Exchanges and other trading platforms are often vertically integrated to carry out trading, clearing and settlement as one operation. We show that such vertical silos can prevent efficiency gains from horizontal consolidation of trading and settlement platforms to be realized. Independent of the gains from such consolidation, when costs of settlement are private information, there is no mechani...

The cross-border securities settlement in Europe is still said to be highly inefficient. One main reason can be seen in technical barriers between the different domestic settlement systems. Beside efforts to implement industryspecific communication standards an integration of the different settlement systems is necessary. The CSD-link model, the hub and spokes model, and the European CSD model ...

We investigate the role of settlement in a dynamic model of a payment system where the ability of participants to perform certain welfare-improving transactions is subject to random and unobservable shocks. In the absence of settlement, the full information first-best allocation cannot be supported due to incentive constraints. In contrast, this allocation is supportable if settlement is introd...

A static and a dynamic analysis model are separately established using ABAQUS finite element program to study the mechanical properties of track structure and running stability and safety of the vehicle under the condition that uneven settlement of bridge piers exists. The static model is aimed at studying the effects caused by uneven settlement alone and the dynamic one is for the effects indu...

Traditional methods of settlement prediction of shallow foundations on granular soils are far from accurate and consistent. This can be attributed to the fact that the problem of estimating the settlement of shallow foundations on granular soils is very complex and not yet entirely understood. Recently, artificial neural networks (ANNs) have been shown to outperform the most commonly used tradi...

After a year and a half of negotiations and failure of an earlier settlement proposal to obtain Congressional approval, the four largest cigarette manufacturers reached a settlement with 46 states over state claims against the tobacco industry on November 23, 1998. According to the Master Settlement Agreement (MSA), cigarette manufacturers agreed to pay participating states $206 billion over th...

Field studies demonstrate that the population structure of the barnacle Balanus glandula differs between locations of high and low larval settlement rate. These observations, together with results from a model for the demography of an open, space-limited population, suggest that the settlement rate may be a more important determinant of rocky intertidal community structure than is presently rea...

Edge effects are a dominant subject in landscape ecology literature, yet they are highly variable and poorly understood. Often, the literature suggests simple models for edge effects-positive (enhancement at the edge), negative (enhancement at the interior), or no effect (neutral)--on a variety of metrics, including abundance, diversity, and mortality. In the marine realm, much of this work has...

The expansion of the settlement trough is an important factor in the risk assessment of the tunneling induced settlement. The increase of settlement trough requires buildings to be included in the impact zone, which causes damages. This paper conducts estimation of the settlement trough width (STW) using empirical approaches, field measurement data and numerical solutions. The credibility of th...

Acute catastrophic events can cause significant damage to marine environments in a short time period and may have devastating long-term impacts. In April 2010 the BP-operated Deepwater Horizon (DWH) offshore oil rig exploded, releasing an estimated 760 million liters of crude oil into the Gulf of Mexico. This study examines the potential effects of oil spill exposure on coral larvae of the Flor...