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Given recent requirements for ensuring the robustness of algorithmic trading strategies laid out in the Markets in Financial Instruments Directive II, this paper proposes a novel agent-based simulation for exploring algorithmic trading strategies. Five different types of agents are present in the market. The statistical properties of the simulated market are compared with equity market depth data from the Chi-X exchange and found to be significantly similar. The model is able to reproduce a number of stylised market properties including: clustered volatility, autocorrelation of returns, long memory in order flow, concave price impact and the presence of extreme price events. The results are found to be insensitive to reasonable parameter variations.

Over the last three decades, most of the world's stock exchanges have transitioned to electronic trading through limit order books, creating a need for a new set of models for understanding these markets. In this thesis, a number of models are described which provide insight into the dynamics of modern financial markets as well as providing a platform for optimising trading and regulatory decisions. The first part of this thesis proposes an autonomous system that uses novel machine learning techniques to predict the price return over well documented seasonal events and uses these predictions to develop a profitable trading strategy. The DAX, FTSE 100 and S&P 500 are explored for the presence of seasonality events before an automated trading system based on performance weighted ensembles of random forests is introduced and shown to improve the profitability and stability of trading such events. The performance of the models is analysed using a large sample of stocks and the results show that the system described in this section produces superior results in terms of both profitability and prediction accuracy compared with other ensemble techniques. The second part of this thesis explores price impact. For many players in financial markets, the price impact of their trading activity represents a large proportion of their transaction costs. This section of the thesis proposes an adaptation of the system introduced in the ?rst part for predicting the price impact of order book events. The system's performance is benchmarked using ensembles of other popular regression algorithms including: linear regression, neural networks and support vector regression using depth-of-book data from the BATS Chi-X exchange. The results show that recency weighted ensembles of random forests produce over 15% greater prediction accuracy on out-of-sample data, for 5 out of 6 timeframes studied, compared with all benchmarks. Finally, a novel procedure for extracting the directional effects of features is proposed and used to explore the features most dominant in the price formation process. The final part of this thesis addresses the requirement for testing algorithmic trading strategies laid out in the Markets in Financial Instruments Directive (MiFID) II by describing an agent-based simulation. Five types of agent operate in a limit order market producing a model that is able to reproduce a number of stylised market properties including: clustered volatility, autocorrelation of returns, long memory in order flow, concave price impact and the presence of extreme price events. The model is found to be insensitive to reasonable parameter variations. Finally, the model is used to explore how trading strategy affects the implementation shortfall of trading a large order. A number of execution strategies with various order types, are evolved and evaluated in the agent-based market. It is shown that the evolved strategies outperform the simple, well known strategies significantly, suggesting that execution strategy plays an important role in determining the implementation shortfall of trading large orders.

Identifying stratigraphic continuity across outcrops can sometimes be difficult, especially if they are dominated by discontinuous strata. Therefore, stratigraphers continue to seek new proxies for testing stratigraphic continuity, including fossiliferous horizons. We present a case study examining the potential of fossil bone trace element signatures as a novel proxy for lateral continuity. Specifically, we performed trace element analyses of Edmontosaurus bones from the Neufeld Quarry at Hanson Ranch (HR) in Wyoming, a stratigraphically verified lateral equivalent of the famous HR Bonebed exposed nearby in five “Main Quarries”, to evaluate if these chemical data would independently lead a researcher to the same conclusion of lateral equivalency. Bones from the “Main Quarries” and Neufeld were found to exhibit similar patterns of trace element alteration, including comparable magnitudes of enrichment, spatial patterns of rare earth element uptake, and proportions of specimens exhibiting various styles of diagenetic alteration. Many bones from both sites also exhibit redox signatures indicative of trace element uptake under reducing conditions. These numerous similarities in geochemical alteration patterns independently indicate that the fossil horizon at Neufeld is a lateral continuation of the nearby HR Bonebed. Our findings thus demonstrate the power of trace elements toward identifying laterally equivalent fossil assemblages.

Climate change may impact individual organisms in different ways, a consideration often overshadowed by predominant focus on population effects in studies. We examined three estuarine fish species to determine if individual fish performance, persisted across winter water temperatures. Fish performance at 16C (current Sydney winter estuarine water temperature) and 20C (predicted under climate change) with low and high food regimes was assessed using key physiological (growth, aerobic scope, burst speed) and behavioural parameters (foraging activity, boldness, shelter usage, predator escape response). We expected a strong positive relationship between performance at 16C and 20C for each parameter, and interactions with food level, however in general this was not found for any species. Relative performance was only maintained across temperatures for a few parameters, such as bite rate, boldness, and shelter response in one species (trumpeter Pelates sexlineatus), with aerobic scope in silver biddy Gerres subfasciatus, and boldness in fortescue Centropogon australis. Our results suggest that individual fitness (directly via changes in growth, indirectly via behaviours) will be impacted by climate warming due to differences in relative performance among individuals across water temperatures. Changes in relative performance among individuals may initially compensate for a population-level response, thereby buffering the effects of climate change.Competing Interest StatementThe authors have declared no competing interest.

Now is the time to amplify black voices when discussing widespread changes that need to be made.

Republican leaders in the House and Senate were moving to close a deal, largely agreed-upon, to impose steep cuts, raid trust funds and rely on borrowing to meet a constitutional requirement to balance the $66.3 billion budget. Barney Bishop, president of Associated Industries of Florida, urged committee members to streamline government by cutting middle management, consolidating oversight of social service providers and diverting the $392 million tobacco companies pay the state every year from a trust fund and putting it into the state's general revenue fund.

The result of legislation he pushed last spring, the new network has a half a dozen insurance companies, including Blue Cross Blue Shield and United Healthcare, offering 25 plans that have a combined average monthly premium of $155.