Committee on Payment and Settlement Systems Board of the International Organization of Securities Commissions Recovery and resolution of financial market infrastructures Consultative report July 2012 This publication is available on the BIS website (www.bis.org ) and the IOSCO website (www.iosco.org). © Bank for International Settlements and International Organization of Securities Commissions 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 92-9197-144-8 (online) This report is being issued now for public consultation. Comments should be sent by 28 September 2012 to both the CPSS secretariat (cpss@bis.org) and the IOSCO secretariat (fmiresolution@iosco.org). The comments will be published on the websites of the BIS and IOSCO unless commentators have requested otherwise. A cover note, published simultaneously and also available on the BIS and IOSCO websites, provides background information on why the report has been issued and sets out some specific points on which comments are particularly requested. CPSS-IOSCO – Recovery and resolution of financial market infrastructures – Consultative report – July 2012 i Contents 1. Introduction 1 2. Relationship and continuity between the Key Attributes and the Principles – main observations 2 Preventive measures and recovery planning 2 Oversight and enforcement of preventive measures and recovery plans 3 Activation and enforcement of recovery plans 3 Beyond recovery 3 Resolution planning 4 Cooperation and coordination with other authorities 4 3. Recovery and resolution approaches for different types of FMI 5 FMIs that do not take on credit risk 5 Recovery 5 Resolution 5 FMIs that take on credit risk 6 Recovery 6 Resolution 8 4. Important interpretations of the Key Attributes when applied to FMIs 10 Resolution authority (Key Attribute 2) 10 Tools for FMI resolution (Key Attribute 3) 10 Entry into resolution (Key Attribute 3.1) 10 Moratorium preventing outgoing payments from an FMI (Key Attribute 3.2 (xi)) . 11 Appointment of a conservator/administrator to restore the FMI to viability or effect an orderly wind-down of the firm (Key Attribute 3.2 (ii) and (xii)) 12 Transfer of critical functions to a solvent third party (Key Attribute 3.3) 12 Bridge institution (Key Attribute 3.4) 12 Bail-in within resolution (Key Attributes 3.5 and 3.6) 13 Setoff, netting, collateralisation, segregation of client assets (Key Attribute 4) 13 Stays on early termination rights based upon entry into resolution (Key Attributes 4.3 and 4.4) 14 Safeguards (Key Attribute 5) 14 Funding of FMIs in resolution (Key Attribute 6) 15 Resolvability assessments (Key Attribute 10) 15 Recovery and resolution planning (Key Attribute 11) 16 Access to information and information-sharing (Key Attribute 12) 17 5. Cooperation and coordination among relevant authorities (Key Attributes 7, 8 and 9) 17 6 C onclusions 18 Annex: Applicability of the Key Attributes to FMIs 19 CPSS-IOSCO – Recovery and resolution of financial market infrastructures – Consultative report – July 2012 1 1. Introduction 1.1 In November 2011, the G20 endorsed the Financial Stability Board’s (FSB’s) Key Attributes of Effective Resolution Regimes for Financial Institutions (henceforth, the Key CÔNG TY C PHN ĐU T XÂY DNG - Digitally signed by CÔNG TY C PHN ĐU T XÂY DNG - DN: C=VN, S=Bình Dng, L=Thun AN, CN=CÔNG TY C PHN ĐU T XÂY DNG - 2, OID.0.9.2342.19200300.100.1.1 =MST:3700146225 Reason: I am the author of this document Location: Date: 2017.04.25 13:07:31 Basel Committee on Banking Supervision Report and Recommendations of the Cross-border Bank Resolution Group March 2010 Copies of publications are available from: Bank for International Settlements Communications CH-4002 Basel, Switzerland E-mail: publications@bis.org Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website ( www.bis.org). © Bank for In ternational Settlements 2010. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISBN 92-9131-819-1 (print) ISBN 92-9197-819-1 (online) Report and Recommendations of the Cross-border Bank Resolution Group Contents Executive Summary 1 I. Background 6 II. Lessons learned from the case studies 10 1. Fortis 10 2. Dexia 11 3. Kaupthing 12 4. Lehman Brothers 14 III. National Incentives and Crisis Resolution: Territorial and Universal Resolution Approaches 16 IV. Recommendations to address the challenges arising in the resolution of a cross-border bank 22 1. Effective national resolution powers 22 2. Frameworks for a coordinated resolution of financial groups 24 3. Convergence of national resolution measures 26 4. Cross-border effects of national resolution measures 27 5. Reduction of complexity and interconnectedness of group structures and operations 29 6. Planning in advance for orderly resolution 31 7. Cross-border cooperation and information sharing 34 8. Strengthening risk mitigation mechanisms 36 9. Transfer of contractual relationships 40 10. Exit strategies and market discipline 43 Members of the Cross-border Bank Resolution Group 44 Report and Recommendations of the Cross-border Bank Resolution Group Executive Summary 1. The Cross-border Bank Resolution Group (CBRG) of the Basel Committee on Banking Supervision developed the following Recommendations as a product of its stocktaking of legal and policy frameworks for cross-border crises resolutions and its follow- up work to identify the lessons learned from the financial crisis which began in August 2007. The background and supporting analysis for the following Recommendations are explained in the balance of this Report. Recommendation 1: Effective national resolution powers National authorities 1 should have appropriate tools to deal with all types of financial institutions in difficulties so that an orderly resolution can be achieved that helps maintain financial stability, minimise systemic risk, protect consumers, limit moral hazard and promote market efficiency. Such frameworks should minimise the impact of a crisis or resolution on the financial system and promote the continuity of systemically important functions. Examples of tools that will improve national resolution frameworks are powers, applied where appropriate, to create bridge financial institutions, transfer assets, liabilities, and business operations to other institutions, and resolve claims. Recommendation 2: Frameworks for a coordinated resolution of financial groups Each jurisdiction should establish a national framework to coordinate the resolution of the legal entities of financial groups and financial conglomerates Reliability and Intensity of the Six-Minute Walk Test in Healthy Elderly Subjects GAELLE KERVIO 1 , FRANCOIS CARRE 1 , and NATHALIE S. VILLE 2 1 Groupe de Recherche Cardio-Vasculaire, Universite´ Rennes 1, Rennes, FRANCE; and 2 Laboratoire de Physiologie et de Biome´canique de L’Exercice Musculaire, Universite´ Rennes 2, Rennes, FRANCE ABSTRACT KERVIO, G., F. CARRE, and N. S. VILLE. Reliability and Intensity of the Six-Minute Walk Test in Healthy Elderly Subjects. Med. Sci. Sports Exerc., Vol. 35, No. 1, pp. 169–174, 2003. Purpose: The 6-min walk test (6-MWT) is an easy and validated field test, generally used in patients to assess their physical capacity. We think that the 6-MWT could also be conducted in the same perspective in healthy subjects, aged 60–70 yr. However, little is known about the effect of the familiarization on the 6-MWT performance and the relative intensity of this test. The aims of this study were therefore to bring precision to the 6-MWT reliability and intensity in this population. Methods: Over 3 d, 12 subjects performed two maximal exercise tests on treadmill and five 6-MWT (two in the morning and three in the afternoon) with a portable metabolic measurement system (Cosmed K4, Rome, Italy). The distance, walking speed, oxygen uptake (V ˙ O 2 ), and heart rate (HR) values were measured during the 6-MWT. Results: Distance, walking speed, and V ˙ O 2 were only lower during the first two 6-MWT (respectively, P Ͻ 0.001, P Ͻ 0.001, and P Ͻ 0.05). HR was reliable from the first 6-MWT and was higher during the tests performed in the afternoon (P Ͻ 0.001). The intensity of the 6-MWT corresponded to 79.6 Ϯ 4.5% of the V ˙ O 2max , 85.8 Ϯ 2.5% of the HR max , and 78.0 Ϯ 6.3% of the HR reserve . Moreover, it was higher than the ventilatory threshold in each subject (P Ͻ 0.01). Conclusion: In healthy elderly subjects, the 6-MWT represents a submaximal exercise, but at almost 80% of the V ˙ O 2max . To be exploitable, two familiarization attempts are required to limit the learning effect. Finally, the 6-MWT time of day must be taken into account when assessing HR. Key Words: FIELD TEST, FAMILIARIZATION, ASSESSMENT OF PHYSICAL CAPACITY, PORTABLE METABOLIC MEASUREMENT SYSTEM, CARDIORESPIRATORY PARAMETERS T he cardiovascular, respiratory, and muscular benefits of physical training in healthy elderly subjects have been largely underscored (11,20). Maximal oxygen uptake (V ˙ O 2max ) is usually used before and after physical training to evaluate the physical capacity. The regular use of this test to assess the subjects’ progress may incite motiva- tion to maintain a physical activity. However, this well- validated test (25) is still complex, requiring specially trained staff, and cumbersome and expensive equipment (19,24,29). Therefore, other more simple and inexpensive test is required in complement of the maximal exercise one. The 6-min walk test (6-MWT) is a validated, simple, safe, and low-cost field test, often used in chronic heart failure (CHF) and chronic obstructive pulmonary disease (COPD) patients to regularly assess their functional exercise capacity and the effects of a rehabilitation program (8,16,21). Indeed, a premeasured level hallway, stopwatch, and specific in- structions are all that are necessary for REVIEW Open Access Recent advances in gastrointestinal oncology - updates and insights from the 2009 annual meeting of the American Society of Clinical Oncology Milind Javle 1 , Chung-Tsen Hsueh 2* Abstract We have reviewed the pivotal presentations related to gastrointestinal malignancies from 2009 annual meeting of the American Society of Clinical Oncology with the theme of “personalizing cancer care”. We have discussed the scientific findings and the impact on practice guidelines and ongoing clinical trials. Adding trastuzu mab to che- motherapy improved the survival of patients with advanced gastric cancer overexpressing human epidermal growth factor receptor 2. Gemcitabine plus cisplatin has become a new standard for first-line treatment of advanced biliary cancer. Octreotide LAR significantly lengthened median time to tumor progression compared with placebo in patients with metastatic neuroendocrine tumors of the midgut. Addition of oxaliplatin to fluoropyrimi- dines for preoperative chemoradiotherapy in patients with stage II or III rectal cancer did not improve local tumor response but increased toxicities. Bevacizumab did not provide additional benefit to chemotherapy in adjuvant chemotherapy for stage II or III colon cancer. In patients with resected stage II colon cancer, recurrence score esti- mated by multigene RT-PCR assay has been shown to provide additional risk stratification. In stage IV colorectal cancer, data have supported the routine use of prophylactic skin treatment in patients receiving antibody against epidermal growth factor receptor, and the use of upfront chemotherapy as initial management in patients with synchronous metastasis wi thout obstruction or bleeding from the primary site. The prognosis of advanced gastrointestinal cancers has improved modestly over the last two decades. In the 2009 annual meeting of the American Society of Clinical Oncology (ASCO), it has become clear that targeted therapies and personalized medicine for many cancer types will soon become the standard of care. These data contributed strongly towards the theme of the 2009 meeting - “Personalizing Cancer Care”. First-line and targeted therapy for advanced gastroesophageal cancer Human epidermal growth factor receptor 2 (HER2) exhibits tyrosine kinase activity and functions as a growth factor receptor [1]. The overexpression of HER2 as a resu lt of gene ampli fication has been demonstrated in solid tumors such as breast and gastric cancers, and correlates with aggressive course and poor prognosis [2,3]. Immunohistochemistry (IHC) and fluorescent in- situ hybridization (FISH) are commonly used to measure HER2. Pre-clinical studies have shown that trastuzumab, a monoclonal antibody against HER2, causes cell cycle arrest at G1 and exhibits antitumor activity in HER2 overexpressed gastric cancer [4,5]. Moreover, trastuzu- mab can enhance chemotherapeutic efficacy in gastric cancer xenograft with HER2 overexpression, when com- bined with cytotoxic agents such as capecitabine, cispla- tin, or taxane [6]. Phase II studies incorporating trastuzumab with cisplatin-based regimen in patients with advanced gastric cancer overexpressing HER2 have shown encouraging activities [7,8]. The ToGA trial presented at ASCO 2009 screened approximately 3,800 gastric cancer patients from * Correspondence: chsueh@llu.edu 2 Division of Medical Oncology and Hematology, Loma Linda University, Loma Linda, CA 92354, USA Javle and Hsueh Journal of Hematology & Oncology 2010, 3:11 http://www.jhoonline.org/content/3/1/11 JOURNAL OF HEMATOLOGY & ONCOLOGY © 2010 Javle and Hsueh; licensee BioMed Central Ltd. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/2.0), which permi ts unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. 24 countries [9]. They noted that HER2 expression was detectable in 22% of Figure 5.1. Spatial differences in VEGF-A distribution accompany the differential remodeling of cortical and medullary sinuses during prolonged inflammation (A) VEGF-A expression was largely confined to the subcapsular B cell regions of the activated LNs at day post-immunization but was also detected within the T cell zone and LN medulla at day 14. Scale bar in represents 400 µm (B) Confocal images revealed that while VEGF-A co-localized with subcapsular sinuses on both day and 14 after immunization, VEGF-A co-localization with the cortical and medullary sinuses were detected only on day 14. Scale bars represent 50µm.   106   Given the intricate relationship between FRC network and lymphatic channels, we also examined VEGF-A distribution with respect to the ER-TR7+ reticular fibers associated with lymphatics. VEGF-A co-localized with the reticular network that lined subcapsular sinuses (identified by presence of DCs within lymphatics in previous sequential section, not shown) (dotted white lines demarcated subcapsular lymphatics) on both day and 14 post-immunization (Fig. 5.2A). Interestingly, while VEGF-A was largely absent from the ER-TR7+ network associated with cortical and medullary sinuses (identified by absence of DCs in lumen of LYVE-1+ sinuses in previous sequential section, not shown) (dotted while lines demarcate cortical and medullary sinuses, lumen marked by L) on day post-immunization, there was an obvious association of VEGF-A with the ER-TR7+ FRC fibers that lined cortical and medullary sinuses at day 14 post-immunization (Fig. 5.2A). Association between FRCs lining cortical and medullary sinuses and VEGF-A was ascertained to occur at interfaces - VEGF-A was present at the surface and inside reticular fibers (Fig. 5.2B). While the observation of VEGF-A within and on the reticular fibers is suggestive that VEGF-A is produced by FRCs and secreted into the LN parenchyma, we cannot exclude the possibility that extra-nodal VEGF-A may be transported within reticular conduits and subsequently displayed on FRCs. To further explore the relationship between lymphatics and FRCs, we used VEGFR3 as another marker for lymphatics. We observed similar close spatial association between lymphatics and FRCs (Fig 5.2C). Closer examination also revealed that cortical and medullary sinuses, FRCs and VEGF-A in LNs from day 14 postimmunization engaged in a tripartite interaction whereas such an interaction was not observed at day (Fig. 5.2C).   107   Altogether, these data indicate that as the inflammation evolved, spatial differences in the distribution of VEGF-A within DLNs may mediate the remodeling of cortical and medullary sinuses.   108     109   Figure 5.2. Association of VEGF-A with the FRCs lining lymphatics (A) VEGF-A co-localized with FRCs that lined subcapsular sinuses on both day and 14 after immunization. VEGF-A association with FRCs that lined cortical and medullary sinuses was detected only on day 14 post-immunization. Dotted while lines demarcates lymphatics (B) Orthogonal plane view of how VEGF-A is aligned on the FRCs lining cortical and medullary sinuses. Inset shows enlarged image of confocal image stack of boxed region in E. VEGF-A can be found on the surface of as well as inside FRCs; (C) The interaction between cortical-medullary lymphatics, FRCs and VEGF-A in LNs on day 14 post-immunization. Scale bars represent 50µm. L = lumen   110   5.2.2 Interstitial flow is required for the differential distribution of VEGF-A in lymph node during inflammation Interstitial flow acting in concert with lymphangiogenic factor has been reported to be a key driving force of lymphangiogenesis (Boardman and Swartz, 2003; Goldman et al., 2007). Moreover, alterations in interstitial flow have also been shown to be important for the expression of chemokines by FRCs (Tomei et al., 2009). We therefore considered the possibility that interstitial flow through the LNs during inflammation