and its Equation of State (EOS) at densities and temperatures realized inside neutron stars and their mergers is a long-standing open problem. The holographic V-QCD framework provides a model for the EOS of dense and hot QCD, which describes the deconfinement phase transition between a dense baryonic and a quark matter phase. We use this model in fully general relativistic hydrodynamic (GRHD) simulations to study the formation of quark matter and the emitted gravitational wave signal of binary systems that are similar to the first ever observed neutron star merger event GW170817.
ISOE-Newsletter Nr. 3/2024
(2024)
Ein Landkreis macht’s vor: So geht guter Umgang mit Grundwasser +++ Wie Kommunen nachhaltige Ernährung mit planetarer Gesundheit verbinden und fördern können +++ Ökosysteme im Klimawandel: Die Bedeutung von sozial-ökologischen Kipppunkten für die Savannen Namibias +++ Kunst erfahren – Biodiversität wertschätzen? Tanzperformance zur Bedeutung von Insekten in der Stadt +++ Kunststoffe in Lebensmittelverpackungen reduzieren +++ Aktuelle Beiträge im ISOE Blog +++ Aus dem ISOE +++ Das ISOE in den Medien +++ Termine +++ Publikationen
The STAR Collaboration presents measurements of the semi-inclusive distribution of charged-particle jets recoiling from energetic direct-photon γdir and neutral-pion (π0) triggers in p+p and central Au+Au collisions at sNN−−−√=200 GeV over a broad kinematic range, for jet resolution parameters R=0.2 and 0.5. Medium-induced jet yield suppression is observed to be larger for R=0.2 than for 0.5, reflecting the angular range of jet energy redistribution due to quenching. The magnitude of suppression is similar for γdir- and π0-triggered data, which constrains the color-charge and path-length dependence of jet quenching. Theoretical model calculations incorporating jet quenching do not fully describe the measurements.
Using an 𝑒+𝑒− collision data sample with a total integrated luminosity of 3.19 fb−1 collected with the BESIII detector at a center-of-mass energy of 4.178 GeV, the branching fraction of the inclusive decay of the 𝐷+𝑠 meson to final states including at least three charged pions is measured for the first time to be ℬ(𝐷+𝑠→𝜋+𝜋+𝜋−𝑋)=(32.81±0.35stat±0.63syst)%. In this measurement the charged pions from 𝐾0𝑆 meson decays are excluded. The partial branching fractions of 𝐷+𝑠→𝜋+𝜋+𝜋−𝑋 are also measured as a function of the 𝜋+𝜋+𝜋− invariant mass.
The process e+e−→Σ+Σ¯− is studied from threshold up to 3.04 GeV/c2 via the initial-state radiation technique using data with an integrated luminosity of 12.0 fb−1, collected at center-of-mass energies between 3.773 and 4.258 GeV with the BESIII detector at the BEPCII collider. The pair production cross sections and the effective form factors of Σ are measured in eleven Σ+Σ¯− invariant mass intervals from threshold to 3.04 GeV/c2. The results are consistent with the previous results from Belle and BESIII. Furthermore, the branching fractions of the decays J/ψ→Σ+Σ¯− and ψ(3686)→Σ+Σ¯− are determined and the obtained results are consistent with the previous results of BESIII.
The process 𝑒+𝑒−→Σ+¯Σ− is studied from threshold up to 3.04 GeV/𝑐2 via the initial-state radiation technique using data with an integrated luminosity of 12.0 fb−1, collected at center-of-mass energies between 3.773 and 4.258 GeV with the BESIII detector at the BEPCII collider. The pair production cross sections and the effective form factors of Σ are measured in eleven Σ+¯Σ− invariant mass intervals from threshold to 3.04 GeV/𝑐2. The results are consistent with the previous results from Belle and BESIII. Furthermore, the branching fractions of the decays 𝐽/𝜓→Σ+¯Σ− and 𝜓(3686)→Σ+¯Σ− are determined and the obtained results are consistent with the previous results of BESIII.