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New York City, NY, United States
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NEW HAVEN, Conn.--(BUSINESS WIRE)--Yale School of Management (SOM) announced that $10 million has been raised to expand the Yale Program on Financial Stability (YPFS) and launch the “Crisis-Response Project.” This effort to codify best practices and provide training that can help governments fight financial crises is being supported by a group of esteemed business leaders and prominent philanthropies, including Jeff Bezos, Bloomberg Philanthropies, Bill Gates, and the Peter G. Peterson Foundation. To help guide this initiative, YPFS has expanded its Advisory Board, bringing in some of the most respected experts on the financial system. The Advisory Board is chaired by Timothy F. Geithner, and the full list of members is available at: http://som.yale.edu/ypfs-advisory-board. The new members are: Advisory Board chair, Timothy F. Geithner said, “Our goal is to improve the quality of decision making by governments and central banks in financial crises. With a master class designed and led by practitioners and a full curriculum of cases from crises around the world, we hope this program will become a model for how to train the next generation of policy makers.” With the Crisis-Response Project, the YPFS is creating an online platform to provide real-time decision support in financial crises. The project will synthesize the lessons from hundreds of interventions from past crises. The online platform will include individual case studies on every major intervention of the last century, with analysis of both best practices and common mistakes made by policymakers. “Making sure the decision-makers are armed with the information they need is the first step toward ensuring an effective response to any crisis,” said Michael R. Bloomberg founder of Bloomberg LP, philanthropist and three-term Mayor of New York City. “By comprehensively studying what went right – and what went wrong – in the financial crises of the past, the Crisis-Response Project will give economists, central bankers, and policymakers essential tools to respond to the financial crises of the future.” “Financial crises have enormous effects on the fiscal and economic health of a nation. It is critical to advance this research that integrates academic theory and policy practice in order learn about the prevention and management of financial crisis for the future,” said Pete Peterson, Chairman and Founder of the Peter G. Peterson Foundation. Andrew Metrick, Program Director of the Yale Program on Financial Stability and the Michael H. Jordan Professor of Finance and Management at Yale SOM, said, “The first time you contemplate a potential solution to a crisis shouldn’t be when you’re in the middle of one. Collectively, we must be better prepared for the next crisis. The Crisis-Response Project will do that.” Peter Salovey, Yale University president and Chris Argyris Professor of Psychology, said, “We are grateful to Jeff Bezos, Bloomberg Philanthropies, Bill Gates, and the Peter G. Peterson Foundation for supporting YPFS and the launch of the Crisis-Response Project. Their generosity will strengthen and extend the reach of YPFS programs, which will equip an influential community of scholars and practitioners with the knowledge to effectively manage financial crises.” The Yale Program on Financial Stability was founded in 2013 by Professor Metrick. In its first three years, a generous series of grants from the Alfred P. Sloan Foundation allowed YFPS to build a portfolio of projects and meetings to serve its mission to create, disseminate, and preserve knowledge about financial crises. With this new support, YPFS will increase its focus on crisis management. “In just a few years, YPFS has become the organization where regulators, policymakers, and central bankers go to learn about dealing with financial crises,” said Daniel Goroff, Vice President and Program Director of the Alfred P. Sloan Foundation. “The Sloan Foundation is proud to support this important work.” The YPFS has become a hub of information and communication for economists employed in macroprudential roles in regulatory agencies and central banks. Through the Financial Crisis Forum, an annual meeting held as part of the Systemic Risk Institute, YPFS convenes senior officials from major central banks and regulatory agencies. The Forum presents a series of panels led by the major architects of crisis response in the Global Financial Crisis and in some of the previous major crises. Previous participants have included Federal Reserve Vice Chairman Stanley Fischer; Agustín Carstens, governor of the Bank of Mexico; and Sir Paul Tucker, former Deputy Governor of the Bank of England. Building upon these critical activities, Yale SOM announced in 2016 the launch of a new one-year degree program – the Master of Management Studies in Systemic Risk. This first-of-its-kind, specialized program is designed for early- and mid-career employees of central banks and other major regulatory agencies with a mandate to manage systemic risk. It will leverage the deep expertise of Yale SOM’s finance faculty in capital markets and their influential academic work about the origins of the crisis. Edward Snyder, the Indra K. Nooyi Dean of Yale SOM, said, “With this significant support, we will expand our work on how the global financial system and individual central banks can effectively and efficiently respond to the next financial crisis. We are grateful to the Alfred P. Sloan Foundation that provided initial support for the program. With Yale SOM’s distinguished faculty experts as well as our global and cross-campus reach, Yale SOM excels at this kind of inquiry.” The mission of the Yale School of Management is to educate leaders for business and society. The school’s students, faculty, and alumni are committed to understanding the complex forces transforming global markets and using that understanding to build organizations—in the for-profit, nonprofit, entrepreneurial, and government sectors—that contribute lasting value to society.


News Article | May 10, 2017
Site: news.yahoo.com

Israeli historian Yuval Harari is getting a lot of attention with a dramatic vision of the future, in which humans merge with technology to evolve beyond themselves and ultimately colonize outer space -- potentially making our generation one of the last of Homo Sapiens. I'm hoping this is more of a cautionary tale than a roadmap for the development of our species. Harari is a book-writing rock star, whose volume "Sapiens" won praise from the likes of Barack Obama and Bill Gates. In his follow-up, "Homo Deus," he makes a lot of speculative statements in a way that seems intended to alarm, as if they were bound to come true. In describing how an artificial-intelligence service like Siri might someday give us advice on whom to marry, for example, he writes that "in exchange for such devoted counseling services, we will just have to give up the idea that humans are individuals, and that each human has a free will determining what’s good, what’s beautiful and what is the meaning of life.” Frankly, I find many of his ideas preposterous -- particularly the implication that our understanding of biochemistry, combined with big data, will soon subsume the concepts of free will and the human soul. I see scant immediate evidence beyond our infatuation with Siri, recent improvements in brain implant technology and the opioid epidemic. Yet these ideas come from a person who, by all accounts, is a highly intelligent and serious thinker. So what gives? My theory is that he’s putting us on. He’s conducting a thought experiment on his audience, extrapolating what might happen if we continue on our arrogant trajectory and refuse to think about how our lives are being subsumed by our obsession with ourselves and our technology. We’re so oblivious, he’s saying, that before we know it we’ll all be robots and we’ll think it’s grand. Yet he doesn’t necessarily believe that the future he's describing will come to pass. I take my theory in part from Harari's own discussion of why we should study history. He refashions the old Santayana quote about how those who forget the past are doomed to repeat it: Instead, he posits that those who wish to avoid doomed futures must predict them. He explains that we are better off considering how bad things can get, so that we can “make up our minds about it before it makes up our minds for us.” The best way to avoid dystopia is to imagine it. In the potential future Harari describes, if we continue on this trajectory called humanism, it will lead us to create artificially intelligent godlets. Or, rather, it will lead us to become such godlets, augmenting ourselves step by step with technology in a process that will erase our humanity, turning us into machine hybrids that seek only pleasure. I would put it differently: We will have to change our philosophy, and shed some of our self-absorption and inane love of gadgetry, if we wish to avoid such a future. If that's what Harari is getting at, I’m with him. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. To contact the author of this story: Cathy O'Neil at cathy.oneil@gmail.com To contact the editor responsible for this story: Mark Whitehouse at mwhitehouse1@bloomberg.net


Grant
Agency: European Commission | Branch: FP7 | Program: CP | Phase: ICT-2011.4.2 | Award Amount: 4.75M | Year: 2012

The goal of the X-LIKE project is to develop technology to monitor and aggregate knowledge that is currently spread across global mainstream and social media, and to enable cross-lingual services for publishers, media monitoring and business intelligence.In terms of research contributions, the aim is to combine scientific insights from several scientific areas to contribute in the area of cross-lingual text understanding. By combining modern computational linguistics, machine learning, text mining and semantic technologies we plan to deal with the following two key open research problems:- to extract and integrate formal knowledge from multilingual texts with cross-lingual knowledge bases, and- to adapt linguistic techniques and crowdsourcing to deal with irregularities in informal language used primarily in social media.As an interlingua, knowledge resources from Linked Open Data cloud (http://linkeddata.org/) will be used with special focus on general common sense knowledge base CycKB (http://www.cyc.com/). For the languages where no required linguistic resources will be available, we will use a probabilistic interlingua representation trained from a comparable corpus drawn from the Wikipedia.The solution will be applied on two case studies, both from the area of news. For the Bloomberg case study the domain will be financial news, while for the Slovenian Press Agency we will deal with general news. The technology developed in the project will be used to introduce cross-lingual and information from social media in services for publishers and end-users in the area of summarization, contextualization, personalization, and plagiarism detection. Special attention will be paid to analysing news reporting bias from multilingual sources. The developed technology will be language-agnostic, while within the project we will specifically address English, German, Spanish, and Chinese as major world languages and Catalan and Slovenian as minority languages.


Patent
Bloomberg L.P. | Date: 2013-04-02

Methods and systems for allocating trades to multiple brokers are disclosed. An execution algorithm for an order is selected. A weighting allocation is for the order to brokers is specified. The order is allocated based on the weighting allocation and execution algorithm. The order is subsequently transmitted for execution.


Patent
Bloomberg L.P. | Date: 2013-06-25

A system conducts anonymous negotiations and supports indications of interest in trading stock. The system includes a database for storing public orders received from a public stock trading system; and a server for receiving hidden orders from a plurality of users and for conducting anonymous negotiations between first and second users with the hidden orders. The server repeatedly accesses the database to determine a match of any one of the hidden orders with any one of the public orders, and to execute a pair of orders selected from the hidden orders and the public orders. The system also transmits indications of interest (IOIs) into a trading environment using the server for processing a trading order from a first user and for maintaining a profile of a user. The profile includes a current IOI setting for controlling transmission of the IOI from the user. The server responds to a toggle command from the first user to control transmission of the RN opposite to the current RN setting. The server responds to the ICH setting being set to allow transmission by transmitting the IOI of the first user associated with the trading order.


Patent
Bloomberg L.P. | Date: 2011-02-03

This application discloses a display and/or user interface for viewing information relating to tradable items such as financial interests and/or for use in a trading system for such items. Offer and bid prices for the tradable item are displayed according to an alignment, e.g., vertically. The prices move along the alignment in accordance with received price updates. Persistence of at least a part of an earlier display is provided in a later display for indicating a market change or changes. A shift in the positions of one or more of the prices in the alignment and some visual persistence relative to one or more earlier prices provide an easily perceived visual indication to the viewer of changes in prices and direction of a market change or change relating to a reference value or benchmark from a first time to a second time. The displayed prices may include a last price, best offer and bid prices and depth of market prices. A cell is provided for each price and a color indicator for a price to be persisted is implemented, e.g., as a background coloring of the cells. Best offer and bid prices may be indicated by a first color, e.g., white, depth of market offer prices indicated by a second color or colors in one color family, e.g., green, and depth of market bid prices indicated by color or colors in another color family, e.g., red, with the particular color becoming more intense (e.g., darker) as the price worsens.


Patent
Bloomberg L.P. | Date: 2013-06-26

A system for performing a computer-based method and a computer-based method include: receiving, at a computer-based interface device, data that is determined to be relevant to estimating cost information associated with a transfer of a low liquidity security; calculating, with a computer-based processor coupled to the computer-based interface device, an estimated fair value for the low liquidity security, based on the received data; receiving, at the computer-based interface device, an indication of at least one of an executable bid for the financial instrument and an executable offer for the financial instrument; and presenting, for display at a user interface terminal, a scaled, graphical representation of the estimated fair value for the low liquidity security and at least one of the executable bid for the financial instrument and the executable offer for the financial instrument.


In electronic trading venues, there may be orders for which the full information is not publicly displayed. For example, the full quantity of an order available for trading or the most aggressive price at which an order can be traded may not be made public. A system and method are disclosed that facilitates trading based on this non-public information. A first order associated with a financial instrument is placed at a venue to probe for non-public information related to the financial instrument. The results of the probe may then be used to place a second order at the venue that takes advantage of any discovered non-public information.


Computer systems, methods, and computer program products are provided for facilitating trading of financial interests over computer networks. A computer system may send through the network a first order for a financial interest, where the first order is not presently executable in an execution venue but has associated with it a quantity that can be committed to a possible future trade. On learning of a possible match between the first order and a second order, the computer system may attempt to firm up the first order into a tradable third order, possibly by asking a trader workstation to recall a quantity that was previously committed to a broker for trading. If firming up succeeds, the third order may be transmitted to a venue for execution. Firming up may include receiving from the trader workstation in formation identifying a broker to give up to the venue.


In electronic trading venues, there may be orders for which the full information is not publicly displayed. For example, the full quantity of an order available for trading or the most aggressive price at which an order can be traded may not be made public. A system and method are disclosed that facilitates trading based on this non-public information. A first order associated with a financial instrument is placed at a venue to probe for non-public information related to the financial instrument. The results of the probe may then be used to place a second order at the venue that takes advantage of any discovered non-public information.

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