Classical conditioning vs. Operant conditioning essays

Old style molding versus Operant molding papers Old style molding versus Operant molding Old style molding and operant molding are distinctive learning techniques. What precisely is molding? Molding is the procurement of explicit examples of conduct within the sight of very much characterized improvements. Both traditional and operant molding are essential types of learning. Old style molding is a sort of learning wherein a life form figures out how to move a characteristic reaction starting with one boost then onto the next, beforehand unbiased upgrade. Controlling reflexes does this. Operant molding is a kind of learning wherein the probability of a conduct is expanded or diminished by the utilization of fortification or discipline. Operant molding manages progressively subjective point of view. These two types of learning have similitudes and contrasts. Their similitudes are that the two of them produce essential wonders. One such wonder is procurement. The two sorts of molding bring about the legacy of a conduct. One of the most popular of investigations that delineates old style molding is Pavlov's Dogs. In this trial, Pavlov sat behind a single direction reflect and controlled the introduction of a ringer. The chime was the adapted improvement. An adapted improvement was an initially nonpartisan upgrade that could in the end produce an ideal reaction when introduced alone. Legitimately after the ringing of the chime, Pavlov gave the pooch food. The food was the unconditioned upgrade. This implies the food caused a wild reaction at whatever point it was introduced alone. That reaction would be the salivation of the canine. A cylinder that was in the pooch's mouth at that point estimated the salivation. At the point when the unconditioned upgrade (US) was matched with a molded boost (CS), it in the end brought about an adapted reaction. Annihilation results if there is a diminishing in recurrence or quality of an educated reaction because of the inability to keep on blending the US and the CS . Terminated ... <!

Role of a footballer Essay Example for Free

Job of a footballer Essay In this article I will clarify why Peter Kay/John Smiths adverts are so effective? John smiths unpleasant was extremely effective without the adverts the adverts have made it all the more notable. The adverts began by a renowned comic Jack Dee the adverts went so well they had a cardboard removed of Jack Dee and it was as yet a triumph. In 2002 the humorist Peter Kay replaced Jack Dee and it got more entertaining than at any other time. The adverts start with a genuine situation then part of the way through Peter Kay would include some silliness and the advert would turn out to be extremely entertaining. The adverts have made John Smiths severe become well known in the U.K possessing 15% of the market. Them first advert is the swimming advert it begins as a typical plunging occasion. Two experts jumpers plunge then John Smiths ventures up he runs and bombs he wins the occasion. The advert is amusing on the grounds that it is assume to resemble an Olympic occasion and the best jump wins however Peter Kay ventures up on the plunging board with his Bermuda shorts and unfit contrasted with different jumpers contrasted with the thin jumpers. He bombs and douses the adjudicators with the water. The adjudicators give him the best imprint its focused on the common laborers man. It requests to all the ages. The subsequent advert is in an Indian eatery it begins as an ordinary dinner Peter Kay is out with his significant other and a few companions his cell phone goes off and Peter Kay answers it. Its his little girl Britney having a bad dream about the closet beasts Peter Kay says Its the criminals that break in through the windows that you ought to be stressed over His companions look astounded and he doesn't understand what he has fouled up this is the thing that makes the advert entertaining in light of the fact that its unique and not ordinary to state something to that effect. The third advert is the football one. In this advert is a group at football preparing they show of their aptitudes by keeping the ball up and afterward they pass it to john smith he at that point volleys it and says ave it then the ball goes into someones back nursery. The maxim ave it has gotten mainstream around the U.K this shows the effect the adverts have on individuals and causes them to recollect the advert. The fourth and last advert is the snooker one. It begins as a normal house Peter Kay strolls in prevents his mum from hoovering up and discloses to her please mum its opportunity to go she takes a gander at him and says go where he at that point says the old people groups home they will care for you now its for the best she says are you frantic I am fifty five Peter Kay says I know yet I have had a word with them they will take you she says for what reason should I go live in an old people groups home Peter Kay says since I need to place a snooker table in your room and the children fear your tash This advert makes you chuckle in light of the fact that the outward appearances of his mum and the manner in which he says it you have a sense of security to snicker since she is just fifty five and its equitable not what somebody would state to there mum this is the thing that makes it clever. The slogan of each advert is the equivalent. Out of sight there is continually something happening the principal advert toward the end the john smiths half quart is on the jumping board and everything is unfocused separated from the half quart this stands out enough to be noticed to it. The second advert you see the john smiths half quart again toward the end on the closet. The third advert you see the image of Peter Kays mum then it gets changed with a popular snooker player Dennis Taylor. The last advert you see half time oranges and a 16 ounces close to it Peter Kay runs up pushes the oranges to the side and picks the john smith half quart. The completion of each advert is one of a kind to the advert and there will consistently be the John Smiths half quart on each consummation. The slogan is consistently the equivalent on each advert No Nonsense saying he is not kidding about it and cant see what's up. Subside Kay speaks to a normal average workers man the standard of three functions admirably in the John Smiths adverts since it winds the advert. For instance the plunging one there is three jumpers. Two of which are great and have athletic body then there is Peter Kay overweight and not generally excellent. The bend is that the unfit one john smith wins the occasion. They show a replay of John Smiths bomb and show various edges of the bomb this makes the advert increasingly interesting on the grounds that you see it from various perspectives and makes humor last more. Subside Kay assumes a job in each advert in the primary advert he assumes the job of an unfit competitor in an opposition. In the second advert he is assuming the job of a common laborers man having an Indian with certain companions. In the third advert Peter Kay assumes the job of a footballer at preparing with the group. The last advert Peter Kay assumes the job of Man taking care of his mum. Taking everything into account I think the Peter Kay/John Smiths adverts where so effective in light of the fact that they utilize a ton of diversion, which makes the adverts interesting for any individual who is watching them. I think the adverts have affected deals of John Smiths harsh before the adverts John Smiths severe was as yet a triumph yet with the adverts I think deals have expanded. The adverts are amusing to watch and effectively recollected and this makes John Smiths progressively fruitful. The entirety of the adverts begin as a typical situation then Peter Kay will bend it and make you snicker this is a decent procedure since you are uninformed of what will occur. I think they picked the best entertainer for the adverts since he has amusing accent and is as of now notable from Phoenix evenings and different stand ups he has done.

Top 5 Methods for Attracting Quick Traffic To Your Website

Top 5 Methods for Attracting Quick Traffic To Your Website Make Money Online Queries? Struggling To Get Traffic To Your Blog? Sign Up On (HBB) Forum Now!Top 5 Methods for Attracting Quick Traffic To Your WebsiteUpdated On 22/08/2019Author : Ram kumarTopic : BloggingShort URL : https://hbb.me/30oTDua CONNECT WITH HBB ON SOCIAL MEDIA Follow @HellBoundBlogIf you would like your business site to be popular, produce traffic by employing quick traffic pulling tactics. Keep in mind that sales are directly proportionate to the number of visitors on your website. The more people visit your webpage, the higher are the chances of earnings.Online marketing is one of the most crucial aspects of the entire marketing process. It can turn into a nightmare for those who are new to internet promotion. Today, I will describe a few ways that you can use to generate traffic to your web.Have a Presence on ForumsUse forums to generate traffic! Forums usually attract a large number of people from different backgrounds. People visit them to comment about things an d look for feedback and advice. You can find several forums that may interest you. However, I recommend you check out the top forum sites like Warrior Forum and Digital Point first up. Make an account there and post information about your products. Avoid posting irrelevant information and always give the links to your main webpage, as people just might like your posts and visit your website. As a result, you will get more traffic on your site, thus chances of potential sales would increase.BloggingBlogging is another way to get the attention of people. Start a personal blog and write about your products and services. Additionally, find relevant blogs online, post your content on them and start commenting on them. Do not forget to leave a link of your website at the end of your comment. There will be people on these blogs who may like your comments and might just want to check out your site. So remember, while blogging or commenting on a blog, keep your commentary interesting and exc iting. Try tempting people with your writing skills and make them curious about your product. For content optimization, I suggest you use the best enterprise SEO tool like ALPS.READWhat Do You Think About Blogging? [Myths Facts]Social NetworkingSocial media is booming as the days are rolling on. Almost everyone has an account on more than one social networking websites these days. Twitter, Facebook, and Instagram are excellent marketing tools to promote your website and generate quick traffic. Find ‘Create’ at the top menu bar to create a page for your product on Facebook. Once you are done with its making, start promoting the product and invite your friends to join the page. Give product info and post its pictures. Those who would find interest in your offerings will visit your official website and probably will make a purchase.Give IncentivesPeople will likely listen to you if you offer them something in return. You have to provide incentives like free home delivery or limite d-time discounts. Similarly, you can organize competitions on your website or social networking sites to give people a chance to win exciting prizes. All these tricks will help you to increase traffic to your website.Bookmark Your Website and PostsYou can simply increase the number of visitors to your website by bookmarking it on top bookmarking sites. Just join different bookmarking websites, make friends, and exchange bookmarks with them. Here’s a list of the 50 best social bookmarking sites.

A GCSE Biology Case Study on Whether Cannabis Should be...

A Biology Case Study on Whether Cannabis Should be reclassified to a Class B Drug Introduction: In this case study on cannabis, I am going to be exploring whether Cannabis, which is currently a Class C drug, should be reclassified to become a Class B drug. It is commonly thought that if Cannabis was reclassified, it would dissuade drug dealers and users from taking and selling the drug, as if caught with it a longer sentence and heavier fine would be enforced. I will also be discussing how easy it would be for the government to enforce laws about cannabis and how much, the public would be deterred. Gordon Brown is also determined to reclassify cannabis despite warnings from his advisors, who have told him that reclassification wouldn?t†¦show more content†¦The resin, that comes from Cannabis is called Hashish, and consists of mostly glandular trichomes collected from the same plant material. The main active chemical in Cannabis L. Satvia is a compound called ââ€" ³,9 ? tetrahydrocannabinol (delta-9-tetrehydrocannabinol) that is usually referred to as THC. The Human Race has been using cannabis for centuries, but in the 20th century, the number of the population using Cannabis rose dramatically. Scientists today believe that around 4% of adults (in the world) use cannabis every year, and that about 0.6% use cannabis every day. The many forms of Cannabis (3): Sometimes it is relatively hard to tell what is in cannabis, what type of cannabis (i.e. Marijuana, or Hash etc) it is, and whether it has anything else in it, because it comes in many different forms. Hash is a soft dark brown lump of resin from the Cannabis plant, which is the most frequently found form of the drug, in the UK. Grass, also known as weed, looks like tightly packed small dried leaves or herbs, as it comes from the dried leaves from the plant. Another form, which is less commonly used is cannabis oil, which is a dark, sticky, treacle like substance which is sold in small jars. Recently, it was discovered that there are numerous other different forms of Cannabis, that are stronger than usual Grass, which have about two to three times the amount of THC than normal cannabis does. Some of these are ?sinsemilla?, which is a bud of

Idioms and Expressions Using Have for ESL

The following idioms and expressions use the verb have. Each idiom or expression has a definition and two example sentences to help your  understanding of these common idiomatic expressions with have. English Idioms and Expressions Using Have Have a big mouth. Definition: somebody who tells secrets, who is a gossip Dont talk to Mary she has a big mouth.If you didnt have such a big mouth, Id tell you my secrets. Have a bee in your bonnet. Definition: have an obsession, something that always remains in your thoughts and efforts She has a bee in her bonnet that health care must change.If I have a bee in my bonnet, I have to do everything I can until I can make it happen. Have a bone to pick with someone. Definition: have something (usually a complaint) that you want to discuss with someone I have a bone to pick with you. Just a moment, lets talk.Toms looking for Pete because hes got a bone to pick with him. Have a brush with something. Definition: have brief contact, or experience with someone or something I had a brief brush with Jack and I didnt like it.Hes had a brief brush with unemployment. Have a chip on your shoulder. Definition: be in a bad mood and challenging people to fight Dont take him seriously, he just has a chip on his shoulder.Yes, I have a chip on my shoulder! What are YOU going to do about it?! Have a close call. Definition: be close to danger I had a close call yesterday and was almost in an accident.Shes had a few close calls in her life. Have a familiar ring. Definition: sound familiar, as if youve heard it before That story has a familiar ring. Did we read that last year?Her experiences have a familiar ring. I guess everybody goes through that. Have a good head on your shoulders. Definition: have common sense, be sensible Jack has a good head on his shoulders. Dont worry about him.I think you have a good head on your shoulders. You should trust your decision. Have a green thumb. Definition: be very good at gardening Alice obviously has a green thumb. Look at that garden!My wife has a green thumb, so I let her do all the gardening. Have a heart. Definition: be compassionate or generous and forgiving with somebody Dont hold that against her. Have a heart!I think hell have a heart and forgive you. Have a heart of gold. Definition: be generous and sincere Mary has a heart of gold. I just love her.The teacher has a heart of gold with her students. Have a heart of stone. Definition: be cold and unresponsive, unforgiving Dont make him angry. He has a heart of stone.I cant believe how he treats his children. Hes got a heart of stone. Have an ax to grind. Definition: complain about something often He has an ax to grind against his health care provider.I know you have an ax to grind against Agatha, but stop complaining! Have an in with someone. Definition: have special access to someone (often used at work) She has an in with the boss. Let her ask him for permission.I wish I had an in with the director so I could get a promotion. Have a one-track mind. Definition: always thinking about one thing He has a one track mind. He cant talk about anything besides golf.Do you have a one-track mind? Have a soft spot in your heart for someone or something. Definition: love or adore a thing or person Ive got a soft spot in my heart for Maria Callas.He has a soft spot in his heart for pinball! Have a sweet tooth. Definition: like sweets too much I know you have a sweet tooth, but you need to be careful.I need to watch my weight, especially because I have a sweet tooth. Have clean hands. Definition: to without guilt, guiltless Dont blame him, he has clean hands.The man claimed to have clean hands in the crime. Have egg on one's face. Definition: be embarrassed after having done something very stupid I had egg on my face after I asked that stupid question.I dont think he realizes he has egg on his face. Have eyes in the back of your head. Definition: seem able to follow everything that is going on, even though you do not focus on it She has eyes in the back of her head. Be careful!The students believed their teacher had eyes in the back his head. Have mixed feelings. Definition: to be uncertain about something or someone Janice has mixed feelings about Ken.Brad has mixed feelings about buying a new car. Have money to burn. Definition: have an excess of money Dont worry about it! Shes got money to burn.Do you think I have money to burn?! Of course, I cant buy you a diamond ring. Have your hands tied. Definition: be prevented from doing something Im afraid I have my hands tied and cant help you.Peter told me he had his hands tied on the Franklin deal. Have your head in the clouds. Definition: to not pay attention to what is going on around you Doug had his head in the clouds all the time he was at university.Do you have your head in the clouds?! Pay attention! Have your tail between your leg. Definition: be afraid of something, not have the ​courage to do something He just couldnt approach her. He seemed to have his tail between his legs.Janet went to her father with her tail between her legs and asked for forgiveness. Have other fish to fry. Definition: have more important things to do, have other opportunities Look. I have other fish to fry, so just say yes or no.Susan had other fish to fry and left her position at the bank. Have someone or something in your hands. Definition: have the responsibility for someone or something I have the project in my hands. If you have any questions, come to me.She had her boyfriend in her hands. She could do anything. Have the Midas touch. Definition: have the ability to easily be successful Hell succeed. Hes got the Midas touch.Ask her to approach those difficult clients. She has the Midas touch. Have the presence of mind to do something. Definition: stay calm in a dangerous or frightening, or emergency situation He had the presence of mind to cover her up before he went to find help.Alice has the presence of mind to take along some extra food before setting out on the hike.

William Shakespeare s Twelfth Night - 1155 Words

People tend to judge others based on many aspects. Sometimes they may try to force people to act upon certain rules that define their place in society. They often try to meet expectations that society has made for them based on gender and social status. William Shakespeare reinforces these ideas in his play Twelfth Night, which introduces many meaningful messages about situations that still occur in society today. He clearly develops important themes worthy of analysis. A few of these strong themes are about stereotypes and society’s expectations and rules, which he proves to be irrelevant most of the time. Many situations in the play falsify commonly held stereotypes about gender and social status by showing how they are sometimes invalid. He also shows how these stereotypes can affect the way people behave towards and judge others. In Twelfth Night, Shakespeare contradicts vapid stereotypes about gender. Through Viola’s disguise as Cesario, he is able to prove that a woman is able to fulfill a man s role in society. She is able to fool the other characters and is even able to woo another woman. This reinforces ideas about how invalid the rules and regulations society has made since Viola easily broke through them. Later on in the story, Sir Andrew challenges Viola to a duel. Viola expects Sir Andrew to be a great fighter, and he expects the same from her. This creates a comedic situation since they both are too afraid of each other to engage in the fight. (3.4, 223-298)Show MoreRelatedWilliam Shakespeare s Twelfth Night2005 Words   |  9 Pagesrole that gender plays in Shakespeare’s work. Focus on Twelfth Night or King Lear—or discuss both plays together. Do you see these patterns repeated? Or do you see them being challenged and somehow undermined (implicitly or explicitly) in the plots and language of the play s)?† wants to know if Shakespeare wanted to break the pattern of women being passive objects to men in the lit erature. In the story Twelfth Night by William Shakespeare all of the roles are played by men. In the fifteenth centuryRead MoreWilliam Shakespeare s Twelfth Night1967 Words   |  8 Pages William Shakespeare’s â€Å"Twelfth Night† or â€Å"What You Will† was written around 1601-1602 with the primary performance being in February 1602. It is known to be a high point of Shakespearian comedy as it is one of Shakespeare’s finest works. Twelfth night was written to commemorate the close of the Christmas season being possibly one of the first ever holiday specials, kind of like the Middle Ages version of â€Å"Love Actually†. The play centres on the twins Viola and Sebastian, who are separated duringRead MoreWilliam Shakespeare s Twelfth Night Essay2147 Words   |  9 Pagesaffection for another person,† love takes on many forms throughout life and literature (Merriam-Webster). Through its passionate drama and witty repartee, Twelfth Night , by William Shakespeare, explores the intricate, and often complicated, realm of interpersonal love. By tracing the intertwining storylines of four unique characters, Shakespeare communicates the futility of self-love, the desperation of hopeless love, and the immeasurable virtue of selfless love. An after-effect of human’s sinfulRead MoreWilliam Shakespeare s Twelfth Night947 Words   |  4 PagesLove affection Recently, I’ve been reading an intriguing play, Twelfth Night, which was written by William Shakespeare. What interests me in this play most is the fact that there are a lot of love interests. Duke Orsino is greatly attracted to a gentlewoman called Olivia. However, despite his attempts to court her, she rejects his approaches as she claims to be in a period of mourning for her dead brother which has been going on for seven years. Olivia forms a tight friendship with Viola, a womanRead MoreWilliam Shakespeare s Twelfth Night1436 Words   |  6 PagesWilliam Shakespeare is perhaps one of the most famous writers of English literature. His writings and plays have touched the lives of many people. At some point in our lives, whether we are aware of it or not, we have all come across a poem, play or perhaps even an old adage that was written by William Shakespeare that has captured our attention. I still remember the very first time I read Romeo and Juliet in high school. The st ory was one of the most memorable pieces of literature that I recallRead MoreWilliam Shakespeare s Twelfth Night1502 Words   |  7 PagesThe very ï ¬ rst word following the dramatis personae in the text of William Shakespeare s comedy, Twelfth Night, or What You Will, is Music. The first thing that playgoers hear at the beginning is music. This music is being played for a duke, a powerful lord residing over the setting of all the characters. He is surrounded by other lords and his attendant, Curio. The duke, Orsino, cannot help but comment: If music be the food of love, play on, Give me excess of itRead MoreWilliam Shakespeare s Twelfth Night1218 Words   |  5 PagesTwelfth Night, a romantic piece by William Shakespeare expresses a complex love triangle in the village of Illyria. One of the primary protagonists, Viola is washed up onto the shores during violent storms that separate her and her biological twin brother Sebastian. Viola is uncertain if her brother Sebastian survived. It is a coincidence, that the tragic shipwreck carried Viola to the enemy state (Illyria). Unfortunately, this forces the character to go into disguise in order to survive on the maleRead MoreWilliam Shakespeare s Twelfth Night1979 Words   |  8 Pageshas died. This is extremely emotionally tolling both on the nurses and the patients and lying seems like a kinder option. A situation such as this one would be deception to gain something but is helping the person being lied to. In William Shakespeare s Twelfth Night, one main characters, Viola, wakes up on the shores of Illyri a after a shipwreck in which her brother has presumably died. She formulates a plan to work for the Duke, Orsino who is hopelessly in love with the sought-after Olivia. ThisRead MoreWilliam Shakespeare s Twelfth Night1106 Words   |  5 Pagescharacters. Before movies, people learned about love in literature. Even in the old literature, love was a common theme. In Shakespeare’s play â€Å"Twelfth Night†, different types of love between the characters are investigated. Each of the characters’ relationships play a role in the development of the story. The first and main type of love in â€Å"Twelfth Night is true love. The story’s plot is driven by the complicated love triangle between Orsino, Viola, and Olivia. However, Viola’s love is the only trueRead MoreWilliam Shakespeare s Twelfth Night1162 Words   |  5 PagesShakespeare, the favorite dramatist of all time fascinates himself with the usage of the language of Elizabethan poetic drama. His plays were lived to a full appreciation and pleasure. One of his most common plays full of comedies, twelfth night published in 1623, was written with a well hatched plot where the analysis on love is brought in both comic and tragic situation. The reader will note the three very different story lines within these paragraphs. The following prognostications will outline

Financial Market Volatility Samples for Students †MyAssignmenthelp.co

Question: Discuss about the Financial Market Volatility. Answer: During the 1980s and 1990s a number of countries have taken steps to facilitate domesticand cross-border trading in marketable financial instruments. During the same period there have beenmajor advances in technology which, together with the development in financial techniques andhedging instruments, have significantly increased the integration of financial markets. (Tan, 2015) These changes have, undoubtedly, improved the global allocation of financial capital.However, there is also a perception that the volatility of financial asset prices has risen, or perhaps hasfailed to decline, as might have been expected in the more stable inflation environment compared withthe early 1980s. If true, this would be surprising and raises important questions with regard to both themeasurement of volatility and its causes, in particular the effects of such factors as deregulation,internationalization of portfolio management, the use of new hedging instruments and macroeconomicpolicies. In turn, a possible rise in financial asset price volatility might have macro- andmicroeconomic consequences if there were to be effects on the allocation of financial resources andthe stability of financial markets. Such implications might call for policy responses. (Bebczuk, 2013) Since last summer volatility in many financial markets has picked up and there have been a number of short lived episodes of extreme volatility and impaired market liquidity. Implied volatilities have risen and in a number of the cases that can be shown have returned to around pre crisis levels. Moreover, longer term measures of volatility have generally increased alongside shorter term measures, as plotted charts can depict 2 year implied volatilities alongside 3 month volatilities. (Valdez, 2015) The public has also witnessed some very large moves in financial markets over the past six months. Here, it is important to draw on two examples which include the 15 October increase in US Treasury yields following the publication of unexpectedly weak US retail sales data, and the 15 January appreciation of the Swiss franc following the SNBs decision to remove its peg to the euro. The events had different drivers, but there are some common themes that would be drawn out. (Honeygold, 2012) What unites the 15 October and 15 January episodes is that the immediate intraday reaction to the news was unprecedented. The intraday change in 10 Year US bond yields was 37 bps, with most of this move happening within just an hour of the data release. The intraday range represented nearly eight standard deviations, exceeding the price moves that happened immediately following the collapse of Lehman Brothers. On 15 January, the Swiss franc appreciated by 14%. The intraday range was several times that number, and market participants continue to debate the highest traded value of the franc on the day. (Cohen, 2013) Such events could imply that a number of major asset markets may have become more sensitive to news, so that a given shock causes greater volatility. A number of recent statistical studies also imply this conclusion, suggesting that these recent episodes are a part of a broader pattern, even if they were exceptional in their scale. Some drawn charts, using the output of a model estimated by Bank staff, is representative of the statistical analysis just referred to. The charts compare the estimated impact on UK equity and corporate debt asset price volatility of a given price shock in the post crisis period relative to the pre crisis period. Post crisis, both corporate debt volatility and equity market volatility appear to have become more responsive to a given price shock. This pattern is also apparent when the model is applied to a number of other important asset markets, including for example US listed equities. (Duffy, 2013) Liquidity was clearly affected on each of 15 October and 15 January. Measures of trading volumes, which provide one metric of liquidity, were reportedly high on both days for most affected markets. But the ability of market participants to trade without affecting prices, or in some cases, to trade at all, was clearly very limited at various points on these days. The intraday loss of liquidity was probably even starker on 15 January, from what we can tell, with widespread feedback that foreign exchange trading platforms stopped quoting Swiss francs for periods of time, while liquidity in the Swiss fixed income market was all but lost on the day and remained impaired for a few days. The performance of the US Treasury market was also materially affected on each of these days, such that much smaller trades than normal moved prices. (Hussain. 2016) But in each of these cases there were stabilizing forces that meant volatility subsided and liquidity returned relatively quickly. In the case of the 15 October event, what had been a crowded trade was pushed so far from prices viewed as justified by fundamentals that market participants were willing to provide support to the market. Similarly there was a reappraisal of the fundamentally justified level of the Swiss franc in the days that followed the removal of the peg, following public comments by the SNB. (Duffy, 2013) Volatility declined, if not all the way back to the pre news level, relatively quickly following these initial spikes. This is most true of the15 October episode: the implied volatility of 10 year interest rate swaps retraced about half of its upward move after two days, and was back to pre October 15th levels within just two weeks. This quick stabilization helped to limit contagion to other markets. (Fabozzi, 2015) Neither the increase in baseline volatility, nor the recent episodes that have been described, in of themselves materially affected stability in the United Kingdom. Basically, the question becomes what lessons can be learnt? Why have volatility and liquidity evolved in this way? And is there an important fact about it? (Avellaneda, 2011) Starting with the Why? market intelligence suggests that uncertainty surrounding the global outlook has been one factor; itself in no small part a consequence of the unexpected rough halving in the price of oil since last summer. This uncertainty can be seen in the recent increase in the dispersion of economists forecasts for inflation in the US, UK and euro area during 2015. (Banks, 2013) Central banks themselves have reacted to the changed global outlook and monetary policy makers have been active in recent months. Indeed, so far this year 24 central banks have cut their policy rates. Moreover, the decisions by the ECB and three other central banks since last summer to set negative policy rates have raised questions about where the lower bound for monetary policy exists. Clearly the answer is no longer as simple as just above zero for all central banks. And those decisions are raising questions about how markets work when negative rates persist several years down the yield curve. The combination of this macroeconomic news and central bank action means the assumed known of low for long (but positive) policy rates which market participants could cite as little as a year ago has been replaced by a less than certain landscape, helping to explain why baseline volatility has picked up since last summer. (Riles, 2014) But while this increase in macroeconomic uncertainty and central bank activity can explain some of the general increase in the level of volatility, it cannot explain the severity of events such as 15 October or 15 January. To explain these events we probably need to look elsewhere. The obvious place to turn to is market structure, given that FICC markets, which rely on intermediaries to make markets and warehouse risk, are going through considerable change. (Voit, 2015) Here, two important points can be highlighted which are contributing themes noted by market participants in the Fair and Effective Markets Review, both related to the provision of liquidity. First, market makers have become more reluctant to commit capital to warehousing risk. During the market intelligence conversations some have suggested that this reflects a combination of reduced risk tolerance since the financial crisis, and the impact of regulation designed to improve the resilience of the financial system. (Shiller, 2016) This reduction in market making capacity has been associated with increased concentration in many FICC markets, as firms have been more discriminating about the markets which they make, or the clients they serve. This trend has gone hand in hand with a growth in assets under management by the buy side community. The combination has served to amplify the implications of reduced risk warehousing capacity of the intermediary sector relative to the provision of liquidity from market makers during times of market stress relative to the past. That said, a comparison between the market liquidity of today and that of pre-crisis can be made. One does not need a long memory to recall the impact of under pricing liquidity risk on the highly leveraged market makers. Returning to such a situation would be a misplaced aspiration. (Schwartz, 2012) Electronic platforms are now increasingly used across the various FICC markets. In some cases regulation has been the cause but in others, such as foreign exchange markets, firms have over a number of years increasingly embraced electronic forms of trading. This includes using request for quote platforms to automate processes previously carried out by phone. Electronic platforms are effective in pooling liquidity in normal times but may have the potential, at least as currently calibrated and given todays level of competition, to contribute to discontinuous pricing in periods of stress if circuit breakers result in platforms shutting down. There has been much commentary about the temporary unavailability of a number of electronic trading platforms in the immediate aftermath of the removal of the Swiss franc peg. (Poon, 2015) Financial markets have told the world what they think of the election of Donald Trump as US president and it is not good. Global stocks, both the futures and in the physical market, started to weaken when the votes started hinting that Trump might get close. They tanked when it was clear Trump would probably win. (Do?pke, 2014) There was extreme market volatility as the updated tally of votes were posted minute by minute but with an average fall of around 4% (at the time of writing), the value of global stocks has already dropped around US$3tn in value. US stock futures fell around 4.5%, throughout Europe and the UK stocks are down around 4% to 5%, while Japan is down over 5%. These numbers are fluid, but the verdict and direction are clear. (James, 2011) This market reaction reflects the fear and uncertainty surrounding how president Trump will run the economy, frame the budget and operate on the international stage. As has been well analyzed, there are irreconcilable differences in the economic policy aims of Trump lower taxes and a smaller deficit do not go together, as an example. (Kettell, 2012) Make America Great Again, the slogan from the Trump campaign, involves the US raising barriers to international trade in an effort to protect US industry. If Trump follows through and works to restrict trade, especially with China where the US runs a huge trade deficit, there is a genuine threat that the global economy will stall, perhaps falling back into recession. The decades of productivity and income benefits from strong global trade risk coming to an end. Periods of weak global trade are inevitably associated with sluggish growth, stalled productivity and falling living standards. (Valdez, 2015) To think that other countries will not retaliate against the US with their own trade restrictions is to ignore history. There seems little doubt that US multinationals and exporters have as much, if not more, to lose more than the protected industries in the US will gain. The world economy will be weaker as a result of Trumps policy agenda. (Tan, 2015) If the Chinese economy, which is the trading powerhouse of the world, suffers from a slump in global trade, the fallout will be far and wide. Commodity markets will falter, the services sector will weaken and countries that have significant economic links to China will obviously be under pressure. There will be a shock that will be felt around the world. (Duffy, 2013) Financial markets know this, which accounts for the price action in stock markets in the wake of the election result. The other part of the market reaction has been in the bond market where yields have plummeted as they usually do when risk of recession increases. Investors have aggressively sold stocks and moved it into the relative security of the bond market. The US Federal Reserve, which was on the brink of hiking interest rates on the back of an improving economy, is now likely to sit until it sees the fallout from the election result at least according to market pricing. Indeed, some smart money is pricing in a risk that the Fed will have to ease monetary policy into 2017 in reaction to a weaker economy. (Bebczuk, 2013) Global interest rates and bond yields have followed this lead as the inevitable global economic slowdown is set to unfold. Expect central banks around the bulk of the world to implement easier monetary policy in the months ahead. If the financial markets are correct, a Trump presidency will be bad for economic growth and bad for global trade. The markets might be wrong. Sometimes they overreact to news events. As a result, there could be a market rebound when the dust of the election result settles and the policy reality confronts Trump, including dealing with the tensions within Congress, even though the Republicans will control both houses. Perhaps some of the policy proposals will not be delivered. Clearly it is too early to call. (Honeygold, 2012) References Avellaneda, M. (2011). Quantitative analysis in financial markets: Collected papers of the New York University MathematicalFinance Seminar, v.2. Singapore: World Scientific Publ. Banks, F. E. 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