General collateral

The repo market in linkers coexists alongside an old-style stocklending system. Issues seldom stray far from general collateral rates. Index-linked gilts are not strippable, and there is no index-linked futures contract. There is a sterling inflation derivatives market, which... 

The basic principle is illustrated with the following example. This considers a specific repo, that is, one in which the collateral supplied is specified as a particular stock, as opposed to a general collateral (GC) trade in which a basket of collateral can be supplied, of any particular issue, as long as it is of the required type and credit quality. 

This is part of the general collateral (GC) market, and is more common in the United States than elsewhere. Consider the case of a cash-rich institution investing in GC as an alternative to deposits or commercial paper. The better the quality of collateral, the lower the yield the institution can expect, while the mechanics of settlement may also affect the repo rate. The most secure procedure is to take physical possession of the collateral. However, if the dealer needs one or more substitutions during the term of the trade, the settlement costs involved may make the trade unworkable for one or both parties. Therefore, the dealer may offer to hold the securities in his own custody against the investor s cash. This is known as a hold-in-custody (HIC) repo. The advantage of this trade is that since securities do not physically move, no settlement charges are incurred. However, this carries some risk for the investor because they only have the dealer s word that their cash is indeed fully collateralised in the event of default. Thus this type of trade is sometime referred to as a Trust Me repo it is also referred to as a due-bill repo or a letter repo. 

In the case of a bonds borrowed/collateral pledged trade the institution lending the bonds does not want or need to receive cash against them, as it is already cash rich and would only have to reinvest any further cash generated. As such this transaction only occurs with special collateral. The dealer borrows the special bonds and pledges securities of similar quality and value (general collateral). The dealer builds in a fee payable to the lending institution as an incentive to do the trade. 

However, the repo desk has lent 937,708 against this security, which exceeds its market value. Under a variation margin arrangement it can call margin from the counterparty in the form of general collateral... 

TR swaps may also be used for speculation. Bond traders who believe that a particular bond not currently on their books is about to decline in price have a couple of ways to profit from this view. One method is to sell the bond short and cover their position through a repo. The cash flow to the traders from this transaction consists of the coupon on the bond that they owe as a result of the short sale and, if the shorted bond falls in price as expected, the capital gain from the short sale plus the repo rate—say, LIBOR plus a spread. The danger in this transaction is that if the shorted bond must be covered through a repo at the special rate instead of the higher general collateral rate—the one applicable to Treasury securities— the traders will be funding it at a loss. The yield on the bond must also be lower than the repo rate. 

Nearly all mechanistic studies of LTP have been carried out in the CAl region of hippocampal slices, where Schaffer collateral/commissural fibres make monosynaptic contacts with the dendrites of CAl pyramidal cells. It is generally accepted that the... 

Collaterals from neurons of neighbouring specific thalamo-cortical relay nuclei. Because these neurons are themselves activated by sensory inputs transmitted along the spinothalamic tract, this provides one way in which sensory stimuli can influence cortical activity generally, as well as specifically. 

The generally accepted view is that the stimulatory drive for the ARAS comes from collaterals of the classical ascending sensory pathways. Indeed, this is another way in which sensory stimuli can affect our state of arousal (Fig. 22.5). The diffuse activating... 

The diagnosis can be clarified by collecting a retrospective history both from the patient and from a collateral source, such as a friend or family member. A history of bipolar disorder will include episodes of illness that typically arise spontaneously, last for days or weeks, and often result in a decreased need for sleep during times of hypomania or mania. The periods of affective lability in the patient with a Cluster B personality generally do not arise in this spontaneous fashion but are instead triggered by a stressful life event. In addition, they seldom last as long as the typical... 

This formula is used for blood stasis in the meridians and collaterals of the limbs. The symptoms are chronic pain of all joints and general pain of the body. 

The student will now profit by exercises chosen to illustrate the most familiar types of compounds and the reactions available to prepare them. In every exercise, the student should keep in mind the type being illustrated and should, through collateral reading, be forming a judgment as to how far the reaction may be considered to be a general one and to what limitations it is subject. New points in manipulation will frequently develop, and these should be noted, and the extent of their application should be kept in view. 

GENERAL CHAIRMAN PELOFSKY There is one word that speaks to that, and that is collateral . The financial people want the collateral. 

A general pharmacological profile of the substance is required, with specific reference to collateral effects. .. Methods of screening will vary. .. but the aim should be to establish a pattern of pharmacological activity with in major physiological systems using a variety of experimental models. ... 

Moyamoya seems to be mainly confined to the Japanese and other Asians, and in most cases the cause is unknown (Bruno et al. 1988 Chiu et al. 1998). Some cases are familial (Kitahara et al. 1979) others appear to be caused by a generalized fibrous disorder of arteries (Aoyagi et al. 1996), and a few may result from a congenital hypoplastic anomaly affecting arteries at the base of the brain, or associated with Down s syndrome (Cramer et al. 1996). The syndrome may present in infancy with recurrent episodes of cerebral ischemia and infarction, mental retardation, headache, epileptic seizures and, occasionally, involuntary movements. In adults, subarachnoid or primary intracerebral hemorrhage are also common owing to rupture of collateral vessels. There have also been a few reports of associated intracranial aneurysms (Iwama et al. 1997) and also of cerebral arteriovenous malformations. 

Cirrhosis Like CT, MRI also portrays cirrhosis-related changes in liver size and shape, irregular superficial contours, dilated portal vessels and collaterals (generally also reversal of portal flow) as well as splenomegaly. As a result of the enhanced blood engorgement, the spleen... 

A persistent pressure elevation of > 12 mmHg in the portal vein circulation, dilation of the portal vein to >13 mm or an increase in the portal pressure gradient of > 7 mmHg (difference between the pressure of the portal vein and that of the inferior vena cava) is termed portal hypertension. At pressure values of more than 20 mmHg, collaterals generally develop. Portal hypertension is regarded as a systemic disease which affects a number of organ systems. 

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