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...

The global mussel aquaculture industry uses specialised spat catching and nursery culture ropes made of multi-filament synthetic and natural fibres to optimise settlement and retention of mussels for on-growing. However, the settlement ecology and preferences of mussels are poorly understood and only sparse information exists in a commercial context. This study quantified the settlement prefere...

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...

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...

Present study consists the, effect of temperature (10-30C), salinity (15-35 psu) and biofilm on the settlement of Enteromorpha flexousa zoospores. Settlement of zoospores was significantly (p<0.05) influenced by both temperature and salinity. Highest percentage of settlement occurred at 25C and 30 psu respectively. Subsequently the influence of biofilm was evaluated at the optimum 25C and 30 ps...

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...

We present methodology, algorithms and software for evaluating flow and view for architectural settlement layouts. For a given settlement layout consisting of a number of buildings arbitrarly positioned on a piece of land, in the present study an island situated on the west coast of Sweden, the methodology allows for evaluation of flow patterns and for evaluating the view experienced from the b...

Traditional Balinese Architecture is known for its extensive rules at both, the microscopic and the macroscopic level, ranging from the design of entire villages to single building elements. These rules are preserved in century old palm leaves, so-called lontars, and were put into practice by the Undagi (traditional “architect”) according to the needs of the owner of the building who provides t...