Free Essay

Ios Discouting

In: Science

Submitted By teamouest2013
Words 6633
Pages 27
INTEREST RATES STRATEGY

24 February 2011

Understanding OIS discounting
The Dodd-Frank Act mandates central clearing for most swaps and the collateralization of uncleared swaps on dealer balance sheets. OIS discounting is the technically correct approach for pricing and valuing collateralized swaps, and it involves a thorough reconsideration of traditional pricing and valuation techniques. In this note we provide background and touch on some technical nuances involved.
The traditional method of discounting using a Libor curve misstates the required collateral on a swap and its mark-to-market value. When collateral earns OIS, collateral and mark to market should be based on valuations that discount using a risk-free curve, such as the OIS curve.
Investors need to rethink the relationship between forward rates and par rates. For the same par swap curve, if the curve is upward sloping and Libor-OIS spreads are positive, forward rates are lower under OIS discounting than they are under Libor discounting. The mark-to-market impact of a switch to OIS discounting from Libor discounting should materially affect only aged or off-market swaps, since the mark-to-market value of a par swap at initiation is zero under both discounting schemes.
Possible market impact:


Impact on directional books: Given the rally in rates over the past few years, natural receivers of swaps should benefit and natural payers could lose in a switch to OIS discounting. This has implications for entities with large directional swap books, such as insurance companies and the GSEs.



Sensitivity to Libor-OIS spreads: Under Libor discounting, the mark-to-market value of a swap does not change as long as the Libor curve is unchanged.
However, under OIS discounting, even if Libor swap rates are unchanged, markto-market values of a swap book would have exposure to Libor-OIS spread risk.



Valuation of asset swaps: Libor-swap legs of asset swap trades need to be revalued, especially considering that they trade away from the par swap curve.



Liquidity of the OIS curve: The OIS, or the FRA-OIS, market is likely to become more active, as market participants hedge both OIS and Libor-OIS risks.



Inconsistencies between related derivatives: Even if par swaps are traded consistently, differences could arise in forward-starting swaps and forward rate agreements, depending on the choice of discounting method.



Possible accounting implications: As the differences between valuations of collateralized and uncollateralized swaps become more apparent, additional questions regarding the use of Libor swaps as hedges during times of turmoil may arise.

PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES STARTING AFTER PAGE 10

Amrut Nashikkar
+1 212 412 1848 amrut.nashikkar@barcap.com www.barcap.com

Barclays Capital | Understanding OIS discounting

Section 1: Introduction and motivation
OIS discounting means discounting the expected cash flows of a derivative using a nearly risk free curve such as an overnight index swap (OIS) curve. Under OIS discounting, the specific curve to which a particular swap is linked is irrelevant for discounting purposes – its only use is to generate forward cash flows. In contrast, when valuing a swap under traditional (3m Libor) discounting, forward 3m Libor cash flows are also discounted using discount factors from the 3m Libor swap curve. We outline the basics of OIS discounting while staying as non-technical as possible.
The report is divided into four sections. Section 1 describes introduces OIS discounting and discusses the motivation behind it. Section 2 looks at the mechanics through simple examples and formulae. Section 3 discusses the implications of OIS discounting for swap valuation, collateralization, and the pricing of forward-starting swaps. Section 4 looks at the possible market impact and challenges involved in migrating to the new framework.

Why has OIS discounting been introduced?
The financial crisis made the risks involved in OTC derivatives transactions very clear. An inthe-money OTC derivative carries significant counterparty risk, since the expected cash flows will not be realized if the counterparty defaults. Collateralization of OTC contracts using credit support annexes (CSAs) has long been a way of mitigating this risk.
In addition to the voluntary use of collateral in bilateral contracts, central clearing has increasingly become a feature of the swap market. In order to mitigate counterparty risk, clearing houses require initial and variation margins to be posted against swaps that they clear. Collateral posted in this form typically earns a rate linked to overnight interest rates.
Two regulatory factors are likely increasingly leading to essentially all swaps being collateralized. The first is the Dodd-Frank Act, which requires all eligible swaps to be centrally cleared. For uncleared swaps, it mandates collateralization requirements. Thus, in the future, participants in the swap market will take collateral needs into consideration when initiating trades. As this occurs, we expect OIS discounting to increasingly emerge as a market standard.
The second issue involves the capital adequacy guidelines under Basel III, which will be phased in between 2014 and 2018. Risk weights on collateralized versus uncollateralized swaps differ significantly – the former essentially get a zero risk weight, while the latter are weighted according to the risk weight of the counterparty. This means that banks and their swap desks will have incentives to undertake collateralized trades over uncollateralized trades. What was the trigger for dealers to adopt OIS discounting?
Market participants have been long aware that discounting swap contracts using the Libor curve, as was traditional practice, is flawed in situations where the swap is collateralized and the collateral earns a rate that is lower than Libor. Before 2007, Libor-OIS spreads were in single digits. Therefore, for all practical purposes, the choice of a discounting curve was not crucial. However, the widening of Libor-OIS spreads during the crisis of 2007-08 brought the discrepancy caused by using the Libor curve for discounting risk-free cash flows to the forefront (more on this discrepancy later).

24 February 2011

2

Barclays Capital | Understanding OIS discounting

More recently, OIS discounting has become a hot topic because the LCH, the single largest clearinghouse for interest rates swaps, moved to OIS discounting to compute its margin requirements in June 2010. This means that the collateral that dealers have to post against cleared swap positions is computed using OIS discounting. This increases the incentive for dealers to adopt the same method with customers.

Why did the market traditionally discount swaps using the Libor curve?
Interest rate swaps were initially developed as a way for issuers of debt to take advantage of favorable funding costs by enabling them to change the profile of liability cash flows. Libor denoted the average funding cost for a typical financial institution. The assumption was that any swap-linked cash flows could be funded or reinvested at Libor. This made Libor the appropriate discounting rate.
However, when a swap is collateralized, there are two separate sources of cash flows – contractual flows (fixed v. floating payments) and flows related to the collateral that is posted or received in order to secure those cash flows. Since collateral typically earns the
OIS rate rather than Libor, discounting swap cash flows using the Libor curve creates a problem. What is the problem with valuing a collateralized swap using Libor discounting? Suppose a dealer is paying fixed in a $100 notional 1y 2% swap to a customer against 3m
Libor and the current swap rate is 2.5%. For the sake of simplicity, let us assume that the fixed cash flows are only exchanged annually. The question is, what is the fair value of the collateral that the dealer should make the customer pay?
If the dealer enters into an offsetting 2.5% receive-fixed swap, the two floating legs cancel out, and the only payment the dealer can expect is an annual payment of 0.5%.
Furthermore, since the new swap was initiated at a value of zero, the discounted value of this annual payment is also the mark-to-market value of the original swap.
Suppose the mark-to-market value is determined by discounting using the Libor curve.
Then, this value is: (0.5%*100)/(1+ 2.5%) = $0.4878
The whole point of marking to market and collateralization is that in case the counterparty defaults, the collateral, together with the interest it earns over the life of the swap, must cover the cash payment at the end of the swap.
Is $0.4878 in collateral enough in a world where collateral earns the OIS rate, say 1%? The answer is no. This is because $0.4878 invested over 1y at the OIS rate will generate:
$0.4878*(1+1%) = $0.4926, which is not adequate enough for the $0.5 cash flow that the collateral is supposed to cover at the end of the year.
The correct amount of collateral that the dealer should require is 0.5%*100/(1+1%) or
$0.49505. This is the final cash flow discounted at the OIS rate. When invested at the OIS rate, an amount of $0.49505 yields the final payout of $0.5 and, thus, covers the remaining payment in the swap. Therefore, the appropriate rate of discounting when marking the collateralized swap to market is the OIS rate, not the Libor rate.

24 February 2011

3

Barclays Capital | Understanding OIS discounting

What about valuation of uncollateralized swaps or bilateral swaps that are collateralized differently than the clearing house?
We take the same example as earlier, but leave the swap uncollateralized. Now, when the dealer enters into an offsetting swap with the same customer, he has effectively invested in zero-coupon debt with a notional of $0.5 issued by the customer. The appropriate valuation for this swap is $0.5 discounted at a rate that reflects the credit rating of the customer.
Uncollateralized in-the-money swaps with a customer who has a poor credit rating should be worth less than those with a customer who has a high credit rating. There are more nuances to this general assertion because credit considerations need to be taken into account when initiating the swap itself.
More generally, the curve used for discounting a swap should be consistent with how the swap is collateralized or funded. There is an extensive literature on these valuation adjustments, which can be quite involved depending on the type of collateral, the credit rating of the counterparty and the nature of collateralization (one-way or two-way). The details, however, are beyond the scope of this primer.

Section 2: The mechanics of OIS discounting
What is an overnight index swap (OIS)?
In an overnight index swap, two parties agree to exchange the difference between interest accrued at the fixed rate and interest accrued at a compounded floating rate on the notional of the swap. The floating leg is computed using the effective fed funds rate. The fixed versus compounded floating payments are exchanged at maturity date + 2, as long as the maturity of the swap is less than 1y. For OIS of more than 1y, payments are exchanged annually.

How does one build an OIS curve?
There are several ways to build an OIS curve. The simplest is to use market OIS rates
(available on Bloomberg) starting with a maturity of 1wk and extending out to 5y. These swap rates denote zero-coupon rates to maturity, using the Actual/360 convention, for maturities less than 1y, and annually payable par rates for maturities greater than 1y.
Beyond the 5y maturity point, 3m Libor swap rates may be adjusted by the Libor-OIS basis
(both of which extend out to the 30y point) to arrive at par OIS rates.
The second possibility is to use OIS rates implied by the fed funds futures market. The additional complication of using fed funds futures is that they represent arithmetic averages of the overnight fed funds rate, as opposed to the compounded average represented by the
OIS rate. This can make a substantial difference. Furthermore, there are only a fixed number of meetings when the fed funds rate can be changed by the Fed. These meeting dates need to be accounted for while constructing the front end of the curve, by introducing appropriate “steps” at meeting dates.
For maturities greater than 2y, an OIS curve is needed, which may again be “backed out” of the OIS curve using the 3m Libor swap curve and the Libor-OIS basis curve, which is available out to a 30y maturity. Figure 2 is a schedule of discount factors bootstrapped from the OIS curve, compared with those bootstrapped from a Libor curve.

24 February 2011

4

Barclays Capital | Understanding OIS discounting

Does bootstrapping the par swap curve to generate forwards still work?
The short answer is no. In traditional Libor discounting, all we need is the Libor swap curve to derive forward Libor rates. Under OIS discounting, we need both the Libor swap curve and the OIS curve. With a given Libor swap par curve, it is no longer possible to get Libor forward rates, since discount factors from the OIS curve need to be used to construct the forwards. The traditional bootstrapping approach to generate forward Libor rates is:
Formula 1

DFn =

n -1 j =1

1- Rn ∑ A j DF j
1+ Rn An

Followed by:
Formula 2

Ln -1, n =

DFn -1 - DFn
DFn An

Here n denotes the maturity in terms of the number of resets, R denotes the fixed swap rate, and DFj denotes the zero-coupon discount factor for reset date j, Ln-1,n denotes the forward
Libor rate from the (n-1)th reset date to the nth reset date, and An is the accrual factor from n-1 to n according to the ACT/360 convention.
However, the implicit assumption in these formulae is that the fixed leg of the swap for every maturity is at par at initiation and that the floating leg of the swap resets to par on every Libor reset date. Under OIS discounting, the fixed and floating legs of the swap will trade at a premium at initiation, since the curve being used to discount the cash flows is lower than the Libor curve. This means that the bootstrapping formula needs to be modified. For one, the discount factors need to be bootstrapped from the OIS curve using a process we described earlier (since the fixed leg of an OIS swap under OIS discounting should still be at par).
However, for constructing forward Libor rates, the traditional bootstrapping formula changes. If DF denotes OIS discount factors, then forward Libor rates can be computed recursively. This formula attempts to explicitly equate the present values of the fixed and floating legs of a swap when both are discounted using the OIS curve. Here Ln-1,n denotes the forward 3m
Libor rate from the (n-1)th reset date to the nth reset date. n Formula 3

Ln -1, n =

n -1

Rn ∑ A j DF j - ∑ A j DF j L j -1, j j =1 j =1
DF j A j

Section 3: Valuation issues
How do you value a swap at initiation?
Although neither the floating nor the fixed leg is at par at initiation, the mark-to-market value of a par swap should still be zero for the fixed leg to denote an at-market swap rate.

How does the relationship between par and forward rates change under OIS discounting? If we take the par swap curve as given, then for that curve to be the same under OIS discounting or Libor discounting, the implied forward rates would need to be slightly
24 February 2011

5

Barclays Capital | Understanding OIS discounting

different. Alternately, if we take 3m Libor forwards as given, then the implied par rates would need to be slightly different between OIS discounting and Libor discounting.
We can show this through a simple numerical example. Consider a fixed-rate swap payable annually against 1y Libor. Say 1y Libor = 1% and the 2y par swap rate = 2%.
Assume that Libor-OIS basis is 1%. This means that the par 1y OIS rate is 0% and the par 2y
OIS rate is 1%.

“Traditional” bootstrapping using a Libor curve:
First compute discount factors from the par rates using Formula 1.
DF1 (1y discount factor) = (1 + 1/100) = 0.9909
DF2 (2y discount factor) = (1 – 2/100*0.9909)/(1+2/100) = 0.960978
Next, compute the forward Libor rate using Formula 2:
1y1y rate = 0.9909/0.962507 – 1= 3.03%

“Modified” bootstrapping using both the Libor and OIS curves
First compute OIS discount factors from the par OIS rates by applying Formula 1 to the OIS curve. DF1 = 1/(1+0/100) = 1
DF2 = (1 – 1/100*1)/(1+1/100) = 0.980198
Using these discount factors, compute what the 1y1y rate would need to be for the 2y swap that pays 2% against 1y Libor to be “fair”.
Using formula 3 above, this can be calculated as
(2%*(DF1+ DF2) – 1%*DF1)/ DF2 = 3.02%
This rate is 1bp lower than the forward rate calculated under Libor discounting. An investor

Figure 2: Discount factors computed from the OIS curve are higher than those from the Libor curve

Figure 1: Differences in 1y forward rates under OIS discounting and Libor discounting at different levels of
Libor-OIS spreads
0.00

1.00

-0.05

0.80

-0.10
-0.15

0.60

-0.20
-0.25

0.40

-0.30

0.20

-0.35
-0.40

0.00
0

5

10

15

20

25

30

0

5

Years current LOIS (bp)
Source: Barclays Capital

24 February 2011

10

15

20

25

30

Years
Libor DFs

LOIS 30bp wider (bp)

OIS DFs

Source: Barclays Capital

6

Barclays Capital | Understanding OIS discounting

using Libor discounting would estimate a 1y1y rate of 3.03%, while another investor using
OIS discounting would estimate the 1y1y rate to be 3.02%.
Figure 1 shows the difference between implied 1y forward rates for the market par-swap curve under Libor discounting and OIS discounting. Implied forward rates under OIS discounting are lower than those under Libor discounting. This would be the expected situation when the OIS curve is below the Libor curve (as would be normally expected) and when the curve is upward sloping.
The intuition behind this result is somewhat subtle. A par rate is a weighted average of forward rates, where the weights are discount factors for the dates when the forward cash flows are realized. When you lower the discounting curve from Libor to OIS, discount factors at the back end are lowered more than those at the front end because of the compounding effect. To offset this, if the par rate is to remain the same, forward rates at the back end need to be lowered to offset the effect of higher discount factors. The difference between forwards arrived at using OIS discounting and those arrived at using Libor discounting would itself be directly depend on the Libor-OIS spread curve.

How does the valuation of swaps change under Libor and OIS discounting?
Changing the discounting rate obviously implies that swap valuations must change. OIS discounting makes the largest difference to the valuation of off-market swaps. As we move away from par, the differences become bigger.
Take a $100 notional 10y receive 5% fixed against 3m Libor swap when the market 10y par swap rate is 2.5%. How does its value change under Libor and OIS discounting? If we assume that we enter into an offsetting par swap for $100 notional, that trade cancels all the floating payments and leaves a fixed stream of $1.25 every six months for the next 10 years, an annuity that is payable semiannually. Again, because the offsetting par swap is initiated at zero, the value of this annuity is the mark-to-market value of the 5% swap.
If the Libor curve is 30bp higher than the OIS curve, then switching from Libor to OIS discounting means moving down the discount rate for this annuity by 30bp. Therefore, the impact of switching to OIS discounting from Libor discounting for a swap with a fixed rate of R when the par swap rate is r is approximately given by:
MTM impact = (Libor-OIS)* DV01 of annuity with per-period payments of (R-r)*Notional
This means that in-the-money swaps gain under OIS discounting as long as Libor-OIS spreads are positive. For the same reason, out-of-the-money swaps lose under OIS discounting. Furthermore, not only does the above formula give an approximate mark-tomarket adjustment for switching from Libor to OIS discounting, it also describes how the mark-to-market value of any swap changes because of changes in Libor-OIS spreads, even if the par swap rate itself remains constant. The sensitivity of the swap to Libor-OIS spreads is approximately equal to the DV01 of an annuity that pays the difference between the fixed rate of the swap and the par rate prevailing in the market.
Under stressed market conditions when Libor-OIS spreads widen, the differences between
Libor discounting and OIS discounting can be particularly stark, especially for swaps that are significantly out of the money.
Figure 3 shows how the difference created by moving from Libor discounting to OIS discounting varies for swaps with different fixed rates, while keeping the Libor and OIS curves constant. Here we have valued the swaps assuming that the forward 3m Libor curve
24 February 2011

7

Barclays Capital | Understanding OIS discounting

is the same between Libor and OIS discounting. As the formula suggests, the effect of switching from Libor to OIS discounting is the greatest for swaps that are far in the money or out of the money relative to the at-market par rate.

Why are collateralized swaps exposed to Libor-OIS spread risk?
Collateralized swaps, when discounted using the OIS curve, have an explicit exposure to LiborOIS spreads, not just to the Libor term structure. If swap rates are unchanged but Libor-OIS spreads tighten, the two discounting curves move closer. In this case, in-the-money receivefixed swaps lose, but they gain when Libor-OIS spreads widen. This introduces volatility to
Libor-swap hedges when Libor-OIS spreads are volatile, as was the case in late 2008. Hedging a receive-fixed Libor position would require entering a Libor-OIS spread tightener.
Figure 4 shows the impact of changes in the Libor-OIS spread on the valuation of a $100mn notional 10y receive 6% fixed against 3m Libor. Notice that the differences in valuation are nearly linear in the change in the Libor-OIS spread.

Is there need for a convexity adjustment?
Ideally there is a need for a convexity adjustment. This is because of the margin cash flows associated with the swap. Consider an investor who is receiving 1y1y rates. Let us assume that 1y1y rates are perfectly correlated with overnight rates. When rates rally, the investor receives collateral equal to the change in the market value of the swap. However, this collateral will earn the lower overnight rate. When rates sell off, the investor has to post collateral. However, this collateral will need to be borrowed at a higher overnight rate. Thus, convexity hurts the investor, who will demand a slightly higher swap rate than would have been the case without collateralization.
In principle, this adjustment is similar to the convexity adjustment for Eurodollar futures.
The only difference is that in a futures contract, the variation margin is on the basis of the final futures cashflow, while in this case, the variation margin is on the basis of the discounted value of the final cashflow.

Figure 3: Difference in mark-to-market value between Libor and OIS discounting for $100mn of 10y-3m Libor swaps with different fixed rates

Thousands
600

Thousands

Thousands
200
100
0

Figure 4: Impact of changes in Libor-OIS spreads on the difference between Libor and OIS discounting for a $100mn
10y 6% 3m Libor swap

500
400
300

-100

200

-200

100

-300
-150

0
-80

-10

60

130

200

0

10

Source: Barclays Capital

24 February 2011

30

40

50

Change in LOIS (bp)

Moneyness (bp)
Difference between Libor and OIS discounting ('000s)

20

Difference between Libor and OIS discounting ('000s)
Source: Barclays Capital

8

Barclays Capital | Understanding OIS discounting

Section 4: Market implications
Move could affect directional books substantially
Given the drift lower in rates over the past few years, most receive-fixed swaps initiated in the past are likely to be in the money and most pay-fixed swaps are likely to be out of the money. The mark-to-market impact of moving from Libor to OIS discounting is likely to be limited for market participants that run hedged swap books with a large number of offsetting positions. However, there is likely to be a greater impact on directional books, such as those of investors who use swaps primarily to hedge asset or liability duration. For example, insurance companies generally receive fixed at the long end of the curve. On the other hand the GSEs are generally payers of swaps.
Given the rally in rates over the past few years, most aged swaps are likely to be significantly in the money. Therefore, natural receivers of long-dated swaps could be net beneficiaries of a switch to OIS discounting, but swap payers could see the value of their swap books decline.

Changes in hedging strategies
We believe dealers are likely to hedge swap book exposures using the FRA-OIS market to a greater extent. This could make the OIS market more liquid, even beyond 5y maturities.
The change in discounting methodology affects swaps that are farthest away from par; a good example is asset swaps. Although most vanilla swaps are par swaps at initiation, one leg of an asset swap is typically tied to the coupon or the return on a particular security. This means that asset swaps could be substantially away from par. Introducing OIS discounting means introducing explicit Libor-OIS risk to positions that previously had exposure to only
Libor risk. As a result, it is possible that the OIS curve will become a benchmark for asset swaps to avoid this risk altogether. If this occurs, there could be receiving in Libor swaps and paying in OIS, thereby leading to Libor-OIS compression.

Inconsistent forwards
As we discussed, forward rates bootstrapped from the same par curve under Libor discounting and OIS discounting are different. As a result, there may be differences between estimates of forward rates among market participants, based on which discounting method is used. Over time, as the market gravitates toward a standard OIS discounting curve, these differences should disappear. In some products, it may be a while before this convergence occurs. For example, at-the-money forward rates for swaptions could differ across dealers depending on the discounting method used. Until it is standard practice among dealers to discount swaptions using OIS, the differences may persist.

Accounting concerns
At this stage it is unclear whether the accounting treatment for Libor swaps designated as rate hedges for other financial instruments could be affected by changing the discount curve. Depending on how accounting rules play out, there could be a number of possible alternatives. Of particular concern is the fact that the valuation of identical collateralized and uncollateralized swaps can be considerably different, which brings into question their hedging effectiveness against each other.

24 February 2011

9

Barclays Capital | Understanding OIS discounting

References
1.

2.

24 February 2011

“Pricing collateralized swaps,” Johannes, M. and S. Sundaresan, Columbia Business
School Working Paper, 2003.
“Funding beyond discounting: collateral agreements and derivatives pricing,” Piterbarg,
V., Risk Magazine, 2010.

10

Analyst Certification(s)
I, Amrut Nashikkar, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report.
Important Disclosures
For current important disclosures regarding companies that are the subject of this research report, please send a written request to: Barclays Capital
Research Compliance, 745 Seventh Avenue, 17th Floor, New York, NY 10019 or refer to https://ecommerce.barcap.com/research/cgibin/all/disclosuresSearch.pl or call 212-526-1072.
Barclays Capital does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that Barclays Capital may have a conflict of interest that could affect the objectivity of this report. Any reference to Barclays Capital includes its affiliates. Barclays Capital and/or an affiliate thereof (the "firm") regularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are the subject of this research report (and related derivatives thereof). The firm's proprietary trading accounts may have either a long and / or short position in such securities and / or derivative instruments, which may pose a conflict with the interests of investing customers. Where permitted and subject to appropriate information barrier restrictions, the firm's fixed income research analysts regularly interact with its trading desk personnel to determine current prices of fixed income securities. The firm's fixed income research analyst(s) receive compensation based on various factors including, but not limited to, the quality of their work, the overall performance of the firm (including the profitability of the investment banking department), the profitability and revenues of the Fixed Income Division and the outstanding principal amount and trading value of, the profitability of, and the potential interest of the firms investing clients in research with respect to, the asset class covered by the analyst. To the extent that any historical pricing information was obtained from Barclays Capital trading desks, the firm makes no representation that it is accurate or complete. All levels, prices and spreads are historical and do not represent current market levels, prices or spreads, some or all of which may have changed since the publication of this document.
Barclays Capital produces a variety of research products including, but not limited to, fundamental analysis, equity-linked analysis, quantitative analysis, and trade ideas. Recommendations contained in one type of research product may differ from recommendations contained in other types of research products, whether as a result of differing time horizons, methodologies, or otherwise.

This publication has been prepared by Barclays Capital, the investment banking division of Barclays Bank PLC, and/or one or more of its affiliates as provided below. It is provided to our clients for information purposes only, and Barclays Capital makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to any data included in this publication. Barclays Capital will not treat unauthorized recipients of this report as its clients. Prices shown are indicative and Barclays Capital is not offering to buy or sell or soliciting offers to buy or sell any financial instrument.
Without limiting any of the foregoing and to the extent permitted by law, in no event shall Barclays Capital, nor any affiliate, nor any of their respective officers, directors, partners, or employees have any liability for (a) any special, punitive, indirect, or consequential damages; or (b) any lost profits, lost revenue, loss of anticipated savings or loss of opportunity or other financial loss, even if notified of the possibility of such damages, arising from any use of this publication or its contents.
Other than disclosures relating to Barclays Capital, the information contained in this publication has been obtained from sources that Barclays Capital believes to be reliable, but Barclays Capital does not represent or warrant that it is accurate or complete. The views in this publication are those of Barclays
Capital and are subject to change, and Barclays Capital has no obligation to update its opinions or the information in this publication.
The analyst recommendations in this publication reflect solely and exclusively those of the author(s), and such opinions were prepared independently of any other interests, including those of Barclays Capital and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Barclays Capital recommends that investors independently evaluate each issuer, security or instrument discussed herein and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
This communication is being made available in the UK and Europe primarily to persons who are investment professionals as that term is defined in Article
19 of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005. It is directed at, and therefore should only be relied upon by, persons who have professional experience in matters relating to investments. The investments to which it relates are available only to such persons and will be entered into only with such persons. Barclays Capital is authorized and regulated by the Financial Services Authority ('FSA') and member of the London
Stock Exchange.
Barclays Capital Inc., U.S. registered broker/dealer and member of FINRA (www.finra.org), is distributing this material in the United States and, in connection therewith accepts responsibility for its contents. Any U.S. person wishing to effect a transaction in any security discussed herein should do so only by contacting a representative of Barclays Capital Inc. in the U.S. at 745 Seventh Avenue, New York, New York 10019.
Non-U.S. persons should contact and execute transactions through a Barclays Bank PLC branch or affiliate in their home jurisdiction unless local regulations permit otherwise.
This material is distributed in Canada by Barclays Capital Canada Inc., a registered investment dealer and member of IIROC (www.iiroc.ca).
Subject to the conditions of this publication as set out above, Absa Capital, the Investment Banking Division of Absa Bank Limited, an authorised financial services provider (Registration No.: 1986/004794/06), is distributing this material in South Africa. Absa Bank Limited is regulated by the South African
Reserve Bank. This publication is not, nor is it intended to be, advice as defined and/or contemplated in the (South African) Financial Advisory and
Intermediary Services Act, 37 of 2002, or any other financial, investment, trading, tax, legal, accounting, retirement, actuarial or other professional advice or service whatsoever. Any South African person or entity wishing to effect a transaction in any security discussed herein should do so only by contacting a representative of Absa Capital in South Africa, 15 Alice Lane, Sandton, Johannesburg, Gauteng 2196. Absa Capital is an affiliate of Barclays Capital.
In Japan, foreign exchange research reports are prepared and distributed by Barclays Bank PLC Tokyo Branch. Other research reports are distributed to institutional investors in Japan by Barclays Capital Japan Limited. Barclays Capital Japan Limited is a joint-stock company incorporated in Japan with registered office of 6-10-1 Roppongi, Minato-ku, Tokyo 106-6131, Japan. It is a subsidiary of Barclays Bank PLC and a registered financial instruments firm regulated by the Financial Services Agency of Japan. Registered Number: Kanto Zaimukyokucho (kinsho) No. 143.
Barclays Bank PLC, Hong Kong Branch is distributing this material in Hong Kong as an authorised institution regulated by the Hong Kong Monetary
Authority. Registered Office: 41/F, Cheung Kong Center, 2 Queen's Road Central, Hong Kong.
Barclays Bank PLC Frankfurt Branch distributes this material in Germany under the supervision of Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
This material is distributed in Malaysia by Barclays Capital Markets Malaysia Sdn Bhd.
This material is distributed in Brazil by Banco Barclays S.A.
Barclays Bank PLC in the Dubai International Financial Centre (Registered No. 0060) is regulated by the Dubai Financial Services Authority (DFSA).
Barclays Bank PLC-DIFC Branch, may only undertake the financial services activities that fall within the scope of its existing DFSA licence.
Barclays Bank PLC in the UAE is regulated by the Central Bank of the UAE and is licensed to conduct business activities as a branch of a commercial bank incorporated outside the UAE in Dubai (Licence No.: 13/1844/2008, Registered Office: Building No. 6, Burj Dubai Business Hub, Sheikh Zayed Road, Dubai
City) and Abu Dhabi (Licence No.: 13/952/2008, Registered Office: Al Jazira Towers, Hamdan Street, PO Box 2734, Abu Dhabi).
Barclays Bank PLC in the Qatar Financial Centre (Registered No. 00018) is authorised by the Qatar Financial Centre Regulatory Authority (QFCRA).
Barclays Bank PLC-QFC Branch may only undertake the regulated activities that fall within the scope of its existing QFCRA licence. Principal place of business in Qatar: Qatar Financial Centre, Office 1002, 10th Floor, QFC Tower, Diplomatic Area, West Bay, PO Box 15891, Doha, Qatar.
This material is distributed in Dubai, the UAE and Qatar by Barclays Bank PLC. Related financial products or services are only available to Professional
Clients as defined by the DFSA, and Business Customers as defined by the QFCRA.
This material is distributed in Saudi Arabia by Barclays Saudi Arabia ('BSA'). It is not the intention of the Publication to be used or deemed as recommendation, option or advice for any action (s) that may take place in future. Barclays Saudi Arabia is a Closed Joint Stock Company, (CMA License
No. 09141-37). Registered office Al Faisaliah Tower | Level 18 | Riyadh 11311 | Kingdom of Saudi Arabia. Authorised and regulated by the Capital Market
Authority, Commercial Registration Number: 1010283024.
This material is distributed in Russia by Barclays Capital, affiliated company of Barclays Bank PLC, registered and regulated in Russia by the FSFM. Broker
License #177-11850-100000; Dealer License #177-11855-010000. Registered address in Russia: 125047 Moscow, 1st Tverskaya-Yamskaya str. 21.
This material is distributed in India by Barclays Bank PLC, India Branch.
This material is distributed in Singapore by the Singapore branch of Barclays Bank PLC, a bank licensed in Singapore by the Monetary Authority of
Singapore. For matters in connection with this report, recipients in Singapore may contact the Singapore branch of Barclays Bank PLC, whose registered address is One Raffles Quay Level 28, South Tower, Singapore 048583.
Barclays Bank PLC, Australia Branch (ARBN 062 449 585, AFSL 246617) is distributing this material in Australia. It is directed at 'wholesale clients' as defined by Australian Corporations Act 2001.
IRS Circular 230 Prepared Materials Disclaimer: Barclays Capital and its affiliates do not provide tax advice and nothing contained herein should be construed to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein (including any attachments) (i) is not intended or written to be used, and cannot be used, by you for the purpose of avoiding U.S. tax-related penalties; and (ii) was written to support the promotion or marketing of the transactions or other matters addressed herein. Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor.
Barclays Capital is not responsible for, and makes no warranties whatsoever as to, the content of any third-party web site accessed via a hyperlink in this publication and such information is not incorporated by reference.
© Copyright Barclays Bank PLC (2011). All rights reserved. No part of this publication may be reproduced in any manner without the prior written permission of Barclays Capital or any of its affiliates. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place, London,
E14 5HP. Additional information regarding this publication will be furnished upon request.
AS5279

Similar Documents

Free Essay

Suicide

...Jupiter’s Moons Lab Purpose: The purpose of this lab was to determine the period and semi-major axis for the orbit of each moon around Jupiter. We then apply Kepler’s Laws to calculate the mass of Jupiter from out observations of each moon. Procedure: Choose a moon per lab partner. Open the Moons of Jupiter program by clicking on START → Programs → Academic Department → CLEA Exercises → Jupiter Moons. The Moons of Jupiter program simulates the operation of an automatically controlled telescope with a Charge-Coupled Device (CCD) camera that provides a video image to a computer screen. It is a sophisticated computer program that allows convenient measurements to be made and the telescope's magnification to be adjusted. The computer simulation is realistic in all important ways, and using it will give you a good feel for how modern astronomers actually collect data and control their telescopes. Instead of using a telescope and actually observing the moons for many nights, the Moons of Jupiter computer simulation shows the moons to you as they would appear if you were to look through a telescope at the specified time. Click on File → Log In. A dialog box appears. Enter the names of each student working at your computer. When all the information had been entered to your satisfaction, click OK to continue. Click on File → Run. The next dialog box to appear is called Start Date & Time. Startup values are needed by the computer to establish your initial observation session...

Words: 1595 - Pages: 7

Premium Essay

The Main Shit

...La estrategia de Google en el 2010 Introducción La tecnología cada día está más inmersa en nuestras vidas, desde el modo en comunicarnos, trasportarnos, trabajamos, etc. Y una empresa ha sido junto a otras un pilar esencial en el desarrollo de software, hardware y demás tipo de tecnología, esta empresa tuvo inicio en el año 1996 donde Larry Page y Sergei Brin estudiantes de posgrado de la universidad de Stanford decidieron empezar con Back Rub que luego se convertiría en Google Inc. Back Rub sería un nuevo buscador en el internet y buscaría ser una nueva opción para competir a otros buscadores como Altavista, para 1998 se cambió a su actual nombre Google y ya había logrado reconocimiento y había varios interesados en invertir en el buscador, los jóvenes de Stanford nunca se imaginaron el potencial que su nuevo buscador tenia. Desarrollo Desde 1998 cuando la empresa empezó a trabajar con el nombre de Google el crecimiento de esta fue inmenso empezando con un inversionista que ofreció 100 mil dólares hasta en mediados del 99 cuando otros inversionistas aportaron 25 millones de dólares y la revista PC Magazine coloco a la compañía en su lista de “Los 100 sitios web o buscadores líderes de 1998” También en 1999 fue cuando la compañía logro su primer gran cliente con Red Hat y para el 2000 la compañía estaba consolidada como uno de los principales buscadores de la web además que ya tenía opción de conexión inalámbrica, 10 idiomas y su propia barra de herramientas, los años...

Words: 706 - Pages: 3

Free Essay

Angry Birds Technology

...Angry Birds – Tecnología Rovio, una empresa con 8 años de experiencia dedicada a crear videojuegos, había visto el iPhone como una tecnología innovadora y que debía ser aprovechada. El objetivo de la empresa era crear un juego en la plataforma iOS que permitiera explorar las ideas de negocio que ofrecía el App Store y que se volviera una solución para sus problemas financieros. Así nació el videojuego Angry Birds, el cual para el 2010 había contabilizado ya 10 millones de descargas. Al enfocarse en su tecnología, es necesario observar un panorama amplio, pues existe mucho esfuerzo tecnológico en muchos aspectos en la aplicación. El juego como tal podría considerarse un emulador de físicas, en la cual se define un espacio con gravedad que permite entonces definir variables como velocidad y aceleración. Dentro de este espacio se definen objetos cuya masa es variable y que permite definir variables como momento y peso para emular colisiones. Aunque el comportamiento de estas variables difieren de la realidad, son lo suficientemente parecidas como para brindar una experiencia al usuario muy atractiva. La interfaz de usuario también amerita reconocimiento. La intención de los creadores era brindar al usuario un juego “rápido”, en el sentido que el usuario lo utilizara en espacios de tiempos temporales de ocio, tal como: en una fila, en una estación de bus, etc. Además, querían crear un juego muy intuitivo en el cual el usuario no tuviera que aprenderse como utilizarlo sino que lo entendiera...

Words: 645 - Pages: 3

Free Essay

Dropbox Introduction

...teléfono en el autobús, tus archivos permanecerán seguros. Agregar archivos a tu Dropbox En Windows o Mac 1. Asegúrate de haber instalado la aplicación para escritorio en tu computadora. 2. Arrastra los archivos y suéltalos en la carpeta de Dropbox. Así de simple. WINDOWS MAC continúa inicio En dropbox.com 1. Inicia sesión en dropbox.com. 2. Haz clic en el botón Cargar de la parte superior de la ventana. 3. Selecciona el archivo que deseas agregar y haz clic en Abrir. 4. O bien, solo arrastra y suelta los archivos directamente en tu navegador de Internet. En iOS o Android 1. Toca el icono de menú Más acciones (…) en la esquina superior derecha. 2. Selecciona Cargar archivo (en iOS) o Cargar aquí (en Android). 3. Selecciona la ubicación desde la que deseas cargar los archivos. 4. Selecciona los archivos que deseas agregar y toca Cargar. IOS ANDROID continúa inicio 2 Lleva tus archivos a todas partes Guarda tus fotos y documentos en Dropbox y accede a ellos en cualquier computadora, teléfono o tablet que tenga la aplicación de Dropbox. Todos los archivos que guardes en Dropbox se sincronizarán automáticamente en todos tus dispositivos. Por lo tanto, puedes acceder a ellos estés donde estés. Instala las aplicaciones para escritorio y para dispositivos móviles Obtener la aplicación para escritorio Obtener la...

Words: 778 - Pages: 4

Free Essay

Planets

...INNER PLANETS DATA | MERCURY | VENUS | EARTH | MARS | 1. DIAMETER | 3,032m (4,879km) | 7,521m (12,104km) | 7,926m (12,756km) | 7,926m (12,756km) | 2. AVERAGE DISTANCE FROM THE SUN | 57.9 million kms/36 million miles | 108.2 million kms/67.2 million miles | 150 million km (93 million miles) | 228 million km (142 million miles) | 3. ROTATION PERIOD | 59 Earth Days | 0.615 Earth Years (243 days) | 23.93 Hours | 24.63 Hours | 4. ORBITAL PERIOD | 88 Earth days | 225 Earth days | 365 days | 687 Earth days | 5. SURFACE TEMPERATURE | -183 °C to 427 °C (-297 °F to 800 °F) | 880 degrees Fahrenheit, 471 degrees Celsius (730 K) | -127°F to 136°F (-88°C to 58°C; 185 K to 311 K) | -130 °C (-202 °F) | 6. NUMBER OF MOONS/THEIR NAMES | ZERO | ZERO | One moon (Earth’s moon) | Two moons(Diemos and Phobos) | 7. CHEMICAL COMPOSITION OF ATMOSPHERE/GASES | Atmosphere, or exosphere, is composed mostly of oxygen (O2), sodium (Na), hydrogen (H2), helium (He), and potassium (K). | Atmosphere is made up mostly of carbon dioxide (CO2) and nitrogen (N2), with clouds of sulfuric acid (H2SO4) droplets. | 78 % nitrogen, 21% oxygen, | Atmosphere made up mostly of carbon dioxide (CO2), nitrogen (N2) and argon (Ar) | 8. NATURE OF THE ATMOSPHERE | Very thin; Since the atmosphere is so slight, the sky would appear pitch black (except for the sun, stars, and other planets, when visible), even during the day. Also has no greenhouse effect. | Thick and toxic atmosphere, hot...

Words: 868 - Pages: 4

Free Essay

Inter

...ocurren, haciendo la aplicación pesada y complicada de usar. Algunas incluso tienen sus propias “reglas de funcionamiento” que impactan con lo que debería ser el flujo de trabajo del usuario. ¿Cómo debería ser una aplicación de correo moderna? Aquí hablaríamos de tres principios: potente, sencilla y adaptable. Combinar conceptos tan antagónicos – al menos los dos primeros – puede confundir a quien plantee la aplicación desde cero, pero no a quien esté diseñándola sabiendo abstraer lo que el usuario necesita y lo que debe ofrecer. Con Mail, Apple ofreció una solución sencilla, con ciertas posibilidades pero poco adaptable. Outlook ha sabido ver aquellos puntos débiles y tentar a los usuarios para conseguir ese hueco en el dock de su dispositivo iOS. La aplicación facilita la instalación de casi todos los servicios más utilizados hoy en día: Exchange, Outlook.com, OneDrive, iCloud, Google, Yahoo!, Dropbox y Box. La filosofía de trabajo consiste en una Bandeja de Entrada compartida por todas las cuentas, aunque podemos seleccionar cualquier de ellas para trabajar con alguna de forma independiente. Uno de los puntos fuertes – aunque no sea una novedad rabiosa dentro de estos clientes – es la priorización del correo que nos llega, por “Prioritario” y “Otros”. Lo interesante aquí es que no existen muchas etiquetas de entrada, cosa que personalmente agradezco. Microsoft se ha centrado en “lo importante” y “el resto”. La elección de estos correos en cada una de estas categorías es fruto de...

Words: 534 - Pages: 3

Free Essay

Io and Callisto

...Raunak Singh Student Number: 7817259 Dr. Efharis Kostala February 14, 2016 Judgment Of Io and Callisto CLA2323 ASSIGNMENT !1 Judgment of Io and Callisto The uncompassionate nature of the mighty Olympian Gods leads to the hardships of two maidens; Io and Callisto as described in Ovid’s Metamorphosis. The struggles of both maidens; one a mortal and the other a divine nymph are fairly similar but have subtle differences. Bothwere victims of a sexual violence committed by Jupiter; were punished by his jealous wife Juno; were changed into animals by the Gods. The terrible treatment by the Gods and the uncompassionate attitude of the divine towards them is a theme shared in the two stories. Helpless, Io and Callisto suffered as the Gods determined their fates. Both Io and Callisto endure a violent sexual assault by Jupiter. In Ovid’s Metamorphoses Io, was a priestess of Juno. Her beauty was so radiant that it caught the attention of Jupiter. Unable to resist the feeling of lust, Jupiter attempts to seduce her. When Io rejects Jupiter’s advances he shrouds the entire world within a dark cloud and rapes her “She was already in flight. She had left behind Lerna’s pastures, and the Lyrician plain is wooded fields, when the God hid the wide earth in a covering of fog, caught the fleeing girl, and raped her”. Callisto, a nymph and a devout follower of the virgin Goddess Diana was one day laying down in the grass. Noticing that she was alone Jupiter took on the...

Words: 1371 - Pages: 6

Free Essay

Ondrive

...utilizar almacenamiento en la nube para mantener sus archivos y fotos a salvo. Es una excelente manera de liberar memoria en su PC o portátil. Además, se hace una backup mucho más seguro que el almacenamiento de archivos en CD o memorias USB, ya que pueden ser fácilmente perdidos, robados o rotos. Caracteristicas • OneDrive permite ver varios tipos de archivos • OneDrive incluye un editor de texto en línea que permite a los usuarios ver y editar archivos de texto sin formato, tales como archivos de texto y archivos por lotes. • OneDrive puede utilizar los datos de geo-ubicación para las fotos cargadas en el servicio, y se mostrará automáticamente un mapa de la ubicación marcada. • Microsoft ha lanzado aplicaciones OneDrive para Android, iOS, Windows 8, Windows Phone, Xbox 360 y Xbox Uno que permiten a los usuarios navegar, ver y organizar archivos almacenados en su almacenamiento en la nube OneDrive. • OneDrive permite a los usuarios integrar sus documentos de Office (Word, Excel y PowerPoint) a otras páginas web. • funciona en 94 idiomas Ventajas • Onedrive trabaja con el software de Microsoft Office y las aplicaciones de Office Web. Esto permite a sus...

Words: 485 - Pages: 2

Free Essay

Media

...Name Professor’s name Subject Date of submission EARTH’S AURORAS AND AURORAS ON OTHER PLANETS Introduction Theearth Auroras refer to thenaturallyoccurringflickeringlights in theskyespecially on thehighlatitudes. Thenaturallightdisplays in thesky with a variety of colors, which appearsvisible from greatdistances from theground. Thiskind of aspect is evident from thetales of peoplewholiveorhappen to be at highlatitudesandmanage to observe an etherealdisplay of coloredlightsshimmering across theskyespecially during thenight. According to Long, there are many a set of beliefs, which happen to explaintheconcept of Auroras in the Antarctic andthe Arctic regions of theworld. Differentpeopleperceivethenatural lightening of theskyassociated with variousmythologies from differentzones (Long 9). Forinstance, according to the Norse mythology, it is believedthatthenatural auroras werethebridge of fire to theskiesbuilt by thegods. Consequently, the Inuit believethat their ancestors’ spirits are everseendancing to the flickering light in thesky. All these are among the a fewbeliefsput forward by somepeoplewhoperceivetheearth auroras to be uniqueenough. Theeffect of theseearth Auroras in thenorthernhemisphereis termed as the aurora borealis orthe aurora borealis in otherwords. While in thesouthernhemisphere, thesameeffectis known as the aurora australis orthesouthernlights. Further, there are manycauses of theseearthly Auroras, andsome of them reflectbelow. Their technicalappearance...

Words: 919 - Pages: 4

Free Essay

OptimizacióN de Sistema de Parqueo

...Propuesta de Servicios de Desarrollo Cliente: Empresa Municipal de Movilidad del Municipio de Cuenca (EMOV) Contacto: Ing. Claudio Crespo, Director de Planificación de la Empresa de Movilidad (EMOV) del Municipio de Cuenca Fecha: 2 de Febrero de 2015 Por medio de la presente, PlexiFactory presenta su propuesta de Servicios de Desarrollo de una Plataforma de Operación para el Sistema de Parqueo Rotativo de la Ciudad de Cuenca. Esta propuesta se enmarca dentro de un proceso de ampliación de la cobertura del sistema de parqueo, combinado con una optimización de recursos de control. preliminares * La Empresa de Movilidad del Municipio de Cuenca (EMOV) será el Cliente de la propuesta. * El Cliente ha requerido información técnica y comercial para esta Plataforma, incluyendo todos los componentes necesarios para su operación, que incluyen (1) el pago del servicio por parte del usuario, (2) el registro de uso del servicio, (3) el control de usuarios que podrían haber excedido su tiempo y el cobro de las consiguientes multas por infracción y (4) un módulo de reportes para toma de decisiones. * Existe información que por su naturaleza es necesaria que PlexiFactory reciba como parte de este proceso y que podrá ser considerada confidencial por el Cliente y viceversa. Se procederá a la firma de Acuerdos de confidencialidad entre PlexiFactory y el Cliente. De considerarse necesario, y de acuerdo a las instrucciones del cliente, PlexiFactory se compromete a...

Words: 4588 - Pages: 19

Free Essay

Validity of a Europa Mission

...Up until recently, it was believed that all of the hydrogen on Europa was locked up as solid ice under the moon’s surface. However, new images taken by the Hubble Space Telescope have raised many questions with astronomers. Ultraviolet images of Europa have led to the discovery of high levels of hydrogen and oxygen in two regions in Europa’s southern hemisphere. With computer modeling, researchers have suggested that Europa may be erupting with plumes of water more than 20 times the height of Mt. Everest. Artist concept of the Europa Jupiter System Mission Artist concept of the Europa Jupiter System Mission Although its distance prevents any life from developing on the surface, the American Geophysical Union states that many scientists feel that a deep ocean lies beneath the icy-miles thick shell that covers Europa. It’s hypothesized that the moon is heated from within from the friction that is caused by Jupiter’s gravitational pull on Europa’s core. As a result, there is a possibility that the water there may have the right chemistry to sustain some very basic aquatic life. The recently discovered water vapors make searching for life much easier because instead of having to land there with heavy borer rigs loaded onto a large, expensive spacecraft to collect a water sample, a probe can now just fly into the vapor, suck some of it in and analyze it. Honestly, I don’t feel like a mission to Europa is a great idea when we haven’t even made it to Mars yet. The mission is estimated...

Words: 322 - Pages: 2

Free Essay

Moons

...likely created through convection within the liquid iron core. The meager magnetosphere is buried within Jupiter's much larger magnetic field and would show only as a local perturbation of the field lines. The satellite has a thin oxygen atmosphere that includes O, O2, and possibly O3, which is ozone. Ganymede's discovery is credited to Galileo Galilei, who was the first to observe it on January 7, 1610. Astronomer Simon Marius soon suggested the satellite’s name, for the mythological Ganymede, cupbearer of the Greek gods and Zeus's lover. On January 7, 1610, Galileo Galilei observed what he believed were three stars near Jupiter, including what turned out to be Ganymede, Calisto, and one body that turned out to be the combined light from Io and Europa; the next night he noticed that they had moved. On January 13, he saw all four at once for the first time, but had seen each of the moons before this date at least once. By January 15, Galileo came to the conclusion that the stars were actually bodies orbiting...

Words: 270 - Pages: 2

Free Essay

Cmit350

...CMIT 350 WAN and SOHO Skills Implementation Prepared for: University of Maryland University College CMIT 250 Prepared by: Devin Manning I. Site “Los Angeles” Challenge and Implementation The site administrator has requested that the site establishes remote IOS storage, remote management of switches, ACL list implementation, and a network time protocol for devices as described in the site specific portion of the scenario. II. Site Solutions and Technologies * The recommended course of action for the request of a remote IOS storage capability at the site would be to establish a remote access server using a HTTP/ HTTPS protocol as opposed to the SSH option mainly because of the security and control over things such as the internet connection to the routers from not only the user database, but the source addresses as well in regards to their perspectives. This particular protocol also requires the timing information to be in setup and in place which would complement the network time protocol solution that has been requested by the site. For this request, I would use the SonicWall software in order to setup up this capability along with the SonicWall UTM appliance that is provided by the company. * In order to address the remote management of the switches request, it would require a console cable and a server that has an available console port such as the Cisco Nexus 2228TP GE Fabric Extender expansion module which is one of the easier servers to use that...

Words: 1625 - Pages: 7

Free Essay

Week 3 Learning

...ceilings, and ceiling railways, with a padlock accommodation, to help prevent theft. The hardware-assisted AES Encryption provides high security without slowing performance (Cisco Systems, 2009). The power transmitions can be adjusted to allow access point coverage for different requirements. Cisco AirNet 1130AG has 15 non-overlapping channels, which provide fewer transmission errors and greater coverage. This series is available in two versions: unified or autonomous (Cisco Systems, 2009). The unified access point operates on the Lightweight Access Point Protocol (LWAPP). The device can automatically detect the best LAN Controller and download policies and automatically configures the system, so that manual intervention is not required. Cisco IOS software is required for autonomous access points and can operate with the Cisco Works Wireless LAN Solution Engine (WLSE). Using the autonomous access point will provide features and upgrades, so the business can have full advantage of the network, as requirements change. This device is certified to support IEEE 802.1x for user-based authentication, Temporal Key Integrity Protocol (TKIP) for WPA encryption, and Advanced Encryption Standard (AES) for WPA 2 encryption (Cisco Systems, 2009). These certifications also ensure interoperability between Wi-Fi certified WLAN devices from different manufactures. Authentication ensures that only authorized users are allowed on the network. The router can be applied for office use and nearby buildings...

Words: 760 - Pages: 4

Premium Essay

Prefinal

...0.10 0.11 0.12 0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.20 0.21 0.22 0.23 0.24 0.25 0.26 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 d4 1.4.2.2: 1.5.1.2: 1.5.3.2: 3.1.1.5: 3.1.3.2: 3.1.4.3: 3.2.4.4: 3.3.3.2: 3.4.3.3: 5.2.2.3: 5.3.2.2: 5.3.4.2: 5.5.3.2: 6.1.1.4: 6.1.2.2: 6.1.3.2: 6.2.3.4: 6.2.5.3: 7.1.4.3: 7.2.2.3: 7.2.3.2: 7.2.4.2: 7.2.5.2: 7.3.2.3: 7.3.4.3: 8.1.2.3: Creating Topologies . . . . . . . . . . . . . . . . . . . . Observing and Recording Server Traffic . . . . . . . . . Using Redundant Links on Server Farm Devices . . . . Investigating Existing Network Devices . . . . . . . . . Creating Modular Block Diagrams . . . . . . . . . . . . Determining Network Strengths and Weaknesses . . . . Installing Cisco IOS Software . . . . . . . . . . . . . . . Installing Option Modules on a Router . . . . . . . . . Placing Wireless Access Points . . . . . . . . . . . . . . Connecting Access and Distribution Layer Switches . . Installing Option Modules on a Router . . . . . . . . . Observing Static and Dynamic Routing . . . . . . . . . Implementing Access Control Lists . . . . . . . . . . . . Designing and Addressing a Topology . . . . . . . . . . Resolving Discontiguous Network Problems . . . . . . . Applying VLSM Addressing . . . . . . . . . . . . . . . Configuring a Multirouter EIGRP Network . . . . . . . Assigning IP Addresses . . . . . . . . . . . . . . . . . . Using Commands to Test Network Functionality . . . . Building the Prototype Network . . . . ....

Words: 1961 - Pages: 8